Notes for 1891-1900

Interesting stuff...

1)	As mentioned in the doc "Notes for 1870-1880", exchange for $ to Taels seems to be fixed 
   	arbitarily  by the companies, but from 1894 onwards, it was stated in the paper that the
	exchange for all dollar shares was fixed at 73.

2)	During this period, we began to see more different types of shares issued by the same company.
	
-Founder's shares first appeared during this period of time and the companies which
issued such shares are as follows:-

	Boyd & Co., Limited (Founders') (1891-23C)
	Bank of China, Japan & Straits, Ld (Founders') (1892-7C)
	National Bank of China, Ld. Founders' (1892 - 10C)
	Shanghai-Lankat Tobacco Co., Ld (Founders') (1893-61C)
	
	We have no idea as yet to whether or not such founders' shares have any special rights but the shares it seems are always very small in no, and value and paid-up of
	shares are different from the ordinary shares (either the same or lesser). Maybe the 
	shares, as its name suggests is for the founders?

	Eg: National Bank of China, Ld. Its no of founder shares is 750 (1892-10H), value of shares is 1
	Sterling Pounds (1892-10I), and paid-up is 1 pounds (1892-10L)

	One thing to note though in 1894, Bank of China, Japan & Straits, Ltd still has founders'
	shares, but in the following years, the deferred shares seem to transform to deferred shares.
	I used transform because the no of shares, value and paid-up are the same for both of these
	2 different type of shares.

	1894: No of Founder' shares: 1250 (7H), Value:1 pounds (7I), Paid-up: 1 Pounds (7L)
	1895: No of deferred shares: 1250 (8H), Value: 1 pounds (8I), paid-up: 1 pounds (8L)

	This probably suggest that the Founders' shares may be similar in nature as the deferred shares.

- During this period, we can also see preference shares. Eg:
	Pootung Dock, (1891-20C)
	China Shippers' Mutual S.N.Co. (preference shares 1) (1892-15C)
	Punjom Mining & Trading Co. Ld (preference shares) (1894-44C)
	Bank of China, Japan & Straits, Ld (Preference shares) (1895-6C)
	

- Also, companies may issue 2 different types of shares, "A" or "B" shares or Type 1, 2 shares etc
  with different paid-up values.

	Eg China Shippers' Mutual S.N.Co. 
	The company issued 3 different types of ordinary shares with different paid-up values.
	Type 1: No of shares 1186 (1894-15H), Value 10pounds (1894-15I) and Paid-up 10pounds (1894-15L)
	Type 2: No of shares 10000 (1894-16H), Value 10pounds (1894-16I), Paid-up 5pounds(1894-16L)
	Type 3: No of shares 4106 (1894-17H), Value 10pounds (1894-17I), Paid-up 3.5 pounds (1894-17L)

	Like China Shippers', National Bank of China, Ltd too issued "A" and "B" shares, but what I
	found it odd is that the paid-up does not seem to match in some years

	1894: No of A shares - 40453 (8H), Value 10pounds (8I) and paid-up 10 pounds (8L)
	      No of B shares- 3818 (9H), Value 10 pounds (9I) and paid-up 8 pounds (9L)
 
	1895: No of A shares - 40453 (9H), Value 10 pounds (9I), and paid-up 10 pounds (9L)
	      No of B shares - 3818 (10H), Value 10 pounds (10I), and paid-up NA (10L)

	As seen above, the paid-up of B shares was still 8 pounds in 1894, but in 1895, it is N.A.
	In this case, the paper may be wrong.

3)	Many companies from America or Southeast Asia firms are listed in the shares. This is
  	especially evident in the mining and plantation industries (which we will see later)
	An evidence of Shanghai market being the capital exporter. Some obvious examples are:

	a) Perak Sugar Cultivation Co., Ld (1891-58C)
	b) Raub A'lian Gold Min. Co. Ld (1894-46C)
	c) Belmont Consolidated Mining Co. (1891-52C)
	D) Shanghai-Sumatra Tobacco Co. (1891-67C) etc...

