Henry Heath Hats
Handing the
take
John
neg
Begg
The
Scotch Whisky that has been supplied to all the Royal Palaces for 75 pestk, JOHN 20C LD, GLAIGOM U m
To Fanchurch se
A Hat of Distinction
Men who are careful of their appearance hold Henry Heath Hats in high esteem for comfort and Distinction
HONGRONG AGENT
THE HONGKONG DAILY PRESS, FRIDAY, JANUARY 9TH, 1925
Mackintosh & Co., Ltd.
4
MEN'S WEAR SPECIALISTS Alexandra Building Des Voeux Road.
OP
The re.
Viscount Inchcape, the company's chairman, presided on December toth at the sith annual general meeting of the P. & O. Steam Navigation Co. port and accounts having been taken as read, his Lordship said that after setting aside £249,150 for redemption of the 3 per cent. and 3 per cent debentures, and
ments.
pres
During the six years in which the investments, taken as a whole, stood in P. AND O. STEAM NAVIGATION taken from British and foreign tenders
Their ships for ratiway material, to illustrate the Maritime Beard, by irbich sea-going their books at much less than they woukk COMPANY,
wages were fixed, had been in operation realise if sold to-day. difficulty British maqtifacturers had as the truth had been free from strikes. stood at uonsiderably less than cost, "after VISCOUNT INCHCAPE ON THE
against Continental manufacturers in the relations between shipowners, sea- allowing depreciation at 3 pur cent, per POLITICAL OUTLOOK
competing for crilers for their factories faring men and the men's lenders, were annum on the original price; their pro- most carilial. Although in anticipation persies all over the world were well writ- AND TRADE.
and employment" for their workpeople of improved freights wages afoat were ten down. Their allied companies were For wheels and axles, the highest British some months ago advance, there were all perfectly sound, although and Continental tenders, were respective. few vessels which, even get, were making were suffering from the general
on its great work, but if the Board had to recommend a lower dividend for the British. 21.80; Continenal, ends meet in their earnings and disburse:sion. The Company would he said, tarry The lowest tenders: British, 2010; Con-
THE MAN, SERVICE
current year they, the stockholders, tinental, £678 For steel tyres for loco-
Their mail service had been carried on world, he was sure, accept it philoso motives. the highest tenders were satisfactoris, but not without dificulty.phically.
"Continuing, his Lordship, said he bad British, Esscontinental, 21,501; the Casif they got possession of the ships Dow lowest British tender was £1.801: Contins building, they would not reach the eh always favoured Free Trade, but now eiensy, at which they had always aimed, that Protection had had its quictus, at writing off the discount and cost (£130,71; /*ptal £1,118. For steel springs, the highrat the delivery of these ships would enable any rate for the time being..g the Prime Minister, he did not know on which side British, 9,040; Cons them to revert to the full schedule on tenders were; 58. ad.) of the 3 per cent, debenture issue,tinental, £1,700; the lowest, British all the Company's lines. Last year they he was except that he was not a Com- munize a Socialist or a Bolshevist. But they were able to recommend the same
21.46 Contiuntil Perk The lowest carried 200,000 bags of mails, equal to
nearly 7000 tons of space, an increns as long as he remained their Chairman dividend as last year, and to carry for renders for tive boiler were in ten sears of about 100 per cent. of he would, with the approval of his cal- ward £101,033 134. 83. These results were British, £94,801; Continental, £54,000. mail matter. This increase, ta a great leagues, serve the conservative Enan- cial policy which had built up the P. & Q. not derived from working profits, but These samples, he said, could be multi-extent, had resulted from the develop from the company's investments and other pled. The current fo.b. quotations for ment of the parcel post which, even with On the other hand, he would continue to Boarces, such as dividends from their English bar-iron were Es is ou, to ua unit of 11 als per parcel, greatly adopt what might still be called a liberal 1ds. 6d., against, ter Continental bar fected the Company's freight Traffic policy in inarching with the times; and" in improving their ships, for the con- In the resumption of the fortnightly mai iron, 30 to E3 128 6d. He believed, The insurance fund which had suffered however, that Continental prices were service to and from Australia the direcvenience of their passengers and ship- beavy losses had increased by only rising, as Continental firms found they tors, luuking for additional sources of pers, in large things and in small things
revenue, had instituted regular calls at He had been assailed by the Chamber * serious loss.
