VAN HEUSEN
Semi-stiff
COLLARS
A Soft Collar possessing all the smartness of a Stiff Collar
Made in one piece
No seams
No wrinkling
No rough edges
No starching
No più required
stocked in six shapes in quarter sizes by
THE HONGKONG DAILY PRESS, FRIDAY, FEBRUARY 26TH, 1925
MACKINTOSH & Co., LTD.
MEN'S WEAR SPECIALISTS..·
Alexandra Building.
Handing the
take
a
John Begg
The
Scotch Whisky
that has been supplied sq ail the Royal Palaces for 75 years.
# JOHN BOG'LTD, OLABOUT) 18
1843,
*106, Fondka...k. B, London, Lang
JUST
Des Voeux Road.
OF
B
COMPANY MEETING.
HONGKONG, CANTON AND MACAO STEAMBOAT CO., LTD.
SHAREHOLDERS' QUESTIONS.
The 108th Ordinary meeting of the shareholders in the Hongkong. Canton and Macao Steamboat Co., Ltd., took place yesterday at noon at the offer of the Company, No. 42, Day Youx Road, under the Chairmanship of the Hon Mr. P. H. Holyoak.
The CHAIRMAN said:With your ap proal I propose to treat the report as
Mr. N. V. A. CROUCHER seconded, and at great expense, grilles and various other contrivances in order to comply said: I have very much pleasure in with the revised regulations of the seconding the resolution which has heen amended Piracy Prevention Ordinance of so ably proposed by our Chairman. You
1914.
see from his statement what has been the
result of the cautious policy that bas been adopted by this Company. In the paas: the Directors created reserves, with the
This fund until last December was in vested in British. Government bonds, but
At present in certain local stocka specifically earninrked for the servies of
the fund. There is no need to defend
the Company's policy in setting aside a certain sum cach, year for the prutse-, tion of its officers. We were the Jast
without it, it would be impossible to expect that we should retain the services of some of the finest men we have over and in our service.
In this connection, I would endorse the
· Minority, "Report" of the Committee appointed by the Government to consider the Piracy Regulations and the question result we are henefiting to-day in being to coumenge such a fund, and, of tightening them up. This Company presented with a very satisfactory "bal- in common with all shipping companies ince sheet. You always have to prepare bere, and the Chamber of Commerce, haal in the good times for the times that are
Mf. SAYCE: The balance sheet states always felt strongly that whilst willing bad because the 'bad, tines always do
that the amount. expended to date is to do anything in reason to assist the come-they follow cupidly after the good 501,38 is that the mount of pension Government in preventing piracy, that times, Auyhow, the careful management already paid, or what it seems to me the responsibility for protection of that you Eave had in the past and the that the amount paid for pensions is
read, and proceed to deal with the British lives, shipping and trade, is essen-euutious administration that is taking altogether excessive..
figures in the balance sheet and prost and loss accourt, and give you such fur-tially the duty of the British Navy and place to-day ensures us receiving a very
ther explanation of them as may appear desirable
Your Directors have utilized 997,825.75 to write down the book value of steamers, wharves and properties and have trans ferred $10.337. representing: 21,929 78. 7d. at an exchange of 2/4 to floating staff pension fund and a sum of 25,000 to sta provident fuul
I am glad to state that a strong appeal endorsed by the' Hongkong Governmeat, has been sent Home for increased Naval assistance' on the shape of further patrol launches, the success of which has already been amply demonstrated.
By the courtesy of the Government, I am permitted to read to you a letter re An interim cently addressed by the Colonial Secre-
TAKE A PEG dividend of $1 per share was paid in August last, and there is available for distribution the sum of $150,482.97 which includes 828,301.33 Brought forward from the previous year. Your Directors re- commend that this should be dealt with
JOHN BEGG
BLUE CAP
AND
GOLD CAP
DONNELLY
&
WHYTE,
TYL 636 **
BOLE AGENTS,
ARRIVE'D.
FRESH OUPPLIES OF
HUNTLEY & PALMERS
PEEK FREAN
JACOB'S ·
FANCY ASSORTED
BISCUITS.
THE SINCERE CO., LTD.
WHITEAWAY'S STANDARD VALUES
THE DORMITORY” BEDSTEAD
This is a very useful Bedstead for Schools, Institutions, Hospitals, etc. Very Strong, Sanitary and Useful."
STANDARD
VALUE
Size-6 and 3 ft.
$8.50 each.
PRICE
WHITEAWAY, LAIDLAW & CO., LTD.,
HONGKONG.
