194
PROFIT AND LOSS ACCOUNT
for the Year ending 31st December, 1908.
Dr.
To Consulting Committee's
Fees
THE HONGKONG,WEEKLY PRESS AND
Dr.
Balance Sheet, 31st December, 1908. LIABILITIES.
To Capital, 60,000 fully·
paid up shares at $50..$3,000,000 Less 776 shares not
issued
38,800
To Estate of Sharp (deceased)
$ 800.00
To Auditor's Fee
100.00
To Depreciation
Pipes and Staging
Stock...
$3,000.00 250.00
Mortgage...
3,250.00
To Reserve fund
To Bad Debts
45.00
To Loss on Book value of...
Launch sold
To Balance
By Balance from last...
To Insurance fund... To Depreciation and Repairs 2,257.86 account 29,971.31 To Hongkong & Shanghai Bank-
ing Corporation
$36,424.17 To Sundry creditors
Cr.
account
$.111.22
By profit on trading for
the year
35,024.63
By interest
By transfer fees
1,244.32 44.00
$36,424.17
THE HONGKONG AND KOWLOON WHARF AND GODOWN CO., LD.
The report for presentation to shareholders at the twenty-second ordinary annual meeting to be held at the Office of Messrs. Jardine, Matheson & Co., Ld., on Wednesday, the 10th March, is as follows:--
The Directors beg to submit to shareholders their report with a statement of accounts for the year ended 31st December, 1908.
The profit on working was $243,713.58, as compared with $350,290.37 in 1907.
The balance at credit of Profit and Loss account, including 83,556.81 brought forward from last year, and after deducting Directors' and Auditors' fees and allowing for amounts expended in repairs, dredging and upkeep of property during the year, amounts to £81,055.67, which it is proposed to appropriate as follows :----
To write off Lighters...
50,000.00 To write off Stores...
953.11
To carry forward to new account... 30,102.56
$81,055.67 Business during the year showed a continua! falling off, especially in the storage of yarn and piece goods.
A contract has been made with the Hongkong and Whampoa Dock Co., Ld., for the rebuilding of No. 1 Wharf, which was destroyed in the 1906 typhoon.
A new heavy-weight steam crane was pur- chased in England, and a second-hand one acquired locally; no additions were made to launches and lighters.
Repairs to the extent of $26,151.86 were necessitated by the severe typhoon which visited the Colony on the night of July 28th. The repairs caused by the 1906 typhoon were com- pleted during the year.
To meet the requirements of the deep-draught steamers now visiting the port, it was found necessary to dredge round the Wharves, The Hongkong and Whampoa Dock Co.'s dredger Canton River was employed for, the purpose.
DIRECTORS.
Mr. G. H. Medhurst, Mr. A. Fuchs, Mr. A. J. Raymond and Mr. A. G. Wood, resigned on leaving the Colony, while Mr. C. Brodersen was removed by death. Mr. E. A. Hewett also resigned on leaving the Colony, but rejoined the Board on his return, Mr. F. J. Abbott serving during his absence. Mr. E. G. Barrett, Mr. C. S. Gubbáy, Mr. J. W. C. Bonnar, Mr. C. Brodersen and Mr. W. Helms joined the Board. These appointments require confirmation.
Mr. E.-hellim and Mr. A. S. D. Cousland retire in rotation, according to the Articles of Association, but being eligible, offer themselves for re-election.
AUDITORS,
Messrs. W. H. Potts and A. O'D. Gourdin have audited the accounts now presented and offer themselves for re-election.
W. J. GRESSON,
Chairman.
Hongkong, 24th February, 1909.
|
To Unclaimed dividends To Balance of profit and loss
account
Cr.
By value of land and
Buildings at Kow-
loon as per last account .. Since expended
[March 6, 1909. COMPANY MEETING,
THE CHINA FIRE INSURANCE CO. LD
$2,961,200.00
THE fortieth ordinary meeting of shareholders in the China Fire Insurance Company, Ltd., was 156,951.00 held at the Company's offices, No. 3, Queen's 550,000.00 Road Central, on the 4th inst. Mr. E. 40,000.00 Shellim presided, and there were also present the Hon. Mr. H. A. W. Slade, Messrs. R. Shewan, 26,806.55 J. W. C. Bonnar, G. Friesland, W. Helms and H. A. Siebs (directors), C. Pemberton (secre- 757,936.82 tary), A. Forbes, A. Turner, A. H. M. da 243,862.97 Silva, J. M. E. Machado, P. M. Hodgson, 3,694.50 S. G. Newall, H. F. Hickman G. Gazdar
and Chan Pat.
81,055.67
$4,821,507.51
ASSETS.
