Page
MOUTRIE
Unsurpassed for purity of
tone, delicacy of touch,
beauty of design.
GUARANTEED
for
FIVE YEARS.
THE HUNGKONG DAILY PRESE, MONDAY, FEBRUARY 17TH. 1919.
PIANOS
PRICES from $425.
Easy Payments can be arranged.
S.Moutrie & Co., Ltd.
(29-1
Summit EVENING DRESS
DRESS COLLARS
M
http
Shape 24. Quarter sizes,
ESSENTIALS
Shirts.
Tios
Socks. Gloves
EVERYTHING OF THE NEWEST AND IN THE BEST TASTE.
MACKINTOSH
A CO., LTD.,
Men's Wear Specialists.
-48, DES VŒUX ROAD).
A
Telephone 29.
[48
FOOK LEE & Co.
Established 1871.
IRON & STEEL PRODUCTS, HOUSE & SHIPBUILDING
& ENGINEERING
HEAD OFFICE:
Nos. 2a, 2 & 4, Hillier Street. Phone 1174.
LA
- PRICE SENT ON
MATERIALS.
BRANCH OFFICE: York Building, Chater Road,
Phone 1950,
APPLICATION.
[101
MINERVA CIGARS
MINISTROS.
Actual size, la boxes of 25, $3.50 Perfectly made from the choicest growths of Tobacco Leaf, CHEROOTS
Sold by-
Cortado de la Reina $2.75 per 100 Cortado Delicioso $3.50
"
LANE, CRAWFORD & CO.
Tel. No.
1743.
THE
CORONET
: 0:
February 17th, 18th, and 19th, 1919. at 5.15 and 9.15 p.m,
CALIGULA.
LONESOME LUKE-PLUMBER.
BRITISH GAZETTE NO. 488,
No Half Price Tickets,
Booking at ROBINSON'S.
A
HUMPHREYS
COMPANY MEETING.
ESTATE AND FINANCE CO., LTD.
INTERESTING QUESTIONS
The ordinary annual general meeting of the Bumphreys Reture and Finance Co., Ltd., was held on Saturday morning
Mr. E the ongkong Hotel (lark (chairman) preaded, and there were prent Mesars. J. Bente Harston, Forbes and W. L Lang, A.
Louket, Patternden (Director), W. T Legian, J. Pesty bath, W.
DJ
J Humphreys, Humphreys, A Tarrant, H. W. Bird, W. J. Wilkinson,
U Mand, M. Lakin, MS.. North ente, A. Stelton Hooper, Shenton, B. Mars, J. Spittle, J. R. Cappell, C. B. H. W. B Kennett, F. W. Stapleton, A. E. Crapnell, J. Arm, Gurgo, D. Wilson, A. W. Smith, C. B.
W
M. A
given.
(b) The book values of such properties to pay to the Company the amount of balancohert of must Companies, and
the mortgage attached a are not developed or only partly
tu 10 The she primary object of such a fund is tox developed
auditors of the Company advised that ascast, the dividend paid out of the A-The Directors do not consider it abould be ineluded in this amount profits mantle in lean youtes. 1L IN UBULA! desirable in the interests of the Company on the assets aide of the balance-alut
to augment it when an inscoase of profits that the particulars asked for should be and it is included in the liability site is shown. The Directors are not awar ૧૨. Duce the amount of $190,702.65 for of the balance-sheet, under the heading that the establishment of the fund indi "mortgages The average rate of vsten au shious intention fù hurrys as rent include any tent on andeveloped interest enrued on moneys of the Com little as posside for the payment of the properties? If so, please state how much.
pany actually invested in umrtgages į di, idend, and would be surprised by A: Yes, #8,500 ust.
The fund Q. Hua & proper valuation of the Com. and tonns is per cent, and the amount on this this was the case
in the balance sheet under this heading in also uvnitahl, for other purposes J pany's properties ever been made? If so,
includes, as pointed out above, tha sucer of need. of $150,000 for which you are personally please state when and by whom and what was the valuation given for
Hale The Compeing neither petites (a) The Company's developed pro
oor pays any interests in that respeed as: perties.
the interest
rest is peal dirvel by you to the Faiversity.
(5) The Company's undeveloped pro-
perties.
