The proof of the resi value of a
Henry Heath Hat
is the satisfaction it gives."
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men of all build and features.
$13.50, $18.50, $19.50.
SOFT FELTS-BOWLERS-STRAWS..
Mackintosh
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MEN'S WEAR SPECIALISTS.
Alexandra Building.
Das Toux Hold.
THE HONGKONG DAILY FRESS, FRIDAY, FEBRUARY 9TH, 1924.
GREEN ISLAND CEMENT CO., LTD.
Best Portland Cement
SHEWAN, TOMES & CO.,
16
GENERAL MANAGERS,
HONGKONG.
CROCKET & JONES'
HEALTH"
BOOTS AND SHOES.
Well-known for their Fine Wearing Qualities and Distinctive Styles. Your attention is invited to the Fine Range of Newest Styles Just Received.
THE SINCERE CO., LTD.
LAST FEW DAYS
OF
WHITEAWAY'S SALE HALF PRICE BARGAINS
IN
MILLINERY
DRESSES
COSTUMES
OVERCOATS
UNDERCLOTHING
MANICURE SETS
"
CORSETS
DRESSING CASES
WRITING CASES
SPECIAL REDUCTIONS - IN
CARPETS AND BRASS BEDSTEADS.
WHITEAWAY, LAIDLAW & CO., LTD.,
HONGKONG.
COMPANY MEETING.
- (Continued from page 3.)
NEW HITE FOR FACTORY.
A QUESTION, Mr. W. T. Surway: Might I ask a question?
The CHAIRMAN: Certainly,
On the other hand, if the loan should be under conditions we could accept, how will repayment be made so long as the Hok Un Innd he not realised! We can The now site for the inctory, gentle not rely on profits to obtain cash for this Me. W. T. SHEwas: I understood the mon, will be, I am told, at Gin Drinkers' purpose, without stopping dividends, and gentleman who proposal the resolution It to say that any new machinery required Bay we have no information as to its this is no doubt not contemplated.
for the Gin Drinkers Bay scheme would suitability but from a passing knowledge comes to this, Mr. Chairung, that scouer be necessarily of the rapensive rotary kiln of the district it will cost a considerable or later the' cash must be fottad, and type. Is he not wrong in that supposi sum, perhaps 82,000,000 if not more, to conditions may be adverse when the situation ! develop, and lay out for the erection of tion is forced on you. For these reasons, na up to date factory and the provision Mr. Chairamo, I think we ought to pro of a sea wall, wharves, etc. On top of eeed immediately with the proposed in that, there will be heavy capital expendi-crease of capitët,wand. I have much pleas ture for kilns which, no doubt, will be sure accordingly in proposing the resolu- of the rotary type. Two of these, the tions which the Secretary has read.
(Applause.) minimam we should commence with, will take away a large sum and there are the buildings grinding machinery and other plant to be provided for which will ne count for another huge account.
Mr. BRAGA: I have pleasure in second- line that.
The CHAIRMAN: Not necessarily." I think he said modern plant but that is of course, a matter for the manageracut entirely.
ANOTHER DIRECTOR OPPOSÉS THE SCHEME.
NOT NECESSARY,
of stockbrokers in London, "at the very beginning of the cement era." You will remember that the firm Mossrs. Horne » recently acquired the control of the in- terest of the "whole of the Associated Portland Cement Companies in London and that Mr. Horas told us that we were at the beginning of the cement era think that here in Hongkong we have evidence of that begining
I
We have in the public and the private works, in the reclamations contemplated by the Government at Kowloon City and Kennedy Town in the reclamations coas template at Lai Chi Kok and now in prospective works at Gio Drinkers Bay. in the pebgramme of works for the Shing Mun River Valley water scheme, and in The Rev. Father ROBERT said he only the big dock at Kowloon 1,200 feet long
--a programme of works which will em rose to support the speech made by Mrly all the setuent our present factories Bernard. Mr. da Roza had made a clear can produce, (Hear, hear.) I would like and able speech, but it might leave a
to see the day when the legend Mate wrong impression if it made them that the Directors since then think in ongkong stamped on every barrei
MR. BERNARD'S OBJECTIONS. Mr. D. G. M. BERNARD said: Gertie men.The circumstances connceted with from 3 up to 6 million dollars, stagger; anushal, and, with your permission, I will they had had many conversations on that phrase for quality and for chrapness.. schcrue, gentlemen, involves, anything the calling of this meeting are somewhat necessity to change the plant, but in fact and on every bag of cement shall go as
none,
NEED OF NEW MACHINERY.
