1...
BATURDAY, MARCH 29 #1918-
HONGKONG AND SHANGHAI HOTELS. ANNUAL MEETING OF COMPANY BUSINESS STEADILY EXPANDING.
Chairman's Encouraging Review.
the
was increased
THE CHINA MAIL
to none between Suez and the Pacific Coast, and the Company will be fo a positka to offer both to the local resident and to the tran
accordance with the valuations constructural work will proceed of Hotel experience in the Far recently made.
with rapidity. On completion of East, the Company has success Company's Assets this establishment, Hongkong will fully forged ahead notwithstand of the balance sheet, land and
Ing competitors who have confe Tuning how to the assets side be equipped with an hotel second. buildings are represented by
and gone from time to time, and figures based upon the valuations
trust therefore that I shall not, to which I have hist referred, and,
bo suspected of being overcour think such valuations have been tion and service at rates well within ndent if I Lay that our conserva- arrived at on conservative lines. the range of the average purse.tive policy of setting aside Leasehold propertios $1,450,950 is. Plans have already been drawn
New Motor Garage.
ever
in respect of Palace Hotel property up for erection of the Shameen liberally in the matter of depre An encouraging review of the disadvantage-that it would not in Shanghai which we hold under Hotel, and work will becomdation and transfers to reserves. Company's financial position and permit future extension; therefore, a lease which is not due to expire menced upon the contstruction and at the same time maintain- "future prospects was given to the as a satisfactory offer for the for thirty-two years, and, at the ex- thereof in the immediate future. shareholders of the Hongkong and property ras forthcoming and piration of that period we have the In this connection. I can only ing and improving our properties Shanghai Hotels Ltd. at their a more suitable site at that option of purchase. Furniture and repeat my remarks in reference to has been mainly responsible for annual meeting this morning, -time became available, your fixtures, linen, crockery and the Peninsula Hotel, with, how placing us in such a sound post. Mr. J. H. Taggart presided and Directors disposed of the former glassware, etc. are all based upon ever, this addition that the Sha- tion to-day that the resources of there were present:-The Hon. property and acquired Lots 18 and conservative figures. Investments meen building will naturally be the Company are such that com- Sir Paul Chater the Hon. Mr. P. H. 24 on the French Concession, $269,854.85 stand in our books at of more modest dimensions. Holyoak, the Hon. Mr. A. R. Lowe Shameen, of an area of approxi-cost and I dare say that you will
petition need not be feared. It and Mes ra. J. Scott Harstop and mately 25,000 square feet, and have noted that with the exception
must not be thought, however, E. M. Raymond (Directors), P. H. situated immediately opposite the of the small item of $2,337.19 we Our Garage Department, I am that we are not alive to the im Suckling (Secretary) and the main bridge.
have no money invested in any pleased to state, has shewn an in-perative necessity of keeping following shareholders:-Messrs. The nett balance of profit and business other than that in which crease in turnover, notwithstanding abreast of the times, but having H. Birkett, R. L. Bridger. N. V. loss account (which includes the we ourselves are engaged. Pay- the advent of competitive means outlined to 'you the various pro- Croucher, Felix Ellis, H. J. B. sum of $25.714.10 brought forward ments on account of construction of autochotive transit, but we have jects in the nature of improve- Norton, W. van Eps. P. K. Kwok, from the year 1922) is, as you will | in progress $278,750.52 is accounted for some time, past unfortunately ments and extensions that are Fung Tat-hang, H. J. White note. $1,068,790.15, and as the for by payments on account of been severely handicapped by the contemplated at in hand, and A. W. Smith, W. J. Hawker U. M. balance of profit and loss account work which is proceeding in con- lack of adequate garage facilities you yourselves being witnesses to Omar, A. Nissimi, H. Gittins, J. B. is quite naturally regarded as nection with the construction of the in which to house the modern the improvements already effect- Bourne, B. E. Maughan, Potts, an index to prosperity Peninsula Hotel at Kowloon, the plant necessary to cope with ever ed in our establishments, I think E. E. Ellis, L. A. Tobias, J. M. da of a Company's business, your Shameen Hotel at Canton, and our increasing demands upon our you will agree that your Board, in Rocha, The total number of shares Board trust that you will new Garage at Happy Valley pairs department, and your Board spite of the troubles and delays. represented was 135,393.
