182
Transferred to investment fuc-
tuation account
***
DIRECTORS.
230,688.14
$1,230 688.14
Since the last general meeting Mr. H. W. Blade has resigned his seat on leaving the Colony, and Mr. G. Balloch of Messrs. Gilmaa & Co., has joined the Board.
In accordance with clause 86 of the Articles of Association Mr. G. H. Medhurst and Mr. A, G. Wood retire, but offer themselves for re-election.
AUDITORS. Messrs. W. Hutton Potts and A. R. Lowe retire, but offer themselves for re-election.
A. G. WOOD. Chairman.
Hongkong, 15th March, 1907.
Dr.
BALANCE SHEET.
On the 31st December, 1906.
To Capital 12,400 Shares of $250 each- $3,100,000 upon which $100 per share called and paid up,
To Reserve, Fund,—
Silver
Sterling...
£40,000
+
$3,000,000,00 353,103.45
To Unclaimed Bonus and Dividend, To Exchange Fluctuation Account, To Investment Fluctuation Account, To Working Account 1905, Balance To Working Account 1906, Balance
$ C.
THE HONGKONG WEEKLY PRESS AND
BA Remuneration to Directors, Com-
mittecs and Auditora,
By Losses and Claims paid,
By Furniture written of, By Balance,
Sterling Exchange taken at 2u. 3-3/16d.
CENTRAL STORES, LIMITED SHANGHAI,
The twelfth ordinary general meeting of shareholders in the Ce tral Stores, Ld. was held at Shanghai on March 8th. Mr. G. I. Shekary (chairman).
After making full provision for depresia tion, bad and doubtful debts &c, there is an avail- able balance for distribution of $19,978,50 out of | which sum the director recommend the payment of adividend of $1.80 per share on old shares, absorbing 810,800 and to carry forward the belance. This result we hope will prove satis factory to you, as the balance brought forward from the working account shows two per cent. better results than the previous year. There are two items in the report which call for explanation. The first is the loss on debentures. These the Company purchased as an investment 23,147 50 at three per cent premium some years back, at a 253,549.45 time when interest was low, and being 202.857.58 in need of money sold last year at a dis- money
1,241,000.00
3,353,103.45
[March 18, 1907.
the usual procedure and take the accounts ́as 26,964.67
read. You may indeed congratulate yourselves 1,325,273.88
on the excellent result obtained. The working 20,683.75
of the mill has been satisfactory all the year 2,082,490.31
round. The mill has worked steadily with no $3,931,410.36 interruption except the usual holidays. As haa been our policy during former years, we have again restricted our production" to day work only, as we know from former experience that night work is both costly and not so pro- fitable as day work. We have had no labour troubles during the year under review, and the internal departments of the mill, including the engine room department, bave worked well. The Jarn market during the year has been satisfactory on the whole. There was a great demand for the locally made article during the first part of the year, followed by a lall during the latter balf accentuating itself more since December, so that we carry at present a stock of some 4,500 bales which, however, is all sold. The outlook for the future is not bad, although the margin between prices of cotton and yarn has been somewhat re duced. There may, of course, be leau years for as in stre, bat on the whole the stay of the industry has been assured. The supply of cotton during last year has been ample and of satis- factory quality, and, apart from our little troubles with the dealers about the vexed watering question, there has been no ground for complaint. The total net profit of our mill, including the amount brought forward from 1901, shows a sum of Tls, 232,021.42, out of the amount of 86,178.50. This has been spout which it is proposed to pay a dividend of ten per 367,165.20 for developing the Yangtazepoo property; in fill- cent on our share capital, absorbing T'ls. 100.000. 419,472.28 ing in part of the land; planting over 3,0 The usual depreciations, etc., have been provided 54885,10 trees and shrubs, and building a shed for the for, as enumerated in the Report in your hands,
gardeners.
and A good part of the land is under
an amount of Tls, 50.663.40 will be cultivation with vegetables, and we trust carried forward to 1907 account, As regards soon to be able to supply the hotel with all the the various items in the accounts, there vegetables required, and weshall shortly proceed is little to be said indeed.
Our property to make arrangements for the dairy farm. scoonat, under the heading Assets, shows an Palace Hotel The promises made last year increase of Tls. 5,487.68, representing the par- that the building would be handed to us by chase money for two small strips of land on the about October last have not been realized, and North side of the Yangtsapoo Road, opposite although the Board used every effort to burry our mill building and adjoining our other pro- on the work, success did not attend their efforts,perty there. We have acquired this land to round the contractor taking his own time over the matter. He will, however, have to indemnify us for the delay, but this of course is a matter which cannot be settled before the completion of the work. At the same time. I may state that we have approached the guarantor of the con- tractor about the delay, and I would here quote part of a letter aecaired by the architects on October 9th from his solicitors :—“ Our
835,290.64
2,082,490.31
count when the condition of the
To Reinsurance Fund, £125,137.15.0 1,104,664,28 | market was quite the reverse. I be next item is To Underwriting Suspense,
Account,
To Sundry Creditors, To Bills Payable
£41,592.18.8
То Estimated liability under cash certificates issued in part payment for China Traders' shares..
