COMPANY REPORT.
A. S WATSON & CO., LTD.
il
The following is the Report of the General Managers of A. S.. Watson &Co., Ltd., for the 10 months ending 31st October, 1919, for presentation to the shareholders at the Thirty-fifth Annual Ordinary General Meeting of the Company (since its Registration) to be held at the Hongkong Hotel, Hongkong on Saturday, March 6, 1920, at Noon.
Gentlemes, We beg to lay before you a statement of the Company's business with a balance sheet for the ten months ending the 31st Oct. 1919. The net profits of the Company for the ren months under review, after providing for all bad and doubtful debts.
amount to
To which has to be added the balance brought forward from
last year eman ziomodicus)
Leaving available for appropriation
We prooose--
To pay a dividend of 8 per cent. which will
absorb........
$72,000.00
Place to reserve fund
20,000.00
Write off building improvements, furniture,
utensils of trade...
Write e aerated water and other plant and
machinery
23,400.00
9,000.00
Write off launcb, lighter, motor junk and motor
lorry
2,600.00
Pay to staff provident fund......................
And carry forward to next account
5,000.00 II.481.77
THE CHINA
ARMY DISCIPLINE—
CHINESE.
TROUBLE COMING IN KWANOTUNG,
the
ARMS A
MAIT
AMMUNITION. COMMERCIAL EDUCATION:
A CURIOUS CASE.
INDUCEMENTS TO STUDY.
QUESTION FOR BUSINESS MEN.
SATURDAY. FEBRUARY 28, 1520,
GERMAN TRADE DIFFICULTIES.
betale
The Foreign Trade Bulletin (US) has the following on the position of German trade-
WEATHER REPORT.
February 287 124 B-No returna from Japan and Valley took. Pressure has decreased underately in the siginity of Forces; ther chinges are slight, A moderate Katieve on is central to the northed the Yangtze Valley.
Boczknog Ralafall for the 1 hours
Before Mr. N. H. Smith, at the The past few days have brought Magistracy, this morning, a Chinese forth a strange "example of the prin-runner was tharged with belag in
The authorities of the Sydney Uni-
The unsettled industrial position ciples upon which the Southern Army unlawful possession of a revolver and
versity are considering a proposal to throughout Germany, the uncertain is run The Yunnanese army has several rounds of ammunition.
Fresh to strong monsoon will prevail the reputation of being one of the Mr. Leo D'Almada appeared for eliminate, in certain cases where taxation programme and the present bear, it not the best, section of Chithe defence and pleaded not guilty satisfactory evidence of education improved exchange conditions, has long the China const, sal over the
A Chinese Revenue Officer stated can be produced, the obligation im-restricted German-American trade. China Sea. nese troops to be found here South. This Army, wherever it hep-that, he was on duty at one of the posed upon candidates for degrees in resumption to a minimum, according
wharves along the Praya when he saw the Department of Economics and to latest reports from our offices in ending, a team. mdag 0.31 inch, pers too be situated. is under the defendant coming from the wharf Commerce to pass the matriculation, Bern, Hamberg and Bremen. Such Cotal since Jaanary 1st, 2.70 inches, $ 143,152.49 control of the Tuchun of Yunnan in his direction.
askinst an average of 3:11 inches, The man was examination, says the Sydney Morning been confined to a limited amount of business as has been moving ha thus, even the two Divisions here and carrying a bag and witness stopped Herald.
Forest for the 24 hours ending at This examination is, of 329.28 hereabouts are nominally directed him and asked him to open the bag course, the perennial stumbling block this country and to exparts of certain winds, trest: cloudy, ours Patrio
0:00 on the Coth. food and raw material shipments from
1-anking to Cap Rock. NE as he wanted to search it. Defendant for the man who embarks upon The commanding officer of one of produced a key and epered the bag. higher education, involving a univer German manufactured products, a
2-Foss Chinuch, NE. winds, these was formerly Li Ran-yuen, who, Underneath a counterpane witness sly course, after allowing some time comparatively limited volume of
stroog which are available. He to elapse since leaving school. Once situation overshadows all other facfonekung and Lamocks. be same as had discovered the ammunition
North east of China between. rendered, was given the additional arrested the man and took him to the break. has been made between tors in retarding German trade with No.
school and the higher training, only the outside world.
