March 2, 1908.]
appointment requires the confirmation of
shareholders. In accordano with Section 13 of the Articles of Association, the Hou. Sir Paul Chater, C.M.G., M+F8rs. White and Maitland retire, but being eligible, offer them- selves for re-election.
Auditors.-The accounts have been audited by Messrs. W. Hatton Potts and H. Percy Smith, F.C.A.
Dr.
JARDINE, MATHESON & Co., Ln.,
General Managers, Hongkong Fire Insurance Co., Ltd.
BALANCE SHEET, 31st December, 1907.
LIABILITIES.
Capital 8,000 shares of $250
each..
$2,000,000,00
& c.
of which $50 per share has been paid up 400,000,00 Reserve fund
Uncollected dividends
Accounts payable
Working account, 1906.–
Net profit
Working nocount, 1907,—
Amount brought forward from below..
Cr.
ASSETS.
1,246,483,81
13,905,05 44,697.03
283.457.65
428,027,42
$2,425,571.96
$ C.
|
Mr.
од
CHINA OVERLAND TRADE REPORT.
cur
|
|
145
In reply to Mr. Webster the chirman said that the mill was temporarily shut down this month, as some slight repairs were being done,
No other questions were asked and the following propositions were carried un. animously—
Proposed by Mr. C. E. Roach, seconded by Mr. (bu Pao san that the reports and accounts as presented be passed.
Proped by Mr. E. S. Little, seconded by Mr. A. Chamond, that this Meeting of Share- holders, confirms the election of Messrs. V. Meyer and J. R. Patterson as members of the Board of Directors.
Proposed by Mr. A. Fabre, seconded by Mr. A. Chamond that Mr. G. Waillennier be re- elected Auditor of the Company for 1908,
Proposed by Mr. C. E. Roach seconded by Mr. Cha Pao-san that taking into cousideration
nufavourable conditions the
pre ent ¦ Director fees be reduced for the year 1908
from 11, 600 to Tis. 3-0 per annum.
the
waiting patiently in the hope that the imp di- ¡ formally moving the adoption of the report I ments would be removed and that trade would ¦ sh⋅ uld be pleased to 10swer any questions. partially at least return to its former channels. Į
Anderson also made soma remarks China's industrial interest. The local business for yarn throughout the year Was rather disappoin'ing, indeed it has been dis appointing for several years back-ever since the Russo-Japanese War. Formerly the bulk of our paru was sold locally for the manufacture of native gools which were exportal to Man. churia, but for some time back trade in that market has been under a clent and we are still waiting patiently in the hope that the impedi¦ ments which have been made will b removed and that trade will partisily at least return to
former its
channels. Under the circum. stances it has been necessary for us to push the sale of yarn in other marke's where we came into direct competition with Indisa and Japanese yarn.
In that direct competi tion we
are unfavourably sit sted inasmuch as we have to pay heavy likiu taxation on our raw material and in ddition excise ou manufactured yarn, whereas Indian and Ameri- cau cotton is procurable by our competitors in India and Japan duty free. It is really as tonishing how very short-sighted the authorities i in China are to the advantages to be gained from fostering industrial development. i Le duty which we pay on our yarn added to the excise on cotton is a very much heavier charge than our competitors have to pay in their import duty. We have agaiu made represent- stions on this subject to the Imp rial Maritima Customs and also to the local authorities, but s far all our appeals have been in vain and we | Working account 1997... can only hope that as time goes on the anʼhorities, Balanc will take a more enlightened view of the quest. -1.783,723 Dion and when they do so local industry will
benefit by the charge. We have not asked in i these representations for entire freed m from taxation, but what we have asked, and what I think was a reasonable thing to ask, was that the taxation-likin taxation- paid on the raw material should be taken into consideration in giving us a rebate for the taxation of yarn.
If the authorities would meet us to that extent it would materially Barist cotton spinning in China,
Cash, on current account with Hongkong
and Shanghai Banking Corporation .. 148,556,58 Cash in hands of general managers
Fixed deposits.-
Japanese Government deposit.-
1,334.87
Hongkong and
Shanghai
Banking Corporation
$50,000.00
Charterod Bank of India.
Australia and China
50,000.00
Mercantile Bank of India.
Limited
05,000,00
125,000
Mortgages,-
In Hongkong
$1,127.716.66
In Shanghai
656,007.21
Consolidation bonds
$19.277.31
Imperial bonds
War bonds
$5.370.22 17.791.62
Chinese Imperial Government
loan, 1887
$23,2 7.78
Company, Limited, deben-
27.596.24
Shanghai Club debentures
26,666.67
Hongkong Hotel Company.
Limited, debentures
52,000.00
Accounts receivable
Shanghai Land Investment
tures
82.418.11
129,160.65 193, 43.35
$2.425.571.9K
WORKING ACCOUNT. 1906.
Losses and claims,
$ 156 242.4
$1,307
Charges,
Remuneration to Consulting Committer
and Auditors,
Commissions,
Balance as above,
Net premia received, less returns and
reinsurances,
Interest,..
