THE CHINA MAIL, APRIL 22, 1941
100 Quality
Purity &
Merit
The Sign of Perfect Drycleaning
ZORIC
GARMENT CLEANING SYSTEM
FOR ALL TYPES OF CLOTHING AND HOUSEHOLD FABRICS
THE STEAM LAUNDRY CO.
Head lice and Wol, Tel 5032.
Hong Kong Depot. Tel 21299. Gloucester Bldg. 2nd Fl
Tel. 28938.
Book Depot. Tel. 29352. Kowloon Depot, Tel. 58545.
Why REPULSE BAY HOTEL
CC
is the Best Spot and
Most Attractive"
in the Summer Time.
Warmer weather is near !!
HAVE YOU CONSIDERED A CHANGE
FROM YOUR EVERY DAY
RONMENT?
ENVI.
STAY AT THE REPULSE BAY HOTEL provides a complete change— quietude, refreshing tea alr, charming gar- den surroundings with sea and sun bath- ing and the "LIDO" adjacent.
Now available an attractive low inclu-
alve summer tariff covering weekly, fortnightly or monthly rates-and a part)- cularly low-priced, Inclusive charge for a wack-end.
For particulars apply THE MANAGEMENT. REPULSE BAY HOTEL, Phone 27775-
THE HONG KONG & SHANGHAI HOTELS, LTD.
tank demonstration over rough country. A "battle" in progress. In the foreground is an anti lank gun.
CEMENT AND PRICE
COMPANY
CONTROL
tam simular articles from Canada
favourable.
REFERENCE TO THE Government inves-to circumstances beyond the con- trol of supphers and ourselves, have been tigation into cement prices in the Colony, the many disappo
suffered in respect .. hose con- fixing of a price control, and the difficulty in tracts. With Fegard to packing obtaining licences for export, with complete materials we were forced by the continually increasing cost of each prohibition of exports to the Straits Settle-Shipment (caused through con- trolled export prices from Bri- ments, was made by Mr. J. Scott Harston,tain) to cancel contracts and ob- presiding this morning at the meeting of at lived FO.B. prices which were shareholders of the Green Island Cement comparatively i re
A contract for the delivery 150,000 tons of Lint Excite Company, Limited.
Isuspended (when only 60,000 tons delivered) because of On British trading with Indo-Clutta Ports. Subsequently, lapsed owing to affluxion of time. It then be- for necessary to arrange
Limestone' 011 the carriage of neutral ships at greatly mcreased freight rates, and freight rates are as you are aware, soaring continuously. We have secured
The Chairman
2nd Before Fund, War Taxation amounting to had been proceeding with the onday $43,461 10 twhich represents the, the embargo placed Times, I have to
Tepint with an essent made upon the Come and Allied ships Feglet the aetirement
Mr. pany lot the twelve months end- Taggart. OB.E., from the 31st March 1941), and Legal, this contract
The and Accounting Fees amounting post of Managing Director indifferent condition of Mr Tag- to $3,600 in respect of the Gov- Bart's health which had persisted emment Enquiry concerning the over a lengthy period became so production costs and selling price acute that in January, acting un-of Cement.
18 21
credit
der medical advice, he was com The nett result of the year's pelled to make speedy arrange-| working shown by the Profit and
Luss Account iments to leave the Colony.
Your Directors much regret $675,097.18 (an improvement of thus being deprived of his able approximately $120.000 over last assistance, and I desire to ex-year's figure) and, in conjunction
behalf
brought press on their
sincere with the amount
for- wishes for his speedy return to word, makes available for ap-
camme
Was
of tonnage up to the end of Septem- ber next which is as far as ship- themselves owners will commit under present conditions, At that time it is estimated stock heap will approximate 90,-
normal health. I feel sure you propriation the sum of $841,480.00, 000 tons.
desire to be associated with this sentiment.
Enhanced Prices
stand
"Stocks on Hand"
Selling Prices
our
at The rapid and material in- in all branches of our Agure production costs necessitated
an
At our last Meeting. 1 ac- quainted Shareholders of the very valuable services which Mr. $1,907,171.32. which is $512,000.00 crease Taggart had rendered the Com- more than the valuation
at the 31st December 1939 Un-increase in selling prices during pany over a period of 10 years, fortunately, this enhanced figure the year, but in accordance with and of his appointment as Mann does not represent an increase in our previous policy. such in-
Honorarium
that
the
the Com-
ing Director during the year then
the quantities held. for
until reason creases were not imposed under review. The expression of;
freight that soaring
rates are conditions rendered that action appreciation to him which I
largely responsible, although in- imperative, then recorded on behalf of the members of the Company receiv, ties at the source of supply also Company received
On the 24th October, 1940 the creased prices of the commodi-
2 notification ed the unanimous approval of all;
apply to a minor degree.
from the Competent Authority Shareholders present at the
On the Liabilities side. you that an Enquiry would be held Meeting.
will see that the Depreciation by Guvernment into the Com- Reserve stands at the increased pany's production costs and the in-gure of $452.908.00 after receiv-selling prices of cement in You will recollect I also
Colony. To protect formed you that Mr. Taggart hading credit in respect of the charge received no remuneration, other of $76.454.00 for depreciation on pany's interests it was consider- than that received by him as an the Plant Machinery and Floating ed advisable to retain the services the Profit of the Company's Auditors and Craft made through the Com- ordinary Director of
during the pany. in respect of the volume and Loss Account
its Legal Advisors in connection Raw Materials
Reserve with the Enquiry. Much heavy of additional work he had under- year.
at work was involved in preparing taken, but that the Board pro- makes an initial appearance
$250,000,00-the need for which! and submitting evidence in sup- posed, as a matter of common equity, to rectify
position,, will be explained later.
port of the Company's conten- Your Plant at Hok Un hastions, and I wish to record the In consonance with that proposal,
gratitude to Mr. the Directors in September last been kept in excellent condition, Company's unanimously voted Mr. Taggart and has worked at full capacity Wadesson of Messrs. Deacons, to
under ad- Mr. Ritchie of an honorarium of $15,000,00 In throughout the year recognition of the extra services verse conditions, while the out- Bingham & Matthews, referred to, and I have no doubt put of previous years has been Taylor, our Manager and Secre that such meets with your ap, inaintained.
tary, and to Mr. uckling (who was then
acting as Alternate Director for Mr. Taggart) In respect of the sterling services Turning to the Accounts, you
difficulties have been rendered by ench of them in that will observe that the "Balance encountered during the year un-relation and the manner in which
the in re- der review in connection with the they presented
Company's from Working Account" spect of operations for the year acquisition of the raw materials case during the proceedings at 1040
re-, the Enquiry. amounts to $832,291.11, and packing materials
that some $105,000.00 higher than in quired. Last year I stated the previous year, and can, I, we had stocks in situ and ma- think, be considered satisfactory.terials contracted for at favour-
In the course of the Enquiry, an The debit side of the Profit and able prices which together should Loss Account includes, in addition be sufficient for the operation of Order was served upon your Man- output ager requesting production of all to the recurring charges, a Dona- your Plant ut maximum tion of $10,000 to the "South for an approximate period of Book, Documents, etc., of China
Bomber two years. Unfortunately, Morning Post"
(Continued on Page 13)
proval.
Higher Profits
Disappointments
Many
we
duc
Messrs. Lowe, to Mr.
No Report Yet
the