་་
CLARK CHAPMAN & CO., LTD.”
STEAM ELECTRIC, MARINE WINCHES,
PULVERIZED FUEL EQUIPMENT, HIGH
PRESSURE STEAM BOILERS, ELECTRIC MOTORS AND GENERATORS.
ENGINEERING EQUIPMENT CO., LTD. H.K. & Shanghai Bank Bldg. Tel. 27789
CHINA MAIL
China Provident's Excellent Year
MEETING APPROVES BONUS ISSUE
Although the year 1954 started off with very lean times, each suc- ceeding quarter showed marked improvement, and by the close of the year their tonnage figures were approximately equal to the 1953 results, Major S. M. Churn, Chairman of the China Provident Loan and Mortgage Com- pany, Limited, reported at the Company's Annual General Meeting today, Speaking to the meeting in the Board Room of the Union Trading Company, Limited, York Building, Major Churn reported a net profit of $1,309,478 for the year 1954, which was an actual increase of 8.6 per cent over the 1953 profit.
The Directors of the Company proposed be distributed for 1954 as for 1953, namely a bonus-of-20 cents per share' both free of tax.
'SELL SERVICE
that the same dividend and bonus dividend of $1 per share and a
of the profits realised on sales of capital assets in the past few pears, you will realise that this figure of $30 million is far below market value.
Addressing the meeting, Ma-bringing this up to $3 million, | ship to actual value, and in view jor Churn said:
Your Directors. will propose The year under review was that the same dividend and again a difficult on, with keen | bonus be distributed for 1954 as and at times uneconomic com for 1053. petition and a resultant reduc tion in profit margins, In view of the conditions ruling during the year, the results achieved should meat with your approval
The embargo placed on local trade in 1951 continues to affect the volume of cargo moving in the Part..
"As you are aware, we sell Neither of our Companies has service, the component parts of any Crown Lease renewal prob- which are good facilities," good lem and its consequent expense staff interested in supplying the first lease does not fall i for management, un experienced to face in the near future. Our best service possible, and, of over 100 years hence. course, careful direction of acti- As to the earning capacity vities. We believe we have all angle, ... which will be of more. these components welded fe-
interest to Shareholders, our gether into an efficient organisa combine has earned tion.
to our clients
The year 1954 started off with very lean times, but I am pleased. to report that each succeeding We provide an all-in service quaber showed marked im-
and by the provement,
close of the year our tomage figures warehousemen, including cold
to the storage, lighterage and tranship-the same period, equal were approximately equ
forwarding 1959 results. We therefore feel ment that we have more than main
In the Port
$9,785.000 in the
period 1950 to 1954. This figure excludes profits on as wharfingers, sale, et capital assets, which amounted to $3,293,000 during
and the valued
agents and
*
that
and some small part of the accum
insurance.
Our storage capacity is, we believe, slightly
larger than that of any other operator in the Port. Our advertised capacity of 200,-
tained our soochwilt of our more diversified
numerous clients. another
Salm-free
1954
year.
Was
success
is
kan Light & Power Co. (1922) of better
Ltd. also made two distributions
in
boast. The usual
to present share.
*1345
WEDNESDAY, MARCH 30, 1955..
SIDE GLANCES By Galbraith
1. Mag. M. 1. Pas Of
Cap. 1964 by BEA Sarvan, Ian,
"This is the third fight you've had in two weeks-the spring weather must be getting into your blood!"
Lord Ogmore Explains "Grand Council" Idea
SHEAFFER'S
ADMIRAL SNORKEL PEN
SLOW
POLLING IN
UC ELECTIONS
391 Vote During Morning
The Urban Council elections started off quietly this morning, with a total of 333 persons voting at the Central Reclamation site up to 11.30 a.m. and 58 voting at St Andrew's Church Hall, Kowloon, up to 12 noon.
The first voter was Mr Philip D. Au, of the Reform Club, "and currently an Elected Member of the Urban Council. He was present on the site at 7 o'clock, super- vising the hanging of bunting and a handbill campaign.
