122
Agreed to.
The CHAIRMAN-That concludes the busi- ness of the meeting, Gentlemen. Dividend warrants are now ready and may be obtained upon application. Thank you for attendance.
HONGKONG AND SHANGHAI
BANKING CORPORATION.
THE HONGKONG WEEKLY PRESS AND
Liability on bill of exchange re-discounted, 23,950,845. E 10d, of which £4,714,233, 198. 11d. have since run off,
your
Cash
The eighty-sixth report of the Court of Directors to the ordinary half-yearly general meeting of shareholders to be held at the City Hall, Hongkong, on Saturday, the 22nd August, at noon, reads as follows :—
To the Proprietors of the Hongkong and Shangbai Banking Corporation.
now to
Gentlemen,The Directors have submit to you a general statement of the affairs of the Bank, and Balance Sheet for the half- your ending 30th June, 1908,
The net profits for that period, including $2,000,387.85, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts, amount to $5,408,917.67.
The Directora recommend the transfer of $500,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which fand will then stand at $14,000,000.
They also recommend writing off Bank Premises Account the sum of $250,000.
After making these transfers and, deducting remuneration to Directors, there remains for appropriation $4,638,917.67, out of which the Directors recommend the payment of a dividend
of
two pounds sterling per share, viz.: £240,000 – which at 1/97, the rate of the day, will absorb $2,633,14-286.
The balance $2,005,774.81 to be carried to New Profit and Loss Account.
DIRECTORS.
on
Mr. A. J. Raymond, Mr. G. H. Medhurst, Mr. A. Fuchs, the Honourable Mr. Henry Keswick (Chairman) and Mr. E. Goetz (Deputy Chairman) having resigned their seats leaving the Colony, Mr. C 8. Gubbay, Mr. E. G. Barrett, Mr. C. G. E. Broderson, the Honourable Mr. W. J. Gresson, and Mr. W. Helms have been invited to fill the vacancies; these appointments require confirmation at this meeting.
Mr. E. Sbellim has been elected Chairman for the remainder of the year, and the Honour- able Mr. W. J. Gresson Deputy Chairman.
AUDITORS.
The accounts have been audited by Mr. W. Hutton Potts and Mr. J. W. C. Bonnar, the latter in the place of Mr. A. G. Wood, who has left the Colony.
E. SHELLIN,
Chairman.
Hongkong, 11th August, 1908.
ABSTRACT OF ÅSSETS AND LIABILITIES,
ASSETS.
Coin lodged with thi Honglong Government against anthorised and/or excess note circulation,
$333,780,740.33
Bullion in hand in transit Indian Government rupes paper .....i Console, Colonial and other securities £1,208,000 21 per cent. console
Sterling Reserve Fund Investmentk, £990,560
at 82...
(of which £250,000 lod- ged with the Bank of England as a Special London Reserve.) £255,000 24 National War
Loan at 90 £325,000 other sterling securities written down to
229,500
279,940
0.
50,850,978.47
10,000,000.00 2,076,785.88 2,458,968.56 6,743,803.68 víz. :—
[August 17, 1908,
The Directors recommend thất à dividend for the half-year of 8 per odit or $200,000 be paid to bareholders, that $50,000 be passed to a special account (No. 1 Dook extension), that $65,820 be written from the value of Kowloon Dooks, $4,602.95 from the Cosmo- politan Dock and the balance $384,847.24 be
carried to the new account
The new work in hand at the end of 1907 has all b en completed and is included in the past half year's” working. There is a fair amount of new work at present in hand.
The new tug and salvage bɔat "David Gillies" has been in service since the begin- ning of May, and has been found admirably adapted for the work for which she was son- structed.
The dredger “Canton River " was only employed during a small portion of the period under review
As will be seen from the accounts, several new machines have been installed at the Kowloon establishment. The boiler shop £1,500,000 at ex. 2/), 15,000,000.00 | extension is well advanced, and will soon be completed. New store houses have been built for the fire sogine and wrecking gear, to enable their removal from the block containing hazardous goods.
Bills discounted, loans and oredits 109,877,225.79 Bills receivable
135,482,748.96 Bank premises
1,790,160.04
Dr.
| $388,780,740.33
PROFIT AND LOSS ACCOUNT, 30th June, 1908.
To amounts written off --
Remuneration to directors To dividend account :—
£2 per share on 120,000 shares
£240,000 at is. 9fd.—
To transfer to silver reserve fand To transfer to bank premises account. To balance forward to next half-year ...
Cr.