consider the results achieved | The other items being self- therefore took the opportunity of The Chairman said: The in the course of the past financial explanatory, I venture to think it acquiring a very anitable site at incident to all building and recon- accounts, and the report of the year as being entirely satisfactory, unnecessary for me to offer any Happy Valley, comprising some struction work at the present Directors having been in your You will observe from the balance comments in connection therewith 16,000 square feet. On this site time, are doing all possible to meet hands for the prescribed period, sheet the. Issued capital of the I may add, however, that as from a medera garage capable of the requirements of an conforming with the Companies' Company
to the 15th of November last wehousing 150 cars, and providing growing Hotel population and the Ordinance, I will, with your per $3.750,200 during the year. This acquired the business and general for up-to-date body-building demands of a public only too mission and following the establi-
assets, etc. of the Hotel Kalee in repair and painting shops, is in ready to approve by the practical shed procedure, take the same as
Shanghai, which previously, al-course of construction. We have evidence of its patronage. read. The report of the Auditors
though the actual property was already received numerous applic owned by The Shanghai Hotels, ations for permanent accommod Ltd had been leased by them to ation in the new premises, which In conclusion, gentlemen, it the Grand Hotel Kalee, Ltd.
will be situated at the converging may interest you to know that the Doubtful Assets Liquidated. point of what in the course of the number of employees in our Before closing my remarks in next few years will undoubtedly organisation" totals slightly over relation to the Profit and Lose be one of the main arteries of the 4,000 and it is a source of grati-
Balance Loans and mortgages stand at Accountand
Sheet, Colony. On completion of the fication to know that the esprit $5.510,811.89, principally by rea- desire to point out that the doubt new road to Repulse Bay via de corps that dominates our per as correct. We have obtained all son of the acquisition of practically ful assets with which The Shang Wong-nei-chong Gap, we look sonnel makes it the constant the information and explanations ninety percent of the shares in hal Hotels, Ltd, was encumbered forward with pleasurable anticip- endeavour of every number we have required. In our opinion The Shanghai Hotels, Ltd. and have now been satisfactorily liqui- ation to being in a position to con- thereof, notwithstanding the hard such balance sheet is properly the necessity of retiring the dated; consequently, it is gratify siderably lower the charges for drawn up so as to exhibit a true debenture issue and the mortgage ing to your Directors to be able transportation to the south side of work and the prolonged hours of and correct view of the state of of that Company upon the trans to present to you a balance the Island and to render an effici-service that our business neces- the Company's affairs according ference of the assets and liabili- sheet that does not include any ent and more frequent service sarily entails, to further the inter- to the best of our Information and ties to this Company in Hongkong assets of a doubtful nature,--the to our patrons.
ests and welfare of the Company the explanations given to us and The figure referred to also in matters which caused them a Hongkong Hotel Reconstruction. in every conceivable direction. as shown, by the books of the cludes the cost of redemption of during the past two years having naturally hesitates to prophesy as sure that I now express to the certain amount of uneasiness Speaking generally, though one. It is therefore with much plea
•Company, Percy Smith, Sath the debentures of The Hongkong been finally disposed of before to the future, I venture to think staff on behalf of the Directors
Hotel Company, Ltd. outstanding on the 30th June last. Overdraft Instead of Debentures. to avail myself of this opportunity (bearing in mind the vicissitudes the close of the last financial year, that the results of the past year in which connection I should like are of such an encouraging nature effected during the year under
You will no doubl recollect of expressing to the gentlemen through which we have passed review, this is the first occasion it was the intention of
who constitute our Advisory Come mainly as a result of the prejudicial upon which you have been present- your Directors to float, early
is as follows:
We have audited the above account and balance sheet with the books and documents of the Head Office and the accounts and balance sheet of the Shang hai Branch rendered by Messrs.