143,481,77;
from Yunnan
(1
as reward for the services, he
The credit
be established
ich of Tuk-gaan" of this neighbour-the Imports and Experts office. hood, a very high and responsible Cross-examined by Mr. d'Almada, the general effect of the education
To conserve German credit and post, carrying great powera practically witness stated that he suspected the remains, and its detailed components. supreme power in all affairs, military man to be a smuggler and stepped have, in many directions, become Protect the exchange, value of the and civil subicer only to the higher him. The man produced the key hazy. Thus in almost forbidding mark, the German National Assembly Provincial Fuchun at Canton. This from his pocket. He did not see the amount of ground has to be covered has passed an act to prevent the ex afresh before the man who desires port of capital; the Reichsbank's Area controlled by General Li includes defendant take the key out-nf about teen counties.
ched envelope. Defendant did not to improve his position by the know. consent is now necessary before Ger- The wily Tuchun of Tennan, howell witress that the box cantated ledge and status of the university man credits may
training can embark upon the higher abroad. No money, cheques and evert fearing lest General Li might the contraband.
R. O. Lanigan stated that the de- studies. He can obtain the know. bills of exchange may be sent or $143,481.77 run a course contrary to his desires.fendant was brought to the Imports ledge, perhaps, but without the hall taken from Germany except through
sent another high officer to act the office and there witness examined mark of the decree its value to him the medium of German banks, whose) spy on General Li; ostensibly sending him, of course, to relieve General L the box for which the man produced is immeasurably less.
The effect of this has been more this Divisional command on the ground that with his greater affairs to the bag was given him by the master apparent in the Economics and Com look after he would not be able (He did not see the defendant pro- the other departments. All that
of Ms shop to take to another man. merce Department than in most of manage the Division also.
duce a key from the envelope.
gives to a man is supposed to be
Board of Directors. The existing board of directors consists of the Hon. Sir C. P. Chater, CG. Mr. J. Scott Harston, and Mr. G. W. Barton, who
now retire, but being eligible offer themselves for re-election,
Auditors The company's accounts have been audited by Mr. F. Maitland and Mr. C. Bernard, Brown, A.C.A.. who offer themselves for
reelection..
JOHN D. HUMPHREYS & SON, General Managers. Hongkong, 27th Febranry, 1920.
BALANCE SHEET, OCTOBER, 31st 1919,
LIABILITIES.
Capital Accouar.
Reserve Fund.........
Local and general Liabilities in the East and in
America.
Local and General Liabilities in London
Advänre against Mortgare. (up to $125,000) on Marine Lot No. 203 and the Buildings thereon, and Kowlien Inland Lot No. 1208 and the Badwas there m Unclaime! Dividends......................
Security Deposits Tront Staff
Security
posts from Customers
Profit and Ins
Forward frota 1918. Aceous
Net Profit to Det wer 31. lvi......
ASSETS.
Land and Buildings:—
Section of Taland Lot No. 19 and Buildings
therean
$68,710.75 4,415 89
22,000.00 15,500.00
329:28 143.152.49
60,000.00
Kowlan Inivind Lot No. 188 and the Buildings
thereon ...
Marine-Lot No. 293 and the Buildings thereon, Remaining portion of Section D. of Inland Lot
No. 1086 and, the Buildings thereon Shameen Lot No. 71and the Buildings thereon.
Cantou
27,500 00 161,245.18
20,767,21
62,000.00
9,066.00
-Extra Concession Lot No. 78 and the Buildings
thereon Cana Inland Lot Lnt' No. 1780 and the Buildings thereen, as per last Account... $92.103.30 Additions during 1919....... 165,00
92,268.30
Building Imperyo veņts, Furniture, Fittings and Trade Uteris:s at Hongkong, Canton and at Native Benches
...$
49,507,67
Written off for depreciation May 23, 1919.
Added during 1919
8,000.00
41,507.67 7,289.09
Aerated Water and Other Machinery and Plant
at Hongkong and Canton
As per last Accoun: .......
$
Written off for repreciation May 23, 1919
Disposed of during 1919
335.25
Steam Launch. Steam Lighter, Motor Junk and
Motor Lorry....
