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THE CHINA MAIL, APRIL 2, 1937.
DAMAGING EFFECT OF
NEW TAXATION***
MACÃO ELECTRIC
COMPLAINT
Brighter Outlook
For Future
Mr. F. J. Gellion presided and there were also present:
Messrs. N. G. Beale and Wong Yo Chiu (Directors), G. G. N. Tinson (re- presenting the Secretaries) and the following shareholders:A. B. Haworth and J. Fleming.
The Chairman said: The Net Pro The damaging effect of the fit, after providing for Depreciation Lisbon fiscalization tax on the amounting to $91,654.99, is $66,046.12. which together with $115,582.60. operations of the Macao Electric brought forward from last year, leaves Lighting Company were outlined $181,628.72 for appropriation. With this morning at the annual meet this, your Directors propose to pay a dividend of $1.00 per share, absorbing ing of shareholders, held at the $90,000, to pay the Macau Authorities offices of Messrs. Lowe, Bingham 5 per cent. of the dividend paid (as per and Matthews. It was, however, Article 15 of our Contract) which stated that new arrangements amounts of $4,500, and to carry for
ward to next year the balance of considerably. brightened pros- $87,128.72. ** pects for the future.
PLAN WANTED CO FOR EMPIRE POLICY
PROBLEM OF NEWS
DISTRIBUTION,
dis-
The results of the year are
to the Fisca- appointing and are due lization Tax established by Lisbon în'. March 1985 and the general depression, FIGURES COMPARED
The following figures of 1935 and to 1936 will give you indications as how our profits, taken quarterly, were affected by these factors. Taking the.
profits of the 1st Quarter of 1935 as Unity, because the tax was first heard of late in March 1935; our 2nd Quar- ter's profit were reduced by: 6-1/2 London (By Mail).—An author-per cent.; the 3rd by 46-1/2 per cent. itative non-party review of political and the 4th by 66-1/2 per cent. The 1st. Quarter of 1936 by 77 per cent, and economic problems facing the still taking the 1st Quarter of 1935 as Imperial Conference is given in a Unity, but in May 1986 the Macau new book, "The Empire in the Government accepted our proposals to
take some temporary measures
to. World," by Sir Arthur Willert, relieve the situation and our profit. for formerly head of the News Depart the 2nd Quarter were down 60 per an improvement of ment of the British Foreign Office, cent. (id est,
cent 17 per
Quar- over the 1st and two other authors, B. K. Long, ter) the 3rd Quarter by 37 per late editor of the "Cape Times, cent (a further improvement of 23. and H. V. Hodson, editor of the per cent.) and the last quarter by 43 per cent. The figures of the 1st quarterly Round Table.
The book, edited by E. Thomas Quarter of this year are not yet com- pleted, but from Kwh. Sold there Cook, is published by the Oxford should be an improvement over the University Press. The keynote of last quarter of 1936. the work is the need for the plan- ned development of an empire po licy.
VISIT TO LISBON .......
Unfortunately during this period the exchange was lower than for very; many years, but due to various economies made, our Working Costs Sir Arthur Willert, dealing with only showed a small increase... foreign policy urges that the Bri-During the latter part of 1935 1 tish Commonwealth of Nations.
went on leave and spent some time în should boldly assume world leader- Lisbon seeing the Authorities regard- ship to create a collective securitying the Tax, and on proving its dis-.) system in Europe under the aegis astrous effect on our business, a re- vision of the Law was promised, and of the League of Nations.mega
the
modifications were drafted after The democratic Powers would be my return to Macau în March last the nucleus of this system, in which year then sent to Lisbon for approval, German, Italy and other nations and I am very pleased to be able to state. that the Tax question was de- how unsympathetic towards the finitely settled last month, the tax. it-
has been con-¿ League, would be cordially invited self on the consumer
now being based to participate. An essential prelim-siderably reduced,
size of their meter inary would be an undertaking by on the
and
monthly by us. is collected the satisfied countries of Europe to
The majority of the inconveniences. examine with the utmost sympathy and restrictions on the free use of our the grievances of the dissatisfied service by the consumers have been nations. This, Sir Arthur consi- eliminated, and we may consider that bur, troubles from this source are de- ders, constitutes the only real finitely lightened, and I believe with of more chance of stopping the armaments the present day indications race and achieving security and prosperous times we can feel confident
of the future. + prosperity.
All of our plant and equipment have He describes. the problems of been maintained efficiently, unfor- We' suffered considerable imperial defence as terribly urgent,tunately
the but points out that armaments alone damage to our mains during are not sufficient for preparedness. typhoon of August last, but repairs were promptly made and our service NEWS DISTRIBUTION DURATI
restored to normal within a few days.. The good organisation and distri-
I now propose that the Report and adopted; bution of news abroad is equally es-Statement of Accounts be
when these have been seconded I shall sential, he states.
be pleased to answer to the best of my.
He cites the progress of foreign ability any question you may wish to propaganda especially Japanese, ask.
German and French distributed Mr. A. B. Raworth seconded and the by state-subsidised news agencies Report and Statement of Accounts for which there is no British equi- were OTHER BUSINESS-
valent:
dopted.
re-
Mr. J. Fleming proposed the election of Mr. Wong Yu Chuas Director, secorded by Mr. Raworth.
Mr. Beale proposed the re-election of Messra. Lowe, Bingham & Matthews Auditors for the ensuing year, this was seconded by Mr. Tinson.
"Reuter," he declares, is the only big news agency in the world which is given no help by its Government in the business of distributing the news of the nation to which it be longs, or, to put it the other way The Chairman then stated that Divi- round, Britain is the only Great dend Warrants would be mailed to- morrow and thanked those present for Power that has not given practical their attendance. recognition to the value, in these days, of keeping the large-scale dis- ter and any other British agency tribution of its national news in the which could qualify for assistance, hands of its own nationals."
facilities for cheap wireless trans- Sir Arthur Willert does not pro- mission. "Unless something is done, British news distribution pose that there should be a state soon, controlled British news agency, but throughout the world will be per- advocates that the Governments of manently damaged, and with it Bri- he concludes.—Reu- the Empire, especially the London tish prestige Government, should extend to "Reu- [ter.