192
now.
that of some $25,000, for lengthening and providing increased office accommodation in the present drawing office at Kowloon, but as this is a permanent improvement, it can properly be added to the book value of Kowloon Dock. There is one further matter to which I must re- fer, and that is the valuation of our stock. Your new manager is of opinion that it is necessary to write down values as they at present stand in our books, they having hitherto been based on cost. Your Directors, recognising that this is a matter of primary importance, have arranged with Mr. Finlay Miller to go through the stock in conjunction with our new store- keeper recently arrived from England, and value it item by item. This is in progress but, as you will readily under- stand, it is a big undertaking and must necessarily occupy time. In the past stock has only
been valued at the end of each year.
We regret not having the figures to place before you at this meeting, but on Mr. Dyer's return in October next they will be sub- mitted to him, and I promise you, should any adjustment be found necessary, it will be carried out before we come before you with our accounts to the 31st December next. Since Mr. Mitchell's departure, Mr. Wilson has been acting as Chief Manager, and your Directors inform you with regret that he has made up his mind to retire in a few months' time. I gladly take this opportunity of thanking Mr. Wilson for the whole-hearted way he has carried on the work, and to wish him good health and prosperity wherever he may elect to settle. Gentlemen, I have endeavoured to make the position clear to you, but should any share. holder require further information, 1 shall be pleased to afford it to the best of my ability.
There being no questions,
The CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. SLADE-I regret that the report which I have now the pleasure to second is not a more satisfactory one, but I do not think anyone can have looked for anything better. The depres- sion in trade and the keen competition which we have had to encounter are evidenced by the deficiency of 165,000 tons of tonnage entering the Docks as compared with last half- year. I hope, however, that this may prove the Company's low water mark and that from now on we may see a gradual but continued improve- ment. I am led to this hope by what has been told us regarding the reorganisation scheme. I myself, like many other shareholders, thought this scheme should have been brought forward some years ago, and we might now have been in & better position than we are to-day, but now that it has been entered into I am glad to find that the Board has taken it up so thoroughly. Economies to the extent of from £5,00 to £5,500 per annum are already in view, and I hope that when Mr. Dyer comes back and settles down to his work he will be able to increase these economies and at the same time maintain and possibly improve the efficiency of the Docks. The Chairman has referred to the question of stock. This is an item which bulks very largely in our balance sheet, standing at $1,250,000 odd.
am sure it
is a wise thing to have a thorough revolution of this, but I hope the Chairman's remarks do not portend the appropriation of any large sum out of the profits of this half-year for the purpose of writing down values. One of the results of our re-organisation scheme has been the retirement of certain members of our staff. I think you will all agree with me, gentlemen, when I say that we appreciate most highly the valuable services they have rendered us for many years past. At the same time, I should like to welcome our new chief manager, Mr. Dyer, and to wish him every success in the extremely - arduous task which he has undertaken. I have much pleasure in seconding the adoption of the report and accounts.
your
The motion was carried. The CHAIRMAN-Thank for
you
atten- dance, gentlemen. Dividend warrants will be ready to-morrow.
SHANGHAI COTTON SPINNING COMPANY,
The first annual general meeting of the Shanghai Cotton Spinning Company was held last week at the offices of the Mitsui Bussan
THE HONGKONG WEEKLY PRESS AND Kaisha, No. 49, Szechnen Road. There were present: lessrs. M. Fujise (Chairman), H. Robertson, C. E. Roach, H. E. Morriss, A. Woods, Yin Sih Chang, D. Hatabu, K. Ono, Soo Pao-san. Cheh Chao-chrow, Chui Li-shan, J. Morita, K. Ohara, Hsing-sheng, Hsi Chin- liu and Wang Chen-po, representing 6,805
shares.
The CHAIRMAN said: Gentlemen-The report and accounts of the company have been in your hands for some time and with your permission I will take them as read. You will see that the profit on the working account amounts to Tls. 183,853 76, and the balance at credit of profit and loss account, including balance brought from two old companies amalga- mated, to Tls. 171.956.26. Out of the net profit your directors propose to write off Tls. 22,676.00 from the book value of buildings and fur. niture: to pay a dividend at the rate of Tls. 7.50 per share, absorbing Tls. 125,070.00; and to carry forward to new account the balance, Tls. 24,200.26. This result may be considered satisfactory, but before asking you to adopt and pass the report and accounts, I wish to make a few remarks. The yarn market has, on the whole, been active during the period covered by this report, enabling us to work both mills day and night throughout, and we hope that the continued activity of demand for yarn may bring about the same satisfactory result for next notwithstanding the high price of year, the raw material now ruling over the market. Constant care has been bestowed on improve. | ments to the machinery, some eighty thousand taels having been spent for renewal and repairs I am fully confident since January last year. that its value has been increased so that we need not apportion any money for the depreciation thereof.