By value of Wharves at Kowloon as per last account Since expended on
new wharves
By value of Railways and Rolling stock at Kowloon as per last account
Since expended
new rails, &c.
on
$3,218,383,07 3,287.59
$235,705.22
87,998.09
$91,030.73
6.321.14
By value of Launches as per last
account ་་་ By value of Lighters as per last
account ...
By value of machin-
$137.768.48 29,984.26
ery and plant as per last account Since expended
By value sheer legs as per last account By value of land and buildings at
West Point......
By value of West Point Wharf By sundry debtors
By H'kong & S'hai Bank (un-
claimed dividends)
By value of coal on hand By value of timber, iron and
stores on hand
By 1 share Union Ins. Society
of Canton, Ltd....
-$3,221,670.66
The SECRETARY having read the notice calling the meeting,
The CHAIRMAN said-Gentlemen, the Directors' report and statement of the Company's accounts for the past year having been in your hands for some time, I will now, subject to your approval, adopt the usual course, and take them as read. Before proceeding with the business of the meeting I have to refer with deep regret to the great loss we sustained in the untimely death of our late Secretary, Mr. G. L. Tomlin. He had been in the service of the Company for just on 28 years, and we are indebted to him for valuable services in the past. I have also to express on behalf of myself and the Board our sorrow at the death of Mr. C. Brodersen, who 323,703.31 had only recently joined the Directorate. Turning now to the Accounts, it is pleasant to be able to report that the year 1907 in spite of unusually heavy losses, turned out favourably, leaving us with a balance of $258,725.68. This enables us to recommend to you a dividend of $6 and a bonus of $2 per 97,351.87 share, absorbing $160,000, an addition to Extra Reserve Fund of $92,570.35, bringing this Fund 70,452.50 up to $438,668.10, and a Bonus to the Staff of $6,155.33, which, I trust, will meet with your 495,182.61 approval. Our Investments in. Shares appre- ciated considerably, and this accounts for the increase of $18.596.40 shown by Investment Fluctuation Account. The balance at the credit of Working Account 1908 is $375.341.77, 167,752.74 which is a slight increase on that of
last year,
and the largest sum yet car- 30,000.00 ried forward. Our Premium and Interest Accounts both show satisfactory gains, the 263,153.88 former of $39,335.33 and the latter of $7,309.17.
9,092.24 Fires were very numerous during the year, more. 131,778.41 especially in Shanghai where the number in European godowns and buildings was particu- 3,694.50 larly noticeable and three large European 3,709.25 | manufacturing risks were destroyed. While being interested in all these, we were not, I 30,515.54 am glad to say, heavily involved in any one. The Company's Surveyors have reported on our 460.00 advances under Mortgage Loans, and I am happy to inform you that, except in one or two $ 4.$21,507.51
cases which are now being dealt with, the same are satisfactory. During the year we extended the field of our operations to New Zealand, where, working on conservative lines, we hope 62.518.10 to do well. Before closing I would like to men- 10,500.00 tion that we as a local Company look for local support and I would especially ask shareholders 11.218.00 to bear us in mind when they have insurancès to 19,544.02
effect. I will now move that the Directors' report 26,151.86 and statement of accounts for the year 1908 as 81,055.67 presented be adopted. After this has been seconded I shall be pleased to answer any ques- $248,267.89 tions that may be put relating to the business
before the meeting.
PROFIT AND LOSS ACCOUNT. Cr.
To interest To Directors' and Auditors' fees
To repairs and renewals
To dredging round wharves To 1906 typhoon repairs, balance To 1908 typhoon repairs
To balance
Cr.
By balance from last account By nett earnings for 1908 By unclaimed dividends forfeited By transfer fees
...
37.280.21
3,556.81
243,713 58
673.50 324.00
$248,267.89
SHANGHAI DIVIDENDS.
The Directors of the hanghai and Hongkow Wharf Co., Ld., will recommend at the annual meeting the payment of a final dividend of Tls. 6 per share for the
year 1908
The Directors of the Shanghai Waterworks Co., Ed., will recommend, subject to audit, a final dividend of thirty shillings (30s) per share, at the exchange of 2/3, for the past year.
Mr. TURNER-Before seconding the adoption of report I should like to endorse your remarks with regard to our late Secretary. I have known him personally in connection with the Company for 25 years, and I am quite sure that every one connected with the Company will deeply regret his loss. As far as the report is concerned, I think it is a particularly good one, and if this is a specimen of what we can do in bad times, I think shareholders have every reason to congratulate themselves. I beg to second the motion for the adoption of the report with pleasure.
No questions were asked, and the report was adopted nem. con..
The appointment of Messrs. J. W. C. Bonnar and H. A. Siebs to the directorate was confirmed on the motion of Mr. FORBES, seconded by Mr. HODGSON.
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