INSURANCE. FUND.
180
AUDITORS.
Mesars. W. H. Potts and O'D. Gourdin hare audited the accounts now presouted and offer themselves for re-election.
HENRY KESWICK,
Chairman.
Hongkong, 7th March, 1908.
BALANCE SHEET,
To 31st December, 19 7.
LIABILITIER.
THE HONGKONG WEEKLY PRESS AND
To balance
RESERVE FUND.
By balance from last account
To balance
AUDITOR.
[March 16, 1908.
The accounts have been audited by Mr. II. Percy Smith, who offers himself for re-election..
A. RODGER,
Chairman.
Dr. $550,000,88)
Cr. $550,000
BALANCE SHEET,
Dr. $40,000.00 | Capital
31st December, 1907. LIABILITIEM.
、
C.
By balance from last account By transfer from profit and los- account
$10,000 00
(r. 30.0 4.00 10,001.00
15,000 shares of $25 each ... 19,8 44 shares issued and fully paid Reserve fund
$150,000 00
270,000.00 5.1,601.99
Hongkong and Shanghai Banking Cor- poration loan account becured by mortgages)
126,857.83
$141,000,00
Amount received in advance on account
of contract in hand
2,500.00
1,679.23
18,396 29
3,876.91
$176.912.25
$
300,750.80
0.
To capital 40,000 fully paid
up shares at $50
Less 136 shares not issued
To now capital called up Dec. 31, 197–924, 16270
$2,000.00
6,800
1,093,200.00
To estate of G.
Sharp (deceased)
Mortgage
156,951.00
To reserve fund
550,00,00
To insuranco fund
40,000.00
To Hongkong and Shanghai Banking
Corporation
€34,085,59
To depreciation and repairs account
To unclaimed dividends
To accounts payable
To directors and auditors' fees
To final dividend
To profit and loss account, balance
Dec. 31, 1907.
A SETS.
By value of land and buildings
at Kowloon as
account
per last
***
HOW
sinco expended on
11
buildings
..3,170,031,2
26.8 6.55 10,187.00 320,070.81
GEORGE FENWICK & CO.
The ninele oth ordinary general meeting of shareholders in the above Company was held on March 14th at the Hongkong Hotel. Mr. A. Rodger presided, and there were present Mosers. W. Parlane, G. K. Haxton, J. Forbes, H. 59,796.00 Percy Smith, John Rodger J. McC-rquadale,
3,556,81
and J. I. Andrew (manager and secretary). $1,734,515.76
The SECRETARY having read the convening the meeting,
58,013.41
3,228,641.72
less received from Govern-
ment for exchange of land 10,261.65
loon as per last account 147,351.43
10,500.0
ミ
C.
3,218,383.07
235,75.22
value of Wharvos at Kow-
1
"
sinco expended
ลง new
wharves...
88,354.19
13
valno of railways and roll-
ing at Kowloon as per last account..
+
$3,8:0.09
22
since expouded on new,
rails, etc.,
27,170.61
91,030.73
11
value of launches as per
last account
57,03-1,00
"
sinco expended on new
Launch
13, 12.50
}
value of lighters as
pur
last account
lighters...
307,02 158
188, 61.73
11
value of machinery and
33
since expended Oli 10W
plant as per last account 105,723,19
siuca expended 011 HOW
machinery, etc.,
00
70,152.59 the
405,182.61
32,015.29
137.768. IS 3,000.00
263,143,88
value of sheer legs as per last account value of land and buildings at West Point as per last account.
19
11
value of West Point Wharf, rebuilt sundry debtors
"
Hongkong and Shanghai Bauk tun-
claimed dividends)
cash on hand...
51
1
value of coal on hand.
value of timber, iron and stores ou hand...
9792221 161,006 65
10,187.00
632.13 3,76187
30,509.38
$1,730,515.76
Dr.
PROFIT AND LOSS ACCOUNT,
To interest
interim dividend
"
31
balance appropriated as follows:
"
Final dividend
50,796.00
,,Transfer to depreciation and
repairs account
!}{,68}.00
Transfer to insurance fund
174,000,00
"J
Directors' and Auditors' fees $10,500,00
Amount carried to new account 3,576SI
Cr.
By balance from last account
#1
nett earnings for 1907
**
unclaimed dividends forfeited transfor feces
Dr.
$ 10.803.97 79.700
173,852.81
$354,414.78
Wer
notice
a8
¦
Hongkong and Shanghai Banking Cor-
puration enrrent account
Sundry rehtors
Balance profit and loss account
AMRETY.
Value of land and buildings at Wagchai and North Point as per last report ..... Value of machinery, plant, laun.
ches and ofice furniture as per last report Additions during the year
Sald during the yoar
$55,501.53 2,151.000
$57,742.53 115.00
67,027.53
81,521,01
$.431.10
200.04
194.69
750,000
Value of stock in trade as per valuer's
certificate value of work in progress as por valuer ́s
certificate Cash on hand
|
1
The National Bank of China Limited Investment« Sundry debtors
1r.
