DODWELL & COMPANY,-LTD. FOR NEW YORK AND BOSTON 'via SUEZ. M/V "GREYSTOKE CASTLE” Sails on or about 28th June.
LLOYD TRIESTINO
FOR BRINDISI, VENICE AND TRIESTE (FIUME). REGULAR MONTHLY PASSENGER AND FREIGHT SERVICE TAKING CARGO ON THROUGH BILLS OF LADING TO GENOA, ALL ITALIAN, ADRIATIC, LEVANT, BLACK :
SEA AND DANUBE PORTS. REDUCED PASSAGE RATES.
BRINDISI, VENICE & TRIESTE LONDON
NEXT SAILINGS.
£72.10.0
£80.0.0.
OUTWARDS FOR SHANGHAI, YOKOHAMA, KOJE & MOJI.
M/V "VIMINALE"
M/V "ESQUILINO”
M/V "ROMOLO"
From Hong Kong.
THE CHINA MAI-
SHIPPING
CUNARD S.S. CO., LTD. 51ST ORDINARY GENERAL MEETING.
Sir
Mr.
SECTION.
of
ALS
On the debit side of the profit and loss account the figure of £2,375,357, in addition to deprecia- tion, includes affice, agency and other expenses. The latter items. expenditure are constantly under review, and I am antiaded that every possible care is taken to keep them as low as is compatible The next item calling for com-with the company's interests. ment la that of the £210,000 loan The cost of the Improvements to secured by mortgage on the Cunard the s.s. "Aquitania" in 1926, and building. During the year we were to the s.s. "Mauretania," "Caronia" able to dispose of the old mort-(and "Carmania" in 1927, to which make allusion later, has SIR THOMAS ROYDEN'S ADDRESS. gage and replace it by another I shall
mortgage, the Interest for which been met out of revenue.
Interest on mortgage Debenture The blat ordinary general meet-has been arranged on more favour- ing of the, Cunard Steamship Co., able terms than those of the for- stock accounted for £208,139, Ltd., was hold last month at the mer loan. The new mortgage will compared with £279,150 in the pre- being run for the definite term of ton vious year, the reduction Cunard Buliding, Liverpool. Thoman Royden, Bt., C.H., Chair-years, and since December 3 last due to the lower rate of interest man of the company, presided, and we have increased the amount by consequent upon the conversion
a further £210,000.
which was cffected towards the the other directors present were: The only other item calling for etose of 1925 of the 7 per cent. Sir Percy E. Bates, Bt., C.B.E., (de- puty-chairman). Mr. Frederic Alan any special comment is that of mortgage Debenture stock into 5 Debenture per cent, mortgage Bates, Sir Alfred Booth, Bt., Sir creditors and credit balances.
I have on several previous occa-stock. Brocklebank, BL.. Aubrey
The total debits to profit and loss A. C. F. Henderson, Mr. Maxwell sions pointed out that in this large H. Maxwell, C.B.E., with Mr. S. J. item are included, among other ac-laccount amount to £2,679,965, leav- passage money, loan from our as £659,748, an increase of £148,000 Lister (manager), Mr. W. Dranfeld counts, shipbuilding bills, prepaid ing a net profit for the year of Fletcher (Messrs. Cooper Brothers sociated companies, ordinary trade over the profit for the year 1926. Adding the amount carried for- creditors and reserves for. contin-l and Co., auditors) and Mr. Vivian gencies and other company funda. ward from last year, viz., £183,709 D. Heyne (Messrs. Hill, Dickenson
Last year I told you that the 10s. 9d. to the amount of £859,748 and Co.. solicitors). There was a
amount of shipbuilding bills curos. 1d., there is a total disposable good attendance of shareholders..
rent on December 3, 1926, was sum of £843,457 108. 10. From Hong Kong.
