THORNYCROFT
AND CO. LTD.
SHIPBUILDERS AND ENGINEERS
London, Southampton andąBasingstoke
THE HONGKONG DAILY PRESS, MONDAY, "APRIL 30TH, 1923.
PASSINGER AND'CARGO VESSELS OF ALL TYPES UP TO 6,000 TON" OCEAN-GOING TUGS, MOTOR BOATS (SEA OR RIVER) UP TO 80 KNOTE.
ITBRINTS AND FECIPROCATING MACHINERY AND PROPELLERS. MARINE AND STATIONARY OIL ENGINES
8 TO 90 B.H.P.
MOTOR VEHICLES 2 TO 6 TONS.
WATER-TUBE BOILERS
Fox QUOTATION, APPLY--
ROBERT DOLLAR BUILDING, SHANGHAI.
AERTEX CELLULAR
THE HEALTHIEST FOR SUMMER WEAR.
Shirts Medium Weight
...$6.50 each,
Extra fine Tropical Weight...69.50 each. Underwear Best Quality Light Weight
Pyjamas
Vests & Drawers ...83.75 each. Combination Suits...$7.50 euch.
Flain White in either Loug of Short Style ... from $8.50 per suit.
MACKINTOSH
& CO., LTD.
Men's Wear Specialists.
Alexandra Building, Des Voeux Road.
AERTEX
THE SEASON'S SMARTEST
SILK JUMPERS
DESIGNS TO SUIT ALL TASTES..
PRICES FROM $12.50 to $21.00 EACH.'
JUST OPENED UP
FINE SILK HOSE
FROM $2.00 to $3.25 PER PAR
THE SINCERE CO., LTD.
RELIABLE SUN HELMETS
AT
WHITEAWAY'S
REAL CORK: GOOD SHAPE AND STYLE Covered Good Drill and Fitted, with a Full White Puggarce.
11.50
69
13.50
BEWARE OF CHEAP AND WORTHLESS IMITATIONS. DO YOUR SHOPPING AT
WHITEAWAY, LAIDLAW & CO., LTD.
GENT'S OUTFITTERS
20, DES VÆŒUX ROAD CENTRAL, (NEXT TO JARDINE'S CORNER)
HONGKONG.
COMPANY MEETINGS. THE HONGKONG HOTEL COMPANY,
-LIMITED.
OF THE COMPANY.
COST OF ACQUIRING THE BHANUMAI HOTELS LIMITED,
ww BOO
THE TESINSULA HOTEL, KOWLOON.
THE LIVERY SERVICE We curae now to the Peninsula Hotel, Kowloon, Work upon the design and augmented to the extent that
During the year our livery service wsa
construction of this has unfortunately not have 36 cara and motor coaches in the
rapidly
would road. Apart from this. A
garage WAR desired; the delay bas been opened, at Kowloon, which I a pleased mainly due to the fact that the origina! to say has been very well patronised-in plans were not considered entirely suitable fact we have been compelled to turn away
4.4
The total cost of the shares acquired in the Shanghai Hotels Limited mounted to! THE MOST EVENTEUL YKAR IN THE HISTORY the balanes sheet under the hrading of progressed
$2,040.38.93 and such cost is included in
Investment Account"
In connection have with this transaction 3.000 shares in our Company, credited as fully paid up, were issued to Mr. E. M. Raymond by way of detailed explanation here as to the assets brokerage. I do But propose to give any
our requirements, thus making it business. Consequently, your board has and general position of The Shanghai ecary for a new scheine to be prepared, 4 under consideration a programme for the Hotels Limited, as the annual general I am, however. pleased to be able to in Peninsula Garage which will place us in voned sons to follow immediately after. meeting of that Company has been an form you that the plans have now been a position of being able not mily to more this meeting, when the accounts of that completed, and that work upon the founda- adequately meet the deman is up Company for the past financial year- tions of the Hotel in question has actually but also to offer facilities for Kowloon which coincidently with that of this commenced. On completion there is no similar to those already antioned re- Company, ended on the 31st December doubt that the new hotel, which will cost garding Repaiso Bay. Whilst on the au- last-will be placed before you. I may in the region of $3,000,000.00 will be a ject of transportation, I would point out. sag, however, that certain doubtful assets long way ahead of anything of its kind in that ample depreciation has been charged with which the Shanghai Company was the Far East, and will from the point of in respect of this Department. encumbered have been disposed of, thus view of accommodation Auth service leaving that Company free to devote compare very favourably with modera itself to the prosection of more profitable establishments in Europe and America, interests
We hope to open_the_Paninsula Hotel" in the Winter of 1024.
