B. V. D. SLEEPING SUITS Short sleeves. Knee length.
Made of the famous RV, D. cloth and cut on free and easy lines that prevent tightness at any point.
"All sizes in stock. 34 to 84 inches. $4.50 per suit.
Less 10% discount for cash.
Mackintosh
MEN'S WEAR SPECIALISTS
ALEXANDRA BUILDING.
G
& Ca Lod
DEŠ VOEUX ROAD
LAXO builds firm flesh, plenty of strong bone, and a sound constitution. It contains nothing what- ever to harm baby er cause him pain. That is why if Baby is fed on Glaxo he will progress steadily day by day into happy childhood. Give your Baby Glaxo the food doctors recom. mend and give to their ownE babies the food that has. successfully reared the children of 5 Royal Nurseries. It will make yours a bonnie Baby too.
Glaxo
The Vitamin Milk-Food
"Builds Bonnie Babies"
R. LOXLEY & CO. Folt Agres
WHITEAWAYS
HOUSEHOLD FURNISHING DEPT.
NEW BEDSPREADS.
Just Received
A consignment of Artificial Silk Bedspreads. Fast Colora. Will wash and give every Batisfaction in wear, Colors, Saxe Blue, Royal, Pink, Rose Pink, Cream and Maure.
SINGLE BED SIZE: $25.50 DOUBLE BED SIZE: $35.50
CALL AND INSPECT.
FIRST FLOORSHOWROOM.
WHITEAWAY, LAIDLAW & CO., LTD.
HONG KONG
THE HONG KONG DAILY PRESS, FRIDAY, APRIL 13th, 1928.
EMOPENED
·PENINSULA HOTEL TO BE
IN OCTOBER.
QUESTION OF RE-BUILDING NORTH AND MIDDLE BLOCKS OF HONG KONG HOTEL.
EXTENSION OF MOTOR-BUS SERVICES CONTEMPLATED.
ANNUAL MEETING OF HONG KONG &
SHANGHAI HOTELS, LTD.
It was announced at the Ordinary Yearly Meeting of Share- holders of The Hong Kong and Shanghai Hotels, Ltd:'yesterday, that no dividend could be paid on the last year's workings; but that of the balance of Profit and Los account, 8500,000 will be transferred to general Reserve, 8300,000 to Construction and De velopment Reserve, and 878,310.85 be carried forward to the 1028
account
It was pointed out both by the Chairman and by Mr. G. 0. Moxon, that while times had been very diffient and expenses, mainly the erection of the Hotel Majestic at Shanghai and Penin- aula, Kowloon, exceptionally heavy the report, far from having to admit a low on working, showed that a certain profit had been made But it was felt that it would not be in the ultimate interests of shareholders to pay a dividend at the moment. Mr. J. H. Taggart managing Director was in the chair and sup- penting him ware Messrs. J. Scott Harston, Allan Cameron, E. M. Raymond, John Fleming Walter, J. Hawker, P. H. Suckling and Sir Elly Kadoorie, K.B.E., Com. Leg
Hoo.
"Sharebalders present were Messrs. C. C. Moxoni Joseph Gould, W. E. Vaa Eps, P. W. Massey, N. Y. A. Croucher, H. Birkait, A. W. Smith; 138304 shares being represented.
CHAIRMAN'S SPEECH.
The Accounts.
The Chairman, in commenting upon the report and balance sheet said: You will observe from the
Profit and Loss account for the year 1927 that the balance of work ing account is 81,102,559.43 figure
Financial Position.
Auditors.
A matter which it is imperative I should make clear to shareholdera 13that relative to the change in status of Messrs. Thomeda & Com pany from Auditors to Accountants to the Company in Shanghai," leesra. Thomson & Company were Auditors to. The Shanghai Hotels, Limited, the business of which Company was taken over by this Company under. the amalgamation affected in 1923. Since that time Messrs. Thomson & Company have been appointed annually by share- holders in General Meeting ar Auditor to the Company in | Shanghai, but 4.9. 1 matter of convenience to the Company it has recently been arranged that as from the 1st January last Messrs. Thomson Company shall act Sr. Accountants to the Company Shanghai-their appointment
in
being from the Board of Directors.
K. M. A.
CERAMIC & REFRACTORY PRODUCTS.
CLINKER, PAVING, BUILDING
& FIRE -BRICK'S
STONETM
-WARF
PIPES &
GLAZED TILES
Ask for our Hustrated Catalogus-Compare our Prices
and Inspect 'our wide Bange of Samples 25 THE KAILAN MINING ADMINISTRATION DODWELL & CO., LTD., Arents, Hong Kong.
in Hong Kong, I would add that Repulse Bay And Majestic Hotels
lesers. Thomson & Company have
Praised.
