231
September 13, 1909.]
COMPANY REPORTS.
CHINA OVERLAND TRADE REPORT.
· REPAIRS ́AND RENEWALS ACCOUNT.
For the Six Months Ending 30th June, 1909. Dr.
¿
THE HONGKONG HOTEL COMPANY, To payments on account of repairs and
LIMITED.
The report of the board of directors to be presented at the ordinary meeting of share- holders, on Saturday next is as follows :—
Gentlemen, The directors now beg to submit their report for the half-year ended 30th June, 1909.
The Profit on Working account amounted to $71.184.54 as compared with $80,822.30 for the corresponding period of 1908, be ng a decrease of $9,637.76.
The Profit and Loss account, including, the the sum of $295.40 brought forward from 31st December, 1908, shows a credit balance of $70,231.29, which the directors recommend should be apportioned as follows:-
To pay a dividend of :---
$2.40 per share on 12,000
old shares
and 40 cents per share on
7,897 new shares...
To transfer to repairs and renewals
account
renewals for the half year ending 30th June, 1909 To balance
Cr
Stock of wines, provisions, House-
hold sundries, and stationery, as per inventories Shares in public companies Value of steam launch
18,103.28
4,371.31
4,500.00
9,823.57 Sundry debtors
27,127.59
813,912.09
4.088.52 Licences attaching to 1909 B.
Fire insurance account (unex-
pired premia)
1,246.67
3,141.87
Hongkong and Shanghai Bank-
ing Corporation
(Unclaimed
Dividends Account)
1,401.50
Cash in hand
251.43
...10,000.00
$2,145.564.55
$13,912.09
By balance from 31st December, 1908...$3,912.09 By amount transferred from profit and loss account as recommended on last report
BALANCE SHEET 30TH JUNE, 1909.
Capital :
12,000 old
LIABILITIES.
$28,800.00
3,158,80
shares at
$31,958.80
$50 each
fully paid
10,000.00
up
.$600,000.00
5,000.00
8,000 new
4,000.00
19,272.49
$70,231.29
To write off furniture and fixtures To write off electric plant ..!.!... To carry forward to new account
Dr. J. W. Noble has been granted leave of absence. Hon. Mr. E. Osborne retires by rotation, but offers himself for re-election.
In the absence of Messrs, Jeffries and Lowe, the accounts have been audited by Messrs. A. O'D. Gourdin and E. A. M. Williams. Messrs. H. U. Jeffries and A. R. Lowe offer themselves for re-election.
EDWARD OSBORNE,
Chairman.
Hongkong, 31st August, 1909,
PROFIT AND LOSS ACCOUNT.
For the Six Months Ending 30th June, 1909.
Dr.
To bad debts and refunds
To crown rent
To rates
To fire insurance
To interest
To directors' and auditors' fees
241.67
505.93 2,729 901 3,104.13 19 126.85 3,200.00
To balance, to be appropriatsd as follows:
To pay a dividend
of: $2.40 per share
$
on 12,000 old shares 28,800.00
40 cents per share
on 7,897 new shares 3,158.80 $
To transfer to repairs and
renewals
-31.958.80
10,000.00
To write off furniture and
fixture
5,000.00
To write off electric plant 4,000.00. To carry forward to new a/c...19,272.49
Cr.
...36,000.00
By balance from 31st Decem-
Iber, 1908
Less dividend of 6
per cent.
Less transfer to re-
pairs and renewals a/c
Less transfer furni-
ture & fixtures a/c 6,500.00
..10,000.00
-70,231.29
$99,139.77
$
.54,295.40
shares
each $25
paid up 200,000.00
--$800,000.00
Less 103 new shares
not yet issued..
2,575.00
1,500 mortgage deben-
tures (6 per cent.)...$750,000.00 Less 800 held by the
company
Reserve fund
Sunday creditors
Unclaimed dividends
Repairs and renewals
400,000.0)
account,
balance as per statement ... Hongkong and Shanghai Cor-
poration (Current account) Profit and Loss account, balance
as per statement
ASSETS.
