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[March 9, 1907.
The Directors were only able to 领悟 of the machinery and plant that
THE HONGKONG WEEKLY PRESS AND expected every year, but only when the Com | exploiting by others of the insurance of Chinese ois de «criptions of boge is now assured in all mar- pany is favoured with good fortune; 85,000 i contents, and the granting of policies to ande. kets in Chios and Siberia. The new cellars have to be added to the Investment Fluctuation | sirable applicants, which unquestionably bears been completed and it is hoped that the necGE · Account to provide for a temporary deprecia- ! close relationship to the increasing frequency | sary extension of the refrigerating plant will tion in certain Companies' shares at the end of fires, possibly a's, involving the property ut beready for ne at the beginning of the same tra ve, of the year, but which have since materially, reputable and desirable insurers, and not infes One half of the cullaes have ben stocked with increased in value. This account only shows quently leading to lifigsting seeving to brin additional rats, so that the Company is now in a credit of $346,05 owing to something over the business of fire insurance into disrepute a position to cope with a much larger demand 87,000 having been written off securities anal Our losses for the year, you will observe, nie than was foc neily the case. As stated in last loss in Exchange on a Sterling Bauk Deposit, nunsnsliy low, being only 1987 per cent of thes year's report, the Victoria Brewery, owing to 89,961.63 to be added to Extra Resery. Fund Premium income. Commissions and expen*** the high cost of e di storage, coupled with the Account, which will then stand at 8420419,6%, have remained within the bonads of economy sud fact that the plant was a very primitive one, which is A satisfactory woldit.com 1. our are below the ratio of most of our rompetitors has been far from a snee stan i luss and to be Reserves; $5,469.42 bonus tu Office Staff, whilst on Taterest Accaunt shows a sensible ) liquidated Cha acoonn' has a vy buen closed, which will no doubt have your approval Turn increase Of course I csunot, reglur, to predic Palting unfortunately in fiual loss of ing to the Working Aresunt 1906, | an
the anteum of the year 19 tỷ, bat we view with $12.200 19 pleased to be able to point out an increase satisfaction the fact that, up to date the result | disp of $18.841.67 over that carried forward for ; is even better than for the corresponding period | would not be utilized at the Germania Bre the year 1905, which must be cousidered satis. of 195 busines. I do not think tha CHE
wery, Tsingtao, for a nomiɑsi sam, sad A factory. The Company's Surveyors have Assets and Liabilities call for any detail d payment of a heavy allowines had to be made reported on the properties under Mortgage remarks on my part. Your attention has been to the Shanghai Les Company for cancelling to us, and we are satisfied that we have ample directed
in the report to the compulsory | the lease of their cold storage accommodation, security in each case. We have opened an deposit we have in Japan to enable me to the luke пр
this unfortunate venture Agency at Newchwang, and trust to work transact business in that country. The bonds | has bem very considerable. The Directors that District successfully. I am sorry to tell which form this deposit stand in Japan to day | have, however, thought it desirable to meet you that since the New Year has opened we at a figure slightly in excess of that at which the lose at ours and you will notice from the have been involved in a somewhat serious they were originally purchased bat, owing to Report that it is recommended that the satire loss by a conflagration at Bangkok. Before the fluctuation of exchange, Cheir dollar amonat should be writt∙n off out of this moring the adoption of the Directors Esport equivalent was somewhat below their book value.
year's earning It is much to be regretted and Statement of Acconuts for the year pun, This we have now provided for and a farther that the shar-iol lers and the public have not I shall be happy to answer any questions that ise in exchange would not call for a y reqponded
liberally to the ende voor may be put relating to the business before immediat farther revision Provision has the meeting.
also been made in the ace muts and $2,20 sət aside as a bonus for distribution among the staff (Applause. The Reserve fand we proposeg to increas by $15,555,55, the largest sum that our Articles of Association permit of appropriating in this manner. There remains a sum of $320,000, to be dealt with and with this we propose to pay a dividend of $40 a share, If any further information is desired. I shall be pleased to give it before moving the resolution that the report and accounts #18 presented he passed.
There being no questious, the report was adopted, on the motion of the CHAPMAN seconded by Mr. ORANGE.
The appointments of Messrs. D. M. Nissim, G. Balloch and R. Shewan to vacancies on the directorate were confirmed on the motion of Mr. SMYTH, secouded by Mr. PATTENDEN.
Mr. LEIRIA proposed and Captain Roach seconded the re-election of Messrs, A. G. Wood and E. Goetz as directors. Carried.
Mr. da SILVA proposed and Mr. Barretto seconded the re-appointment of Messrs. W. Hutton Fotts and A. R. Lowe as anditors, which was approved.
The CHAIRMAN-That is all the business gentlemen. Thank you for your attendance Dividend warrauts will be posted this afternoon.
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of the Directors "to plie› the additional one thousand shares authorised to be issued at the Taxi annual meting. They do not, howterer, aftribut- this cult to say want of routilence in the andertaking, bat rather to the position of the share markat generally during the last year, when owing to the abnormally high rates of exchange ruling, investors have preferred to plac, money in gold rather than in silver securitium.
You will observa from th· arenants now presented That, including $1,966 95 brought forward from 1967 account. the Profit and Loss Account
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No further information was sought, to the, shows a credit balanc› of $94,423,41, or just CHAIRMAN proposed the adoption of the
about twelve per cont rep
the capital of the and accounts as presented.