A. No general valuation has been made that I am aware of,
Will the Directors adopt the prac- Lice of having a valuation of the Com E. L. pany a properties made at least unes iu figures to lay printed as a footnote on D. K. Mosa,very two years and cause such valuation every annual balance sheet for the in formation of shareholders?
Morley, W. Forsun. Burt, W
Α.
Janies, ናና Griffin, 3 Walker, P. F. F. Ford. E. W. H. Joner, J. H. Seth, H. M. Newazee, Le d'Almada e Castra, A. C. Boleh, A. de Almeida, J. M. Wong, P. O du Roza, M. Fer nandoz, J. At. Rech, A. A. Alves, J. BS Britt, Chinek, 3. M. Raymond, M. Rozario, Manuk, M. Alves, A. M.
E. Marques Pa, Pow Hing, A M. Remedios, P. Young, Leung
Young, H. C. Kong, P.
•Samy, K. Bata, Auraham, 11. K. Hng. Baste, A. M. 'len, A. A. da Roza, A. 1. Rette, J. A. V. Ribeiro, M. 'J JC, Basto, E.
M da Silva,
Noronlak, C. B
A
A The Directors will give this ques- tian their consideration.
In view of the fact that the Com- pany has held for a good number of years land in Kowloon, which should have been built upon long age, will the Directors explain the reasons which prompted them to neglect development of such land and also their reason for locking up funds of the Company by the Acquisition of a site at Bowen Road over looking the NY.K. quartors, which site it is understood was suberquently found moet expensive for building?
M
BOUSK AND OFFICE VRNITURK,
it
KLECETON OF DE ngervors 12 Canol the procedure of riveting Directors at the ordinary anal gerend meeting of th Comprady diety ane than the usual pla ruston, whoody a paid servant of the Lampung would, as at wewe, force into the hands of my saat of the shareholders present a) the bi
ng ta metuber of his fancy, of course at slije of paper with sust of tandatory that s od s should be proposed as Diretor for the ensuing year, which gen erally lends to a permaneney
More
In 1917 the balane was $1,640
the
vi $4151
was 19/18 Tiden off, hence the balance now should be $1,400, wherens the balance sheet sintom, this set at $900 Without washing to press the point. will al Firestors ex. plain how the shrinkage has merred?
A. The explanation is that a small A. The invariable procedțire gaverning anunt of furniture to the extent of the election of Directors is for a r has been sold and paid for.
There is no 19 retire ech year Mr. ALVES in very glad to note chligation or any shareholder to put
furniture forward any proposal which he un last the Company is als
willing to make. The muggestions made dealer,
CASH IN HAND AND AT BANK $6,301.32. in this question are, ne En as Q In view of the heavy payments for pany is concerned, nod ay for as the interest which probably includes payment |
if without foundation entirely for interest on overdrafts surring a rive of the directors is converned, any time, will the Directors state the shareholders wish at any time for some amount of cash in hand and at Bankes director to be apuntess the opport separately?
maty is afforded them a every anaf Ᏹ . The Directors have no objection to g stating the amount of euch ia handing of His Company
{.
Could not the t
tajunny furnish reparately. The Company love only
with the anual report to shareholders & small overdraft at the present DM.
list containing the names of (say) twenty importan and large shar-holders besides the mues of the retiring Directors, fryin
considered by them
very
PROFIT AND LOSS MOXOUNT.
Q. Interests on Mortgage and Deposita, 800.517.04. It appears tha
ears that the Company,
Lie
Basts. F. Soares, aud price it was thought advantage so besides raising money by mortgaging theich the shareholders may choose by
G. Rapp (secretary),
th
TC
DOL
hallow any five perso
Company's properties, also invite deposits best suited to buk after the interests of at a tempting rate of mieres, apparently the Company
Can the Directors explain A The Directors are usually selected because of their value to de Company why the amount of depresets was
it phat as
of the directorate, It does stated in the balance sheet? Is it of the Company's business La receive
particular shari deposits, and how Are
such depositat folios because
holder either possesses a large share- I the deposita are included in sostred
bolding or may be regarded in certain the amount of 8905,000 shown on the balance-sheet, will the Directors give the
wuarters as intent that his services figures relating to mortgages and de
as a director would be of any value to
Loinpany. posits respectively and also inform the
A.--The property referred to, which is above May Rond, was oposidered to be a Ngood site to acquire and as an opport
nity arts of
60 at a FURBOnable doing De laken of it. The Company's Gects have been instructed to prepare be Enketch plans of the buildings to
erected upon much property, but such per cent. plans have not yet been received, nor have the Directors any dain upon which form an opinion as to the expensive- sung or otherwing of building thereon.
