February 1, 1909.]
PUBLIC COMPANY MEETINGS.
HONGKONG LAND INVESTMENT
AND AGENCY CO., LD.
The twenty-first ordinary meeting of share- holders in this Company was held at the om- pany's offices, Victoria Buildings, on the 28th ult. Hon. Mr. W. J. Gresson presided, and there were also present Sir Paul hater and Messrs. E. Shellim, H. P. White, C. S. Gubbay, H. A. Siebs, G. Friesland (directors), A. Shelton Hooper (secretary), J. A. Jupp, H. N. Mody, J. M. E. Machado, F. Ellis, A. Rodger, H. Percy Smith, W. E. larke and D. R. Moss. The SECRETARY read the notice calling the meeting.
The CHAIRMAN said-Gentlemen, I
ргорове, with your permission, to take the report and accounts as read. Dealing first with the balance sheet, I have to point out that our investments are practically the same as for the previous year, the differences being a slight increase in amount advanced on mortgage, some $12,000, and a decrease of $13,800 in our property investments. This decrease is due to the sale of a portion of the Godown property on Praya East formerly occupied by the Kowloon Wharf and Godown Company. The balance of the original lot is in course of conversion into dwelling houses and the laying out of a new street from Queen's Road East to Praya East. This street will be acquired and paid for by the Government. This re-development of the property was, in the opinion of your directors, rendered necessary by the transfer of the godown business to other districts. Turning to profit and loss account you will observe that our net profits on the year's working are $348,059.65 as against $364,728.05 in 1907, a decrease of $16,668.40 brought about by the additional repairs necessi- tated by the typhoon of July last. Rents for the whole year, notwithstanding the loss of $12,000 which was incurred by the godowns which I have referred to as in the course of conversion, are virtually the same as last year. In interest and charges accounts, the slight differences are, I am pleased to say, on the right side. If any further information is desired I shall be pleased to offer it, before formally moving the adoption of the report and accounts.
No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. JUPP-I have much pleasure in seconding the motion, and I think shareholders will agree that, considering the present severe depreciation in property and in, trade generally, we have every reason to be satisfied with the results put
before us.
The motion on being put was carried unani- mously.
On the motion of Mr. MACHADO, seconded by Mr. MODY, the confirmation of the appointment of Messrs. C. G. R. Brodersen, S. Gubbay and H. A. Siebs to the directorate was confirmed.
It was proposed by Mr. ELLIS that Messrs. H. P. White and H. A. Siebs should be elected directors.
Mr. RODGER seconded, and the motion was agreed to.
CHİNA OVERLAND TRADE REPORT.
Messrs. J. Cox-Edwards and H. Percy Smith were re-appointed auditors on the motion of Captain CLARKE, seconded by Mr. ELLIS."
Thank you
The CHAIRMAN-Dividend warrants will be ready on application, gentlemen. very much for your attendance.
HONGKONG LAND RECLAMATION COMPANY.
91
Marine Lot 49 has now been completed, and and there were also present Messrs. F. Ellis except for a final sum of some $11,500 due to (director), . Borrello, A. R. Ellis, A. 8. Ellis the contractor, is paid for, leaving us in posses- and A. O'D. Gourdin. sion of an area of 429,633 square feet over the The (HAIRMAN, after reading the notice whole lot. The completion of this work has convening the meeting, said-Gentlemen absorbed such funds as we had out at interest The report and accounts have been in your over and above the amounts invested in hands for mortgages, and this fact
some days, and, with your per- accounts mainly mission, they may be considered as read. We for the decrease shown on sheet under the heading of Interest.
the balance are very sorry that the account is so unfavour- No able. The result is attributed to competition, new reclamation works have been under-depression in trade, and mismanagement by the taken during the year under review, nor have last manager. Since the middle of 1907 and the any sales of land been effected. We are how-whole of last year every effort has been made to ever, able to maintain our dividend of seven reduce the stock. The accounts for the year per cent. from the balance brought forward 1908 will be ready very shortly. By the time from last account and after payment thereof of the meeting to pass those accounts I to carry forward a sum of $217,100.23, a guaran- think the general manager will be able to tee of a like dividend for some few years to give you a better idea of our prospects. come, even if no sales be made in the meantime. The mismanagement of our former secretary Before formally moving the adoption of the and manager has been explained to you before, report and accounts I shall be pleased to answer gentlemen, so it is hardly necessary that I should to the best of my ability any question you may recapitulate. If there is any other matter that wish to ask.
you require explained, I shall do my best to enlighten you.
There being no questions, the CHAIRMAN proposed the adoption of the report and accounts. Mr. PERCY SMITH seconded, and the motion was carried.
The appointment of Mr. C. S. Gabbay to the directorate was confirmed on the motion of Mr. PETER, seconded by Mr. Ho FOOK.
On the motion of Mr. Ho KOM TONG, seconded by Mr. Lo CHEUNG SHUI, Messrs. Shellim and Gubbay were re-elected directors.
Mr. Ross proposed, and Mr. SETH seconded, the re-election of Messrs. Potts and Gourdin as auditors.
Carried.
Mr. GOURDIN passed a remark inaudible to the Pressmen, to which the CHAIRMAN respond- ed-I don't think going into details would benefit anybody.
