May 27, 1907.J
generally, and in common with nearly every trading and industrial company we have felt this depression and to it we mainly attribute the diminished profits shown. I would also specially mention that we have suffered con- siderable loss through the depreciated value of subsidiary coins, and I estimate that our total loss in 1906 from this cause to be about $15,000, as against 36,000 in 1905. Con- sidering all these circumstances I think the resalts of the year's working are not unsatis factory. Turning to the accounts you will find under the heading of "Building improve. menta" that there has been an increase of $34,131.04. Most of this increase has been incurred by additions and improvements to our business premises in Manila. These im. provements were not completed at the end of the year so that there will be a further addition to this account during 1967. We expect, however, to be able to write off the whole of this expenditure in four years out of increased revenue; as besides largely increased sub-lettings the Manila branch has already benefited by increased cash sales. The extra sccommodation provided for its soda water factory should also prove remunerative. Aerated water and other machinery and plant account shows additions amounting to $20,034.16, which have been for the most part occasioned by the opening of a new factory in Shangbai and further additions to our plant at Amoy. Amongst our assets Marine Lot No. 293 ap. pears for the first time. This lot was purchased with the approval of your Consulting Com. mittee in November last, and the object of your General Managers is eventually to remove the Des Voeux Road soda water factory to that site, where there will be four times as muoti room and greater conveniences for manufacture at less cost than obtains at present. San Jacinto property, Manila, has been in. creased by $6,025.60 which represents the price paid for a strip of land with buildings which almost completely shut our property off from the public road. We trust the disposition of the profits meets with your approval. Following our usual policy we have proposed to set aside $25,000 to write off as depreciation of machinery and plant, furniture and fittings, etc. Iu a busi ness like ours $25,000.00 a year is the minimum amount, compatible with sound finance, that should be written off and I would prefer to see it larger. The business for the first four months of this year, I regret to say, shows no signs of improvement. I have no further remarks to make, but if any shareholder has any questions to ask, I shall be pleased to answer them.
Mr. LANE-1 wou'd like to know whether the reduced volume of trade is general in all the branches, or in Hongkong in particular.
The CHAIRMAN-There has been a falling off in the volume of trade, and also in profits, at every branch except one. There has also been & slight falling off in Hongkong, and a falling off in Manila.
The CHAIRMAN then proposed the adoption of the Report and Accounts. Mr. LANE seconded, and the motion was agreed to.
Messrs. F. MAITLAND and W. H. Porta were reappointed auditors on the motion of Mr. CLABK, seconded by Mr. LANE.
The CHAIRMAN-That is all the business, gentlemen. Thank you for your attendance. Dividend warrants will be ready on Monday.
The Report of the General Managers for the year ending 31st December, 19(6 was as follows : GENTLEMEN,—We beg to lay before you a Sta- tement of the Company's business, with a Balance Sheet for the year ending the 31st December, 1906.
The Net Profits of the Cou pany for the twelve months under review, after paying all obarges, including the salary of the General Managers, providing for all bad and doubtful debts, and allowing for loss on sub-. sidiary coins, amount to
To which has to be added the balance brought forward from the previou‹ year
|
CHINA OVERLAND TRADE REPORT.
Articles of Association $5,118.30 Remuneration of the Con. sulting Committee as per Article 92
As per last account 121,627 27 Amount written
off for deprecia-
tion in May, 1906 15,771.78
2,500.00
105.855.49
7,618.30
Added during 1906 20,034,16
125,889.65
Steam launch Tai
$102,482,67
Leaving available for appropria. tion
We paid an Interim Dividend of 4 per cent. in November last absorbing, 836,000.00
We now propose to pay a further Dividend of 4 per cent. (making 8 per cent, for the year) which will absorb
of
To write off Building Improvements, Furniture, Fittings, Utensils Trade, Aerated Water Plant, and Machinery
To carry forward to 1907 Account...
36,000.00
Yeuk Fong steam lighter Watson and cargo boat: As per last account Amount written
off for deprecia
$35
8,059.75
tion in May, 1906
419.75.
7,610,00
Added during 1906
500,53
8,147.53
277,301.63
Good debts due from Customers
233,849.88
Sundry debtors....
20,547.32
Cash in hand....
⚫ 13,403.06
Cash at bank...
8,453.66
25,000.00
5,482.67
|
21,855.72 7,837,27
1,000.00
$102,482.67
}
CONSULTING COMMITTEE,
The existing Consulting Committee consists of Hon. Sir G. P. Chater, C.M.G., Hon. Mr. E. Osborne, and Messrs. H. P. White and J. Scott-Harston.
AUDITORS.
The Company's Accounts at the Head Office have been audited by Mr. Francis Maitland and Mr. W. Hutton Potts, who offer themselves for re-election.