Kindly consented to such change of I was interested and gratified the status and that it is also agreeable other day to bear a globe trotting to Meare. Percy Smith, Seth & man of the world declare that after Fleming, the Auditors to the Com-a long, and varied experience of pany in Hong Kong, but your Board Hotels in many countries, he must and are quite willing to re- thought it would be hard to find ceive and consider any objection to anything to beat our Repulse Bay such course which any shareholder may wish to Fukrait to them. Allocation Of Balance Of Proft And
Idas Account.
A glance at the Balance Sheet will suffice to show that the amount of Loans secured by Mortgages practically equals the nominal
Hotel in Hong Kong and our Majestic in Shanghai. This should amount of the Company's issued Capital, and therefore in pointing
cheer these responsible for their oveation and their management. **- ous that the Company is under
I now beg formally to propose capitalised for the extent of its that the Report and Balance Sheet
When one considers that for more undertakings and that it is in con- and Acconts, as presented be adopt than two years past this company sequence of that position that the ed, and that of the balance of Pro- has been working at a terrible dis Company has had to rely upon fit and Loss Account $500.000 be advantage owing to various adverse facial asmatance frost other transferred to General Reserve, circumstances over which it had no sources, I am only emphasizing the 8300,000 be transferred to Construc obrious. So ong, therefore, as pre- tion and Development Reserve, and control-involving as they did the sent financial conditions in the that 878,310. be carried forward lock up of a great portion of its Colony continue the above mention tn 1928 account. When that profunds in ed position cannot satisfactorily be pokal has been seconded, I shall be
non-revenue producing remedied, and your Directors are pleased to answer, so far as I am, land and buildings-1 am amazed reluctantly compelled to state that able, any question, which share that we should have pulled through the profits of the Company must holder may wish to put regarding so well. The Peninsula Hotel be retained in the business. They the business of this meeting. regret that it is not possible for. them to recommend a dividend in respect of the past year, and it is only fair to inform you that it is
“I BELIEVE IN CHINA.'
notably has been a very long time building and has been a constant drain on us for years. With its approaching completion
શ
‚· sat.
not likely that a dividend to share R. G. C. MOXON'S REVIEW forth by the Chairman a great im-
holders can be declared until the Peniasula Hotel has been completed and made revenue producing
I do not wish, however, to lay
"
provement thould ensue your financial position.
may I think expect ere long to We have a good business and we transform what I may call our apts-which gives me confidence "dead wood" into profit making
which bears favourable comparison with the similar balances
of
OF CONDITIONS: The credit previous years
of $400,032.25 to Profit and Loss ac count in respect of Rents is con-
Mr. G. C. Moxon in seconding siderably higher than usual, and before you a prospect devoid of said. I am sure you will all have I would therefore explain that in-optimism." The Company in listened with great interest to the cluded in this figure is the rental common with practically all other remarks made by the chairman obtained under agreement with the concerns in Hong Kong and China which appear to me to set forth Military Authorities for the period has had to shorten wall in order to concisely our present position. in our future. Peninsula Hotel Busking. On the years and, if I may say so, it has they were in occupation of the weather the storms of the past three
I other hand, interest during con-
weathered them very successfully. struction, which otherwise would We have not made losses, we have have been charged to capital acade profits; and thom profits havead this after having paid stendy count, has been charged to Profit be placed to Reserves, thus con- dividends without a break for and Loss account for the period insolidating the position on lines that records do not carry me back fur. twenty-four years previously, My respect of which the Company re- will redound to the benefit of ther than that, almost prehistoric ceived rental from the Military shareholders upon a recurrence of Authorities, thus accounting for an prosperity in Hong Kong and increase in the item "Mortgage Shanghai. and Bank Interest." For the pur- pose of comparison of such Item
with the figure for the year 10206, however, I must point out that from the end of 1920 the Company received the benefit of saving of interest on the money obtained by the sale of the Kalee Hotel property in Shanghai.
the questions of reinstatement,
Hong Kong Hotel,
which I have just drawn attention, In the light of the position to
Garage.
Company favoured its shareholders It is now three years since this with any return on capital invested
date.
I soo that the liabilities of the Company in this balance sheet were for the main part composed of
€600,000, Capital.
8225,000, Debentures issued. of grace 1928 it makes my mouth I must confess that in this year
yellow document. water to peruse this ancient and
Much water has flowed under the bridge since those prosperous days And the whole complexion of this Company has undergone a mighty change.
be classed as a public utility Com
I think this Company may fairly pany.
