The-Hong-Kong-Weekly-Press-1908-03-30 — Page 6

204

A. Turner, F. Smythe, A. Roger, J. F, Wright, T. Hunter, F. Arculi, Ho Fook, Ho Kom Tong, Lo Cheung Shui,

Won Leung Him, Ng Hou Tez, and J. Barton (secretary).

The SECRETARY having read the notic convening the meeting,

your

201

THE HONGKONG WEEKLY PRESS AND

:

AUDITORS,

The accounts have been audited by MegaTS, W. II. Potts and H. Percy Smith, FCA, who; offer themselves for reculectiru.

JARDINS, Matheson Co., Lu,

General Agents.

Hongkong, 10th March, 1908.

BALANCE SHEET, 31st December, 1.7

ATECA 1 AND LIABILITERS

$ Part up capital Kapalız etion of dividend funf Repairs and renewals Recount.

• How nut reserve amount

Sundry erektors

A--ET-

Preqerty ne sont consistair of e East pout refinery

Kwonge pe libera

* How redatory

Hongkong distillery Cash

Raw and refined sugar. An Spare and rum &• Chal

Sunder dette Shajonett-

The CHAIRMAN said- Gentlemen. The re port and accounts having been in hands fr some days, we will take them as read When addressing you at the last Buuual meeting my predecessor mentioned that the prospects of the year just then satered upou were the reverse of encouraging, aud unfortunately the results have fulfilled is forcast. White we out here lare. fallen on ill times the trade in Europand other important markets of the world remained in a healthy condition, and there was one of that undue depressing in prices, which we aufortunately experienced. In our market the keen competition caused altogether abnormal condition of affairs, and the price of refined sugar never rose to a point which allowed of its being sold at anything but a loss, while at the same time the more distat t markets were practially closed to us owing chiefly to the bigh rate of exchange which ruled during the greater portion of the year. Under thes circumstances we found it diffult to obtain. an outlet for our sugars, and meltings had to be reduced to much below the avera.e of receul years thereby involving extra

expense and increased cost of production. I am glad how- ever to say that judging from the preseut outlook the prospects for the e wing year ar somewhat better as cur stocks of raw sugar were fortunately bought at a favourable time and tim price of refiued sugar has begun to advancs to 8 point more in just comparison with the pries of raw; supplies are not excessive and the prospects seem, a far as I can see, to be iu favour of the long-awaited improvement being established and maintained.

But y remember that competition is more likely to increase than to diminish. The methods of our Japanese competitors are beyond under standing, and depend 1 far cy to great extuul on the amount of paterual Government support

! they may be able, not so much by direct subsidies, but in audry devious ways, to acquire. Ou equal terms we have nothing to fear, but against Government competition priva & entprise ; must naturally have a hard fight. I am com forted however, by the expectation that the general body of Japanese taxpayers will not much longer endure the burden of furnishing dividends to a limited number of stut-aided and close corporations. With refer ace to the accounts there are no items which sovju tu m- to call for special comment but before moving the adoption of the repar: and accounts, I sheli be pleased to answer any questions relating to them which shareholders may desire to ask.

sl

There being no questions, the report was adopted on the motion of the CHAIRMAN, seconded by Mr. TURNER.

Captain CLARK & proposed the elo tion of Sve Paul Chater, Mesars A. G. Wood, F. Maitland E. Shellim, and H. P. White as Cousulting Committee, Mr. MYTHE seconded and the proposal was carrie 1.

Mr. WHITE moved, and Mr. HENTER •ocotid ed the re-election of the nuchters, Mowers W Hutton Putts and H. Perey Smith Carried.

The CHAIRMAN-That, geutiem«r, concludes the business of the ting.

The report was as follows:— . The General Agents beg to submit to Share bolders their report on the Company's bustless for the year 19 7, with statement of accounts to 31st December last.

In consequence of severe competition in the China markets the price of Refined Sugar remained below the cost of production through out the year, and exports to other marke's wein adversely affected by the high rate of exchange ruling.

Under these ci.cumstances the output of the Refinery was much reduced, and the yeKIN working resulted in a loss of $270371 H. Wa.. is carried forward to next see unt

CONSULTING COMMITTEE

This consists of the Hon. Sir Pau Cover C.M.Q., Messrs. A. G. Wood and Maitland whe offer themselves for re-election Mr A J Raymond resigned his seat on lus departure. I from the Colony.

Lese whack

Balane of redt an, acea11,*

36 4861 32.538 23

$3 20001 70

(March 30, 1908.

The report was as follows The goueral agent、 big to submit to share- holders their report on the Company's basines+ fort a year 19 6, with a statement of s0000 its to 31st Decembar last.

The demand for the Company's sugars throughout the year was insufficient to keep the refinery working except at a reduced melt, and in consequence of the low prices ruling, there was only a small margin of profit. After allowing for interest and gain in exchange the at debit is $135,132.55, which is carried forward to next account.

20 m

CONSULTING COMMITTER. This consists of Mosure. A. G Wood and H. P White, bo offer themselves for re-election. AUDITOR

The accounts have ben audited by Mr. A. R. Lowe, CA, who offers himself for re-election.