The annual general meeting of share holders of the Hongkong. Hotel Company, Limited, was held at the Hongkong Hotel on Saturday morning, Mr. J. Soort Harston presided, and there were also present: the Hon. Sir Paul Chater, C.M.G., Mr. E. 31. Raymond (Directors); Mr. J. H. Taggart (Mounging. Director); Mr. W. J. Hawker (Secretary), and the following, shareholders:-Mesars. U. M. Omar, T. R. Parsons, J. B. Norton, A. W., Sinith. Fung Tut-hang. R. L. Bridger, A. Nissi, H. Birkett, W. E. You Eps. H. J. H. White, W. A. Ha nibal, N. V. A. Croucher, T. A Barry, and Mr. H. Percy Smith (Atalitor). The total number of shares represented at the meeting was 92,788.
The Cratusas in, moving the alloption of the report and accounts said: Gentlemen.--As the report and accounts have ben in your hands for several days, I propose, wish your permission, to adopt the usual procedure and treat the sume
As read.
After providing for a bonus of 10 per cent, It the European staff on their salaris, and paying the usual bonus to the Chinese staff at Chinese New Year, the profit "on Working Account for the year 1023 (as indicated in the report efore you) amounted to $18.873.00, a compared with 435,603.83 for the year
1021
T
THE TWO COMPANIES TO HE AMALGAMATED.
The registered office of The Shanghai' Hotels Limited has recently been trans- ferred from Shanghai to Hongkong, "and I may mention for your information that so soon, as the necessary legal steps can be taken, your Directors contemplate amalga-"] mating the two Companies intoane, na to which those concerned will be notified in due course.
ACTIVITIES IN CANTON.
our
East during the Summer month, it was only to be expected that husiness, people would not travel and patronise Hotels to the same extent as in normal timest therefore, our business daring the year under review was not up to the standard of the two previous years. The latrinental effect upon our proûts was, a certain extent by
TAE EFFECTS OF THE GENERAL STRIKE. Trade depression naturally reflects in great measure upon a business sich as that in which we are engaged, and as the year 1922-witnessed in its early stage a general strike which inflicted incalculable building the Shumeen, Cunton, with red trade slump was a noteworthy feature
Your Company last year acquired a lags or the Colony, and as an unprecedent. view to converting it into a hotel, but in which made itself felt throughout the Fax view of other matters which subsequently arose in connection with the Company's business; that building red not quite suitable for the purpose, both with regard to the building itself and the area of the In connection with the acquisition of our land on which it stool, and your beard holding in The Shanghai Hotels Limited, therefore accepted an offer for the pur I would point out that although the profit chase of the property the sale of which and loss account has been debited with the left a profit, but this item does not appear however, off-set to interest paid in respect of the special loan in our profit and loss account for 1922, our action in opening addition! depart- granted by the Coinpany's bunkers go ny to enable the transaction to be carried I may add that the fact of our having which action. I am pleased in 825, has. as the sale only effected this month.monts and engaging in new enterprises, through; such interest has not been off-setold this parar property.. does not proved beneficial to the Company and by the receipt of any dividend from The mean that your Directors have in nay way Shanghai Hotels Limited-in which co abandoned the idea of a rect I may add that the matters which
Hotel in necessitated the board of the Shanghai Company taking the prudent "step of not recommending any dividend for the year 1922 will be duly explained at that Company's annual general meeting which will follow this one. On the other hand the heavy item shown in our profit and lose account for "Debenture and Other Interes is more than covered by the
Shameen.
REPULSE DAY HOTEL
touds to stablise our earnings,
With the acquisition of now properties and the extension and improvement of existing ones, much ground was overed Hotel, I have to inform you that that undertakings generally are in a very satis
Dealing next with the Repulse Bay during the past year, Our various hotel is becoming increasingly popular, facny state, and I am confident that I so much so that the existing accommoda- shall not Le misleading you by indicating tion there was taxed to its utmost during a future of steadily increasing prosperity. the major portion of the past year. The You will notice that the suni of 2500,000 excavation of the hill on the West side has been transferred from the share pre- and the filing in of the ravine immediate mium account to a
resorvo for Hotel
The net profit of the Company during the past financial year-after charging $271.320.35 in respect of Debenture and uther interrat repairs and renewals, bad and doubtful debts, etc, and $131.005.03 for depreciation-mounted to $113,206.68, to which must be added the amount brought forward from the previous year, namely, 348,488-35. making a total sum of 2461.703.03, but from this last-mentioned amount there must be deducted the gum of 8186.077.00 in respect of the interim dividend paid in August, 1929, leaving the sum of $295,025.03 available for distribu-profits received by our Company in respectly in front of the West wing form an Construction and Development, which 1 of the sales of Powell's Building and the important part of the work that is being Steam Lauadry (to which I ahali refer in carried out, but I am sorry to say that greater detail at a later stage) so that owing to the fact of so much building the decision of the Shanghai Company to work being in progress in the Colony at pay no dividend in respect of the past present, we find it somewhat dificult at Flogocial Year-which decision I may times to get work completed as rapidly observe was made some months prior to as we would like; however, matters have the sales in question-has not prevented been improving recently. with the result us from recommending the payment out of our profits of a final dividend together with a Bonus for the year 1922.
