t
THORNYCROF
JOHN I THORNYCHOFT & CO., LIMITED.
SHIPBUILDERS AND ENGINEERS,
LONDON, SOUTHAMPTON "AND Hastxostori,
THE HONGKONG DAILY PRESS THURSDAY, OCTOBER TTB, 1980.
ShanghaiTM Office: 65. Szechuen. „Road-
15 B.H.P. 30 B.H.P. 50 B.H.P. Engines in Stock
For quotation apply-
STETSON
HATS
FOR.
AUTUMN
and
WINTER 1920-21
R. R. ROXBURGH,
Manager for China, HONGKONG HOTEL.
Time and experience have proved Stetsop quality and style.
And we can assure you of the Stetson that looks exactly right on you.
constantly
That is why well-dresse 1 men seek our store for correct judgment in hat selection.
MACKINTOSH
: CỬ, LTD.
MEN'S WEAR SPECIALISTS.
10. DES VIEUX ROAD.
TELEPHONE 29..
THE LEADING BRANDS
MANILA CIGARS
EL PALACIO
IMPERIO DEL MUNDO.
SOLE AGENTS
THE HONGKONG CIGAR STORE
CO., LTD..
TELEPHONE No. 1$1.
HOTEL MANSIONS.
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Large Consigament of
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FOOK LEE & CO., York Building.
[1585
Instal a Masters
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wwwhich will
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UNION ENGINEERING
CO., LTD.,
13, Chater Road.
PHONE NO. 3273.
· [125
THE INDO-CHINA STEAM NAVIGATION CO., LTD.
PRESENT POSITION AND
PROSPECTS.
Shareholders will doubtless again obeervo The CHAIRMAN: The consqmation of clin with satisfaction the farther increased appointment of Mr. A. D. Lang usa Dites- amounts shown in the balance sheet againsttur of this Company (ram 1st Apři!. 1920, P**Investments "-which, now total £2,121,365 has been proposed by the Hon. Mr. Ho
188, 2d. The sum of £379,710, 17%. 44, has Fook and giled by Mr. McMurray....' Leen added to this account during the Those in favour please signify in the usual
way. Against. Carried inanimentsly.
The CARMAN: "The
next "business, gentlemen, is the re-election T. Ditreties
Mr-Moxon Sir. T beg to pr» pose the deselection of Sir Robert In Tung
year under review and you will, I w FUTURE
sure, approve of the steps taken by your directors to avail of the bigh rates of ex- change ruling by converting our silver revenge, as it became available, and in vesting as much of our surplus money as
as a Director of the Company. Applications from various marine chari- Mr. R. H. B. HANbook: I beg to second ties have again been received and during | that. ( 1910 the Company contributed amounts commensurate with the novig of each call, Such payinents, I feel sure, will have your approval.
DEMANDS BY THE OFFICERS' GUILDS. possible, in good sterling senrities.
IMPORTANT STATEMENT BY THE CHAIRMAN.
to
The fact that an agitation for increased pay is being supported by the two Const Guilds does not precinde your directors
The CHAIRMAN: The re-election of Sig Robert Ho Tung as a Director of the Come pany has been proposed by Mr. Moxon and seconded by air, Hasrock. Those in favout please signify in the usual way. Again... Carried unanimously.
The thirty-ninth ampual.general meeting - It will doubtless be of intent to you of the Indo-Ching Steam Navigation Co.. know that in order to meet the growing Lul, was held at noon, yesterday, it the needs of shippers from the Yangtze, and
The CHAIRMAN: The next business office of the General Agents, Messrs.
from the North generally, for more ade
gentlemen, is the re-election of anditora.
