LUXITE'
HALF HOSE
are cool and thin, but reinforced where-the-wear-comes-tops-heels
and toes.
W.
New stocks in a large range of plain colours.
1:
LISLE THREAD, hardwearing..$1.00 BILE, extra strong quality. $2.50
MACKINTOSH
& CO. LTD.
MEN'S WEAR SPECIALISTS. Alexandra Building,
take a peg
John
Des Vœux Road.
Begg
The
Scotch Whisky
that has been supplied to all the Royal Palaces for 25 fracas JOHN BEOC LTD, CLABOOW {'md
soda, Pruzhurch My Zonám, XC3 ··
Wing
Luxite
Hosiery
THE HONGKONG DAILY PRESS, THURSDAY, APRIL, TE, 1925
TAKE A PEG
от
JOHN BEGG
AND
BLUE CAP.
GOLD. CAP
DONNELLY
&
WHYTE,
TEL. 836
SOLE AGENTS.
On's
GREAT REDUCTIÖN.
SALE
Will End on APRIL 12th
THORNYCROFT.
COMMERCIAL VEHICLES
FOR PROVED ECONOMY AND
RELIABILITY
FOR PRICES AND SPECIFICATIONS
APPLY
HONGKONG HOTEL GARAGE
TEL. 0.4759.*
TEL C. 4759.
THE HONGKONG AND SHANGHAI HOTELS, LTD,
ห
COMPANY MEETINGS. :
THE HONGKONG AND - SHANGHAI
HOTELS, LTD...
DEVELOPMENT IN HONGKONG.
pang, the cost of cur halding at the 21st paid-up in part consideration for the par chase of 10 to 16d. Des Voeux. Road,
Turning to Hongkong, I desire to paint December, 1924, being 843 83 B Central, Hongkong, to which I shall refer out that although progress | later.
in
The balance of our authorised | strustion of the Peninsula the cor- against Säv.317.66 at the end oë 1923.
wna,
THE GENERAL SITUATION.. There is, I think, mathing eko, to which.
capital remaining unissued. now cousists the initial stages, somewhat slow (since of 2,029 shares in which connection it it was necessary to sink some 600 piles can usefully draw particular attention The ordinary yearly meeting of share-appears opportune for me to make mou-
ahd, na is inevitable with foundation tion of the fact that your Board propose,
work, a considerable period had to clapse must, however, mention that the past [ holders iá" the Hongkong and Shanghai to issue as many of the shares compri- during which there was little to set your has been one of exceptional difficul
Hotels, Limited, was held yesterday ating this balance as will be required to although much spade work was being general meeting hald last year. I made ties and many disappointments. At the noon at the offices of the Company, No.
areholders, res
at offer, shortly to he made to undertaken), nevertheless it any interest
of three further shares for you to know that the system of Franki reference to the detrimental effect at the 16, Des Yeux Rond Mi, J. H, Taggart every ton
held a "the present
piling, operated by the Hongkong EngiLincheng fair, and the terrible orth presided
isaned capital Furthermore, it is pro peering and Construction has quake in Japan upon our transient
hüsiness. The
apprebeusions, than cungen The CHAIRMAN said: "Gentlemen,The premium for the benefit of the Company appears to be particularly well suited to
posed on this occasion to secure a small only proved exceedingly satisfactory bus dered were not allayed in 1951, ami the "Accounts and rectors' Report having to this, I venture to think, shareholders underground work of this description balance to the credit, of working accorat for 1994 is, in round Agures: two lakhs been in your hands for the prescribed cannot reasonably take exception, more where it is necessary to construct exten-
less than the balance for the preceding period scatoruning with the Companies' especially in view of the fact that the sive teandations on reclamed land.