THE PEAK HOTEL. Now with regard to Hongkong, you are of course aware that as ea and from the extensive improvements and additions at thero is a connection with this Com
tion, which your Directors (as shown in their reporty recommand be apportioned
ag follows-
To pay & final dividend of. 00 routs per share. on 244,000 "old" *barcs (fully paid up)
To pay
bonus
2148,840.00
of 30 cents per
share on 244,500 "old" shares
(fully paid up). $ 73,470.00
$220,410.00
To pay a dividend and bonus of 75 Cents per share on 3.000 shares credited as fully paid up)
To pay a final dividend of 24
cents per share
on
109,630
"new" abares
(88 paid up). # 26,318.00
To pay a bonus
of 11 cents per
share on 109,650 "new"
shares
(86 paid up)... # 12,061.50
To transfer. to geteral
reserve To carry forward to дот
account
$38,377.50
$261,037,50
and I have no doubt that such recom mendation will meet with your approval.
on
trust will meet with your approval.
THE COMPANY'S STAFF, Before concluding, I would like to say, " a few words in regard to the Company's and the hotel it operates is far from staff. The running of a Himmel Company being in the nature of a thees concerned therewith, and this Com- sinecure for Pany, as the owner of three hutela in the that we anticipate being in a position to erecteet, is by no means an exception to Colony with a fourth ore about to be commence the actual structural work in the general rule; consequently the results the course of the next few months. achieved, depend very much more than is.
THE PROPOSED BUNGALOW SETTLEMENT,
generally rendised upon those who have. to do what I may, 1-think not inaptly. Your board have auder consideration feria the "spade work," and from direct personel observation I can assure you that 1st January, 1022, we purchased the pro- Repulse Bay, but do not feel inclined to anys perty and goodwill of the Peak Hotel
various #ndertakings G vast 2,250.00 from Mr. C. Findlay Smith at a total embark upon the additional heavy capital amount of that kind of work to be done, and that the results of the year's work- cost of $639,744 as shown in our balance cutlay until the road ri Wong Neiing would be of quite a different order if ahset, whereof the sum of $248,600 was Choag is more advanced. It is much to the members of the staff did not one and be regretted that this short road, which all co-operate in concentrating their ut satisfied by the issue to the vendor of will undoubtedly become the main artery best to forward the Company's interests, most energies upon at all times doing their 11,300 shares of the Company (at between Victoria and the South side of and this in a busy Winter sesso, such premium of $12 per share) credited as the Island, is not yet nearing completion, as that through which
have just fully paid up. Certain improvements particularly bearing in mind that we have a prolongation of duties far beyond cus
passed, urcessitates on numerous occasiona have already been effected in the
under consideration, establishment, and plans are
scheme for a tomary hours: but your Company's staff under consideration with a view to bringing the bungalow settlement at Repulse Bay with unver fail to rise to the occasion and suc Peak Hotel up to date in every pret.
a view to meeting not only the require thereby involved. For this, I consider, cessfully cope with the many difficulties ments of our own executive staff and the wo ove them, from the Managing Directon WILLIAM POWELL LTD., LANE CRAWFORD 1.75 personnel of the Companies with which we downwards, a full and overdowing mea
With a view to facilitating the purae asseciated, but also as far as possible
auro of gratitude. chase and, $ 23,356.80
the carrying of stocks the requirements of married men outside sze nieo due not only for his services in To the Managing Director our thanks of furnishing supplica etc.,
our own organisation, as we are condent connection with the acquisition of your for the 8,633.73 various hotels, your board,
that we are in a position to construct Company's holding in The Shanghail be modern bungalows which may be rented $295.028.03
half of the Company, in the month of at a very reasonable figure. But the cost Hotels Limited previously referred to, but February, 1922, acquired the controling the moment, since, under existing condi-jointly with Mr. Burrows, his Co-Manag. of transportation is a serious obstacle at al for the untiring efforts which be, interest in the undertaking of William tions it is impossible for us to lower the Limited, carried to so successful a con- ing Director of The Shanghai Hotels Powell Limited by means of an exchange rate charged fer motorcar and coach clusion in regard to the realisation of the of shares of this Company for shares in hire, as the journey from town to Repuls doubtful assets wherewith the Bhanghai The year under review has probably that one. Later on in the year, our of gasolene, plus the wear and tear of when your Company's interest therein was Bay covers roughly 12 miles, and the cost Company was encumbered at the date been the most eventful in the history of Limited was in turn exchanged on eatis ordinary car hire, and you will readily subject upon which I would like to touch.
