سومة
102
enough to find more pirtners. The defen. dant was then present, and Yune Kuk- oho, pointing to him, said "this man would like to be a partner.” The defendant, took Yune on to the verandalı, where they talked in a low tone and on re-entering Yune said the defendant agreed to become a partner. Both men then said they would consider what amount of capital they would put in, and would pay the amount over in the course of a few days. On December 26th Yune Kuk. cho handed $1,500 to witness in the accountant's room of the Ko Shing theatre. He said
$500 belongs to me; put it down in the hame of Lau Iu-tong. The other $1,000 belongs to Lau Sin-chiu; put it down in the name of Lau Sia Kes-tong." He gave two receipts for the
17
money.
Cross-examined-None of the partners of the Wing Kee were in Hongkong. When the firm was started $21,000 was paid in as capital. Witness did not pay in any money, and had no interest in the firm. As manager he did not care whether the company made or lost money. In January, 1904, the Wing Kee borrowed $3,000 from the Fang Kat bank, which bank insisted on security, as the original loan had not been repaid. Witness made out the notes, but he did not sign as security; he merely signed as manager of the firm, and put its chop thereon, On different dates he signed promissory notes to the amount of $8,000. He was not a partner in the Wing Kee firm. Shares taken out in a "long name were very often held by several people, but he was not connected with any tong. He agreed to pay Yune Kuk-cho $120 a year to introduce shares and capital.
31
For the defence Mr. Slade stated that the books of the Fang Kat bank showed an entry of $1,500 to buy Yune Kuk-cho a share in the Wing Kee. He was the manager of the bank and the defendant had a current account there If $1,000 out of this $1,500 was to buy Lau Sin-chiu a share in the Wing Kee it would have gone down in his account. The rest of the story was simply a denial. Yune Kuk-cho was once the managing partner of the Fung Kat bank, and the defendant was also a partner. Yune by his extravagant method and reckless way of letting his friends have money brought the bank practically to ruin, and the partners turned him out of the management and put defendant in his place. The bank closed and the defendant had practically to pay up, and with a few of the other partners, did pay up, the whole of the liabilities, and they were now endeavouring to get in their debts. The extraordinary part about the case was that no steps of any kind had been taken on the instructions of the plaintiff except against his client. She did not issue execution against
the theatre. It was not at all an unknown thing in the Colony for an almost bank- rupt firm to endeavour to fix on
to some rich man and say he was a partner. This was a desperate attempt to retrieve the fortune of the Wing Kee firm by proving the defendant a partner therein.
Lau Sin-chiu said he was the managing partner of the Fung Kat bank which was now being wound up. Some of their debts had been paid; others secured. The losses of the bank amounted to $150,000. When these occurred Yune Kuk-cho was manager, and owed the bank over $20,000. Before becoming manager, he was only a sleeping partner. Witness had had no dealings with the Wing Kee personally, but that firm had had dealings with the bank, and he bad obtained judgment for $8,000 against them for money lent. He was not a partner in the Wing Kee and had never agreed to become one. At that time he did not know Hong Chung-in, neither did he speak to him at the present time.
The case was adjourned.
A Northern paper says "This sale of rank and purchasing the way to power is at the bottom of half China's troubles, and even though in this instance it may be only the empty title and not the post itself which is Bold, the effect on both officials and people is most pernicious, and is in every way reprehen- sible. Then what must be said of cases like Baron Harmsworth's ?
:
THE HONGKONG WEEKLY PRESS AND
COMPANIES.
THE KOWLOON LAND AND BUILDING CO., LTD).
holders of this Company was held at the The seventeenth ordinary meeting of share. Company's offices, Victoria Buildis, at noon on Feb. 6th. Mr. T. F. Hough p ssided, and and A. Rodger (directors), J. H. C; inoy, M. S. there were also present Messrs. W. H. Gaskell Northcote, A. Shelton Hooper, E 1. Shepherd and J. C. Peter.
The notice convening the meeting having been read,
The CHAIRMAN said:-Gentlemen, I pro- pose, with your permission, taking the report and accounts
as read, The net profits for the year amounted to $15,746;50 as against $18,291,24 for 1904. This is accounted for by the gross rents being about $8 0 less, and the absence of the item of unclaimed dividends which appeared the previous year, and by the large amount expended on the drainage and other repairs required by the Sanitary Board, whereby, you will observe, the cost of repairs was $3,700 as against $2,294. The property is maintained in good condition, and although we had a few more vacancies than for the previous year we see no reason to suppose that our present rent roll should be diminished. I don't think that I can usefully add anything further, but I shall be glad to answer any questions that you may desire to put bearing on the report and accounts,
moved, and Mr. CHINOY, seconded the adoption No questions were asked, and the CHAIRMAN
of the report and accounts. The motion was carried
Mr. PETER proposed the re-election of Messrs T. F. Hough and A. Rodger as directors.
Mr. NORTHCOTE seconded the proposition, which was agreed to unanimously.
The CHAIRMan moved, and Mr. SHEPHERD seconded, the re-appointment of Mr. Thomas Arnold as auditor. Carried.
