THE CHINA MAIL, APRIL 6, 1938.
RECORD EARNINGS OF HONGKONG HOTEL COMPANY
THAT RECORD EARNINGS OF THE HONG KONG AND SHANGHAI HOTELS, LTD., WERE NOT THE RESULT OF "PRO- FITEERING” DURING THE INFLUX OF REFUGEES TO THE COLONY, WAS EMPHASISED BY THE HON. MR. M. K. LO, PRESIDING AT THE ANNUAL ORDINARY MEETING OF THE COMPANY HELD AT EXCHANGE BUILDING THIS MORNING, WHEN A DIVIDEND OF FORTY CENTS PER SHARE WAS APPROVED.
IT WAS REPORTED THAT FOR THE FIRST TIME IN SOME THREE DECADES HAD THE COMPANY'S RELATIONSHIP WITH THE BANK NOT BEEN SHOWN ON THE CONTRA SIDE OF THE BALANCE SHEET.
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NANKING PUPPETS REVOLUTION
IN PEIPING
Peiping, To-day. Three members of the Nan- king "reformed government”” who arrived here secretly in Japanese planes from Shanghai yesterday, are discussing with Wang Keh-min and other lead- ers of the "provisional govern- ment & formula for eventual merging of the present Peiping and Nanking "governments.”-
The Nanking government's" delegates include Liang Hung- chib, leader of the Nanking body. Reuter.
IN SPEED
CAR DESIGN
London, To-day.
A sensation is being caused by the revolutionary design of a new high-speed car in which John Cobb, the famous British racing motorist, will attempt to break Captain Eys- ton's world land speed record of 312 miles per hour at Utah in the United States in August.
J
The Chairman said:-I am happy to fore you, received on its holdings
The car has two-super-charged state that the improved earnings for $18,043.37. The turn of the subsidiary
engines developing together about the first quarter of the year -1937, re-Company's financial year, however, Chair. ferred to by my colleague in the course coincided with the commencement
In emphasising the necessity 3,000 horse-power. The drive of the of his Speech from the Chair at the hostilities in the
of continuing this class of expenditure engine is to all four wheels! area wherein the and making adequate provision for it last Annual Meeting of the Company Hotel is located, and in consequence wherever possible, I can say that in entire car.
A streamlined body encloses the continued throughout the year to a re-from July onwards its business re- oord degree in so far as the activities ceived a serious setback I am, how-past has without exception borre fruit per hour is hoped for.-British
our experience similar outlay in
A speed of 350 miles of your Undertaking in Hong Kong are ever, pleased to state that current re- I feel sure, therefore, that you concemed. But I should like to em-venue returns from that Hotel indicate
wil Wireless.
the
phasise that the Company never took a satisfactory revival and a working Directors that out of the Balance
approve the recommendation of your
INCREASED PROFIT
For the various reasons which
of
Profit and Loss Account set before you to-day for allocation, an amount. and Renewals Account. be voted to the credit of this Repairs
CASH AT BANK
ANGLO-AMERICAN TRADE PACT
London, To-day. Anglo-American trade negotia-
SULTAN VISITS HOME FLEET
undue advantage of the situation by profit. adopting profiteering" methods and that the increased earnings were due to increased turnover, and not to ex-have already indicated, the Profit and cessive charges.
Loss Account before you includes to its The Tourist patronage which we had credit a "Balance of Working Ac- anticipated fully materialised during count," $888,232.76, which represents this year an item "Cash at Bank. It You will observe amongst Assets the first seven months of 1937, and the a larger contribution to the Profit and may be interesting to note that this is exceptional augmentation to the popa-Loss Account from that source lation of the Colony during the
than the first occasion during the last three last bas been the case for many five months of the accounting period Due mainly to this augmentation we ionship with the Bank has not been tions have been proceeding in
years. decades on which the Company's rela under review, had the effect of taxing are able to report an increased net recorded on the contra side of the Ba-Washington continuously since the to the utmost the accommodation fa-profit of $640,187.06 for the financial lance Sheet. cilities at our Hotels here. The increase year 1937, comparing favourably with in the local population was also a con- $220.064.39, the net result of the pre- normal conditions under which the sa- of the Board of Trade, Mr. Oliver I have already referred to the ablend of February and the President tributory canse for the additional revious year's operations. venue of our various local Restaurants Other items in the Profit and Loss you were alone possible. I should like said he believed that the public tisfactory results now presented to Stanley, in the Commons yesterday, and Cafes.
Account make fairly equivalent com to pay a sincere tribute to the Com-hearings which began on March SHANGHAI EVENTS
parisons with the figures reported last pany's staff, both in Hong Kong and Unfortunately, the Company's oper-year, with the exception of Rents of Shanghai, our Shanghai Agents, ations in Shanghai during the year Shops and Offices. Earnings from this the staff of our subsidiary Company injunable to say when the negotia- and 14th were now concluded. He was cannot be reviewed with equal satis-source are lower than last faction. The outbreak of the Sino-amount by some $23,000.-entirely due to the interests of the Company dur-
year's Peiping, for their loyalty and devotiontions were likely to end-British Japanese conflict in August last ne-to rental receipts for shop premises in ing a period of unparallelled difcalty. cessitated evacuation of the
Astor the Astor House Hotel building her and anxiety, and, in the case of Pei-
Wireless.. House Hotel, resulting in the complete ing been lost since the property was ping and Shanghai, of grave person- cessation of earnings for the remain-evacuated. der of the year. Since the commence- The Balance Sheet contains no items weight of the tremendous responsibil
al danger. In these critical times the ment of hostilities the Hotel has been of an exceptional nature, in occupation by the Japanese Y. M. deed, self-explanatory. I would, how-broad shoulders of your Managing Di- and is, in-ity and anxiety fell of course, on the C. A. and I am glad to report that the ever, refer to items of additions to cerrector, Mr. J. H. Taggart, who dis- structure and contents have suffered tain of the listed Assets: Additions charged his onerous duties with that no material damage.