--
PROFIT AND LOSS ACCOUNT.
erowa reut and taxes
interest Indance
By balanes of last year's account
balance of working aceonat transfer fo
boms from lusurance company dividend on investmeats, etc.
The CHAIRMAN said-Gentlemen, the report and statement of accounts having been in your hands for some days, I will, with your permis. sion adopt the usual custom and take the m read. Your Directors regret exceedingly that the result of the year's working under review. has been so unsatisfactory and un- remunerative. We had anticipated a profit
two large strn-wheel steamers which wa¦ built. Unfortuustely we
much very disappointed in this respect, as the result showed a loss of nearly $20,000. This was caused by delay in the first instance, owing to a scarcity of latour, and secondly, by difficulties arising; To Salaries in getting these vessels to c m up to the speed contracted for. Consequently, heavy claims were made for demurrage and further expense was incurred in making the necessary alter- ations. I am glad to say that we continue to get a fair share of the usual work offering both in the harbour and on shore, but on account of very keen competition met with, the margin of profit has to be cut very fiue. building bare The plaut, machinery and been kept in a fairly good state of repair. Owing to the long and still existing depres sion in the land and property market, we have been unable to sell, lease or let, auy portion of our property, therefore we are still heavily Landicapped in having to pay interest on the mortgage, Crown reul and taxes, and receiving no revenue in returs, but we can only hop that this depressiou may shortly vanish and a briskuess in business take
I u its place. consequence of his retirement from the East, we reluctantly part with Mr. Parlane, who has served faithfully on this Board for about seventeen years, and I am sure we all wish bim every happiness and success in the future. 1 may mention that in view of the uusatisfactory rosult of the year the Directors have waived their usual fees. B-fore proposing the adoption of the report and accounts, I shall be pleased to auswer to the best of my ability auy question relating to the business before this meeting.
There were no questions, and The CHAIRMAN mored the adoption of the report which was seconded by Mr. McCorquoPALE, and carried.
Mr. PARLANE moved, and Mr. FORBES secoul ed that Mr. Hartou be elected to the directorated Carried.
Mr. RODGER moved, and Mr. Mc.CAR- QUUDALE seconded, that Mr. Percy Smith be re-elected Auditor. This was agreed to,
The CHAIRMAN-That is all the business, 3,947,91 | gentlemen. I am sorry to say I can't say there
will be any dividend.
0937
307.60 169.00
8354,411.78
DEPRECIATION AND REPAIRS ACCOUNT.
To ordinary repairs, renewals and un-
provements during 1907.
To 1906 Typhoon repairs...
To balance
By balance from last account
By transfer from profit and loss account
99.731.55
56 614.06 26,800.55
$113,452.49
(T. 23.152.49
The report was as follows:
The balance at credit of profit and loss
amounts to the sum accouut
of $3,576 91. After payment of Auditor's fees a balauch of $3,726.91 remains which it is proposed to carry forward to new account.
DIRECTORY.
Mr. G. K. Haxton was invited to join the Board daring the absence on leave of Mr. W. Parlano. The latter has now resigned in view of his early departure for home. Mr. Harton retires in socordance with the Articles of $113,159.49 Association, but offers himself for re-election.
|
|
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31,344 59
$476,912.25
$ C. 12,725.00 1,261.20 122 37 3,876.91
$17,988.48
3 0. 10,335.94 7.629.53
13.00
18.01
192.00
$17,988.18
THE SHANGHAI ICE, AND COLD STORAGE CO., LD.
The Directors submit to the Shareholders the audited acouunts for the year ended Novem ber 30, 1997.
The bilance at the credit of Profit and Loss Accound is Shanghai Tls. 8,920,19 and from this amount there are Directors' and Auditor's fres to be deducted, leaving a bilance of Tis. 8,080,19 ont of which your Directors recommend a dividend of three per cent absorbing T. 6,000, and carry forward the balance of Tls, 2,080.19,
The balance at the credit of Working Account is Tl«. 19,186,94 and, with the keen competition of ths "Oriental Toe Company," this
result cannot but be considered as satisfactory.
Directors. —Mr. J. Prantion retires according to the Articles of Association but b-ing eligible offers himself for re-election.
Aulitor.-Mr. Jas. H Osborun has returned to Shanghai and resumed his duties as Auditor, He is willing to which we trust you approve. continue his services in that capacity if slected. PROFIT AND LOSS ACCOUNT.
For the Year suded November 31, 1907. Dr.
Tls.
To Depreciation on plant and
buildings
To bad and doubtful debts
...8,174.10
1,328.41 8,930.19
Tis.
...18,432.70
accouat 1906
Tu Balance
Tis.
Cr.
24,095.97
750 .00
By Balance from 1996
Less Directors' fees. .... Auditor's foo...
+1
Divideud for 19 6 16,000 16,550 06
X,145.97
Balance of working account ...... 10,188.94
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