other Palmer &&
Dina
no Merchants of
NAPIER JOHNSTONE'S
SQUARE BOTTLE!”
WHISKY. UNVARIED FOR OVER
150 YEARS.
EWO COTTON S. &
00. ID.
ANNUAL MEETING
THE HONGKONG DAILY PRESS, WEDNESDAY, DECEMBER 24TH, 1913,
The eighteenth ordinary mesting of shareholders in the Dwo Cotton Spinning and Weaving Co., Ltd. was held on tho 18th inst, as the offices of Messrs. Jardine, Matheson & Co. general managers, Shanghai. Mr. C. E. Antofi presided. and there wore also present:- Messrs. Henry R. Kinnar. P. F. Lavors, and Zee Kuan-yuen (consulting committee), G. H. Potts, K. Craddock, J. Barrett, R. E. Wilson, V Meyer, J. Kerfoot, F. H. Crossley, A. Clarici, W. H. Barham, W. Hickling, 4. R. Owen, B. A. Clarke, A. Woods, J. A. Sudka and Pan Ching-
poo.
The secretary having read the notice! convening the meeting and the auditor's report, the Chairman said:-Gentlemen:: -The report and accounts having been in
THE SAME TO-DAY AS IN your hands for some days. I propose,
1745.
BEWARE OF IMITATIONS.
SOLE AGENTS IN HONGKONG LANE CRAWFORD & CO.
and from Az WINE MERCHANTS, -: -
[74
Isay
KEATINGS LOZENGES
cure the warsi Cough
CURE for
STHMA
FAMEDI FOR 40 YEKES.
Sold in tins by all témists and Stores Throughout the Country. Beware of Imitations.
APIOLINE
(CHAPOTEAUT)
LADIES REDY
För functional troublos, delay, pain and those irregularlitos peculiar to the sex.
- Prosoribed by the highest French Mdical authorities and superior to Tasey, steel Dropi and Ponny royas. CHAPOTEAUT, 8, rue Vivianae, Paris. Kald by a Chemists.
123-3
THE NEW FRENCH BEMEDY. THERAPION No. 1
QUEEN DISCHARGES, FITNES BE, WITHOUT. EVJKOTTONË.
THERAPION No. 2
CUM BLOD POISON, BAD LEOS, REIN (BAVETIONS
THERAPION No. a
CURES. CHRONIO WAARNEMEN, TRACK, 1097 Vioon, &t. BOLD BY LEADINO GINTS. PRIOR IN ENGLAND, 29. MENU STANI APUREM ESVÉLOSE FOR FREE BOJE TLE CRESO MED. ON HAVAster itn. LAMBAD, LONDON,
·TET KEW BAISEN (TASTELESS) FORM OF
A CURE FOR YOU
MAST. TO TAKE
CASTING JURE, JEE THAT TRADE WATELD WEED 'ITERAPION 75 or WRIT, GOVT. ATAMP APPIXED TO ALL SENDINE PACKETS, INSIST ON KAVING THIRKPION.
THERAPION AND
ON SALE
AT TUS
OFFICE.
$175
with your permission, to take them as read. It does not appear necessary to remark, in detail, on each item appearing in the balance sheet and proft and loss account, us the figures speak for the- selves, but I desire to direct your special attention to the change which has been unde, at the suggestion of the Auditor and with the consent of the Consulting. Committee, in the acthod of stating our ussels in so far that we now show the depreciation already written off building account, plant and machinery account and other capital, expenditure. It is considered, and I think rightly so, that the accounts should clearly indicate the position of the company in respect to depreciation, and I would ask share- holders to study carefully this important factor.