The
Gentlemen, our comparatively higher prices have been kept up because of heavy working costs; we cannot afford to reduce them so long as the Company is handicapped by antiquated methods forced an is by old and worn out machinery Cost of manufacture can be brought down sufficiently to enable a reiluction in price qualifying Cireen Island cement. to nicet competition on the basis of quality alone. Lp-to-date machinery
should also increase" our output very
To-day we have competitive brands from important subject and for more than Norway, Sweden and closer" plures like three years had been contemplating the Haiphong and Shanghai. Why is it that thengt stor had an estimate of the we have these competitive bradds intro- had never had an estimate of the duced into the Colony It is simply cost and did not know what it would be because our factory at Hok Ln annot. He thought that Mr. da Roza did at moduce more than the 900,000 barrels know much more than the Directors which div. da Roza mentioned a while themselves. It might cost five mition, ago. When Hongkang has a producing three million or two million
capacity large enough to defy all cont- When Mr. da Roza was speaking about petition. I say we shall he safe and to the obsolete machinery they had, the do that we must have meary, and money Directors might reply that they has offered you, and may it be necepteil at present the machinery which had with every good grace. 1 en picture in cement facturies my mind's eye, within the purest peteras been employed in for the last 20 years and it
tion, Honshuni me only as a connser- only three years ago that the new typedal port but Hongkong like Shanghai, of kins had been introduced. They were all the way from Weesung, along the Among the first to take advantage of the banks of the Whangpoo, & Gourishing new type in renewing old machinery, and industrial centre, with the harder line of our territorial waters on the mainland he did not think they had lost time in taking advantage of the new invention flanked by such buildings and chimney to make cement. On the other hand, they stacks that will make Hongkong a hig industrial as well as a commercial port of which we may all be proud. (Applause.)
were
W45
in the happy situation of being offered money by the shareholders. The usual way, whea -A Company wanted money, was to rely on the Dircetors to ask for it. He reminded shareholders that the Company did sot pay any divi- dend ten years ago. In 1913 they paid nothing, in 1914 they paid 50 cents, from then until 1979 they paid, so cents, in 1920. they paid $1, in 1921 82, in 1923 they paid $9.50 and this year he did not know what they would pay, but very likely it would not be more than last year. Taking the average for the last ten years, they had an average dividend of $1.10 and the femuneration had not been to such an extent is to justify an increase of capital. He did not think they re- quired the extra capital asked for. (Ap plause.)
REPLIES TO THE DIRECTORS'
SPEECHES..
M
Mr. C. A. DA. Roza said that, with all respect to the last two speakers, they had left him unconvinced. There was one explanation due to Mr. Bernard and that was with regard to the second resalation increasing the number on the Board. Of course, they entirely dissociated them selves from the view that this was a vote of censure. Apart from that he had nothing to add.
THE RESOLUTIONS CARRIED. The first resolution was then put to the meeting and the Chairman, on a show of hands, declared it carried. the Directors, with the exception of the Chairman, voted against it. Among the other shareholders only, three or four
All
voted against the resolution.
The second to third resolutions were
carried by a similar majority. The pro posers and seconders of these resolu tions were Afr. J. M. ALVES and Mr. FCEREIDO, and Mr. A. A. ALVES and Mr. RAYMOND respectively.