49,805.47 4,000.00
45,805.47
45,479.90
18.600.00
Total Stocks in Trade
Fire Insurance Premia and Licences unexpired... Good Debts due from Customers.....
Sundry Debtors
131,581 54 8,020.79
Secured Inan
$900,000:00 200,000:00
1,442,615.91
48,796.76
the key. Defendant told him that'
D. fendant went into the box and essentially utilitarian-something told the Magistrate that he was a which makes him better fitted to servant in a rice store. His master engage in the keen battle of wits told him yesterday to take a bag to Wing Chan and hand it to a military officer who was or a gun boat. He was further asked to purchase some rice while there and bring it back.
Mr, Alurada kemid it was a clear case and if the Magistrate did not discharge bis client on that evidence how on earth could he convict him? Everything tended to the innocence
which modern commerce represents. Being a comparatively recent estab shent, it follows that many men who would gladly avail themselves of its advantages have left their
operations in turn are under the supervision of the Ministry of Finance One of the objects of this legislation is to prevent the transfer of German capital to neutral countries, to escape the impending taxation programme.
4-South coast of China between
Yangkong and Hainan. The simo as So..
T. F. CLAXTON, Director: Yongkong Observatory, Feb. 28, 1:20.
HONGKONG TIDES,
The tide table ziven below has "besa in London from the rauls of the analysis compiled the National Almanso Office
ofertations taken by means of so vatorste tide-recording machine in the Vater Police Resin Tel Sha Tsui aring the years 1998.
The ero of the table corresponds with the zero of the sounding in the Admiralty hart, which has been found to be res incom below can sea-level!
To obtain the depth of water on the de xauge at the Victoria Nave! Fard do 3 feet 4 inches, and on the gauge. tushes to the hoight given in the table. Lamont Dock, Aberdeen, add 10 feat
February 28 to March 7, 19:0
HIGH WATTE
Low-W(71
*Jangkong Joan. Tipe
Wan
Fight
130479.
Sun.
2000
Mon. 1
70
30
Fri
50 3 14
מובןן 1
b m.
Thet
TO-DAY'S ADVERTISEMENTS..
HONGKONG & SHANGHAI -
BANKING CORPORATION.
E FINAL DIVIDEND declared for the rear ending 31st Decem
www.d
FOURTH TOURNAMENT.
Nor was Tuchun Tang's fear un-
All German exports and imparts founded', It is reported in various
are subject to issuance of licenses by quarters that General Li thinks the
the Government, with the object of present Canton crowd can get him
Conserving needed raw materials and better promotion and power than his
semi-manufactured goods, as well as fermer Tuchun so far away in the
uxury articles, manufactured goods, to prevent use of German credits for South-west, and that he has accord ingly thrown in his lot with Lu Yeng:
and non-essentials. No definite policy ting and Co. and is now anxious to He did as he was told and went to schooldays some distance behind, and seems to have been fixed as to classes. get rid entirely of the Yunnanese the race. The basket was locked are therefore deterred by the marri of commodities restricted under the 73,129.80 troops who number many thousands and the key was played in an envelope. culation examination. The Depart licensing system, and applications throughout the unhappy province of He was not aware that the basket ment of Economics and Commerce have been handled on the merits of Kwangtang
contained ammunition.
is not concerned with educational individual cases. There is yet to be When he On this view, it is said that got to the place he found that the "Culture for its own sake, and, indeed, settled the German customs control 85.000.00 General LC finding the "watching "unhoat had not arrived and so he it was not without a struggle that over imports and whether import
3,504.50 Divisional commander (Major-General | returred and was arrested.
some savants gave way a few years duties must be paid in gold.
The limitation of credit facilities Ching rather in the way. informed The master of the shop produced a ago, and conceded sufficient of their rim that he must go, and that his letter from the officer in question aloofness from the burly-buriy of life has caused in some instances the Tuss 37,500.00 Division would be taken over by one and stated that he instructed his as to throw open the stately halls setting up of the barter basis of trade
Yeung at present the second in cum-choirs to take the basket and hand and cloisters of the University to of the part of German manufacturers th mand to General Li in the adminis- it to the gunhoar. He did not know surh vry worldly personages as as well as the plan of effecting But by payment for raw material imports marion of the area. Major-General the basket contained contraband. It you commercial "men.
dint of "hammering away such through later delivery of the finished dat 143,481,77 Ching decEned to go, but cleared off was left at his shop by the officer.
