7
February $, 1908.]
an opinion as to the true market value for that depends on supply and demand, and we all know that the demand is poor just now. but if you will see that intrinsically the shares are worth on a division of the sssets at least 811 each, and if you will remember that those assets are liquid or easily realisable, and not sunk in plant and machinery or unsaleabla stock you must agree with me that ours is one of the soundes! stocks in the market, and should certainly be in better request. I shall be pleased to auswer any questions shareholders may wish to ask.
There being no questions the CHAIRMAN moved the adeption of the report and accounts as presented.
• Mr. MASTER-May 1 second that motion ? And may I say on my own b-half that I listened with great pleasure to the Chairman's address and I think shareholders must be pleased to hear his views as to the soundness of the Company. Personally I always wondered how it could come a smash except by extremely bad management, and I would certainly not do Messrs, Shewan Tomes and Company and par- ticularly Mr. Robert Shewan, the injustice of thinking they could not manage it,
Mr. SHEWAN--Thank you.
Mr. MASTER-I have always wondered why these shares have stood so low because, as Mr. Shewan says, we have not got our capital sunk in some particular business with large stocks and machinery which one day might become useless owing to improvements. I personally tluuk this is a company in which the widow and orphan might put their money and feel fairly secure, and am very pleased Mr. Shewan has rather opened out in his remarks es it will give shareholders confidence, and I thoroughly believe all he says.
The report and accounts were then adopted. Mr. MACHADO proposed the re-election of the Consulting Committee, with the addition
of Mr. U Poi-on.
Mr. FUNG WA-CHUN 8 Couded, and the motion was carried.
Messrs. A. O.'D Gourdin and W. H. Potts were re-elected anditors on the motion of Mr. MCCUBBIN, seconded by Mr. TERRY.
The CHAIRMAN-That is all the business, gentlemen; dividend warrants are now ready.
HUMPHREYS ESTATE AND FINANCE CO., LD.
The ordinary annual meeting of Humphreys Estate and Finance Co. Ld. was held at the Company's registered officer, Alexaudra Build. ings, on January 31st. Mr. H. Humphreys presided, other shareholders present being I'r. J. W. Noble and Messrs. A. G. Wood. H. A. W. Slade, J. 8. Van Buren, Ho Tang (directors), E Seth (secretary), J. A. Jupp, J. M. F. Machado, A. H. Ougb, H. Percy Smith, J. W. C. Bonnar, D. E. Clark, F. W. Stapleton and Captain T. Hall.
The notice calling the meeting having been read,
y
CHINA OVERLAND TRADE REFORT.
the Kowloon-Canton Railway and the Hankow Canton Railway must, it seems to me, bring a considerable amount of new business to this port. If such should prove to be the case, leave it to you to judge what the effect woull be on the general prosperity of Hongkong. And when I say Hongkong I mean you share. holders. for it would ba impossible for the Colony to make any material progress without property and incidentally your elres being beneficially affected.
Que or two of you
may ute thi as 80 argument why the Board should alilise the fund at credit of (quslisation of dividend account for the maintenance of an eight per cent dividend, but I would point out that it is impossible to maintain such a rate of dividend without property sales, and 83 There may be 80 interregnum of two or three years before any perceptible improvement takes place your Direc. tors and General Managers consider that this Fund er a portion of it may be required for maintaining the dividend at seren per cent. Turning to the accounts you will observe that the amount invested in property has increased by $179,882.20 against which amounts invested under the healings of mortgages
and accounts receivable have decreased by 8309,398.62. Reuls and interest show a more or less corresponding increase and decrraga respectively. The Inanrance resent in d has increaond 6, 8472556 which represents the value of expired tire riske nader- written by yourselves. I have nothing farther to add, but if any Shareholder has any questions to ask I shall be pleased to auswer them.
No questions being asked, the CHAIRMAN moved that the accounts, as presented, b adopt ed, and passed.
•
Mr. BONNAR 8-couded, and the rantien was carried unanimously.
The CHAIRMAN proposed the re-election of the retiring directors, Messrs. A. (1. Wood J. Scott Hireton, H. W Slade, J. 8. Van Buren, Ho Turg and Dr. J. W. Noble,
Mr. UGH seconded, and the moliau curried.
W 88
The riring auditors, Messrs. W. Hutton Potts and H Percy Smith were re elected on the motion of Mr. Juri, reconced by Mr STAPLETON.
The CHAIRM ‹-That is all the business of the meeting. gentlemen, thank you for your at- tendance. Dividend warrante 810 LOW and cau be obtined at the iflice,
¦
į
I
Value of bonta Furniture Unexpired licences Pipes and staging {{r
Sundry debtors
81
ASSETS.
€.
200,616 77
50.00
148.00
Hongkong bank, fired deposit Government deposit Cash at bankers and in hand
PROFIT AND LORS ACCOUNT. December 31st.
To consulting committee and auditor's fers
deprecistion of gear
*t
haut dehte balance
pipes and staging
By balance brought forward
4,000,00 500.00
6,517.06 15,000.00
500.00
12,758.85
$300,081.69
$ 0.