Value of Marine Lot No. 5 & remaining portion of Marine Lot No. 3 & romain- ing portion of Marine Lot No. 7, and buildings there- 0 1 as per last
..1,092,525.83
account Since expended on al- terations and addi- tions to buildings 2,289.66
Praya reclamation, Marine Lot No. 288, as per last account and building thereon ("Hotel Mansions ")
Rebuilding south block, payments
on account to date
Cost of three Chinese houses on sections B, C, and D of Inland Lot No. 80
Cost of Kowloon Farm, No,
Section A.
Machinery, furniture
COMPANY MEETINGS.
CHINA LIGHT AND POWER COMPANY, LTD.
The eighth annual meeting of shareholders in the above company took place at noon on Saturday at the office of the general managers, Messrs. Shewan, Tomes & Co. Mr. R. Shewan presided, and there were present Sir Paul Chater, Mr. B. P. White (members of consulting com- mittee), Messrs. T. F. Hough, J. H. Young, A. A. Cordeiro, Chan Chan Nam, A. G. Gordon, E. Owen, E. W, Terry, and S. F. Ricketts (secretary).
The notice convening the meeting having been read,
our
The CHAIRMAN said—Gentlemen, we now come before you with a statement of accounts $797,425.00 made up to the 31st July last, which we trust you find satisfactory. The balance at credit of Profit and Loss account is $416,483.42, and of this, we propose, with your approval, to alloca te $400,000 to Reserve Fund, and carry forward 350,000.00 the balance, $46,483,42, The Accounts are made 648,975.78 up to the date named, as on that day the last 47,764.77 instalment of the purchase money of the Can- 1,401.50 ton. Franchise and Property was received by us. Into our reason for parting with the 4,088.52 Canton factory, I need not go very deeply. When we said in the Report that it was obvious 225,677.69 we were losing ground at Canton, we thought it would be obvious to everyone. It is surely 70,231.29 obvious that if we made 52,561.27 in the six months ending 31st August, 1908, we had lost $2,145,564,55 ground when we made only $88,650 in the
next eleven months. That is to say, monthly earnings had fallen from $8,760 to $8,060; if that is not losing ground, then I don't know the meaning of plain English. We found we could not contend against the strong desire of the Chinese to get back the concession for lighting the city-a very natural and proper desire on their part, we admit-so we had to make a virtue of necessity and drive the best bargain we could. The negotiations were spread over a very long period, for I mentioned the matter at our meeting last October, and although we strove hard for better terms, we had finally to close -1,094,815.49 | the sale for $1,330,000. Out of this we had,
of course, to
off the debeature debt. of 50,000, with the premium of $50,000 additional, at once, and after further deductions 621,892.68 for payment of loans and sundry creditors, etc., ste
there remained on 31st July in cash in the 101,793,92 Bank $67,407.86. As of course we have now по use for such a large sum of money, propose to repay $500,00 to share- 33,000.00 holders as a return of capital, say, $5 per share on 100,000 shares. I find there is 30,926.90 some confusion in shareholders, minds as to how We cau pay $500,000 out of $446,000 1,882,428.99 profit, but that, of course, is not so, as, we propose to repay Capital and not Profit. But perhaps it will be clearer if you look at it this way: We made $410,207 balance of proceeds, as we say, and besides that profit of $410,000 there is the book value received for the property at Canton say, about $800,000, and if you add those two together and deduct the overdraft as well as the five lacs paid to debenture 149,995.35 holders, you will find that there are about six lacs odd left over as cash in hand. Any difference is accounted for by sundry payments and receipts on working account. It is clear, therefore, that we are quite able to return yon $500,000 and still have, when all is 19,000.00 said and done, well over one lac at least for the development of the Kowloon factory. Then 33,996.56 comes the question of how this money is to be
..$113,734.70
and fixtures, as per last account Less written off, as per
last report
J
6,500.00
$ 107,234.70 42,760.65
Less transfer in.
stallation of electric
light
1,500.00
-54,000.00
$295.40
Since added
658.00 63.00
28 83
light, as account
Installation of electric per last
Less written off, as per
last report
By dividends on shares in public com-
panies
By scrip and tranfer fees
By rents of shops, and hotel mansions .26,910.00 By bad debts recovered...
By profit on hotel, working account for.
thesix months ending 30th June. 190971,184:54
$99,139.77
$20,500.00
1,500.00
Stock of linen, crockery, glass-
ware, 'etd
we
pay
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