482
COMPANY REPORT,
THE "STAR" FERRY COMPANY, LIMITED.
The report for presentation to shareholders at the eleventh ordinary annual meeting to be held on Wednesday, is as follows:-
The Directors have the pleasure to submit to shareholders their report, with a statement of accounts, for the year ending 30th April, 1909.
ACCOUNTS,
The nett earnings of the boats, after paying all working expenses and providing for a loss of $9,316.57 on subsidiary coins, amounted to $38,563.58 as against $35,544.38 the previous
year.
The amount at credit of Profit and Loss account, after paying for repairs and placing $7,350.00 to credit of Insurance fund, is $28,121.43 which, with the approval of shareholders, it is proposed to appropriate as follows:-
Dividend of 10 per cent... Write off boats... Carry forward to new account
DIRECTORS.
$15,000.00
10,000.00 3,121.43
$28,121,43
In accordance with the Articles of Association the Hon. Mr. W. J. Gresson retires, but offers himself for re-election. The Hon. Mr. H. Keswick and Mr. G. Friesland resigned on leaving the colony and the Hon. Mr. W. J. Gresson and Mr. E. Shellim were invited in their stead. Those appointments require con- firmation.
AUDITOR.
Mr. W. H. Potts has audited the accounts now presented and offers himself for re-election.
C. P. Chater,
Chairman.
+
То
Hongkong, 28th May, 1909.
BALANCE SHEET, 30TH APRIL, 1990. LIABILITIES.
Capital.
10,000
shares @ $10 each fully paid up...
To 10,000 shares @ $10
each 85 paid up
To reserve fund ...
.$100,000.00
50,000.0)
To insurance fund
To unclaimed dividends
To account payable
To balance of Profit and Loss
ASSETS.
-$150,000.00 65,000.00 48.980.89
THE HONGKONG WEEKLY PRESS AND
COMPANY MEETINGS.
PEAK TRAMWAY COMPANY, LTD.
The annual meeting of shareholders in the Peak Tramway Company was held on Saturday at the offices of the general managers, Alexan- dra Buildings. Mr. J. A. Jupp prosided and there were also presout Hon. Mr. W. J. Gros- son, Mr. C. S. Gubbay (directors), Messrs. A. H. Ough, D. E. Clark C. B. Buyers, G. Rapp and J. M. Wong.
The notice convening the meeting having been read,
year.
the
[June 7, 1909
The CHAIRMAN then proposed the re-election of Sir Paul Chater, Hon. Mr. W. J. Gresson, Mr. G. C. Moxon, and Mr. C. S. Gubbay as directors.
Mr. WONG seconded and the motion was carried.
Mr. BUYERS moved and Mr. CLARK seconded that Messrs W. H. Potts and A. R. Lows be re-elected auditors. This was agreed to.
Tho CHAIRMAN-That is all the business, gentlemen. Dividend warrants can be had on application at the office. Thank you for your attendance.
A. S. WATSON & CO. LTD.
The twenty-fourth annual meeting of share- holders in the above company was held on May 29th at the offices of the general managers, Alexandra Buildings. Mr. J. A. Jupp, presided and there were also present Sir Paul Chater, Hou Mir. E. Osborne, Mr. H. P. White (consulting committee), Messrs. J. A. Tarran acting secretary) A. H. Ough, T. F. Hough, L. Guy, D. E. Clark, J. Machado.
The SECRETARY having read the notice con- vening the meeting,
of the
The CHAIRMAN said-Gentlemen, The re- port and statement of accounts having been in your hands for some days, I will, with your permission, follow the customary course and take them as read. The accounts call for little comment; the result being very similar to those we had the pleasure of presenting to you last You will note that directors' fees and general managers remuneration appear on the dobit sido of the Profit and Loss Account for the year instead of being afterwards deducted in the report as has been the case in previous years. The change is not an immaterial one but
The CHAIRMAN said:Gentlemen,-The was made at the suggestion of the auditors. I report and statement of account having been may also mention that the fact of our having in your hands for some days I will with your made an allowance for unexpired season tickets permission follow the usual course and take for the first time last year makes the results them as read. Your general managers and of the year now before you appear some
consultation committee regret that the results $2,386.30 better in comparison with
before you are not of a more favourable char- figures then shown than would otherwise
acter. The severe depression, from which trade have been the case. Your directors and
of almost every description in the Far East has general managers feel they are justified been suffering for some time, Was still in in again recommending a dividend of 8 per evidence during the past year and more cent on the paid-up capital, as work on the new
particularly in Shanghai and the Northern line has not yet been commenced and they branches generally. The Bund branch of trust this meets with the approval of the share. Mactavish and Lehmann showed a great fall- holders. At the same time they think it wise ing off in returns, which was accentuated to pass a further sum of $15,000.00 to the credit
in a large measure by the pulling down of Reserve Fund which will then stand at
English Club next door and $20,000.00. I am still not in a position to give the removal of the members elsewhere. you any definite information as to when work
This falling off was so serious that it was on the new line will be commenced. Negotiations decided to close the branch as far as retail busi- were carried on with the Government throughout ness is concerned, and this will come into effect the year on the basis of a line, a prominent
on the 31st inst. Unfortunately the lease of the feature of which was a steel trestle bridge over premises has still three years to run. Every the Glenealy Ravino abreast of and about 70 effort has been and is being made to sublet the yards distant from the Roman Catholic Cathe-promises; but so far without success.
