146
COMPANY MEETING,
THE HONGKONG, CANTON AND MACAO STEAMBOAT CO., LTD.
The ordinary half-yearly meeting of share. holders in this Company was held at the office of the Company on the 10th inst.
Mr. R. Shewan presided, and there were also present Messrs. F. A. Gomes, J. Bandow, W. Helms, C. R. Lenzmana, H. E. Tomkins, C. E. Anton, H. A. Siebs, R. Fuhrmann (directors), W. E. Clarke (secretary), J. M. Machado, A. H. M. da Silva, W. N. Fleming, L. Berin doague and others.
The SECRETARY read the notice calling the meeting, and
THE HONGKONG WEEKLY PRESS AND
are
not
At
care
[August 16, 1909.
this appointment requires confirmation at this meeting.
Auditors. The accounts have been audited by Mr. W. Hutton Potts and Mr. J. W. C. Bonnar.
W. J. GRESSON,
Chairman.
Hongkong, 10th August, 1909.
Paid-up capital
LIABILITIES.
Sterling reserve fund £1,500,000
(a) ox. 2.-
Silver reserve fand Marine insurance account Notes in circulation:—
against
(Authorised issue
securities and coin deposited with the Crown Agents for the Colonies and their trus- tees, $15,000,000.00) Current accounts:--
Silver Gold £4,992,726
1s. 5d.
Fixed deposits:—
Silver .. Gold £4,661,536
12s. 1d.
loves to pore over his accounts and analyse and compare them, there is one item hich I am sure he is ashamed of, and for which I too would blush if I knew how. That is the item of $28,589.65, loss on sub. sidiary coinage. That is a pretty confe sion for the Chairman of a Company to have to make, and a nice burden for a British Com- pany in a British olony to have to bear. that rate of loss, $56,000 per annum, we shall have lost in less than five years over a quarter of a million of dollars. That may seem a small sum to the rich and prosperous Govern-
it of Hongkong, but ix a vory ment serious charge on a Company like this- and we
the only Company that suffers and I cannot believe that the Gov- ernment mean to look on quietly and do nothing The CHAIRMAN said-The report and state- while we suffer these heavy losses. It is true ment of account having been in your hands for, that in the past we owe little to those who sit the usual period, we will, with your permission, in high places, for commencing with those old take them as read. It is with feelings of great sailing ship captains and merchauts who refused pleasure that your directors present you with to quit the port when ordered to do so by the what must be considered very satisfactory sapient government of that day, who wanted to figures for the half-year's working, and we abandon it, down to the present, we have usually trust that the proposed appropriations of funds had to look after ourselves and take will meet with your approval. The net earn- of ourselves in a crisis, but although the ings of steamers and the amount at credit of Colony has been made by trade and built Profit and Loss Account are the largest for any up by traders like ourselves, still we pay our corresponding period since 1903, and the gross faxes and have a right to expect something in earnings exceed those of any similar period in return from those who receive the money. In the history of the Company. The result now business there are few worse things than a laid before you has been attained under severe dishonoured signature, but in this case the competition, and increased charges of over Government is not only dishonouring its bills, $40,000, in consequence of low exchange, but is actually allowing the superscription of increased light dues and loss in exchange our Sovereign to be dishonoured on their coins. of subsidiary coins, as compared with the Incidentally, they are throwing away what used The to be a fine source of revenue, but that is a small corresponding period of total loss by subsidiary coinage amounted matter to them, which can be easily remedied by |
or two on us poor to $28,589.64 for the period under review slapping another tax You will notice the very substantial increase of, Issachars. We all know, or at least we have $79,446.25 in investments in public companies, the word of a great man for believing, that the since the last report. This increase is due to world is governed with very little wisdom, and further investment of $39.607.75, and the ap- so we do not look for much wisdom or courage preciation of values over depreciation amounting or foresight from those in authority over us | Cash to $39,838.50. A similar amount of $39.838.50 but even so, granting all that, the apathy and is shown to the credit of the Fluctuation supineness they show in a matter so seriously Account. All the values of our investiments and so prejudicially affecting the interests have been adjusted in accordance with the the whole community is amazing and astounding The Secretary quotations current at the close of the half-year. even for them. (Applause.) Business being very slack during June the has reminded me of another point. Ship- opportunity was taken to replace the defectiveping people know well that fares and freights paddle shaft of the steamer Honam by the new cannot be raised as we like, but are governed shaft recently received from England. All the by competition. It all comes to this that if vessels of the fleet are now in good working the Government did its duty we should not be order. I do not think of anything else forced to receive coins that are worth less than calling for special comment, but should any their proper value by six to ten per cent. shareholder require any further information I shall have pleasure in answering any question.
last
year.