As you are aware, we are issuing the balance of authorized capital representing 3,324 shares of Shanghai Taels fifty each at par, exclusively to existing shareholders, as your directors con- sider it advisable to do so in the best interests of the company. If any shareholders wish to put any questions I shall be pleased to answer, them to the best of my ability.
There being no questions, the following resolutions were put to the meeting and carried unanimously
Proposed by the CHAIRMAN and seconded by Mr. H. ROBERTSON: That the report and accounts, as presented, be accepted and passed, Proposed by the CHAIRMAN and seconded by Mr. ROACH: That a dividend of Tls. 7.50 per share be paid.
Mr. Horatio Robertson was elected a director, and Mr. C. E. Roach was elected auditor.
On the motion of Mr. ROACH and seconded by Mr. Soo PAO-SUN, it was resolved that the staff be given a bonus, to be arranged by the directors.
Votes of thanks were passed to the general agents, the Mitsui Bussan Kaisha, and to the
Mr. M. Fujise. manager,
COMPANY REPORT,
CHINA LIGHT AND POWER COMPANY, LTD.
The report for presentation to the shareholders at the eighth ordinary general meeting to be held on Saturday, 11th September, reads as follows:-
Annexed we have the pleasure to lay before shareholders, Statements of accounts for eleven months ending 31st July last,
The balance at credit of Profit and Loss account is $446,483.42, which it is proposed to deal with as follows, viz.:-To place to reserve fund $400,000.00, and carry forward to next account $46,483.42.
(August 30, 1909. consider a fair price. We shall now have to devote all our attention to the development of the Kowloon Factory.
Capital.It is not proposed to pay a dividend, but to make a return of Capital to the extent of $5.00 per share, or $500,000.00 out of funds in hand, but this cannot be done until the necessary resolutions, which are now being drawn up, have been passed and the consent of 'the court cbtained.
Consulting Committee.-In accordance with the articles of association Sir Paul Chater, C.M.G., Dr. J. W. Noble, and H. P. White, Esq., retire, but offer themselves for re-election. Auditors -The accounts have been audited by Messrs. W. H. Potts and A. O'D. Gourdin, who are recommended for re-election.
SHEWAN, TOMES & Co.,
General Managers.
Hongkong, 28th August, 1909. Statement of accounts for the 11 months ending 31st July, 1909:-
PROFIT AND LOSS ACCOUNT. Auditors' fees Consulting committee's fees ... Exchange (loss on subsidiary coins) Interest
General charges
Amount written off as depreciation Amount written off as bad debts Prem. on 5,000 debentures issued
at $90 and paid off at $100 Balance
Balance from last account Contracting department Balance of working account Balance proceeds sale of Canton pro-
perty, franchise and goodwill
BALANCE SHEET.
Capital:-50,000 shares at $10.00 each fully paid up 50,000 special shares at $1. 0 ea. fully paid up
$500,000.00
$ 200.00
1,375.00
8,482.15
31,834.74
3,905.47
14,161,36
3,729.22
50,000.00 446,483.42
$560,171.36
$61,138.51
174.88
88,650.62
410,207.35
$560,171.36
50,000.00
$550,000.00 134,776.95
Sundry creditors Balance of profit and loss account 446,483.42
$ 1,131,260.37
Kowloon -Land, build- ings and machinery as per last statement$200,735.18 Less depreciation 10,531.92
་ $ 190,203.26 2,531.92
Since expended s
Lines as per last state.
$192,735.18
ment
Less depreciation..
$54,500.00 3,529.44
Since expended
$ 50,970.56 6,029.44
Materials, stores, and fuel in stock
valued at
last
Furniture as per
statement
57,000.00
67,857.71
$1,400.00 100.00
1,300.00
unex-
204.99 122,525.03
Less depreciation
Proportion of premia on
pired policies Sundry debtors Cash on hand :- Head
office Canton Kowloon
The concession for lighting Canton together Company's bankers with the factory, property and material there, were sold to the Ta Ching Kwang Tung Electric Supply Co., for $1,330,000.00. Payment was completed on 31st July, to which date the present accounts are made up.
It is obvious from comparing the figures of the last account with those now laid before you that, owing to circumstances beyond our control, we were losing ground at Canton and, in view of this and other considerations, we decided to avail ourselves of the opportunity of disposing of this branch of the business at what we
$ 285.50 1,637.76 306.34 687,407.8€
689,637.46
$ 1,131,260.37
We
We are requested to state that the Superin- tendent of the Botanical and Forestry Depart ment is prepared to undertake the clearing of superfluous brushwood from Crown land in the close vicinity of dwelling houses with the object of reducing the harbourage for mos- quitoes which such brushwood is known to afford.
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