Mr. Ho Letra: Mr. Chairman and Jardine, Matheson & Co, Ltd. The Hon.quate storage accommodation at Cantos from once again placing on reeprd their Mr John Johnstone "provided, and there and to avoid increasing delay in the disappreciation of the services rendered by gentlemen, I beg to propose the re-election" För Mr. A. R. Lowe and Mr. E. A. M. were also present Sir Robert Ho Tung charge of the Company's vessels at the the fipating staff and shareholders will Williams as auditors for the year 1920 at a Mr. G. W. Bartan, Mr. A. O. Lang latter port, your Getern! Managers as a doubt wish to be associated with these re-remuneration of $3.000.
marke. "Difficulties in connection with Mr PC. POTTS: I beg to second that (Directarst, Mr. D. V. Stearonsun (Solici firni, were successful in acquiring a very
The CasinMAN: It been propfeed. toy of the Company). the Hon. Mr. A. Ruitable property formerly owned by the demands put forward by the guilds are by Mr. Ho being and seconded Lowe, the Hon. Mr. Ho, Fook. Mers, G. Hamburg-Amerika line at Canton, situated unfortunately causing as considerable con- Potts that Mr. A. R. Low and Mr. M. C., Moxon, P. C. Potte, J. Bell-Irving, in a very convenient position and consisting Cern (to these I will refer in a minute or J. Williams be re-elected auditors at
please signify in the insual way. Against f RAH. B. Huncork. RJ. Patterson R. E., of a strel warf and two large gedowns of two) but, past services well rendered can remuneration of 85,000. Those in favour
Carried animonsly. MacDougall, D. MeMurray. S. E. Grini 5.000 tons capacity each. This property has and should be gratefully acknowledged.' stone, W. C. Cornsby, N. H. L. Railton, lensed to the Company from January 3. Bumsjahr, A. M. de Silva. P. M. N. t last and has already resulted in a great da Silva. Hu C Shang, Lf You Kụp, Having of demurrage The advantages Ki. S. E da Luz. Ho Leung, S. E. dos offered to shippers and consignees alike were Remedios. Yuen Han King: La Man Hin, Ho Shai Kit. Ho Tang Ying and E. F. Ancoct (Secretary}.
to
statement
THE ACCOUNTS/
FUTURE PROSPECTS.
di puto
The CHAIRMAN: That concludes the This concludes what I may call the ordinary routine busines of the meeting, ordinary routine business of the meeting, gentlemen, except to state that, owing to now arrive at the most delay on the telegraph line and our tailore gentlemen, and difficult feature to be dealt with in the to get a reply from London the issue of chairman's annual remarks, to wit, futuro dividend warrants is not at present posible. inediately availed of and are highly prospects. The very sound financial posi. We hope to be in a position to iur the appreciated, so much so that the property tion: Company and itself to-day is it not to-morrow. in the course of a day or has already been developed by the addition a matter for congratulation, in that it en. two. of extra godown, bringing the storageables us to face the future with a certain Mr. E. F. Arcott (Secretary) having capacity up to 27.000 tons, whilst ample degree of confidence in the knowledge that DIFFICULTIES WITH THE OFFICERS
we have reserves to fall back upon. I
AND ENGINEERS GUILDS. read the notice convening the meeting and rooms still left for further extensions it would be failing in my duty however, were:
| justified at-a inter period; “
The CHAIRMAN: There is one other m I not to all your attention to the overseter of considerable importance to you, 23. the auditors' report, «
side of the picture. Casual reference to shareholders, which I wish to bring to your The CHAIRMAN said:-Gentfernen The
the accounts thight tend one" to think that Turning OE accounts
the report and statement of we were in an unassailable position. This notice at this meeting and which will ens report and
accounts you will observe that the amount in my opinion, is far from being the ense
deavour to explain as briefly as possible. have been in your hands for some standing to the credit of our underwriting and it will only be necessary for me to holders present to-day are aware that the Gentlemen, I take it that most share days, and with your permission. I will as account has been considerably increnard. say that the present cost of one new Cal Company is again faced with the prospect customtry, tak the as read. The price and premis have been credited in con- cuttu steamer is almost as much as the of trouble in the ranks of our Floating arction with the finemken by the Company original paid ap apital of the Company Staff caused by demands put forward by cipal feature of the year under review. against totul loss and/or constructive total to point this remark, The life of our the Guilds for & further increase of pay affecting ng it did, all British Shipping tons, etc., and the sum of £108.01% has also fleet, as the result of hard age during The role question men the opinion of Compades, was the termination of the added plux 240,000 front revenue the war, has been considerably shortened the Board of Directors-not only of vital acronas. The reasons for these extra Addi- and in spite of thorough overhaul some of incerest to our shareholders themselves, but National Control Scheme. In the case of tinns are that with the present high cost the elder vesels will shortly have to beaks of considerable importance to the this Company the Government announced of repsies, the loss of a steamer or sories sold. Competition is already very keen general public as it affects, and seriously of necidents to our vessels would amount is continually increasing and is being that our vessels world be released during to so large a 5gure that the balance at encountered from sources which have
