і
.80
8
but it also reduces the amount payable for interest by $13,000. Coming to the principal revenue-earning source of the Company, rentals of property, notwithstanding the depression in the property market, we have been enabled to ingrasse our revenue under this heading from $428,558,01 to $441,086.22, a result with which, I am sure, you will share your Directors' satisfaction, and I must point out that this has been attained notwithstanding that large part of our expital stands invested in godown property in the Eastern part of the town, whence the business has been dizerted westwards and to the Kowloon side of the harbour. The other class of property so largely owned by us, Chinese tenement houses shows signs of improvement, the number of vacant tenements being less than in the previous year, the improvement in this respect baing noticeable more in the upper domestic tenements than is the ground floors principally used as shops The large first class European houg property which we the business part of the town is gradually filling up and we have now only three floors anoccupied. The whole of the Company's property is well kept up and this accounts for the increase in expenditure under the heading of repairs. The troubles which we have had to contend with have been a decrease in the Chinese population, the large increase in the cost of building, the harassing Sanitary and Building lewe in force, and stringent lightness of money. When you consider this, trust that you will find that the Company has done satisfactorily. Before formally moving the adoption of the report, I should be pleased to answer any questions.
OWN
in the centre of
There being no questions, the CH IRMAN proposed the adoption of the report and accounts as presented.
Mr. OBANE seconded, and the motion we& carried unanimously.
The appointment of Messrs. A. Fuchs, E. Shellim and G. Friesland to the directorate was confirmed on the motion of Mr. MACHADO, seconded by Mr. PARLANE,
Mr. HAUPT moved the re-election of M ssrs. G. Friesland and A. Fuchs to the Board of Directors.
The motion was seconded by Mr. SAYER, and agreed to.
The retiring auditors, Messrs. C. W. May and H. Percy Smith, were re-elected on the motion of Mr. ORANGE, seconded by Mr. HAUPT. The CHAIRMAN-That is all the boginoss of the meeting, gentlemen, and the Secretary informs me that dividend warrants will bready on application to-morrow. Thank you for your attendance.
THE WEST POINT BUILDING CO., LD.
The nineteenth annual meeting of share holders in the West Point B ilding Co, Ld. was held at the office of the Company. Viotoris Building, on January 28th. Sr Paul Chater was in the chair, and there were present Ho Mr. H. Keswick, Mr, A. G. Wood and Mr. A. J. Raymond (direolors), Mr. A. Shelton, Hooper (secretary), Messrs. J. Orange, Ho Tung. J. M. E. Machado, F. Ellis, Ho Kom-tong, G. C. Moxon and F. Maitland.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, I proposs❘ that we should take the report an i accounts as read. The net profit for the year is $ 1,81.4 against $52,546.65 of that of the previous year, which will enable us to pay the same dividend viz. $4.10 per share and carry forward $1541.31 being $22.84 more than we brought forwar i last year. The accounts are practically identics! with those of the previous year, except thst in 1807 we expended in the upkeep of the property $1632.31 which is $617.32 more than that spent under that heading in 1936. The lase of the property has another three yes a to run so we may confidently expect to be able to pay the same dividend which you are now asked to approve.
There were no questions and th· report and accounts were adopted on the motion of the CHAIRMAN, #econded by Mr. MACHADO.
The appointment of the Hon. Mr. Keswick to the Board of Directors was confirmed on the motion of Mr. Obange, s-conded by Mr. Ho' Tu
THE HONGKONG WEEKLY PRESS AND
Mr. MɔXON moved the re-election to the directorate of Sir Panl Chater and Mr. A. G. Wood.
Mr. ORANGE seconded, and the motion was carried.
Mr. C. W. May was reappointed auditor on the motion of Mr. MA TLAND, 8`oonded by Mr. Ho KOM-TONG.
The CHAIRMAN-That is all the basin sa of the meeting, gentlemen. Thank you for your presence. Dividend warrants will be read, to
morrow.
THE HONGKONG LAND RECLAMATION CO., LIMITED.
The sixth ordinary meeting of shareholders in this Company was held at the Company's offices, Victoria buildings, on January 28th. Hon. Mr H. Keswick presided, and there were also present ir Paul Chater and Mo98872, A. J. Raymond, E. Shellim and lo Tung (direc'ors), Mr. M. S. Northcote (Secretary), Mesars. J. C. Peter, H. N. Mody, J. Orange, A. Shelton Hopar, Ho Fuok, Ho K m-tong, Lo Cheung-shin, II. Percy Smith, A. Haupt and E. L. Hughes,
The SECRETARY read the notice calling the meeting.
The CHAIRMAN said-Gentlemen, The re port aul statement of accounts having been in your bands for the pit wɔsk, we may. I think, take them as red. There is little if anything in the accounts before you calling for
comment. The decreas in interest is due to early in the year: a portion of this money being one of our mortgages having ben paid off
required for the works going on in the reclama. tion of Kowloo Marine Lot 49. The decline in r nts is due, as was explained to you at the last general meeting. to the fact of the Admiralty baving given up their tenancy of the Cual Storage Grounds at Yaumati, the frontage clamation. This work is nearing complation, of this properly bing now in cours of re- and will put you in possession of some farther 429,000 square feet of land. Our houses on- tinue to be well occupied, there being very few vacant ♬ vors in the block, and they are in gond during the past twelve months but some en repair. No siles of land have been eff. oted qiry has arisen for one of your loland Lots gala, Meanwhile we are able to maintain our which your Directors hope may result in a divideod of 7 p r c-n' the payment of which will forward from 1906, and to carry forward the absorb some $6',400.00 of the bilance brought sum of 8287,410.00 This gives a guarantee of a like dividend for some years to come and it will be within your recollection that it was with this end in view that your Directors carried forward at the end of 19 15 the substantial sum of $383,000.00. Before formally moving co's I s'all the adoption of the report an} be pleased to afford any farther information that may be desired.