The notice covening, the meeting,
£2,900,000. During 1927 we con- Out of this sum it is proposed ..Sails hence on or about 2nd June. together with the report of the autinued the policy of paying off that we appropriate £100,000 to the these bills and when they reserve fund, and after deducting .Sails hence on or about 26th June. ditors having been read the Chair-
Sails hence on or about 24th Julyman said:
Ladies and gentlemen. before matured, with the result that at £135,000 for dividends paid on the proceeding with the ordinary bust- the close of the past financial year Preference, stocks, we have left ness of the meeting, I should like the bills outstanding against new £608,457 108. 10s. sufficient to pay a little over a dividend at the rate of 7% per to refer first to the recent death, tonnage totalled while on holiday at Madeira, of $1,500,000, a reduction of £1,340.- cent. on the Ordinary shares issu 000 from the corresponding figure ed, and to carry forward to next jone who was for a great many
year's account £190,687 198. 4d. years most closely associated with on December 31. 1926.
Since the beginning of this yearį Agreement With Government. Sir this company. Forwood was a member of our we have continued to pay off these Turning now to matters connect- board from February, 1888, to shipbuilding bills on maturity, and ed with the general operon of amount outstanding to-day the company's affairs agree- January, 1923. He brought to its the
this heading 18 only ment made betweMajesty's deliberations as intimate and, et-under tensive knowledge of both the £704,000, the whole of which will, Government an
the time th technical and the commercial side be paid off by July 31, 1928.
Our liabilities for prepaid pas. "Mauret of shipping, which, added to an- falling courtliness and considera-sage money, agents' balances, and on Ne tion for others, made him a most loans from subsidiary companies, led valuable colleague and a delight have also been reduced,
Sails hence on or about 26th May. Sails hence on or about 21st June. Sails hence on or about 19th July
HOMEWARDS FOR BRINDISI, VENICE AND TRIESTE.
M/V "REMO"
M/V "VIMINALE” M/V "ESQUILINO"
NATAL LINE OF STEAMERS
FROM CALCUTTA & COLOMBO TO SOUTH AFRICAN PORTS.
S.S. "UMSINGA" ..........Sails from Calcutta 1st June. Regular Passenger and Cargo Service to South African Ports. Through Bills of Lading issued from Hong Kong.
For Freight or Passage on any of the above Lines apply to:-
DODWELL & CO., LTD., Agents.
Telephone Centrai 1080.
NYISLINE
THROUGH BOOKING TO EUROPE AT REDUCED RATES £120, £112, 110, £102. £83, via San Francisco.
• G$440, G$420, via Japan and Seattle.
SAN FRANCISCO via Shanghai, Japan Ports & Honolulu.
TAIYO MARU
TENYO MARU
Tuesday, 20th May. Tuesday, 12th June.
LONDON via Singapore, Suez, Marseilles & Ports.
Suturday, 2nd June. Saturday, 10th June.
SYDNEY & MELBOURNE via Manila & Ports.
Wednesday, 9th June.
Sunday, 27th May.
BOMBAY via Singapore, Penang, & Colombo.
HAKUSAN MARU
KITANO MARU
TANGO MARU
† MOJI MARU
Mexico & Panama.
RAKUYO MARU
WAKASA MARU
SOUTH AMERICA (West Coast) via Japan, Honolulu, Los Angeles.
(secretary),
Mr.
E. Charles
William
ful friend. To those of us who
as
The figure of creditors. ATE
had the happiness of knowing him credit balances at the end of personally, the bows of his death year was down to £5,615,357 has brought a sense of very real lowest since 1917-and loss. (Hear, hear.)
Review of Accounts.
favourably with the mark figure of
If you will refer now to the bal-£13,388,235. ance-sheet, looking at the credit year it will be side first, you will notice that the ed by the r item steamships and shipping in- ing bills a vestments, which at December ed.
Tur
31 last totalled £15,434,864.145.3d., ahows a decrease of £971,197. The acce difference is due principally to the it usual annual depreciation of the company's fleet.
Freehold and leasehold pr perties stand at the sum £666
a reduction frome correr ing figure of last ear of, which is due to is am ing been writter depreciation. nej
There is very ij value of our gen the difference b figures and tha year being only
Discount and u
15 per cent. Mor stock has been
on
18
Dur
company at Lusitania" and
re built, expired last. Incorporat- greement was a con- the carriage of mails, an the agreement came to it became necessary to tiate a new contract with the At Office. The matter has been Ader discussion for some time, and I am happy to say that we thave been able to reach a conclu- duc-Bion and that we hope a new agree- build-ment will be signed shortly. This date back to mention- agreement will
November 16 last, and in this con-
oft and loss nection I should like to say that ee that the first the negotiations have proceeded in de are both larger that spirit of cordiality that has relations aponding figures for long characterised our These two sets of with the Post Office.