Good Hotels A Public Asset,
for long without good hotels They No great port or city could exist materially add to the comfort. amusement, and prosperity of the entire community
Garage And Motor Bus Bervice. I cannot refrain from making ee ference to our Garage department not only proved profitable to us but and Motor Bus Service which have
PROMISSORY NOTE AND GUARANTEE IN ONE.
TWO STAMPS NEEDED,
CASE ADJOURNED.
A technical point with regard to the stamping of promissory notes was raised yesterday afternoon be fore the Puinne Judge, Mr. Justice JR. Wood at the Summary Courte when Un Man Chik, of 14 Bonham Strand East sued Au Fung Chau and the Tin Shing Keo Restaurant of No. 2 Percival Street, for the recovery of 80% being balance of money lent to a certain Un Pak Ming, the repayment of which was guaranteed by both the defendants. Mr. A. el Arculi appeared for the defendants and the case for the plaintiff was in the hands of Mr. F. H. Loseby.
::
Outlining his case, Mr. Loseby said that he had received noties from Mr. Aroulli that the defence would raise the point of "want of consideration." He would there-
fore put the plaintiff in the box,
box, a document was produced.
When the plaintiff went into the
Mr. Area: It might save your Landship's time if I say at this stage that I object to the admission
that it is not properly stamped. of this document on the ground
Mr. Lochy: If it is not proper- ly stamped I cannot go on with
the case.
In answer to the Court, Mr. Ar-! cult explained that the document was not properly stamped in that it was both a promissory note and
time. The document should also a guarantee. to pay at the "same
bear a promissory note stamp, which it did not.
The Judge held that the docu- ment should have the two stamps to make it valid.
In my hand I have the repart of the Board of Directors of the Hong
I consider that such being the Kong Hotel Co. for the balf year case our well run hotels deserve the which I see that the Directors pro: prosperity, and pengrees at Hong ended December 1st, 1901, from sympathetic support of all think
ing people interested in the you will understand why your posed appropriate from an avail Directors have hesitated to embarkable balance of 291,477.49 the sum Kong and Shanghai and that n upon any scheme of re-building the of $72,000, and to pay a
final reasonable profit to their share North and Middle blocks of the dividend of 12 per cent for the holders should no more be grudged Hong Kong Hotel So valuable half year in question.
than that cheerfully, accorded to
Mr. Loseby replied that if the site cannot, however, be allowed to
other companies in the same eat-document was not valid,” then a Peninsula Hotel.
remain umproductive, and the sub-
6077:
mortgage would also have to bear a Early in January last a settle-ject of rebuilding thereon must
mortgage stamp and a promissory ment was effected with the Military future unless of course a good be merinasly considered in the near
note stamp. Further, if. the Stamp Authorities by the payment of offer should be received for pur
Office had thought that it was s lump sum to the Company covering chase of the site, in which case your
have stamped it after execution, for promissory note, they would not alality of the Company in respect carefully weigh the alternatives of Directors would be prepared to
a boon to the Colony. I am glad all promissory notes were stamped: of postponement of contracts, etc.,
to hear that the Board will devote before execution. and although such settlement was festering the interests of the Com-
much energy to the extension and as satisfactory a one se could have any ether by a sale or by the
development of this valuable and been made in the peculiar circum-erection of a new block.
necessary adjunct to our business. stances of the case, nevertheless
I have pleasure in according The case was then adjourned sine your board are of the opinion- The Garage Department of the
theaks on behalf, I am sure, of die on the application of Mr- expressed from the Chair at the Company in Hong Kong-which
all shareholders, to the various Loseby, who said he wished to argue General Meeting held last year department has in a very few years that in the ultimate interests of the grown from a small venture into tribute to the enterprise and genius we have gone through difficult Arcelli, applied for costs saying I wish to be fair and I must pay for their hard work and efficiency have to look up authorities. Mr.
managers and staffs in our employ the point in question, but would. Company it would have been better quite a large concern-continued to that has caused us to be the owners times but with the return of that he did not see why his client had we been able without inter make steady progress. during 1927. of such charming and palatial prosperity I feel sure they will re ruption to proceed to completion of The Motor Bus services, have in- Hotels as the Majestie to Shanghai,ceive the just reward of their were not occasioned by him
should be made to pay when costs the Hotel, although there was of creased in popularity and have and the Repulse Bay and Peninsuli course no question that the Company been wall supported by the public; in Hong Kong but if I may say labours. was bound loyally to co-operate particularly have they proved to so without giving offence I wish future of this Colony and of Shang- entered.
