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THE CHINA MAIL, APRIL 14, 1937.
BUILDING PROBLEMS IN THE COLONY
UNCERTAINTY DUE TO RISING METAL MARKET PRICES
The business of building contracting in the peculiar conditions now appertaining to this Colony -a famine in steel and metals and rising prices are fraught with dangers which can easily resolve themselves into hazardous risks, said Mr. J. P. Braga, presiding this morning at the annual meet- ing of shareholders of the Hong Kong Engineering and Construction Company, Limited.
The chairman said:-Your Directors embark on a scheme of land purchase, regret that it has not been possible to development and house construction to present you with an account that might which it becomes a pleasant duty for have been accompanied by the pleasing me to turn to-day on behalf of the announcement of a dividend at the con- Board. It gives me very great plea- clusion of this meeting. Satisfaction sure to inform you that the site forma- may, however, be derived from the fact tion of your valuable Estate within that the operating, expenses of your K. 1. L. 2057 was practically completed undertaking were kept within its earn-at the end of last year, except for a ings. It is when the various appro- portion of face cutting on a site which priations and what we consider to be had been, designed for the erection of advisable depreciations have been made storage tanka for non-potable water that the showing is one of the adverse for domestic purposes. This was be- balance of $11,223.84, Dividends un-fore permission was obtainable for claimed for more than five years, drawing water from the Government amounting to $1,041.30, have seen for- mains for the water-carriage system feited. A Reserve item of $13,175.12 forming part of the complete scheme. has been transferred to Profit & Loss Meanwhile, three houses and a bunga- Account, and does not now appear in low have been completed for the Com- the Balance Sheet. This transfer has pany, and all are occupied. Another been utilized to augment the amount has been constructed for private appropriated for depreciations, and in owner. A block of six semi-detached this respect the Board has had the houses will be finished, we hope, before benefit of the technical advice of the the end of May this year. Piling for Company's auditors in the manner of foundations for a detached house of the presentation of the Accounts under the larger type has been done, and consideration.
MONOTONOUS REGULARITY
buildings of the walls forthwith pro- ceeded with. Plans for more houses of the detached and semi-detached types are under preparation, also completed drawings with detailed plans for an- which finds so much favour with poten- other bungalow-a type of buildingTM
Much as the Board would have liked to be able to address you to-day in a different keynote from the refrain of a somewhat monotonous regularity in tial tenants.
S. W. PORTION OF ESTATE
recent years, it is matter for sincere regret that the Directors have again to remark on the keenness of competi- tion which we have had to face and There are as yet no buildings on the tried to overcome during the period southwestern portion of the Estate. under review, For this reason you This stage of development has to "await could not have failed to notice, I think, the provision of such essential services. that the ordinary Directors have reas water and drainage. When this has duced their fees by half the amount been supplied, attention will be devoted they are entitled to, thus lightening to that part of your property to make expenditure by a sum of $4,000.
it revenue earning.
In one particular branch of the manu- facturing business, which had been Your Directors feel that in your land fairly remunerative in the past, the development and building scheme. you Board did its best to secure a contract results may not appear spectacular, we are operating on safer ground. While for the current year's supply on a basis have no hesitation in stating that your of profit that, we thought, might have
theTM
proved unassailable. In this connection Present undertaking is providing we have to admit disillusionment, how residential area of Kowloon with sever- Much to our regret, our tender real and valuable asset of your Com--
al types of buildings which form Victoria was not accepted.
Arrive
4
17
ever.
CONTRACT ANXIETIES
ENCOURAGING PROSPECTS
a
in
Yoko- hama Honolulu
Leave .. Leave Leave
pany, while they offer to its patrons- housing accommodation pleasing April 21 April 23 April 29 May
aesthetic exterior and meeting the most exacting requirements in interior lay- 4 May 6 May 8
*May Several invitations to tender for sub-out, with modern appliances like elec-- stantial constructional contracts have tric water-heaters and refrigerators, May 19 May 21
June May 28
2 been received by the Company during which are such indispensable con-- June 3 June 5 June 12 June 18 the year. Tempting af the invitations veniences of up-to-date homes.
appeared to be, they needed very care- Japan June 11
June 16 June 18 June 24 Junė 29. ful consideration, and in the end it was with some reluctance that the Asia June 25 June 27 June 29 July July 3
July 12
Board came to the conclusion "to leave July Canada July 9 July 11
14 July 16 July 23 July 28 well alone". In the light of subse-
Judging by the number of inquiries quent events, the decision was one on constantly reaching us, the prospect is Russia July 23 July. 25 July 27
July 29 July 31
Aug.
which we may now congratulate our definitely encouraging that there will. Japan Aug. 6 Aug. 8
Aug. 11 Aug. 13 Aug. 19 Aug. 24 selves; for the sudden world-wide de-be eager tenants for the additional mand for fabricated steel, round steel houses the Company is about to build bars and metal manufactures generally as soon as occupation permits for them has led to a paucity of supply amount- are issued by the Building Authority. ing almost to a famine in this part of the world. No relief from this acute members of the staff so cheerfully given The ungrudging co-operation of the situation is apparent at the moment. at all times must be matter of favour-- Moreover, the uncertainty of deliveries able comment and grateful recognition. when it was possible to book earlier
Air-conditioned sleeping, all, Trans-continental trains
Comfortable.
observation and dining cars on
Cool
Quiet Clean
Regular sailings from Canadian Atlantic ports to United Kingdom & Europe by Canadian Pacific Atlantic fleet.
Information from Passenger & Freight, Offices"
Union Building, Hong Kong
Telephones: Passenger 20752-Freight 20042.
Canton Agents, Jardine Matheson & Co., Ltd.
Canadian Pacific
9
orders, and the constant rapid rise of The Chairman then proposed the prices, would have rendered the full-adoption of the report and accounts, ment of explicit obligations under any and Mr. J. Scott Harston seconded. large contract a matter of serious an- Carried unanimously. xiety, not to mention unanticipated
losses, which ordinary foresight. could Messrs. M. H. Lo and J. Scott Harston not possibly have provided against. were re-elected to the Board of Direc- Little short of a prophecy, the prevail-tors and Messrs. Lowe, Bingham and ing conditions are such as to make Matthews were re-elected auditors. "confusion worse confounded”. It is
not difficult to realise, therefore, that Those present were:- Mr. J. P.. the business of contracting in the pecu- Braga (Chairman), Mr. J. Scott liar conditions now appertaining to Harston, Sir Lawrence Kadoorie, Mr.. this Colony are fraught with unfore MH. Lo, Mr. T. F. Lo (Directors), seeable dangers which can easily re- Mr. B. Alves (Secretary), Mr. H. Braga: solve themselves into hazardous risks (Manager) and the following share- which a cautious policy must refuse to holders: Messrs. H. R. Sequeira, S. C..
Sun, E. Sahmet and A. M, Braga. take.
LANDSCHEME WISDOM -
| Queen of the Suir, which twice won These remarks lead me to refer to the Greyhound Oaks, was recaptured". the wisdom of the shareholders when, after running wild for two months fol-
at an extraordinary general meeting lowing her escape at Waltham Abbey, on 31st August, 1931, you decided to 1 Essex.