880,000.00
50,000.00
as follows:**
Payment of a final dividend
of $1 per share Payment of a bonus of $1
per share Payment of a bonus to office.
cloricul stuff and whar- fingers Carry forward to a new pro- Ét and loss account
3,446.00
30,976,27
9196,499.97
try to the Chamber of Commerce on this subject, which Fah sure will give satisfaction to you.all:-
Hongkong, 11th February, 1923. SIR-1 am directed to acknowledge the receipt of your letter of the 14th January on the subject of the Minority Report of the Piracy Regulations Com- mittee,
fair and a very satisfactory dividend. I hope, in the future.,
I cannot close these veniarka without endorsing the observations of the Chair- mun box much we are indebted to all the officers of the Company, affoat and ashore, for our results. More especially would I like, on behalf of us all, to thank the Hon. Mr. P. H. Hoiyoak for bis hard
work, bis skill, and his prudence in his conduct of the Company. The times have heen very difficult, and it takes a good maa to steer clear of the dangers which surround our business. Mr. Holyoak bas shown himself fully capable of so doing. (Applause) I am sure I am supported by all abareholders in expressing parti-
His Excellency the Governor has for-1 warded the Report to the Secretary of cular satisfaction at the announcement State for the Colonics, and, while adher- that the Directors have set aside a cash ing to the view, which is "shared by the bonus for the office clerical staff and Commander-in-Chief, that armed protee-wharfingers and have transferred the sum tion on board ship is essential, he has
urged that the Lords Commissioners of set out in the accounts to Floating Staff the Admiralty should in the interest of Pension Fund. British trade and prestige so strengthen Mr. KELLEY SAYCE: I have a few ques the naval forces here as to provide for
the establishment of a system of patrols tions I would like to ask. In your speech ships from external attack, and, when
ready
The
I think. I have al- GRHAIRMAN : Answered your question. Mr. W. T. SHEWAN raised a question an regard to the insurance ou, the Heungshan and said that it was the general feeling that it was under-in sured.
The CHAIRMAN: The Directors" are quite prepared to defend their policy. Mr. SHEWAN : The amount paid for repairs is 8197,141.96. Is the amount of 830,000 taken from, the Special Repair.
The CHAIRMAN: Yes. Fund in addition.
Mr. SKEWAN So that we spent near-
ly $200,000 in repairs last year. As our seem to be rather excussive. It seem aett takings were only $369,000, it would to be the opinion generally outside that the Company is being ran extravagantly. Can you tell me what the office expenses
are?
tion.
The CHAIRMAN: I am afraid ont; wo did not come prepared for such a ques
Mr. SHEWAN: Will you tell me if me how our money I call round at the ofice some time, and
is invested. will they also tell.
The CHAIRMAN: Notice of this ques tion, should have been given, "and if you will call at the office the Secretary will give you information regarding the Brat portion of your question regarding ollige expenses, but we are not prepare to inform you how the Company's funds are invested.
Mr. SHEWAN I still think that the wice negligent in not insuring. The CHAIRMAN: It must be remem-
In view of the small amount stand-which will be adequate to safeguard I notice you did not make any rewarks Dennyshin for. a larger amount. ing to the credit of equalizaion of coupled with reasonable measures of regarding the very substantial sums paid the dividend fund and the fact that a large self-protection on beard, to make at- to Captains Thomas and Turner on being bored that the Heungshan was forty tempts at piracy from within too dismissed from our service. In the case years old It was particularly unfor- portion of our investments must be held hazardous to be attractive. am, Sir. of the former gentleman, it is common tupate that she was lost so soon after as cover against the insurance and under Your obedient servant.
a large amount in repairs had been spent upon ber. writing varried by the Company, the Board cannot recommend the payment of a higher dividend or bonus.. I may
knowledge that he was in command of our fine steamer leungihan, which in view of his negligence (us the finding of the Marine Court of Inquiry testified) was
The report and accounts were then passed
Sr. HANDALL proposed and Mr. SILVA seconded that Mr. C Gordon Mackin lost. Are we shareholders to infer from and Mr. J. M. Aires be elected Dizes-
The
JiLy
but I shall be extremely obliged to you, nothing to specially where there is
Sir, if you will explain these matters, stating the exact sums paid and payable to these gentlemen, no longer in our servico,
(Sgd.) CLAUD SEVERN,
Colenial Secretary: Our fleet has been further written down say that your Directors feel that it isducing the year, and has been maintain of very great importance to keep oured in good order and condition. Owing the payment of this bonus and the factors of the Company, and the motion was carried. The Hon. Mr. F. H. reserves as strong as possible to protect to the rise in valac of local shares in that the Directors have granted this Helyoak and Mr. T. G. Weall were re- all possible emergencies to the Comwhich the Company's liquid reserves are gentlemap a life pension of £250 per cad and Davis and Messrs. Lowe elected members of the Board. Mrasys pany's credit, more especially with a stew invested the investment fluctuation ac annum, that the Directors. place a pre- Bingham and Matthews were re-elected a to rendering more' secure to the share.