Luxurious Steamers. not, however, strictly
Satisfactory Figures.
ble, as during the past We have spent a considerable months we have found it sum of money in altering and im Able to make a change in the proving the first-class passenger. chod of keeping a number of our accommodation on our three Ex- ccounts.
press steamers. We enlarged and redecorated many of the rooms, provided additional private baths,
installed The increase in our gross re- and
running hot and onts, year's venue has been relatively small, cold water in the cabins which evious though having regard to the condi-were previously without this fact- These improvements have tions ruling in the North Atlantic lity. on the trade, it may be said to be setla-jundoubtedly increased the attrac tiveness of these steamers, as has Debenture factory. reduced by In order to obtain the best net been proved in a practical way by SOUTH AMERICA (East Coast) via Singapore, Cape Town & Ports. £100,000, and this amount has profits from this increase, it has the increased numbers of passen-,
been taken up in this year's profit been necessary to keep the closest gers they are carrying,
With new tonnage being Saturday, June.
and loss account: The earliest possible watch on every single item date on which the Debentures may of expenditure. This has been tinually put into the trade by our be redeemed is the year 1941 done, and, 1-think I may say, with competitors, it is essential that for thirteen years hence for the total satisfactory results. For example, our older steamers we do every and an annual reduction of £10,000 the total mileage steamed by the thing we reasonably can to see that next thirteen years will wipe out company's ships last year was they do not fall behind in the race. amount of discount and commis practically the same as in the pre-With this in view we have during there was the past winter spent a consider sion by the time of possible re-vious 12 months, but demption.
this important difference, that in able sum of money in Improving The cash position on Decem-1927 there were fewer sailings of the passenger accommodation of
(Continued on Page 5.) a balance of the cargo ships, whose operating
Thursday, 31st May.
NEW YORK and/or BOSTON via PANAMA.
+KUMA MARU
↑ ASUKA MANU
.
Sunday, 10th June. Saturday, 19th Juno. LIVERPOOL via Singapore, Colombo, Port Said & Ports. CALCUTTA via Singapore, Penang & Rangoon,
Saturday, 2nd June. † MURORAN MARU NAGASAKI KOBE & YOKOHAMA.
Friday, 22nd June. AKI MARU SHANGHAI, KOBE & YOKOHAMA.
27th May. + NAGANO MARU (Moji direct).... Sunday, KAMAKURA MARU (Kobe direct).. Tuesday, 29th May.
Tuesday, 9th May.. KAMO MARU
Thursday, 1st May.
AWA MARU
+Cargo only..
Subject to alteration without notic For further information apply to-NIPPON YUSEN KAISHA. Tel. Central No. 292 (Private exchange to all departments.)
O. S. K.
SAILINGS FROM HONGKONG SUBJECT TO ALTERATION.
LONDON,
J
ber 31 last shows £876,951.
coats are naturally relatively much On the other side of the balance-smaller than those of passenger sheet there is an increase in the ships, while the actual mileage in Ordinary share capital of 1,114,052 that year of the Express and 600- shares, of which 1,100,000 were ft. ships, which are the most ex- specially authorised by the share-pensive to operate, shows an in- holders at their meetings on crease of over 80,000 miles. Under! October 17 and November 1 last, these circumstances, and having and the balance is a part of shares regard to the fact that we are con- previously authorised but not issu- tinually raising the standard of comfort and service offered to:
ed:
¿
It is of interest to observe that travellers on our ships, it la the net expense of the issue of the gratifying to note that disburse- new Ordinary shares was only ments under all the main headings 57,646, a remarkably small outlay show a tendency, ship for ship,) for raising additional capital of either to decrease or at any rate over $1,000,000.
not to increase, The original loan of $7,500,000 With regard to the largest ROTTERDAM & ANTWERP_Via Singapore US.A. Gold Notes, which, as you
of expenditure, viz., HAMBURG,
will recollect, carried interest at single Item Colombe, Suez and Port Bild.