JOHN D. HUMPHREYS & SON,
General Managers. BALANCE SHEET, 31st December, 1906.
Capital account
LIABILITIES.
Permanent reserve fund Reserve fund to meet con- tingencies or for the equalization of dividends
$900,000.00 300,000.00
25,000.00
1,225,000.00
Local and general liabilities Local and general liabilities
in the East and America 143,976.93
in London......
49,632.22
Mortgage ou section E of Inland Lot No. 19 and the buildings thereon Mortgage on Marine Lot No. 2 C and the buildings thereon.....
Mortgage on remaining por- tion of Kowloon Inland Lot No. 550 and the buildings thereon Advance against San Jacinto
property, Manila
49,000.00
125.000.00
95,000.00
24,366.59
Bills payable, Hongkong and Manila Unclaimed dividends
Scourity deposits from staff.
Profit and Loss-
Forward from 1905 $7,731.94 Net balance 1906 102,366.03
Less interim divi-
derid of 40 cents
'per share paid in November, 1906 36,000.00
Lees amount
un-
claimed at 31st
December, 1906 4,142.80
Total stock in trade Building improve-
ASSETS,
ments, furniture. fittings and trade ntensila at Hong- kong. Manila, Canton, Amoy, Fooohow, S'hai. Hankow, Tien- tain, and native branches : As per last ac-
count Amount written
off for deprecia tion in May, 1906 8,808.17
$102,366.03
7,734.94
- $110,100.97
Aerated water and
From this there has to be deducted-- General Managers' Com-
mission of 5 per cent.
on the net profits, for the year as per Article 80 of the Company's
$ c. 117,9-48.88
109,140.41 Added during 1906 34,131.04,
other machinery and plant at Hongkong, Manila, Canton, Amoy, Shang hai, & Hankow;
110.100.97
31,857.20
143,371.45
Fire insurance premia unexpired Investments in public companies: North China Insurance Company, Limited (10 shares). Section E of Inland Lot No. 19
and the buildings thereon 80,000.00 Marine Lot No. 2 C and the
173,917.82
buildings thereon................................ Romaining portion of Kowloon Inland Lot No, 550 and the buildings thereon...... 27,500,00 San Jacinto, Land and build-
ings, Manila Marine Lot No. 293.
30,780.24 17.707.00
309,905.06
$1,864,660.00
Dr. To balance
PROFIT AND LOSS.
$110,100.07
Cr.
CONTRA.
$110,100.97
$7,734.94
+3
Net Profit in Hongkong, China and
Manila for 1936
$102,366.03
$110,100.97
By balance forward from 19.5
PEAK TRAMWAYS CO., LD.
The ordinary annual general meeting of 193,609.15 shareholders in the Peak Tramways Co., Ld. was held at the offices of the Company, Alexandra Buildings, on tho-25th May, Mr. H. Hum- phreys presided, and there were also present Sir Paul hator, Mesars. A. J. Raymond and H. Keswick (directors), J. A. Tarrant, J. M. Wong, D. E. Clark and G. Rapp.
229,366.59 115,545,10 12,395.48 17,500,00
78,243.77
$1,864,660,09 $ 0. $992,363.21
The notice calling the meeting having been read,
The Chairman said :-Gentlemen, the Report and statement of account having been in your hands for some days I will, with your permission, take them as read. The only item amongst the Assets and Liabilities which calls for special reference is Permanent Way and Concession, new Line. This is made up as follows :- Concession and cost of obtaining same $35,000.00 Leigh and Orange, preliminary
Burvey of new line Interest...
5,000.0≫
3,626.29
$43,626.29
The Company was unable to effect the transfer of the concession until the consent of the Governor-in-Council had been obtained, and consequently it had to pay interest on $35,000\ until date of completion of purchase (4th April 19 7). Turning to the Profit and Loss Account; the only item which calls for comment is Legal Expenses $16,718.60. Roughly about $2,0.50.00 of this is for Legal Expenses in forming the Company and preparing Articles of Associa- tion, the balance represents the loss this Com- pany suffered in the suit D. E. Brown and others, v, the Hongkong High Level Tramways Company Limited. We regret very much the result of this unfortunate suit which has cost both plaintiffs and defendants money, and has been unproductive of any change in all the main issues. Negotiations are proceeding between the Company's architects and the Government respecting the exact route of the new line and other details connected with it. · I am not at present in a position to make any definite statement as to when actual-work on the line will commence, Sharobolders" have already been notified by circular with regard to this Company's unissued shares. Appli- cations for such must reach this office on o before 39th June, 1907, and allotmen.
No comments yet.
Private notes are available after approval.