year, heing $1,381,937,37 lar 1991 s issue of share for share last year was Ordinances, I will, with your permission, made at par and thus placed shareholders franiework of the Peninsula Hotel was
The contact for the construction of the agains: $1.582.818.34 for 1823. This de
crease 1 attribute chiefly to the fact that follow established procedure and take the acts, fle the intention of your plated with Measts. Trollope & Colls (Far business (and more particularly do
in an exceedingly favourable position. Board to offer these further shares atkinst) Ltd in whose hands the work is refer to North China) was subjected du The report of the Auditors is as fol-81250, that is to say at a premium of proceeding very satisfactorily and rapid ing the year under review to urany inter- $2.50 per share payable as to $7.50 on progress is being made. Our architects ruptions and uncertainties; firstly by the the 30th June and $3 on the 30th Septem. the Hongkong Realty & Trust Company foods which seriously hindered railway her next in die course, notice will be also, have the other matters essential to communications between Shanghai and given to shareholders in relation to this such an undertaking well in hand, and North China, and then by the internecine proposed issue and the terms of the offer your Board have every reason to hope strife which resulted for a time in the Bub pipis tac holdings-im this pressas sub tunt the establishment will he completed disorganisation of railway traffic. scribed capital of the Company-
and ready for occupation by the end of apart from the dotrinental effece upon the third quarter of 1926. At this june- our business generally, tith independent was more parti- ture it may not he inopportune for me cularly in connection
same as read.
lows-
PERCY SMITH, SETH & FLAMINO, Auditors.
THE MAJESTIC
The outstanding feature in the develop to point out that in the construction of travel that the consequences of hostilities ment of our business during the year. large estabashments of the type of the in China reflected upon our..carnings, for under review, was undoubtedly the open- Peninsula Hotel, the Company is neces-it is, as you know, to that source that we
effect payments look for our more, profitable support fog of the Majestic Hotel in Shangbai,sarily called upon to
any return until the buildings are actu ally open to the public.
The
to
We have audited the above accounts and balance sheet with the books and documents of the Head Office and the accounts and balance sheet of the Shanghai Branch rendered by Messes. Thomson & Co. certified by them as cori rect. We nave obtained all the informa- tion and explanations we have required. In our opinion such balance sheet is properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs according to the
on the 1st November last,, and I am against contrastors' certificates involving
accurate that percolated through hest of bur information and the expleased to be able to inform, you that heavy sums for which there cannot be reports at times exaggerated and in- planations given to us and as shown by the measure of patronage extended to
Europe and America, naturally had the the books of the Company.
effect of considerably curtailing travel to that establishment since its inception has already been, such as to justify the action Upon completion of the Peninsula the Far East in the autumn of last year of your Board in acquiring the property Hotel at Kowloon we shall be better able and the spring of this, and also produced Hongkong, March 23rd), 1825 126
and converting the main building for the to give peretical consideration to the far reaching and detrimental effrets in Before I proceed to review the affairs purposes of. za hotel. By the inaugura reconstruction of the northern block of other directions. Needless to say, we, in of the undertaking and to report to you tion of the Majestic, Hotel, we have em the Hongkong Hotel, as referred to a common with the steamship, companies on the results of the business during the harked upon a project which, I bave no my remarks from this chair a year ago operating on the Pacifier route, de what past financial year, I desire to place or doubt, will, in course of tinte, substan-Tn ander to safeguard the position in view we can to allay the apprehensiona aroused record the irreparabic loss sustained by tially augment the revenue of the. Com of this contemplated reconstruction of the by reports of this nature, and I feel con the Company in the death on the 31st pany by reason of the extensive nature northern block, which is pow approach-fident that when traders and the travel- of May last of the Hon. Mr. A. R. Lowe, of the well laid out grounds, and the cen- ing an age of forty years, your Boarding public abroad, realise the compara- The late Mr. Lowe, whom to know was traention-of-this-valuable - property availed themselves of the opportunity of tive umanity from danger to life and to esteem, never failed to ive, to this enabling us to render to our patrons ser purchasing on the 30th June last at property that tains in the cities of in- in China, we may reasonably Company the full benefit of his wide and vice of the highest quality, in an atroos-reasonable figure (subject to a mortgage portance that there will be a return to valuable experience, and in the delibera phere of equal comfort that cannot fail of 3536,406,25) the buildings known as tions of your Board his advice-based, as to prove attractive and which it would 18 to 16d. Des Veux Road Central, ad- the steady travel of pre-war days, and it was, apon knowledge of a varied and be exceedingly difficult to surpass else joining nation, was 10,000 shares of this business passing ta. the benefit of this the Hotel. Part of the purchase thereby a large increase in the volume of the practical nature not only commanded anere. At present limited bedroom any issued as fully paid-up, as men- Company and all concerns interested in. respect but was influential in a great accommodation at our disposal has re- measure in placing the Company in the suited in the management having been sound position which it has attained in reluctantly compelled to turn away numer recent years. It is therefore with a senseous applications in respect of reserva of the profoundest regret at his death tions. This alone bears ample testimony that I make this reference, inasmuch as to the fact that an establishment of this this and event, not only deprived the nature faltils a long-felt want in Shangh Colony of a public spirited and able councillor but also removed from our midst, at an all too early age, à figure whose genial manner and kindly, dispest tion endeared him to all with whom he eme into contact.