The Directors
point out that yould it form a natural part of the activities of the Company to acquire undeveloped land with a a view to the same ultimately Loconies prohtable either by anke: or development. Until either of these events Fuskes place them property is Necessarily unremunerative It is only recently that Kowloon has reached a stage when the question of developing the andevelop ed land, of the Company further than has been the case at present has arisen for consideration owing to the demand recently for houses there which has
The Directors are giving sprung up.
the development of the the question undeveloped lund at Kowloon their tention. The Directors do not consider
Gentlemen, You The CHALISIAN Said:
a light alteration in will notice
the anis are made up the наз threctors and General Managers' muneration being: included in the profit and loss account for the year instead of wing deducted, as in former pairs, after The the profit for the year is shown Anditors considered that this wee the of prompting the the enrrect way
way accounts, and it does not in any affect the result.
Your Directors are pleased to come
good actment with such Infor you the is wines tool the profit for the year available for apropriation being 9167,749.97 against $88,739.65 for 1817.
ยป shows Hent Accoun $10.972.05. and, as it is this account 10 which we hunk chiefly to pay dividends, I think this increase may be regarded as satisfactory.
ever.
increase 01
ties, I feel sure, will meci with your approval.
Insurance Reserve Fund is increased by $1,000, which represents premia en fire risks anderwitten by ourselves.
Mortgages by the Company have in- pressed, but the amant under the head ing Bundry Creditors has decreased. The
t
they should carry on the business of the Company upon the methods usually adopted by the speculative builder or that they should develop a property until
ceting of the average rate of interest paid under each headi
I would value
the the greater experience a director has in the management of the affairs of the
thu
A. The deposits referred to are de omgang greater is his value to the a member of the Board. posite made by contractors wurity Company for the performance of their contracts, For the reasons the suggestion mado
lessors als and by
also as security. The does but appeal to the Board as being amount of the deposits at any time is in the interests of the Company. relatively anall and fluctantes is the Q Without imputing anything to the contract contract is carried out and the deposits present Board, would not much a plan is becomes returnable The Directors de more conducive to the attainment of not think it necessary to set out the closer attention to the interests of the amount of such deposits separately,
Company generally, and also solve the Lendency Towards
wbieb "singeuren The average rate of interest paid on
Inast necessarily obtain when selections for directorships are invariably made from a limited number of Hongkong busi mortgages is 6.70 per cent,
bess men, who apparently form an un- official association of directors?
GENERAL CHARGES.
Q-In 1914, #3,379.77; 1916, 83,070.50; 1516, $1,752.07 1917, 83,630.27; 1016, Will the Directora explain 8,415.62.
Profit on sales of property amount to $87,008.69. This source of profit, how
is necessarily uncertain. Repairs are again slightly heavier, the of material partly counting extra cost of hate is taken advablage of a good year to do more work than, perhaps, we otherwise should have done.
The donation of $2,000 to War Chari. ey can see reasonable prospects of how these amounts appear each year so
letting
the houses after they are built,
82 already provides to the General Fog season given in question No. b.gularly and to uniformly, when articlo will the Directors explain to the meeting Managers 88,000 for the office expenses
A-Article 2 provides that the sum their justification in acquiring a piece of land in May Road on which it is believed of $8,000 is to cover office rent, salarice
nou uther they propose to erect a building instead of Secretary of canploying the funds proposed to be General charges referred to are spent in a paying proposition by build additional expenses in lighting and ad ing up good rent paying terraces on that vertising, and for minor charges of tha between Carnarvon and Mudy Roads, wig previously on deposit, repayable at call-ortgage.
has beet withdrawn and placed now used as tennis courts!
