118
which explains the item in the profit and loss account under this head. The accounts do not seam to call for any special comment; but before moving their adoption I shall be pleased to answer any questions any shareholder may wish to put.
THE HONGKON › WEEKLY PRESS AND
Sundry creditors
Unclaimed dividends
Hongkong and Shanghai Ranking Cor-
poration (current account Repairs and renewals, balance as per
statement
Profit and lose account, balance as per
Statement
ASGETS.
Value of Marine Lot No. 5 and romaining
32,644.74
2.110.00
184,337.05
19,075.12
80,212.01 $1,975,354.78
$
c.
portion of Murine Lot No. 3 and re- maining portion of Marine Lot No. 7 1,063,380.00 Praya reclamation (Marine Lot No. 288) 246,140.00 Building thereon, Hotel Mansions.
358,441.46
payments on account to date Cost of three Chinese h uses on sections B. C. and D of Inland Lot No. 80
A
Furniture and fixtures, as per
Mr. HUMPHREYS, in seconding the motion for the adoption of the report, said in doing so be proposed to follow the example of the Chairman and be as brief as possible. They had had a fairly good half-year, which although it could not be compared with some of those they had enjoyed in the flood tide of their prosperity, yet was a distinct improvement on the last two years. That in itself was satisfactory, especially when it was borne in mind that this result bad been brought about in face of increased competi- tion. But they should remember that competi-Cost of Kowloon farm, Lot No. 3 section tion would tend rather to increase than dimi isb, and that amongst other things they must not employ more cats than catch mice. In every firm there were always a certain number of men, who although they did not do anything which rendered them liable to dismissal, yet did not pull their weight in the boat. It seemed to him that the expenses at the Kowloon Docks and the Head Office for supervision were somewhat large.. It might be that his lack of technical knowledge led him to wrong conclusions, but, speaking for outside shareholders, be would like the directors to give this matter their attention and see if any economy could be brought about in that respect. He had much pleasure in seconding the motion for the ad. ption of the report and accounts.
•
The motion was carried unanimously. The CHAIRMAN-Dividend warrants will be ready to-morrow morning on application. I shall now thank all of you present to remain a little while.
[This apparently was for an informal dis. cussion in private.]
THE HONGKONG HOTEL COMPANY, LIMITED.
The report of the board of directors to be presented at the ordinary meeting of share. holders, to be held at the hotel, at 12.15 p.m., on Saturday, 1st September, reads:- to the shareholders of the Hongkong Hotel Company, Limited. Gentlemen, --In accordance with Section 56 of the Articles of Association, the Directors now beg to submit their report for the half-year ended 30th June, 1906.
ACCOUNTS.
The profit on Working Account amounted to $76,552.56 as compared with $114 540.90 for the corresponding period of 1905, being a decrease of $37,988.34.
The profit and loss account, including the sum of $619.89 brought forward from 31st December, 1905, shows a credit balance of $8212.04. which the directors recommend should be apportioned as follows:— To pay a dividend of 10 per cent, for
the half-year
To write off Furniture and Fixtures To write off Electric Plant To carry forward to new Account...
Total
BUSINESS.
$60,000,00
8,154.05
2,000,00
10,057 99
$80.212,04
The Bar receipts again show a heavy falling off.
DIRECTORS.
Mr. W. Parfitt has been granted six months' leave of absence, and Dr. J. W. Noble joined the Board at the invitation of the Directors. The Hon. Mr. Edward Osborne retires by rotation, bat offers himself for re-election.
AUDIT.
The accounts have been audited by Messrs H. U. Jeffries and A. R. Lowe, C.A., who offer themselves for re-election.
W. BUTTON POTTS,
CHAIRMAN. BALANCE SHEET, 30th June, 1906,
LIABILITIES.
Capital-
last account Sinco added
Installation of electric light,
as per last account Less writen off, as per last
report
$ C. 88,007 85 116.20
$26,629.51
629.51
Stock of linen, crockery and glassware,
kc.
Stock of wine. provisions, household sundries and stationery as per inven- tories
Shares in public companies Licenses attaching to half year to 31st
December, 1906
vire insurance, unexpired premis
Value of steam launch Sundry debtors
Hongkong and Shanghai Banking Cor- poration (unclaimed dividend■ nc. count) Cash in hand
PROFIT AND LO38 ACCOUNT.
23,000.00
30,926.90
[August 25, 1906.
THE IMPERIAL MARITIME CUSTOMS.
ACTIVE CHINESE INTERFERENCE.