"At 8 sharp, Mr Au, with a large Reform Club badge on his lapel-walked into the palling booth and dropped his ballot into the box..
The weather was ideal, wit
of the heat and humidity marked election day.
tch
W*
about the same time last year, The three candidates are Mr Brook A. Bernacchi, Mr P. C. Woo and Mr G. O. Jones. The three were seen at the ap- proaches to the polling station-- the site of the forthcoming Festival of Arts Exhibition talking to people heading for the voting hall
There
only a trickle of voters shortly after 8 o'clock, and they occupied only a trac- tion of the attention of the 30- odd attendais. Voters were. dealt with the minimum of de- lay, the average time for each person being about two minutes.
Two or three persons bad to. be told they could not vote be- cause their names had been taken off the Jury list recently for some reason or other, and they had not registered under the Part II Electorate.
By, 9 am 62 persons had passed
through the voting easter: booths situated at the corner of the polling station.
VOLUME GROWS The trickle of people grew a 163 little, and by 10 a.m.,
Within the
persons had voted." next bour and a hak. the
any
The First Voters
נ་
Seen above (left) is Mr Philip Au, who was the first to cast a vote at the Hongkong polling booth in today's Urban Council, elections, and right, Mr.P. K. Lau, the first to vote at the Kowloon booth, Staff Photographer.
Awarded Judgment For $37,662 And Interest
In a civil suit arising out of a consignment of paraffin wax for Canton Mr Justice J.R. Gregg in the Supreme Court this morning awarded the plaintiffs
per cent.
I have read, with, interest your os defence, economie afairs | number of voters had increased Judgment for $37,662.10 with a year's interest at five
and
The voters appeared to repres sent a fair cross-section of the
about equally divided.
The plaintiffs, Abdulla Trading Co., otherwise known as Kung Ping Hong, of 38 Queen's Road Central, sued the
1953 in respect of their the Appropriations" "for" Staff report and accounts, Mr E. R. the recent Debate Initiated by multi-racial Commonwealth - In community, and the sexes were defendant, Lam Kee-fung, trading as Woo Fong Hong, of
approval
சேர்
tom
$1,309,478, not found the services of any 1954 will meet with approval ment of policy and I myself as federation. For territories which
are
ori
sume that
Among
IN KOWLOON. On the Kowloon side, Mr Lati
127 Des Voeux Road West for the return of $8,000, the balance of deposit they paid and for $29,662, the loss they had suffered because the defendants failed to deliver 17.86 metric tons of paraffin wax to Canton.
CAPITAL BONUS
The Civic Association today released to the press the contents of a letter it has received from the Rt. Your Directors consider
titled "Comcil" which appeared in the first issue of Hon. Lord Ogmore, in connection with an article en- lated reseTVES and undivided profits, now amounting in our the Association's Newsletter." Balance Our subsidiaries have 3000 tons is stated after allowing the issued capital, should be out that there is no relationship whatsoever between the volume of entrants into the operated profitably and contri- for passageways, broken space distributed
Sheet to rearly twice In its statement, to the press,, the Association points buted their expected quotas to
and working space. This figure holders by way our Proßt & Loss Account
does not include open storage bonus, and will propose later
of a capital Civic Association and Lord Ogmore, or the Labour Party.grew slightly, although the TRUE COMPARISON
attendants were never in The net profit for the year as
yards.
I again have pleasure in com-
at the meeting that a bonus The following is the text of for not dealing with this fear of being kept continually shown by the Accounts was mending to the shareholders the share issue be made one new Land Ogmore's letter to the question of self-government. busy. $1,309,478. In comparing this excellent and conscientious ser
share, for every four existing Association:
When self-government is at- The Hon. T. “L. Bowring, with the 1953 agure, it should vices of our staff ashore, afloatscued shares now held, absorb-
tained, however, it will ob- Director of Public Works, was be borne in mind that due to and clerical, to which so much ing $1,297,285.