the prosperity of commercial operations in China. Nevertheless, in, spite of the adverse conditions affecting all businesses in 1981, our Profit and Loss Account was able to shewn preft for the year of nearly eight, Inkbs, and. I think it will be con- ceded without question, that this result in such circumstances, bears striking testi many to the stability of our Company's position and the soundness of its business must ask you to bear with me, however if I point out that such a result as that by for, the past year was obtained only the most careful: handling of the various departments of our business and by the consideration of ways and means to effect economical working and the exploration off likely avenues of profitable develop-
ent.. THE SINE
tioned in my, remarks with reference to our issued capital. By the acquisition of this additional property, it will be pas sible to reconstruct the northern portion of the Hongkong Hotel in sections, and thus obviate the disruption of our cater for a first-class residential hotel Iting business that would be consequent therefore the intention of your Board to upon complete closing down. Such a con increase the accommodation from time to sideration is naturally a very important time as opportunities permits. in pursa factor, especially when it is borne in mind ance of the Company's policy of improve that our business in respect of the ser- meas whereby, in other instances, invice of meals is increasing yearly and that substitution for the more or less out-of with the opening of the Peninsula Hotel THE ACCOUNTS.
date accommodation now offered by same it is inevitable that a greater number of Turning to the accounts for the year of our establishments, additions will be trid-day meals will require to be served 1824, you will observe that the nett credit made on lines emboiling-modern deus in our centrally located establishment halante of Profit and Loss Account of hotel construction..
Whilst on the subject of construction, amounted to $865,062,52, X3 against
The grounds of the Majestic afford I would point out that we are adding $1,068,790.15 in respect of the year 1983 ample space for extensions to the Hotel new wing, comprising sixty rooms, to the Dedacting therefrom, for the purpose of and we are therefore in 'no excellent Repulse Bay Hotel in order to cope with comparison, the amounts respectively position to enlarge the promises as the the increasing demand for residential In this connection. I cannot speak too brought forward to 1944. and the preced situasion, demands, and as the ad is accommodation in that establishment, and highly of the services of the staff, both ing year, the relative nett figures are already owned by the Company, the exit is expected that these rooms will he foreign and Chinese, many of whom per $769,84487 and $1,042,078.05, shewing a penditure to be faced, in this cantection available for occupation in the last quar fans, their duties in positions that call "decrease of 8273,231.18 for the past year, would be that of the buildings only. Byter of the current year.
