THE CHINA MAIL, APRIL 28, 1989.
DARK CLOUDS AHEAD
Hon. Mr. M.K. Lo And Outlook For Future
Steamboat Co.'s
Mixed Year
"He must be a bold person who, without utter dis- regard of dark clouds gathering ahead, would dare view the future with any degree of com- placency or with optimism,” said the Hon. Mr. M. K. Lo, chairman, at the annual meeting of the Hong Kong, Canton, and Macao Steamboat Company this morning.
Mr. Lo also mentioned the decision of Government not to renew existing pier-leases after Decem- ber, 1949.
The chairman said:--
Cantor.
STAFF BONUS
YUGOSLAVIA AND THE AXIS
Berlin, To-day.
It is revealed that during the visit of M. Marcovitch, arrange ments were made for a visit to Berlin early in June of Prince Paul, Regent of Yugoslavia.
The German press hails the en- nouncements as further indication of closer relations between Yugos- lavia and the Axis.
It is noted, however, that the Italian forecast that Yugoslavia would join the anti-Comintern Pact has not been confirmed.— Trans-Ocean.
from the accounts, most of Company's The period under review was one of surplus funds have been invested, the The profit for the year, after pro- viding for depreciation of steamers at unusual activity and anxiety and the Directors giving preference to a Fix- the usual rate, repairs, etc., is $460 staffs, one and all, gave of their besed Deposit account with the Bank and 122.28. From this balance the specia. to serve the interests of the Company. to Hong Kong Government Bonds.
I feel sure that I voice your gratifica-
NOTE OF WARNING depreciation of wharves and
Before concluding, I feel that I Properties and the reserve for whar.ion also when I say that nothing given repairs have been deducted, leaving the Board greater pleasure than to be should again convey to you a note of the in a position to recommend the paymen: warning concerning prospects in the net profit of $371,239.69 which
immediate future. We have benefited Directors recommend should be appor- of the proposed bonus to the Staff.
Concerning
which the Company's Canton from the abnormal conditions tioned out as follows:-To pay a divi
Tproperties, the Directors have consider prevailed most of last year. For that dend of $1.00 per share $80,000;
ed it advisable to write off a part 1 we must be thankful. Floating pay a Bonus to Shore and Staffs $8,484; To carry forward $282, their book value. They trust you will approve their decision as, having re- 755.69.
gard to existing conditions, it is thei. considered opinion that a more conser vative estimate should be taken of th value of the properties,
During the year under review, rive shipping enjoyed boom conditions and suurered practical stagnation in shar; contrast. The extraordinary activity which prevailed for the better part o the year quickly gave place to almost a cessation of trade with the captur. of Canton and the closing of the Pear on October 13, to navigation ABNORMAL TRAFFIC As was to be expected from the un- passenger return, settled conditions,
were periods were irregular. There when all available bottoms were need-
River 1938.
0.
In October last, the Company's Go- down in Canton went up in smoke i the conflagration which lasted severa days. The book value of the old build ing has been written off and the amount is included in the sum charged to de- preciation of the whole Canton proper
ties. The godown was insured, but not against War Risks, as covers were no. obtainable.
PIER LEASES
In connection with that fire, the Di- ed to cope with the abnormal traffic re-rectors are pleased to be able to in sulting from the ensuing panic which form you that the wharves were no
seriously damaged. of the city followed the bombing Canton and the cessation of the rail- way service, and others when the exo- dus travelled overland because of dan. gers which were rumoured to exist in navigation in the river.
With the closing of the Pearl River. the Macao line became the focus of at tention. Every available tonnage ́ap- peared to have concentrated on
As regards the Hong Kong wharves, it may be recalled that Government has made a definite pronouncement to the effect that existing leases will not al be renewed, the expiry date of leases for wharves and piers being 31st December, 1949.
But he must be a bold person who,
NEW CZECH GOVERNMENT
Prague, To-day.
The new Czech Government for the Protectorate of Bohemia and Moravia was officially announced last night by Dr. Hacha, with the ap- proval of Reichsprotector von Neurath.
The Government includes the fol- lowing Ministers:
Premier and Minister of Interior, General Alois Elias,
Finance, Dr. Josef Kalfus, Industry- Handicrafts- Commerce, Dr. V. Sadek,
Transportation,
Havelka,
Dr. Ehinrich
Public Works, Dominik Cipera, Agriculture, Dr. Ladislaus Fei- erabend,
Public Health, Dr.
Klumpar.
Trans-Ocean.
Ladislaus
GIBRALTAR
without an utter disregard of the PRECAUTIONS
portent of the dark clouds gathering ahead of him, would dare view the immediate future with any degree of complacency or with optimism.
some time.
fortress.
Burgos, To-day.. Commenting on the defence mea- The best that I can say of the Com-
the first sures in Gibraltar, “Diario Vasco" pany's affairs is that for quarter of the current year we have declares that nobody has the
it has survived such competition as not been our misfortune to meet for slightest intention of attacking the Faced with such conditions it has During the Great War Britain not been a matter of trading to pro- did not take such measures to de- duce an adequate return on capital fend Gibraltar as she is taking to- invested, but to struggle to survive from going under. Until it is gen-day. The paper asks what perila measures are destined to erally recognized and appreciated that these adventuring in the river trade prove to be costly, I fear that we must continue to expect the worst.
canavert.