A. The answEI;
to this question is mentioned. Answer to against
will notice practically similar to the Among the Assete you
Question 5. Amongst other property of Mortgages and Loans have increased. The reason for this is that a property wote Company the development of which wold during the year was mortgaged, the will some under consideration is the piece of ground between Carvarvon and purchaser deution so that although the amountody Roads in Kowloon. The Directors in the P. & L. a/c that they were
acquiring the Equity of Re-
empinges, are for
which the Article does not pro-
explanation of this is that money which valuable piece' of the Company's ground Compat be included in the $8,000 above
W
40
would point out that only about two of the mortgage on the property stili
houses in Kowloon unlet. appears as a liability, on the other side years ago the Company had over we have a like amount appearing among
Q-Will the Directors gave the share- the Assels as debit against the purchaser.
to the cost holders some information I trust you will approve of the transfer of K.M.L. 487 In view of the apprecia
and Floods insurance Typhoon
oction of land values at Mongkoksuí, have account, as also the transfer of $50,000 the Directors thought of any scheme so
Equalization of Dividend fund.
fus to make the best of this bad bargain Your Directory decided, in view of the which, undoubtedly, is responsible for fact that on rents alone we could have good portion of the $905,000 due under only paid 5 per cent. dividend, to in Mortgage Account, the interest on which crease the dividend against the previous has absorbed a good slice of our angu | year by
by 1 per cent, aly, in which con- revenue?
A. This property was purchased many nection they are bearing in mind the fact they have still considerable years ago. Part of it was subsequently
developed.
The demand which has arisen for Kowloon property has natural.
atwant of property to develop.
With those few remarks, gentlemen, 1
vide shall
REMUNERATION TO GENERAL MANAGERS. Q-Article No. 82 clearly states that
The number of men in a compura-
Lively small community like Hongkong white services may generally be con sidered of value to a Company as mem bera of a particular Board are neces- arily limited. As I have pointed out my last answer, the shareholders have annually the opportunity of importing fresh blood, into the Board.
ARTICLES OF ABSOCIATION-
t. The Articles of Association of the Company being clolete in the light of the present law on Companies, will the Directors instruct the Company's solici Lors to subtail to the shareholders up-to- date articles which should contain provi- sions dealing with the suggestion dealt in question No. 187
the General Managers are entitled to b Now B per cent. of 8187,338.97 (proft. for
A.The present Articles were adopted per cent of the net profit of the year. 1918) would be $7,800.84, whereas we sen
in 1900. The Directors will give instrue- Dons to the Company's Bolicitors to paid $8,544,05. Please explain this. Is submit to the shareholders up-to-date it possible that Directors' fees 84,000, and Articles. In no Articles that 1 am remuneration General Managers aware of, up-to-date or otherwise, ia $6,644.08 are not included as working thore to be found anything warranting expenses for the purpose of calculating the suggestion put forward in the ques
10
such remuneration?
on sales
DIVISION OF PROFITS.
beg to propose that the Directors' report fly turned the attention of the Directors thought it fit to declare a dívidend of the Company's shares, nor do they know
1
them.
Mr. ALVES: The reason why I sent you the questions was to help you to answer them. I wish now to make a
INSURANCE LESERVE FUND.
A.The remuneration of the General tion before the last.
QUESTIONS OF POLICY. Managers of 5
on the net per cent.
Q. Do the Directors agree with me profits of the year is calculated before the deduction from such profits of the that, had there been more energy, clearer remuneration to Directors and General foreight, better management and legs Managers. The total sum in respect of over-trading, the financial position of which it is calculated in respect of the the Company would have been so improv ed that the market value of our sharea, present year is $170,881.02.
intrinsically worth $12,50, would be quot od inore than $7.50, the present market Q-In 1916 when the amount of rent valuel collected was 8129.120.33 with no profit The Directors have made no esti- of properties, the Directors mates of the intrinsic market value of 35 cents. Now
in 1916 with rent figures of any grounds justifying your view. at $180,709.56 (with no possibility of QWould it not be better finance to rental falling off for the next two years), Logether with a profit of $87,098.69 on issue 6 per cent. debentures with interest sales of properties, the Directors devido payable half-yearly for the purpose of on a dividend of 60 cents only. Will the 8805,000 which from their recurrence an
replacing the Mortgages amounting Directors explain their reasons?
A.-In view of the fact that the profits the balance sheet may be now considered of the present year included a sum of as a fixed liability, almost in the nature 897,008.89, which is the profit from the required us additional capital in view of of capital, and which appears to be sale of properties and cannot be regular- the large amount invested in ly relied
upon, the Directors consider
Property! A.This is
of opinion it desirable that the Company's
Directors do not share the view
matter
to
Tho
and statement of accounts, ne presented, to the balance with a view to seeing be adopted. After this has been second whether it can he remuneratively dealt Present prospects ed, I shall answer the questions asked by with in any way.
suggest a promise of this. Mr. Alves.
