212.
WATKINS, LIMITED.
The eighth ordinary annual meeting of shareholders in Watkins, Limited, was held at the Company's office March 29th. Mr.
on
G. A. Watkins presided, aud there were also present Messrs. A. t. Lowe, Chow Hon-wah and Chan A-fook.
The notice calling the meeting having been read,
We
your
The CHAIRMAN said: Gentlemen - We will, i with your permission, take the report and We accounts, now before the meeting, as read. have alean year to chronicis. Business throughout 1906 was slack, with nothing special in our favour. The falling off is entirely in sympathy with the general all-round depression which has been felt during the period under review. You will observe from the statement of accounts before you that substantial amounts have been written off the company's assets. trust these appropriations meet with approval. The result for the year on trading shows a profit of $9,596.10, being an increase ou the previous year. To attain this result, your general managers had to exercise the utmost care and economy in working the business. I would especially call your attention to the fact that the salaries and wages alone show « reduction of over 85,0; charges account is about $5,000 less than previous year, and sterling liabilities are over $6,000 less. Your mortgage account has been considerably reduced, aud before our next annual meeting-which will be held in May, 1908, in order that the accounts should be ready, an inconvenience to all- liability will be wiped out from the accounts entirely, thus putting us in an easier position. I feel sure you will be pleased to know we bare a øredit balance in the Bank in lieu of owing the Bank money.
I don't think there is anything in the accounts calling for special attention, bat I, should be pleased to give any further information you may wish.
this
Ao questions-were asked, and the CHURMAN proposed the adoption of the report and accounts as presented.
Mr. HOW HON-WAH seconded and the motion was agreed to.
This was all the Lusiness.
PHILIPPINE COMPANY, LIMITED.
Gentlemen:-The local Agents now beg to submit their Report of the Company's business for the year 196.
|
THE HONGKONG WEEKLY PRESS AND
PROFIT AND LOSS ACCOUNT
LOSSES
Halance carried forward at 31st Dec 19 G Fire in arace Interest
F
3}!{ }
2.315 97 5.9 40 41
1
·
(April 1, 1907.
the new system at San Francisco to be ins pected to a-e if it was all that was advertised. The Directors would no their best to look aftër the interests of the shareholders to the best of
Management salaries and charges in Minda 2 45ận 5ị ì their ability. Exchange
Bonne and commissi{1}}< Licenses and tater
Lawyers' fee
Advertising
Lowxes on consignment ◄
PROFIT
Manufacturing and working profit- CommissJONES
Profits on consignment s Bad delita recovered
Balance
361 3 1.771388
102 98. 450-310
.
Mr. A. Fleet asked if there was any prospect of realising on the old plant.
The Chairman said a portion of the old plant had already b en realised, bat brought in << | practically nothing. This was why such a large amount had been written off for depreciation. N-xt year the old plant would stand in the books at practically nothing.
P 74 37 47
P.
אי *:
1 833 14 18197
1876. 6220614
PJESE 17
SHANGHAI ICE, COLD STORAGE.
AND REFRIGERATION CO, LD
The annual general meeting of sharehold »r« of this Company was held at Shanghai on March 19th. Mr. A. D. Lowe (Chairmao) said The balance at the credit of Profit and Lore accoun', you will observe, is Tls.24,995 57, and this is after dedarling a very substantial amount for depreciation. Directors and Andı-
as
ta
forward the
་
1
!
1
tor's fees have to be allowed for, which will leare the sum of I l 2411596 be dealt with, and you will oferte in the report your directors recommend a dividend of per capt, and to Carry balance of 'Tis S145 97. The shareholders may possibly think that we should be justified 10 recommending a divideud of 1 per cent, but in view of there being a probability of opposition ¦ from a new company, we think it best to carry forward a fairly large balance. The crelit halance of the Working Account is Th
962, 9 which we think satisfactory. By the
death of Mr. J D. Thorburn, one of the Directors, the Company experienced a great | sc and the Directors take this opportunity of putting u record their appreciation of his services. Mr. Grant Mackenz”, another Dirce.
tor, retires according to the Aracles of Associs tion, but being eligible, offers himself for re
election - Maring the past year the an litor, Mr.
'I'
“İrmes H. Osborne has been away for sit months on home leave, but in his absence the duties of auditing the accounts have been The Report of the Local Agents presented ably fulfilled by Mr. A. F. Andersen. On at the fourth Ordinary General Meeting of his return to Shanghai shortly M. Osborne Shareholders, held at Manila on March 27this willing to resume his duties if elected.
past winter, as you are aware, has ben rather a reads:-
severe one and we have little doubt that nativa hare collected a good harrest of ustural ice. However, without wishing to be too optimistic, your Directors are of the opinion that with thể We regret to report that Profit and Loss Account shows a loss on the year's working of support and patronage of the shareholders and the public, the Company ought to be able to holil -P. 12,899.73. This loss is principally due to
its own against any threatened opposition. Turn- old consignments carried over out of former workings and which have during the year undering to the accounts you will cherre we barereit. ten off a very substantial amount for depreciation, review been finally accounted for.