4)	There are now more information on the composition of comapny's reserves. From 1896 onwards,
	company's reserves was dividend into the following category:
	Insurance Fund, Depreciation Fund, Reserve against Exchange and Investment Fluctuations.	
	There are more categories in the following year

5)	There seems to be alot of changes in capitalization structure for this period. And in
	1896, all the cotton companies seem to be undergoing some change in capitalization structure
	(In the previous years 1895, all these cotton companies were newly listed. See No 12, 
	13, 14 and 15 below for more details.

6)	The Shanghai stock market is not for the light hearted. Cash quotations can drop quite
	dramatically within a year for certain stocks. Eg

	For Shanghai-Langkat, prices almost tripled from 117.5 Taels (1898-76F) to 300 Taels 
	(1899-81F)

	For H'kong Cotton S.W. & D.Co., Ld, cash quotations dropped drastically from $56 
	(1899-68D)
	to $5 (1900-67D)



Changes in capitalizaton structure 

1) 	China Shippers' Mutual S.N.Co. - changes it capitalization structure umpteen times
	1891: 2 types of shares
	Ordinary: No of shares 12145 (14H), Value 20pounds (14I) Paid-up 15 pounds(14L)
	2nd Issue: No of shares 6000 (15H), Value 20 pounds (15I), Paid-up 11 pounds (15L)

	In 1892: 3 different types of shares
	Preference: No of shares 20000 (15H), Value 10pounds (15I), Paid-up 10 pounds (15L)
	Ordinary 1: No of shares 10000 (16H), Value 10 pounds (16I), Paid-up 5 pounds (16L)
	Ordinary 2: No of shares 10000 (17H), Value 10pounds (17I), Paid-up 3.5 Pounds (17L)

	In 1894, 4 different types of shares
	Preference: No of shares 16736 (14H), Value 10pounds (14I), Paid-up 10 pounds (14L)	
	Ordianry 1: No of shares 1186 (15H), Value 10pounds (15I) and Paid-up 10pounds (15L)
	Ordinary 2: No of shares 10000 (16H), Value 10pounds (16I), Paid-up 5pounds(16L)
	Ordianry 3: No of shares 4106 (17H), Value 10pounds (17I), Paid-up 3.5 pounds (17L)

	In 1895, 3 different types of shares
	Preference: No of shares 16736 (14H), Value 10pounds (14I), Paid-up 10 pounds (14L)
	Ordianry 1: No of shares 1231 (15H), Value 10pounds (15I) and Paid-up 10pounds (15L)
	Ordinary 2: No of shares 15505 (16H), Value 10pounds (15I), Paid-up 5pounds(16L)

2)	Bank of China, Japan & Straits, Ld (Founders')
	1893: No of shares 1250 (7H), Value 1pounds (7I), paid-up 1pounds (7L)
	1892: No of shares 1250 (7H), Value 1.25Pounds (7I), paid-up 1.25pounds (7L)

3)	Shanghai Shipping Co.
	1893: No of shares 150 (14H), Value: 150 Taels (14I), Paid-up: 150 Taels (14L)
	1892: No of shares 150 (14H), Value: 1000 Taels (14I), Paid-up: 1000 Taels (14L)

4)	North-China Ins. Co., Ld
	1894: No of shares 5000 (29H), Value: 100pounds (29I) Paid-up 25 pounds(29L)
	1893: No of shares 5000 (27H), Value: 200pounds (27I), paid-up (27L)

5)	Bank of China, Japan & Straits , Ld (Ordinary shares)
	1898: No of shares was 106701 (7D), Value 8 pounds (7E), Paid-up: 4 pounds (7G)
	1897  No of shares was 107483 (7D), Value 8 pounds (7E), Paid-up: 3.5pounds (7G) 
	1896: No of shares was 94208 (7D), Value 8 pounds (7E), Paid-up: 2pounds (7G) 
	1895: No of shares was 199875 (8D), Value 8 pounds (8E), Paid-up: 1.5 pounds (8G) 
	1894: No of shares was 199875 (6H), Value 10 pounds (6I), Paid-up 1.5 Pounds (6L)

6)	National Bank of China, Ld. B
	1895: No of shares was 3818 (10H), value 10pounds (10I), and paid-up NA (10L)
	1894: No of shares was 3818 (9H), value 10pounds (9I), and paid-up 8pounds (9L)
	