holding of shares in William. Powell tyres, depreciation, insurance
etc., leaves acquired. the Company, having been marked by factory terms for a holding of shares is understand that, the maintainance of namely this speech, in regard whereto
but a very small margin of profit on In conclusion there is, jint one mora great activity, not only in connection with Mears. Lane Crawford Limited. In this motorcoach service running continually would say: our Hotel keeping business, but also in connection I would remark, and I think to schedule time cannot in itself pay the regard to the various kindred enterprises you will agree, that our passion of an Company for the outlay involved associated therewith, and the development interest in a Company such as Messrs. of the Company's undertaklugs. Several Land Crawford Limited should prove of
THE MOTOR.COLOR SERVICE. transactions of magnitude were carried
Our motor-coach. service -Wad great benefit to us as large onaners, augurated in the frat quarter of last through by the Company during the past since the facilities available through them year, and we have maintained & regular year, of which the foremost was uníu the matter of effecting purchase on a has sometimes decessitated our Funding sohodule since its inception, although that doubtedly the acquisition in the month of large scale will contribute and indeed coaches practically empty. It is our in- May lost of the controlling interest in have already contributed beneficially to tention not only to continue the service, The Shanghai Hotels, Limited-the num- the conduct of our business in which
but A completion of the
new road bor of shares acquired representing 85 per relation it must be borne in mind that it Nei Chong
Gapr. to considerably cent of the issued capital of that is poential for us to carry large stocks of meriately behind the Sikh Temple in December, 1922 (including the apportion-
propose acquired an extensive piece of land.
Accounts of the Company; and as The Shanghai Hotels, numerous articles relating to the equip-order to erect our new main
for the financial
Year Ending 31st Limited, holds approximately 60 per centment and provisioning of our hotels. It and the work un this building will therein act out), as presented be adepted,
garage there.
rement recommended by the Directors a of the issued aliare capital of the Grand the same connection I tiny inform you commerce immediately. On completion and I shall be obliged if some share. new garage and the road holders will kindly second such proposal your Company is placed in the very Messrs. Lane Crawford Limited for the we shat!
Nei Chong, whoreupon
questions favourable position of controlling the purchase by them from ue of Powell's with the Tramway. Company, and not Mr. E BIRKETT
in
position, to
to the Report and leading hotels in North China as well as Building, and as a result of this transpe- only run a cheap and quick service to of the report and acconate and the motion the adoption retaining the promter position in the profit and loss account of $110,640.35.
tion you will notice a credit item in our Repulse Bay, but also a service to
10 tho
was carried unanimously. Peak Hotel-thus South:
You will, I think, readily
Tendering tion recognise that great benefits should
THE STEAM LAUNDRY.HE
facilities
to houses on the new sccrue to the Company as a reult of this approached with an offer for the purchase in a position to run à motor coach service, Scorr HARSTON, were confirmed.
In August fast year, your bound was our road. Furthermore, in the
thonthe
more particularly, we shall be Directors and the re-election of Mr. J. excxdingly strong position, and I feel of the business of the Steam, Laundry, and from the Peak Hotel direct to Ropulse On the proposal of Mr. BRIDGER, · SA- Bure that you will agree that the warrant, after negotiations, your Direct head por trip, thus not only relieving the Percy Smith, Seth and Fleming, were the offer was sufficiently attractive to Bay at an estimated cost of 60 cents per conded by Mr HANKIBAL Mens H. Company is to be congratulated upon thus or ceptance thereof You will also present congestion on the Peak Tramway elected auditors for the ensuing year. Booming allied with the other leading notice in the profit and low account during the early afternoon. but also Hotel caterprises in this section of the credit item in respect of this transaction, cutting down the time for the journey mooting, the Chairman announcing
This was all the business before the Far East.
the net profit having amounted to from the Peak to Repulse Bay by about olusion that dividend warrants would be in con- $83,701.31-
half an hour,
ready for collection today.
A MOST EVENTIEL YEAR,
"
of this
10-
First, that though it is (as I who havo delivered" it well know) a somewhat lengthy one, ita length is more than excusable by virtus of the reasonable necessity therefore.
And secondly, that the substratum thereof does not emanate from my, brain, but from the brains of our ener getic Managing Director (Mr. Taggarty Hawker). I am,. and our hard working Star (Mr. pearing in the armour of Chieh Chip in mind, we have Report d to formally
as to
Hotel des Wagons-Lits Limited, Peking that we enteral into an arrangement with to Repulse Bay via Wong cooperate Accounts may be randade
be
that the
Company
On the motion of Mr. Nissfs reconded
fr Pook by Mr. FÙNG TAT-HANо the appointment