No questions were asked, and the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. FLEMING-I beg to second, and I think that the management and shareholders are to be congratulated оп the report and accounts
presented.
The motion was carried unanimously. The appointment of Messrs. J. W. Bandow and C. E. Anton to the directorate was confirm ed on the motion of Mr. FLEMING, seconded by Mr. MACHADO.
On the motion of Mr. SILVA, seconded by Mr. BERINDOAGUE, Messrs. C. R. Lenzmann and
A. O'D.
H. E. Tomkins were re-elected directors.
The retiring auditors, Messrs. Gourdin and W. P. Potts, were re-appointed on the motion of Mr. SILVA, Seconded by Mr.
MACHADO.
The CHAIRMAN-That is all the business, gentlemen. I am pleased to be able to conclude by telling you that dividend warrants are pay- able on application. Before we separate there is just one item in the accounts I should like to refer to. The account put before you is a very good one, but palmam qui meruit ferat, and on that principle I am bound to admit that for a great deal of its goodness you are indebted to the unwearied care and vigilance of your ecret- ary, Mr. Clarke. I verily believe he eats and drinks and sleeps and dreams all the time, thinking of his Company and your inter- ests; before one eye he sees the broad shining river with his boats running up and down, and before the other lies outspread the Portage Bil and Exponese sheets over which he sometime, groans aloud. You could not have a better secretary or a man more devoted to your interests, but with all his care and, much as he
1
COMPANY REPORTS.
HONGKONG AND SHANGHAI BANKING CORPORATION.
The eighty-eighth report of the court of directors to the ordinary half-yearly general meeting of shareholders to be held at the City Hall, Hongkong, on Saturday, the 21st inst., is as follows:-
$95,414,652.37
56,730,866.07
$62,034,168.86
52,964,800.97
Bills payable (including drafts on London bankers, call loans and short sight drawings on London office against bills re- ceivable and bullion ship- ments)
Profit and loss account Liability on bills of exchange re-discounted, £4,972,346 3s. 10d., of which £3,671,148 14s. 5d. have since run off.
ASSETS.
$ 15,000,000.00
15,000,000.00 14,500,000.00 250,000.00
14,149,703.00
152,145,518.44
114,998,969.83
14,063,599.17 5,493,446.41
$345,601,236.85
$55,260,909.72
Coin lodged with the Hongkong Government against authorised and or excess note circulation 13,000,000.00 4 318,503.50 Bullion in hand and in transit Indian government rupee paper
2,099,088.72 Consols colonial and other se-
curities
Sterling reserve fund invest-
ments, viz. :- £1.208,000 21 per cent.
consols at 82
(of which £250,000 the lodged with
Bank of England as a Special Lon- don Reserve.)
£255,000 23 per cent.
£990,560
national war loan at 90 229,500 £325,000 other sterling
securities, written down to
279,940
£1,500,000 at ex. 2/-
10,213,250.76
15,000,00.00
Gentlemen. The Directors have now to sub. Bills discounted, loans and credits 113,046,509.47 mit to you a general statement of the affairs of, Bills receivable the bank. and Balance Sheet for the half-year Bank premises ending 30th June, 1909.
The net prefits for that period, including $2,006,234.08, balance brought forward from last account. after paying all charges. deducting interest paid and due and making provision for and doubtful accounts. amount to bad
$5,493,446.41.
The Directors recommend the transfer of $750,000 from the profit and loss account to credit of the silver reserve fund, which fund will then stand at $15,250,000.
+
130,763,412.03 1,899,562.65
$345,601,236.85
GENERAL PROFIT AND LOSS ACCOUNT. Dr.
..$ 15,000.00
2,726,627.22
750,000.00
2,001,819.19
85,493,446.41
To amounts written off:-
Remuneration, to Directors To dividend account :--
£2 per
share on 120,000 shares £240,000 at 1,98 = fter making this transfer and deducting. To transfer to silver reserve fund,.. remuneration to directors there remains for To balance forward to next half. appropriation $4,728,446.41, out of which the directors recommend the payment of a dividend of two pounds sterling per share, viz. : £240,000, which at 1/9-18, the rate of the day, will absorb $2,726,627 22.
The balance, $2,001,819.19, to be carried to new profit and loss account.
Branches and Agencies.-A branch office of the bank was opened at Canton on the 6th July,
Directors.-Mr. G. Friesland having resigned his seat ou leaving the Colony, Mr. J. W. Bandow has been invited to fill the vacancy;
year
Cr.
By balance of undivid-
ed profits, 31st De cember, 1908, .. ...$2,006,234.08 By amount of net pro-
fits for the six months
ending 30th June, 1909, after making provision for bad and
No comments yet.
Private notes are available after approval.