200
COMPANY REPORTS.
THE DOUGLAS STEAMSHIP COMPANY, LIMITED.
The report for presentation to the share. holders at the twenty-second ordinary general meeting, to be held at the offices of the com- pany, on Saturday, the 23rd day of September, 1905, at noon, reads as follow: The general managers have now to submit to the share- holders their report on the twenty-second year's working of the company, ended 30th June, 1905.
After paying all running expenses, premia of insurance, remuneration of consulting com. mittee, auditors' fees, the amount at credit of profit and loss account-including $126,060, difference in amount realized by the sale of Thales and Hailoong, and their book values-is $196,100.55, and with the consent of Share- holders, it is proposed to appropriate this as follows:-
"To pay a dividend on. the capital of the company, of 7 per cent., which will absorb $70,000, to write off $46,461.76 from the value. of the company's properties on June 30th last, being the equivalent of 8 per cent thereon, and to transfer $79,638.70 to the credit of the reserve fund."
During the year, the steamers Thales and Hailoong have been sold, at what must be con- sidered satisfactory prices, considering their age, and that they were too small to prova re nunerative in our trade.
During the period under review, cargo on the coast has been fairly plentiful, but with the keen competition still existing, rates are not high enough to show large profits.
We are pleased to report that the company continues to command the confidence of shippers, and a full proportion of the trade, to and from the ports to which its steamers run.
The Emma Luyken was chartered to meet requirements during some of the busiest months of the year.
Advantage was taken of the demand for money at the Chinese New Year to invest the available funds of the company in first class mortgages, at good rates of interest. The valuations of the company's surveyors show that the properties held by the company form ample security for the advances made.
The steamers of the Company are in first class order, the Haitan having undergone an extensive overhaul in her engine room.
The amount appearing as freight due and accounts receivable on 30th June have since been collected.
CONSULTING COMMITTEE.
Since last general meeting, Mr. W. J. Gresson resigned his seat on the board and the Hon. Mr. C. W. Dickson was invited to fill the vacancy. The committee now cousists of the Hon. Mr. C. W. Dickson, the Hon. Mr. R. Shewan, Mr. C. H. Thompson and Mr. A. G. Wood, who retire in terms of the articles of Association, but being eligible, offer themselves for re-election.
AUDITORS.
The present accounts have been audited by Messrs. W. H. Potts and J. E. Bingham (the latter acting in the absence of Mr. A. R. Lowe), Messrs. Potts and Lowe retire, but offer them. selves for re-election.
Douglas Lapraik & Co., General Managers,
The accounts are as follows:—
BALANCE-SHEET.
For the year ended 20th June, 1906,
LIABILITIES.
Capital account:-20,000 shares at $50... 1,000,000.00
Reserve fund
Underwriting account of the company .....
Sundry accounts payable
8 0,
185,000.00 88,941.50 83,097.10
Unpaid dividends.................
Unpaid bonus
Profit and loss account ....à...........................Ṁ
ASCETS.
Value of the Co.'s steamers i -Haitan, Haithing, Hai mun, Haloong, and Thales, as per last report, Less book value of
8.8. Thaler How mold
416.00 188.00 193,100.55
$1,503,683.54
THE HONGKONG WEEKLY PRESS AND
1
Less book valus of
8.8. Hailoong now. .sold
.105,000.00
J
€ 150,000,00
725,000.00
Value of buoys and moorings at Swatow, Amoy, Tamsui & Hongkong, steam launch and wharf at Hongkong, as
· per last report Loss amount written off ad resolved at last general meeting
42,434.67
1,662.02
Hongkong and Shanghai Banking Cor- Loans on mortgage
poration
Freights due on 30th June, 1905 Sundry accounts, receivable from agen-
dies, &o..
Hongkong and Shanghai Banking Cor-
poration (fixed deposit)
Coal account, stook in hand
!
:f
[September 18, 1905,
the present accounts in his place. Messrs. W. Hutton Potts and A. R. Lowe retire, but ofer themselves for re-election.
H. W. SLADE,
Chairman.
Hongkong, 15th September, 1905.
The accounts are as follows :-
WORKING ACCOUNT, 1904. On 30th Juno, 1905. Dr.
40,772,05 To working account, balance on 30th 536,0,0.0.) June, 1904, brought forward (storling
portion conrorted at 18. 10d.). Loss difference in exchange (due to conversion of sterling portion of above at 18. 10 d.)
4,981.29 01,618,90
52,924.81 2,356.40
$2,078,997.41
99.822.11
-2,030,475.80
50,000,00
To net prominun from 1st Julý to 31st
Docémb.r, 1904
1,694,490,63
$1,603,683 54
To interest...16444 4 To exchange
221,221.73
•
3,350,12
$3,958,537.77
Cr.
65,510.34
216,679,08
14,629.05 1,899,412.18.
203,484.10 1,485.921.82
$3,958,597.77
PROFIT AND LOSS ACCOUNT, For the year ended 30th June, 1905. To dividend paid for year ended 30th
June, 194...