7)	Punjom Mining & Trading Co. Ld (preference shares)
	1895: No of shares was 30000 (41H), Value $1 (41I), and Paid-up $1 (41L)
	1894: No of shares was 28509 (44H), Value $1(44I) and paid-up $1 (44L)

8)	Shanghai Land Investment Co., Ld
	1897: No of shares was 26000 (53H), value 50T (53I) and paid-up 50T (53L)
	1896: No of shares was 17566 (54H), value 50T (54I) and paid-up 50T (54L)
	1895: No of shares was 10685 (54H), value 50T (54I) and paid-up 50T (54L)
	1894: No of shares was 20000 (58H), value 50T(58I), and paid-up 50T(58L)

9)	Shanghai Land Investment Co., Ld (2nd Issue)
	1896: No of shares was 2434 (55H), value 50T (55I), and paid-up (55L)
	1895: No of shares was 9315 (55H), value 50T (55I), and paid-up (55L)

10)	Union In. Society of Canton Limited
	1896: No of shares was 10000 (28H), value $250 (28I), and paid-up $50 (28L)
	1895: No of shares was 10000 (27H), value $250 (27I), and paid-up $25 (27L)

11)	Shanghai & H'kew Wharf Co.
	1896: No of shares was 15100 (36H), value 100T (36I), paid-up 100T (36L)
	1895: No of shares was 2867 (35H), value 100T (35I), paid-up 100T (35L)

12)	Ewo Cotton Sp. & W. Co., Ld
	1899: No of shares was 10124 (62H), value 100T (62I), paid-up 100T (62L)
	1896: No of shares was 10000 (61H), value 100T (61I), paid-up 100T (61L)
	1895: No of shares was 10000 (61H), value 100T (61I), paid-up 50T (61L)

13)	International Cotton Man. Co. Ld
	1897: No of shares was 7620 (61H), value 100T (61I), paid-up 100T (61L)
	1896: No of shares was 6349 (62H), value 100T (62I), paid-up 100T (62L)
	1895: No of shares was 10000 (62H), value 100T (62I), paid-up 50T (62L)


14)	Laou-kung-mow Cotton Spinning and Weaving Co., Ld
	1896: No of shares was 8000 (63H), value 100T (63I), paid-up 100T (63L)
	1895: No of shares was 8000 (63H), value 100T (63I), paid-up 50T (63L)


15)	Soy Chee Cotton Spin. Co. Ld
	1896: No of shares was 2000 (64H), value 500T (64I), paid-up 500T (64L)
	1895: No of shares was 2000 (64H), value 500T (64I), paid-up 200T (64L)

16)	Hall & Holtz Ld 
	1900: No of shares was 14000 (83H), value $20 (83I), paid-up $20 (83L)
	1896: No of shares was 6250 (70H), value $20 (70I), paid-up $20 (70L)
	1895: No of shares was 6000 (69H), value $20 (69I), paid-up $20 (69L)

17)	Shanghai-Lankat Tobacco Co., Ld
	1896: No of shares was 3980 (74H), value 100T (74I), paid-up 100T (74L)
	1895: No of shares was 1590 (73H), value 100T (73I), paid-up 100T (73L)

18)	Bell's Asbestos Eastern Agency, Ld (Type 2)
	1896: No of shares was 5200 (77H), value 1pounds (77I), paid-up 17 shillings (77L)
	1895: No of shares was 7000 (77H), value 1pounds (77I), paid-up 15shillings (77L)
	

19)	Shanghai-Sumatra Tobacco Co.
	1897: No of shares was 13000 (76H), value $20 (76I), paid-up $20 (76L)
	1896: No of shares was 6500 (73H), value $20 (73I), paid-up $20 (73L)

20)	S'hai E.S. & Dock Co., Ld (ordinary shares)
	1897: No of shares was 6000 (23H), value 100Taels (23I), paid-up 100Taels (23L)
	1896: No of shares was 6000 (23H), value 100Taels (23I), paid-up 50Taels (23L)

21)	S'hai E.S. & Dock Co., Ld (Founders shares)
	1897: No of shares was 200 (24H), value 100Taels (24I), paid-up 100Taels (24L)
	1896: No of shares was 200 (24H), value 100Taels (24I), paid-up 50Taels (24L)

