February 19, 1906.)
CHINA OVERLAND TRADE REPORT.
Dec. 31, 1905.
CAPITAL ACCOUNT.
ASSETS.
Aberdeen.
To value of Aberdeen Docks, as per last
Kowloon.
statement
To value of Kowloon Docks,
C.
$ as per last statement 2,364,407,34 Less amount since written off 14,4 7.31
"That the Articles of Association of the Company be altered in the following manner :-- The following article shall be substituted for article 130, namely: 130. The Board, through its Secretary, shall make Yearly Statements of the Accounts of the Com. pany from the 1st day of January to the 31st day of December, in each and every year, which shall be duly audited and presented to the shareholders, at each of the ordinary To amount paid on account of meetings of the Company, together with a report on the general position of the company." Mr. QUGH seconded, and the proposition was agreed to.
◄
The CHAIRMAN then moved that the second resolution be adopted. It read —
"That the Board, through its Secretary. shall make a Statement of the Accounts of the company as from the 1st day of May, 1905, to the 31st day of December, 1905, which shall be duly audited and presented to the shareholders at the next ordinary meeting of the Company to be held during 1906, and that, inasmuch as the accounts of the Company have already been audited and presented to the shareholders to the 30th April, 1935, no further or other state. ments of the accounts of the Company for the year 1905 shall be called for by, or presented to, the shareholders in respect of article 130 as this day substituted.".
Mr. de CHAMPEAUX seconded, and the motion was carried.
The CHAIRMAN-A confirmatory meeting will be convened on Saturday, March 10th.
HONGKONG AND WHAMPOA
DOCK COMPANY, LIMITED.
The report of the board of directors to the ordinary yearly meeting of shareholders, to be held at the offices of the Company, Queen's Buildings, od Monday, the 26th inst., is as follows:-
Gentlemen,The directors have now to submit to you their report with a statement of accounts for the balf-year ended December 31st, 1905.
The net profit for the six months, after paying interest due and all charges, amounts to
to which has to be added the balance!
brought forward from last account 501,332,27
and from this have to be deducted-
Directors' fees...
Auditors' fees
2,350,000.00
4,819.00
new electric installation... To amount paid on account of ship-yard, machine shed and boiler shop extension To amount paid on account of
new drawing office
To amount paid on account of hydraulic lant, new ac- cumulator and installing
same....
To cost of 8-ton locomotive crane and rails and instal. ling same
To cost of 40-ton electric crab
for boiler shop To cost of new machines for
fitting shop
To cost of 6 turnstiles for main
entrance....
To cost of 3 Invincible contri- fugal pumps for salvage plant
Cosmopolitan.
To value of Cosmopolitan Dock, To amount paid building 3 as per last statement
cook-hou-es for European quarters, with rooms for Chinese scrvants, making and fitting cooking stoves in samo
9,170.00
5,233.71
100,000,00
3,742.00
5.734.00
7,950.00
1,043.00
630.00
8,613.00
-2,396,934.71
300,000,00
115
credit of the silver reserve fund, which fund will then stand at $9,500,000.
After making this transfer and deducting remuneration to directors there remains for appropriation $3,849,395.72, out of which the directors recommend the payment of a dividend of one pound and fifteen shillings sterling per thare, which at 4/6 will absorb $622,222.22, and a bonus of one pound sterling per share, which at 4/6 will absorb $355,555.55.
The difference in exchange between 4/6, the rate at which the dividend and bonus are declared, and 2/, the rate of the day, amounts to 81,171,840.55,
The balance, $1,699,777.40, to be carried to new profit and loss account.
DIRECTORS.
Mr. A. Haupt has been elected Chairman for the year 1906, and the Honourable Mr. C. W. Dickson Deputy Chairman,
Mr. H. Schubart having resigned his seat on leaving the Colony, Mr. C. R. Lenzmann has · been invited to fill the vacancy; the appointment requires confirmation at this meeting.
Mr. H. A. W. Slade, Mr. Shellim and Mr. E. Goetz retire in rotation, but, being eligible for re-election, offer themselves accordingly.
AUDITORS.
The accounts have been audited by Mr. W. Hutton Potts and Mr. A. G. Wood, who offer themselves for re-election.
ABSTRACT OF ASSETS AND LIABILITIES, HONGKONG AND SHANGHAI BANKING CORPORATION, December 31st, 1905.
LIABILITIES.
Sterling reserve fund
Silver reserve fund
Paid-up capital
1,712.45
301,712.45
496.555.89
375,465.30
.1,950,411.52
To value of tags, dredgers, launches and
lighters
To sundry debtors
To value of material on hand
Dec. 31, 1905.
LIABILITIES.
•
C.-
$5,621,079.87
$
....2,500,000.00
By shareholders for 50,000 shares of $50
each, fully paid up
By Admiralty loan...£20,000 0 0 less repayments... 16,622 3 7
Marine insurance account Notes in circulation :-
Authorised issue against securities deposited with the Crown agents for the Colonies, Additional issue author- ised by Hongkong Or- dinance No. 19 of 1900.