to Buildings $3,178.25. This sum de quiet courage, incomparable exper The catastrophic bomb dropping in-notes the capitalised portion of ex-ience and marked ability, which are so cident in Nanking Road which occur-penditure incurred in converting the characteristic of him. red on the 14th August, 1937, involved, West Wing Ground Floor Verandah at think he deserves well of the Share I-venture to as you are aware: the Palace Hotel, a the Peninsula Hotel into shop pre-holders. high explosive projectile making a di-mises, thus mal ng the area more pro- rect hit on the building
Mr. Li Tze-fong seconded and the The conse-ductive, quential damage to
2nd yielding increased property, though venue from the 1st of January last.
re-i report and accounts were passed un- extensive, is nothing as compared with
animously. the considerable loss of life to Chinese
INCREASED BUSINESS
OTHER BUSINESS Staff entailed, which the Board, and, "Smary Creditors" as included in the elected to the Board of Directors on one of the fastest naval - motor
The items "Sundry Debtors” and The Hon. Mr. M. K Lo-was as I feel sure, you all, so keenly de- Balance Sheet stand at higher figures the motion of Mr. V. C. Labrum, se torpedo boats-British Wireless... plore.
Certain reparation work was carried merely reflects increased business, for Messrs. Percy Smith, Seth and Flem
than customary, but this enhancement conded by Mr. C. A L. Rickett, while out sufficient to enable business at the the included balances are current and ing were re-elected auditors on the Palace Hotel to be resumed on the as brought forward do not embody any proposal of Mr. M. H. Lo, seconded 13th September last. Naturally busi- ness at first was on a small scale, but
long dated or dishonoured obligations by Mr. E. Gittins. patronage in all departments steadily has suffered depletion during the year Mr. Mr. M. K. Lo (Chairman), Mr. The Repairs and Renewals Account The following attended:-The Hon increased, and, in order to satisfy a by $34,925.27. This sum has in clearly discerned demand, work has
the J. E. Taggart, (Managing Director) been put in hand which, on completion, terations and reconstruction work in Raymond
main been expanded upon various al- Mr. Lawrence Kadoorie, Mr. E. will have entirely re-instated the pre-furtherance of modernisation measures, Suckling (General Manager), Mr. F. were announced yesterday when it
(Directors), Mr. P. H. mises and brought all areas to full re-and the expenditure was spread over Barry (Secretary) and the following was stated that the German Rail- venue producing capacity.
COMPENSATION CLAIM
various departments in all the Hotels.j shareholders: Messrs. V. C. Labrum,ways had placed orders for 45,000,- The computation of the Company's the times" in relation to your Com-M. H. Lo, T. E. Parsons, H. Gittins,
The importance of "keeping up with Owen Murphy, C. A L. Rickett, 000 schillings worth of rolling claim in respect of damage sustained through the hostilities in Shanghai
In
•
BANISH
The Sultan of Muscat and Oman,
London, To-day.
of His Majesty's Government went now visiting Britain as the guest
to Portsmouth yesterday to see the Home Fleet. The inspection in- re- cluded trips in a submarine and
M
ANSCHLUSS ORDER
Vienna, To-day. Further effets of the anschluss
pany's particular type of business has S. E. Ross, Lo Chung-wan, A. Mstock in Vienna and Graz-Trans- which incidentally cannot yet be fm-beer previously stressed from the d'Eca, J. P. Sherry and Li Tze-fong. Ocean ally assessed and the lodgment thereof with the proper authority, are in the hands of our Shanghai Agents. I have thus deal somewhat fully with our. Shanghai Establishments because my colleagues and I realise your nz- tural concern in regard thereto. the existing atmosphere of conflict and political uncertainty, prophecy must obviously be futile. I shall therefore make no attempt to prophesy. As you know, for reasons which have been referred to by Chairmen at suc-) cessive Annual Meetings, the Shang- hai Establishments have for some years past shown losses. But I am happy to be able to say this. The present indications afford ample grounds for the Board to entertain the hope that, as regards the Astor, arrangements already in hand may be concluded whereby no losses will be suffered by the Company during the coming year and that, as regards the Palace, its business for 1938 will result in a pro- ft
WHITE ANTS
PEIPING PROFIT
The Hotel operated by our, subsi- diary Company in Peiping the Grand Hotel des Wagons-Lits - showed ex cellent results for its best-financia! year ended on the 30th June, enabling a dividend to be declared, in respect of which your Company, you will note from the Acc
1937
SIMPLY
"FROM YOUR PROPERTY
CHEAPLY EFFECTIVELY
WRITE, OR PHONE 30722 AT ONCE FOR FULL PARTICULARS THE WHITE ANT EXTERMINATORS
THOMAS COWAN & CO.
QUEEN'S BUILDING HONG KONG
Agents: Hong Kong & Outports: Mesars, Jardine, Matheson & Co., Ltd.