of Shipping more than once to get the £15,091, and several claims were still out were working at
London and the outports used by the Algiers and Port Sudan standing against the year's premiuing.P. & O., the cost of leading and dis- Three hundred and sixty-me members Caand dies reduced, and he was not with- Although he had no charging showed a percentage increase of the sea and land staffs 258 of the out hope that a reduction would shortly. of about fail, per, rent. over pre-wari P. & O., and 103 of the British India be announced.
would be 2 gold centimes a ton. charges; in Antwerp, it was a little over Companies-gave. their lives during the authority to say so, he hoped the redue- per erat. Port dues in London had Great War. Te commemorate the service The dues would then be Fr.7.53 as against advanced 63 percent., their. coat now they rendered to their country, a per- cost 50 per cent. to be per cent. unge manent memorial had been placed as the 2.0.95 in 1014. He trusted, if the traffic continued to improve, that a further re than in pre-war days. These increnses entrance to the Board Room,
duction might be made befuce long. As. had resulted from the higher cost of
Chairman of the London Committee and Production costs must be re labour. duced in order that our export trade might revive.
allied lines.
Since the fund was started seven years TAKË A PEG ago their premium hat exceeded claims by £1,013.061 109. 2d. With ships at sea covered by the fund they could net expect to run free of accident every year. COMPETITION BY STATE-OWNED SHIPS.
JOHN BEGG
BLUE CAP
AND
GOLD CAP
DONNELLY
WHYTE,
TTL 696.
SOLE AGENTS.
JUST ARRIVED
FRESH SUPPLIES OF
HUNTLEY &
FILMERS
PEEK FREAN
JACOB'S
FANCY
ASSORTED
BISCUITS.
THE SINCERE CO., LTD.
WHITEAWAY'S
GREAT
WINTER SALE
COMMENCES
MONDAY, JANUARY 14th.
ENTIRE STOCK INCLUDED,
GENEROUS REDUCTIONS IN ALL DEPARTMENTS.
WHITEAWAY. LAIDLAW & CO., LTD.,
HONGKONG.
Lust some years
"You cannot master the
I
In
THE YEAR'S PASSENGER TRAFFIC,
tion
known
The Conservatives having taken up the reins, he trusted we might have a stable Vice President of the Board, he, had Twelve months ago he had said that with few exceptions the earnings of every
government for a lengthened period. never failed to urge that the lower the Pledges given by the leader of the party dues were, the more would. trahe be at- voyage had fallen short of disbursements,
His representa- It was, he continued, not always under not to interfere in trade were sufficient tracted to the Canal. and that he feared
to inspire confidener of the business com- tions had always been received with the elapse before we got back to pre-war cos. stood by the public what effect eves, ditions. The same remark applied to slight advance of wages might have a munity. The minds of a certain section greatest courtesy, and he cordially ac day. While crop prospects in Australia the community unless it was accompanied of the Conservative Party might stil knowledged that the President of the and India were hopeful there was no by a corresponding increase of ontput. lean towards Protection, but the coun Canal Company and its oficials, by the indication of a rise in freights, and the Despite all suggestions to reduce it, our try had pronounced against this a year bigh quality of their administration and
increase, we
we ago, and the decision had been accepted the manner in which. their staff in Egypt war in China was seriously affecting their population continued to trade with that country. During the war had to depend on other countries for the by Mr. Baldwin The country had new discharged their responsibilities both as out Government built a great many bulk of the necessaries of life, and we given its verdict as to whether the nation to the trade and the improvement of the steamers. Very wisely as soon as the could not pay for these unless we coul! was to carry on with its "constitutional Canal, left nothing in this respect to be
The Canal system and its ad-. war was over they got rid of them, and market our exports. To do this we had monarchy-God Save the King-or whe desired. at high prices, for trade was booming. to turet, in dur prices, the competition ther the whole fabric of society was to ministration were an object lesson against Not so wise were Canada, America, Aus-of other countries. Only by persistent be demolished a Rassin, under Bolabe nationalisation of industry. Woe betide tralia, Brazil, and Portugal, which held hard "werk and the rigid keeping down sign. murder was rampant, property Great Britain if milways, banks, shipping on to their state-owned steadiers. These of expenses should we get our share of confiscated, family and moral life des and other enterprises were banded over had been competing with privately-owned the world's trade, and so be enabled to troyed, and the teachings of the Christo government departments. There would vessels the world over, with the result support our population.
