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176 line, which since 1907 has been work- ing with three new steamers, an addi- tional steamship service to the Pa- cific coast of America by the Straits of Magellan was started about the end of 1911 for the purpose of taking’ advantage of the great possibilities THE MARINE REVIEW siderably increased in 1908 by new concessions for a period of 30 years, which have secured to this part of the forest work as well as to the sawmill in Bangkok and to the teak business, an undisturbed development for a long time to come. The planta- 1915 Operations of East Asiatic Co. PROFIT AND LOSS ACCOUNT FOR THE YEAR Freight and passage > — Peghlee ht ove eves Trading profit .... Dividends from investments ‘in other com- panies ... Sg See Ses ese gate Branch trading ‘profits :. Balance brought forward “from last year. Administration Expenses, at Head Office, London Office and Branches. Salaries’. .... Rent, postage, ‘books, stationery, “ete. Sundries Sete Steam Launches, ‘etc., Bee ‘branches and Steamers’ SUNGTICS 15 sec os eee execs eee Taxes aie le gti e'sie ie ware bal «es eee niet y we ses Set aside for extraordinary taxes and eventual differences of exchange on for- eign currencies Gedinevapates accu fous tae. Liners’ Expenses. Coal and’ oil i Wages and- provisions nos Suez canal, Panama canal and Harbor “dues Consular fees oe aIRN cia vane era Seay Soda Se sai aclacaierde ie Pilotage and towing. 3 Loading and discharging — ae Classification, repairs, stores ‘and main- tenance .... Sea U Ty MEAG bua Oa Moe Noe Steamers on charter. Oe Agents’ «Commissions 2050, C0 su tes how gieiere » Insurance : RMaae eGR Daetres Snare ase hice le Transhipment, “conference rebates and claims Telegrams, advertisements ‘and Sundries. . Interest account Depreciation. On vessels, etc .. Office buildings, furnishing ‘and. fitting: ‘in Copenhagen and London.. : :° At branches, on launches, ‘sawmills, | etc. . Dividend to Shareholders. 5 per cent on 25,000,000 Kroner. . Share of Profits. — ho the shoatd S.per Cent... 6. sees se To the managing directors 10 per cent.. Less allocation to pension fund.......... To the employes 5 per cent. . Reserve Fund. Allocated Pension Fund. Allocation mentioned above......... Additional Dividend to Shareholders. 25 per cent on 25,000,000 Kroner. . Balance carried forward to next year.... that will present themselves in a couple of years through the opening of the Panama canal. “The import and export. branches of the company’s business show a continual improvement. The export department has broken new ground. The company’s teak concessions in the northern part of Siam were con- * Kroner ore 29,880,412.30 4,786,332.08 2,849,821.88 2,908,781.31 496,902.63 40,922,250.20 Kroner ore Kroner 1,296,254,09 375,501.45 291,747.85 , 116,398.37 —_ 2,079,901.76 373,954.27 Bier 5,500,000.00 2,599,295.30 2,039,308.11 1,820,109.26 27,522.58 264,228.97 1,615,326.40 937,161.23 838,602.36 1,068,437.56 2,894,115.49 1,338,477.44 228,926.05 ——_—_$_——— 15,671,510.75 420,729.46 24,046,096.24 16,876,153.96 1,698,781.16 31,150.84 234,977.90 1,964.909.90 14,911,244.06 1,250,000.00 13,661,144.06 658,217.07 1,316,434.14 1,974,651.21 950,000.00 1,024,651.21 658,217.07 —----— 1,682,868.28 11,978,375.78 4,000,000.00 7,978,375.78 950,000.00 ~7,028,375.78 6,250,000.00 778,375.78 tion work, which was only springing into existence in the first decade of the company’s history, has grown into a very important part of the company’s business during the years 1907-1911. “At the end of 1906, the company’s capital was 15,000,000 kroner (one krone equals 26.8 cents). This was increased to 25,000,000 in September, May, 1917 1910. The capital and such parts of iti as mas: been called up at various periods within the period of 1907-11, are as follows: \ Average Share capital capital, at disposal, Year Kroner. Kroner. VO OH ec eyie es wetace tec 15,000,000 15,000,000 POS ak ac eiy ie areca ot 15,000,000 15,000,000 DOO eisai Mares were 15,000,000 15,000,000 OVO caper \ tarcceteters cs 25,000,000 17,000,000 Ole eet aie aa lees 25,000,000 15,000,000 : 87,000,000 “According to this, the annual aver- age disposable capital is 17,400,000 kroner, as compared with 5,967,389.86 kroner in the preceding period of 10 years. The annual average capital during the first 15 years accordingly amounts to 9,778,259,91 kroner. “The dividends paid during the past five years, including the 8 per cent proposed for 1911, aggregate 7,600,000 kroner, or 874 per cent per annuin on the capital employed. The cor- responding figures for the decade of 1897-1906 were 4,796,194.93 kroner. or 8.04 per cent. Compared with the decade, the dividends of the past five years have risen by 2,803,805.07 kroner. The total of dividends paid during the first 15 years of the company’s life thus amounts to 12,396,194.93 kroner, equal to 126.77 per cent on the capital employed during that period, or at the rate of 8.45 per cent per annum. “From 1907 to 1911, a total of 3,400,- 000 kroner (including the sum _ pro- posed for 1911) was appropriated to- ward the reserve fund, as compared with 3,350,000 kroner during the first decade. The former includes ordinary reserves of 1,300,000 kroner, or 7.47 per cent, and a special reserve in connec- tion with the issue of shares in 1910 of 2,100,000 kroner, or 16.1 per cent on the average capital employed. Thus the re- serve fund appropriated during the first 15 years will amount to 6,750,- 000 kroner, or 27 per cent on the present share capital at the end of 1911, “Of the previous debenture loans which were increased to 5,000,000 kroner in 1905, and of which 250,000 kroner were redeemed in 1906, a total of 1,250,000 kroner was repaid during the five years. The debenture debt, including the 5,000,000 kroner deben- tures issues in 1909, thus stands at 8,500,000 kroner at the end of 1911. “The average amounts of the de- benture loans employed in each par- ticular year of the period 1907-11 are as follows: Kroner. ant Spe ai Rc ear oe gies ONC 4,687 ,500.00 ae OS SIE are URE pel hea gk es 4,437,500.00 cane FREE El aa OES CN ic eG 6,270,833.33 ie Wikis MeMGIE VR Rte Sune CMe a 8,937,500.00 8,687,500.00 : 33,020,833.33 The annual amounts thus employed averaged 6,604,166.67 kroner, as com-