January 22, 1906.]
COMPANIES.
CHINA OVERLAND TRADE REPORT.
their actual cost. Our other property, Kowloon. Marine Lot 49, continues to yield a fair return and the right to reclaim in front of it
THE CHINA PROVIDENT LOAN AND has recently been acquired at a premium
MORTGAGE CO., LD.
The ninth ordinary general meeting of this Company was held at the office of the General Managers, Messrs. Shewan, Tomes and Co., on January 20th. Hon. Mr. R. Shewan presided, and there were also present-Messrs. J. S. Van Buren, H. P. White, Chow Hing Kee and Dr. J. W. Noble (consulting committee), Mr. G. Somerville (secretary), and Messrs. G. M. Bain, W. D. Braidwood, E. W. Terry, J. MoGubbin, R. Robertson, E. D. Haskell, A. Babington, Fung Wa Chun, Fung Fai Tong and Chan King.
The CHAIRMAN said :-Gentlemen,--As you have had the Report and Accounts before you for some time, we will dispense with reading them now. The gross earnings for 1905 amount to $131,721.22 as against $132.860 for 1904, so we are able to pay the same dividend as before, viz... 8 per cent., and place $20,000 to reserve, which will bring that fund up to the round figure of $100,000, leaving $4,791.73 to be carried forward to the credit of the pre- sent year's account. Our loans on the provident systém, you will notice, continue to slowly in- crease, and the security for these loans being Fo excellent is a very satisfactory feature. As to our other loans, we have, of course, to consider each one separately on its merits, and the risk depends more or less on our good judgment, but I can only assure you that we never take any undue risks, and not one of these loans gives us the slightest uneasiness. When you consider that although we have paid a regular dividend of 8 per cent. ever since the Company started, besides accumulating a reserve of $100,000 out of profits, we have not incurred any bad debts (beyond the most trifling), you must, I think, recognise that, as I said last year, we are not careless on the point of security. There is nothing in the balance sheet that requires special comment. The items are all very much the same as last year except that the Light and Power debentures having all been paid off, that item disappears. Our holdings of Green Island Cement Co's shares have, of course, been increased by the new issue which we took up. Unless suy gentleman has any questions to ask. I propose that the report and accounts as presented be adopted and passed.
There being no questions, the proposition was seconded by Dr. NOBLE, and carried -unanimously.
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Mr. BRAIDWOOD proposed the re-election of Messrs. J. S. Van Buren, Chow Hing Kee, H. P. White, and Dr. Noble to the consulting committee.
Mr. McGUBBIN seconded, and the motion was carried.
On the motion of Mr. BAIN seconded by Mr. TERRY, Messrs. A. O'D. Gourdin and W. H. Potts were re-appointed auditors.
The CHAIRMAN.--That is all the business, gentlemen. Dividend warrants are ready now.
HONGKONG LAND RECLAMATION CO., LTD.
The fifth ordinary meeting of shareholders in the Hongkong Land Reclamation Company, Ltd., was held at the Company's Offices, Victoria Buildings, on Saturday. The Hon: Mr. C. W. Dickson presided, and the others present were ir Paul Chater, Messrs. E. Shellim, Ho Tung (directors), M. S. Northoote (secretary), F. M. de Graca, J. M. de Graca, Ho Fook, Ho Kom Tong, A. Shelton Hooper. Lo Cheung Shui, H. N. Mody, J. Orange, J. C. Peter, and H. Percy Smith.
The Secretary, having read the notice calling the meeting,
The CHAIRMAN said:-Gentlemen, Our re- clamation at Kowloon Point was completed during the year, the land thus resulting being divided into five sections, comprising three
of 30 cents per sq. ft., which was paid before the end of the year, and is included in the sam appearing in the accounts as invested in pro- party. The reclaimed area will approximate 284,000 sq. ft. and have a frontage of 6:0 feet, with deep water I have mentioned these fall details in order that you may have all possible data from which to form for yourselves an opinion as to the Company's fature prospects. The accounts, I think, are self-explanatory, but if there is any farther information you would like to have I shall be glad to give it.
There being no questions,
The CHAIRMAN moved the adoption of the report and accounts.
Mr. OBANGE seconded, and the proposition was carried unanimously.
The CHAIRMAN then moved the re-appoint. ment of Messrs. A. J. Raymond and E. Shellim as directors, which was seconded by Mr. Ho Kom Tong and agreed to.
The auditors, Messrs. W. H. Potts and. A. Gourdin, were re-elected on the motion of the Chairman, seconded by Mr. Peroy Smith.
The Chairman-Thank you for your attend- Dividend warrants will be issuel on
ance.
Monday.
The report said :-
Gentlemen,-The Directors have now to submit to you a general statement of the affairs of the Company, and balance sheet for the year ending December 31st, 1905.
The net profits for the year, including $4,557.32 brought forward from last account, after paying all charges, amount to $555,781.09. It is now proposed to pay a dividend of 8 per cent. on the pad up capital and a bouns of 4 per cent. thereon-after providing for which and writing off Directors and Auditors' fees there remains a balance of $383,053.73 to be carried to credit of a now profit and loss account,
DIRECTORS.
Messrs. A. J. Raymond and E. Shellim now retire, but offer themselves for re-election.