I thank you for your letter and vloudy be quite impossible for one of those who cast his vote the change in date of the end of the Company's continued nessen resigned from the Board Newsletter Volume 1, No. 1.
During the
the copy of at least 25 Colonial territories during this morning. year Mr R. Johan-for sending me of their financial year, North
to stand on their own feet so The advertise- duc.
By 11.30am., the total on his retirement in Europe.
far Point Wharves, Lid. paid two ment of the Company's house
There dividends in 1953, while Sanda- fax, with the
"A sign
have not been any other de changes in
comments and the comments you and foreign relationships are under the Directorate,
The Labour Party is no ide
says "Our aim is a provision in
Seconding the adoption of the
Tepart from the Hongkong Press Stater. me in the House of Lords. All which Britain and the former financial year ended June 30, Bonus will, I feel sure, have the Childe said:
In of shareholders.
these comments, however, 1932 and 1953. The true com-
I
his clear and concise ex-
are dependent territories work based on a misapprehension, gether as equal partners for the them were a few office boys and parison therefore 15: 1953 pleased to advise that we have position of the Company's The Debate was not dealing with benefit of $1,204,888.
of all. Larges territories coolies of local firms, with their 1954
it necessary to dis- affairs, the Chairman has said increase of pense wit
that he hopes the results for showing an actual
domnestic home rule because both will become independent states, companies badges displayed on the Labour Party in its state smaller territories may form a their uniforms, 8.8 per cent. Taking this adjust-of our ment into consideration, 1954,
BALANCE SHEET
and, speaking on behalf of the
all Colonial terri- are scattered and too small to
Mr Brook Bermicchi, instrucf-contract price with the daten- ranks as the third most profit-i the Sheet you shareholders, I have no doubt at tories will have at the earliest special arrangements Pak-kee was the Arst voter ated by Mr G. S. Ford, appeared dant was only: $2,375 per ton
abserve that Assets' bave in our expect able in the Company's history.
that they sumass possible opportunity such home be worked out in St Andrew's Church Hall. He was for the plaintins.
·stard along
His loss on the whole lot of During the year the construc-creased by $3.7 million, due to
rule.
Mr Patrick Yu, and his in- 17.38 tons which he had to sup- The Labour Party in its agreement with their people for followed shortly by Dr R H S. tion of No. 14 Godown was $1.8 million, cash receivable $1.5ture during the past few years
We are, the com-
appreciation of investments : benart of
of course, seeing the
"Labour is de association with staternent says
Britain in the Lee. Others who voted in the structing solicitor, Mr A. M. L. ply to Canton was $29,662.10. pleted. Ther
our capital expendit premises
termined to maintain the pro- Commonwealth", I have for course of the morning were Mr Soares were given leave to Mr Justice Gregg gave judg- lease to the Hongkong Flour million and advances to sub- but
Ltd. We purchased the sidiaries 4 lakhs. Since 1948 we which make the third best year Labour was in office,
be able to show figures
out 1. B. Trevor and Mr K. M. A. withdraw pointing gress made by the Colonies to years past been.
from the case when ment with costs for the plaintif MITS,
wards self-government while this problem of the territories. Barnett.
Yu informed the Court that frim with interest from the date China Navigation Co., Ltd's have expended on new capital
ir
which will not be able to stand As soon existence, under the con-
The Kowloon voting started they had no further instructions of the issue of the writ to date at West Point and assets $7.8 million. godowns
ditions that
as the developtaens of each ter- on their own feet either because of in very quiet way, there from the defendant, who did not of judgment. The position of investments.in entered into an agreement lo
.we all know obtained during 1954, deserves
of their lack of economie makes it ritory
practicable, ar- of
re- being only Ave voters in the attent Court, serve their vessels for a period, subslateries at $6,335,533 very the thanks of all to the Board,gements should be made the racial probl because of multi-first hour.
plaintiffs claim Wis of years.