tina religion were being annihilated. Habe auch weeping and wailing and wait- that these countries had lost millions of Alany orders for steamers, had been did not believe there were two people in ing at the doors-to say nothing of the pounds, which had had to be made good places abroad on terms with which or four hundred thousand of our popula gushing of teeth. by the taxpayer. Some of these govern, builders could not apparently competetion who wished to see their native land THE STAFF AN APPRECIATION.
He believed ments were now attempting to dispose of He supposed hard economie facts would reduced to this condition
lle would, he said, continue to add to their ships, but the vessels, if sold, would be their fruit eventually, but mean- that not for five years, not for five hun-, not realise one-fourth of their post a time the people of Great Britain were dred years, should we have any Bolabe- the comfort and amenities of all those saying this he was not exaggerating. He suffering. The loss of wages occasioned vist nonsense in Great Britain. The peo who spent their lives afout is charge of the Company's vessels, from the Captain recently bought for about £60,000 two by strikes during the past few years must ple would have nothing to do it.
downwards. Their devoted service and steamers which had cost a certain govern have run into many millious, causing
their resource in emergencies were beyond ment no less than £800,000 only four great privation among the employers
praise. Speaking from experience, both yours ago, and heaven only knew how families and depleting the trade union much more they had cost in the interval funds, which had to be restored by levies
Although cargo had been scarce and as a subordinate (they were, he said, all It was, he continued. net within the on the workmen's wages. If this viciou
not say all, were subordinate to their rapacity of public servants or government circle continued Great Britain would be freight rates low, passenger traffic had subordinate to somelxody: some, he would
wives!) If common been well maintained. He could not
and from a long experience of n land of paupers. departments to manage great interna- come
to prevail, and speak too highly of the devotion and zeal administration, he nad never tional enterprizes, such as shipping. sense were allowed
He would to quote a trenchant our Government departments displayed of their agents, their shore establish loyalty and discipline to surpass those speech which he i heard Lard Birken-wonems we should, despite drasticments in all departments, their captains, which characterised the entire staffs, both afoas and ashore, of the P&O. Com- head make in the luuse of Lords a few xation regain our world supremacy officers, engineers, pursers and pursers months ago: "
in trade and finanes. So far aure was staff, to whom the board were indebted pay. This, he said, nade bis work not They still business system of this country in the the only country which had met its war for the P. & O. Company's popularity a task but a real pleasure. cloisters of Oxford, and suddenly take up aad deal with a most complex organisa.com/cments; our credit remained un- with passengers. Any complaint was drew their young officers from the FOT view to improve cexter, under Sir Thomas Sutherland's tarnished; and he believed, despite cer-inquired into with a tion, which has developed and grown up in prophecies, London would continuement, and every letter of thanks was scheme, and in Captain Sayer (H.M.S with centuries of our life. You can no to be the centre of the world's finance he said, sent to the Captain for his in Worcester) they had an admirable dis more become an adequate and intelligent The resumption of free market for formation, and, that of those below him. ciplinarian and instructor. The young reformer in this respect than you can at gold would be good for trade and good in the vessels now under construction officers were highly spoken of by their the age of fifty or fifty-five go suddenly for the City of London.