To amount written off for depreciation for
year ended 3 th June, 1904 To exchange account... To auditors' foes....
To remuneration to consulting committee
for 12 months
To remuneration to general managers for
office exponses, for 12 months To balance
By balance of profit and loss account, 30th
June, 1904....
By general interest account
By interest on mortgages account. By coal account
By difference between, book value of a s. Thales and the amount realisod on her sale By difference between book value of 8.8. Hailuong and the amount realised on her
sale
By profit on runuing the company's
steamors during the year
$
C.
40,000.00
1,661,62 183,05 600,00
By agency commissions..........
By head offico, branobos and agency
charges
By remuneration for half-year ending 31st December, 1904, to directors, committee and auditors......car açı By losses and claims paid.
2,000.00 | By bonus on contribution account 1904,
{dcolared 14th April, 1905)
WORKING ACCOUNT, 1905.
To net premium from 1st January to
424150X20X44461 896124...........$3,192,537,04
10,000.00 100,10 .55
$250,546,22
By balanco
On 30th June, 1905.
$ C. 41,662.62
Dr.
3.146.30
30th Juno, 1905.
28,275.41
To interest..
1,061.38
To exchange
41,450.16
81,600.84
50,340.51 825,546,22
THE UNION INSURANCE SOCIETY OF CANTON, LIMITED.
The report for presentation to the sharehol ders at the thirty-second ordinary meeting to be held at the society's offices at noon on Thursday, the 19th October, 1905, reads as follows:-
The directors have now to submit to the shareholders a report of the business of the society for the year 1904, and for the six months ending the 30th June, 1905. 1904-The net premium collected for the year, after deducting returns and rein. surances, amonuts to $4,582,317.20. After providing for a bonus of 20 per cent on contributious paid in May last, there remains at credit of working account a balance of $1,485,921.82, as per annexed statement. The directors recommend that this sum be appropriated as follows:-
***
$100,000.00
150,000,00
219,333.33
A dividend to shareholders of
$40 per share -An addition to the silver reserve
fund of An addition to the sterling reserve fund of £20,000 at exchange ls. 101d, Carried forward to underwiting suspense account to close the account for the year 1904,
*
722.588,49
1,485,921.82 1905.-The balance to the credit of this year's account amounted on the 30th June, 1905, to $2,339,112.23, as per annexed statement.
DIRECTORS
Since the last general meeting Mr. E. S. Whealler has resigned his seat on leaving the Colony, and Mr. G. H. Medhurst, of Messrs. Dodwell & Co., Ld., has joined the board.
In accordance with clause 86 of the articles of association Mr. N. A. Siebs and Mr. A.
Wood retire, but offer themselves re-election.
G.
875,000,00
45,000.00
AUDITORS.
for
In the absence of Mr. A. R. Lowe, the board appointed Mr. J. E. Bingham to audit
By agency commissious
Cr.
By load office, branches and agency
charges
By remuner tion for half-year ́ouding 30th June, 1905, to directors, com- mitteos and auditors
By losses and claims paid... B. balance....
BALANCE SHEET.
On the 8th June, 1905. Dr.
127,576.80
4,957.43
$3,225,071.27
59,881.73
207,020.80
15,459.08 603,488.31 2,530,112.34
$2,225,071.27
...$1,000,000,00
To capital 10,000 shares of $250 each
$2,50,000 upon which $100 per share called and paid up To roserve fund,
Silver Sterling
$1,851,000,00 £20,000 218,393.33 To unclaimed bonus and dividend To exchange fu tuation account.. To investment fluctuation account
2,063.333.33
85,18.77 305,007.61 26.445.80 1,485,921.82 2,339,112.23
To working account, 190, balance To working account, 1905, balance To reinsurance fund £97,803 8 9 1,043,980,00 To underwriting suspenso
account
£40,289 16 8 429,758,22
To sundry creditors To bills payable
309,855.87 6,168.53
$9,018,238.18
....$ 198,026.40
By cash on ourront account with the Hongkong and Shanghai Banking Corporation By cash on deposit with banks in Hong- kong, Shanghai and Singapore........ By cash invested in mortgages, deben. tures and other securities in Hong- kong, Shanghai and Wingapore By amount invested in London, viz. :---
Deposited in banks ...£ 94,000 0 0 Invested in sterling
4
securities........... 262,033 18.
Invested in rupes paper
Invested in sterling
8,450 0 0
mortgage at H'kong 20,000 0 0
610,482.78
2,816,697.80
(market valus at dite) £385,083 18 5 4,110,761,82
By amount invested in Melbourne, viz.
deposited in banks ........€ 2,000,00 Invested in sterling
By
securities......!
16,129.6 0
(market value at date) £19,128 0 0 193,368,58
amount invested in Yokohama, viz, i--
Doposit in banks
......yon 80,000.00
Japanese securities hold
to conform with in. stirance law passed in 1903..
100,000.00
yen 180,000.00 202,83.355
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