LIABILITIES, ETC. DR. Statement of accounts of the Peninsular and Oriental Steam Navigation Company for the year ended September 30, 1893—Continued. ASSETS, ETC. Св. Payments on account of new ships. Steam tugs and launches and lighters. Issued in cumulative 5 per cent preferred stock.. Issued in deferred stock.. Reserve account Repair and renewal account £ 8. d. Suspense account.. 19, 210 14 7 248.883 8 6 Surplus for the year Provident good service fund. Sundry balances, and debts due by the company. 268,094 3 1 Less dividends paid June 20, 1893. 2,415, 634 6 10 109, 726 16 2 cargoes on the way Coal stocks at the respective stations and payments on account of Stores (naval and victualing). Graving docks, workshops and machinery, wharves, buildings, and land (freehold and leasehold), moorings, etc., at all stations Bills receivable, cash at bankers, and investments (less acceptances). Cash in hands of agents, and sundry debts owing to the company. PACIFIC STEAM NAVIGATION COMPANY. Following is the report for the calendar year 1893, dated June 2, 1894: The profit on the working account is £112,349 138. 11d. The profit and loss account, which has been debited with £130,679 for depreciation, boiler replacement, special repairs, etc., shows a loss on the year of £21,558 108. 7d. To meet this deficiency there is the balance brought forward from 1892 and a transfer of £23,000 from the underwriting account, leaving a final credit balance of £2,718 78. to be carried forward to 1894. The difficulties which the directors have of late years had to contend with in carrying on the business of the company were in no way diminished during 1893, but have been augmented by the coal strike, financial troubles in Australia, and the prolonged disturbances in Brazil. The underwriting account shows a profit for the year of £39,564 98., which, added to the net balance brought forward from 1892, makes a total credit of £226,661 68. 3d. Out of this account the directors declared a dividend of 108. per share, which was paid on the 1st ultimo. This absorbed £29,542 108. Od., and after providing for the transfer to the profit and loss account above named, a balance of £174,118 168. 3d. is left to be carried forward to 1894. There has been no disaster to any of the steamers during the year, and the entire fleet has been maintained in excellent condition. The steam collier Pachoco, built in 1879, has been sold. The work of tripling the engines and fitting new boilers, etc., in the Liguria has been satisfactorily carried out. The new steamers Orcana, Sarmiento, Magellan, and Inca have been delivered, and are now in active service. The directors have made contracts with Messrs. Harland & Wolff, Limited, Belfast, for the construction of two twin-screw steamers; both of which, it is expected, will be delivered early in 1895. Statement of accounts of the Pacific Steam DR. WORKING ACCOUNT. 1892. EXPENDITURES. £285, 631 Coal, including freight and all charges.. 124, 895 Repairs, and ship and engine stores. 227,515 16 11 248, 875 Wages of crews, and provisions of crews and passengers. receipts) 33, 351 Suez Canal dues............. 6,722 Losses on cargo.. 55, 740 Expenses of management, including all agencies (5 per cent on gross receipts).. 2,351 Sending officers, etc., to and from Pacific. 36, 856 Insurance...... 6, 448 Hire of steamer.... 159,273 4 4 52, 270 10 0 DR. £871 To income tax 5,010 To allowances to commanders, officers, and engineers for safe navigation.... To balance, profit, carried down.......... 1892. £112 To donations and subscriptions.... 8,393 To expenses of management and general charges in excess of 6 117, 308 To amount written off for depreciation of steamers 135, 638 To loss brought down... To final balance carried down £114, 171 130,679 0 0 140, 054 12 2 21,558 10 7 2,718 7 0 24, 276 177 Deduct amount set aside in 1893 for depreciation and boiler, 1915, 256 Cost of 19 steamers, west coast service.... 3,005, 165 898,778 12 3 1,890, 689 4 4 313, 407 7 6 3,102,875 4 1 431,889 18 2 1,504, 488 17 0 130, 679 0 0 1,373, 809 17 0 Balance of receipts and disbursements in 1894 on account of 1893.. 117, 176 16 6 48, 656 18 10 1,818, 999 9 11 *Deduction. † 20 steamers. 13 steamers. |