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The CHAIRMAN-That is all the basiness of the meeting, gentlemen. Thank you for your attendance. Dividend warrants are now ready, and can be obtained on application.
The ordinary half yearly meeting of share- holders in the Hongkong and Whampoa Dock Co., Ld., was held at the offices of the Company Queen's Buildings, at noon to-day (19th). "Mr. H. P. White presided and there were also present Sir Paul Chater, Hon. Mr. H. Keswick, Messrs. A. Fachs, W. Helme, A. Haupt, D. W. Craddock, G. H. Medhurst, 8. Silverstone, (directors), K. Mitchell, (acting chief manager), T. J. Rose (secretary), J. P. Braga, Chos Leep. chee, F. E. Ellis, É. Georg, J. W. Graham, Ho Fook, W. C. Jack, Lo Cheung-shin, S. A. Michael, R. Mitchell, E. J. Moser, T. Skinner, H. Percy Smith and Captain W. E. Clarke.
The SICRETARY having read the notios calling the meeting.
&
THE HONGKONG WEEKLY PRESS AND
80
[August 19, 1907.
work is undoubtedly the backbone of our busi-¡ably and materially interfere with the usual ness. As mentioned in the report, most of the system and uniform regularity heretofore pre- damage caused by the typhoon" of last year has railing in the works. So until recently we have been made good, there only remaining a sum of | not been able to get the full benefit which our about $5,000 to be expended to complete the present premises and our extra and more sɔn. necessary repairs and renvewals to wharves etc. viently placed plant and mschinery afford ns. HONGKONG AND WHAMPOA DOCK ¦ You will be pleased to note that a start has ben It is a mitter for mutual congratulation, there-
CO,, LD.
made with the lengthening of the No. 1 Dock, fore, that your directors are able to report that in due course we shall be able that the old premises of Petersen & Co. at to handle the largest class of vessels Nos. 113 and 114 have been re-arranged, the coming to Hongkong, and thus materially machinery set in order, and a large and com With the amount already at the credit of the swing, as is also the case with the new boiler. increase the amount of gross tonnage dooked. modious foundry built, which is now in fall · special account, and the sum of $100,000 which, makers' shed. which has been refitted and with your permission, it is proposed to add your adapted to facilitate handy and economical work, Directors are sanguine that the extension will The new buildings also at Nos. 159 and 160 nw completed, and be completed without any call ou Shareholders (our old premises) are being found necessary. Every effort is being comprise blacksmiths', oırp inters', boatbuilders', made with a view of effecting economies, con- and pattern makers' shops, all of which are in sistent with thorough efficiency, and in this fall working order, with the exception of the connection, I would mention that a sub-com- blacksmiths shop, which is now being fitted mittee of directors has been appointed and is now and will be in operation very shortly. Ia enquiring closely into the general working of connection with the foregoing observations I the Company's business, dealing more especially would mention that in face of these difficulties with establishment charges, salaries, stock, and our manager, Mr. Tresize, and staff have proved our buying agencies. The recom rendations of themselves equal to the emergencies referred the committee will be submitted to and dealt to, having throngboat most energetically and with by the full Board in due course. In the faithfully prosecuted the work committed to month of May, Mr. Wilson, lately Acting Chief their care, not only to the entire satisfaction of Manager, went home on leave and Mr. R. our customers, but also to that of your directors. Mitohell was appointed in his place. Gentlemen, Daring the last half year shipping business has with nothing farther to remark, before moving been rather dull, and consequently our works the adoption of th, report and accounts, I shall have not been as actively employed in furnishing be pleased to answer any questions you may supplies and repairs to shipping as in the first wish to pat.
half; but taking this feature of our business into consideration, in connection with orders received for local work, your directors consider that the results of the last half year are emin- ently satisfactory, as noted in the report which we have the pleasure of placing before you this afternoon with the statement of accounts. It will be seen by the balance-sheet that after payment of the interim dividend and bonus for the first half-year making the usual provision for depreciation, directors' and audi- tors' fees, etc., the net amount of proßt avail- able is Y31,977.04, which the directors recom. mend shall be appropriated to the payment of a final dividend for the year, say Y2.50 per share, which will absorb Y19,500.0 ', the balance, Y2,477.34, to be carried forward. This annual report and the satement of accounts have been in your hands for some days, and if there are no objections to the same, I will now ask you to take them as read, if some one will second the motion.