The result of this twelve months' work- ing is a profit of Tls 552,278,93, as against T 3389,728.72 for the previous year, which was then a record in the history of the company, and with the amount of Ts. 12,474.20 brought forward there is a sum of Tls, 534,753.22 availablo for appropriation. As you will have soon from the report, it is proposed, subject to your approval, to pay a dividend of Tis, lb per share on the ordinary shares, which is Tls, 4 more than last year, and I hope that shareholders may consider such return satisfactory. (Applause)
Further, it is proposed to write off plant and machinery Tls. 60,000 and off buildings Tla 12,000. The desirability of making such provision for depreciation inust am sure appeal to all of you ma in this connicetion I may say that the General Managers are firmly of opinion that no year should, in future be allowed to pass without adequate provision in this respect. It is also proposed to place lo equalization of dividend account fls. 100,500 and, if you approve, that fund will then stand at half a million taels. (Applause) Meanwhile, it is. Bot intended in the future to add to that amount, but as far as possible to keep it at that level and to only transfer to it Buns from profits when it has been encroached upon.
With regard to the amount of Ts. 125,000, which it is proposed to place to a reserve accourt, this is to be regarded as a nucleus of a fund for future develop- ments and I think you will agree with me that in good times such a reservo should be built up as much as possible.
Then there is the bonus to staff. Last
Ts, 3.000 was voted to the European. staff, but this year the General Managers desire an appropriation of Tls. 6,000 in order that the native staff may participate.
In connection with these proposed recommendations. I wish strongly to emphasize the advisability of building ap our reserves whenever working results permit.
As you know, we experience considerable competition from various sources and it is possible, and indeed probable, that we shall see from time to time new concerns entering the field of We cotton-mill industry in Shanghai. can, I think, even now more than hold our own in the trade, but, of course, although we wish to see a continuance of good yeare, we cannot overlook the prob ability of lean years, and, that being so. the larger our reserves the better pusition we will be in to cope with támos of bad trado and also to meet with any further competition which may arise. Possibly. what I have said un this point may appeal tnore directly to the investors in our shares than to speculators in them.
WM. POWELL,
A FEW
SEASONABLE
GIFTS.
EIDERD
BLANKETS,
BUGS.
LTD.
TELEPHONE 316.
Artistic Presents
ENGLISH CHINA TEA SETS
AND
DEVICES,
AFEW
USEFUL GIFTS.
CHAFING
DISHES.
AFTERNOON TEA KETTLES.
TRIVET
CUSHIONS.
-STANDS:
CUT GLASS
FLOWER VASES SWEET DISHES DECANTERS.
COFFEE POTS)
TABLE
CENTRES.
·CHAIR BACKS.
NOVELTIES
IN
ON
ALUMINIUM
Dancing
delightful
to the music of the Victrola
Delightful because of the superb dance music loud and clear and in perfect dance time.
Delightful because you can dance whenever you feel like it-the Victrola is always ready.
Turkey Trots, Tangos, One Steps-dance music of every kind. Come in and we'll gladly play some for you.
:
Victors and Victrolas frem $35. Tenus to suit. S. MOUTRIE & CO.,
LIMITED.
EXCLUSIVE DISTRIBUTERS.
BANKS
THE "OKOHAMA SPECIE
LIMITED.
STANDS.
GONGS
ELECTRO- PLATED WARE.
Authorisol Capital
Paid-up Capital:..
BRASS.
Resorre Fux
COVERS.
INKSTANDS.
TABLE
LAMPSHADES.
COPPER
ALUMINIUM.
CAKE
BANK
1-
Yen 15,000,000 30,000,000
19,550,000
HEAD OFFICE YOKOHAMA Branches and Agencies at
Liao-Yang Projau
Victor
TV
BANKS
HE BANK OF TAIWAN, LIMITED. (INCORPORATED BY SPECIAL INVERIAL CRANTER).
Capital:..
