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Dine at the
Parisian Grill
Good Food
Fine Wines
Dinner and Dance Music
by
THE BLUE DANUBE TRIO
Open till 1 a.m.
10, Queen's Road, C.
Telephone 27880.
PRESIDENT LINER
Sailings
TRANS-PACIFIC SERVICE
To
SAN FRANCISCO & LOS ANGELES Via Shanghai, Japan & Honolulu ROUND-WORLD SERVICE
To
NEW YORK & BOSTON Via Manila, Singapore, Penang, Colombo, Bombay, Suez, Port Said, Alexandria, Naples, Genoa, and Marseilles.
✰✰ AMERICAN ✩ ✩ PRESIDENT LINES
* ROUND-WORLD SERVICE.” AGENTS FOR T.W.A. AND UNITED AIR LINES.
12, Pedder Street,
Telephone 28171.
THE CHINA MAIL, MARCH 29, 1940:
COMPANY MEETING:
WATSON'S ON
EXPORT CONTROL
“DUE CONSIDERATION must be given to the fact that wartime regulations, prohibiting the export of a num-- ber of Hong Kong commodities to certain southern markets, affect our company to some extent, and, in addition, with advancing costs of raw materials and higher overhead expenses the margin of profits will necessarily be restricted, "said Mr. D. E. Clark, chair- man, at the annual meet ing this morning of A. S. Watson and Co.
1
years
Canton branch in recent The chairman was supported by ing our Messrs. J. Scott Harston, S. T. Wu- showed no improvement and, as-despite all liamson and W. Paterson, directors. measures taken on the point of economy- certain unavoidable overhead expenditure Before the chairman presented the re- had to be met, viz., rent, fire insurance port of the general managers (John premia, and minimum salaries and wages; b. Humphreys and Son), Mr. Scott I regret again to record a loss on the year's Harston said:--
working of this section of the business, As the director with the longest period of Turning to the balance sheet, you will service on the board of this company, note that the appropriation of $50,000, mudė have been asked by the chairman to say at'our annual meeting last year as a re few words in tribute to the memory of tho serve against outstanding accounts in China late Mr. J. D. Humphreys, who was fam- has been fully utilised chiefly to write off illarly known to us all as ""Dick."
accounts for aerated water containers in His first appearance in the Fat East the possession of agents and dealers in the Needless to the days of his manhood occurred outlying districts of Canton, in 1911, when he
'as' circumstances permit,. came out to join state, as soon Messrs. Holiday, Wise and Co. in Manila. every endeavour will be made to recover He remained there until January 1915, and such stock which, if successful, will result then proceeded to England where he enter in the equivalent value being placed to the ed the British Army, with which he served credit of this particular reserve for future. throughout the War til'his demobilization usé against contingencies of a like nature. at the coinmencement of 1919, whereupon he returned to Hong Kong and joined the firm of John D. Humphreys and Son, wherein he was a partner in 1929 and in which firm his Father became a partner, many years pre vlously.
in
It is of interest to note that the Hum- phreys family have been associated with A. S. Watson and Co. ever since the year 1866, when the former John D. Humphreys (Dick's grandfather) joined it, and became sole proprietor in 1874-the business being turned into a limited company in the year 1880, so that the family connection there- with covers the lengthy period of 74 years, Dick possessed. all the ability of his father and grandfather, and his genial pre sence and assistance will be greatly miss
|
It will be observed that current liabilities amount to $511;162.98, this being a reduc- tion of $96,790,15 on the figure for the pre- ceding year and due' chiefly to elimination of the entry under bank overdraft. Further items under this heading namely, trade cre- ditors and bills payable, show an increase of,$38,712.88 but as these apply to commit- ments in respect of stock requirements, the heavier outlay can be attributed to increas- ed purchases to meet the 'exigencies of the prevailing abnormal trading situation.
KOWLOON SALE
On the assets side of the balance sheet. you will note that the value of land and’ buildings has been reduced by $27.500, duct. to the decision. to dispose of the Kowloon Dispensary during the year in view of the
ed by those associated with him in busi-favourable offer, received for the purchase ness. In the social world too, his "pass of the building and stock. The profit on this ing" will be sadly regretted by his many transaction amount to $52,600, and is dealt friends, for he was
ever a kind-hearted with under the credit side of profit and loss sportsman in the true sense of that word, account. who had ng enemies anywhere; and 1 would ask you to rise and stand in silence for a few moments as a mark of respect to the-imemory of our old comrade, .
PROFITS, HIGHER-
of
You will observe from the accounts that disregarding profit realised as a result the sale of the Kowloon 'Branch and pro- perty, net profit for the year under review amounts to $320,279.41 as against the pre vious year's total of $318,627.85, which feel sure. will be considered highly satis factory.
I
Subject to your approval, it is proposed by $150,000, to augment general reserve bringing this account up to $700,000, which Is the highest amount under this heading In the history of the company and. I feel sure it is unnecessary for me to emphasize the Importance of strengthening our re- serves against all possible eventualltits,"
As regards the immediate outlook, I may mention that trading returns covering the arst four months of the current financial year, indicate that all Hong Kong depart- ments have registered substantial increases
in turnover compared with the correspond- ing period of last year.
In attaining this figure, all Hong Kong departments registered further material in
I now formally propose that the report crease in volume of business, and although and statement of accounts, as presented, be a larger balance of profits might well have adopted and that the balance at credit of been anticipated on this account, it should profit and loss account as at October 31, be borne in mind that due advantage was 1939, namely, $460,627,71 be appropriated as: taken of the favourable position to allocate follows: more substantial allowances than hitherto To Pay a dividend of 80 cents per share, for depreciation while, additionally, reserva absorbing $120,000; To Pay a bonus of 457 tions have been made against passages, etc cents per share $67,500; To Transfer in connection with Home leave: for. staff, General Reserve $150,000: To Transfer to also for publicity purposes on the occasion Chinese Staff Super-annuation Account $10,- of the company's centennial anniversary 000; To Write off Building Improvements which takes place in, 1941.
$14,271.87; and Carry forward to next ac- count $98,855.84.
Incidentally, the adverse conditions 'affect-
to
Mr. J. Scott Harston, Sir Shou-son Chow, Mr. S. T. Williamson and W. Paterson were re-elected directors and Messrs. C. Bern- ard Brown and S. T. Butlin auditors at n. fee of $1,250.
INDO-CHINA
STEAM NAVIGATION COMPANY, LTD.
OPERATING SERVICES FOR CARGO and PASSENGERS
TO—SWATOW, SHANGHAI, TSINGTAO, CHEFOO and TIENTSIN
KOBE and OSAKA SINGAPORE, PENANG and CALCUTTA
SANDAKAN, HAIPHONG
All – steamers, berth". alongside the Roosevelt Terminal In the French Concession at Shanghai, where pas. sengers and cargo are landed.
Further Particulars Please Apply JARDINE, MATHESON
CO., LTD.
GENERAL MANAGERS. TELEPHONE 30311
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