count has been increased by #136,145.56, mium on negligence? In any other Com. auditors at a salary of 81,000 per annum holders the continuity of dividends paid which following the usual custom has pany, in view of the Marine Court's fa- CHAIMAS, before bringing the in recent years. You will have seen from been transferrel to this account. ing, as ofheer would have been summarily meeting to a close, said: I should the report a heavy falling off in steamers
that there is not the I regret to say that the expenses of dismissed and at the same time forfeited like to nett earnings compared with the pre-
Klightest resentment on the part of the Directors at the citticism which has vious rear. Several exceptional circum-operating our steamers are not decreasey possible consideration for bonus or
ing, owing to the higher cost of labour pension. I do not know for what reason been offered this morning. Criticism is stances have adversely affected last
docking charges and also to the continued a grant was made to Captain Turner, good and shows the Company is alive
end is invited, years working and contributed to these
high cost of fuel.
There might be poorer results. During the year, several
Although this is not a matter covered
a difference of opinion as regards the more Chinese owned steamers were
value, but we acted to the best of placed in opposition, on the Canton run. by the accounts, some shareholders may
insurance ou the Heungahan and her oar wisdoni. The past year has not For a period of nearly two months desire to learn the Directors' views on
beer an easy one, and the Directors have commencing from July, the Company's scheme laid before your Board some
The CHAIRMAN: "It is perfectly true that had to deal with extremely dificult ques tions. They have given loyal and devot Canton steamers were subjected to a boy-months ago to increase the Company's Capt. Thomas was granted full pay for ed service. (Hear, hear.) rott, as a result of the Strike on Sha-capital by the issue of new shares, in six months, and your Directors felt that
Those present at the meeting wire: The Hon. Mr. P. H. Holyoak (Chairman meen During the period of the boycott order to finance the cost of the new they should take into account bis 9 years'
unblemished record in the Company's Sir Robert Ho Te Chau Siu Ki, Hon. Mr.A. 0, W. Clarke, our vessels carried no cargo and very steamer under construction and other service. It was their unanimous opinion Lang. Me
J. M. Alves, E. Staples few passengers, resulting in very heavy steamers, your Directors may consider it that he should not lose his pension nor B. operating lossEN.
necessary to order in the near future a reasonable grant on retirement. The Smith and T. G. Weall (Directors);
amount you state is correct. Capt. Mr. John Arnold (Secretary); Me In February last the .s. Hungshan to replace, older tonnage. Satisfactory Turner was discharged for adequate rea-B. C. Randall, W. T.
• Shewan
-N. V. A. stranded near Canton, became a total financial arrangements having been made sous and was given a bonus of six monies. Tsun Yin, A. H. M. da Silva X. Va
not drawing pension. Croucher S. Dancaberg Joss and was eventually abandoned to with the Company's bankers, your Direc pay. This omcer
Mr. KELLY SAYCE: Another matter I Lauder, G. 8. Zimmern, J. Fleming, J. H. Carroll, MT AL the underwriters. I am glad to say that tors considered it would not be in the notice is te extraordinarily heavy re- Owen Hughes, A all passengers, crew and mails were best interest of the majority of share pairs account. Is it not a fact that the Razack, F. Ellis, J. F. Grose (Share-
Company does not ask for teaders for holders) safely landed. The loss of this steamer holders to accede to the request to in repairs as is customary in other local wis particularly infortunate, in as much ercase the Company's capital at the pre-companies but aptomatically gives its
POLICE COURT ITEMS. she had just completed her annual sent time. When and if the time arrives, work to one special Dock Company, with
out asking other ship repairing yards to
At the Central Magistracy before 31r. overhaul and very extensive and costly especially in connection with the building quote? If this is the case, is it not time. R. Wood yesterday, a Northern Chinese repairs had been effected. In this con of a new steamer for our Macao run, we some change was made and expenses-cut charged with the theft of a roll of flannel aection I desire to point out that this shall lay before you our considered pro- down through open competition between from a shop in Pottinger Street, said he
the various local companies 1 partly accounts for the great increase
had been enlisted in Shanghai for th under the item of "Repairs to steamers."
