Page
O. B.
THE
BEER
PRODUCE OF MANILA.
·UNEQUALLED IN "QUALITY
THE
PREMIER ́BEER
NOW ON
THE; MARKET.
SOLE AGENTS:
HONGKONG DAILY PRESS, WEDNESDAY, MARCH 28 cm, 1998.
COMPANY MEETING. ORIENTAL COTTON S. &W. CO., LD,
CRITICISM FROM HONGKONG,
of cotton and consoquently it would ap prir as if yan prices eventually must go ap considerably. As far as we are con- cerned, our cotton position is a very favourable one, and if we could only hold oa sufficiently long to our manufactured The sixth annual general meeting of yarn and cloth, eventually we should do shareholders in this company took place well. It is, however, obvious that, with on Monday, March 19th afternook in the an overdraft of about 14 lakhy, we shall offices of the general managers, Messrs.be compelled, before very long, to make Arnhok Bros & Co., Ld., 6, Kiukiang heavy sales of yarn unless we can obtain Road, Shanghai, thare haing present further capital, and it is for this reason very large attendance representing 148,863 thn your directors have decided to obtain shares. Mr. H. E. Arahald (chairman) your consent to the issue of 220,000 shares presided, and was supported by Mears, of the unissued capital of the company. E. T.Byrne, C. H. Rutherford, A. J.The breakup price based on the balance Walch (directors), A. C. Holborow (repre. sheet, as submitted to you, is over Tls. 13
a share. ... senting the company's saliators, Mors Hansons), and J. A. Moller (scerétary)
'The Chairman said:—
EXTRA CAPITALL
GANDE, PRICH & CO., LTD,, not hold out for temporary improvements still exceed Ils 9 per share, and as we
WINE MERCHANTS,
Tel. C. No. 135.
BOWERN & CO.,
No 8, MO ROAD. SHANGHAL
Member British Chamber of Commerce (Shanghai). Mr. T. W. BOWERN, Fellow of the Institute of Chartered Shipbrokers, Incor porated by Royal Charter, London.
STEAMSHIP AGENTS AND SHIPBROKERS
Vessela For the Purchase, Sale and Charter of of any Tonnage, Passenger and/or Cargo, New and/or, Old, with delivery China at Very Low Prioca
SALVAGE OPERATORS, MARINE BURVEYORS
AUCTIONEERS, COAL MERCHANTS, FREIGHT BROKERS, METAL MERCHANTS. Machinery For Sale. New and Old in First Class Condition.
IMPORES AND EXPORTERS, SHARE-BROKEER Mombers Shanghai Share-Brokers" Associa tion)..
SOLE AGENTS FOR CHEVA GAZEN'S PATENT ANCHOBS.;
BAMUIL WARREN & Co., gro. (Shaffield), High-Claw Steel Manufacturers (Tank Brand).
Catalogues and Price Lists on application
(Enquires Welcomed
CABLE ADDRESS: BOWEN, Shanghai,
CODE: Bentley's, Scott's, A.B.C.
5th Edition and Improved.
8, QUEEN'S ROAD CENTRAL,
HONGKONG.
THE BRIGHT DI
Step across to the
[183
HONGKONG® {CIGAR STORE
and you'll béj
ON THE BIGHT SILK
When in doubt about your eyes
́or your glasses
Consult
CHINESE OPTICAL CO.
Bye-sight Spool lists.
Your directors have given very careful, consideration as to what would be the | The year under review has been a bad best means of obtaining further capital, One for all cotton mills not possessed of and having ascertained that it would be large liquid resources, as, owing to the impossible to place a large issue of pre- very onerous disturbed state of the country, wa hays ference shares except on experienced long periods of depression in terms, decided that the best means of the yarn market. These were generally procuring this extra, capital was to issue followed by-short periods of activity, but,220,000 ordinary shares at a premium of we Tis. 3 per share, .., at Tis, 8 per share, with no available liquid resources, were compelled to dispose of our stocks If the whole of this issue is taken up, the whenever they had accumulated and could break-up price of the balance sheet will in the market. As regards cloth, the have been able to get the new issue under- position has been better, but unfortunwritten at Tia. 0, it was decided to recom ately we were not in a position to avail mend this course. It has been suggested ourselves of this, as our weaving plant that the same result might be obtained by was not in foll working order until waking a new issue at par. This would, December. Although this plant was however, necessitate the issue of 430,000 ordered in 1919, owing to the disturbed now shares in order to liquidate the com- state of affairs in the industrialworld in pany's overdraft, for which purpose the England following on the war, it was not articles of the company would have to be until last your that wo obtained final altered to permit of this increase in the delivery of our weaving plant. The same registered capital of the company. It is is now in full working order, and I am obviously more favourable to the company glad to say that the cloth which we are to issue a smaller number of shares at a turning out is finding a ready market at premium, if it is possible to do so, which prices fully equal to those obtained by possibility hse been converted into a cer tainty, as the whale of the new issue has other local milia.
|been underwritten.
UNDER-CAPITALIZATION.
Turning to the accounts, you will notice. on the assets side, ander freehold land. an increase of Tis. 950,000. We have had the company's land revalued recently, and as the figures were very much higher than those shows in the last balance sheet we have taken in part of this increase. which has been added on the other side of the account to the special reserve ac- count, thus bringing our various reservo funds up to the handsome total of Tia 1,230,000.
"BANKS
P.&O.BANKING CORPORATION
LIMITED A INCORPORATED IN ENGLAND 1990) with which is affilisted
THE ALLAHABAD BANK, LTD.,"
INDIA.