of
The CHAIRMAN said-Gentlemen, It will be observed that
have adopted We slightly different form in stating our accounts for this half year and, as the statement, together with the report, have been in your hands for some days, I will, with your permis. sion, following our usual course. take them as read. The net profits for the half year ending 30th June 1907 amount to $401,396,82, and this amount includes the sum of $34,850, the difference between the book value of the Lug Robert Cooke, and the amount realised under insurance policies. For purpose of comparison, I may mention that our net profit for the six months ending 31st December, 1906, amounted to $369,596,36, and 8403,256.44 for the corresponding period last year. Including the $100,933.74, balance brought forward from last account, and de. ducting Directors' and Auditors' fees we have available for appropriation the $791,580.56, and subject to your concurrence, we propose to pay a dividend for the half year of 8 per cent. or $400 per share, absorb. ing $200,000.00, place a further $100,000.00 to the credit of No. 1 Dock Extension Account and carry forward the balance $491,580,56 to a new account, and we trast the distribution of profits will meet with your approval. It may be thought by some shareholders that the amount carried forward is unduly large, but I would remiad you, gentlemen, that my predecessor in the chair in February, 1995, informed you that we had in view an extension to the Boiler Shop, and this work you will gather from the report is about to ba proceeded with, The numerous orders that We have in hand for steam vessels proves the necessity for this extension. It is proposed to enclose the land at the back, the purchase of which was completed last year, and to remove the gate entrances, time offices and sundry out-buildings to the new ground, so as to leave space for the addition to the Boiler shop, sad we bave provided in the additional amount carried forward a sum sufficient to sɔver this expenditure. The vaine of "Material on hand" is about the same as in the last account, and you will be pleased to note that the amount due to Sundry Creditors is smaller by $484,435.46, though the reduction is partly due to the amount received from the underwriters on account of the Robert Cooke. Under existing circumstances your directors are of opinion that the figures before you may be considered satisfactory. After fully
six months' trial of the conversion of the saw. mill to electric drive, our sawmiller reports that an increased output of 10 per cent, is attained, and it is proposed to install a large frame saw, and to convert a hand power crane to electrio drive, so that the saw mill may be on a par for efficiency with the other sections of the works. We are now beginning to get the full benefit of the electric power drive as the output spproaches the capacity of the plant. The tonnage of the British and Foreign men-of-war dooked during the past six months shows a falling off, but on the other band I am pleased to be able to report that the amount
No information was sought, and the CHAIR MAN moved the adoption of the report and accounts, as presented.
Captain CLARKE seconded, and the motion was agreed to.
The CHAIRMAN-Gentlemen, that is all the Thank you for your attendance. business. Dividend warrants will be ready to-morrow morning.
YOKOHAMA ENGINE AND IRON WORKS, LTD.
The annual general meeting of the Yokohama Engine and Iron Works Ltd, was held on July 31st, at Yokohama. Mr. N F. Smith presided in the absence of Mr. B. C. Howard, the Chairman of the Board, there being also present Messrs. F. J. Abbott, C. B. Bernard, and M. Surth (directors), Mrs. Lowder, Messrs. W. L. Mitchell, W. K. Tresize (manager) J. W. Wearer foreman of works), and R. T. Bell (Secretary).
The report and statement of accounts for the year ended 31st May last, presented to the meeting, contained the following: -
The motion was seonded by Mr. Mitchell, and carried nem. con.
On the motion of Mr. Trosis), seconded by Mr. Weaver, the retiring directors, Messrs. B. C. Howard and F. J. Abbott, were re-elected ; "The net profit for the year (including the while the appointment to the directorate of Mesare. C. B. Bernard and M. Surth was con- sum of Y16,232.43 brought forward from May Ilst, 1906), after payment of an interim divid-armed, on the motion of the Chairman, seconded end and bonus of Y39,000 in Jaunary last and by Mr. Tresia. providing for depreciation of plant and ma chinery, and payment of directors' and auditors' fees, amounts to Y31,877.40, which the Directors recommend should be appropriated as follows:- In payment of final dividend of
Y2.50 per share... Balance to be carried forward.
The auditors, Messrs. F. J. Hall and W. Y. Showler, were re-elected, the motion being proposed by Lr. Bernard, and seconded by Mr. Abbott.
There being no other business, the proces- Y19,500.00 dings terminated, the Chairman announcing that dividend warrants would be ready the 12,4774.0
following day.
Y31,977.4"
Many old China coast hands will learn with "Taking into consideration the disadvantages attending the taking over the plant, machinery regret of the death of Mr. R. E. Nelson, which etc., of the Petersen Engineering Co. and re-deceased gentleman, who was in his sixty-third took place at Chefoo on the 3rd instant. The arranging and placing same, beside working on the basis of a largely increased capital, the directors are of the opinion that the result of the last half-yearly working is eminently satis. factory."
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year, came to China in 1884 as Naval Instructor to the Imperial Chinese Navy, having prior to that held a similar position in the British Navy.
The Chairman, in moving the adoption of the
The case in which Chan On, a messenger in report, said :-
the a uploy of Messrs. Butterfield and Bwire, This is the twentieth annual general meeting was charged with delivering letters to certain of the Yokohama Engine and Iron Works. At firms in the Colony without the same having our last general meeting the Chairman called passed through the Post Office, again oame your attention to changes that would have to be before Mr. H. H. J. Gomperts at the Magi- made in order to utilise the premises and stracy yesterday. At the previous hearing it was machinery soquired from Petersen & Co. in con-admitted on behalf of the firm that the letter nection with the plant operated by us prior to the boxes from the firm's steamers were opened is amalgamation. The changes made during the the office and the letters, which were understood interval have not only besa attended with some to be for consignees, were delivered. On the unforeseen delay, but we have necessarily been occasion in question a number of letters, other of merchant ship tonnage shows decid-working at a considerable disadvantage, sa the than for consignees, were found in the posses. ed improvement, being 475,140 tons -the erection of new buildings on Petersen & Co.'ssion of defendant, but it was stated that the largest in any half year since 1900-which may and our own premises, and the altering of the firm scted in good faith. A fine of $100 was be considered a hopeful sigu, as this class of location of machinery and fittings, have unavoid- 'imposed.
No comments yet.
Private notes are available after approval.