Mr. Almada said that it was a practical men
V product to original foreign suppliers. as Mr. H. to Canton, leaving his seal of sice clear case of inrecence on the part Braddon and others of the Sydney of raw materials For instance, con. in charge of his subordinate officers.of his client. He had produced docu- Chamber of Commerce some years sular reports from Holland describe 'who were quite unable to surrender mentary evidence to prove that and before the war secured the establish the shipment of Durch hides to Geg. this without documentary orders to do he thought that his client was enti- ment at the University of a Depart man tanneries who in turn pay their so-which documentary orders weretted to be discharged.
ment of Economtes and Commerce, suppliers by returning an equivalent not forthcoming.
Mr. Smith replied that he was not which is one of the finest educational value of tanned leather, instead of! Whatever be the explanation, the certain that the man was acting in adjuncts in existence to the ever- Daying guilder exchange. Similarly. Faer is true that the Division com- nccently.
essential practical training in the German boot and shoe manufacturers imanded by this officer has come to be
business-home. Today commercial are said to be at work with Nether in antagonism to the other Yunnanese
men are realising the sterling worth lands leather suppliers, making up troops here, and has been distributed
of what has been done, and never stocks of boots and shoes from Dutch with more or less success. up and
was efficiency in commercial practice leather, retaining part of the manu down the country side. in the hope
more vital to the welfare of the factured product in payment for the fir, 1010. at the rate of Two Pounds trar its strength, being broken up. of his client and the fact that the nation. It is to the men who are manufacturing process and returning Five Slings Sterling together with may be thereby diminished, The man returned to the wharf was combining with their ordinary routine the balance of the finished commodi-a Boch ofi Karty kounela Ten Shillings Spune is payable on and Brigade commanders in this Division prsitive proof that he did not training the fruits of their University ties to Holland to clear the account. Sterling however, are not for giving in easily.know that the ammunition was inside courses in pure economies, account By actual barter of this description after MONDAY de Let day of March, and two of them, acing with their the box. Had his client known that ancy, business principles, commercial Germany is enabled to get started in 1920, an the 435ies of the Corporation, $432,846,69 subordinates, have declared their there was contraband he would not geography, elementary law of book. certain manufacturing lines without where Sheddar are requested to
: independence." The Turther result have gone on the wharf knowing fulling and contracts, etc., modern langu drawing upon its credit for supplies apply for Wartauts..
By Order of the Court of Dinsetors, has been, that into this city and neigh- well that there were revenue officers ages, and various other subjects, that in foreign countries- factor of con-
N. J. STABB, bourhood there have been drafted there, but would have landed at some the large houses are looking for siderable merit in protecting the
Chief Manager farge bodies of extra troops, some of cherore spot. How on earth could assistance in confronting the complex value of the German mark against whom are Yunnarese army and some the Magistrate expect him to bring problems involved in reconstructing further depreciation in exchange.
the great fabric of international trade, Some German Enancial authorities! Hongkong, February 28, 1920. a clearer defence than that. Kwangsi army.. Many have gone
Mr. Smith said he was quite satis- which has suffered grievous damage have stated that there is no immedi Father up the river to a place called fied it was a case of smuggling arms through the war.
ate prospect of greatly enhancing the
HONG KONG BOXING Shiu-hing, some two days" journey up into the colony. He fined defendant
On the same lines that the Sydney value of the mark, because of the where there are at present the els-$500 and ordered the confiscation University has been following for magnitude of Germany's food and ASSOCIATION.. ments for a potential battle: Exactly of the contraband
some years the London Zeiversity raw material requirements, which who will form the opposing forces of
has just launched an elaborate scheme outweigh as exchange fierors the this battle (it it comes of nobody other explanation current of the for commercial education involving amount of goods exportable at present seems able to say. At any rate, it facts is that Major-General Ching an ultimate outlay of about half a and in the immediate future. Artificial. is a match between two opposing par said to General Li that he was tak million sterling. Although it is stimulation of exchange values for ties within the Yunnanese army. ling too much money from the designed on a much bigger scale, to the mark is conceded to be out of the The matter has very greatly affected people, and ought to draw in his meet the greater needs, it does not question unless through a large ex 'the populace heré, both because they horns a bit... General Li there seem to go much further than the terior loan, the placement of which $112.866 98 feel no certainty about things in gen- upon told him to mind his own Sydney scheme, except that more seems to be regarded in Germany as 1.
