304
COMPANIES.
THE HONGKONG ELECTRIC CO.,
LIMITED.
The nineteenth ordinary general meeting of the shareholders of the Hongkong Electric Co.. Limited, was held at the Company's offices, St. George's Building, on May 2nd. Mr. J W. C. Bonner presided and there were preseut, Sir Paul Chater, and E. G. Barrett (directors) Dr. Noble, Messrs T. Skinner, A. H. M. da Silva, F. Graham (Acting_Manager), J. F. Wright, W. A Dowley, G. J. B. Sayer, R. Robarto, J. Owen Hughes, L. E. Ozorio, and O. Baptista The notice convening the meeting having been read,
The CHAIRMAN said-Gentlemen: The report and statement of accounts having been in your hands for some time, I propose,
with your permission, to take them as read. The Directors are pleased to come before you with what appears to them, as I feel sure it will to you, such a satisfactory report of the year's working. It shows a further expansion in the Company's operat ons, our services now equalling upwards of 47,000 lamps of 8 candle power; 85 ATO lamps and 24 lifts, against 44,50 lamps; 85 aro lamps and 20 lifts at the date of our last report, and with the reduction made in cost of current supplied as from 1st March of this year we have good grounds for looking for a further extension of our operations. Our plant account shows a considerable increase mainly due to payment for the two Diesel alternator sets of 300 horsepower each. These are just about completed, and we trust to have them working. daring this month. The Laud and Building
account also shows a
THE HONGKONG WEEKLY PRESS AND
There being no questions, The CHAIRMAN moved the adoption of the report.
Dr. NOBLE said: I rise with pleasure to second the adoption of the report and statement of accounts as presented, and also to congratulate the Board of Directors, agents and the staff on year's work, which is after all, only one of many. the completion of aanther very satisfactory
very muy successful prece ling ones (Applause).
The report was unanimously adopted.
wick, Mr. E. G. Barrett and Mr. J. W. C. The appointment of the Hon. Mr. H. Kes. Bonnar to the directurale, in place of the Hon Mr. W. J. Gressou, Mr G. H. Medburst, and Mr. A. G. Wood who have resigned their seats was confirmed on the motion of Mr HUGHES, seconded by Mr DOWLEY. Sir Paul Chater and the Hon. Mr H. Keswick were re-electe seconded by wr A. H. M. DA SILVA, directors on the proposition of Mr G. SAYER,
Mr T. SKINNER proposed that Messrs Hatton Potts and Mr C. W May be elected auditors. Mr CZORIO seconded and this was agreed to.
The ACTING MAN-GER said: -Chairman aud Gentlemen: On behalf of the members of the bonus which you have just voted to us. staff and myself I express my, thanks for the The CHAIRMAN. That is all the business, gentlemen. Dividend warrants will be ready
on Monday.
THE NATIONAL BANK OF CHINA, LTD:
The report of the direptors to the seventeenth ordinary aunual general meeting of share holders, to be held at the offices of the bank Victoria Buildings, Hongkong, on May, 16th
reads:-
To the shareholders, of the National Bank of China, Limited,
The directors now beg to submit to you the accounts and balance sheet for the year ending 31st December, 1917.
in
The
account,
The capital reserve fund which slood at $152,820 on the 1st December, 1906, has been appropriated to the extent of $104,701.66 to enable the last call of £41,453 (received at 7) to appear at 1/8 to the dollar in confor mity with the rest of the capital.
Mr. C. Ewens retires in rotation from the
Hongkong Board, but, being eligible, offers
himself for re-election.
by Mr. A. R. Lowe, chartered accountant, and Mr. E. A. M. Williams, A.S.A.A. (of the firm of Messrs. Lowe and Bingham).j
The accounts at head office have been audited
considerable increase, due in a large measure to renewals and alterations preparatory to putting in the Diesel engines. Our stock of installation material, coal and stores stand at almost the same amount as last year. Sundry debtors show an increase over last year, but since closing the accounts
accouuts show that the balance of fully half of that amount has been collected.
$71,293. 9 brought forward from last year The bal.no of profit and loss account
together with $150,000 from general reserve amount to $159,637 13 and after deducting working profit during the year to make full fund have been required in addition to the $3,000 for directors' fees a sum of $156,637.13 provision for bad and doubtful debts in 1907, remains available for appropriation and your Directors propose to deal with this as follows:
and previous years, as foreshadowed in the To pay a dividend of 10 per cent-say $1.00 Chairman's speech at the annual general per share on 69,000 shares $60,000.00; to pay a
meeting held in 1906. This will leave $150,000 bonus of 2
I eneral reserve fund and per cent-say 20 cents per share on
a balance of 60,000 shares $12,000,00; to write off Plant $1,223.09 to be carried forward to next Account for depreciation $58,303.6); to write off from Land and Building Account $13,612,10; to pay a bonus to staff $3,395.10; to carry for: ward to next account $9,321.43; making a total of $156,637,13. I trust this proposal will meet with your sanotion and approval, it being an increase of 2 per cent. over last year's return to shareholders. The continued writing down of the plant account is essential especially in view of the adoption of Diesel engines by the Company for the greater working Soo-se of the engines, the mora necessary it will become to write off and entirely displace the steam plant, that now forms a large pro- portion of the Company's assets. The writing down of the property account is necessary as the Station buildings are nearly 20 years old and the money spent on this account during te year has been expended in alterations and renewals rather than on additional buildings. Further expenditure under this head will be necessary, and will have to be undertaken whether future extensions of plaat are made with oil or steam. I am sure the bonus to the staff which is equal to one month's salary will commend itself to you. A substantially large amount is recommended to be carried forward in order that the shareholders may have confidence in the Company's endeavours to maintain a steady and satisfactory dividend and at the same time make due provision for the inevitable depreciation of plant and such like assets. the Chairman's speech last year he mentioned that it might be necessary at no distant date to increase our capital. The necessity has not ariseu during the past year and your Director, are hopeful of being able to finance increase in plant, etc., which may occur during the pre- sent year without having to raise fresh capital.
