116
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[February 17, 1908.
five large steam steel water boats are insured, but so far we have not seen our way to afford to insure the smaller boats, We are however aiming at creating an insar- ance fund to cover the risk. You will note from the report we propose to write $13,616.77 off the value of the boats for depreciation, and trust this will meet with the approval of sbare- holders. If there are any questions you wish tak, i shall, before proposing the adoption of the report and accouūts, b› pleased to an‹wer to the best of my ability.
THE HONGKONG WEEKLY PRESS AND
Chairman has fully reviewed the past six months and it is exceedingly satisfactory to see that, notwithstanding the dull times we have been passing through, the acconuts laid before show that our business still increases. A year ago it над decided to increase our capital by
per cent - this has now been accomplished and the premium on the issue very properly added to our Reserve fand, thereby greatly strengthening our posi- tion. As regards the re-ult of the half year now under review we must congratulate our- selves on the splendid result, and while it is no doubt something of a disappointment to some if your Directorate have not thought well to make auy distribution in the nature of bonus, for my part, I acquiesce in and agree to their decision us, I am sure, having our interest at heart, you all do (spplause) thongh I venture to hops that, with a continuance of pros erity such as we have experiencest recently, they may see fit to return to this most agreeable custom- or better still, an increased dividend (applause)- Gentlemen-Go d results can only be attained by constaut, hard, painstaking work and faithful service such as WH are receiving from our Managers, Agents, and Staff through at (applause), and, I am sure, you will all heartily HONGKONG AND WHAMPOA DOCK
endorse the remarks of our Chairman on this subject and more particularly those applying to our Chief Manager (applaus од whose shoulders fell the bruut of the work and to
whom is due te chief credit for the splendid
results nav befar, you, and sow your appre
oiation of the work of nu- Staff in your approval of th· proposal to rate a bonus to them (applause). With these remarks I have much pleasure in secouding tie a loption of the report and accounts.
obange. Bills receivable are less by $56 lacs but bills, discounted loans, and credits show the substantial increase of $118 lacs. Hitherto the custom has been to declare the dividend in | sterling at the rate of 4/6 and to show a adjustment between that rate and the rate of the day. This method has long been regarded se somewhat cumbersome and the opportunity afforded by the issue of new shares has basu availed of to simplify the accounts by omitting all ref revos to the 4/6 rate and converting the sterling amount into dollars at the rate of the day, viz.—1/91. I am sure all shareholders will look upon the change as an improvement (applause. Daring the half year under review Eastern exchange banking has not brea without its difficulties. The financial crisis in the United States, which, let us hope, is now nearing an end, necessitated a considerable curtailment of credit in and a large demand for gold from that country, and resulted in a r pid udvance in the European discount rates the Bank of England rate remaining at the abnormally bigh point of 7 per cent per annum for about 2 months. The high price of money brought in its train a great reduction in the demand for silk, the staple export of China and Japan. The result is seen in overstocked silk markets in France, Italy and America, and a very severe drop in prices. Values have steadied somewbat of late and the pwition of the home markets is more hopeful. Lack of seasonable rain in India caused the partail failure of crops that one time promised to be good. Trade in that country naturally suffered and the demand for money decreased. The Indian Government consequently ceased to be a purchasert of silver and the effect of this was at once apparent in the fall already referred to in the market price of that metal. The difference between the highest and lowest quota. tions for silver during the half year was 8d or about 25 per cent. The heavy fall in ex- change has naturally hampered new business in imports all along the China coast, but in the more important lines the statistical position is greatly improved and from Shangbai it is reported that new orders bare recently been placed in the producing markets for some of the On the motion of Mr J. BARTON, seconded standard makes of piece-goods. The China Newby Mr. E. H. HIND, Mr. W. Hutton Potts Year settlement passed off better than was at one time anticipated and generally the outlook is in favour of greater activity in trade during the current year. Gentlemen, You are all per- featly aware how depressed trade has been in the Far East during the past six months, and therefore it is very gratifying to us to come be fore you with such a good report. The fact that we are able to do so is due to the good work d ne by our Managers, Agents and Staff (applause), aud I am sure you will approve of our action in voting them a bonus of 10 per cent on their salaries (applause). While all have worked well your Directors desire on this occasion to make special acknowledgment of the services of our Chief Manager, Mr. Smith (applause), who has so ably and successfully guide the affairs of the Bauk through very trying times (applause.) I think I have now dealt with all material points of interest connected with the past half year. Before moving the adoption of the report and accounts. I sball do my best to answer any questions you may desire to put to the Chair.
There being n questions, the CHAIRMAN moved the adoption of the report and accounts as presented,
IB PAUL CHATER-Mr. Chairman aud Gentlemen: Reaching this Colony as I did in 1864, I saw the birth of this great institution
in 1865 and have watched with keen interest its
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The motion, on being put to the meeting, was carried unanimously.
Mr. E. G. BARRETT Į ropos vi that the elec'ion of Mr. G. Friesland as a Director be confirmed;
There being no questions, the report was adopted on the motion of the CHAIRMAN, seconded by Mr. SKELTON.
Mr. T. SKINNER proposed that the appoint- mant of Messrs. D. Clark, G. C. Moxon, aud K. Kusomoti to the Consulting Committee be confirmed.
