'The first ordinary annual meeting of the shareholders of the above Company was Hiold in the Company's offices, Pedder's: street, Hongkong, on the 8th instant, for the purpose of receiving the Directors' report and a statement of accounts. There were present:—Hon, J, Bell-Irving (Chairman), Hon, C. P. Chater, Hon. A. P. Mackwen, Messrs. H. Hoppius, L. Poes-necker, B. Layton. J. A. Moses, St. C. Michaelsen, F. Dodwell, W. H. Forbes, and E, A. Solomon (Directors); P. Jard: E. J. Coxon, J. A. Mosely, H. N. Mody, 'A. G. Morris, 'T. I. Rose, J. F. 0. Roza, J. Hunt, H. J. Holmes, Douglas Jones, O. Bachrach, and Isaac Hughes (Secretary).
The Cuatrmay said—Gentlemen, the report and acouunts having been in your hands for some days, I will, with your permission, take them as read. I think you will agree with me that, taking everything into consideration, the result ut our first year's working cannot be looked upon as unsatisfactory. A new undertaking of this sort requires time to develop. Old prejudices and customs have to be overcome, the good will of steamer agents and merchants has to be secured, and the advantages of our Wharf and Godown system have to be clearly demonstrated. Well, gentlemen, Iam pleased to be able to inform you that we are receiving very lines, including the English and German ral support; most of the large steamer mails, now make use of our wharves, and our storage account is steadily increasing. It must be borne in mind that during the Past year we were not in such a good position to do full justice to the Cole of the port as we are now. As you will see from the report, our two wharves at Kowloon have been lengthened to accommodate the largest steamers afloat, and a third wharf will shortly be ready. Our extensive godowns there are now about completed, and these afford ample room for the storage and sorting of cargo. You are no doubt aware of the purchase and details of which. under the head sale of property made by the Company, Capital Account. goe ao. wharf and chased in connection with the good will of wu property in Hongkong was pur-that Company's steamer business; but not being necessary for our requirements, nogotiations are in progress for its re-sale at a satisfactory price. The proj at Kowloon bought of the some Company, which adjoins our other lots on that ide, will prove of considerable value as our, business developes, and at the moment it is being utilised for the storage of coal. The reclamation at West Point is progressing under Government supervision, and the cost of this with new godowns complete is estimated not to ¢: $200,000. The site on which our present West Point godowns stand has been sold for $500,000, and our lease of this property from the purchasers will continue until our new godowns are erected. I may mention that the area of reclaimed land will be considerably in excess of that of the land sold, and will be ample for our requirements on this side of the harbour. I think I have touched upon everything requiring remark, but I shall be glad to answer any questions that may be put to me, and any further explanation about the details of Capital Account, which are somewhat lengthy, will be afforded at the office of the Company to any Shareholder desiring such information. (Ap-
Mr. Dovouas Joxes.—Mr. Chairman, I
and consequently missed the ter part: was unfortunately about re minutes late of your speech, which T have 1 doubt was an interesting one. I think the sharehold ders of the Hongkong Wharf and Godown Company have every reason to congratulate themselves, and I have personally to congratulate the Directors on their very ex-Plicit, plain, and well worded report and statement of of accounts, on the accounts particularly, which are so clear that one Who runs nay read. 1 do not know that there are any items in it that require explanation except one, which strikes me as being rather heavy, that is, the one for ofice rent, stationery, and' printing, $7,258,03, This strikes me as being a tremendous amount for rental and stationery. Just a for nutes before this meeting, out of curiosity, not being a shareholder in the Hongkew Wharf Company, I looked at their figures and, comparing cur earnings with theirs, I find that the expenses of the permanent staff and coolie hire are less than forty-one per cent. while theirs are as nearly as possibly fifty per cent. Their expenses for coolie hire and permanent staff, native and foreign, amounted to Th 236,000 during last year, whereas we have only expended '860,000 including everything, This, I think, is very satis: factory.
The Cuarnmax—I have a detailed account of charges before ime, the principal items i which are amounts paid for printing stationery, $1,500, necessitated to a considerable extent by the first indents for books and stationery; office rent, $1,200, which may be considered unusually node: rate; and rent of a town godown, since fiven up, $1,000 odd. The saving in coolie ire, ete., is mainly due to the elaborate system of rails and trucks at the wharves, two men only being required where six or eight would be necessary if goods were landed in the usual way Mr. Dovetas Joxes—I am very much obliged to you for the explanation. There is one other little thing which I was in hopes some one else might have brought before the meeting. One or two shareholders have brought it to my notice. Ido not know what the opinion of the Directors may be, but I think it would give general satisfaction if the accounts could be rendered half-yearly. I think inadvisable to give every information that is compatible with the satisfactory working of the Company.
The Cuarnmas—The articles of association, which have only been in existence for a year, do not provide for half-yearly mestings, but if the shareholders desire it the directors will take the matter into consideration. The articles, however, will require alteration, the subject now because I am leaving the Colony shortly. I will therefore leave it in the hands of the shareholders to bring the matter before you, when I have no doubt it will be duly considered.
Mr. H. J. Hoxmes—There is a small thow that it is of much importance, but I jestion I should like to put. I do not
have heard it mentioned outside. In referring to the capital account, liabilities, large sum is shown as an advance from the Hongkong and Shanghai Bank, and in the working account there is an item showing the interest to be S711, which seems a very snaall sum compared with the amount lent. I should like to know whether this amount covers the whole interest.
The Cuar"ax—The amount at debit with the Bank has only been incurred since July, when payment was made for the P.
O. properties. Previous to that date there had been considerable credit balance with the Bank. Imay also mention that the sum of $711 is the balance of interest account after debiting the West Point P.
O property with interest on the sum paid for it, and crediting the West Point property' with interest on $125,000, amount paid in cash by the purchasers, The P.
property being for sale, it was considered advisable that it should stand at its exact cost in the books, and that the West Point property should be credited with its interest 44s against the rental paid to the purchasers.
Mr. H. J. Hormes—I only asked to make it quite clear, as the interest appears a small amount as compared with the capital.
The Cuammax at amount on the property was only paid in the middle of the year. It has not been running for the while year.
The Accounts wore passed, the retiring directors re-elected and a vote of thanks to them camied by acclamation,—Daily Press, 'The Directors have the pleasure to submit to the shareholders their first Report, with statement of Accounts for the year' ending Bist December, 188; 'The total receipts for the 12 months are 8154,073.28, and the net Profits, after paying expenses anti all charges, amount to $76,420.84 from which have to be deducted Directors' Fees, 85,000
Text read from the printed page and cleaned; old type leaves the occasional error.