satisfactory. After deducting Opportunity was taken during Investment Fluctuation Reserve. particularly the Managing Directween the Government and the racial problems and, as quoted
by a contract in Chinese By 10 o'clock, 25 persons had that by
the the year to dispose of our re- per contra, the net book rator, and to the whole of the staff, responsible leaders of each ter above, the Labour Party has cast their votes. At 11 o'cles dated December 8, 1953
When
ritory to fix a date for the now recognised, this problem and the figure had risen to 38, and
defendants I seconded a similar transfer of power. maining
agreed to sell to discussion pamphlet by 12 noon it was 38, Labour's in
them
21.36 metric tons that Sandakan shares and $4.55 for that. I thought Town, which
"Facing Facts In The Colonies
6 p.m., Time Signal and Programarie phase of our programme.
Frominent among the Kowloon paraffin wax to be delivered to Summary: 6.03, Lucky Dip-Variety The North Point shares, both of
it remarkable
each case to an established sys that the Chairman
presented
Jean. capital profit of $1,136,000 re- which are well below market
was able
of the four in a group. to report alised has been credited to Ap-values.
tem of democratic government proposal as one a "claim free"
Plaintiffs deposited $10,000. On An Innocent in Holly with the amount of cargo and
alternatives to be considered as year
A: 1 p.m., 495 votes had been delivered to Canton
wood' A talk by Peter Ustingy Part Jahuary 17, 1954 defendants (EBCTS); 7.15, propriation Account,
The major part of the amount goods
Keyboard which
-In my speech I said "Every a solution to the problem. the RICE BUSINESS
cast on the Hongkong side,
approxi-Memories" by Ron Carder (Btudio); shown under Sundry Debtors handles and stores.
Company
A: 1.30 pm. 90 votes had beenmately four tons of the wax Concert Hall of Bacio
7.30. "Twenty Questions from the Although,
generally
storage relates to the sale price of Nos.
That the country in the Grand Council or
cast in Kowloom.
and this was accepted, but the question
Hongkong. rates bave
maintained
same can be reported again in the Federation evolving from it
Master: Patrick Butler 15 & 16- Godowns, on which 1854 conarms the remarks would, of course, have domestic during the year, the reduction bargain money only has been then made as to the favourable dore not a fair criticism on the
balance of the contract goods The Team: Faith Butler, Dorothy self-government”, It is there
was never supplied.
Scales, John Little, Faddy Sheehan of Government rice imports has received.
and Stan Lloyd (Hecorded) (Final); affected our storage earnings.
light this throws on the manage-
7.59, Weather Report; 8, Time Signal Staff Provident Funds now ment and control of our busi- part of the Newsletter or of the Under the new scheme,
World News (London Relay lind, Special Announcements; 8:15 Com Commentary Hongkong Press to criticise me came into force on January 1 stand at over six lakhs, and are ness
(London Relay) or vested in Trustees.
poser of the Week-Baint-Saens L and $42,986 which entitled Rouet d'Omtale, Op. 11 Concerto the holder to payment of these No. 1 in A minor, Op. 33 for "Calle
and Orchestra: 8.45, Gypsy Night conditions stipulated on the documents. It was an Music in Scotland" by Dr. Herbert
9. Tine Signai ilustrated Talk expressed term of the agree. Wiseman (Recorded): 9.30, Wednes ment that the plaintiffs should day Theatre The Onlooker's Tale' subsequently transfer these two by William Hughes (BBC78): 1050 A play by Geodrey Mead. Produced letters of guarantee to the de- Miste of the Twentieth Cendants and then the $10,000 Banatine (G. Auric), Sonatine Four Century deposit
would
be refunded is Clarinette et Fiano (Honegger). Sept tiffs together with the Eb (Honegger); 10.50, weather Pieces Breves (Honegger) Pastorale; the demon between the value of Reel (London Signal. Ratio News letters of guarantee and the night Music, God Save the Queen; Relay): 11.15, Good- contract price of the goods. On 11.30, Close Down
concludes
to
our
MC
of
Radio Hongkong
H.K.T.
properties in Kennedy of our holdings is $3.04 for motion two years ago I said objective is to transfer power in includes the Grand. Council voters were teachers who came Canton before January 15, 1954 Requests
which
we have secured a fair share of the merchant business and signs business raging. Excluding rice earnings showed an increase of 0 per cent.