for, long hours and hard work but are le making such comparison, however, the purchase of this property, we have
The business conducted by our Carxze sometimes liable to be overlooked so lang desire to point out that the profit for not only safeguarded our interests in the Department has shown steady progress, as the routine of the Hotels business pur- the year 1923 included an amount of rapidly developing Western District of notwithstanding the fact that owing, tu saes the even tenor of its way. To the. $145,268.00 representing profit realised by Shanghai the situation being excellent the hitherto limited accommodation at our excautiva preuzel i would take this the disposal of certain investments, etc. and sufficiently removed from the conges disposal for garage purposes and for the opportunity of expressing the thanks of whilst during the past year the Frost and tion, and noise of the city to be suitable general repair and upkeep of cars,, we the Board, and of myself as your Manas Loss Account, so far from receiving the for residential purposes and yet within have been compelled to turn away busi ing Director in particular, for the grow benefit of any similar items, was, on the easy access of the shopping and business nest which otherwise would have increased. ing share of the work and responsibility. contrary unfortunately handicapped by centre-but have acquired a landed isset the turnover in this hrana, of, our antivi which they have undertaken in the con- extraordinary charges in respect of legal that will she an enhanced valuation ties. I am pleased to be able to report, dust of the multitudinous affairs of the fees, stamp duties, en included in the
year by year, as evidenced by prices re- however, that the new garage andar con Company. I should inform you that Mr. debit of 305,331.01. The liquidation of cently paid in respect of properties instruction, at Happy Valley, which will be P. H. Suckling, who was until recently ne Shanghai Hotels Ltd., and the trans that vicinity. I feel that it is unneces- capable of housing 150 cars and will the Secretary of the Company, has now for of its properties under the agreement sary to refer to the restaurant and ball vide for up-to-date body-building, in Shanghai, and that Mr. J. Bartholomew repair bees appointed fanager of our business for amalgamation with this Company, and room as doubtless shareholders will have and paint shops, will, be the hypothecation of hotel properties both perused with interest the very favourable end of the current month, thus placing has recently joined our service to carry in Hongkong and (after transfer in the comments made thereon in the Press our Company in a position to render or at the duties of Secretary, which, ap liquidation) in Shanghai, as security reports in regard to the opening of the vice to the motoring, ublic on a scale rointments will thus in time relieve-year- under mortgage
to our Bankers in can- Majestic Hotel, and also in connection witherto unattempted in Hongkong, al-Assistant General Manager and myself nection with the financial facilities grant with various public fanctinos since held though urgently called for by teasiti of of much of the mass of minutias involved ed to this Company, were responsible in at that establishment.
the rapid increase in, the number of cars in the conduct of the Company's affairs a great degree for this heavy expenditure,
I now licensed for use in the Owlony.
for, with the growth of the concern in in addition to which I might add that a
volving as it does assets approximative not inconsiderable portion of the fees
CANTON
20,000,000 of dollars mainly in widely dis was incurred in connection with legal action taken by your Board in a matter connected with the Shanghai Hotels, Ltd, which action, being satisfactorily settled out of court, resulted in this Company recovering a sum of some $400,000, which amount was absorbed in the assets on amalgamation.
が
THE PALACE HOTEL.---
Improvements have also been effected
pany, more especially in view of the fact
PERING...
in the other establishments under our I must not omit to make mention of tributed properties, it becomes increas management in Shanghai' with a view to the position regarding the proposed Can-ingly necessary for us, to devote particular modernising same-s being particularly ton Hotel on, the Shameen. In this case attention to questions of polity, finance necessary owing to the increasing popu. I am unable to report progress in con- and the development of the earning Jarity of our catering departments as struction, for, owing to the many difficul-powers of your undertaking. shown by the volume of patronage they ties, generally arising out of the disturbed As mentioned in the Report attached are receiving. As you
are doubtless state of Canton-troubled us it bas been to the printed accounts, the usual banus aware, the property comprising the Palace with strife between, rival, military and of one months wages was paid to dar It appears to me unnecessary to com- Hotel in Shanghai (situate at the june political parties--your Board have sot Chinese stuffs at Chinese Now Year, and ment upon the figures under the headings tien of the Bund and Nanking Road) was considered it prudent at this juncture to I feel sure that, you will not only be of the Profit and Loss Account, inasmuch held under lease by the Shanghai Hotels, push ahead with construction. When the pleased to confirm this but also the vota as such headings are, I think self. Ltd., for
period of fifty years from 1905. situation clears,, as we all sincerely trust of ten per cent on their anlaries to the explanatory.