AUDITORS.
The accounts have been audited by Messrs. W. H. Potts and A.O'D. Gourdin, who now retire and are recommended for re-election.
C. W, DICKSON,
Chairman.
BALANCE-SHEET To December, 31st 1905.
c. 31st, 1905. LIABILITIES. Capital.-25,000 shares at $100 each- $2,500,000, of which are issued 12,500 shares at $100 each $1,250,000, $75 per share paid up Accounts payable
Balance of profit and loss account
Dec. 31st, 1905. Cash
ASSETS.
Amount invested in mortgages Amount invested in property Furniture
Accounts receivable. Less loans payable
$456,985.83 300,000,00
937,500.00 8,642,00 555,781.00
CORRESPONDENOR.
OLD TAIPINGSHAN.
57
TO THE EDITOR OF THE "DAILY PRESS," SIR, IL the columns of your valuable paper there have appeared within the last few weeks over the pseudonym "Spectator," two letters dealing with a neighbourhood which lies in the very heart of Chins town between Queen's 12 ad and Blake Garden; described by your co re8- pondent as "the last remnant of plague s'ricken Tai-piar-shan." As an old resident ani one interested, I have made it my business t visit the streets particularly referred to at different hours and I think “Spectator" has not over. stated his case. During part of the night the place is a veritable pandemonium embracing all the most horrible features of modern nativə life centered within an area scarcely exose ling oue aore. It would be interesting if à census could be obtained showing age and occupation of the inhabitants of this local Hades; as, if this were done, I fe-l sure its life would be a very short-
one
Much has been said of late about kidnapp- ing and the juvenile slava trade which is carried on in the Colony (vide your leader on Saturday) and while such a place as
the remnant of Taiping-shin," is allowed, to exist and flourish can there be any wonder that this child slaughter continues ? I should say the first step would be to turn out the whole neighbourhood, transplanting the inhabitants to more desirable premises such as can be found ready for immediate occupation just beyond the Gas Works. I allude more particularly t a block of houses on the east side of Hill Road, newly built and just completed which are capable of accommodating at least three hundred inmates. Hill Road is a very wide thoroughfare with a large oullah running through it for carrying off the storm water, and at the sam time it benefits by the harbour tidal flow. There could not be a more suitable plaas chosen as a change from over-crowded Tai-ping-shan, I would suggest that the place. be inspected. There are also many other houses olose by which could be made to serve the purpose if pecessary.—Yours truly,
PRO BONO PUBLICO.
CHINESE LOSSES IN THE WAR.
CLAIM FOR COMPENSATION
It is estimated by Japanese vernacular con- temporaries that 20,0)0 Chinese were killed in Manchuria during the war, and damage to the extent of 10 million dollars is stated to have been sustained to Chinese property.
The Chinese Government intended to demand compensation for this loss from the Japanese $1,501,923.09 and Russians, and it is reported that during the recent negotiations in Peking the Chinese plenipotentiaries binted their intention to Baron Komura.
$ C. 946.81
271,000,00 1,072,332.12
658.33
156,985.83
$1,501,923,09
PROFIT AND LOSS ACCOUNT.
Dr.
Dec. 31st, 1905. To charges account... To repairs to property To Crown rent account. To Government rates account.
To Fire insurance account Balance to be appropriated as follows :-
Managing directors' fees
$55,122.36
Directors' fees
5,000,00
Auditors' fees
100.00
Dividend of 8 per cent. for
the year
75,000.00
Bonus of 4 per cent. for the
year... Balance to be carried to new
account
37,500.00
383,058.73
Marine and two Inland Lots, with a total area | Jan. 1st to Deo. 81st, 1905. Cr. of 582,509 square feet. One of the marine lots By Balance from 19-14 has already been sold at the price of $4 persquare By Interest foot and the remaining area we still hold 382,821 square feet-with a frontage of 778 feet. None of these lots have been written up în value but stand in the Company's books at
By Rents By Scrip foos By Prost on sales
Le
6,822.05 339.70 1,894.00
487.75
445.46
555,781.09
$365,771.05
The Japanese representative pointed out the difficulty of establishing the responsibility of the parties, as it would be almost impossible to discriminate between the damage done by Japanese and by Russians. He declared that the Japanese Government would pay compen- sation for any damages that could be proved by evideno to have been done by the Japanese,
The Chinese plenipotentiaries finally decided to claim compensation from the Russian Gov- ernment for the losses sustained by Chinese during the Vladivostook disturbance.
THE CHINA ASSOCIATION.
The N.-C. Daily News learns that as the result of the representations made by Sir Charles Dudgeon and Mr. Bland on behalf of the China branch, when they were at home last summer, there is a probability of the China Association taking on a greater activity and becoming altogether more representative of British interests in China. Pending certain decisions by the London Association, the work 4,557.82 of the Shanghai branch will be carried on by 1,233.90 the following very strong provisional cɔm. 40,252.02mittee :-Messrs. J. O. P. Bland, W. B. Clayton,
9.00
Bir Chas, J. Dudgeon. R. S. Freeman, Csoil 519,725.81
Holliday, H. E. R. Hunter and E. B, Skotłowe $565,771.05 1 Mr. P. F. Lavers remaining Secretary.
$
0.
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