Before moving the adoption of the report I shall be pleased to answer any questions.
any
Messrs. Deloitte, Plender, Griffiths & Co., chartered accountants, audited the London accounts.
J. SCOTT HARSTON,
Chairman,
Hongkong, 31st March, 198.
Balance Sheet 31st December, 1967,
LIABILITIES.
Authorized Capital 99,925 Ordinary shares of £7 each
£699,475
Issued capital (at 18. 8d. to the $):5
40,453 Ordinary
shares of £7 each £5 paid
up.
£202,285.$?, 127,180.00 1906 all of £1 on 40,453
shares at 21 to the $
Add transfer from capital re- Berve fund to adjust ex. to la.
d.
$38,734.34
104,701.66
Capital reserve fund Reserve fund.......... Notes in circulation.....
[May 11, 1908.
Fixed deposits, current accounts, loans,
&o.
Bills for collection and branch balances Drafts, acceptances and endorsements
(bills re-discounted). Balance of profit and loss account.........
ASSETS.
Cash on hand at Bankers
1,644,621.87 119,844.21
1,675.43 10,123.09
$5,158,933.94
.$ 348,833.96 690,000.00 551,724.10
Money at Call and at Short Notice Government Securities,(£50,000 at 15.91) Billa Receivable, Loans and Advances... 3,160,937.22
Bills for Collection Receivable and
Branch Balances
407,413.86
$5,158,988.94
PROFIT and LOSS ACCOUNT, for the Year ending 31st December, 1907. Charges, Directors' Fees, Salaries, eto ...$ 108,476.60 Provision for Bad and Doubtful Debts, etc., (after deducting Gross Earning for the year ending 31st December 1907) Balance to be carried forward to next
Account
102,583.40
10,223.09
$221,293.09
Balance brought forward from last year...$ 71,293.09 Amount transferred from Reserve Fund... 150,000.co
$221,293.09
On 1st Janury, 19 8, the Capital and Reserve Funda will stand as follows:
Capital (at 18. 8d. to the$) £242,718. 0.0 $2,912,616.00 Capital Reserve Fund (at
le. 8d. to the $)...
4,009.17.3 48,118.34 Reserve Fund (at 1/94 to
the $)
13,593.15.0 150,000.00
£280,321.12.3 $3,110,784.34
WATKINS, LIMITED.
The report of the general mana:ers to be presented at the ninth ordinary annual meeting of shareholders to be held at the Company's Uffices, on May 30th reads :-
Gentlemen,-We beg to submit to you our report and statement of the accounts for the year ended the 31st December, 1907.
PROFITS AND LOSS ACCOUNT.
The result for the year shows a profit of $13,282,32, to which must be added rents receivable $622.22; banking interest and
$13,956.78. transfer fees $52.24, making a total of
This, your general managers find necessary to allocate to meet interest on mortgage and loans $2,539.15: depreciation $3,972.54; reserve for doubtful debts, $1,726.96; building depre- ciation reserve $2,000, and loss on subsidiary coins and exchange $2,963.55, leaving a balance of $754.58 to carry forward to next ao coubt.
AUDITORS.
The accounts have been audited by Messrs. Lowe and Bingham.
CHAN A. FOOK General Manages. G A. WATKINS.
Hong ong 11th March. 1908.
PROFIT AND LOSS ACCOUNT For the year ended 31st December, 1907.
To mortgage interest
To interest on loan and
overdrafts Depreciation:-
Shop fittings and furniture
at 15 per cent. Stock in trade
To reserve for doubtful debts To building depreciation
0
1,400.00
1,139.15
1,710.46 2,262.08
3,979.54
1,726.96
reserve
2,000.00
To loss on subsidiary coinage To loss on sterling exchange
1,393.55 1,570.00
#
2,963.55
To balance carried to next
account
154.58
$13,956.78
13,282.32
622.22
52.24 $13,956.78
By balance of working account By rent receivable
By bank interest and transfer
fees......
BALANCE SHEET, 31st December, 1907.
0.
LIABILITIES,
Capital
10,000 shares of $10 each, fully
paid
100,000.00
Creditors:
485,436.00
Loans payable
2,000.00
-$2,912,616.00
Trade creditors acceptances
7,999.68
48,118.34
Open accounts
150,000.00
Unclaimed dividenda
4,227.04 466.10
14,692.82
370,880.00
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