Capital Subscribe (paid up)
Roservo Fund
HEAD OFFICE: TAIFER, FORMOSA,
... Yen 10,000,000
+
6,250,000 2,620,000
ANT
Autang-Hsin-
Calcutta
Bombay
London
(Port Arthur) San Francisen
BRANCHES AND AGENCIES:
Ainoy
Swatow
Taiza
Changchan
Los Angeles Shanghai
Anping
Dairon (Delay)
Lyons
Tickling
Canton Foochow
Kobe Narnenki
Tunisni
Tokyo
Tokohama
STANDS.
TOYS and GAMES
IN GREAT
VARIETY.
INDO-CHINA PORTLAND CEMENT COMPANY, LTD.
FAMOUS
DRAGON
BRAND
CEMENT
PORTLAND
PEMENT
ONG
ALWAYS IN STOCK
HIGH
Fengtian (Mukden) Nagasaki Tientsin
Nowelwang Tokyo
Hunkow
Harbin
Honolėla
Kobe
New York
Osaka
Peking
INTEREST ALLOWED ON CURRENT ACCOUNTS. Deposits received for fixed periods at rates to be obtained an application.
EISHI ONO, Manager. Hongkong, 30th September, 1913.
[464
BANK MERCANTILE
INDIA, LIMITED......
[627
THE
Authorised Capital
Subscribed
Paid-up
Reserve Fund-
QUALITY BUILDING
CEMENT
Apply to P SOFFIETTI & Co., lt, Des Voux Road Central, 1st Floor. Telephono 289.
Reverting to the important question, of provision for depreciation, I think I am
of right in saying that initial costs plant and machinery obtainable in England are little if anything lower than when the Ewo mill was started that the cost of building in Shanghai is certainly very much higher and that land here has, since then, in many instances doubled in value, to you will readily understand the advantages we enjoy over new enterprises in car particular line of business. plant has been kept in first class order, and our mills worked full time through out the year, the production being the
the I think, however, largest in our record,
Our
we must regard our profits for the year da somewhat extraordinary and beyond. what we can in any way rely on in tho future, and I may add that the unsatis factory state of affairs in China has caused and is causing much anxiety to your General Managers.
Stocks of both yarn and cloth in the interior are reported to be low, but we are not justified in anticipating a brisk trade antil such time as something has HONGKONG DAILY PRESS been done towards the amelioration of currency conditions. At present, the heavy depreciation in the floating native note issues and in the subsidiary coinage: is a very adverse factor in all kinds of business. Last year's cotton crop in China was an average one and this season's outturn is expected to be a little larger. There is still a good deal to be destrode regards the prevention of cotton adulteration, but I take this opportunity of expressing our apprecia- tion of the excellent work accomplished by the Cotton Anti-Adulteration Associa- tion, which has been of very great. assistance to the company..
NEW AND UP-TO-DATE PLANS OF THE SI-KIANG
OE
WEST RIVER.
PRICE ONE DOLLAR
Giving all the Important Towns en route from CANTON to WUCHOW.
Hongkong, 5th April, 1913
At last year's annual meeting the chairman referred to a possible revision. of the immort tariff, and I understand that the Chinese Government has now! approached the Powers with regard to an increase in duties. If this be so. it is: to be hoped that the cotton mill industries of this country luay receive some measure of protection, and that the Government
STURGEON BRAND
REC TRADE MARK
JOHN & E. STURGE, Ld.
Birmingham (England).
PRECIPITATED
(Calo. Carb. Proclp)
CHALK
All Grades, from lightest to very dense, to suit all needs.
CITRIC ACID,BICARBONATE of POTASH, ROCHELLE, SALTS, and PULV, SEIDLITZ.
resources
[1040-1.
∙1205
There were no questions, and the Chairman moved the adoption of thes report and accounts. This was seconded by Mr. Kinnear, and carried.
may realize it can only be by a develop-to the working and finance of the com ment of its internal
and pany, but, before proposing the adoption industries that China can eventually hope of the report and accounts. I shall be to put her finances on a sound basis. In glad to answer any questions from share- this connection, I would mention that, on holders, to the best of my ability a special class of cloth produced at our milla: we have to pay, under the 3 per cent, ud valorem excise, 23 tandureens per piece, whereas similar goods from other countries only pay 14 candareens under. This will. I specific import tariff. think, afford you some indication that. under such conditions, there is no induce ment to invest money in machinery for the manufacture of specialities.