JARDINE. MATHESON & Cˆˆ»., Lv,

General Ageuls.

Hongkong. 21st March, 1999.

BALANCE SHEET, 31st December, 1907

Dal

2.1949 PSTAR STE

the fo·

{

1-6 347.1.

13 7DG SE

L'apata", 7.*** -hari«, of $ton each Jardine, Matheson & Co, LI.'s current

700,000 970

147 373 50

LETET

212,419 03

2706371 34

Accounts payable

1,196.76

:

$2 220001 70

$914,015 81

1. N

By indus

PROPERTY ACCOUNT

31st December. 12 €

:) . . . ur PG

$1531,2/04

$

629,642.13

1312066401

TRY FIT AND LOS A

·

33.6143 1.435 17

$

23,175

1. reme: ****

*******

...

1. : :

...

k.2.

C

By Dalane Fongit forward from last

By net balan

23-0 00

7. Bu

1136

$

3.216 17 27037134

LUZON SUGAR REFINING CO

The twenty-sixth annual general meeting of shareholders in the Abora empany was held ou March 26th at the offices of the general agents, Messrs Jardine Matheson and Co The Hon. [ Mr. H Kwick presided and there were also present Messrs. II. P. White, A. J N. Mody, J. C. Peter, F. D. Soares, P. Tester, E. S Kadoor'n, Ches Leep Chee, Wong Leang Him, J S Perry, and d. Hirton secratary

ANNETE.

Property animat, ns por last account Hongkong and Shanghai Banking Corpora-

11.

cash on hand

lias and refined sugar A

Coal Charcoal, stores, Ar

Fire asurance, unexpured prema Aesamts revevable

Prof• œ. Als amant

Less to 31st Boomber, 1906), $18,32001

3,9.47 30 8,076,22

8779,983-26

Less profit for year eiling

31-1 December. 19 7 ...

3,30 ki

135,132.55

$911 013 81

!

PROFIT AND LOSS ACCOUNT For the year ended 31×4 Povember, 1997. § 1. Io od.. - fo

C

14.83478 50.00

To balance- profit as per balance sheet

By pa an waking Wood, II : By gain in exchange

The SEC E ANY having read the notic envoning the meeting.

!

The CHARMAN aid Geuth men, the report, and accuuts huing been in your hands fr soun• days we will as usual. take them as rad. Owing to the haute I demand for the e mpany's sugars in th» Philippines the R dinery again had a very quiet your and although the works wara r permanently cloud down, 21 was necessary to make frequent stoppages in order to avoid too treat an accumulation of stocks, while owing to 1 tiro e petition of sugars from other « «ure »« tig persones, hatmised did ut much [ LA than ourag

TA

$14,144.78 3,390 46

$17.575.24

$ c.

4,712 16

12,8631.08

$17,575.24

THE CHINA-BORNEO CO., LIMITED.

The 6th ordinary yearly meeting of the shareholders of the China-Borneo Co., Ld., waa held at the Company's offen on March 26th. Mr A G. Wood presided and there were pressut The Hon. Sir Paul Chater, Hon. Mr. E. Osborne -consulting committee), Moers. J. Wheeley sgeneral manageri, J. F. Wright, W. II. Wickham, W. A. Dowley, J. W C. Bonuar, M da Silva, I. E Oz rio and Kelly Sayco \.( 1802, Lung Shui Lum, ( 1sptista, A.

The notice conv ning the meeting haring {ye•tu_r»ad,

ThS CHAIRMAN said --Gentl·m2o. — -You have now had the report and accounts in your

You will cherve howey that the sum at debit has been reda ef by $30 - Powhich is stupi in the rich direct, ou and from present andies 1 Lions there is hope of some further improvement i han ́s for some days and if you have no object. during this year

With regard to the accoun's there is meching to which I used specially refer, bat i may mention that is live bang their ususl practies when times are bad the General Agents have waived their commission and the Couenlt- B-fore moring the ing Committee their fee adoption of the report and accounts I shall be plared to answer any questions relating to th-m which share! ders may desire ia aka

Thera bota na justions, the report al pt d

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of the CHAIRMAN, soepel by Mr Mon

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HALKMAN

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ou I will take them as read. The Company's operatious show a very satisfactory result aja. sidering the state of business generally during Ibe whole of the period under review. The erection of the saw-mil machinery, brought from Talaga, on the same site as the Sandakan Saw Mill-, is now completed. This will sna'le us five or siderably increase our output of swa We hope you will approve our recom. samudation as to the disp sal of the sum at credit of working account, 17, the payment of a di. ridend of log to shareholders absorbing 855-2004, writing Shakereff II ngkung Saw-Mills, $1,000 autors and lighters, $5,000 of Ssodekan Sion of plant, $1.5 « off Kudat Pier * SUNT. If timber concessions, and curry. the balance $25 (on to peers. Tas various properties bay - ba well maintained and are am glad to say a goal order and { that, so far, operations for the current pome

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I'tst gentku-a I thank you for your attendance