22)	Punjom Mining & Trading Co. Ld 
	1899: No of shares was 59650 (40H), value $8 (40I), paid-up $5 (40L)
	1898: No of shares was 60000 (39H), value $8 (39I), paid-up $5 (39L)

     (PS: was stated in the paper that 1898 was the first year of Punjom, hence no dividends paid. 
     This does not seem to make sense as Punjom Mining has existed since 1896. It was a similar
     case for preference shares, though there was no change in capitalization for preference shares)

	1897: No of shares was 59349 (40H), value $4 (40I), paid-up $4 (40l)
	1896: No of shares was 60000 (39H), value $1 (39I), paid-up $3.75 (39L)


23)	Major Brothers, Limited
	1897: No of shares was 5500 (59H), value 50Taels (59I), paid-up 50 Taels (59L)
	1896: No of shares was 6000 (60H), value 50Taels (60I), paid-up 50 Taels (60L)


24)	Bank of China, Japan & Straits, Ld (deferred shares)
	1899: No of shares was 1119 (7H), Value 1 pounds (7I), Paid-up: 1 pounds (7L)
	1898: No of shares was 1105 (7H), Value 1 pounds (7I), Paid-up: 1 pounds (7L)
	1897  No of shares was 1101 (7H), Value 1 pounds (7I), Paid-up: 1 pounds (7L) 

25)	Raub A'lian Gold Min. Co. Ld
	1898: No of shares was 200,000 (42H), Value 1 pounds (42I), Paid-up: 14/10 d (42L)
	1897  No of shares was 200,000 (42H), Value 1 pounds (42I), Paid-up: 13/10d (42L)


26)	Shanghai-Lankat Tobacco Co., Ld (new issue)
	1898: No of shares was 3980 (77H), value 100T (77I), paid-up 75T (77L)
	1897: No of shares was 4000 (78H), value 100T (78I), paid-up 25T (78L)

27)	China Flour Mill Co., Ld
	1898: No of shares was 4000 (68H), value 50T (68I), paid-up 50T (68L)
	1897: No of shares was 3000 (67H), value 50T (67I), paid-up 35T (67L)


28)	H'kong Cotton S.W. & D.Co., Ld.
	1899: No of shares was 9000 (68H), Value $100 (68I), Paid-up: $100 (68L)
	1898: No of shares was 9000 (70H), Value $100 (70I), Paid-up: $70 (70L)


29)	Hongkong & Kowloon Wharf and Godown Co., Limited
	1900: No of shares was 30000 (27H), Value $50 (27I), Paid-up: $50 (27L)
	1899: No of shares was 20000 (27H), Value $50 (27I), Paid-up: $50 (27L)

30)	Yangtsze Insurance Association
	1900: No of shares was 8000 (32H), Value $100 (32I), Paid-up: $60 (32L)
	1899: No of shares was 6948 (32H), Value $50 (32I), Paid-up: $60 (32L)

31)	Perak Sugar Cultivation Co., Ld
	1900: No of shares was 7000 (50H), Value 50Taels (50I), Paid-up: 50Taels (50L)
	1899: No of shares was 5000 (50H), Value 50Taels (50I), Paid-up: 50Taels (50L)

32)	Hongkong Land Invest. & A.Co., Ld
	1900: No of shares was 50000 (55H), Value $100 (55I), Paid-up: $100 (55L)
	1899: No of shares was 50000 (55H), Value $50 (55I), Paid-up: $50 (55L)

33)	Humphreys Estate & F.Co.Ld
	1900: No of shares was 100000 (57H), Value $10 (57I), Paid-up: $10 (57L)
	1899: No of shares was 37000 (57H), Value $10 (57I), Paid-up: $10 (57L)

34)	Shanghai Gas Co.
	1900: No of shares was 4000 (60H), Value 100Taels (60I), Paid-up: 100Taels (60L)
	1899: No of shares was 3000 (60H), Value 100Taels (60I), Paid-up: 100Taels (60L)


35)	Shanghai Rice Mill
	1900: No of shares was 2235 (69H), Value 25Taels (69I), Paid-up: 25Taels (69L)
	1899: No of shares was 2000 (71H), Value 25Taels (71I), Paid-up: 25Taels (71L)

