DR. To working expenses for the year: Coal, wages, provisions, ship and engine stores, port and general Office and agency expenses at home and abroad. Law expenses Auditors' fees. DR. The Cunard Steamship Company, Limited, accounts for the year ending December 31, 1893. REVENUE ACCOUNT. EXPENDITURE. To repairs and renewals: Amount of repairs, etc., of fleet To profit-and-loss account: Balance transferred. To balance carried down. To income tax To depreciation on ships, amount transferred.. To depreciation on wharf properties, etc., amount transferred. To balance carried down. INCOME. By freights, passage moneys, postages, etc.. By freights, passage moneys, through charges repaid by the com£223, 221 14 8 pany 35,867 15 3 To balance from 1892. By revenue account, balance transferred. By balance brought down. By amount transferred from insurance fund. By balance brought down........ Proposed to be appropriated as follows: Dividend at 2 per cent per DR. The Cunard Steamship Company, Limited, accounts for the year ending December 31, 1893-Continued. INSURANCE FUND. DR. To share capital: Authorized, 100,000 shares of £20 each. Subscribed, 60,000 shares of £20 each, fully paid. 1, 200, 000 00 40.000 new shares of £20 each, £10 paid 400, 000 0 0 £ 8. d. 2,000,000 00 322, 000, 00 122,000 00 To sundry creditors (including amount received for prepaid-passage moneys, etc.) To profit-and-loss account, balance. To liabilities on bills receivable since run-off. 40,000 0 0 NOTE. There are also liabilities on contracts for new steamships and workshops. 1,600,000 8. d. 0 0 Jan. 1, 1893. By balance from 1892 GENERAL BALANCE SHEET. 2 1893. Jan. 1. By balance from 1892 8. d. 0 0 2,220, 558 12 3 By steamships and other vessels, including spare gear and outfits, Jan. 1, 1893. Add amount paid on account of new steamships, etc. (including interest) £ 8. d. Deduct depreciation to Dec. 31, 1892.. 1,306,229 12 5 Depreciation for year 1893........ 152.879 2 5 444, 000 0 0 140,690 17 0 35, 867 15 3 By wharf properties, erections, plant, fixed machinery, furniture, moorings, etc., Jan. 1, 1893....... Add sundries during year Deduct depreciation to Dec. 31, 1892. 49.951 60 1,540 1 4 By ships, pending voyages By freights, forwarding charges, etc., outstanding.. By sundry debtors By bills receivable, cash in hand and at bankers.. L 8. d. 3, 106, 944 18 11 348, 472 15 11 3, 455, 417 14 10 By movable plant and machinery, stocks of wharf materials, stores, coal, etc. 51,491 74. 1,936, 309 00 37,838 0 0 56, 635 13 0 2, 220, 558 12 3 PENINSULAR AND ORIENTAL STEAM NAVIGATION COMPANY. Following is the report for the year ended September 30, 1893, dated December 1, 1893: The net surplus for the year, including £8,918 brought forward, amounts to £179,326, which, after deducting the interim dividend of 24 per cent on the preferred and 34 per cent on the deferred stock, paid in June, admits of a further payment of 24 per cent on the preferred and 6 per cent on the deferred stock, making, with the interim dividend paid in June, 10 per cent on the latter stock for the year. The dividends thus paid and payable are therefore equal to 7 per cent on the paid-up capital of £2,320,000. A balance of £5,326 will be carried forward to the next year. At the date of the last report the Japan and Caledonia were the two steamers under construction, and the first named of these vessels was delivered in October and is now on a voyage to India and China. The Caledonia is progressing satisfactorily and will be in commission in time for the autumn passenger season of next year. The Lombardy, Nizam, and Venetia have recently been sold. These three steamers have been at work for nearly nineteen years. It is satisfactory to observe that during the past twelve months the company's various services have been performed with complete regularity. The annual mileage performed by the fleet is larger than it has ever been before. It has been impossible to refer to the eastern shipping trade during the last two years otherwise than in a tone of discouragement, and up to the moment of writing this report that trade has not experienced any revival. Some benefit has been felt on the China line through an agreement among the principal companies to maintain a common understanding as to rates, and by similar means a very slight advantage has accrued in the outward business to India. On the other hand, the homeward rates both from Calcutta and Bombay have been deplorable, and, so far as the Australian colonies are concerned, both the outward and homeward rates have been most unsatisfactory, while at the same time the volume of business has been seriously diminished. The further heavy fall in silver has necessarily increased the loss in exchange from which the company has suffered for so many years. These remarks serve to express in the fewest words the circumstances affecting the company's revenue for the past year, and it will doubtless be considered satisfactory that the result of the accounts now submitted differs so slightly from that of the preceding year. The freight receipts are almost identical, and the passenger returns mark an advance on the figures of last year. But this revenue has only been secured by the employment of several new and large carrying vessels, and by a certain extension in the work of the fleet. Hence, in some respects the cost of working the company's lines has been increased. As a set-off to this, a saving has been effected in the cost of coal, and, in a minor degree, in certain other items of account. The directors are therefore in a position to recommend the payment of 5 per cent on the preferred, and 10 per cent on the deferred stock as a result of the working of the financial year. DR. Statement of accounts of the Peninsular and Oriental Steam Navigation Company for the year ended September 30, 1893. GENERAL WORKING ACCOUNT. EXPENDITURE. Expense of navigating ships, etc: Coal, including freight and all charges. Pay of commanders, officers, and crews. 2,847 12 0 33,876 12 6 8,918 6 6 1,939, 771 12 0 24, 926 13 11 353,873 16 1 29, 330 9 1 |