The CHAIRMAN—That concludes the business, gentlemen. Dividend warrants will be ready to-morrow morning.
HONGKONG, CANTON AND MACAO STEAMBOAT COMPANY, LTD.
The report of the Board of Directors to the ordinary half-yearly meeting of shareholders to be held at the office of the Company, on Thursday, February 15th, reads:-
The directors beg to submit to the share- holders the report and statement of accounts for the half-year ending December 31st last.
After paying running expenses, salaries, premia of insurance, repairs and all other out-goings, there remains, including $8,064,32 brought forward from last account, the sum of $104,080.93 at credit of profit and loss account. From this amount the Directors recommend that a dividend of one dollar per share, or $30,000, be paid to shareholders, leaving a balance of $24,080.93 to be carried forward to new account.
|
·Value of 'spare gear
[February 10, 1906.
76
Value of furniture...
Value of shares in public companies Value of Chinese bonda Loans on mortgage
$750,00 606,835.00 094.48
531,000,00
Interest accrued...
,363,21
Cash with the Hongkong and Shant
Banking Corporation
Sundry debtors
J
Dec. 31, 1905. LIABILITIES. Amount of capital, 80,000 shares of $15
each fully paid up. Amount at credit of depreciation and in-
surance fund Amount at credit of equalization of divi-
dend fund
Amount at credit of investment factus-
Unclaimed dividends Sundry oreditors ....
tion account
8,033.99 14,148.83
1,200,000,00
600,000.00
250,000,00
154,311.63*
5,841.00 31,455.48
Amount at credit of profit and loss account 104,080.93
PROFIT AND LOSS ACCOUNT. To amount paid for repairs to steamers Dec. 31, 1905.
Dr. To directors and auditors' fees Balance to be appropriated, viz. —
Dividend of $1 per share on
80,000 shares...
To be carried forward to new
account
Dec. 31, 1965.
Cr.
$2,345,189.04
$
8,110.62 4,250,00
$80,000.00
21,080.93
104,080.98
$116,441.55
$ C.
8,064.32 66,520.28
41,094.95
48.00
711.00
$116,441.55
By amount brought forward from last ac-
count
By net earnings of steamers.
By unclaimed dividends written off By interest on investments By transfer fees
DEPRECIATION AND INSURANCE FUND. Dec. 31, 1905.
Dr. June 30, 1906. To balance..
By balance
C.
Cr.
́600,000.00
600,000,00
C.
EQUALISATION OF DIVIDEND FUND. Dee. 31, 1905.
Dr.
0.
Cr.
*250,000.00
250,000.00
C.
To balance By balance June 30, 1905.
HUMPHREYS ESTATE AND FINANCE CO., LTD.
The report of the directors for the year ending December 31st, 1905, for presentation on Saturday, February 10th, reads :-
Gentlemen, The directors now beg to sub- mit to you their report and statement of accounts for the year ending December 31st, 1905.
The net profit for that period
amounts to
...$125,671,97 To which has to be added the balance
brought forward from last account. 11,958.03
137,630.00
And from this have to be deducted— Remuneration' to directors'
..$6,283.59
5 per cent commission on net profits Remuneration to general managers' commmission оп net profits
6,283.59
*12,567.18
There is nothing new to report in connection with the working of the steamers. It will be observed that, notwithstanding the depressed condition of trade during the past half-year, the earnings are equal to those of the same period Leaving available for appropriation $125,062.82 in 1994.
The Honourable Mr. C'. W. Dickson and Mr. H. Schubart having resigned their seats at the Board, Messrs. W. A. C. Cruickshank and C. R. Lenzmann were invited by the directors to fill the vacancies subject to confirmation by the shareholders at this meeting.
The retiring auditors, Messrs. A. O'D. Gourdin and W. H. Potts, offer themselves for re-election.
E. GOETZ,
Chairman.
Dec. 31, 1905.
ASSETS. Value of steamers Honam, Towan, Heung- shan, Lungshan, ths of Fatshan and Kinshan, and frd of Sainam, Nanning, Tak-Hing, Lintan and Sanuí........ Value of lighters Sunlee and Wolee Value of properties at Canton, Wuchow Value of wharves, hulks and moorings
·
and Kongkan „fá..
G.
The directors recommend that a dividend of eight per cent, on the paid-up capital be paid to shareholders, absorbing $119,992.20, and that the balance of $5,070.62 be carried to new profit and loss account.
DIRECTORS.
Mr. J. Scott Harston having resigned, Mr. C. Ewens was invited to fill the vacancy and accepted a seat on the board. In accordance with rule 76 of the articles of association, Messrs. A. G. Wood, H. A. W. Slade, J. 8. Van Buren, and Ho Tang retire, but being eligible offer themselves for re-election, eds.
፡
AUDITORS.
The accounts have been audited by Messrs. 942,800,00
W. H. Gaskell and W. Hutton Potts, whơ 8,000,00 76,250.00 offer themselves for re-election. Brack
HENRY HUMPHREYS, 135,546.77
Chairman,
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