Cantonese Army, but having ceased to care for the service he had come to To replace the . Leungshan your
weeks' hard labour.
posals,
I
пебе
Masth
The CHAIRMAN: It has always been the So far as the current year's trading practice, and policy of the Directors to repair their ships at the Dockyard at Directors gave an order to the Taikoo pets are concerned, I hesitate to which they were originally built. If Hongkong. He was sentenced to "six express any opinion. One dominant new ship is contemplated, estimates are Dockyard and Engineering Company of Iactor continues to be the uncertain out invited from Hongkong, Shanghai and At the Central Magistracy yesterday, Hongkong, Limited The vessel Dow
look in connection with the disturbed even the United Kingdom.
Mr. SAYCE: How many men are there before Mr. B. B. B. MeElderly, two Chi- being built is well advanced, and the political situation in Cantor, an uncer on pension at the present time and who an armed robbery at 14, Lascar Row on were charged with having committed builders" confidently expect to make delivery on contract time about next tainty which is not lessened by the law are they
The CHAIRMAN: Six. Captains Vales- February 7th. The men were stated to less conditions in the neighbouring Fru tine, Chrispin and Thomas, and Messrs. have entered the house armed with a toy September. In placing this order the vince of Kwangtung. A business such as Macfarlane, Macdougall and Kew.
1a dagger. tied up the Chinese pistol and servant and stolen 888 in money and a type of engine moss suitable and econo ours must naturally depend to a great don't quite follow the purport of your silver watch, valued at 87. They were mical for our trade was very carefully extent upon the general industrial pros-questioner is supported by the rest of dants, who admitted the robbery, wera.
questions, and I cannot believe that the arrested on the following day. Defen- considered by your Directors and their perity, both of Hongkong and Canton, the meeting (Applause.)
remanded. technical advisers. The Diesel motor and until there is some definite and Mr. SAYCE: I see in the balance sheet, engine was not considered suitable for steady improvement in the political, in Floating Staff Peusion £18,450." In this moncy invested in atarling, and it so the comparative short runs in shallow dustrial and financial situation there can how i water in which our veinels are engaged of course, be no real solid recovery of The CHAIRMAN: This fund, as some of you present shareholders will remember, The principal "economy, of the motor business.
was inaugurated in 1021 with the sanction engine is in consumption, therefore, until I cannot close these remarks, without of the shareholders at the Annual licct the cost of these engines reaches a level again saying how much we are indebted ing, a sum of £10,000 being "transferred nearer to that of the steam engine, its to the officers of the Company afont from the Company's profits for 1920 and ashore and to the Company's agents Sums transferred to this fund annually advantages only apply to long distance in Canton and Macao for our results and from Frofit and Loss Account are: by the watchman. When searched at trading.
I trust you will endorse our proposal
1920
1921
I have nirendy referred to the large to transfer the sun set out in the ac sum spent in annual overhaul of B. ceants to floating staff pension fund and 1902 Henagihan previous to her being lost, the payment of a cash bonus of $5,166 Ships do not last for ever, and as they to the office clerical atall and whar advance in years they cost more to keep think there is anything more
fingers,(Applause) up, and the annual Government surveys
for passenger liccnes become increasing that calls for comment, and I now beg ly expensive.. Apart from the usual dis: to propose the adoption of the report bursements made for overhaul and re- and accounts. After the motion has been pairs the Company was forced by the seconded I shall be pleased to answer! local Government to alter the deck any questions shareholders may wish to structure in three ships, besides erecting put
1923 1824
£10,000.0.0
5,000.0.0
1,500.0.0 600.3.3 1,229.7.7.
At the Central Magistracy yesterday, Mr. J. B. Wood sentenced a Chinese, who stole & fountain pen from an hotel boy at the race course on Wednesday, to four months' bard labour. A district watchman saw the defendant extruct the pen from the complainant's
pocket and immediately apprehended complainant was unaware that his wae missing, until informed of the fact
him
pen
the Police Station, three other fountain pens were found in defendant's belty which he said be bought for 50 centa.
Belore Mr. E. W. Hamilton at the Kow- Payments from the fand commenced in including three women, were charged with loon Magistracy yesterday, 17 Chinese, gambling at To-kwa-wan on February 1922 and to date are as follows:--
12th. One of the Chinese, further charged with keeping the gambling house, war fiped 360, and the others were ordered to pay fines ranging from $5 to $2 Twa women were discharged.
1922... -1923
1824
£1,053 &13,199.04
162.15.5 811.1261
1,415.29 7,901.76
Total
£2,017.16.0