The Chairman proposed that a dividend of Tis lo on the ordinary shares bo paid. This was seconded by Mr. Lavers, and carried.
The chainner said that shareholders would notice it was intended to give rather a larger bonus to the staff, and be proposed that Tls 5,000 be appropriated: M, Barharo seconded, and the resolution was carried.
article
This
You will recollect that a very large fire cccurred at our mills in April this year, whereby our largest godown, used prin cipally for the storage of cotton, was Partially destroyed. We were, however. The Chairman called attention fully insured, and, apart from the fact 17 of the Articles of Association, in which that we found ourselves short of storage it was provided that five members should accommodation, we did not on the whole on the Consulting Committee. suffer much inconvenience or loss. You was qualified, he said, by Article 11 in will see in the accounts the amouns which it was provided that this number received from the insurance companies could be increased or reduced. They had. for damage to the godown, and the sum simply elected four members, and it was. recovered for cotton yarn and cloth proposed to continue that. He did not destroyed has been dealt with through know whether, it required a resolution, working account. The remains of the but he called the attention of shareholders godown are being turned into a weaving to it. shed, but it will be used a godown Mr Over proposed that the four me until such time as the outlook becomes bers of the Consulting Committee Messrs. sufficiently encouraging to warrant a fur Apton Kinnear Lavers and Zee Kuan
extension of our weaving plant.yen be re-elected.
Mr. Potts seconded. Carried, Next year we propose to erect two three storeyed godowns to take the place of our Winstore be reclected auditor. This Mr. Meyer then proposed that Mr. Geo.. present two iron gedowns.
Your General Managers are interesting was seconded by My Barham and themselves in the formation of a Cotton carried. Spinners and Weaving Association, as they feel that the interests of the cotton industry at this port would be better protected if there were some organization to take up serious grievances.
Gentlemen, I think I have touched upon all the most important points with regard
ther
The Chairman-That is all the busi- nees, gentlemen: dividends will be ready to-morrow. Thank you for your attendance.
A vote of thanks was passed, on the proposition of Mr. Owen.-C. Daily
News.
BANKERS?
BANK OF ENGLAND,
Kerlung
Osaka Shanghai
HONGKONG OFFICE,
3. DES VEUS ROD.
Interest allowed on Current Accounts. Deposits receivision Zarms which may be had on application.
KTSUDZURABARA, Mazagor. Hongkong, 1st May, 1915.
BANKING CORPORATION.
Paid-up Capital
(1272
OF
H
ONGKONG
AND SHANGHAL
.£1,500,000 1,125.000
15,000,000
Beserve Fands --
562,500
Sterling
$15,000
£1,500,000 at 2-$15,000,000
Silver...
$17,450,000
$32,450,000
LONDON JOINT STOCK BANE, LIMITED
INTEREST allowed on Current Account at 2 per cent. per annum on Daily Balance and on Fixed Deposits at rates which may be ascertained on application.
A. R. LINTON, Manager.
[878
Hongkong, 14th July, 1913.
HONGKONG SAVINGS BANK.
THE Business of the abbre Bank is con
Reserve Liability of Proprietors $15,000,000
COUNT OF DIRECTORS.
S. H. DOWELL, E-Chairman, Hon. Mt. D. LANDALE-Deputy Chairman. G. Friesland, Esq. J. A. Phitomer, Esq. E. Goel, Esq.
WL. Pattonden, Esq. H. A. Siebs, Esq. Hon. Mr. E. Shellim.
C. S. Gubbay. Esq. P. H. Holyoak, Exq G. R. Laureuz, Fay.
CHERY MANAGER Hongkong-N. J. STABB,
MANAGER?