Company, and had it not been for the lost apoɑ the liquilation of the Victoria Brewery, to which allusion has already been made, incraved dividend would have bien possible. | The Directors now recommend that the avail-
Mr. BARTON seconded and the motion was agreed to
It was proposed by Me On:4808, seconded by Captain CLARKE and agreed that Sir Paul
THE HONGKONG FIRE INSURANCE | Chater, and Messrs. H. P. White, P. Maitland | able balanes of 250,423,41, should be appropriated
("}, LỦ
The thirty-eighth ordinary mesting of share. holders in the Hongkong Fire Insuranc» C», Ld. was held at the office of the Company, Messrs Jardine, Matheson and Co., on the 7th Marob. Hon. Mr. W. J. Gresson presided, others present being Sir Paul Chater and Messrs. H. P. White, F. Maitland and A. J. Raymond (consulting committee). L. N. Leefe (secretary), C. H. Rogge, J. Barton, W. A. Cruickshank, J. Orange, Hu Fook, A.H.M. da Silva, H. Percy Smith, W. H. Wickham, R. E. Barretto and Captain W. E. Clarke.
The SECRETARY read the notics couvening the meeting.
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The CHAIRMEN said: Gentlemen, the report and accounts have been in your hands for some days, and I will therefore, with your permission, follow the usual course and take them as read. The business of the year 1905 has closed with results which the consulting committee, and I think you also, will regard as gratifying, the profit for the year being the largest in the records of
the Company (Applause). The premium income shows an increase of $27,793.28 as compared with the preceding year, and this increase has been secured without in any way departing from the lines we have consistently followed, and which we believe are essential to the continued pros- perity of the Company; our policy being, so far as possible, to confine our acceptances to those classes of risks which, though lower rated. have been proved on a long experience to yield the most profitable results. The difficulties of pursuing this policy have not been diminished by the ever-increasing competition to secure business, and whilst we naturally expect and anticipate having to face competition in our endeavours to retain our position, we have to deplore the lengths to which this tends certain areas where we have large connections, and more particularly in the North, the desire to swell premium incomes has resulted in an
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and A. J. Raymond should be re-elected to the consulting committe....
Mr. ResigE moved that Mowry, WV Hattin Potts and H. Percy Smith, P.C.A
in re-ap- pointed auditors,
Mr. Ho Fuck seconded and the mstion was carriel.
The CHALKMAN Dividend warrants, gentle. men, will be ready on application to-morrow. morning. Thank you for your attendance,.
ANGLO-GERMAN BREWERY
CO., L.D.
*
follows-Write off machinery and casks, $72.00 total lost out Victoria Brewery to ba written off, $12,261 19; to pay a dividend of 7 per cut to shar-holder‹, 340,315.25; and to carry forward to 1987 account $998 67.
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LAOU KUNG MOW COTTON SPINNING CO., LD
The thirteenth ordinary
of meting this company was held at Shanghai on Feb. 26th. Mr. F. C. Peares (Chairman) sail :-The business which We have before ་་ this afternoon is the passing of the report and accounts for the year terminating December 31, 1906. The report and accounts have been in your hands for some days and with your permis- sion we will accept them as rund. lu moving their adoption. Í am pleased to say that the result bas borne out the prognostications set forth by my predecessor in the chair; although perhaps not quite as satisfactorily as for the year 1965, they fully enable your Board to recommend & dividend of Tis. 800 per share, to write of for depreciation Tla 51,384 48, and to carry forward to next year's account Tis 31,469,74. With regard to the sum apportioned to depreciation, your Board have followed the policy of former years and it must be considered very satisfactory that out of our sotual earnings we have been enabled fully to depreciate from the commencement of operations in 1898, in accordance with the recognized home standard, viz., per cent per annum on mill buildings,
At the third annual general meeting of the Company, held at Shaughai on Feb, 26th, Mr. A. McLeod (Chairman) said -The report and accounts for the past year have been in your hands for some days and you will no doubt agree to take them as read. Before asking you to pass in reference to the working of the Company them I shall be pleased to make a few remarks during the twelve months ending December 31, 1906. It will, I hope, considered satisfactory that the sales of our beer show a considerable increase on those of the pre- vious year and that there have been no com. plaints about its gality, even in the hottest summer mouths, when beer is sẻ apt to deterio- rate. This is evidence that the new brewing master has fully justified the confidence that the Directors and managers placed in him when engaging his services. Encouraged by the under the name of Bock Beer, met with when saccess which the brew of T-ingtao dark beer. J per cent per sunum on machinery and 5 per cent oa our Chinesa house, Reservoir land placed on the market in 16 the Company and improvements, including
the proposed continued this special brew, which has been so amount to be written of for 196, will have been written down from Tis: 3',889,86 to Tis. eagerly purchased by consumers that it has been at times difficult to keep up with the| demand. The excellence of the Company's bear has been officially recognised at the Munich Brewery Exhibition held last year, where the Company received the highest prize awarded, namely the gold medal and diploma. The popularity of the Germania|Brewery's vari-
9,500, whil- furniture account has been depreci sted to below half its original cost. This poiley of depreciation must commend itself to sit share- sound baxis. hold -rs as placing the business on a thoroughly debit for interest is about the same; it is
Turning to the accounts
credited with rents from our Chinese houses
our
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