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THERAPION No. 2 THERAPION NO. 3
BUSES BLOOD POISON, BAD LEGE BRIN INOPTIONS
CUAYSCHRONIOWZAKAESSAANAHAST LOSS
SOLD BY
A CURE HAVERSTOCK RD, ARTSTEAD, LONDON FOR YOU! TRY NEW DRIGEE ASTILLESPINOF LANY TO TAKE
BUTE AND
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BLE TRAT TRADE MARKED WOKU "THE
INDIST OF
TO LET
TO LET
COMPANY MEETING.
THE HONGKONG DAILY PRESS, MONDAY, DECEMBER 13ɛn, 1912.
EWO COTTON SPINNING AND
Mr.
WEAVING CO.
A SATISFACTORY YEAR.
tho
Landale presided of severiteenth annual ordinary meeting of i the above company at the offices of the Мельга. Jardine, general managers, Matheson & Co., last week, and there were also present-Musara, E. E. Clarko, H. B. Kinnear and Zce Quay-ying (Consulting. Committee), John Johnstone, C. H. C. Platt, J. C. Dyer, A. K. Craddock, E. B. Broadrick, F. H. Crossley, C. R. Shaw, F. J. Burrett, Pan Ching-poo, J. Kerfoot Smith A. Brooke (Mill Manager), (Secretary), the Rev. G. Castrillo, and others.
The notice convening the meeting havlug been read,
The Chairman said-Gentlemen, before proceeding with the usual business, I desire to express our sincere regret at the loss of Mr. Alex. McLeod, which occurred after our last meeting. Mr. McLeod joined the Consulting Committer in October, 1897, and continued to take a keen interest in the Company until a few days before his death. Mr. Kinnear was asked to fill the vacancy, and I am sure you approve of the Consulting Commit- Leo's action.
I will now call upon the Secretary to read the auditor's report.
The Secretary having read the audi- tur's report, the Chairman continued- As usual, I propose, with your approval, to take the report and accounts for the year ended October 31, 1912, which have been in your hands for some days, us read. When we last met, the outlook was. particularly gloomy and continued so until after China New Year. It is, there fore, the more gratifying that the General Managers and Consalting Committee should be able to place before you such a satisfactory showing Owing to the Revolution and the subsequent dislocation of business, short time was resorted to at the milla from the middle of November to the middle of February, since when we have been working at full pressure and obtaining record productions, a testimony that all the machinery is in thorough running order. I may here say that the Revolution cost un very dear, as, apart from the practical stoppage of business for some weeks, it became imporative for as to materially assist most of our buyers with their contracts of yarn and cloth. The result of the twelve months' working was a profit of Tls, 339,728.72, which, with the balance brought forward from last year, leaves a credit at profit and loss account of Tls. 348,608.13, the proposed appropriation of which, as stated in the report before you, the Consulting Com- raittee venture to hope will have your approval. The preference shares this year absorb Fls:-27,961.21-in future, the amount will be Tls. 23,000, as all the 4,000 preference shares, authorized to be issued in December, 1909, have now been taken up. I trust the addition of Ths. 30,000 to special repairs and renewals account will commend itself to you, as there will then be Tis. 42,906,82 available for improvements and alterations which, in
iL
on
concern like ours; are continually required. I may say that since 1899 Tls. 199,730.96 have been spent. ordinary repairs and renewals out of working account, and since 1907 Tls. 118,03.08 on special repairs and renewals. out of the amounts set aside for that purpose.
The appropriation of Tis. 110,000 to equalization of dividend account-bring- ing that account to Tls. 400,000-will doubtless have your support, when I tell you that we must look for serious com- petition during the next few years and that it is necessary to build up our re- serves while we continue to enjoy seasons of prosperity.
WM. POWELL
LTD.
TELEPHONE 346.