800.00
729.03
6 0.23 (0.20 27,589,10
$29,768.95
349.91
of working account
28,583.19
interext transfer fee
782.85
31
43.00
$20,758.95
CHINA ASSOCIATION.
The annual meeting of the China Associatiou Wax held in the City on Jaousey 30th when therR were praset Mr. A. G. Word Chairman), Hon. Mr. E. Osborne, Hon. Mr. II. Keswick Messrs. G. H. Medhurst, H. E, Tompkins (committee), A. Cousland (secretary), Murray Stewart, J. W. C. Bounar, A. Forbes, W. Parline, F. F. Mackay, J. D. Auld, E. G. Barrett and Captain Lloyd.
The CHAIRMAN said-Tha report for the past twelve months which we have to present to you is but a short one, the year, so far an regarda questions with which this branch of the Associa- tiou concerns itself, baving teen so anerentful ONA. I am sorry that the anonal report of the Hend Office of the Association is not yet forthcoming, so that we miss the correspondence and information explaining what has been done during the year. Our accounts show moderate expaditure, and we carry forward
fair balance of funds, but this cannot always be the Case, 28 we may, as has happened in former years, find ourselves com. ready.mitted to a larger expenditure in connection with the work of the Association. We would therefore welcome & considerable increase in our membership, now 70 in number, and would invite prosent members to use their influence amongst their friends, and find us recruits amongst them. Our subscription of $10 per annum is not a heavy tar, bearing in mind what are The airos and objects of the Association, *lso the fact that the larger our roll of mem-
UNION WATERBOAT COMPANY, LIMITED.
The rep it for presentation to the share- holders at the third ordinary annual meeting!bers the greater the weight with which we can to be held at the offices of Messrs. Dodwell & Co, Ltd., ou February 14th reads :—
The General Managers have now the pleasure to lay before the shareholders the accompanying statement of accounts for the period ́en't ing Alst December, 1907.
ACCOUNTS.
!
speak. I will briefly refer to the various rub- jects dealt with iu the rep ›rt. As regards the
·S∙inam" piracy case, we have to regret the position maintained by our Gorarament in declining to support the claim for c^os queatial Jose: failing that, it is more to the point to And (bal, after waiting for eighteen months withor', any pretence of settlement of admitted alo by the Chinese authorities-during which, time River waters have been reported, or, Minister of piracy on i' e Weat at Peking, aided by the Admiral on the stating. who has shown great interest in this matter, has taken up a stronger stand, the result
The CHAIRMAN said- Gentlemen:-The report and statement of accounts having been in your hands for some days I will, with your permi sion, tale them as read. The properly market during the year under review has been dull and lifeless, and with the exception of a few ohoice positions at Kowloon, a downward tendency has been manifest all along the line with the result that for the first time for five years we have to come lefore you with practically to profits under the heading of property sales. The three principal / from last year, is $27, 89.49, which it is pro- | being the understanding with the Waiwu.
factors which have, in our opinion, brought about this depression are:-
(1) High rate of exchange which must and does automatically affect property in this Colony. (2) Bad trade generally with its usual accom- paniment, lack of demand for accommodation cf every description.
(2) The harsh Sanitary laws which have bad a most prejudicial effect on property in this Colony, especially binese properties.
Exchange has, for the time being at least, fallen and signs are not wanting that before long trade will revive and some of the Sanitary laws which hare pressed so hardly on the community, be ameliorated. The present on- look, therefore, though it cannot be said to be bright, so long as the supply of accommodation of all kinds exceeds the demand, yet is far | from being without hope. The completion of
The balance at the credit of profit and for account after writing off 8729,03 for deprecia tion of gear, $623 for depreciation of pipes and staging, $4.20 for bad debts and providing $-00 for fees to consulting committee and auditor, and including $349.91 brought forward
posed to appropriate as follows:-
To write the value of the boat< $13,616 77 To pay a dividend of 5 per cent 13.861.50 To carry forward to new account
Total
Dodwell & Co, LTD.
General Managers.
also numerous cases
1
pa, by riftus of which them waters have been patrolled by British war vessels, Dot to be withdrawo I hope and believe, until all | claims have ben settled, and the oficiais bare 327 589 49 provided the means and have given an earnest of their intention to provide for the safety of the trade ov, and navigation of, the West Fiver. According to recent information (hese measures have been suoosssful. Our ships have been. withdrawn and I hope there my be so ocossion for them to return to those waters. It is to be noted that so long as negotiations were apparently being bandied biokwardo and forwards betweed Peking and Canton, the inhabitants of the Liang Kving pro- 1,263 12 | vinces, and their ‹ Mein's also for that matter,.
did
not seem t concern themselves much about what went on in the West River, but no sooner did the arrangement with
BALANCE SHEET 31st December. 197.
LIABILITIES.
Share Capital. Authorised
drgamu shares of $10 each $50 1,0 ×1 Iaxood:-
27,723 shares of $10 fully ped Sundry creditors Balance profit and loss accounA Ł
C.
277,230,00
17,369, 49
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