140
COMPANIES.
HONGKONG HOTEL COMPANY.
The half yearly meeting of shareholders in the Hongkong Hotel Company, Limited, was held at the Hotel on Sept. 1st. Mr. W. Hutton Potts presided and there were present Hon. Mr. E. Osborne (director), Captain W. Clarke, Messrs. E. D. Haskell, C. W. May, F. Maitland, Lo Cheung-shin, E. 8. Kadoorie, F. B. L. Bowley, A. Ramjahn, and C. Mooney (secretary).
The Secretary having read the notice conven- ing the meeting,
year.
The CHAIRMAN said:-Gentlemen,- With your permission we will take the report and accounts as read. We regret having again to submit an account showing a heavy loss over that of the corresponding period of last This is mainly accounted for by the falling off in receipts from the bars and extra meals, and we can only hope that trade will revive when the alterations on the ground floor, at present under way, are completed, though with the keen competition now ruling, the withdrawal of the fleet, and the general depression in trade, we don't look for any marked improvement for some time. You will notice that, while the working account shows a decrease of $37,000 odd, the difference in profit and loss is only $24,900 odd, owing to the rent received from the Mansions, but against this we have extra interest and insurance to meet. The two top floors of the Mansions are, as no doubt you are aware, leased by the Hotel, but as it has been impossible to keep them fully occupied, we are endeavouring to let them out as offices or chambers, but without much success. We debated for some time whether we should recommend the dividend shown in the report as the prospect ahead is anything but encouraging. the profit for July being $1,800 less than in July last year, but as there were some five months still to run, we decided it was better not to faduce until compelled, but we must impress on you the fact that without an improvement in trade during the balance of six months, the dividend in February will have to be reduced, as although we are looking very sharply into and cutting down all expenses it is impossible to go beyond a certain point without interfering with the comfort of residents. Before proposing the adoption of the report and accounts I shall be pleased to answer any questions that share- holders might like to put.
There being no questions,
The CHAIRMAN proposed the adoption of the report and accounts.
Mr. BowLAY seconded, and the motion was agreed to.
On the motion of Mr. MarTLAND, seconded by Captain Clarke, the confirmation of the appointment of Dr. Noble to the Board of Directors was confirmed.
The Hon. Mr. E. Osborne was re-elected director on the motion of Mr. HASKELL seconded by Mr. Lo CHEUNG-SHIV.
Mr. RUMJAHN proposed, and Mr. BOWLEY seconded, the re-election of Messra H. W. Jefferies and A. R. Lowe as auditors. This was carried unanimously,
The CHARMAN-That is all the business, gentlemen. Dividend warrants will be ready on Monday
.HONGKONG COTTON SPINNING WEAVING AND DYEING COMPANY, LIMITED.
The report for presentation to shareholders at the ninth ordinary meeting to be held at the offices of the General Managers on Saturday, 8th September, at 12.30 p.m., reads:-
The General Managers beg to submit a Statement of Accounts covering the period from 1st August, 1905, to 31st July, 1906,
The balance at Credit of Profit and Loss Account is $307,910.48, which it is proposed to appropriate as follows
..$125,000.00
To pay & dividend of 10 per cent.
for the year To pay a bonus of 21 per cent.
+
for the year To place to Equalization of
Dividend Fund
31,250.00
80,000.00
❘
THE HONGKONG WEEKLY PRESS AND
To write off Property Account 50,000.00 To carry forward to credit of
next year's account
21,660.48
$307,910.48
CONSULTING COMMITTER :
Sir C. P. Chater, C.M.G., and Mr. A G. Wood retire. but being eligible offer themselves for re-election.
AUDITOR:
The acconuts have been audited by Mr. W. Hutton Potts, who offers himself for re-election.
JARDINE, MATHESON & CO.
General Managers.
Hongkong, 23rd August, 1906.
BALANCE-SHEET. 31st July, 1906. LIABILITIES.
Capital account Sundry creditors
Unclaimed dividends
Equalization of dividend fund. Profit and loss account
ASSETS.
Property--comprising land, buildings
and machinery. Furniture
Sundry debtors. Cash Cotton, value of stock Yarn Waste
Mill stores... Coal
Fire insurance and taxes pertaining to
period after 31st July, 1906.
$
1,250,000.00 676,007.17 4, 30.80 30,000.00
307,910.48 $2,268,848.45
$ c.
1,331,527.79 2.890.00
24,156.30
[September 3,-1906.
Article IV.—The company may carry on the following business for the benefit of the railwaye :—
1-Mining, especially the working of the Fuchun and Yentai collieries.
2-Marine transport.
3-Electric works.
4-Sale on consigament of the principal goods carried by rail.*
5--Warehousing business.
