April 3. 1909,]
COMPANY REPORTS.
SHANGHAI GAS COMPANY LIMITED. The Report for 1908, (being the 45th, since the origin of the Company,) is as follows :--
The Report and Statement of Accounts for 1908, now presented by the Directors, testify to the continued prosperity of the Company.
CHINA OVERLAND TRADE REPORT.
resigned owing to his absence from Shanghai, and the Board invited Mr. A. Hide to fill the firmation at the Ordinary General Meeting. vacancy. Mr. Hide's appointment requires con-
Mr. J. M. Young retires, but being eligible In accordance with the Articles of Association,
offers himself for re-election.
AUDIT. Mr. H. W. G. Hayter was appoint- ed by the Directors to fill the place of Mr. W. H. Anderson who left Shanghai. and Mr. J. E. Bingham offer themselves for Mr. Hayter election as Auditors.
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Gensburger, J. J. Judah, H. J. Clark, William Lunt, 8. 8. Benjamin, Barnes Moss, P. Crigh Kadoorie, A. L. Anderson and Brodie A. ton, Duncan Glass, T. Pemberton, R. E.
Clark.
The CHAIRMAN said: Gentlemen,-The Report and Accounts have been in your hands for some days and with your permission we will take them as read. Under the con“ Directors hope that the result of our working ditions of trade prevailing during last year your for 1908 will be considered by you as not alto- gether unsatisfactory. Our earnings, it is true,
The higher cost of carbonising material, in- creased expenses and the loss which, for the first time, was incurred in the Company's Fitting business, were fully counterbalanced by the increased Sales of Gas, and the Working THE YANG-TSZE INSURANCE ASSO show & large falling off, but that, I think, may
Account for the year shows & profit of Tls. 241,193,13, or practically the same as that for 1907.
The net profit for the year, however, amounted to Tls. 219,162.58, a decrease of Tla. 29,788.92, as compared with 1907. This result was almost entirely occasioned by the incurred on cost of the recent extensive additions to the Com- pany's Plant, and it is evident that until such New Plant is working to its full capacity, the Company cannot expect to reap all the profits to be derived therefrom,
The Directors have considered it advisable to write down considerably the stocks of materials held in certain departments, and to enable them to do this they have appropriated from Renewals and Depreciation Account the sum of Tls. 30,000.000.
The balance at credit of Profit and Loss Account, after crediting the account with Tls. 6,603.65, carried forward after appropriation of the profits for 1907, and with the Tls. 30,000 above alluded to, and deducting the amount of Interim dividend at the rate of 7 per cent. (Tls. 84,000), paid on 25th July last, amounts to Tls. 171,766.23, of which sum the Directors recommend appropriation as follows:
To pay a final dividend for the
year 1908 on 24,000 shares
at 6 per cent. (making 13
per cent. for the year Tls.
3.00 per share
To write off for de- preciation of Land and Buildings
To write off for
of
depreciation Manufacturing and Distributing Plant...
To write
off for
depreciation of
Furniture ...
Tls. 894.13
94,246 42
319.21
Tls. 72,000.0)
95,459.79 4,306.43 in-
To carry forward to new account
CONSUMPTION.-Private consumption creased 25,999,900 c. ft. or 5.77 per cent. The increase in Gas used for Public Lighting has been 658,238 c. ft. 4.17 per cent.
GAS ENGINES.--The number of Gas Engines in use is 113, and the increase in Gas used for power amounted to 3,127 400 or 6.21 per cent.
COAL, &C.-Tons 2829.1.0. more carbonising material were used than in 1907 and 36,387,900 cubic feet more gas were produced.
RESIDUALS. The Market for the Company's residuals has been satisfactory and apart from coke, of which a largely increased quantity has been used for maunfacturing purposes, there has been considerable increase in profit in all products.
CIATION, LIMITED.
The report for presentation to the nineteenth ordinary general meeting of shareholders, on Friday, the 16thpril. 1909, at 4.30 o'clock p.m., precisely is as follows:-
The Board of Directors have now the pleasure to submit to the shareholders the annual report and audited statement of accounts and balance sheet to the 31st December, 1908.
Working Account 1907 and Former Years. This account shows
a credit balance of $284,928.77 against $128,802,74
on 31st December, 1907. The Directors recommend the payment of a dividend to shareholders of 20 per cent. out of this account, and the transfer of $50,000 to the credit of re-insurance fund and $10,000 to the credit of building reserve fund.
Dividend of 20 per cent
...$144,000.00
(-$12 per share) To re-insurance fund... To building reserve fund... Balance carried forward
|
50,000.00 10,000.00 80,928.77
$284,928.77
Working Account, 1908.-The net premia earned during 1908, after deducting return premia. r/insurance premia etc.. amount to $1,131.513.63 against $920,085.14 during 1907, and the account shows & balance at credit of $743,637.03. The Directors recommend the payment of a special dividend of 5 per cent$3 per share, to be paid out of the interest earned, which will absorb $36,000 and to carry forward the balance of $707,637.03.
The dividends will be paid in Taels at exchange 73, $15 per share at exchange 73 Taels 10.95 per share.
Reserve Fund.--This fund remains unchang. ed and stands at $1,000,000
Re-insurance Fund-fter crediting this fund with $50,000 as recommended above, it will amount to $291,405.52.