be future of a local Company of much Ka, the months of February and March, 1919. credit of underwriting necount would prob hitherto never operated tonnage on the value to British trade in the East. At the China coast. Rater as I have said before, this opportunity of making a statement risk of wearying you, therefore, I tako Many of the Cenphy's stezners were tably be wiped out altogether.
As jou are aware this Company follows are, in more directions than one, already the position which I trust will be of that time running on Government meant the procedure adopted by the majority of expenses-especially, the cost of stores and use to holy to 1 ti sharonders
reduced to pre-war levels whereas running in distanz waters and, after their return to shipping companie and insure it or repairs have advanced enormously, the event of a strike may desire to have the but, also to the general public who in thus the China Coast, extensive overhauls were yels under Particular Average.. "Yous price of coal continues at a very high level facts of the case before the
Directors consider is advisable, therefore, to nad permanent increases have had to be necesary before they were in n fit condition credit underwriting account with an ade granted to both oife European and Native formed in Shanghai to settle
In May, 1910, an Adjustment Board was, resume regular employment in these quate premium hase of a revaluation of Stafs to meet the higher cost of living. Theeween the China "Nav waters. The period of conditioning the feet by independent surveyors and on The verge person scarcels perhaps ourselves on the onequr, and our respre- Navigation Co. and occupied a considerable tisur, and it was hot advice given by competent Insurance realises the cost of operating tennage tive floating stafis on the other, and s until well into the Autumn that normal Aathorities ver possible claims arisingan lays, and whilst we are in a better result of that award-which expired on conditions were reverted to and the various der Particular Average. These claims position to hold our own with competitors, 31st. December, 1019-certain increasis of services · re-organiserl.
bayn in the past hech debited to under- it in one right to po wch the be pay and her ones were given to Speaking generally, the freight situation writing acent but no corresponding created cost of building (which mutat our employees. In 1917, in on the China Coast during 1010 was satis premia has been credited thereto and at undertaken if we desire to retain our nos with the decision arrived at the previous factory, especially in the North where there vantage of a gind your fax been taken to tion as a British Company on the China year. the payment of pensións was was a good demand for space, Southern pat this account on a footing which will (ass) coupled with the added cost of nauguratul. You will, I am sure, appee. business, however, was adversely affected better enable it to meet future call. I standing charges and the curtainty-to rate the advisability of establishing a fund by the restricted exports of Fice" from tri one nation in this connection will meet judge from present conditions of lean to provide for such outlay, and as urinal Indo-Chinn ports and Sinin, and the outlook with your approval.
years if not in 1920 tsen in the near condition following the close of the war, way not fuproved when, towards the end of
future, renders the position extremely were resumed during the year under re- In view of the need of acquiring new the year, news was received that the tonnage and the present high cost thereof; cult and indicates that reserves will view, the present occasion was considered- Siamese rice crop was a entire failure reto, which I have already referred, your shortly be required to keep us going. opportune by your. Directors to ask your sulting in the total prohibition of rice Directors have decided, with your appro- Finally, gentlemen, I must express regret sanction to the passing of the resolution shipments during the year 1920.
val, to augment our Building Reserve that it has not been possible to present the setting aside pus of the earnings of the You will thus appreciate that with ton.