Peace in in. to take the place of those destroyed by commanders; and their respected friend, the practice of lav or medicine. The whole business is one of the most dustry" should be our watchword. Much enemy action, they were avoiding extra- Captain Angus, the Company's
counsel by the vagance in the way of decoration; but Nautical Inspector, who was with them depended од sine extraordinary nicety and complexity, and leaders of labour. His faith in the good every care was being bestowed on the ar- to-day, put them through a
examination before passing them for the to attempt to deal with it without the sense of the British workman remained rangements for the conveniene and com advantage of most careful preparation nashaken. It was vital, as never before, fort of the travelling public. This was service.
He had made a voyage to Ceylon by that our industries should go on uncheck. in matter of great interest, to their tech- Lord Birkenhead's axioid was, be thought, by trade disputes. Thereby we might nical staff and to all of those who were the new steamer Maluja last winter and the new ships; earne back by the Maldain. Everything. illustrative of the fallacy any govern- ' see, better than a rise in wages, a rise concerned in the success meat embarking on shipping or business in the purchasing power of wages. This, an interest which was shared by his wife, on board went like clockwork, and the of any kind. Such businesses were built he was convinced, was the best way to and his daughter, Elsie, whose sugges vessels, were kept Ke yachts. If any up by men who had been trained for aud increased prosperity for the country and tions were of value. Lady Inchcape and one wanted to get away from the winter had devoted themselves to commerce.
nical advisers to Belfast the next week to take a run out from Marseilles to Colom It would be believed, have paid the ship to a better standard of living for the hs were, he said, going with their tech- at home he could do nothing better than owning governments to have sunk their.
go through the arrangements on board the bo by P. O, spend ten days in ships rather than to have kept them run- THE BOYCOTT IN AUSTRALIA
Rumak. During the year the number charming Island of Ceylon, with its de ning during the last four years. When
An extraordinary" state of affairs hfd, of steamers in commission of the P. & 0.lightful climate of Neuralia, and get back to Marseilles after having been absent If he backed a win- had rid themselves of the he continued, lately arisen in Australia, and allied lines was 445; number of sea governments incubus of state-owned vessels the public.. might see a moderate return to prosperity From what they could gather, a Bureau miles run, 16,802,686; number of entries less than six weeks.
the shipping industry. Meantime, the was some time ago set up in Sydney for into port, 28,773; tons of cargo carried, ner at the Neuralin races at five hundred as 14,470,9% number of animals carried, to one as he, the speaker, had been shipbuilding yards of Great Britain would the enrolment of ex-Service men have any empty berths, with resulting waterside workers. Recently the Labour 233,227 number of passengers carried, credited with doing-he could bave his which, as they all knew, he could double lack of employment; but shipowners Union had objected to members of the 1,881,027; average daily number of crew trip for nothing, and something in hand would not go on building ships unless Bureau being employed who were not employed, 37,027; expenditure in wages they could expect a reasonable margin also members of the Union. The com- and victualling of crews per annum, with case at Monte Carlo on his way of profit Governments would be better pany's steamer Malaja, which had been £5,197.00).
THE TREATY WITH GERMANY. the Right Honourable Viscount Churchill, off if, instead of competing with private partly loaded by Bereau men in Sydney, bläck on arrival in
who, as Chairman of one of our greatest, enterprise, they took a share of business was declared
On The Commercial Treaty with Germany. If Meibourne and could get no cargo.
most up-to-date and best managed rail- the profits in the form of income-tax.
the Great Western, had had a long they continued to run ships, they would reaching Adelaide she was there also de negotiated by the President of
commercially, and, to make goud.clared black," and could get no cargo. Board of Trade, Sir Philip Cunliffe. ways,
were confirmed, as he was sure it would their losses, would have recourse to adds They had been informed she would get no Lister, signed on behalf of the British experience of affairs. If his appointment
al taxation.