Thomson & Co. certified by them
and Fleming, Auditors." The liquidation of The Shang- hai Hotels Ltd. having been
was occasioned by the issue of 17.550 shares at par to the holders of the balance of the issued share capital of The Shanghai Hotels, Ltd. in order to give effect to the agreement for amalgamation be- tween The Shanghai Hotels, Ltd. and The Hongkong Hotel Com pany Ltd.
*
Tribute To Staff.
and, I am sure you will agree, on
ur thanks for the faithful and ehalf of the Company generally, efficient service rendered by them during the past year which ser
ed with the merged accounts of the this year, a debenture issue of committee and to our General Manager effect upon our transient business vice has contributed in no small amalgamated companies operating, lakhs at seven per cent por annum in Shanghai our appreciation of by reason of the Lincheng, outrage measure to the extremely satis-
covered by the hypothecation of their valuable advice
under the name of The Hongkong and Shanghai Hotels, Ltd. In the circumstances, shareholders will doubtless expect me to analyse the profit and loss account and balance sheet with a view to indicating the financial position of the merged undertaking in rather more detail than can be shown in the printed
statements of account.
. Figances Analysed.
debit side that $290,933.98 was paid
interest; respect of
in
this
Bad and Doubtful Debts amount
|
the central properties owned by this Company both in Hongkong and the Northern port. Such action would have enabled the Board to
on reconsidering the
·will 1
matter.
assistance, which have contributed
which
-Compétition. Not Feared.
the
a
"I now beg to propose that the
and and the Japan disaster-both of factory results attained. In this in no small degree to this very curtailed the Autumn travel will endorse the action of the naturally very much relation I feel confident that you satisfactory state of affairs.
Business Expanding.
that we may look to pay off the debenture issue and tions during the year 1923 are re-more especially as with the com European members of the staff
Whilst the results of our operabut with a degree of confidence, cent.. on
future not merely with equanimity Board in voting a bonus of 10 per their salaries to the mortgages of The Shanghai Hotels, Ltd. and the Company infected in the accounts before pletion of our new hotels we shall and a bonus of an additional Hongkong and thus to consolidate you, it will doubtless add to be in a position to deal with month's salary to the native staff, the indebtedness in one liability in your satisfaction to know that greater volume of business and on which, following the established the amount of $5,000,000. In this the business of the Company is more economical lines than here- custom, was paid to them at steadily expanding on sound protofore, In this connection it would Chinese New Year." (Applause.) connection, our bankers under) Turning to the profit and loss took to underwrite the whole cssive lines, and there is no perhaps not be premature for me account you will observe from the of the proposed issue, however. has been effected will result in the mind, when the Peninsula Hotel is report and accounts, as presented, [ doubt that the amalgamation which
to say that your Board have in sum covers such headings as for the Company to enter into cesser in this Chair. You may, of the old portion forming the the profit be allocated as recom- it was deemed more advantageous economy prophesied by my prede completed, the reconstruction be received and adopted and that interest on Shanghai acquisition other arrangements with the result morcover, rely on your Board to northern block of the Hongkong mended in the Directors' report, account loan, together with deber that the position now is that we are the affairs of the merged under- fronting Des Voeux Road, and holder will kindly second that. ture, and mortgage interest in granted facilities with our bankers taking in the most economical Pedder Street, with a view to When the proposition has been leave nothing undone to administer Hotel, that is, to say, the portion and I shall be obliged if a share- respect of both Hongkong and to the extent of an overdraft in a Shanghai, and I would point out similar amount. As we shall be manner consistent with proper erecting thereon an up-to-date seconded, I shall be pleased to that with the exception of our able to reduce the amount of our
maintenance and efficiency indebtedness to our bankers and overdraft from time to time when were effected during the year, the banking districts undoubtedly to the best of my ability any establishment such as its position answer any questions sharehold- Various alterations and additions
in the heart of the business, anders utay wish to put, or to furnish two mortgages of small amounts which will be paid off during the ever a credit balance is shewn opmost outstanding of which was the warrants and demands, current year, the amounts outstand that shareholders will appreciate room in the Astor House Hotel our current account, I am confident construction of the new ball ing in relation to mortgages and
explanation that may be required. the undoubted advantage which will debentures have been repaid in.