Care is dral. On the Bill coming before the Council, this route was petitioned against by the Roman Catholic Bishop on behalf of worshippers at the Cathedral, as it was alleged that the noise of the cars passing over the trestles would
the seriously disturb services carried on there and eventually for this and other reasons, the Government informed us on 4th. February last that this route was not acceptable | and had to be abandoned. At the same time we route as proposed by the original promoter, were given the option of either adopting the which had previously been retoed by the Government, or practically the same route but including a tunnel of 150 feet in length through the Public Gardens. The tunnel scheme was objected to from the first by your directors owing to the enormous outlay involved, so that there only remained to be considered the original route. The greater part of the cost of surveying, drawing up plans, detail drawings and specifications for the route vetoed by the Government has been charged up to " Permanent Way and Conces- sion New Line, but there still remains $3,000.00 to be paid on this account. The adop-reclamation during the period. The work tion of a new route will mean a further large $ 46,528.63
was completed in December last; but there outlay for surveying work, plans and specifica- will be some small additions to this account tions, as the lower half of the line will traverse during the present year.
Liabilities in the $98.52
entirely new ground. The tenders were received 38,563.58 for the Trestle route only last month and were $26,944:16
East fre $51,810,98 more, and in London less. Taken together they are 7,583.58
very much in excess of the original estimates.
$24,866.82 more than in the previous year. The engineers inform us that the route now Stocks in Trade and Dead Stocks, are both proposed to be adopted will be considerably chea- somewhat smaller; but on the other hands the per and your Directors are now in commauica- ontstanding and good debts due are $31, 85.48 tion with them and in negotiation with the larger. The present figure is however nearer Government on this question. Without being the normal amount than last year's "outstand. able to commit myself to any definite pronounce-ings," which were exceptionally low owing to $5.590.48 ment of policy I may say it does not appear prob-restricted business. The accounts collected in the 48,980.89 able at present that the original scheme for a car to carry 70 passengers will be adopted in $ 54,571.37 any case, owing to its excessive cost but that some less ambitious plan will have to be $47,221.37 considered.
7,350.00
839.00 2.169.08 28,121.43
$295,110.40
By value of boats, as per last account.$147,000.00 By accounts receivable
2,314.49
By Hongkong & Shanghai Banking
Corporation
By Hongkong & Shanghai Banking
Corporation No. 2 account
42,956.91
839.00
By Hongkong and Kowloon Wharf
& Godown Company Limited, loan 102,000.00
$295,110.40
PROFIT AND LOSS ACCOUNT.
To ordinary repairs and alterations $9.957.25 To insurance fund
7,350.00 To directors and auditor's fees.
1,000.00 To balance
28,121.43
By balance from last account
By nett earnings of boats
By interest
By scrip fees
By unclaimed dividends forfeited
INSURANCE FUND.
To repairs to Morning Star damaged
in July typhoon
To balance forwarded
By balance from last account By profit and loss account
43.00 240.00
$ 46,528.68
being taken to ensure that, as far as possible, the business done at this branch will not be lost but will be transferred to the Hongkew branch of Mactavish and Lehmann or to the Shanghai · Pharmacy, and is hoped that the bulk of the business will be divided between these two. The Tientsin branch was moved into new and much improved premises in August last, The business done latterly shows consider- able expansion, and it is anticipated that will more than counterbalance the larger rent in the near future the increased returns
paid. The gross returns for the whole business were larger than in the preceding year; but not sufficiently so to make up for the heavy fall in sterling exchange which was responsible for decreased profits, as on a
very considerable proportion of the business done it is impossible to raise prices at all when exchange falls, owing to the keen competition now existing. The loss on subsidiary coins reached the large total of $17,003.79. The accounts them- selves call for little comment. Marine Lot 293 shows an increase of $25,620.00 during the year which represents the amount spent
од
first quarter of this year are considerably larger than for the same period in 1908. The Foochow branch was finally closed in May last and the business formerly done there by us is now being carried on by an agent.
There being no questions, the report was There were no questions, and the report was adopted on the motion of the CHAIRMAN.adopted on the motion of the Chairman, second-
ed by Mr. T. F. HOUGH,
$ 54,571.37 Beconded by Mr. OUGH,
No comments yet.
Private notes are available after approval.