No questions were asked, and the CHAIRMAN moved the adoption of the report and accounts as presented and cireulsted.
M. HAUPT Bacouded, and the motion was agreed to.
The confirmation of Mr. P. Shllim to the directorate was agreed to on the motion of Mr ORANGE, seconded by Mr. PETAR.
Mr. HUGHES moved the re-election of Messrs.
Directors E. Shel im and H Tung to the Board of
The motion was seconded by Mr. H OPER and curried.
Messrs. W. H. Pitts and A. O'D Goardin were re-appointed auditors on the motion of Mr. OBANGE, seconded by Mr. PETER.
for your
The CHIRMAN-That is all the busines of the meeting, gentlemen. Thank
you
be ready to-morrow. attendance. Dividend warrants, as usual, will
THE CHINA PROVIDENT LOAN AND MORTGAGE COMPANY, LIMITED.
The eleventh ordinary general meeting of shareholders in the Chins Provident Loan and Mortgage Company, Limited, was bald at the offices of the General Managers, Moses, Shewan, Tomes & Co, 01 January 29 b. Mr. R. Shewan presided and there were also present Mr. H P. White, Dr. J. W. Noble,
|
[February 3, 1908.
Messrs. J. S. Van Buren, Chow Hing-kee (Consulting Committee), J. A. Young (ceore- tary), J. M. E. Machado, G. C. C. Master, R. Hanoook, J. MoCubbin, E. W. Terry, Fung Wa-Chao, U Pui-00, U Éing ki and U Poi-yan. The SECRETARY read the notice convening the meeting.
CHAIRMAN The
said-Gentlemen. The report and accounts for the year 1908 have boun with your in your hands for some days so permission, we will take them as read on this You will have seen from them that oco3sion. we are able to pay our nsail dividend of sight per cent and add 86,40) to the Reserve Fund after writing off $1,010 from our profs to meet depreciation of securities. This, I hope you will agree with m, is a very favourable esalt in a very nfavourable year for business hroughout the Colony. As you kuow failures in Chinese commercial circles have bea nam- erous and our business of making loans his required more than the ususi amount of thought Whether you choose to put
and consideration.
it down to good lask or good management the fat remins that we have come off exceedingly loss and nusa'isfactory trade all round, nor well in the m'tǝr of bad debts in a year of heavy
do
1)▽ in our books In regard to
any of the loans give us any particular anxiety. the accounts it is of course regrettable that we have to provide so much to cover shrinkage in valus of our investments, but as you sil kuow, we are not singular in this respot, all slooki and shares havi ig sufficed from the prvailing depression and dropped t› fizar a much below their normal value. Our hollings of Ligh; and Power shares however show a profl: at $6, their average cost bing about $5, and ia ref›r noe to these shares I would like to explain that wa did not ap cially select them as an investmɔat for our reserv', but they sim into our posses- sion as the cutome of our transactions with that Company, which resu ted very profitably
for us
Having the shares thus on our hands we earmarked them to the Reserve Fan', but if we bat had any choice in the matter wa shonld have chosen a les spocalitive and more 948 ly realisable stock for the purpose. However, we can mak better use of the money in our ordinary business, so we h ve now, as you will autios fru a the bilanc sheet, withdrawn the shares from the reserve, and will disp ›30 of them from tim+ to lima s quickly as possible.
You will see that in accordance with the de vision com to at the meeting of 26th October last we have purchased the property known as the Po On or Ku g Yik Golowns for 38 30,0 10 p'us $1250 Court fees, legal expenses etc. From all we have seen of the business so far we are quite well pleased with i's prospote and feel satisfied that w› have made a very good bargain in your interests, for anyone who know any- thing of the value of properly in that dia'rist will tell you that the prios paid is a very low 006. To cover inte est o the cost we have a steady income from storage, which, we feel sure, we can increase. I need not salarga upon th
of now having the goods upon Ivant ga which we ma'e advances in our own care in our own godown To pravi e for the pur- chase of this property the paid up ospital of the Company was incressed tɔ $1,270, 00, in accordanos with the resolution passed on : 6th October last.
&
There is only one other matter to which I think I may refer and that is the low market prios of uur shares. It is not a mitter that omes within the jurisdiction of the general manngers but my attention has been drawn to the point by sharehollers who have asked me to give you my opinion at this meeting All I can say is that I consider the shares are quoted at mach blow t eir real value. It is not as if our profits were problematical or our businem a All our advance ara dovered speculative on“. while in the case of Provident Loans the margin of scurity increases with every monthly payment. At the most the gratët risk you ran is of an error in jadg neot on our part in advancing too much on the security offers-i, bat considering how our advances are ·cattered the risk in that way is reduced to a minimum, and sɔ far, although lowes are to b› expected in every busines', ours have been few and far b-twen and very slight at that.
I have no desire to boom the Company's shares for that is an operation that always recoils on the heads of Directors and Managers, nor can I pronounce
No comments yet.
Private notes are available after approval.