The N.-C. Daily Neics of August lōth notes:-
A native contemporary is responsible for the statement that H.E. Tang Shao-yi, one of the new "Comptrollers-General " of the Chinese Customs will shortly visit the various Treaty Ports for the purpose of inspecting the foreigu and native custom-housee. If this informatiqu be correct, the proposed vidt may be taken as an indication of the fact that the new Customs Board does not represent, as the Chinese authorities would like the British Government to understand, merely a shuffling of depart mental functions, but is to be an active factor in the administration of the Maritime Customs. 88.154.05 Unfortunately this view of the case receives confirmation in many other ways. Apart from the appointment of a large staff, with inflated emoluments attaching to many of the posts, the new Comptrollers are making their presence without felt by introducing, practically reference to the Inspector-General, considerable changes in the administration and in the constitution of the service. It is hardly neces - sary to emphasise the significance of such messures. On the administration of the Imperial Maritime Customs are secured all the loans of China, with the exception of the rail- way loan of 1899, while the foreign control of this branch of the Public Service may be said to constitute the chief guarantee for China's commercial future. Any step which is cal- culated to lead to the absorption and disappear- ance of the Inspectorate must be viewed with considerable alarm by all bondholders, and it is high time that the Diplomatic Corps in Peking should arrive at a clear understanding with the Chinese Government regarding the scope and functions of the new Customs Board.
26,000.00
14,102.63
36,444.26 5,796.31
1,266.6
2.681 31 5,000.00 29.622.23
2.110.00
289.90 $1,975,354.73
For the six months ending 30th June, 190G, I Dr. To refunds and bad debts.
To crown rent
To rates
To Fire Insuranco
To debenture Int. on $500,000 at $
3 per cent....
To less returned on debentures
held by the company
To interest account......
C.
$15,000,00
3.065.49
To directors' and auditors' fees To balance, to be approp ist d as follows:- To pay a dividend of 10 per $
cent.=
To write off furniture and
fixtures account
To write off electric plant
account
To carry forward to new
account....
By balance from 31st December.
19:15
67,000,00
8.154.05
2,000.00
10,057.99
$ 05,219.40
60,000,00
Less dividend at 10 $
per cent.--
Less transfer to
repairs and re-
newals account.. 4,000.00
Less written off
from value of electric instalia- tion.....
629.31
64,629.51
$ 7,875.00
2.669.50 21,000.00
C.
By rents of shops and offices,
old building
By rents of shops and offices,
new building.
By rents of Hotel Mansious.
By dividends on shares in public companies By scrip and transfer fees. By had debts recovered
1,050.29 Aco rding to a native contemporary the 57.88 Shinwachu or new Castoms Board under H. E. 3.128.90
Tish Liang and H. E. Tang Shao-yi comprises 3,230.76
four separate departments dealing respectively with (1) Foreign duties and taxes, (2) Native duties and taxes (3) Opium duties and taxes, and (4) Miscellaneous duties and taxes. Each of these departments is administered by a Director with one secretary and two clerks, while Taotai Cheng Chu-sen has been made "Superintendent-in-charge"
all four departments directly under Their Excellencies Tish and Tang.
$11,94.51 6,199.47 3,200.00
80,21204 $109,460.85
By profit on hotel working account for the
six months ending 30th June, 1906
619.80
01,514.50 694.00 +0.00
30
76.553.56
$100, 160.85
REPAIRS AND RENEWALS ACCOUNT. Dr. For the six months ending 30th June, 1996. To payment cu account of repairs and renewals during the half-year ending 20th June, 1906
$ C.
To balance..
Cr.
12,000 shares at $50 cach (fully paid up) 600,000.00 1,000 mortgage debentures
ર
c.
(6 per cent.)
500,000.00
Less 184 ditto hold by the
Company
92,000.00
Reserve fund..........................
408,000,00 618,875.78
By balance from last accutiut
By amount transferred from Profit and losE account, as recommended in last report..
C.
4,996.07 19,074.12 $24, 71.19
$
over
In the face of these appointments it would seem impossible to maintain seriously the contention that no encroachment is contem- plated upon
It the Inspectorate-General. would be interesting to learn the place ascribad by the Chinese authorities to Sir Robert Hart in the New Customs hierarchy. If report be true, it is between the "Superintend ent-in-charge" and the four Directors.
RECEPTIONS AT THE AUSTRIAN CONSULATE.
ROYAL BIRTHDAY AND PRINCELY GUEST.
On Aug. 18th being the anniversary of the birthday of H.I.M. Francis Joseph L, Emperor of Austris and King of Hungary, Mr. de Szentirmay de Darvasto, Consul for Austria- Hungary, (and soting for Italy) held a reception at the Consulate in honour of the ocorsion. Members of the Austro-Hungarian community were welcomed between 10 and 11.30 a.m., and afterwards Foreign Consuls, British_offiials and civilians. A large number called to offer congratulations, H.E. the Governor, Commodore Williams and other high officials being represented, as well as the Italian Prince d'Udine and Captain M. de Moriondo of the Italian cruiser Calabria.
Last (Sunday) night there was a dinner and reception afterwards, at their Prak residence, in honour of the Prince. The reception was thronged by a very representative company. The lawn in front of the house was lighted" with Chinese lamps, and looked very pretty. There was an excellent band, and His Royal Highness set a good example by starting the waltz, with $24,07119 | Madame Szentirmay.
c.
20,071.19 4,000.00
Page 10Page 11
No comments yet.
Private notes are available after approval.