The Chairman's proposition. at Shanghai, opened on the order to facilitate the merging arrangements, effecting as they interest you to be assured that this somewhat perturbed by reports of firming the appointments of the ccrue to the Company from these 22nd December last, and it will shareholder who appeared to be to, resolutions were carried con- I was recently approached by a having been unanimously agreed of the two concerns. You wiil notice that Depreciation has
considerable saving addition has already, by the threatened competition, and I Hon. Mr. P. H. Holyoak and Mr. to the extent of $267,387.82 which, so as our cash turnover is a larger Patronage extended to it, been should like to take this oppor. S. Kadoorie as Directors and been charged against Revenue in interest and this the more being itemized, is therefore self one, and that as a result of the new proved fully, justified. In Hongtunity of informing shareholders electing Messrs. Percy Smith, Seth I explanatory. The only other items of share for share at par we were effected in the Hongkong that if they will just merely & Fleming and Meters. Thomson kong alterations and improvements shall be due to receive $3,750,000 Hotel and the Repulse Bay Hotel glance at the balance sheet of the & Co. as Auditors for the ensuing on the debit side that appears to me to call for comment is that of by the 30th June next.
Reservós Approach $5,000,000. augment the earning powers of $15,298,012.60, and bear in mind
of a nature, that will undoubtedly Company wherein the assets total year. ing to $22,594.71, and I may men- Reserves stand at $4,953,767.48, these establishments. I may men the fact that it owns, in every mecting was a proposal that the The final business before the tion that this amply provides for of which amount the construction tion, en passant, that during the place at which our business is fee of the members of the contingencies under this heading and development reserve accounts past year we served in the Hotels established, or will be carried on, Advisory Committee in Shanghai and, bis d-vis the gross turnover for five lakhs, and the general under our management no less what are probably among the most should be at the rate of Tls. 1,200 which in a business such as ours reserve for ten lakhs, the latter than 1,480,000 meals, exclusive of centrally located and valuable necessarily runs into very large having been increased from 7% outside catering, with the result sites, the majority of which were per annum, This was carried figures-is, I assure you, one that laklis by the transfer of 234 lakhs that it was found necessary con acquired years ago at rates inanimously and the meeting from the prouts for the year. It siderably to extend the dining comparably lower than those mentioned that dividend warrants may here be as well for me to draw space in most of our establish ruling today, they need have no were now ready and might be had then terminated. The Chairman your attention to the fact that the ments in order to cope with the
qualms in this particular connec- on Investments, $49.178,72, your Board recommend for the
of profit and loss account which made upon us in this direction.
on application at the Registered.