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The General Managers desire that a bonus of Tls. 3,000 should be voted to the foreign staff at the mills-gentlemen, we have been well served during the past twelve months, and I am of opinion that we should show our appreciation of the services rendered by our employees and, if possible, endeavour to set aside a sum each year for a similar purpose. If you agree to the payment of the bonus, the General Managers propose to pay, as near as possible, 10 per cent. to each of the staff on his salary for the past twelve months. I do not know that the accounts call for any special remark, but I should like to mention that the addition to plant and machinery account of Tis. 19,887,02 represents new weaving machinery. To.. day, our plant consists of 72,264 spindles and 500 looms, which I need hardly add cannot be replaced at anything near their present book value. On a conservative basis, it is estimated that, to replace our present plant, even at current high rate 175 of sterling exchange, the outlay would bo Ths. 2,130,000, whereas the book value stands at Tls. 1,551,011.53, and besides this we will have at credit of equalization These of dividend account Tis. 400,000, figures will give you some idea of the amesBORN BALENO GAVER BEEN? LET ME K favourable position we occupy as com- pared with any new ventures that may be opportunity of expressing the apprecia of mills in this country, it is impossible promoted. Since the spring we have been tion of our Company for the services to form any idea. I do not think, how- experiencing an encouraging demand for rendered by those gentlemen who were, ever, that we need fear that the slight yarn, and latterly for cloth, and it gives responsible for the formation of the advantage the colton mills in China Ho
enjoy over similar concerns in other me much pleasure to be able to inform Association. (Applause.)
Last season's China cotton crop was a countries will be lost, for we have the the of
that knowing you that we have satisfactory orders for yarn that will keep us well employed for poor one and considerable supplies of satisfaction the next Eve months, working full time. American and Indian were imposed by us unanimous opinion among Chinese is that (Applause.) In cloth, we are under con and most of the other mills, but there all home industries should be encouraged. tract for two months, and I do not know should not be the same cearcity this year, If togel ills are eventually placed in a that we have reason to complain about unless very large quantitice are exportel, position that will enable then to cope our margins. The statistical position of as indications point to the outturn being more easily with competition from mills!
Additions in other countries, many new mills will varn and cloth is, to my mind, parti- somewhat above the average. ularly healthy and, considering the are being made to several of the local doubtless be erected in China, but, from bumper crops that have been harvested mills and important extensions are being the figures already given you, I think you this year throughout Chine, we may arranged for in Japan, to that we must will agree with me that we are on a very
Proposed by the Chairman and second- arice of the present brisk demand for our future, but it is to be hoped that the new concerns that may be started. I do products for several months, and I trust output of yarn and cloth will not over-not know of any other point that I can ibat at the next annual meeting it will take consumption and necessitats working touch upon, but I shall be pleased to ed by Me. H. R. Kinacar:-That a be possible to discuss a report as satis short time for a long while to come. The answer, to the best of my ability, any dividend of Tls. 11 por share on the Proposed by the Chairman and second factory as the ore before you. I desire political and financial position of the questions you may desire to ask, (Loud ordinary shares be paid.
The Chairman thanked those present to draw your attention to the fact that Chinese Government continues to cause applause.)
for their attendance and announced that the encouraging showing for the past business ruen much uneasiness, but, other Thero being no questions, the followinged by Mr. E. E. Clark:-That a bonus
at the railts. year is, in some measure, due to the wise, the outlook is by no means unsatis-resolutions were put to the meeting and of The 3,000 he paid to the European staff
Proposed by the Chairman and second-dividend warrants would be ready the Association. factory. At no very distant date we must carried unanimously:-
Proposed by the Chairman and second- TO. 4, ORMSBY VILLAS, Kowloon Cotton Anti-Adulteration
which commenced work last season, and expect a revision of the Customs duties.
proceedings. has done much to minimize the evil of That they will be raised is a foregone ed by Mr. F. H. Crossley:That the ad by Mr. C. R. Shaw:-That the present following day. A vote of thanks to the
the current year. cotton adulteration with water and other conclusion, but to what extent, and what mort and accounts, as presented, be Consulting Committee be re-elected for Chairman for presiding terminated the foreign matter, and I desire to take this the tariff will then be on the products passed.
From 1st February, 1913. URNISHED or Unfurnished, 6, fountain View, Peak, containing 81X ROOMS. Apply
W. R. LOXLEY & Co.,
York Buildings. Chator Road. Hongkong, 17th December, 1912
TO LET
(1425
HOP in ALEXANDRA BUILDINGE,
Apply-
A.S. WATSON & Co., LTD., Alexandra Buildings.
1354 Hongkong, 27th November, 1913.
TO LET.
ODOWN, No. 940, Praya East, Wandkai/xpect, with some confidence, & continu- look for keen competition in the near favourable footing as compared with any
from 1st January 913. Apply to-
EWONONG HONG, LE,
249, Deonx Road Central. [1390- Hongkong, 6th December 1912.
TO LET.
Nfrom the 15th January.
Apply to
SPANISH DOMINICAN
PROCURATION, Hongkong, 14th December, 1912.
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Proposed by the Chairman and second-
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the Company.