617,811.76 er, and especially because they fear business. The snubbed Major-General attention is apparently being given a remote possibility.
Supplementary reports indicate to the particular requirements of in- 3,598.76 that if the forces facing northwards then said he was ill and must co
are beaten (as seems probable) the to Canton for treatment," and when dividual trades. The Department of that aside from the difficulties of the defcared troops will race back here he got there he issued an impeach Economics and Commerce of Sydney coal and raw material shortages, 159,602:33 and enjoy a general loot, etc., before ment of General Li; and so the University confers the degrees of German Industry is bending every 70,000.00 their end comes, while the other whole matter must therefore be held. Bachelor of Economics (BE), and effort to attract foreign orders by side, pursuing, would probably reach in abeyance until the charges can Master of Economics. (M.E.), and virtue of the low exchange value of the city before there had been time be investigated-again in Yeznan. there is a less comprehensive course the mark, which makes it possible.
General Limay or not be taking not involving marriculation, for which for certain German lines to be sold to establish a new administration here, and so there would follow a more from the folk here than his a dipicma is awarded. Similarly the more cheaply in competitive markets, $1,442:615.91 second time of noting, this time predecessors. I do not know; but London University will confer the The support given by governmental from the other side. Nor is this all, he is certainly spending more on the degrees of Bachelor of Commerce sanction of exchange rebates on The soldiers who have come up well being of folk. Whatever he has and Master of Commerce, and German exports is an interesting feature of the "present situation. By in their crowds from Cantor have done for himself, he has certain possibly, a doctorate also.
In an outline of the scheme, Dr. this provision German firms are I had 3 lot of impediments, established (he beginnings of a
to have had
this sanitary petem for the city he has Russell Wells, who acted as chair permitted to export at prices below and up to the "Front," so have had re- repaired a number of the roads and man of the committee which formu chose charged to consumers in their course to impressed labour, in other monuments, and has entirely related it, said that universities must own markets, on the assumption words, laid hands on any coolies they nevated the famous monastery of do for commerce what had already that such rebates are justifiable found in the streets, and compelled Naam wa rear bera. His energy been dose for medicine. A hundred when applied to export sales, to them to carry their military gear saved the city when last November years ago medicine was in a chaotic compensate for the drop in the state, but the colleges. hid now exchange value of the mark since right away up to Shui-hing Not the wave of cholera threatened it. finding enough, the soldiers haveBut what a tragedy the whole systematised that branch of study, the armistice. 156,386.10 Rone further, and entered houses and business is! There is here not, In commerce, problems were met
complicated, undertake the required study. One shops, and dragged men and women even the semblance of its being with which were just $ 156,386.10 out to make up the necessary porter. an attempt to plan for the people's and required as much thought as who has taken a notable part in age. These unfortunate people have good. Frankdy the whole dirty bustin law, medicite, or other subjects advocating commercial education, in safd. that be no certainty of return safe and soundness is one of relfish ambition andruth that. were recognised branches of conversation,
with the and not any real prospect of being less pride. How can poor China get university study it was necessary was much impressed paid for their work. This has had on her feet as long as such; intrigue to marry the university, to the city. arrangement that had been made by the natural effect of overturning all goes on the highest places? One! The university, added the doctor, the University of London with a ideas of recommencement of business begins to believe that nothing can waa bearing in mind Mr. Balfour's number of city men to find vacan In accordance with the provisions of the Companies Ordinance, 1911. after New Year, and the city streets come in the way of a settled govern. advice that they must got make cies for a certain number of gradu we pepper to the shareholders of Messrs. A. S. Watson & Co., Ltd., that we are almost deserted, for none dare ment until the whole lot of the pre- their men so highly trained from ates every year, starting them at have examined the above balance sheet with, the books, accounts, vouchers shew their faces, lest they also be sent military parties, all over, are the academic point of view, that they £300 per annum. He believed and various securities, and have found it to be in accordance pressed.
done away with once and for all would be practically useless in that if Sydney firms undertook to therewith.
