THE CHINA MAIL, MAY 25, 1939.
Page
SUBSIDY FOR SHIPPING
THE FAR EAST
IN
Hopes Expressed At Indo-China S.N. Co. Meeting
Cautious Policy
Pursued By Directors
THERMOMETER
SOARS TO 89
the net balance of Steamers' Working Account amounts to £288,343,7.8ď. which is some £17,500 better than the previous year. In view of the politi- cal tension in Europe, with its possi- ble re-actions in the Far East, together with the gradual closing of the China Coast to trade both physically and fin- ancially, and the situation on the Yang- tsze, your Directors feel they cannot A maximum temperature of 89 prudently recommend the payment of degrees was recorded yesterday, “FOR MANY YEARS WE HAVE HAD TO FACE COMPETITORS more than the Preference Dividend for but the night turned much cooler, IN RECEIPT OF GOVERNMENT SUBSIDIES AND OTHER which we are passing it is unnecessary minimum temperature being 78 ASSISTANCE AND AS THIS COMPETITION IS EXPECTED for me to stress the importance of degrees. Temperature this morn- TO BE INTENSIFIED IN FUTURE WE CAN ONLY HOPE Companies having as much as possible ing was 79 degrees, with humidity THAT WE WILL BE GIVEN SUCH ASSISTANCE AS WILL seas and we need all the strength and
up to windward. We are in troubled 84 per cent. ENABLE US TO COMPETE ON LEVEL TERMS," SAID MR. D. F. LANDALE AT THE ANNUAL MEETING OF THE INDO-CHINA S.N. CO., HELD TO-DAY.
kinson and M. K. Lo, directors.
1926, In times such as these through
Tong Po, 28, and Li Tai, 26, were Mr. Q. A, A. Mac-
reserve available until we can see more The Royal Observatory reports clearly ahead so, after very mature that a weak anti-cyclone covers the consideration, they decided it was pru-Yangtse Valley. An area of low dent to write off an additional sum pressure is moving eastward over Mr. Landale was supported by General Meetings of the Company, fur. of £115,000 to depreciation in respect
shallow de- Messrs. S. T. Williamson, H. V. Wilther tonnage is still urgently needed of the new tonnage that was acquired central Japan, and a
Siam and central to replace old vessels and maintain im- during the year to bring the value of pression covers In part, Mr. Landale said:--
portant connections without recourse these new ships down to a figure that Annam. Our Coasters maintained a regular to chartering, which is an
in it is hoped will prove economical expensive
Local forecast: East winds, service calling at all open China Coast method. The problem has been a very depreciation of the fleet to £161,243.9.8d. moderate to fresh;
less good years. This brings the totalj Ports during the year. This service pressing one
cloudy, occa- to your Directors and was later extended to Haiphong on the General Managers for many years and They also recommend the transfer to sional rain, fall of Canton.
when a favourable opportunity presented General Reserve of £70,000, bringing Trade on the Coast throughout the itself last year they decided to acquire this Reserve to £200,000, and the trans- year has been fraught with difficulties four modern cargo and passenger ves-fer of £10,000 to Special Repairs and -nearly all the ports up and down the sels, all sister ships, build specially for Renewals, and to carry forward a ba- remanded by Coast came into the zone of hostilities the China Coast in the United King-lance of £20,051.14.0d. The Directors fadyen this morning when they ap- which brought with them innumerable dom in 1934. These vessels, re-named have again waived their fees, amount-peared on a charge of extortion of restrictions both on shipping and the "Esang", "Wosang", "Yusang" anding to £1,500 per annum, and this $5, the "fee" for a certain Society movement of cargo generally. The vo- Mingsang", are eminently suitable for money will not be held in suspense. lume was consequently far below nor- the Company's requirements and, with LARGE CARRY FORWARD from a man in Woosung Street on mal but, as considerable tonnage with the "Taksang", built for us in 1935, Should your Directors' view of the Monday. Sub-Inspector C. Mottram drew from the Coast as a result of hos- and the new "Taisang" and "Wing-future prove too gloomy and trade is in charge of the case. tilities, there was enough cargo to keep sang", provide a fast and regular ser-continue on a satisfactory basis, it is ships that remained employed.
vice up and down the Coast which has hoped that this large carry forward, or afloat. It is needless for me to enlarge on become very popular both with passen- can be used for the benefit of the Turning to the Balance Sheet, the situation on the Yangtsze, The gers and shippers. The modernization shareholders but I would like to remind Book Value of steamships etc., has been developments leading up to the com- of our Coasters has been reflected in you of our large outstanding loan from increased from £643,000 to £1,017,000 plete closure have been front page increased carnings and I am confident the Hong Kong and Shanghai Banking by the recent additions to the fleet and news. I feel, however, that I ought to the recent acquisitions will prove valu- Corporation.
