270
GREEN ISLAND CEMENT COMPANY.
The nineteenth ordinary meeting of the ebarebolders in the Green Island Cement Company was held on April 25th in the offices of the general managers, Messrs. Shewan Tomes and Company. Mr. R. Shewan presided and there were also present:-Sir Paul Chater, Hon. Mr. H. Keswick, Dr. J. W. Noble (directors), Captain Lloyd, Captain Clarke. Captain Bunje, Messrs. T. F. Hough. W. A. Dowley, G. B. Bayer, A. B. Moulder, H. P. Helt, A. Denison, E. Georg, A. J. Young and R. Henderson (Secretary).
The SECRETARY having read the notice convening the meeting,
THE HONGKONG WEEKLY PRESS AND
expenditure of 820, 00 was principally on a new boiler and engine and other small additions to machinery. You will notice that we have only allowed for depreciation of buildings and, machinery, lighters etc. at the uus! rate of six per cent. and have not included land as some shareholders raised the point that property at Kowloon, if anything, bad app eciated and was not depreciating which is, no doubt, the case. The item for lind, at Canton is cost of a piece of ground on the River, which is used as a depot for stone prior to its transhipment to sea-going boats. While on the subject of accounts I may ay that I am sorry that they are later than usual this year, but this is in evitable with the greater mass of figures with which we have to dasl, and without unduly pressing our accountants and auditors I do not how they can be got ready any soon r in future. As to the outlook for the present year I do not think we have much to fear, our brand is now well liked by the most exacting of cur customers, and the demand for it keeps g od and at-ady all round. It is true that owing to China New Year and other causes our sales for the first two months of the year fe loff, but March showed a good recovery, and we re now fully booked for this and the month to come. On the whole I think we have fair reason to expect that our turn-over this year will again show an improvement on that of last. Before moving the adoption of the report and accounts I will be pleased to answer any questions.
There being no questions,
The CHAIRMAN moved the adoption of the report and accounts as presented.
Mr. Houou-I rise to second the adoption of the report and accounts, but after the extensive manner they were dealt with by the Chairman; comment is needless. We are in the bappy p sition to day of being able to tender-if I may coin the word-our congratulations to our general managers, and directors. Congra tulations to the leader in having had the forsight to increase our espital and to so dispose of it as to make it an earning factor so early and we can oongratulate ourselves for having followed that lead and placed ourselves in the position of the wheeler going well up to the bit. The directors must have the support of the share. holders whether they have a good report to put before them or a bad one, and I am sure that we should, one and all, congratulate them on the handsome dividend we are to-day getting on out increased capital (applaus). With these few rema: ks I secoud the adoption of the report and accounts
The CHAIRMAN said: We have the pleasure to lay before you the report and accounts for 1907, copies of which have been in your hands for some days past. Our work- ing account again shows an increased pr fit, and we are able to dvide four lacs in divi dend, which I think is very satisfactory, and I hope will be approved by all shareholders. We are compelled to put something to reserve by our Articles of Association, but we d not recommend more than $1,0 for this purpose, as in the present state of our finance this fund exists only on paper, the money being used in our basiness, but on the other hand we propose writing off the substantial sum of $84,974 83, for depreciation of buildings, machinery etc. The work of the year u der review shows, I am glad to say, steady progress both in our gales and in our culpat. The two extra rotary kil, which we acquired 09 the spot under circumstances explained to you at our last annual meeting, were not in 88 good order as they might have been or would hive been if we had taken them over ourselves from the makers at home, and consequently more time was occupied in erecting them and putting them together than we had expected. All defects were, however, finally made good, and these kilos now form a valuable addition to our plant. In the accounts you will notice that we had to pay $50,000 for interest on borrowed money or some $13,000 more than we did the previous year, but this item should be consider. ably less in the next account, as our debit to the Bank is now reduced to three lacs. You wil no doubt wish to have some details of our capital expenditure during the year, which has principally caused this increase in interest. We spent, as you will see from the accounts, some $55,000 at Macao which was chiefly made up of 815.000 on Sea Wall and Reclamation of Land; $3,000 for a stone breaker; $4,00 J for an economizer to economize fuel for the boilers; $7,000 for plant to take пр and discharge fresh clay into factory and afterwards into boats; $5,0k 0 on a shed for storing clay; $12,000 for another Ball Mill for grinding burnt cement, the rest being labour and other small items. At Hok Un our expenditure was nearly three lace, a great part of which was spent on the Lew rotary kilos. viz:-- $65,000 to complete the installation of the two kilns; $72,000 on a grinding mill; and $11,000 on the buildings. These necessitated 500 horse power engine, which cost $32,00, besides this we built clinker and coil sheds costing $20,000 & new cement godown for about $7.000, a s'ave drier for $20.000. and spent about 820,000 on additional machinery and buildings for the Saw Mill. $6,000 on new roads and drains; 83,200 on a small tramway; $3.50 on arrangements for bringing down stones from the West River; and the rest on small alterations and incidental. You will thus appreciate that enlarging the factory does not mean simply adding new kilos. For new kilns entails extra grinding plant, and that requires increased power. On the other hand it, of course, results in an enlarged output and that again entails a larger saw mill more godowns, and increased stocks both of raw material and cement to receive and handle and ship off. Nothing has been spent that was not absolutely necessary or that does Lot tend to greater efficiency and make for economy and reduced working expenses, our constaut aim being to obtain the best results by the adoption and use of the most
up to date plant and labour off saving machinery. At Deep Water Bay the
Also
The motion was carried unanimously.
sir Paul Chater, the Hon. H. K-swick and Dr. Nobl were re-electal to the consulting committee on the motion of Captain CLARK, seconded by Mr. DENISON.