Cr.
529,788.00
$10,466,413.79
93,593.03
By Cash on Current Account at Hongkong
By Cash on Deposit with banks in Hong-
kong, Shanghai and Singapore By Amount invested in Mortgages, De- bentures and other securities in Hongkong, Shanghai, Yokohama and Singapore
By Amount invested in London. viz..-
Deposited in banks
Other investments
0.
031,903.02
3,016,546.86
£136,000.0.0 277,748.14.6
£413,748. 14.6 3,652,402.54
.£ 1000, 0, 0 9,026. 0.0
£10,026, 0.0
By Amount invested in Melbourne, viz. :-
Deposited in Banks,..
Other investments,
By Amount at debit of Branches and
Agencies,
By Bundry Debtors,
By Office Leases,
By 22,913 shares in the China Traders' Insurance Company, Limited, at 890 per share,
88.505.38
636,120.88 227,025.89 55,146.19
2,062.170.00
$10,466,413.79
client wishes 08 to assure you, that since he has guaranteed the contractor, he will do all in his power to get the contractor to complete the works at an early date, and that you may look to our client for any delay kc, caused by the contractor.' However, the building is now nearly ready, there being only the internal work on the lower flat to be finished. The upper stories are now ready and will very soon be fully occupied, in fact, eighteen rooms are already taken possession of. We have been $ c . very unfortunate in having had a fire at the 4.221,383.56
Annexe, which building was completely aes. 356,3 <2.59
11.021.96 troyed, and consequently upset our business and calculations for the time being. However, $4,888,738.11 пе have дом got over the difficulty and although the furniture and stock were $ C. insured, still, we suffered 鞴 small logs in losing part of our business for the time 462,200.18 being. The shops of the Palace and part of the
WORKING ACCOUNT, 1905. On 31st December, 1906,
To Nett Premium,
To Interest,
To Exchange,
By Agency Commissions.
By Head Office, Branches and 'Agency
Charges,
By Remuneration to Directors, Com-
mittees and Auditors,
By Losses and Claims paid...
By Bonus of 20 per cent paid to Con-
tributors,
By Interim Dividend of $30 per share.. By Balance,
117,621.37
28.954.40 2,587,849.17
3,196,631.12
Hotel having been already occupied the Board have decided that according to the terms on which the new capital was issued, the first half will bear dividend from the beginning of this year, pari paszu with the old shares.
A dividend of 1.8) per share on the old 256,816.35 shares, making 12 per cent for the year ending
December 1906, was declared and paid. Pro posals for increasing the capital were adjourned.
300.000.00 835,290.64
$4,588,738.11
WORKING ACCOUNT, 1908.
On 31st December, 1906.
To Nett Premium,
To Interest,
By Agency Commissions,
By Head Office, Branches and Agency
Charges,.......
$ 3,441,650.77
SOY CHEE COTTON SPINNING CO., LD.
C. The twelfth ordinary general meeting of 449,759.59 shareholders in the Soy Chee Cotton Spinning Co., Ld. was held at the offices of Messrs. $3,931,410.36 Arnhold, Karberg & Co., Shanghai, on March 5th. Mr. M. Mittag (chairman), said: -The 89,390.12 Report of our company for the working year 1906 has been in your possession for some time, 386,598.63 and, with your kind permission, I will follow
C.
|
|
|
off some small strips bought previously. The building account shows an increase of Tl«. 8,506 representing mainly the balance of the cont of our new manager's residence. The house has been completed during last year and is now occupied by our mill manager, The whole of our machinery is in perfect working order owing to the constant care bestowed on it.
There being no question the following resolutions were put and carried unanimously:-
Proposed by the Chairman, seconded by Mr. Ho Hsien-chuen: That the report and accounta as presented be passed
Proposed by the Chairman, seconded by Mr. Woo Baw-chin: That a dividead of Tis 50 par share be paid to shareholders,
Proposed by Mr. Lemke, seconded by Mr. Wo Baw-chin; That Masies. A. Ziokermann audA. Hittler he re-elected directors of the company.
Proposed by Mr. Hoettler, seconded by Mr. Zickermon: That Mr. E. Gorecke be re- slected auditor of the company for the current year,
THH PEAK TRAMWAY,
Saturday's Government Gazelle contains the official announcement, dated 11th March, that the Governor-in-Council has under section 45
of the Tramways Ordinance, 1883 (Ordinsass No. 2 of 1883), approved the absolute assign- meat by the Hongkong High Level Tramways Company. Limited (ia liquidation), of the whole of their undertaking (being Tramway No. 6 described in the said Ordiganos) to the Peak Tramways Company, Limited,
SHANGHAI WHARFS' DIVIDEND.
Messrs. Jardine Matheson & Co., Generál Agents of the Shangbai and Hongkow, Wharf Company, inform us that it has been decided to pay a dividend of Tls. 10 per bars, place The 100,000 to Repairs s/o Tls. 75,000 to Equaliza- tion Fund and carry forward Tls 23,000.
This final dividend makes the total return per share for 1906 Tls. 18.
i
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