With these remarks I beg to pro- pose that the Report and Accounts as presented be adopted.
Capt. W. E. Kirby seconded and the report and accounts were adopted.
· OTHER BUSINESS
Trans-Ocean.
ARMY DRIVER
FINED
summoned
Sir Robert Ho Tung and Mr. Li Private E. Ranson, of the Mid- In view of that decision the DirecTsc-fong were re-elected directors on dlesex Regiment, was this line; not only were there ships from tors have decided to write off, as you the motion of Mr. M. H. Lo, seconded before. Mr. R. A. D. Forrest this
of the book value of the two Hong will have seen in the accounts, a part by Mr. Kong wharves. They have, in addition, considered it advisable to set aside & small reserve for repairs.
West River steamers also made their the Canton line, but not a few of the
appearance.
It was true that the business in the line had improved considerably with the intensification of the Japanese blockade of Canton, but it did not seem possible that the needs of a line, catered for by three steamers in normal times, could
four times that number of steamers.
Of the amount of $126,123.07 which is charged to repairs, steamors' over- hauls absorbed the better part of that
sum.
W. A. Hung and the confirmation of Mr. D. F. Landale as a director was proposed by Mr. Wei Tat, seconded by Mr. M. Fernandez.
Messrs. Lowe, Bingham and Mat- thews and Messrs. Linstead and Davis motion of Mr. T. F. Lo, seconded by were re-appointed auditors
Mr. Kwan Yau-kwong.
on
morning, for driving without due care and caution in Murray Road.
Inspector Clarke said that a complaint was made to the Police other lorry at the narrowest part the that lorry No. 4826 overtook an-
of Murray Road. The complainant had to stop his car dead to avoid & collision.
A fine of $10 was imposed.
LEE HONG PURCHASE expand to the extent of accommodating In view of the high cost of build-
The following attended:- Hon. Mr. M. K. Lo, Chairman, Mr. As was to be expected, cut-throat coming a new ship, the Company, after Li Tse Fong, Mr. J. P. Braga, O.B.E., petition developed with concomitant re- protracted negotiations, acquired the Mr. T. F. Lo, (alternate Director for motor vessel "Lee Hong" early in Sir Robert Ho Tung), and Mr. D. F. October at a price which the Board Landale, (directors) and the follow- thought to be very reasonable.
sults on which I need not labour.
STEAMERS CHARTERED During the second and third quar- ters of the year the earnings of Com- pany's Canton line steamers surpassed all expectations. Freight offerings as sumed such proportions that, with the friendly co-operation of Messrs, Butter- and the Indo-China field and Swire Steam Navigation Co., Ltd., the Com- pany was placed in a position to char- ter the sa. "Wuchang" and the s. "Pingwo" at rates which proved pro fitable to the Company.
The activities of the two chartered steamers were confined to the transpor- tation of rice to Canton between the Imonths of February and May,
A factor which contributed was to have been the disappearance of junks and lighters as competitive carriers in the rivers
Macao line returns fluctuated. The beginning of the year Zound Company': steamers earnings very satisfactory but from May onward intense competh tion gave the Directors anxious, mo- manta.
teamer
ing shareholders: Mr. M. H. Lo, Mr. CLOUDY, SOME
The Directors felt that the "Lee W. E. Kirby, Mr. W. A. Hung, Mr. Hong," with her speed and the recon- Wei Tat, Mr. Luk Pak To, Mr. Kwan ditioning with which they had careful- Yau Kwong, Mr. Wong Chik, and Mr. ly planned, would prove to be a valu- M. Fernandez. able asset to the Company's service,
Another factor which received the
RAIN
The Royal Observatory reports that the anticyclone is moving east-
Directors' consideration, was the fact M. MAISKY IN ward and is now centred over the
that the purchase would eliminate once and for all a potential source of competition. The activities of vessel in previous years had been a source of concern to the Board.
the
PARIS
Paris, To-day. The Soviet Ambassador In-Lon- In December last year the "Sui Tai" don, M. Maisky, who has arrived was laid up. With the surplus of ton- from Moscow on his way to Eng nage in the Macao Line at the time and the fact that, for a steamer of land, to confer with his colleague her age a general overhaul for a new in Paris, M. Suritz, will, according Load Line certificate was likely to to the "Paris Soir," be received by prove to be an expensive item not M. Bonnet Tran entirely Justified by the circumstances, the Directora decided on the lay up.
In connection with the "Sui Tal” I feel sure you will be glad to know that, consistent with the traditional, equitable treatment which overy or vant expects und gets at the hands of the Company, the entire crew of that,
the on ful diti of
pay
ectors
cient
Eastern Sea. A ridge of high pres- sure remains over South China.
The depression is moving into the Pacific to the northeast of Hok- kaide and another deep depression has formed over Manchuria.
shallow depression Tongking and
Local}
mod
covers
Annam, East winds,
occasional rain.
Going Away?
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