Mr. MOULDER moved, and Mr. SAYER S-cond- ed, the re-eles ion of Messrs. W. H. Potts and A. O D. Gourdin as auditors.
The CHAIRMAN-That is all the business, gentlemen. I am much obliged to you for your
attendance. Dividend warrants will not be ready till Monday, there are too many of them for to-day.
THE HONGKONG ELECTRIC
COMPANY, LTE:
The report of the Board of Directors to the nineteenth ordinary yearly meeting of share. holders, to be held at the Company's Offices, St. George's Building, nooo, ou Saturday, 2nd May, 19 8, s'ates:-Gentlemen-Your Directors hare the pleasure to submit the ace mpanying statement of the Company's accounts for the year ending 29th February, 1938.
The Balsace at Credit of Profit and Loss after deductiog Account is $59,637,13, Directors' Fees ($3,000) there remains a sum of $156.737.13 available for appropriation, an i your Directors recommend that this be disposed of as follows:
To pay a dividend of 10 per cant: say $1.00 per share ou 60,000 share: $60,0000; to pay a bus of 2 per c nt: say 21 cents per share on 60,000 shares $12,00 .00; to write off plant account for depreciation $58,308 69; to write property account for depreciation $13,612.10; to pay a bonus to staff $3,395,00;
[April 27, 1908. to carry forward to next account $9,321.43. Total $156,637.13.
The Manager raports that the number of lamps, fans and motors connected to the Company's supply service on the 1st April was equivalent to upwards of 47,40) lamps of 8 pindle power. 85 Are lamps are maintained by the Company and 24 electric lifts are being operated by the power service,
The erection of the two legel alternator sets of 310 each, referred to in last report, is now about completed and it is expected they will be in operation during the month of May. The alterations in the buildings necessary for the reception of these have been arried out.
Directors.-Hon. Mr. W. Gresson and Messrs. G. H. Medhurst and A. G. Wood having resigned their sats on their departure from the Colony, Hon. Mr. H. Keswick and Mesars. E. G.
Barrett and J. W. C. Bonnar were invited to fill the vacancies on the Board and these appoint- mants require confirmation.
In accordance with the articles of Associa- tion, Hon. Sir C. P. Chater and Hon. Mr. H. Keswick retire, but, being eligible, offer them. selves for re-election.
Auditors. The accounts have been audited by Messrs. W. Hatton Potts and J. Cox Edwards (the latter in plaos of Mr. C. W, May who is absent from the Colony). Mesars. W. Hulton Potts and W. C. May, officer themselves for re-election.
J. W. C. BONNAB, Chairman.
Hongkong, 14th April, 1908.
STATEMENT OF ACCOUNTS TO FEBRUARY 29 H, 1908.
LIABILITIES.
Capital:-60,000 shares each $10 paid up $600,000.00 Sundry creditors
Dividenda unclaimed
Suspense account
Balance of profit and loss account
ASBETS.
Plant, cost of,
dr. a per last
account
...$121,120.30
44,120,80
Less amount provided for
depreciation
Cost of plant, since saded
Property, cost of land and
buildings 23
per last
Cost of building since added
account
$38 1,000.00 103,309.6J
$92,917.17 30,691.:3
Installation material, stock of...... Stores and coal, stock of Tools, &c, stock of. Furniture, cost of, as per last
account Less amount provided for
depreciation
4,985.00
5,959.69
1,757.20
159,637.13
$772,339.11
183.308.60
123,602.10
52,335.99
9,15.26
987.45
$376.79
379.79
$500.00 120.0)
620.00
1,500.00 54,575.06
--
39,136.25
jand Shanghai Banking Corporation
12,878.40
$772,339.11
WORKING ACCOUNT,
Dr.
6,000,00
3,820.63
Cost of furniture, ance added Insurance, value of unexpired portions
of policies Sundry debtors Hongkong Cash with agents
To agency and office expences To rent an i faxes
To insurance
To auditors' fees
To bad debta
To account carried to profit and loss
account.
By net profit on working By scrip and tranfer fees. By interest
2,768.50
200.00
1,074.00
156,599.32
$174,562.15
Cr.
..$ 169,221.80
13.75 1,323.90
$170,562.45
PROFIT AND LOSS ACCOUNT.^ Dr. To amount available for appropriation ...8 159,637,14
169,637.13
account.
Cr.
By amount of undivided profit, as per läst By ale of forfeited shares By balance of working account brought
down
2,953,66
84.15
156,599.32
$159,637,18
GIBE, LIVINGSton & Co.,
Agents
:
No comments yet.
Private notes are available after approval.