April 26, 1909.]
and we therefore recommend the payment of an interim dividend of $3 per share on account of 1908 and a bonus to contributors of 20 per cent carrying forward the balance.
Mr. EDE proposed that Messrs. C. R. Lenzmann and W. Helis be re-elected Directors.
Mr. HUNTER seconded and the motion was carried.
On the motion of Mr. EDE seconded by Mr. CARVALHO, Messrs. H. U. Jeffries and A. R. Lowe were re-appointed Auditors.
Mr. EDE proposed the confirmation of the election of the following members to the Directorate: Messrs. C. S. Gubbay, A. Forbes. H. A. Siebs and G. Friesland.
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Mr. ROUSE seconded and the motion was agreed to.
The CHAIRMAN-That, Gentlemen, is all the business. Dividend warrants will be sent out to-morrow.
EXTRAORDINARY GENERAL MEETING
An extraordinary general meeting was held at the conclusion of the annual meeting the same shareholders being present.
The SECRETARY read the notice convening the meeting.
Me-
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CHINA OVERLAND TRADE REPORT.
ધૈ dividend of 10
The CHAIRMAN said. Gentlemen. The existing Memorandum and Articles of Associa tion of the Company have lately been the subject of your Directors' attention. The Company was founded as long ago as 1865 when, what is now deemed old fashion moranda of Association wore in vogue. The Union Insurance Society of Canton, Ld. have just passed a resolution with a view of bringing their Memorandum and Articles of Association up to date. It is very convenient that the constitution of this Aompany should be on all fours with that of the Union Insurance Society of Canton. Ld.. and it is proposed to give effect to this by the amended form of Memorandum and Articles now before you. will now
put the resolution :---That the Memorandum and Articles of Association of the Company be respectively extended, altered and amended so as to read as shown in the print signed for the purpose of identification by the Chairman of this Meeting and that such ex- tended, altered and amended Memorandum and Articles of Association be heuceforth adopted as the Memorandum and Articles of Association of shareholders I tion of the Company to the exclusion of those heretofore prevailing."
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Mr. ROUSE seconded and the motion was carried unanimously.
The CHAIRMAN-That completes to-day's business Gentlemen. I am obliged to you for your attendance. There will be a Confirmatory Meeting on 7th May at 12.45 p.m.
HONGKONG ELECTRIC CO., LD. The twentieth ordinary general meeting of shareholders in the Hongkong Electric Co. Ld.. was held at the Company's offices, St. George's Building, at noon on April 24th. Mr. J. W. C. Bonnar presided, and there were also present Messrs. E. G. Barrett (directors), W. H. Wickham (General Manager) Dr. J. W. Noble, and Messrs. II. F. Carmichael, J. Owen Hughes, G. J. B. Sayer, E. W. Terry, Leung Yan Po, R. Robarts, O. Baptista, L. E. Ozorie, To Tso Hing, and Leung Wing Sang.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said:-Gentlemen the report and statement of accounts having been in your hands for some days, I propose, with your permission, to take them as read. Your directors have pleasure in submitting these accounts, showing as they do, the results of a successful year's working. The balance at the credit of working account amounts to $152,381.49, as compared with $156,599.32, the result of the previous twelve months' working. At the first view this would seem to point to a retrograde movement in the affairs of the Com- pany, but such can hardly be considered to be the case when the facts are examined. It will be in the recollection of shareholders that the Company reduced their scale of charges for electric power at the commencement of the year under review, entailing an immediate loss of some 15 per cent. in the revenue derived from this service. You will also notice that the amount charged for agency and office expenses has this year been increased to $8,000 from the figure
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coming winter. Gentlemen, all these alterations and extensions, which are advisable in order to maintain the efficiency of the company's service will, of course, entail a considerable amount of expenditure on capital account. it has not been necessary so far to call for fresh Fortunately,
capital and you may rely on your Directors doing everything in their power to postpone increasing the capital of the company for as long as possible. Before proposing the adoption of the report and accounts, I shall be pleased. to answer any questions that shareholders may wish to ask.
No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts as presented.
Dr. NOBLE seconded, and the motion was agreed to.
On the motion of Mr. SAYER seconded by Mr. ROBARTS, Messrs. J. W. C. Bonnar and E. G. Barrett were re-elected to the directorate.
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The confirmation of the appointment of the Hon. Mr. W. J. Gresson to the Board of Directors in place of Mr. H. Keswick, was agreed to on the motion of Mr. Hughes, seconded by Mr. Carmichael.
Messrs. W. Hutton Potts and J. Cox
motion Edwards were re-appointed auditors on the LEUNG YAN PO.
Mr. TERRY, seconded by Mr.
The CHAIRMAN-That is all the business, gentlemen, I am much obliged to
for your you attendance. Dividend warrants will be ready on Monday, and can be had-on application.
of
THE YANGTSZE INSURANCE ASSOCIATION LD.
ANNUAL MEETING.
The nineteeth ordinary general meeting of the abole company was held at Shanghai on the 16th inst.