AvruORISED CAPTITAL SUBSCRIBED AND PAID UF RESERTE FUND
THE AMERICAN EXPRESS 00. INCORPORATED,"
HELD OFFICE: NEW YORK CITY/
INTERNATIONAL BANKING-SHIPPING-TRAVEL
Eighty Offices are established in the Principat £5,000,000 | Cities of the World to provide: Commèrois- £3,594,160 || Organisations and Private Individuals with a
£90,000 complete World Wide Banking, Shipping and ››
Travel Service,
HEAD OFFICE 182, Leadenhall Street, London, EC. 3
WEST LONDON BRANCH 14-15, Cockepur Street, London, SW, i,
EASTERN BRANCHES :
Singapore, Hongkong and Shanghai.. Bombay, Calcutta, Karachi, Madras, Colembe,
The Corporation undertakes General Banking and Exchange Business of every description and io sddition to its Branches has Agencies in all the principal Cities of the world.
0. CHAMPKIN, - Manager. 22, Des Voeux Road Central Hongkongs
BUSSO-ASIATIO BANK.
CAPITAL (FELLY-PAID) RESERVE FUND CAPITAL CONTRIBUTED
CHINESE GOVERNMENT RESERVE FUND
Societe
BY THE
HEAD OFFICE).. Paris Bus Boudreau. ICWDON OFFICE ZİNG-
61, Old Broad Street, E.0 2.
·BANKRES:
Bonbles. $5,000,000 $8,080,000 Kap Tis 3,500,000
1,750,000
Generale pour Favoriser LONDON: Mears, Glya, Mills, Carrie & Co.
Developpement du
du Commerse at de l'Indna. trie en France.
PARIS: Societe Generale pour Favoriser le Developpement du Commerce et de l'Indus trie en France.
de Paris et des Pays-Bas Banque LYONS: Societe Generale pour Favoriser le Developpement du Commerte et de l'Indus trie e
en France.
A glance at the balance sheer will make it quite clear that the company is very much under-capitalized. Against the paid-up capital of Tis. 660,000, we have assets amounting to over Ts. 4,250,000. Daring the past few years, we have in- rested nearly 12 lakhs in land, buildings and new machinery, from which the com- pany eventually will beacht, if it is pro vided with more working capital, and we have further distributed, during the last three, years, over 150 per cent. in divi- Spinning Plant and Machinery-The dends. Experience has now shown us item of T. 54,814.19 represents new that we would have been wiser to have machinery installed in order to bring our been more conservative in the distribution preparation machinery up-to-date. of dividents."
have also spent Tis. 59,238 on repairs and Changchun Hankow Manchvali Tientsin With regard to the outlook for the pre-renewals, which have been written off in Chefoo In 1900, the bedplate Pairen Bent year, it would very much appear as working nccount.
We
NEW YORK: The Irving Bank Columbia
Trust Company
SAN FRANCISCO: The Crocker National Bank
of San Francisco.
"BRANCHA AT ASIA:
..
C
Harbin Newchwang Urumtchi
kong Peking"
Yokohama Shanghai
HONGKONG BRANCH: Interest allowed on Current Accounts and Fixed Deposita. Terms on application. Local Bills discounted. For
Foreign Exorange on the Principal Cities of the World bought and sold.
R. A. RODGERS,
32 we are faced with a similar situation of the main engine was cracked and had Hailar to the past year, as there is no improve to be replaced. It has since done service ment in the disturbed state of the country for over 20 years, but was showing signs On the contrary, in continues to be going of giving out, and we thought it advisable from worse to worse, and, at the present to instal a new one before our weaving moment, the price of yarn is about Tis.plaht was in full working order. 67 QUEEN'S ROAD CENTRAL 0 balo below replacing cost based on this purpose, the mill had to be stopped prestat prices of cotton. On the other for about six weeks and the opportunity
(Continued on page 6.) hand, there seems to be a world shortage
Hongkong.
637
Manager.
COMMERCIAL LETTERS OF OREDIT. DEPOSIT AND CURRENT ACCOUNTS,
FOREIGN EXCHANGE, LETTERS OF CREDIT. TRAVELERS CHEQUES. LETTERS OF CREDIT. STEAMSHIP PASSAGES. HOTEL RESERVATIONS
BAGGAGE INSURANCE, CABLE AND FOSTAL REMITTANCES. PURCHASE OF BILLS OF EXCHANGE.
Every approved Ranking, Shipping and Travel Transaction.
THE KEY TO GROW RIGH THE CHINA INDUSTRIES, DEVELOPMENT BANKING CORPORATION, LIMITED. DUDDALL STREET, gives to all its Depositor
■ Handsome Rate of Interest, UTHORISED CAPITAL. $1,000,000.00
INTEREST
For Fixed Deposits- year
-9 months
6 months 3 months
For Currant Account
.6 Par cont
For Special Deposit Person For Current Envingu „ie @4 Per cont For Fixed Savings...Regulation Obtainabla. THE CHINA INDUSTRIES DEVELOP-
·MENT BANKING CORPORATION..
HE INDUSTRIAL AND COMMEROTAR BATK, LTD.-
HEAD OFFION 2° York Building, Chater Road Hongkong.
·BRANCHES { Shanghai-51, Kiangse Road. BankowBritish Concession.
CORRESPONDENTE IN F London, New York, Chicago, San Francisco, › Vancouver, B.C. Honolulu, Singapore, Penang, Tiantain, Swatow, Macao, Canton and all Come mercial centres of China and abroad...
PROMPT SERVICE. Attractive rates for all kinds of Deposite Inquiries are welcome.
T. B. MAL
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