Tuesday, 6th June.
per cent., was duly repaid on fuel oil, our contract prices for higher than in 1926, ANDES MARU
than ever RIO DE JANEIRO, SANTOS & BUENOS AIRES- Saigon, Singapore, maturity; and a new issue of Two-1927 were
Year Gold Notes was made for the which made it more amount of $2,500,000, a reduction necessary to explore every possible of $5,000,000, or, say, £1,000,000 means of reducing consumption and sterling. For this new loan, we cost. You will be pleased to know were able to arrange a reduced that, although owing to the in- creased mileage of the passenger
MANILA MARU
BOMBAY--Via Singapore and Colombo
DURBAN, DELAGOA BAY, DEIRA, DAR-ES-SALAAM, ZANZIBAR AND rate of interest, viz., 41⁄2 per cent vessels, the total fuel bill is high-
MOMBASA Via Singapore and Colombo.
Colombo, Durban & Cape Town
SANTOS MANU
Friday, 26th May.
Saturday, 80th Juna.
CELEBES MARU
Sunday, June.
-INDUS MARU
Wednesday, 20th June.
CHICAGO MARU
Friday, June
KASADO MARU
Friday, 28th May.
TACOMA MARU
Monday, 25th June.
Japan ports
ARIZONA MARU
MENADO MARU
CALCUTTA Vis Bingapore, Penang and Rangoon
VICTORIA, SEATTLE, TACOMA & VANCOUVER Via Shanghai
AFRICA MARU (From Shanghat). Thursday, 1st May.
HAIPHONGVI HOIHOW GPA
Monday, 11th June. Friday,
June
10 am
NEW YORK VLa Japan pozta, San Francisco & Finama.
JAPAN PORTS
HEIYO MARUS.
ATLAS MARU
KEELUNG VIB SWATOW & AMOY
KISHU MARU SAMA
HOZAN MARU
DELI MARU
TAKAO-VI SWATOW, & AMOY
TAKAO & KEELUNG
BOURABAYA MARU
Thursday 15th May. Wednesday, 6th June,, Sunday, 7th May Noon, .Sunday, 3rd June Noon.
Thursday, 31st May Noon.
Wednesday th Jung/..
and it is a legitimate source, of pride that the company's cradit is er in 1927 than in 1926, yet so high that it is able to borrow through improvements we have money without collateral security made in their of fuel carrying and at so favourable a rate.
For farther particulars please apply to OBALA BHOSEN KAISHA
MATAKBUCHI, Manage
capacity, we were able in 1927, to buy more of our oil in the U.S.A.; whore the price is lower, and less on this side than in 1926, with the
| AMERICAN AUSTRALIA ORIENT rosult that the average cost per
LINE Operated for
U. S. Shipping Board
By SWAYNE & HOYT INC. FOR SAN FRANCISCO & LOS
MERIA ANGELES,
8.3. WEST IVAN" May 27 For full information apply to
INC SWAYNE & H
EVERETT
ton was the same,
con
THURSDAY, MAY 24, 1928.
CANADIAN
PACIFIC
SHORTEST AND QUICKEST ROUTE ACROSS THE PACIFIC. TO VICTORIA & VANCOUVER.
17 Days Hongkong Vancouver, 14 Days Shanghai-Vancouver, 1 Days Kabe-Vancouver, 9 Days Yokohama-Vancouver. SAILINGS 1928. Hong Kong S'hai
STEAMERS
EMPRESS OF ASIA EMPRESS OF CANADA EMPRESS OF RUSSIA EMPRESS OF ASIA EMPRESS OF CANADA EMPRESS OF RUSSIA EMPRESS OF ASIA
EMPRESS OF CANADA
EMPRESS OF RUSSIA
LeAvo
Loave
Kobe T'hama
V'ver
Leave
Leave
Arrive |
May 30 June 2
June 5
June 7
June 16)
June 13 June 16
June 19
June 21
June 30
July 4 July 7
July 10.
July 12
July 21
July 18 July 21
July 24
· ¤g.