is now conservatively valued. stress that we have a valuable fleetable additions to the Fleet. Even with Your Directors and General Man- Resolutions were passed adopting the and floating property together with a these recent acquisitions our need for agers are considering the switch over report and accounts; paying a dividend large number of personnel based on further new tonnage, to replace old to a Provident Fund from our exist-of 6/- a share on preferred ordinary the Yangtsze which to-day are earning units, is still a very pressing one. ing Pension Scheme. This is a change shares for 1926; transferring to gen-
little or no freight. The situation is most unsatisfactory but I regret to ay I see no prospect of a settlement in the near future.
Our River fleet met with one unfor-
and had to be beached.
KIAWO WRECK
the
This need is having the earnest con- desired by our Floating Staff and one eral reserve, £70,000; transferring to sideration of your Directors in con-which we hope to be able to bring into reserve for repairs and renewals, £10,-
force as soon as adequate funds junction with the General Managers.
are 000; carrying over £20,051 14s. Od; In SUBSIDY QUESTION
collected for the purposes.
the confirming the appointment of Messrs. every endeavour is being H. V. Wilkinson and M. K. Lo as di- You have no doubt seen references meantime
the
more
tunate accident when the s.s. "Kiawo" in the Press to the report of the Im-made to avoid unnecessary expendi-rectors; re-electing Mrs. S. T. Wil- struck a reef on the Upper Yangtsze perial Shipping Committee on "British ture. In this we are confident that we liamson as a director; and appointing
This Com-will have the full co-operation Shipping in the Orient."
of Lowe, Bingham and Matthews auditors mittee has gone very deeply into the every member of our staff, both ashore at an annual remuneration of $8,000. On the Calcutta Line the improve difficulties confronting Companies such ment in 1937 was not maintained dur- ing the period under review, the fall as ours and has made a strong case for Government assistance. How much ing off in exports from Japan was very help we can expect or what form it marked. Restrictions on emigrants to will take I cannot say at present, but the Straits are still in force, and, with the matter is being enquired into. the natural disinclination of native
Not unconnected with this is passengers to return to China in these fact that British shipping in the Far disturbed times, earnings from that
to contend East has
with a source were below normal. To nain- stringent application of certain Inter- tain important connections the "Islami" national regulations than are applied was again chartered for the half year to our Foreign competitors.
The "Kiawo", as I have already men-
You were informed last year, of the tioned, was our only major casualty destruction of the "Tuckwo" and the during the year. She grounded on a Hulk "Madras II" at Wuhu by reef in the Upper Yangtsze on the
panese aerial action, in which incident 26th September and for a while it was foreign gunboats and other vessels feared she might be a constructive
also suffered. Apologies and acknow- total loss on account of the difficulties of obtaining salvage assistance, cut off ledgments of responsibility were imme-
diately forthcoming and it was as she was from the outside world. fidently expected that compensation Time was also an urgent factor, as at would follow in due course. It did so certain levels the River becomes a rag-I understand in the case of the British ing torrent and no vessel could sur- and
also the Americangunboats, vive. floating off into the main stream. American Merchantmen sunk about I am glad to say, however, that the the same time, but I regret that Bri-j vessel was safely launched on 18th tish commercial claims, including ours, instant and arrived at Ichang four
are still outstanding though His Ma- days later where she will have to lie jesty's Government continue to press up until allowed to proceed to Shang-for a settlement. I trust that this hai for permanent repairs.
will soon be arranged.
HIGHER BALANCE
the Statement of Turning to shouldered
In times such as these the Directors and General Managers recognise that the Floating Staff have
Ja-
con-
Ac-
heavy responsibilities and we are most counts before you, you will notice that
appreciative of the loyal support and assistance we have received through- out the very trying conditions that have at times existed on the Coast and in the River.
The Directors and General Managers must also record their grateful thanks for the great assistance and co-opera- tion of the Royal Navy. We are con stantly appealing for their help and it is always readily given.
NEW VESSELS
Last year reference was made to the two new Consters, "Wingsang" and "Taisang", also the small Upper Yang- tsze steamer “Liwo", which were con- tracted for in 1936. These three ves- sels were put into commission during the year and have given complete sa- tisfaction in every way. No new ton- nage was contracted for during the year but as has been said at previous
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