The CHAIRMAN then proposed the adoption of the report and accounts, as presented.
The motion was seconded by Mr. BORELLO, and carried unanimously.
Mr. F. ELLIS proposed the re-appointment of Mr. . O'D. Gourdin as auditor.
The CHAIRMAN-I have much pleasure in seconding the motion, and I take this op- portunity of expressing my appreciation of his The CHAIRMAN-Thank you for your attend-services, and of thanking him for the great ance, gentlemen. Dividend warrants will be assistance he has given to the Board of
Directors.
ready to-morrow on application.
WEST POINT BUILDING COMPANY.
The 21st ordinary meeting of shareholders in the above company was held on Jan. 28th at the offices, Victoria Buildings. Sir Paul hater presided and there were present Hon. Mr. W. J. Gresson, Mr. J. W. C. Bonnar, Mr. C. S. Gubbay (directors), Messrs. F. Maitland, A. H. Skelton, J. M. Machado, T. S. Forrest, Ho Kom Tong, Lo Cheung Shui.
The SECRETARY having read the notice convening the meeting,
There were no
The motion was carried unanimously. The CHAIRMAN-Thank you very much for your attendance, gentlemen. I think we can all hope for bright prospects in 1909.
STEAMSHIP PASSAGE RATES.
The following excerpt from the speech of Sir Company, at the last meeting of shareholders, Thomas Sutherland, Chairman of the P. & 0, `
East at this season of the year :— deals with a subject of interest to many in the
The CHAIRMAN said-Gentlemen, I will with your permission take the report and accounts as read. The lease of the whole of your property
Now, as you are aware, there is a surtax of 10. being still current, the gross return for rents per cent. on Passage rates which was imposed remains unchanged. Turning to the other side about a year ago by all the principal Lines in of the profit and loss account you will, however the Eastern trade on account of the great rise notice an increased expenditure under the head-in Coal and ships' stores of nearly every kind. ing "Repairs to buildings," due to the severe The question of removing this is ever before our typhoon experienced by the colony in July last, eyes but in the present state of business I
are not yet completed, and in view of the fact that those repairs cannot hold out any immediate prospect of
it being done. portion of some
The temptation is perhaps the costs thereof having to be borne on
rather the other way, namely, to incorporate the accounts for the current year, your
the surtax in the ordinary passenger tariff, directors deem it advisable to pay a slightly and at the same time to help ΟΠΣ decreased dividend for the closing half of 1908 passengers who are not too well off, by a enabling them to carry forward a somewhat cheaper service than we can afford to give them larger balance to, in part, meet the expendi- by our mail steamers, and this, in fact, we are ture, and therefore recommend a dividend of doing this very year. I have often replied to only $2 per share, which we
the criticism of certain Indian, newspapers, and with your approval.
trist, will meet
cheap passage association in India, by pointing out that, taking into account our second saloon Amount we receive is vastly short of the or- fares and our return ticket system, the net dinary first class tariff, and that calculations based on the latter are therefore purely fictitious. I have also explained that the Suez Canal dues in the case of Mail steamers are such that after allowing fully for those dues in the matter of coal and cargo capacity, the residuum deflects about £8 per head on every passenger carried through the anal by our Mail steamers, a very heavy deduction from each passenger ticket, but my explanations on such points are, of course, ignored by any newspapers which might consider it good policy to be hostile to the Company, for have they not always before their eyes the terrible fact that this Company has paid for several years 13 per cent. on its deferred stock! But this agreeable situation, if I may call it so, is due to the fact that, as everyone knows, we took a favourable The twenty-second ordinary meeting of share-opportunity some years ago to reduce our capital holders in this Company was held at the office to the lowest figure possible, and to rise capital of the General Managers in Des Voeux Road by means of debentures at a very low rate of on the 29th ult.. Mr. A. F. Arculli presided interest.
questions and the report was adopted on the motion of the CHAIRMAN, seconded by Mr. MAITLAND.
Mr. MACHADO proposed, and Mr. SHELTON seconded, the confirmation of the appointment of Hon. Mr. Gresson and Messrs Gubbay and
Bonnar as directors.
Carried.
On the motion of Mr. FORREST, seconded by Mr. MAITLAND, the re-election of Hon. Mr. GRESSON and Mr. GUBBAY as directors was approved.
The eighth ordinary meeting of shareholders in the above company was held on Jan. 28 at the offices, Victoria Buildings. The Hon. Mr. W. J. Gresson presided and there were also present The auditor, Mr. J. Cox Edwards, was re- Sir Paul Chater, and Messrs. C. S. Gubbay, appointed on the motion of Mr. Ho KOM TONG, (directors). J. H. Seth, H. Percy Smith, Aseconded by Mr. CHEUNG SHUI. Shelton Hooper A. E. Asger, Ho Fook, Ho Kom Tong, J. C. Peter, C. H. Ross, Lo Cheung Shui, E. L. Hughes, and Mowbray S. Northcote (secretary).
The SECRETARY having read the notice convening the meeting,
The CHAIRMAN said-Gentlemen. The report and. statement of accounts having been in your hands for the past week we may, I think, take them as read. The reclamation of Kowloon
The CHAIRMAN-Dividend warrants will be ready on application, gentlemen. Thank
"you for your attendance.
CAMPBELL MOORE AND CO., LD.
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