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Two companies of infantry have been despat- obed to Quinbone, and another is en route to Binh Dinh. At present it is calculated that ten to fifteen ratives have been killed and about 200 wounded.
COMPANIES.
THE NATIONAL BANK OF CHINA, LIMITED.
ANNUAL MEETING.
The seventeenth ordinary annual general meeting of the shareholders in the National Bank of Chins, Limited, was held on May 16th. Mr. J. Scott Harston (obairman of directors) presided. Others present were:- Messrs. G. C. Moxon (managing direct r). E. 8. Kadoorie. P. C. Pott, E. D Haskell, E. Ellis, Sin Tak Fan, Chan Pi Pan, Yang Pak Leong and J. Georg.
The notice convening the meeting having been read.
The CHAIRMAN said:-Gentlemen.-The report and balance sheet for the year ending 31st December, 1967 having now been some time in your hands I will with your permis-ioo, take them as read. You will remember that in the Chairman's speech at our annual general meeting held in 1996 it was stated that there were certain securities then held by the Bank that had not been realised and that in view of the uncertainty of their value it was deemed advisable to build up reserves to provide for any deficit that might occur. Many of these securities having now been realised your Directors are of opinion that the time has arrived to make provision for all these and other losses and with that aim in view have
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THE HONGKONG WEEKLY PRESS AND
written off all bad and doubtful asset. Your ordinary reserves are now reduced to $150,000 after making this provision. With regard to your capital reserve which stood at $152,820 on 31st December, 1906, it is proposed as you will observe from the balance sheet in your hands to appropriate from this fund the sum of $104,701 66 to enable the last call of £40,453 to appear at the rate of B. 3d, to the dollar and so fall in line with the rest of your cap til. You will readily understand that this apparent depletion of your capital reserve fund by $104,701 66 is not actually a loss, but is merely a book adjustment to enable the accounts to be represented in what arpears to your Directors to be the most intelligible form. In this con- neotion I may add that when the Courts at home granted cur capital in our balance sheet at ls, Ed, to the dollar it was laid down by the › Court of Appeal that the balance then stand- ing to the credit of reserve fund should be treated as a "Capital Reserve "fund and should cnly be used for capital purposes, and we now avail ourselves of this authority. Before moving the adoption of the report and accounts I shall be pleased to answer any question in connection therewith that may be put to me to the best of my ability.
༔ '
There being no questions, The report was adopted on the motion of the CHAIRMAN, seconded by Mr. KADOORIE,
On the motion of Mr. POTTS, recorded by Mr. ASKELL Mr. C. Ewens was re-elected as a director of the Hongkong Board.
Messrs. Lowe and Bingham were re-elec'ed auditors on the motion of Mr. Moxon, seconded by Mr. POTTS.
The CHIRMAN-That concludes the business of the meeting, ge tlemen, Thank
you for your attendance..
PEAK TRAMWAYS COMPANY.
The annual general meeting of the share holders in the above company was held on May 16th at the registered offices, Alexandra Buildings. Mr. H. Humphreys presided and there were also present Sir Paul Chater, Dr. Noble, Mesars G. C. Moxon, J. A. Jupp, C. 8. Gubbiy (directors). E. E. Ellis, J. M. Wong C. B. Buyers, and Dr. Clark.
The notice convening the meeting having been read,
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The CHAIRMAN said-Gentlemen, owing to a clerical error in the original report issued, the corrected report now before you bas only been in your hands since yesterday. Unless, however, any shareholder wishes me to read
are
A
the report and statement of accounts, I shail follow the usual course and take them as read Daring the period under review the whole of the 50,000 new shares in the Company have been duly allotted and a first call of $1.00 per share has been paid up on same. As actual construction work on the new line has not yet commenced it has not been found necessary to make any further call ou shareholders; consequently your directors
enabled to pay you & dividend at the
rate of eight per cent per annum, but after work his started and during the process of building further capital will be
called up, and shareholders must expect to receive smaller dividends. The profit and loss account differs in two respects from any that have hitherto been pliced before you The balance carried forward has been omited and au allowance made for outstanding season tickets. Both these changes (which are purely of a bookeeping usture) have been carried out upon the suggestion of the Company's auditors. The provision for outstanding: season tickets however reduces the profits by 83, 86.30. comparison of the present balabos sheet with t'e previous one is difficult for the reason that the former is for twelve months an the latter for eighteen months and 13 days, but I am pleased to be able to inform you that traffic receipts for the financial year just closed show an increase of $7,145.30 as compared with the previous twelve month. As; there is only expenses of $1,13.47 the net gain on the year a corresponding increase in running and other
amounts to $6,051.83 a result which, I think, you will consider satisfactory. Your General Managers and Directors are not yet able to state definitely when work on the new line will commence. Negotiations have been going on during the whole year with the Government and a complete survey of the proposed line has been made. Many difficulties arose in connection with these negotiations but most of them have now been surmounted and we think that before many months are over we shall know exactly how we stand, Bafore moving the adoption of the report and statement of accounts I shall be pleased to answer any questions
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I here being no questions,
The report was adopted on the motion of the CHA RMAN, Seconded by Mr. ELLIS,
The HIS MAN proposed sad Mr. BUYERS Bconded the 18 election of Sir Paul Chater. Hon. Mr H. Keswick, Dr. J. W. Noble, Mr, G. C. Moxon and Mr. C. S. Gubbay as d rectors. Carried.