..$10,000,000,00
against coin lodged with the Hongkong Government
£3,377 16 5110 36,818.95
$171,649.83
By marine insurance account By sundry creditors By balance of profit brought
forward from last account 501.332.27 By profit..
171,649.83
49,500.00 .2,361,748.82
Current accounts:-
Silver
$672,982.10
$10,000.00 750.00
-672,982.10
$5,621,079.87
REVENUE ACCOUNT,
Dec. 31st, 1905.
10,750.00
To interest
To crown rent.....
$ 61,562.75 3,119,05 3,251,83
35,625.00
2,402 42
165.00
0.
$10,000,000.00 10,000,000.00 8,500,000.00
9,033043.00
250,000,00
19,053,943.00
.$70,174,031.56
-115,2,848.32
$53,637,685.12
-106,655,291,12
Gold, £4,4 2,633 11ɛ 9d→ 15,125,816.76 Fixed Deposits :—
Silver
Gold,£5,223,021 6s ld- 53.17,606.30
Bills payable (including drafts on London bankers, call loans and short sight drawings on London office against bills receivable and bullion shipments)
Profit and loss account
Liability on bills of exchange re-dis- counted, £4,406,868 17s 8d, of which £2,904,137 68 8d have since run off,
16,180,101.20 4,864,995.72
leaving available for appropriation $662,232.10 The directors recommend that a dividend for the half-year of 12 per cent., or $3 9,000.00, be paid to the shareholders, and the balance, $362,232.10, be carried to the new account.
During the past six months 3 steel steam water-barges 2 wooden lighters and 2 large steam launches have been completed and delivered.
The dredger Canton River was employed at Canton removing barriers for the Imperial Chinese Maritime Customs until August 15th, since when the vessel has been laid unemployed, the other work referred to in the last report not having been commenced,
up
Electric drive is now being fitted in the saw mill, and a 40-ton electric crab for the boiler shop travelling cranes is now in course of erection.
DIRECTORS.
Mr. E. S. Whealler, Hon. Mr. W. J. Gresson and Mr. W. E. Tilden, having left the Colony, Mr. G. H. Medhurst, Hon. Mr. C. W. Dickson and Mr. S. Silverstone have been invited by the directors to the vacant seats at the board. These appointments require to be confirmed by the shareholders at this meeting.
In accordance with clauses 78 and 85 of the articles of the association, Mr. H. P. White and Mr. E. Goetz retire by rotation, but, being eligible, offer themselves for re-election.
Sir C. Paul Chater, Kt, C.M.G., has been re-appointed chairman for the year 1905.
AUDITOBA,
The accounts have been audited by Messrs. Thomas Arnold and H. U. Jeffries. The directors recommend Messrs. Arnold and Jeffries for re-election.
To fire insurance
To office expenses, stationery, and rent of
head office
To telegrams To legal expenses
To marine insurance account
To towage.................... To profit
July 1 to Dec. 31, 1905. By net earnings of the company's three
establishments..
By dredger, net earnings By bonus on insurance premia, &c....
8,000.00
ASSETS,
391.40
171,649.83
Cash
$286,168.68
cf $10,000,000
281,991.95
Bullion in hand and in transit
2,348.94
Indian Government rupee paper
1,827.79
$286,168.68
HONGKONG AND SHANGHAI BANKING CORPORATION.
The eighty-first report of the court of directors to the ordinary half-yearly general meeting of shareholders to be held at the City Hall, Hong- kong, on Saturday, the 24th February, is as follows:-
To the Proprietors of the Hongkong and Shanghai Banking Corporation.
Gentlemen,-The directors have now to submit to you a general statement of the affairs of the Bank, and balance sheet for the balf- year ending Dec. 31st, 1905.
The net profits for that period, including $1,702,728.85, balance brought forward from last account, after paying all charges, deducting interest paid and making provision for bad and doubtful accounts, amount to $4,864,395.72,
The directors recommend the transfer of $1,000,000 from the profit and loss account tɔ
$290,803,679.66
$47,297,688.18
O
10,000,000.00
6,199,658.38
1,975,978,39
Coin lodged with the Hongkong Govern. ment against note circulation in excess
Consola, colonial and other securities... 9,368,392,05 Sterling reserve fund investments, viz.:—
£570,000 24 per cent. Consola
at 85
£184,500
(of which £250,000 lodged with the Bank of England as a special London re- serve) £255,000 24 per cent, national
war loan, at 90 £325,000 other sterling
securities, written downto 286,000.
229,500
£1,000,000 10,000,000,00 Bills discounted, loans and credits 91,144,181.55 Bills receivable ................................ 118,710,590.63 Bank premises
1,107,110.54
$200,803,579.66
GENERAL PROFIT AND LOBS ACCOUNT, HONGKONG AND SHANGHAI BANKING CORPORATION, December 31st, 1905. Dr.
To Amounts Written Off :-
Remuneration to Directors, To Dividend Account:-
E1 15/ per Share on 80,000
Shares-£140,000 at 4/6...$622,222,22 Bonus of £1 per share on 80,000 shares-£80,000 at
4/6
200.00
355,555.55
6.77,777,77
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