Exchange and Investment Fluctuation Alc- count. This account has been increased by $114,076.33 and now amounts to $199,234.10.
demand rate on 31st December, 1408) and the Sterling Exchange has been taken at 2/3 (the relative value between dollars and Taels at 73.
Investments.-The value, on 31st December last, has been taken for all the Association's Investments,`
1
Directors. In accordance with the Articles of Association, the present Directors all retire from office, but being eligible, offer themselves for re-election.
Auditor.--The accounts have been audited by Mr. G. H. Thomson. Messrs. G. H. and N. Thomson, chartered accountants, offer them- gelves for election at the meeting as auditors for the current year.
By order of the Board of Directors,
W. S. JACKSON,
Secretary. Shanghai, 20th March, 1909.
be attributed to the trade of the port and not to any inability on our part to compete for and secure our full share of whatever business may be offering. I would like to point out that the number of steamers we have handled during. the year was 91 home steamers, 636 coasting because they brought much smaller cargoes than steamers and 306 coal steamers; and it was only in normal times, that we did not make more out of them. You will also remein ber that I pointed out to you at our meeting last year, that storage was one of our chief sources of income and it is unnecessary to explain to you who are so well there has not been the cargo here to store during aware of the trade position of Shanghai, that the past few months. I noticed the other day that attention was called to the failure of this Company to write anything off for depreciation, and this, I consider, a very misleading state- ment. As you are well aware, we annually place a large sum of money to the credit of repairs account and that money spent in keeping the Company's property in a service- able condition. We have spent during the past twelve years an average of Tls. 36,000 annually on repairs, and I am glad to be able to assure you that the wharves and godowns and improvement in the general trade of the port steam launches are in excellent order. It is an
that we want, and whether we may look for an judge as I am. There is one point I would like early revival or not, you are as well able to
meeting so lately before us, and that is, that to draw your attention to with the Ratepayers' this Company pays the Municipality about Tls. 50,000 per annum in taxes and has one vote is not correet to describe a poll as altogether which is only recorded when a poll is taken; It an absentee vote. I beg to propose that the report and accounts as presented be passed.
Mr. A. MCLEOD seconded the motion. to the meeting remarked that he would-be The CHAIRMAN before submitting the motion pleased to answer any questions.
There were no questions and the motion was carried unanimously,
The CHAIRMAN-I beg to propose "That a amounting to Tls. 216,000." final dividend of Tls. 6 per share be paid
Mr. MACRAY seconded the motion which was carried.
seconded by Mr. F.. de St. CROIX, the Board On the proposition of Mr. P. CRIGHTON; and
of Directors were unanimously re-elected.
Messrs. G. R. Wingrove and H. W. G. Hayter ELIAS, seconded by Mr. MICHAEL. were re-elected auditors on the motion of Mr.
and I thank you for your attendance. The The CHAIRMAN:-That is all the business dividend warrants will be sent out at once.
A DISTINGUISHED VISITOR.
FINANCE.-Early in the year the Directors decided to provide the funds necessary for the payment of balance of cost of the New Plant, by the issue of further Loan Capital in preference to increasing the Share Capital. To enable this to be done it was necessary to consolidate the whole of the Debenture Issues of the Company, and steps to effect this were taken. It was decided to create a new issue of 6 per cent. Debentures of not more than Tls. 1,250,000, of which, in the meantime Tls. 400,000 should be SHANGHAI AND HONGKEW WHARF Excellency the Governor, and escorted to
applied to the redemption of existing issues, and a further amount, not exceeding Tis. 400,000 should be issued as required. Practically all the holders of existing debentures have agreed to accept the new debentures in place of those now held by them, and of the residue a consider able portion has already been placed.
DIRECTORATE. Mr. P. F. Lavers returned to Shanghai in May last, and resumed his seat on the Board, Mr. E. E. Clark having resigned on leaving for England. Mr. Laves has since
COMPANY MEETING.
CO., LTD.
The annual meeting of the Shanghai and Hongkew Wharf Co., Ld., was held on the 23rd inst. at the offices of blessrs. Jardine Matheson & Co., Ld., Shaughai. Mr. David Landale and there were present Messrs. A. McLeod, (Chairman of the Board of Directors) presided, C. W. Wrightson, H. A. J. Macray (Directors) R. H. Elias, F. A. de St. Croix, R. J. Hardoon, J. R. Elias, J. M. Young, I. R. Michael, R. G.
On Mar. 30th His Excellency Tseng Chi, the Tartar General newly appointed to Canton, having arrived from the north by the steamer Kwongtai made an official landing in the morning at Murray Pier, where he was met by Captain Mitchell Taylor, A.D.C. to His
Government House where he was received by Sir Frederick Lugard. Afterwards he called on H. E. the General Officer (ommanding. In the afternoon Sir Frederick returned the call by visiting H.E. Tseng Chi on one of the Chinese gunboats which have arrived from Canton to conduct him to that city. Afterwards the Tartar toms, at his Peak residence. To-day H.E. Tseng General visited Mr. Harris' Commissioner of Cus-
hi will be entertained to an offical tiffin at Government House and will later visit Quarry Bay Dockyard.
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