FOUR DIRECTORS RESIGN. Mr. D. CM. BERNARD thereupon rose » and said: I have listened with the great- cat of interest to the speeches made by the shareholders-to-day, and, having myself on the subject, there is But I feel nothing further to be ma
my that, as a Director, my policy and views with regard to the conduct of the Lusiness of the Company are not in accordance with the wishes of share- holders, and I now wish to give notice to our Chairman that I wish to resign my position as a Director. According to the Articles Association, I have to give one month's notice, but I hope that he will be able to fill the vacancy at an earlier date than that.
ing figures requiring some optimism to relate them briefly so far as my know put up, but, fortunately for ourselves, not ledge of the matter is concerned. A of special meeting of Directors was called business to justily, the million and at short notice and held on January 10th quarter fast of land at Hok Ln, nominally at which we were informed by the Chair valued at $1 per square foot, should give inan that he had been approached a day as an opportunity to recoup that figure, or two before by a shareholder or share Is all this heavy expenditure justifiable? holders with a request that the capital A great part is unavoidable even if the of the Company be increased; and he new factory should be of the lok said that the meeting was called to con- tyor, and we are therefore only required sider the proposal. As there seemed to to justify expenditure in excess of the be some excitement in the share market cost of a factory of that description. on the subject, the Directors authorised Gentlemen, I don't know anything of the
statement to be made which embodied trebnicalitics of venent manufacture, but, their decision. It was this That the as a Business proposition, the expendi Board of Directors was not yet prepared, ture appears to are to he sound. We nor in a position to say at present, whes nake accnient second to
Gurther, more capital was required or not." cement still holds the premier position in The situation then was that it appeared various markets solely because of its that the cement works would have to be quality but our prices are sufficiently moved from Hok Un, and the General above competitive brands to make it an anngers were in negotiation with the important consideration, and we are cons Government for a site at Gin Drinkers' sequently risking further less of some of Bay. We had received no indication of our markets, if these competitive brands the terms on which this land would be shquld ever reach the "Green Island
granted, but it was a matter of hearsay standard of quality.
that the Government would lend the Com-
оп money pany some
easy terms to establish themselves in the new site. I may say there was nothing at all definito, and it was only last week that I heard the matter was to come before the Executive Council for discussion to-day Having in mind the fact that we had between one and two million dollars sur alus cash on fixed deposit, and there, seemed to be some prespect of a loan from the Government, and also that the present site would fetch a considerable sun when sold, we were unable to see considerably without an increase in ex- that there was any need whatever for penditure in the same ratie, and in this increasing the capital. Our idea was that if and when the Gin Drinkers' Bay connection it is illuminating to know that a factory in Japan has an annual output scheme matured, and we had a definite of 4,000,000 barrels, and another in North, proposition before us, it would be time China of over 1,500,000 barrels, 1 have enough to consider wheer or not it never been told what our output is, but would be necessary to ask for more capi- let me guess at a figure of something tal, or whether other and better means under 300,000 We are meeting compes could be found of providing any money tion in the Philippines, the Straite, that might he required, and that is the Siani, Tado-China, Japan and North position to day. China and there are aroours of other NO REASONS PREVIOUSLY GIVEN FOR
RESOLUTIONS. facturies, springing up in North China nm in Indo-China, but the strangest
Now, gentlemen, the day after the thing of all is the competition locally meeting of the Directors, a letter way
Mr. J. P. BRAGA: At the outset Twould in foreign cement, which we have forte prepared and signed by a number of
like to explain my presence at this meet nately not up to now felt because of the shareholders requisitioning this meeting.ing. I have been asked by a number of demand exceeding the supply.
hat not giving any reason whatever why Our profits, gratifying as they have the resolutions were being put forward shareholders, personal friends of nine.
to come here to address the Directors in The Hon. Mr. A. O. LANG: I desire to been. might bave been better, were they. In connection with the proposed move not curtailed for want of ability to pro- from Hok Un, no position has yet been their interests and the interests of a num-associate myself with the remarks of Mr. ber of other shareholders absent from the Bernard and to give one month's notice duce more, but in this respect there considered by the Directors nor even put Colony in Macao. In the first place I of my resignation from the Board. should be no ground for complaint in the before them. In spite of that, you ask think, on behalf of these shareholders, future if we adopt a progressive policy, us not only to increase the authorised
I should dispel from your minds the idea and proceed with the erection of the new capital but to call up 400,000 of it right that in any one of these proposed resolu Sir PAUL CHATER: I say the same. factory energetically. With all respect to away-money which, as things are at
tions before you any thought pecurred.