36)	Shanghai Steam Laundry
	1900: No of shares was 2500 (73H), Value 20Taels (73I), Paid-up: 20 Taels (73L)
	1899: No of shares was 2500 (75H), Value 20Taels (75I), Paid-up: 10 Taels (75L)

37)	Tienstin Waterworks Co., Ld
	1900: No of shares was 650 (78H), Value 100Taels (78I), Paid-up: 100 Taels (78L)
	1899: No of shares was 575 (78H), Value 100Taels (78I), Paid-up: 100 Taels (78L)

38)	Hongkong Electric Co. Ld (2nd Isuue)
	1900: No of shares was 30000 (86H), Value $10 (86I), Paid-up: $5 (86L)
	1899: No of shares was N.A (87H), Value $10 (87I), Paid-up: $2 (87L)

	
39)	Central Stores Ltd
	1900: No of shares was 6000 (88H), Value $15 (88I), Paid-up: $12 (88L)
	1899: No of shares was 6000 (88H), Value $20 (88I), Paid-up: $20 (88L)

40)	S.C. Farnham & Co., Ld
	1899: No of shares was 8000 (21H), Value 100Taels (21I), Paid-up: 100 Taels (21L)
	1898: No of shares was 7500 (21H), Value 100Taels (21I), Paid-up: 100 Taels (21L)

Some puzzles and things to take note of

1)	Again, there are still alot of quotations which just stated nominal - will not list down 
	all the firms here (coz there are simply too much), but in the report will be shown by a 
	blank in the closing quotation. (A blank in the closing quotaitons may of course be due 
	to other reasons, if so, will be specified below.)

2)	Denomination of the shares dividends for Bank of China, Japan & Straits in 1891 is not
	stated (1891-7T), (1893-6U)
	Same case for Yangstze Insurance Association (1893-29T), 


3)	Smuggler Mining Co (1890-42C) changes its name to Smuggler Union Mining Co (1891-48C)

4)	China Shippers' Mutual S.N.CO. (ordinary shares 2) (1892-17G), the taels part of the 
	quotation was missed out in the paper

5)	In 1891, company was known as Sheridan Mining Co (1891-46C), but changes to Sheridan 
	Con. M. & M. Co.,Ld in 1892 (42C). 

6)	Imuris Mines also changes it names in (1891-51C) to New Imuris Mines (1892-46C)

7)	Dividends of Japan Brewery Co (1893-53T) stated as $5%, but because its paid-up is $100, hence does
	not make a difference whether it is in % or $.

8)	"Last" in the dividends section stands for the final dividends in the business year

9)	Shanghai-Sumatra changes its denomination of accting, from $ (1893-59J) to Taels (64J)

10)	For Shanghai Sumatra (1892-63C), a dividend debenture bearing interest at the rate of 10% per 
	annum was issued on 31st March, 1892 on 650 shares)

11)	For Luzon Sugar (1895-52L), it was stated that the paid-up in Taels, and the value of 
	shares in $(1892-52H). But in subsequent years, both paid-up and value are in Taels (eg 1896-52I, 52L)
	Believe there is a mistake, and assume that in 1895, it is both denominated in $.

12)	For Douglas Steamship, (1895-18AG), its average dividends over 3 years was denoted in 
	$. Find it odd since in all other years, it has been denominated in %


13)	For Bank of China, Japan & Straits , Ld (ordinary shares), (1896-7W), its working acct was
	in deficit, but on the dec 31st 1895, there were only 1.10.0 pounds per share paid up, 
	this with the further calls of 1 pound per share since paid, cover the deficit

14)	For Shanghai-Lankat Tobacco Co., Ld, (1897-77F), it was stated at the closing quotation
	"cum the right to the new issue at par"


15)	For S'hai E.S. & Dock Co., Ld (ordinary, and founders shares) in 1899 (23AA and 24AA), the
	dividends columns was stated nominal in the paper. 

16)	In 1900, Shanghai Ice, Cold Storage & Refrigeration Co., Ltd only has 1.93T in working 
	acct, but is still giving dividends - 6% (1900-68Z)