В
Aug. 29 Sept. 1
Aug. 11
Aug. 14
Sept. &
July 26
16 Aug. Sept 6 Sept. 15
Aug. 4
AUR. 25
Sept. 12 Sept. 15 Sept. 18 Sept. 20 Sept. 29 Del. 20 Oct. 11 Oct. 3 Oct. 6 Oct. 9 Oct. 24 Oct. 27. Oct. 30 Nov. 1 Nov, 10. (E/Asia and E/Russia call at Nagasak the day after departure from S'hai)
SPECIAL FARES TO EUROPE.
£120: First class throughout.
£112: First class Pacific and rall, Cabin class Atlantic. £83: Second class Pacific, First cinas, rail
and Cabin class Atlaotle.
Atlantic sailings from Montreal and Quebec every few days to Liverpool, Southampton, Glasgow, Antwerp, Cherbourg and Hamburg.
HONG KONG-MANILA SERVICE.
Leave Arrive Hong Kong Manila
Juno 5 June 20
Juno T
June 28
EMPRESS OF CANADA
/
EMPRESS OF RUSSIA
Leave Arrive
Manila, Hong Kong
June 8 June 10 July 1 June 20.
CANADIAN PACIFIC EXPRESS.
TRAVELLERS CHEQUES
PAYABLE THE WORLD OVER.
THE SAFEST AND MOST CONVENIENT WAY TO CARRY FUNDS.
Passenger Department: Freight and Express:
Tel. C.752 Tel. C. 42
Cables: "GACANPAC." Cables: "NAUTILUS."
American Express
Travellers Cheques
"Sky-blue" in colour, these Cheques give travellers the fullest protection, against the loss or theft of their travel funds. They are spendable and acceptable everywhere. For more than 36 years travellers the world over have found personal service and financial security thru their use.
Issued in G.$ra, G.$20, G.$50, G.$roo, and
Ls and Lio denominations-bound in a small handy waller-and cost only of 1 per cent. Secure your steamship tickets, hotel reservation and itineraries; or plan your cruise or tour through THE AMERICAN EXPRESS CO., INC.
4-A, Des Voeux Road, Central,
Hong Kong.
Hong Kong's Artistic Photographers PHOTO TAKEN DAY AND NIGHT
The
YING MING STUDIO
No. 50-52, Queen's Road Central. DEVELOPING, PRINTING AND ENLARGING. (Official Photographers of the "China Mail.")
BANK LINE LTD.
ELLERMAN
AGENTS FOR
& BUCKNALL S.S.
CO.,
LTD.
-ELLERMAN LINE
SAILINGS SUBJECT TO ALTERATION WITHOUT NOTICE.
UNITED KINGDOM & CONTINENT
8.S. "CITY OF BOMBAY" 8.8. "CITY OF CARLISLE" 8.8. "CITY OF TOKIO”.
Marseilles, Havre, London, Botterdam, Hamburg & Hall .25th May. .....24th June. Marseilles, Havre, London, Rotterdam, & Hamburg
.25th July. Havre, London, Rotterdam & Hamburg
BOSTON, NEW YORK &
S.S. "CITY OF NEWCASTLE”. 8.S. "CITY OF OSAKA" 8.S. "CITY OF EVANSVILLE"
BALTIMORE.
via Suez Canal- via Suez Canal.
via Suez Canal
ALSO AGENTS FOR
AMERICAN & MANCHURIAN LINE
12th June.
13th July.
ANDREW WEIR & CO.
BOSTON AND NEW YORK
8.8. FORRESBANK"
SERVICES TO
via Suez Canal
MAURITIUS & SOUTH AFRICA
The question of our oil fuel sup-
S.S. TINHOW plies has in the past been one of considerable anxiety to your direc-Loading for
Mossel tors, and I am happy to be able to
Through say that for the next few years at least this dimculty has been come, and we have
close a contract for
in the US And Great Britain to the end of 1981 on ressor terms,
10th August,
AMERICAN & ORIENTAL LINE
8th July. ORIENTAL AFRICAN LINE!
7th August,
Itius, Reunion, Delagon Bay, Durbar, East London, Algoa Bay (Port Elizabeth). and Capetown.
Lued to Beira, Quilimaine,bo, Port Amella, Mozambique Chinde, Mombasa, Kilindini, Fort Nolloth, Luderits Bay, Walvis Bay") and
any of the above, linos apply to:-
THE BANK LINE
LTD.