Fund by the addition of a further £100,000 accounts earlier this year. Certain matters Company a um of $100,000 for the pur- sage gradually becoming more plentiful bringing the amount now standing to the in connection with the requisition of our powe mentioned. decline, in Southern, chartering rates took credit of this account to £33,130 17 d. vessel by the Government, are still out- From the 1st Janary, 1919, the 20 per pirse, and I regret to any freights in As called for under our Trust Deed, standing and the accounts connected there. cent, War Boans was consolidated in the
of the Floating Staff. several directions have already reached a 18,650.first mortgage debentures were, with gre, "therefore, not closed to a final, the early part of 1990-the Arbitra
Further, in view of the high rate of, ex-advanced with the 1920 accounts and there Desember, 1919, the China Navigation and change ruling.
already well tors 1920, and the favourable position in which annual meeting before the close of the half further ouncessions could be made to our the early part of is every prospect of holding our next this Company set about considering what the Company was placed thereby, your diree year, I now have pleasure, gentlemen, in, respective staffs. tors also decided to avail of clanse 9 of the proposing the following resolution;
Bearing in mind the fact that any con trust deed and give the required six months notice calling for the entire re-
Thut the report and statement of cessions so granted would in all probability demption of all outstanding, debentures - accounts as presented, "including the remain a standing charge on the earrings amounting to £114,850. It sectied to them transfer of £100,000 to floating staff pen of the Company, however badly it might obviously against the Company's interestssion fund, £100,000 to building reserve,
be doing, and remembering the difficulty to continue to borrow money at 5 per cent £40.000 to underwriting account, also the we had in paying any dividend at all in when surplus funda ware available, and Tyment of a Gual dividend of three sole pre-war years no dividend on the you will no doubtfully approve of the shillings. 43,) an the preferred and
deferred ordinary shares was possible in the action taken in this matter..
10%, Du, on the deferred shares ba ar 1910-1911 and 1912 and only per cent." adopted, and
3 per cent. in 1914-you will of 1913 and 3 £3.009 d. 3d. be carried forward to next had to be given to ways and means.
perhaps realise that much.
...consideration
· year's becount. The dividend on shares Eventually, n the Hongkong Register will be paid concessions, which, while they were of however, we decided on, certain at exchange 4/42′′*|-
material assistance to the
staff especially as this resolution has been the married men with families in the East
1018.
AISH.
.
satisfactory support was offering, although mates were naturally not maintained at the abnormal levels ruling during the year As mentioned by my predecissor at last year's menting, year Directors considered it in the interests of the Company to take advantage of the high prices ruling for old tonnage he disposing al-two of the Company's steamers, the Suisang" and Huang, which, owing to their ago and general condition, had become unsuitable for the requirements of our business. They were sold very satisfactory terms; the
FLOATING STAFF PENSION, FUND. proceeds being dealt with in the needhunts now. presentery), -
You will observe that a new Fund has It is with much regret that your Pension Fund. In this connection I been established called the Floating Staff Directors have to record the loss of
As HOOD
that
the
Mr. RoMJAHN: Mr. Chairman and any a. the meantime we d
the as Fausang, which steamer strandert on would explain that since the year 1917 48 Esiaan Head Reef on May 28th last, the result of arbitration following a strike. subsequently becoming a total loss. She on the part of the floating staffs of the seconded. I shall be pleased to reply to thecould, we hoped, with ordinary luck, be was & well-known and popular vessel China Navigation Co. and Indo-China, Co. best of my ability to any questions which paid annually without unduly crippling the naually employed in the Southern miscel in 1918, the payment of pensions was in. the shareholders desire laneous chartering trades and her loss is a favorable opportunity arose, the Com-gentlemen, 1-have listened with consider amongst other things,
it being understood that when
a demand from the Guilds for AD all-round in one which while fortunately attended by panics would the necessary steps to able pleasure to the unusually interesting figures were produced to show that this erenso of 50 per cent. in salaries. No no-loss of life, is greatly deplored, espe secure the payment of such pensions. speech made by the Chairman and on be demand was a reasonable one, and cer- cially at a time when the cost of replace Uwing to abnormal conditions brought half of the large number of shareholders tainly half the number of captains whom ment is at so high a fevel.