Mr. J. M. Young, (Chairman) presiding over shares. an attendance of shareholders representing 9,046
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of $6,000, at which it has stood since the Com- pany's year ending 30th April, 1903. Your Board have sanctioned this increase on account of the considerable extensions in the Com- pany's operations that have taken place in the meantime. When I mention that in the inter- val of six years the number of the accounts issued annually for collection havo nearly trebled, you will realize that this entails a larger expenditure both for clerical assistance and for shroffs, and I trust this increased remuneration to theagents will meet with the approval of share holders. Turning to the profit and loss account, the balance at credit, including the amount brought forward from last year, amounts to $161.702.92. After deducting $3,000 for direc tors' fees, a sum of $158.702.92 remains avail- ablo for appropriation, which your directors propose to deal with as follows:-To pay per cont.. say $1.00, per share on 60,000 shares, $60,000.00; to pay a bonus of 2 per cent., say 20 cents, per sharo on 60,000 shares, $12,000.00; to write off plant account for depreciation, $66,382.15; to write off property account for depreciation, $11.043.99; to pay a bonus to staff, $4,081.30; to carry forward to next account. $5,195.48; mak ing a total of $158,702.92. I trust this posal will have your sanction and approval. pro- following out as it does the policy which your Board has consistently adopted for many years past and to which the continued prosperity and progress of the company and the mainten- anco of the dividend to shareholders may be largely attributed. The success of the now Diesel engine plant renders it essential to write off a substantial amount from the value of the older steam plant and the changes and alterations we propose making in the near future in the station buildings renders it equally necessary to write down buildings and property. Some shareholders may have noticed the omis sion from the report of the usual statement of the equivalent number of lamps, &c., connected to the company's system. This arises, not from any desire to withhold information on the point, but because owing to recent changes, and amongst these the introduction of metallic fila ment lamps. it is impossible to say with any approach to accuracy what is the equivalent number of lamps connected. For the informa- may say that the rate of increase in the amount of electric power sold to consumers shows a distinct ad- vance over that of the previous year and this extended use may no doubt be attributed in some part to the reduction in charges before mentioned. As regards the prospect for the present year, the extended use of the more econ- omical metallic filament lamps may for a time result in a decreased consumption of electric current, but I trust that any falling off in this respect will be more than compensated by the connection of new consumers who may be ex- pected to be attracted by the lessened cost of electric lighting. The number of electric lifts and are lamps connected remains the same us last year, viz., 24 and 85, respectively. The erection and adjustment of the two Diesel alternator sets, in progress at the date of our last annual general meeting, was subject to various delays so that the sets were not brought into regular work ing until July last. With the exception of minor troubles, which have been or are in process of rectification, the sets have given satisfactory service and the economy in fuel cost resulting from their use 'has justified their adoption. Your Board have therefore sanctioned negotia, tions for the purchase of a third set of similar power, and trust if all goes well that this set may be in course of erection this time next year. In order to provide room for this set we hope to dispose of two of the old steam sets Re-insurance Fund. Has been increased and it is intended during the coming winter during the year by $45,37303 and after adding to complete the reconstruction of the engine the $50,000 recommended room, partially carried out in 1907.
in the Report, The will amount to $294,4 5.52 against $199,032.49 completion of this work has had to be de- this time last year, which you layed until after the erection and bringing doubt
will no
into service of a
satisfactory. In my re new switchboard which marks at the last may be expected to be delivered shortlying I informed you that we
annual general meet. During the last winter cables have been laid,
had won our extending the Company's distribution system reinsured part of the Association's line by the case against one of the London Companies that as far as West Point, where we hope to get a number of new consumers amongst the Chinese. This extension, now being connected up, dis- places a portion of the old overhead distribution, and further extensions of a like nature are in contemplation to be carried out during the
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The notice concern ing the meeting was read. The Chairman: Gentlemen-The report and
1908, having been in your hands for some accounts for the year ending on December 31, time may, I presume, be taken as read but before formally proposing the adoption and passing of the same I beg you premis- sion to make a few remarks as usual on the occasion of our annual general meeting on the course of our business since we met on April 28 last year Your directors are very pleased to be able to present accounts show- ing what they feel sure you will consider very satisfactory results, especially in a year charac- terized by almost universal depression in busi- ness all the world over and which still exercises its baneful influences in many directions. The balance at credit of working account 1907 & former years is $284.928,77 against $128,802.74 the previous year, and as stated in the Report dividend of 20 per cent on the whole of the Paid- the directors recommend the payment of a up-Capital of 12,000 Shares, viz.:-812 per share, which will absorb $144,000, to place $50.000 to the credit of Re-insurance Fund, and 30,000 to credit of Building Reserve Fund and to carry forward the balance of $80,928,77 which is [considered ample to meet any claims outstanding against 1907 and years previous.
Reserve Fund. This Fund remains at $1,000,000. As I stated, however, at last year's Meeting, it is the intention of your Directors to resume making additions to same when we have built up our other Reserve Funds suffi- ciently
str.
consider
Nigretia which was captured by the Japanese during the war, but the reinsuring Company had appealed against the decision of Judge Bigham. I am pleased to be able to inform you that the decision of the Appeal Court was in favour of the Association, so that
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