The CHAIRMAN: I extremely regret that you, Mr. Chairman, the opinion is some-present, is not wanted and would have
in the minds of the requisitionists or in my fellow Directors have taken this what widely held that the Green Island to join the other million or two on fixed the minds of the shareholders as a whole, attitude, but I trust that a month's Cement Co. has stood still watching the deposit in the Bank-money, mind you, remarkable development around us dur on which a dividend would have to heat any aspersions on the Board of time they will think better of it and take
Directors. (Applause.) I, for one, should a different view of the matter. ing recent years, and this no doubt has paid although not required nor employ be the last to associate myself with any The meeting then dispersed. encouraged the importation of foreign by the Company in its business This Auch idea. If that had been present in
A further extraordinary general meet- cement. And I suggest also that our gentlemen, is a proposition that I can their minds, when approached by them in of the Company is to be held on business in the Colony should be central not assent to as a shareholder, and it to address you, I would at cree have said February 20th at 11 LB for the ised by giving up the works at Deep involves a responsibility that, as a Direc-"No." We have confidence, we had con purpose of confrming, if thought fit, the Water Bay, and carrying on the manu- tor, I decline to accept
fidence, and I hope we shall retain that resolutions passed at yesterday's meeting facture of bricks, pipes, etc., on the same
as Sperial Resolutions. site as the new, cement factory if the THE PROPOSED INCREASE OF DIRECTORATE Confidence in the Board of Directora Turning now to the third resolution, (Applause.) But, gentlemen. the time accessary "raw material can he obtained. there. That is a side of our business which increases the number of Directors has arrived when shareholders as a body. which has apparently only brought-losses, from five to seven, titis perhaps arose in Hongkong and generally in the Far
THE TAI LEE" PIRACY. but the sanie business, if one may judge owing to the wish of certain shareholders East have refused to accept the doubtful. by the number carrying it on in the toptioned in letters from shareholders of Directors. (Applause.) On the pre- ALL SUSPECTS TO APPEAR ON to put two further Directors on the Board, dogma of the infallibility of any Board Colony, must be remunerative, to others:
dated January 8th and 10th. I am un- sent occasion, a number, and not in-
MONDAY NEXT. THE FINANCIAL ASPECT.
nhie to dissociate this resolution from the considerable number, of shareholders hap Where are we to find the minimum of Arst two, and I regard it as a vote of pen to be at variance with their own The two men-Chan Lai and Pun U-- five to six million dollars necessary to non-confidence in your present Directors Board, but that is not to say because we carry out this project Obviously it must following on their decision in connection hold divergent, views we have no con- alleged to be sonmen who absconded from come from new capital, and the present with the verbal request, made to our fidence in you gentlemen as a Board. But the s.. Tai Lee after she was pirated, time gives you the best opportunity to Chairman to increase the capital. It is we are glad of this opportunity to express again appeared before Mr. J. R. Wood earry out an operation of this nature. difficult to account for it otherwise, as the our views, if only to let the Board of at the Magistracy yesterday on a charge Money
bas never been more plentiful in Directors have numbered five for many Directors understand that the time has of taking part in the piracy.
Mr. T H. King,. Deputy Superinten- Hongkong through indifferent trade, but this condition may not survive a revival years. Perhaps I am mistaken in this arrived when shareholders desire to have
a larger voice in the destinies of their dent of Police, asked for a further in business. You will be asked, gentle view, and if so I can only say it in un-
fortunate that the present occasion properties. (Applause.) You have been remand.