Messrs. W. H. Potts and A. R. Lowe were re elected auditors on the motion of Mr. CLARK, seconded by Mr. WONG.
The CHAIRMAN-That is all the business of the meeting, gentlemen. Thank you for your attendance. Dividend warrants will be posted this afternoon.
A. S. WATSON AND CO., LIMITED,
The report of the General Managers for the year ending 31st December, 1907 for presenta- in to the shareholders at the twenty-third annual ordinary general meeting of the Com pany since its registration, to be held at the offices of the Company in Alexandra Buildings In May 30th reads:-
Gentl, men,-
-We beg to lay before you a statement of the Company's business, with a balance sheet for the year ending the 3:st December, 19.7.
The net profits of the Company for the twelve months under review, after paying all charges, including the salary of the General Managers, providing for all bad doubtful debts, and allowing for loss on subsidiary coins amount to
To which has to be added the balance brought forward from the previous year
81,532.12
5.482.67
$87,014 79
From this there has to be deducted- General Manager's Commission of 5 per cent. on the net profits for the year as per Article 81 of the Company's Articles Association
4,076.60
Remuneration of the Consulting Committee as per Article 92...
Leaving available for appropriation
[May 25, 1908,
2,500 00
6,376,60
$80,438.19
We pad an Interim Dividend of 3 per cent, in November last absorbing..$27,000,00
We now propose to pay a farther Dividend of 3 per cent. (making 6 per cent, for the year) which will absorb
To write off Building Improvements, Furniture, Fittings, Utensils of
+
27,000,00
Trade, Aerated Water Plant, and Machinery 20,000.00
To carry forward to 1908 Acosuat
海
6,438.19
CONSULTING COMMITTEE :
$80,438.19
The ex'sting Consulting Committee consista of Hon. Sir C. P. Charter, C.M.G., Hon. Mr. E. Caborne, and Mesars. H. P. White and J. Ecott Harston,
AUDITORS:
The Company's Accounts at the Head Offos have been audited by Mr. Francis Maitland an i Mr. W. Hutton Potts, who offer themselven for re-election,
JOHN D. HUMPHRYS & SON,
General Managers,
Hongkong, 12th My, 19.8.
BALANCE SHEET, 31st December, 1907.
$ 0.
LIABILITIES.
Capital account
.... 9 30,000,00 Reserve fund to meet contin- Permanent reserve fund ... 300,000.00
gencies or for equalization of dividends
25,000.00
-1,225,000.00
Local and general liabilities in
the Fast an in America 170,964,98 Local and general liabilities in
London
53,581,48
224,352,50
48,000,00
Mortgage on section E of in- land lot No. 19 and the buildings thereon Mortgage on marine lot No. 2C
and the buildings thereon 125,000,00 Mortgage on remaining portion
of Kowloon inland lot No. 55 and the buildings thereon
Advance against San Jacinto
property, Manila
Bills payable, Hongkong and
Manila
Unclaimed dividends Security deposits from staff
Profit nd loss :- Forward from 1906 $5,482.67 Net balance 1907
25,000.0)
29,600.91
227,600.91
154,225.90
12,995.18
18,500,00
81,532.12
87,014.79
Less interim divid.
of 30 cent per share paid in November,
1957 Leas amount unclaim- ed at 31st Decem. ber,
197
Total Stocks in Trade Building
• Iu prove- ments, Furniture, Fittings, and Trade Uutensils at Hongkong, Manila, Canton, Amoy, Fooohow, Shanghai, Han. kow, Tientsin, and Native Branches :-
27,000.00
६
$2,95.100
$24,049.00
62,965.79
$1,925,840.88
ASSETS.
As per last a/o ...$143,771.45
Amount written
off for deprecia-
tion in May 1997 14,771.03
$128,500.42 Added during 19.7 34,040.88
Aerated Water and other Machinery and Plant at H'kong, Manila, Canton, Amoy Shanghai and Hankow
.$1,081,542.92
-$162,341,30
As per last se....$125,889.65
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