I am pleased to be able to inform you it soon will, and normal conditions of busi- foreign staff as a bonus in respect of the that, due to the lengthy unexpired periodi ness and travel return, then we shall be past year. I should perhaps draw your attention, however, to the fact that the balanes of the lease in question, your Board have ready to proceed with more hope of suc Before conluding my remarks, I wish cess to our enterprise than would at the to avail myself of this opportunity of of Profit and Loss Account, namely recently been enabled to complete ar- 3857,082,52, at the 31st December, 1984, rangements for the sequisition of the moment appear probable. In this cop-expressing the thanks of the Board—and, it the nett balance after $218,922 has reversionary interest at the reasonable nection it is somewhat reassuring to note1 feel sure 1 may say, of the shareholders, figure of Le2,500, and having in mind that that after the lapse of nearly two years, been charged 'ia respect of depreciation. a recent independent assessment ap- the train service to Carton has now been to the gentlemen who constitute our In view of our conservative policy in the praised the value of the land alone it
Advisory Committee in Shanghai. Dur matter of depreciating our buildings, Tis. 767,000, the purchase is one shewing ribic for the authorities to offer the ed the Committee in
resumed and that it may shortly be posing Le past year Mr. P. W. Massey join Shanghai, and Mr. furniture, fixture, etc, your Board have not deemed it necessary on this occasion at inconsiderable benefit to the Com-railway facilities the public previously G. F. Wright and Mr. F. N. Matthews, to propose the transfer to reserve ac that it will be necessary within the next
enjoyed, counts of any portion of our profits for ten or fifteen years to consider reconstruc the past year, more especially as 8250.000 tion of the Palace Hotel. When that lo July and August last year we com was voted to reserve out of the profits time arrives it will be a source of satis- pletal arrangements" for the closer of 102% Therefore, after allocation of faction to us to be in a position to era operation of this Company with the Grand the 8281,617:20 paid as Interim Dividend bark upon this work in the knowlodge Hotel des Wagons-Lits, Ltd. and, as a amalgamation with the Shanghai Com for 1024 and of the $434,183-20 proposed that the land is owned by the Company; result of incetings held in Peking for that pauy necessitated a great deal of work as Final Dividend for the year, the sum moreover we should not be faced with the purpose, special resolutions were passed in the early part of the year Mr. Mat of 8119,282.12 remains to be carried for heavy amortization allocations that would and duly confirmed by that Company for thews is, unfurtunately, salezing at peo d. This balacee is soewhat larger otherwisć be necessary under the lease the transfer of its registered olice to sent from health, and we sincerely wish than the amount we usually carry forward which would then have a residual usex Hongkong, In view of the advisability in a speedy recove to the succeeding year; nevertheless Ipired life of merely, fifteen to twenty of conserving its cash resources, the dive now beg formally to propose that the am confident that shareholders will en-years. I am pleased to be able to inform dend from the Wagons-Lits Company deeport and accocats as presented bo dorse the action of the Board in propos- you that the purchase of the Palace Hotel clared during the year was less than this adopted and passed, that a dividend of ing, tilat this balance be carried forward property now.completes the ownership by declared for 1923-otherwise, of course, sixty cents per share on the 756,872 shares and thus be available for the require the Company of all the sites upon which the sum shewn in dur Profit and Loss forming the issued capital of this Com ments of the ensuing year.
ita botels are situated or are under con- Account for the year ended on the aist pany be declared as Final Dividend in struction
December, 1924, under the heading of respect of the financial year ended on
Investments," On During the year 1924 we paid the GovDividends
"would have the 31st December, 1924, and that the errument for the site of the Peninsula been proportionately greater. You will balance of $119,282.12 be carried forward Hotel at Kowloon, and satisfied the bal notice, by the way, that during the past to the credit of 1995 account. When that ance of the purchase price of the site year we considerably increased the Come proposal has been seconded. I shall be acquired in connection with the proposed pany's holding of sharce in the Grandpleased to answer to the best of my construction of the Canton Hotel on the Hotel des Wagons Lits, Ltd. by taking ability any questions arising on the repert one "new" share for each one "eld Shameen. We also paid off a mortgage advantage of opportunities that present and accounts, and to furnish any explana share then held by them, and by the for two lakhs on our Reprise Bay pro-ed themselves for securing at reasonable tions with reference thereto that may be issus of: 10,000 shares credited as fully perty.
prices a stronger interest in that Com-desired.
..CAPITAL
Turning to the Balance Sheet, you will observe that during the year 1024 the Company's issued capital was increased by 381,872 shares." This was occasioned by the issue of shares at par in accord ance with the offer to shareholders of
for business reasons, resigned their seats. Our thanks are also due to the two latter gentlemen for their interest in the wel view of the fact that this Company's fare of the Company, particularly so in