presents dividendsreceived, main- ly in respect of our holding in the anticipation of your approval, been structional programme in Shanghai year under review have, in' The major portion of the con- Grand Hotel des Wagons-Lits, incorporated in the printed Balance has been-in connection with the Ltd., in which undertaking our Sheet, as it was considered pre property acquired last year from Company owns 3,534 shares or ferable from the shareholders the McBain Trust." This property approximately sixty per cent of point of view that the printed is in course of conversion and it is the issued share capital thereof accounts should set forth compre anticipated that it will be ready to Needless to say, no credit hus hensively what been taken for anticipated position of the Company will be of the present year. I have every the financial be opened in the third quarter. dividends accrued. Profit on sale after the proposed distributions in confidence that on completion the of Investments, $100,938,86, 1s respect of the year 1923 have beca Majestic Hotel will enable us to accounted for by the disposal at satisfactory rates of certain shares
présent to our patrons an estblish- which, in the opinion of your you, I would point out that land accommodation and service equal Reverting to the figures before ment offering a degree of Board, were no longer necessary and building reserve stands at to the leading Hotels in Europe in the interests of the Company to $3.453.76748 and that this is and America, whilst the bullding be retained. A credit of $44.329.74 chiefly due to the fact that in view and the extensive grounds In shown as profit on sale of of the merging of the Companies, which it is situate will provide for property, resulted from the your Board deemed it advisable to Shanghai a property worthy of and disposal of the undertaking of the Have the properties re-valued by in keeping with its importance as Shangha! Sanftary: Laundry in independent valuers and, such the preinter commercial centre of Shanghai, and of the land and pro-valuations having beet hade, the North China perty on the Shameen, Canton, appreciation in book value thereaf purchased in 1922 and sold in the has been transferred to the credit carly part of last year as referred of the land and buildings roserve, In Hongkong, work, yearly general meeting in this annual depreciation to be charged Hotel at Kowloon pro
As a consequence of this; the construction of the S fatter connection you will doubt in our accounts hit respect of satisfactorily and we als loss recall that the site, suitable as It was for a small hotel, had this, buldings will be based upon the by our architects, that t
residual life value thereof in gril and that thereafter the actual
#ll be completed "by, "the cad
need cause no undue concera, ... New Shameen Site.
Coming to the credit side of the
profit and loss account, Dividends locations in respect of the balance constantly increasing demandson. During its fifty-eight years! Office of and after Monday.
to by the Chairman at the last
effected..
The. Shanghai Majestic
Peninsula Hotel Progress,
SPECTACLES.
ITEMS OF INTEREST TO THE DISCRIMINATING MAN.
PURE WOOL FANCY SOCKS
IN ALL COLOURS.
2.00 to 8.50 pair.
PURE WOOL GOLF HOSE IN CHECKS, HEATHERS AND PLAIN. 6.50 to 18.50.
SMART STRIPED DAY SHIRTS WITH 2 COLLARS TO MATCH ALL SIZES.
6.50.
PYJAMA SUMMER SUITS IN SMART. BLOCK STRIPES OR FLAIN COLOURS 8.50 18.50 and 19.50
INTERWOVEN COTTON SOCKS IN VARIOUS SHADES.
1.00, pair.
INTERWOVEN SILK SOCKS RIBBED OR PLAIN, VARIOUS COLOURS. 2,00 pair.
TENNIS SHIRTS WITH ORDINARY POLO COLLAR
OR GLAD-NECK. 4.50 5.50 and 10.50.
VERY SMART SUMMER DRESSING GOWNS IN EVERY CONCEIVABLE SHADE. 20.00 and 22.00.
LANE, CRAWFORD LTD.
Collard
Collard
PIANOS
New Tropical Models (7% Octaves)
AT
ANDERSON'S.
MITY'S
Cream Cleansing Cream, Vanishing Cream. Skin Food
Face Powder
Cream de beaute (Liquid Powder). Vanishing Cream Powder, Poudre Surane.
Powder Compact--Refillable.
THE CHINA DISPENSARY,
32, Queen's Road Central, East of Central Market.
Sole Agents
Suzuki & Co., Ltd.
SAKURA BEER
MARTELL'S
ONE STAR
TWO STAR
78.
China: Buildings. (Old Post Office Bite) Tel. Central 464 & 468,
BRANDIES
BOTTLED IN
COGNAC AND
GUARANTEED PURE "GRAPE
BRANDY
BY:
MARTELL & CO.
THREE STAR
0 P.
SOLE AGENTS
CANDE, PRICE
& CO., LTD.
WINE & SPIRIT
MERCHANTS,
Queen's Road Central
HONGKONG.
C. No. 135.