The Magistrate grated a remand until men, to authorise new capital to the ex- should have been selected to bring for the guides and friends in the past and tent of 83 million, but only in easy stages ward the resolution, and without even we hope to retain in this Board, if the Monday next, when the other four men as and when the Company should require baving submitted it or made the sugges- resolutions happen to be carried to-day, in custody in connection with the sama. funds for capital expenditure, and it strikes me as a wise policy to attach the tion to the Directors beforehand. When the same associates that constitute the piracy are due to re-appear in Court, I came to this meeting, I expected to Board to-day. In the speech of the pro liability to shareholders in the mean- hear some substantial reasons why these poser of the resolutions the salient point while. I don't know what the Company's resolutions were being put forward, but he made was this question of A prospec actual eash position may be, hut I am I regret to say that I have heard none. tive loan from the Government. I ask TWO ARMED, ROBBERIES. Aasuming there will be a round sum of The whole scheme of Gin Drinkers' Bay, you to consider that very sound advice
YAUMATI AND MONGKOK. 15 lakhs after payment of last year's divins I have said, is in the air at the of our immortal dramatist when he said; dend. Even that sum and the new capi-moment, and until a definite proposal is Neither a borrower nor a lender be.
Young Wah, living on the second floor tal will not be sufficient to meet the put forward it is impossible to consider Gentlemen, Father Robert has said
at 257, Shanghai Street, has reported to capital expenditure before the Company. or to discuss what our financial position that this is probably an unusual occasion the police that at 6.15 p.m. on Monday
ar to my mind it is a unique occasion ETHOUR OF A QOVERNMENT LOAN,... is going to be Humours have been current that the
4
Well, gentlemen, with these facts be Company can finance this important fore you, I hope you will restinn that change by means of a loan from the there is no object in increasing the cupi. Government of Hongkong at a particular. tal at the present juncture and that such ly cheap rate of interest. If so, it will a procedure would not be in the best be pleasant news, but more interesting it interests of shareholders. As one of the will be to know the quid-prague, required Directors in whom you have invested the by the Government. If it should mean a management of the Company, I will ask sale of the land at Hok Un at an arbi- the proposer of the resolations to with trary price to be fixed by the Govern draw them. If he does not wish to do ment, if it should mean that this Com- 80, I will, as a shareholder, ask him, if pany will not receive the full benefit of they are passed, to do the sporting thing the nucretion in value, contrary to a of demanding a poll, as the requisition principle recognised by the Government ists, though they may carry the meeting in another, matter only to day, I think, by a show of hands, may not control over Mr. Chairman, you will End the eneral half the shares in the Company. Those body of shareholders against you. We who signed the letter requisitioning this shall probably be able to do better our meeting, I believe, representer only some selves, and we shall find ways and means 125,000 shares out. of a total of 400,500 to carry out a scheme of development shares.
2[
Rev. Father Rover: I do exactly tho
зале.
"
in the history of public companies in last six mon entered his premises, two Hongkong-that you have nearly half the armed with revolvers and one with a puraber of shareholders coming to you, dagger. The armed men covered him instead of you going to them, hat in whit their companions ransacked the hard, asking them for money for the place. The robbers departed" with some An accountant in a pig dealer's shop, development of the Company. They are property and $187 odd in cash. coming to offer you a round 2400,000 for the enlargement, and improvement of the on returning to his place of business, 120, plant, and here we have you in the same Portland Street, on Monday last, accom- breath telling us that that offer must be punied by his fokis was met by two men, turned down. To me it is a unique ex both carrying, revolvera The account perience and I should be sorry if this very ant's safe key was taken from his pocket, large and representative meeting should his afe opened, and $200 odd stolen. turn down that offer (Applause.). After the two robbers had gone, the ac think that in making that offer, these countant discovered four persons in an- gentlemen, who represent now at least other room all bound and gagged, one It fa 125.000 shares out of 400,000, were only being a Chinese police constable, whose taking time by the forclock. They prob whistle and chain were taken ably think, as I do, that we are, to quote believed that there were, altogether, four the words of a leading member of a firm men concerned in the robbery,