Transfer fees,
Exchange,
5,500 IKE 47.875.25 183.457.65
$ 536.4 5.43
$ 386,743.74 149,102.95
WORKING ACCOUNT, 1907.
Losses and claims,
Charges.....
Commissions,
Balance as above,
Net premis received, less returns
reinsurances,
Interest,...
Transfer fees,
Exchange,...
67.40 491.74
$ 536.40543
$44,896 57
TO-
The report and accounts were adopted, Mastra. Michelan and Cheng Liang-yu were ra. appoined directors, Mr. Wingrove was elected anditor and it was resolved to hold the next general meeting daring either F brusry or March, 19-9.
THE SHANGHAI PULP AND PAPER CO., LD
The Chairman thanked the shareholders for their attendance and the meeting ended.
ROFIT AND LOS9 ACCUNT.
The ordinary general meeting of shareholders ¦ in this company was held at Shanghai on Feb. 18th. Mr. C. E. Roach presided, and said · Gentlemen-In submitting the annual report and accounts for the past year propose lo adopt the usual course of taking them as read. Detailed statements of accounts for the year are on the table for your inspection, bat h-fore asking you to piss the same I wish to ruak- a few general remarks Daring the year the mill has been running regularly day and night. and I am pleased to say continues to be kept in perfect order. During the year under review we have experienced very severe compeition: the very high exchange allowed paper to come from Japan and the European Continent at very low prices. The Imperial Chinese Paper Mill of this Port, with a plant similar to curs, started manufacturing early in Ju`y and off-red $ 353,910.63 their product at considerably below cost.
are informed that they closed down on Dec•mber 31 for an indefinita period. The demand for
32.48334 48,503.30 4.8. 27.12
§ 553,910,63 And
$387,209.80 161.268, 3
1412 00 1 5,330 30
We
THE LAOU KUNG MOW COTTON SPINNING AND WEAVING CO., LD).rapping paper is largely dependent upon the
The fourteenth ordinary meeting of the Laou Kung Mow Cotton Spinning and Weaving Co., I.d. was held at Mosers, Ilbert and Co.'s offices, Shanghai on February 18b, Mr. F. Anderson presiding. In moving the adoption of the report and accounts for the past year, the
Dr.
For year ending D-cember 31, 1907.
Plant repairs...
Tis. 7,108 85
Tis.
7,18,65
Cr.
Balanc. from 1966 account Tls. 3,354,82 Les bonus paid Tis, 1,00 0,00
2,354 82
1,138.LL
3,613.75
7,108.65
pi-ce-goods trade, the paper being need to s great extent for wrapping of piece-goods, and as every one is aware the piece-goods trade has been very stagnant all the year; the result has caused us to accumulate a large stock of paper It is only natural that your Directors feel quite concerned about the showing for 1907, but hope that this state of affairs may only 's of
8
can.
Tls.
BALANCE SHEET December 31, 1907.
(Cents Omitte.)
Dr.
ASSETS.
Mill plat Straw mill plant Mill dæellings New dai-hing room
Mili stores Pulp stock Papir stock Steam launch
Tis.
364,909
22,342
19,655
5,820
New paper machine account Accoun's receivable
2,877
97,939
37,246
6,817
2252,979
3,500
'o-xpired Firm Insurance Premia Furniture, fixtures and sta'i mery Balance profit ad loss ae sunt
2.787
2.400
3.613
Tls.
822,511
LIABILITI K. Cr.
Capital, authorised 6,000 shares at Tla,
10000 Prch TI
sub- Forbed 4,557 shares at Pl 10000 cach £16, 455,700 oLE Rs.rre accul Acounts p yable Ruso hinese Bauk
51,70
45,00 €
58,506
265 304
824,511
Tls.
Shanghai, January, 29th, 19 8.
V MKTER. JR. PATTEKSON Cite PAO-8 N
}
Directors.
C. E. ROACH, Managing Director.
SHANGHAI LAND INVESTMENT COMPANY, LD,
The soul meeting of shareholders in the Shanghai Lind Investment Co. Ld., was held oa Feb. 19th.
The Chairman (Mr. E. Venner Hogg) said: - I pre- ame that we may take the reports and recounts, which have been in your lands for some time, as read. I think that they must hare afforded you satisfaction, showing as they do that we are able to offer you the same rats
chairman said that the local yarn trade had been temporary nature, and that, with the revival of dividend as last your as well as a bonus of disappointing throughout the year; a large of trade generally we may again at the T. 2(which is half a tal more than in 1906.) portion of the production was formerly sold locally for the manufacture of native goods for shipment to Manobaria, bat ever since the end of the Russo-Japanese war trade with that i market had been under a cloud. They were
same results we have hitherto dour. W. of business exists. not make good trade where a general stagnation. Everything possible has been done by all concerned, and the report Before presented is the best that could be done.
odr
This return is of course on the increased capital now standing at Tla 3,9x1,000. The addition
bas enabled Us tr extend expital
ia the prosent and business profitably
provided
has
for
extensions
which
No comments yet.
Private notes are available after approval.