The item in th Bad debts are practically nil. Balance sheets under the heading of Sundry Debtors (['lk. 23,531,25) is large, but this has practically all been collected since the accounts were made up. If any shareholder desires to ask any questions. I shall be glad to answer them to the best of my ability.
The Giralda has been leased for all the time
ander review.
We are glad to report that our exports of better grade cigars are steadily increasing and that orders in hand keep us fully employed.
DIRECTORF.
Your Directors retire and Messrs. E. E. White, J. Mackay and R. E. Humphreys offer themselves for re-election.
Manila, 18th March, 1907.
THE PHILIPPINE COMPANY, LTD.
HOLLIDAY, Wise & Co., Local Agents.
BALANCE SHEET.
for the year ending 31st December, 1906.
Capital
LIABILITIES.
P
608, 1098.11 101.702.0 2,890078
Loan at 6 per cent.
Sundry Creditur
ASSETA.
P. 712,701.74
P.
Subscription account 1 share
Land and buildings
Goodwill and trade-marks
Plant and Stocks
Furniture
Machinery
Cash in hand and at bankers
Fire insurance in advance
Sundry debtors Balance
91 194.219.20 VAL357 70 115,379.08 17.0852 16 10,424.71
Mr. Fyfe asked if in the entreat yea the Company intended to mike the same charge for ice as in the past.
The Chairman replied that the Company would bare to take into consideration noy opposition whether rising from the large amennt of natural Gee collected by nstitke or from the rumoured opposition company. They 1
would have to regulate their prices according to the moves of the opposition.
Mr. Fyfe said he had heard that there wa now in use a new vacuum system by means of which ice could be producet at much cheaper rates than formerly. He hoped the Directors would look ahead and keep fully slice to the psition of affairs.
The Chairman said they wers fally aware of the new system to which Mr. Fyla refer- ed and during the last six months had beso 13.041.60 iu communication with the proprietors of the new system. They had practically obtained the right of first refusal for Shanghai and district, but before coming to any definite P. 712,701.74 decision it would be necessary for the plant of
133 52.132.01 (7,224.03
There
Go further questions and the following r»olutions were put to the meet. ing and carried unanimously :—
Proposed by the Chairman and seconded by Mr John Prentice: That the Report and Statment of Arcounts for the ysie ended Dee-mber 31, 1906, as presented, be accepted and passed
Proposed by the Chairman and seconded hy Me J. Grant Mackensie: That a dividend of eight per cent, on the capital of Tla, 200,000 be declared and paid to shareholders of record Ion March 19, 1997,
|
Proposed by Mr. Nelson E. Bryant and That Mr. J. seconded by Mr. J. Stampff : Grant Mackenzie be re-elected ■ Director of the Company
Proposed by Mr. J. B. Fyfe and seconded by Mr Nelson E. Bryant: That Mr. Jas, H. ¦ Gisborne by re-elected anditor of the Company to serve until the next general meeting of shareholders.
CORRESPONDENCE.
THE TYPHOON ÍNQUIRY.
TO THE EDITOR OF THE "DAILY PRESS.".
S16-Fir« months ago H. Excellency the Governor vannnced that he purposed seading the Report of the Committee of Inquiry, which he had then received, and all the evidence and xhibits laid before the Committee, to th
Secretary of State for the Polonies, to whom 13.. main lese was also seading the reports published by the Observatories of Sicawei and Manila, with a request that the Secretary of State would obtain for the information of the Giveram ut of Hongkong the observations of His the Royal Observatory at Greenwich. Exe-linney further announced that he proposed to await receipt of those observations before making any further inquiry locally, having in ries 1
of obtaining diffenity safeizutly expert prin to go into the
here
questions that had arisen in connection with the working of the Observatory.
Like it that ample time has elapsed for the cb ervations of the Green wich authorities
tbat The fact papaited.
the beal e unmittew's report has now been publish - ed fire mouths after it
was presented to the Governor, and no reference whatever mide as to the result of the Governor's application to the Secretary of State naturally arouSES public enriosity on the point. Why is this infor mation withheld ? What conclusion may wo The conclusion that most people draw is that the local committee's report would not be strengthened by the publication of the observations by the Greenwich enthorities. Failing the publication of the letter from Greenwich the circumstances seem to call for some public statement on the point by H.E. the Governor at the next sitting of the Legislative Council.
draw therefrom?
if it WAS
nerer intended to publish the observations of the Greenwich suthorities, what reasons, it would be interesting to know, diotated All this delay in the publication of the local Committee's Report ?
As you bars suggested. Sir, the Rep'rt is far from being a convincing exoneration of the officals, and though I have no desire to nge the tar brush, I would like to draw attention to ons or two features of the Report which strike me as being - well, let me say,in one case misleading and in another unsatisfactory.
First, I take the following paragraph : * Captain Unsworth, of the Hongkong and Koloon Wharf and Godown Company, stated that at 630 am. he ordered everything to be
No comments yet.
Private notes are available after approval.