The Tommage carried by our Lighter-
Section showed an incrase accidents age
assets..
-Josses
Jav-
NEW GODOWNS
a provision OFW 200 to of course, apart from
of the
་
it
WITHOUT FOUNDATION
I do
Mail Notices
in
The latest times
of posting
GUARANTEE LETTERS Plaintifle claimed that at the date of the contract they had two letters of guarantee for $9,900
sung urider
the
In these circumstances, the proposal did not seem to have Newsletter's statement, that my
received much support from
of the House either side
1 obviously without foundation. Appropriations to Sinking
The Labour Party's attitude is Funds have been made in full I see that we have now dis-
defined above and Lord Lloyd funds opened for all new posed of all our outlying godours such bonus be applied on behalf reference to this proposal "We for the Government said with in the Kennedy Town district
persons who previsions" for possible and that we are concentrating | March 30, 1955, were holders of have a receptive mind and we from typhoon,
marine; on the ones, now rapidly being ( the 1,037,828 shares of the Com/are very ready to experiment”. and depreciation in rebuilt as modern structures, in of nearly 20 per cent. Due to investments now stand at over the near reighbourhood of our pray in payment in full for 256 He also said I feel bound to. the increase of work we have $4 million.
457 shares of the company of point out the difficultles. ordered
three new steel lighters
Head Office, which I imagine each, of one of such shares for not suggest that they are in- All taxation up to the end of will make för eyén more efficient | every four of the said 1,037,826 superable if in point of fact this to augment the feet, and have March 1955 has been recently purchased another steel Ing
operation and control, This is, shares was seconded by Mr Li Council proves to be what the tug-boat to facilitate movement cover future taxation in 1958/6. interests at North Point, which ly,
our Fook-wo and passed tinanimous-
territories themselves.. would within the harbour. These units
SHARES ACQUIRED are now in commission.
will observe from
With regard to the suggestion operate as a separate unit; and During the year our
Messrs A. Klusman and ti that MPs should be appointed Moor Balance Sheet that during the where I was impressed by the Transport Sertion was enlarged year under review we have ac-modern godowns recently erected Fook-wp were re-elected to the as liaison: members between vans, while the older units were Point Wharves shares in opening function two days ago.. Remedios, seconded by Me La at all. Members time at present tralia, New Zealand & Ceylon,
the addition of two useful quired a further 7,150 North when I visited the new adminis Board of Directots on the pro-Parliament and the Colonies, extrative offices for the pleasant position or Mr. F. E. d'Almada this is obviously a suggestion which would not meet the need the whole fleet is now in top Company, making our holding to know that the Crown Leases
change for 3,575
It is particularly satisfactory King-tak.
fully taken very In of our land are. secured for up" chell and Co, were re-elected lens, they have se
Messrs Peat, Marwick, Mit-general and constituency for The Chairman saya that our B. B. Anderton, seconded by to
auditors on the proposal of Mr ships with their are this year publishing a com- undivided profits are nearly Mr E J. M. Chun Turning to the Appropriation bined statement of both com twice the issued capital, but if Those present were Major being elected by the people of Account, you will observe that pantes balance sheets This we include the North Points. M. Churn (Chairman of the the particular, colony they were idle East, Africa, Great Bri- support of the claim. He said with one of his relations the amount available is over statement, we feet, brings your reserves they amount to over Board of Directors), Sir Robert deemed to represent,
Mesars N. VA selection by Party Whips would
completely reconditioned, so that
condition.
*You
now 07
the
ex-
per cent of the Issued Over the year our Cold Store Capital of our subsidiationship wards of 100 years. age plant was well patronised view of the
the close and has proved a valuable end between profitable addition to our fact shareholders' Info
Indo accumulated ities.
the
reserves
..
"
and
Ep.wim
to consider, there is always the
at elections and not.
