February 20, 1909.].
ASSETS.
Aberdeen
+
Value of Aberdeen Docks, as per
last Statement
Kowloon
Value of Kowloon
Docks as per last Statement
$2,575,820.00
CHINA OVERLAND TRADE REPORT.
It is proposed to apportion this sum as
follows:-
Dividend of $6 and Bonus of $2
151
$100,000.00
per share on 20,00 shares To add to Extra Reserve Fund, which will then stand at $438,668.10
$160,000.00
Hongkong Hotel Co., Limited debentures S'hai Land Investment Co., Ld., debentures Shanghai Waterworks Co, Ld., debentures
50,000.00
49,877.40
8,472.22
Bonus to Office Staff
92,570.35 | Shanghai Club deben-
6,155.33 tures...
6,586.62
$258,725.68
Shares in Public Com-
panies
200,100.00
402,571.39
Less Amount since
written off...
Amount paid
on
account of Boiler Shop Extension, Boiler Smith's shed, Shipyard Extension, Fire Engine and Wrecking Store
65,820.00
$2,510,000.00
and additions to
yard plant
36,927,00
Amount paid as per
2,546,927,00
No. 1 Dock Extension Account
$87,791.78
last Statement
Amount expended during 6 months 1st July to 31st December, 1908...
12,445.82
Cosmopolitan.
100,237.60
Value of cosmopoli- tan dock, as per last statement
307,602.95
Less amount since
written off
4,602.95
303,000.00
Value of tugs, dredgers, launches
and lighters
505,282.89
Sundry debtors
300,879.31
Value of material
expended on work
in progress
$121,371.47
Value of material
on hand
1,298.894.60
$ 5,276,592.87
REVENUE ACCOUNT. 31st December, 1908.
To amount paid during 6 months reconstructing caisson No. 3 dock, and repairing docks, slips and buildings after tpphoon of July 1908
To interest
1,420.266.07
$ 7,991,70 56,081.63 4,073.05
To crown rent
To fire insurance
5,258.06
To Office expenses, salaries, sta-
tionary and rent of Head Office
30,633.44
To telegrams,
1,891.80
To legal expenses
252.50
To Marine Insurance account
10,171.20
To profit
261,981.53
$378.334.91
By net earnings
1908. The Balance at Credit of Working Account at the close of this year $375,341.77.
DIRECTORS.
WBS
Messrs. A. G. Wood and A. Fuchs resigned their seats on leaving the Colony and Messrs. J. W. C. Bonnar and C. Brodersen were appointed to fill the vacancies, and on the regrettable death of the latter, Mr. H. A. Siebs was asked to occupy the vacant seat. These appointments require the confirmation of shareholders.
Messrs. Shellim and Friesland retire by rotation, and, being eligible, offer themselves for re-election,
AUDITORS.
Messrs. W. Hatton Potts and A..R. Lowe have audited the annexed accounts and offer themselves for re-election.
E. SHELLIM, Chairman.
WORKING ACCOUNT.
1st January to 31st December, 1908. Dr. To Charges account:-
Rent, salaries legal and
surveyors' fees, taxes,
stamps, stationery, &c. $42,581.23 Directors' and Auditors'
fees
To Commission account: Agents' commissions
To Exchange account:- Difference in exchange
To Losses account 1908: Claims after deduction
of re-insurances
To Amount written off: Furniture account..
To balance
.
$7,400.00
Cr. By Premium account: Premium after deduc-
tion of ro-insurances By Interest account: Amount at credit, in- cluding interest due
on deposits and invest- ments, &c.
By Transfer Fee account: Amount at credit
$49,981.23
Loan On Mortgage : On properties in
Hongkong
..$1,467,300,00
On properties in Sha-
meen, Canton
150,000.00
Furniture Account:- Office furniture, &c. Account Receivable : Premia due from agencies,
terest due on desposits and in- vestments, &c.
1,617,300.00
700.00
133,390.65,
$2,503,093.14
COMPANY MEETING.
LAOU KUNG MOW COTTON SPINNING AND WEAVING CO., LD.