6—Construction and administration of land and honses on the land belonging to the railway.
Article V. The company shall, with the approval of the Government, make necessary provisions in regard to educstion, health, and engineering works within the limit of land belonging to the railway and other works of the
company.
Article VI.-The company, with the approval of the Government, may collect fees from the inhabitants within the limit of land belonging to the railway and other works to defray expenses incurred for purposes specified in the preceeding Article, and also impose other necessary charges.
Article VII.---The total capital of the com- pany shall be Y200,000,000, of which sum Y100,000,000 shall be contributed by the Gov-
ernment.
Article VIII The share of capital to be 3,340.58 contributed by the Government shall consist of 91,022.33 the following property:
763,0.40,00
2,501.50 38,988.94 3,769.67
2,609.34
$2,268,848.45
PROFIT AND LOSS ACCOUNT. Dr.
To remuneration to General Managers. 10 per cent. of balance of working account
To anditor's fee
To remuneration of Consulting Committee
To balance
+1
By balance from last year By gain on working By transfer fees
$
31,984.13 3,000.00 250,00
$35,234.13 307,910.48
$343,144.61
C.
Cr.
$
c.
1-Railway lines under operation.
2-All property belonging to the railway, exclusiva of the property within the limit of the district under the lease of the Government, which will be spec.fled.
3-Collieries at Fachun and Yentai.
Artiola IX.-Rolling stook now used by the Government and the rails of light railway between Mukdeu and Antung and accessories shall be delivered at a proper price to the company.
Artiola X.-The shares other than those held by the Government shall be sold to the Japanese and Chinese.
Article XI.-When the dividend of the company for each business period does not reach 6 per cent of the paid-up amount of the shares held by the shareholders, other than the 23.261.32 Japanese and Chinese Governments, the Govern- 319,841.29 ment shall grant a subsidy for dividend for
39.00
fifteen years, or thirty business periods, bat ander no circumstances shall the subsidy exced 6 per cent of the amount paid up by share- holders.
$343,144.61
SOUTH MANCHURIA RAILWAY COMPANY,
CONDITIONS IMPOSED UPON THE CORPORATION.
The following are the instructions issued by the Government to the Promoting Committee of the South Manchuria Railway Company. The instructions are signed by the Ministers for Communications, Finance, and Foreign Affairs :--
The Committee being entrusted with the management of all affairs relating to the for- mation of the South Manchuria Railway, the following terms are imposed :—
Article I. The company shall carry on rail- way traffic on the lines specified below, in compliance with the protocol annexed to the Japan-China Treaty signed on December 22nd, 1905, in regard to Manchuria :—
Railways between Tairen, and Changchun, Nankwanling and Port Arthur, Tafenshing and Liusutuu, Tashichao and Yingkou (New-
chwang), Yentai and the Yentai colllery, Suobatun and Fuchun and Mukden and Antung. Article II.-The railway lines enumerated in the preceding Article shall be reconstructed into a gange of 4 feet 4 inches within three years from the dite on which the business of the company is opened.
The line shall be made double on the section between Taireu and Suchatun on the line between Tairen and Changchun.
Article III.-The company shall provide all the necessary accommodation at the principal stations ou the company's line for giving lodging and food to passengers and also for storing goods.
At places where the railway line reaches a seaport accommodation shall be made to connect the traffic between land and sea.
shall
Article XII-When the dividend of the company for each business period does not exceed 6 per cent, of the amount paid up by the shareholders, the company need not pay a dividend on the shares held by the Government. The shares held by the Chinese Government shall be treated on the same level as those held by the Japanese Government.
Article XIII. The Government guarantee the interest on the debentures to be issued by the company for raising the fund for the reconstruction of the railway lines or for conducting the complementary businESSES of the company, or for the adjustment or redemption of the debentures so issued, and in case of need the Government may guarantee the principal as well. Tue face value of the debentures to be issued by the company shall not exceed the balance remaining unpaid of the private capital (Y100,000,000).
The debentures specified in the first clause of this article shall be redeemed within twenty. five years from the date of issue.
Article XIV.-The Government shall graát a subsidy on the debentures issued for the ends prescribed in the first clause of the preceding article. The sum of such subsidy shall be equal to the amount of interest dus and granted from the month following the month in which the payment on the debenture has been registered When the dividend payable to shareholders exceeds 6 per cent of the amout paid up by the shareholders, the smonat exceeding the rs is shall be first appropriated for the interest on the debentures, and an amount equal to this shall be deducted from the subsidy payable on the debentures.
Article XV. Any surplus profit, after pro. viding interest on debentures, shall be allotted for dividend on the shares held by the Japanese 'and Chinese Governments up to a rate equal to
all the paid up capital,
F
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