The 8805,000 due on mortgage which Mr. ALVES May 1 address the meet-
is referred to principally represents sir, before you put the questions? Short Wave your ques-monnys borrowed within recent years in tions here and are going to reply to connection with other properties acquir ed by the Company, and has nothing whatever to do with the lot in question.
Q.--Considering that the rate of insur-
suggest- now reasonably low, would it not appear most businesslike on the part of the the appropriation referred to in the it would be possible to pince debenture Directors to abandon the policy of the report, more particularly since the on the market at present at 6 per cent Company carrying a part of its own profits have not sufficed to make any Nor do they share the view that a mort insurance and thereby rcleaning the appropriation of this nature during gage which appears in the balance sheet investment in Mortgages and Loans of the last three years, except to the extent may be considered as a fixed liability #206,308.11 (which is, apparently, neces-
It is to be repaid at any time sary at present in order to lay available the Insurance Reserve funds), thus Q-Picking up this item from the
Q-Will not the Directors seriously obtaining the necessary funds with which P. & L. afc, from 1914, I notice the consider the advisability of confining the to carry on the development of our un- following:-1914, about $14.997.07; 1815, Company's operations to Kowloon, which, developed properties ?
about $10,116.24 1910, nhout 813,039.88 oven without going outside the Dom The Director attention is invited to 1917, about $15,206, 17; 1918. about
statement giving 18y reason for the gros anes premia on properties in Kowloon ison should be strengthened by making ed, nor have they any reason to suppose
(59
tione.
Tel. No. 1743.
[105
A Voice: Rend it over again and waste
our time.
your time. read the questions and answers fret.
Mr. Auvas insisted on addressing those present fret.
Mr. ALVES: I don't care much about
The UnAIRMAN intimated that he would
The CHAIRMAN: You can read your Addreas later op.
Mr. ALVRS: I wish to address the meeting before the questions are put;
of $1,326.06.
BEPAIRS.
KOWLOON.
the rate of interest earned on the invest-17,070.80. In five consecutive Year Phy's undeveloped properties, offers ment in Mortgago and Loans-a bare $76,402.60 have been spent irrespective of the energies of
unrivalled opportunity for business and
I want to give certain reasona.
the Directors as par the the amounts of rent received. Do the "Mr.
1 think the accounts 4.30 per cent. per annum SMITH:
A. While the Director naturally A/C. $12,805.16 should be acconded before anything in figure in the P. &
not consider much expenditure regard Kowloon at the main area of the and further that the premium now saved Doctors BRid.
The Directors do not consider the Company's operationding. Any favourabla they have no in- does not excoed $1,700.00 which the Coma-
expenditure referred to excessive. Intentions of pány can well afford to pay.
fact a gronder expenditure would have opportunity which arises elsewhere.po been justified.
The CHAIRMAN: My ruling is that 1 will read your question, and give an- swers, and, after that, you can make any) explanation you like,
Mr. ALVES Bald be left the matter en tirely in the handle of the shareholders.
The following questions were then
answered by the Chairman :-----
ON THE BALANCE BILEKT.
prior to the receipt of the tion the Directors had had subject of the Insurance Reserve Fund under consideration and it is still until con
-Je
CHAIRMAN: I will propose the adoption of the report and statement of accounts.
ALVEB: Gentlemen,-Before Mr.
the
I
le there really a necessity for an with property business no brisk and so rideration, but I should point out that qualisation of Dividend Fund at present it by no means follows that it will re- proporous 1 Should not the proposed pul my questions to the Board of Direo lease the investments and loans amount transfer to the Equalisation Fund roally tors, a list of which you must have soon
ia 900,904.11 which are referred to be made to a general reserve fund in
must ask you to enoughing I would point out further that order to carry out the obvious intention realing my position in doing so.
newspapers, I
Thero ม
fams or notoriety, After Mr. E. (a) The amount of the book values of Company of that sum represents the of borrowing as little an passible for theis no intention on my part of nequiring
Hability under the mortgage payment of the dividend f fully to the University of property which line A-You will and that an Equalization Kadoorie, of Shanghai, who, I under
ginen been sold to youred with a fibility of Dividend Fund Boden place in the stand, lins given, lis proxy to Mr. Har
Q-Will the Directors be good to state clearly and separately-
Auch
properties AJ aro
developed f
$160,000 out