The fifteenth ordinary general meeting of the above Company was held at Shanghai on the 12th inst. There was present Messrs. F. Anderson (chairman), J. M. Young and C. Michelau, directors; H. Fooks, A. Murphine C. Selby Moore, R. Spunt, J. Spunt. A. E. Charlton and Ping Ur, shareholders. The total number of shares represented was 1,135.
The Chairman said :-The Report and Accounts have now been in your hands for some time and with your permission we shall follow 79,151.50 the usual custom and take them as read.
The past year may be divided into two parts 1,148.20 as regards cotton spinning-the first part up to about the middle of September, throughout which we were spinning the raw material of the ... 136,624.08 1907 crop, and from then up to the end of the year when we spun entirely the new season's 59.00 cotton. The first part was not a very remuner- 375,341.77 ative time from a spinner's point of view as we were unable to establish any material advance for $642,305.78 | yarn, whilst we had a continually hardening cotton market to deal with, but towards the end of the year, cotton declined, and we were able to get $481,557.93 better prices for our yarn thus making the eventual out-turn of the year better than we had expected up to the late autumn.
135 84
$642,305.78
Balance Sheet, 31st December, 1908.
Capital account $378,334.91 Reserve fund
$378,334.91
THE CHINA FIRE INSURANCE COMPANY, LTD.
The report for presentation to the share- holders at the fortieth ordinary meeting to be held on Thursday, the 4th March, is as follows:— The Directors have now the pleasure to sub- mit their annual report and statement of the Company's accounts made up to 31st December last.
1907.
The balance at credit
of working account
as per last report was $372,432.78 Add premia since re-
ceived
T1
LIABILITIES.
Extra reserve fund Investment fluctuaction account
Account Payable:
$160,000.00
96,684.27
Dividend for 1907 Losses outstanding and
sundries
Working Account, 1908: Balance at credit
ASSETS.
Cash at bankers
Fixed Deposits at banks :— Hongkong and Shang- hai Bankg. Corpn.... Chartered Bank of
I. A. & C.
At the present time the indications are again in favour of high prices for cotton towards the 160,612.01 close of the season. Chinese report that the crop will prove to be short of last year; more mills are working day and night, which of course means increased consumption; the export to Japan to date is about 300.000 piculs short of the corresponding period of last year, and Chinese in the country are so well off that they are in no hurry $400,000 00 to bring forward supplies. Some mills, antici- 1,000,000.00 pating a shortage towards the end of the season 438,668.10 have contracted for moderate quantities of Indian 32,399.00 | cotton, but spinners in China are severely handi- capped by having to pay import duty on this raw material, in addition to excise duty when it is spun into yarn. We hear a great deal about projected reform in China, but whilst in many cases it is difficult to introduce reform, we have here a case in which it could be brought about by a stroke of the pen; perhaps as foreign im- porters it is to our advantage that China should remain the only country in the world whose tariff is hostile to industrial development, and in favour of foreign competitors, but as residents interested in the develop ment of Shanghai we can only regret that this shortsighted policy on the part of the Chinese should still prevail.
256,684,27
... 375,341.77
$2,503,093,14
148,819.82
30,000.00
Mercantile Bank of
71,748.05
India, Ld.
20,000.00
$444,180.83
International
Bank-
Deduct claims paid in
ing Corpn.
75,000.00
1908 ...
$136,184.41
Deduct return premia,
Investments:-
&c., &c.
49,270.74
Balance of profit
་་་
$185,455.15
$258,725.68
Chinese Imp. Govt. E.
Bonds Hongkong Club de-
bentures
$60,335.15
27,200.00
$75,311.28
273,819.82
As for this year we have begun well; we have sold our production up to the end of April and have fully covered ourselves as regard cotton- we have cotton in stock for a good many months ahead. The old trouble of adulteration by moisture continues to flourish unchecked and all appeals to the native authorities to suppress it are in vain.
Turning to the accounts there is one item which requires some explanation; when the mill was started we built Chinese houses near the mill for our workpeople, but experience has shown
No comments yet.
Private notes are available after approval.