By balance of undivided
$0.
profita, 31st Dec. 1:07 2,000,387,85
By amount of net profita
for the six months end. ing 30th June, 1908, after making provision for bad and doubtful debts, deducting all ex- interest penses and paid and due
The extension to the No. 1 Dook progressen slowly now that working on the solid rook has commenced but it is hoped that the contractor will complete the excavation, sufficient to dook $15,000.00 | large steamers, within contract time.
H. P. WHITE.
Chairman.
2,633,142.86
500,000.00 250,000.00 2,005,774.81
$5,409,917.67
8,408,526.82
5,403,917.67
$5,4€3,917.67
STERLING RESERVE FUND. To balance £1,500,000.00 at ex 2........ $15,000,090.00
(invested in Sterling Securities).
To Balance.
$15,000,000,00
By Balance 31st December, 1907,
£1,500,000 at ex, 28...
15,000,000.00
15,000,000,00
14,000,000.00
$14,000,000.00
$18,500,000.00
500,000,00
$14,000,000.00
By Balance 31st December,.
Transfer from Profit and Loss
Account...
Hongkong, 10th August, 1908,
BALANCE SHEET,
30th June, 1908.
LIABILITIES.
Capital 60,000 shares of $50 each, fully
paid up....
Admiralty loan..... £29,600 00 Less repayments 19,578 75
...2,500,000.00
2426 12 7 at ls. 9fd.
No. 1 dook extension account Marine insurance account ...................................................**** Sandry creditors
Balance of profit brought for- ward from last account... Profit for the half-year ending
June 30th, 1909
ASSETS. Aberdeen.
Kowloon.
4,690,78 150,000.00 76,199.48 1,946,096.51
441,442.51
274,577.68 -716,020,19
$5,391,936.86
0.
100,000.00
67,365.00
9,575,820,00
30th June, 1908.
LIABILITIES,
Paid-up capital,
$15,000,000.00
Sterling reserve fund, £1,500,000 at
ex 2/..
Silver reserve fund,.
Marine insurance account,
15,000,000,00 18,500,000.00 250,000,00
Notas in cironlation --------
Authorised issue
against securities and coin deposited with the Crown
Agents for the
Colonies and their
Additional issue au-
trustees....... .....$15,000,000.00
thorised by Hong-
kong Ordinances
against coin lodged with the Hongkong Government,...800 280 29.
Current acopunts,
Silver,
Gold 25,442,819. 5.
11d.
Fixed deposita,
Silver, Gold, e$,747,740. 8g.
1.473,278.00
16,473,278.00
$84,812,175.01
61,380,696.00
145,692,871.89
..$56,385,246.70
...................... £5,576,990.53 Bills payable (including drafts on Lon
don bankers, call loans and short sight drawings on London office against bills receivable and bul- lion shipments), Profit and loss gocjunt,..
109,963,187.23
19,498,485,54
HONGKONG AND WHAMPOA DOCK COMPANY, LIMITED.
The report of the Board of Directors to be submitted to the ordinary half yearly meeting of shareholders, to be held at the offices of the Company, Queen's Buildings Hongkong, ou
is Monday, the 24th August, at noon ..A follows :-
To the shareholders of the Hongkong and Whampoa Dook Company, Limited.
Gentlemen,-The Directors have now to sub- mit to you their report, with a statement of accounts for the half-year ended 30th June, 1908.
The net profit for the six months, after paying interest due and sil charges, amount to
Value of Aberdeen docks, as per last
statement.........
Value of Kowloon docks as
per last statement......2,508,455.00 Amount paid on account of
boiler shop extension, moulding shop, fire en- gine and wreeking store, additions to plant and installing same
No. 1 Dook Extension Account. last Amount paid sa per
57,886.08 statement.... Amount expended during six months 1st January to 30th June, 1908
29,905.70
87,791.18
803,066.92
Cosmopolitan. Value of Cosmopolitan dock, as per last statement Amount paid erecting New
Iron Store... ... ... ..... 188 12. 4,598.09 Value of tags, dredgers, launches, lighters
and 8.8. Sorsogon Sundry debtors.
Vaine of material expended Vaine of material on hand
on work in progress ...............
...8274,577.68
To interest
to which has to be added the balance brought forward from last so- count
**
207,608.96
525,592.95
408,416.01
4
117,809.69 1,869,469.48
-1,486,778.17
$5,881,885.86
57,110.89
4,078.50
8,059.75
39,180.45 3,068.87
REVENUE ACCOUNT,
To Crown rent. .............................................................................. 16144 To åre insurance 441,442,51 | To office expenses, salaries, stationery
and rent of head offos
$716,020,19 | To telegrams..
Auditor's fees
and from this have to be deduḍted---
Directors' fees
$10,000,00
750.0
To legal expenses
To marine insurance account..............................ELACION To profit
10,750,00
5,403,917.87 leaving available for appropriation...$705,270.19 By net earnings
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