In avoiding this they give definite advantages in the way The boat people bave rowed away and how an that be accomplished: Commerce.
employees who We have received all the information and explanations we have from the city 10 2 sale distance to except from outside, the nation? must also take care not to make of salary" to required. The returns from the various branches have been correctly ip-avoid their men heing carried off, China
superior technical gained the University degrees, many. can certainly never get me merely
who now caristlered the game not corporated. The stocks at Hongkong are as certified by the General and many others are biding. Yege put right until there are men of busin Managers, and those at the various branches by the company's branch tables and meat are brought to the upright character in these places. A Sydney business men generally worth the candle. would make up place for sale, but none dare carry gleam of hope is seen in the recent appear to be well satisfied with the their minds to spend the necessary In our opinion, such balance, sheet is properly drawn up so as to exhibit the stuff across into the streets: the arousing of a certain degree of public machinery for commercial education three or four nights weekly in a true and correct view of the state of the company's affairs according to local butchers shops cannot reoper opinion in connection with the move which now exists in connection with lectures. However, apart from this, the best of her information and the explanations given us and as shown by because the tokia have bizen carried ment against a certain foreign the Public schools and the university, be added, the eventual advantages the books of the company.
away, and such things as chairs are Country, and if only that opinion can but there are some who think that to a man were incalcul,ble, and it F. MAITLAND, **
unobtainable because there are no be directed against lawlessness in aufficient has not been done in the rested with parents as well, as with C. BERNARD BROWN, A.CA, Auditors.
China's own household, then perhaps way of tangible inducements to employers to use their influence in chairmen to be had.... Hongkong, 27th February, 1920.
the tremendous risk of a big foreign young men to make the necessary inducing young men in commercial It is perhaps fair to say that an intervention can be averted.
sacrifices to attend the lectures and houses to pursue the itudles.
Cash in hand, Hongkong and Branches.... Cash at the Bank, Hongkong and Branches.p
16,013.63 29,845.76
45.889.39
PROFIT AND LOSS ACCOUNT FOR THE TEN MONTHS ENDED ON OCTOBER, 31.
To Auditor's Fees
DEBIT.
Directors Fées (10 months)
General Managers' Commission
Net Profit for the ten months ended 31 October, 1919
CREDIT.
By Balance from Working Account
800 00
- 2,083.34 10,350.27 143.152.49
$ 156,386.10
C. P. CHATER,
1. SCOTT HARSTON, Directors.
J. A. TARRANT.
JOHN D. HUMPHREYS & SON,
Secretary
General Managers.
managers.
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"THEATRE ROYA!,
07.
Tax Vategy, ami the
or
FRIDAY, March schjat 0.15 r.x.
FOSTER ROUNA CONTEST FOR THE Westen Wecond (mAWPG Nan
Mounted Po ise Reserve Pult. Between Sergt. "Sky' crriao",
B.N V.P.
(Hor). And Iron Tax of Manila T.'
(h longer). Tex-ROUND C THAWEIGH
Between Juck Sibbler, Chinese
Maritime estima, Canson,
ONTEST
And Semian Deconhart, H.M.3.
"Hawkins."
ALSO THREE OTHER SIX-ROUND CONTESTS.
BOOKING:-Cash only at
Hrears, MOURIE'S. TUESDAY next for members only. WEDNESDAY to FRIDAY for the
General Public.
.G. G. N. TINSON,
4. Hom Staretary,
A PUBLIC AUCTION.
THE Unde-sigted her received Instructions to sell by Publio Laatioa
For Account of the Oerned)
on
TUESDAY
March 2, 103, at 210 p.m.,
at their Sales Rooms, No. 8
Des Voeux Road, Corner of Lee Houss Strees
Ono White Pham lod Poramkalito? Brady And
Ona White Enamelled Cot
[C] an.New), P Jecor lerving the C
Cash
Terme
Hongkong, Fabrokry