about by the. War, your directors decided congratulate the Directors, General Mana- I myself interviewed in Hongkong did not to wait until such time as our steamers gers and the Staff upon the efficient way in know that this demand had been put for FIVE NEW ZTKAMERS TO BE BUILT.
were released from Government Control, which they have conducted the affairs of the ward by their own Guild. That is the Bince our last annual meeting your and the various services reorganised bo- company during the past year, I have position in June of this year. Now, Directors have given constant and serious fore doing anything in this connection much pleasure in seconding the adoption gentlemen, we had by this time taken out attention to the question of acquiring addi. We are now to able gauge, our position of the port and statement of accounts, figures which proved to us that not only tional steamers for the feet. Prices of with greater accuracy and in due course The CHAIRMAN: Gentlemen, the resolu- were our men being extremely well labour and material have advanced aside's sum of £100,000 out of this year's been proposed by myself and, seconded by in the matter of salaries and concessions,
I shall bring forward a résolation to set tion which you have just beard read has at the time, but that as a Company we
Paid enormously, however, that our energies in this direction have had to be confined to earnings to provide the necessary aucleus Mr. Rumjaka. It is now before the meet-just about reached the end of our tether immediate requirements only, and further of this fund. Your directors are of ing for discussion
It is true that were we assured of earn tonnage is necessary to enable us to.main- opinion that'thie gum will be sufficient to After a pause, the CHAIRMAN id the last three years, which in our ings continuing indefinitely on the basis tain our position on the Coast Contracts meet the payments of auch pensions as fall No shareholders having any remarks to due under this head for some time to come, have been entered into with well-know but it is probable that a certain amount make, I will put the resolution to the micet builders at Home for a new and up-to-date will have to be allocated to this accounting. Those in favour will please hold up Vussel for our Culentis trade, ako tue annually. Enquiries are now being made their hands Against Carried unanim additional steamers for the Coast, whilst a actuaries as to what this amount will ously
bearing
opinion is quite impossible, we could prob ably pay fill higher wages and still
Πάνω satisfactory return to shareholders; but in mind the fact that we hope to keep the Ang dying in the lean years which that, with the concessions we were about are bound to follow, and being of opinion to grant, our staff had little or nothing to
The Hon. Mr. Ho Fook: Mr. Chairman complain of, your Directors agree that
wow Lower Yangtze Rive, steamer is build have to be based on the ages and number. The CHAIRMAN: The next business, ing locally and arrangemente hapo, been of men employed, so that the Company gentlemen, is the confirmation of the ap mado for the construction of a river steamer may be in a better position to decide what pointment of Directors. for the Ichang-Chunking line, to assist in yearly provision should be made. The the development of the Upper Tangter
of this fund is, your direc a gentlemen, I beg to propose the con come what niny, a halt must be called to trade, which your Directors, regard as one tara consider, highly desirablo step to frmation of the appointment of Mr. A. O the rising cost of faced charges, otherwise of great promise for the future. All then take, and one which will doubtina be view. Lang as a Director of the Company from there would be a really serious prospect steamers, it is hoped, will be completed and led with stisfaction by our employees Tat April, 1920.
of our being forced but of business ready for service next year,
afloat.
Mr. MCMURRAY: I beg to second that, altogether.