Mr. BONNAR seconded and the motion was carri-d.
The CHAIRMAN -That is all the business gentlemen. Thank you for your attendauce Dividend warrants will be ready to-morrow morning.
REPORT.
The report of the Board of Directors of the Limited, to the ordinary yearly meeting of Hongkong and Whampoa Dook Company,
shareholers, to be heli at the Offices of the
Company, Queen's Buildings, on Monday. February 24to, reads:-
To the shareholders of the Hongkong and Whampoa Dook Company, Limited.
Gentlemen,-The Directors have now to submit to you their report, with a statement accounts for the half-year ended 31st Droomber, 1997.
of
The net profit for the six months, after pay- and that Mr. G. H. Medhurst, Mr. C. Ring interest dus and all charges, amounts to Lenzmann and Mr. H. E. Tomkius be re- elected.
Mr. A. J. WILLIAM3 seconded, and the motion was agreed to.
and Mr. A. G. Wood were re-elected Auditors
The CHAIRMAN-That is all the business, gentlemen: thank you for your attendance. Dividend warrants will be ready on Monday.
$160,611 95 to which has to ba added the balance brought forward from last account 491,580.56
and from this have to be deducted
Directors' fees Auditors' fees
-
..$10,0 10,00
751.00
10,750,00
Mr. J. ORANGE-The business of the meeting leaving available for appropriation $641,442.51
is finished, an after business comes pleisure. It is a pleasure to us all to accord a hearty vota of thanks to the Chairman, te Board of Directors, the Chief Manager, the Managers and Staff of the Bank (applause).
The CHAIRMAN-On behalf of the Directors, | the Chit Manager the Managers and Staff, 1 tbank you, gentlemen.
UNION WATERBOAT COMPANY.
The third annual meeting of the shareholders in the abore Company was held on February 14th at the offices of Messrs. Dodwell and Co. Mr. G. 4. Meduust presided, and there were alan present Messrs. S. Silverstone, G. C. Mox00, Duncan Clark (consulting committee), E. G. Barrett, Yamadi, B. Mori, A. H. Skelton, A. Ritchie, T. Skinner, G. R. Edwards, J. W. C. Bonnar, J. A. Auld, and R. Coughtris (secretary).
The Scorelary having read the notice con- venit g the meeting,
The CHAIRMAN said :-- Gentlemen, the re-
port and accounts have been issued som days, growth year by year, as, from time to time, to so, with your consent, I propose to take them as meet the exigencies of trade and to further aud read. Iù April last we amalgamated with, or promote the welfare of this Colony, its cspital rather absorbed, The Hongkong Steam Water has risen from its modest starting point of Boat Co. Ltd., and allotted shares in payment $2,500,000 until i: new reaches the magnificent of the assets of the Company; our paid up capi- sum of $15,000,000 with a reserre of 828,50×40 0 | tal now stands at 8177,239. In Jaus we launch- or a total of $43,500,000,--a position of which are all just y proud (applause), and one which assules to the Colouy and to our trade in general a continuance of that liberal support from which we hire benifi ed so much in
we
the past (applause). 'The Colony of Hongkong and the Hongkong ink have marched side by side for the last 3 ye** -WA are to-day the second shipping port in the world and there is no Banking Institution in stronger position than ours (applause). Our
ed another steam steel water boat, and with the water boats we took over from the Hongkong Steam Water Boat Co, our fleet numbers 12 steam water boits, one junk and a small launch With this fl-et we are fully equipped for sa expansion of our trade which we hope will continue to increase. During the y-ar wa spent y considerable sum of money in on a rela and overhauling the boats taken over from the old company, which amount has been debited to working account. I may mention that our
The Directors recommend that a dividend be paid to shareholders, and the balance, for the half-year of 8 per ceut. or $200,000 00 $441,442.51, be carried to the new account.
During the past six months we have delivered several of the new vessels mentioned in the last report, uam-ly, a steel tɔw boat for Manila, composite tow boat for singapore, firefloat and wood tow boa for Hongkong, while we have disposed of a launch under construction for ourselves.
The other vessels w 're well advanced at the close of the year, and the profits on same will come into the present half-year.
The prospects of new work are favourably, ay we have several enquiries likely to result in business.
was employed The dredger "Canton River for several months during the past half-year, and is now under oharter to the Hongkong and
Wharf Kowloon
aad Godown Company, Lim.ted.
The extension to the Boiler Shop at Kow.
loon Dock and consequent alterations are pro- gressing satisfactorily.
DIRECTO58, The Hon. Mr. W. J. Gresson, Mr. N. A. Siebs, Mr. E. Goetz and Mr. A. Haupt, baring resigued their seats on leaving the Colony, the Hon. Mr. Henry Keswick, Mr. A Fuchs, Mr. W. Delms and Mr. U. Friesland have the vacancies. These been invited to fill
this appointments require confirmation meeting.
at
In accordance with clauses 78 and 85 of the Arioles of the. As ogistion, Mr. G. H. M-dburst aal Mr 8. Silverstone retire by rotation, bat bing eligible, offer themselves
for re vinction.
The Honourable Mr. Moury Keswick has boon sleated Chairman for the year 190S,
No comments yet.
Private notes are available after approval.