Bob & dority that they will be
four million dollars, After Company's position into a truer three times)- our issued capital, Ho-tune Fook-wnBACK WENG making the usual transters to perspective, and the strong poslani the proposed Reserves your Directors have on shown is one for justifiable seems well justified. new
Croucher,
POLE
the main
shown below are those for une. registered correspondenes posted. at G.P.O. Hongkong. The "latest" posting times elsewhere which, general, ara earlier than the G.P.D. Limas ein be ascertained by enquiry at the local office.
The latest posting times for. registered articles are generally ons hour earlier than the times shown below. Particulars TEERIG- $ ing parcel mafis can be ascertain➡ ed by enquiry 25, any post office.
WEDNESDAY, MARCH 30 By Air Thailand. Malaya. Indonesia, Aus-
Switzerland, Denmark, Sweden. 6 p.m.
Formosa, 8p.m.
By Surface The land. 3 p.m. Macao. pim.
THURSDAY, MARCH 11
By Air. Japan.. 8.a...
Burna, India,
p.m.
Norway,
Pakia.
January
17, 1954, the plaintifs szárred.
the Letters of guarantee to the defendant
Plaintifs alleged that the defendant, in breach of the agreement as to the refund of
Here To Study Our Ways
letters of guarantee, took pay-many before the war, Mr the deposit upon transfer of the Publisher and printer in Ger-
ment from one letter of Frederick Herman is on a visit guarantee for $9,900 for the to Hangkang, studying the four tons of wax supplied and of the pear was a publisher in except for $2,000, failed to return the deposit.
Mr Herman the debut conviund that war was the grandtather's firm in Berlin Yang Tse-ho, manager of the evitable, he decided in 1935 to plaintiff firm, gave evidence in leave for Ins. Angeles and ve tain & Europe, 10 amy
that the delivery of four tons to He returned to Germany in Japan, Noon, Philippines. Guam, →→ HkwMC.
Canton was out of time, but his 1854 for a few days but found Brm accepted it and the defen- that the firm had been taken *Philippines, N. Borneo. p.m.
dent repaid him $2,000 of the over by the Russians. "My By Surface „ME" Maeda, 9am.
deposit
The defendant also only hope now is that
my cons china, People's Republic 19.30 am told him that he could not give may be able to have it in the |--Philippines, Austalia, New him the reminder of the goods future," he calder
so he was forced to buy parafin Mr Herman is taking four wax from another source, the months for his trip studying the Fok Yuen Hong in Macao. He people and political situation of had to pay: $4,083.75 per metric each country. He will be cop➡ fon for this wax whereas the timing to New Delhi tomorTOS
landy. 11 am,- At
decided to allocate: $17,875 to graildcation to all concerned.
Khusman, F. X. Cleary (Direc Capital Reserve, making this Our combined assets
RESOLUTION APPROVED), Mr B A Wickerson oral representation. actsount equal to the Issued stated at nearly $30 million in proposal by Me NV Anaging Director), Mr A D
how much say
I Capital, and diso to place $1% the Combined Balnace Sheet $1,297,285 being part of the un-
Croucher to? engritalise, a man of L
"my. month
to Hongbong minion to General Reserve, Book value has little relation dived profits of the Company
1. E. Shes, in 1948 and how much I look L, M, Churap, E. R. Childe, forward to returning to this standing to the credit of the re B. H. Anderson, Lo Yukstong fascinating and beautiful coun- serve fund, and accordingly that Lam Kim (tak, 1, T&Almada try, Hongkong is often in more
special capital bonus of 31 Remedios and Ming Hung-tim Boughts and it has no greater 297,285 be declared, and that I (shared
well-wisher than myself:-/
Printed and published by WILLIAM ALICK GRIMAS for and on behalf of South China Morning Post Limited at 13 Wyndham Street: of Victoria, in the Colony of Bongkang
· Malaya, Boyma, Noon.)
Japan, Moon
forIDOM"DE Canadap.. Kores, p Facto, Fo
Zean