pilot or sugs at Fremantle, and would and German Governments within the last he, they would have in him not only He bad, he continued, teard a good be unable to embark mails, so she was few days, and which would shortly come
league. deal lately of a proposal to build six 20-sent into Albany, where she picked up up for that ratification by Parliament, most valuable but a most agreeable cat He wished to express their great regret knot steamers to carry only passengers, the mails, but she is refused the Ber which it would most assuredly get, was, mails, chilled meat and fruit between vice of tuga; and passengers had to be he did, the most important step yet at the death of Mr. W. F. Courthope England and Australia, a proposal i embarked in the ship's bonts. She was taken towards a renewal of our trade, who had served as auditor with great- which the Commonwealth Government now on her way home, practically with not only with the Continent, but all over ability for twenty years. He was a mem had been invited to assist financially, out cargo. Several other steers were the world. if he night venture to say her of the firm of Williams Deacon Application had also been made to the is the same predicament, although they so, the fine bad now come when the hat Company, and, following
of the
place. Mr. A. White, whose services
Jato
is to a sure and certain
tional
** workers.
1
home.
Former
crucial
the
The Board had nominated as a director
Trade Facilities Committee for public, had not worked cargo by Eureau labour.chet had to be buried." Germany was now suggested Sir Robert Williams they that £9,000,000 would have to be put into allowed to get a pilot at Fremantle, and outrage perpetrated by. Prussian milli Bame banking firm to fill Mr Courthope'
money to finance the project. It was said One steamer, outward hound, was not expiating as far as she could the horrible
the venture. Such proposals had been when the came alongside in charge of tariam; and it was important to resum
years, also came before them for re-elec
anotera,
he said, go to the public for the and she had to anchor in the stream. A with all the safeguards provided by the tion to-day, and would, he hoped, for In conclusion, he said many more years. money he doubted if they would get it, steamer, chartered by the Australian, Treaty. Our present Government had and if
they got it he doubted whether the Commonwealth Line (Government own-only been a few weeks in power and that if he had trodden on anyone's toes subscribers would ever see any interest on ed), to take cargo from Great Britain to alread, by the firm steps they had taken in his remarks on general toples he hoped their investment. It was much more Australia bad been tied up three or four in Egypt and by their Trade Treaty with, he would be forgiven.
The CHAIRMAN then moved adoption of likely that the principal would vanish. weeks in Fremantle with all her cargo, Germany they had vindicated the verdict In his opinion, the whole idea was doom- on board, because her crew were not he of the country. The denunciation of the the report and accounts, which was ed to failure. In his (the speaker's) ing paid the Australian rate of wages proposed Treaty with the Soviet Go seconded by Mr. H. N. GLADSTONE
The motion was carried, unanimously, gpinion he might, he said, he wrong and the Government had chartered this, ernment, which would have done no more it would he sounder to leave the public vessel and kid up some of their own for British commerce with Russia than the dividend recommended was declared,
director. to subscribe any money required to ships because they could not run them the Trading. Agreement made in 1921, and the Rt. Hon. Viscount Churchill
G.C.V.O., was elected develop the industry
except at a heavy loss. The position was was, he said, all to the good.
Mr. Frederick Augustus White was re THE COMING YEAR.
appointed an auditor of the Company, BUILDING AND OPERATING COSTS. almost inconceivable. They were hetweeD' the devil and the deep sea, and appar
With regard to the operations of the and Col. Sir Robert Williams, Bart, was Shipbuilding costs were still from 60 to ently law and order in the Australian 70 per cent. above the pre-war level, parts did not exist. He had, ho con year on which they had just entered, appointed an auditor in the place of the mainly through high wages and low cut-tinued, implicit faith in Mr. Bruce,, the many of their voyages were not even now late William F. Courthope.
A vote of thanks to the chairman, put in the shipbuilding and contributory Prime Minister of Australia, to protect covering expenses. Every economy con- trades, while overhead charges in yards his country from what was more or less Bistent with efficiency was being affected directors and staff, proposed by Sir C not fully employed were a serious cost Bolshevism, and to save her trade from Until trade revived they would have con Stewart-Wilson, R.C.1. brought the factor. Continuing, he quoted figures, such paralysis,
siderable anxiety. Their Stock Exchange meeting to a "close,
hardy annuals for 25 years. Let the pro- the captain ber hawwers were cast adrift! friendly commercial relations with her. / as auditor they had had for nearly, 25