Shanghai A. G. STEPHEN.
LONDON BANKERB:
ducted by the HONGKONG AND SHANGHAI BANKING CORPORATION. Rules may be obtained on application.
INTEREST or deposits is allowed on the LONDON COUNTY, AND WESTMINISTER Minimum Mouthly Balances at 3 per cent.
per annum.
Depósitors may transfer at their option balances of $100 or more to the HONGKONG AND SHANGHAI Bixg to be placed on FIXED DEPOSIT at 4 per cent. per annum.
For the HONGKONG AND SHANGHAI
·BANKING CORPORATION, S
N...J. STABB,
Chief Manager. Hongkong, 1st July, 1911.
[19
EDERLANDSCH.INDISCH
HANDELSBANK. (NETHERLANDS INDIA COMMERCIAL BANK.)
EABLISHED 1863.
Authorised Capital FI. 80,000,000 (£2,500,000) Paid-up Capital... FL. 17,407,000 (£1,450,593) Reserve Fund FI 6,518,000 £543,166)
HEAD OFPIOR: AMSTERDAM. HEAD AGENCY: BATAVIA
LONDON BANKERS:- THE WILLIAMS DEACONS BANK. SWISS BANKVEREIN,
The Bank tronatus every description of Banking and Exchange business, receives money on Current Account and on Fixel Deposit at rates which may he ascertaing? on application.
G. VERMEY, Manager, No. 8, Des Voeux Road Central, Hongkong, 3rd October, 1919.
THE CHARTERED BANK OF INDIA,
AUSTRALIA AND CHINA.
INCORPORATED FY ROYAL CHARTER, 1959) HEAD OFFICE-LONDON.
£1,900,000 Paid-up Capital... Reservo Fund
...£1,700.000. Resoryu Liability of Proprietors £1,200,000
BANK, LIMITED.
Borakova-INTEREST ALLOWED.
On Current Account at the rate of Two per cent. per bonum on the Daily Balance. ON FIXED DEPOSITS. For 3 months, 2 percent. per Anmum. For 6 months, 3 per cent. per Annum. For 12 months. 4. per cant. per Annum
N. J. STABB,
Chief Manager. Kongkong, 13th October, 1913, [19
NTERNATIONAL
BANKING
CORPORATION.
HEAD OFFICE: 60, Wall Street, New York. LUNDON OFFICE: 38, Bishopsgate, EC.
BRANCHES
Bombay. Calcutta.
Canton.
Cebu,
Colon.
Empire.
Hongkong
Hankow.
Keha, Manila.
Mexico.
Panama.
Paking.
San Francisco, Shanghai. Yokohama.
CAPITAL AND SURPLUS Gold $7,200,000. equal £1,480,000 DESCRIPTION OF BANKING EVERE
BUSINESS transacted. CURRENT ACCOUNTS opened on the usual
terms.
one year at 1 per cent, per annum, or for shorter periods, at rates which may. be ascertained on application. BILLS NEGOTIATED and COLLECTED. MAIL and TELEGRAPHIC REMIT-
TANCES made.
DEPOSITS RECEIVED, fixed for
LETTERS OF CREDIT and DRAFTB granted on all the principal cities in the World. THE BANK'S CIRCULAR LETTERS OF CREDIT are available all over the World.
Issued.
-FOREIGN EXCHANGE and General COMMERCIAL LETTERS OF CREDIT: Banking business transacted.
CURRENT ACCOUNTS opened and PURCHASE and SALE of Stocks and
Shares effected. FIXED DEPOSIT reecived for 1 year or shorter periods at ratos which will be quoted TRAVELLERS' CHECKS sold and cashod. rn application.
GEORGE HOGE,
Hongkong, 14th April, 1913.
A. 8. HEWETT,
Acting Manager
[183
Manager.
9, Queen's Road,
Hongkong, 31st October, 1913.
[1230