His Honour said that Mr. Arculli I believe in China and in the might do that when judgment was with and reader all possible, sup- hate been of great convenience to that the old injunction to the tailor hai, and I believe that within a that the application had been made He would however note port to the Military Authorities in those whose homes are situate at about cutting the coat with some the early part of fast year in the some little distance from town. In regard to as cloth available bad comparatively short space of time at this hearing. situation which then arose by the fact your Directors have under con been followed by these responsible quate for the needs of residents and our prosent hotels will be inade advent of the additional troops sideration an extension of the fan the conduct of our businéza, tent to Hong Kong.
motor-bus services ot present Gentlemen, to my mind we have drastic economy coupled with the tourists. I trust that prudence and Work on the Peninsula Hotel operated by the Company, both us been far too bold and the unfor-wise handling of our undoubtedly building is now progressing towards to the number of vehicles and the tunate happenings of the past three splendid properties many before completion, and we are using every that the Company will have in run- caught us bending just when we broken series of dividend paying MR. AND MRS. FEATHERSTONE routes served by them, and I trust years in this part of the world long restore to us once more an un endeavour to open the Hotel in October next in order to be in aning in Hong Kong within the thould have been upright and in years position to reap the full benefit course of this year a number of a position to face such a atorm
motor conches of the best modern
2
Too Bold In The Past.
"
However what is past is past and been formally adopted, the chair
The report and accounts having
THE DIOCESAN BOYS' SCHOOL
IN CANTON":
of business of the Winter season. Every reasonable endeavour bas type approved and utilised by the we must now look to our future man continued heen proposed Ching Park and Mr. Tsui Kum: been made to keep the cost of build leading Municipalities in England, Like Governments, hotels and
A dinner was given by M. Ho ing (which appears in the Balance and thus be in a position to meet hotel managements all the world by myself, seconded by Mr. G. C. Shue on Monday evening last at
Gentlemen, it has Sheet under the heading of "Pay efficiently and expeditiously the in- over were created to afford a ter Moxon, ments on account of Construction creasing demand of the public for get for grumbling and complaints Balance Sheet and Accounts za pre to welcome the Headmaster and that the Report and the Man Yuen Restaurant, Canton, and we are no exception to the rule rented by adopted and that of the Mrs. Featherstone. I think it should be made very balance of Profit and Loss account Among those present were Mr.
in Progress") as low as possible, such means of passenger transporta- take of false economies, so that you
at
the same time avoiding the mixtion
tion Directorate And Staff,
clear to the public that an officer 8500,000 be transferred to General Ho Ching Park, the Hev. and Mrs.
Miss Woo Kwok Kit, Miss Ho Wing
will have every reason to feel proud Mr. A. Brodie Clarke, Dr. E. Lof this Company is specially de- Reserve, 8300,000 be transferred to Featherstone and Hugh Feather of your new establishment, which Marsh and Mr. P. W. Massey who tailed to deal with all complaints Construction and Development Restone, Mrs. Wang Yeak Xing, Mrs. will certainly be a credit to the had formed an Advisory Committee or suggestions connected with the serve, and that 378,310.65 be carri Wa Kai Hung: Mrs. But Was Hing, Comy and in particular to Kowin Shanghai, tendered to the Board conduct of our hotels and that any ed forward to 1928 account, loon-which is now undoubtedly the their resignation effective as from matter of this nature should be gateway to Hong Kong in so far the 31st December last, in order sent in officially to the head office
Other Business,
Ching and Messrs. Ho Kam Yerk, as ocean borne pasenger traffic is to effect an economy to the Com- in Hong Kong where it will al It was proposed by Mr. Joseph Lau Shui Din, Tom Shui Tseung. concerned the result being not only pany by their ceasing to act in such ways receive prompt and careful Gould and seconded by Mr. Henry Chan Yuk Ching, Tani Tat, Lai to provide accommodation for the capacity, and I am sure I am attention. I mention this as of Birkett that the appointment of Kwai Hin, Yeung Kwok Leung, Au residente of the Colony, but also to voicing the appreciation of share course it is evidently quite impos Sir Elly Kadoorie as Director back Ming and Ho Choi Yuen cable Hong Kong-I might say, holders in expressing at this meet ible for any management to deal confirmed and that Mr. P. Scott During the week end visits were almost for the first time to offering the thanks of the Company to with vague remarks regarding this. Harston he re-elected a Director of paid to parents, Old Boys and boys, to tourists the service and attrae these gentlemen for their services or that. But from personat obser- the company Mesra Percy Smith to Missionary and Government, tions of an hotel comparable within the past and for the goodwill vation I do not think we have much Beth and Fleming, Hong Kong, schools & Government hospital and the "modern" establishments of expressed by them for the Com- to apologise for in the conduct of were re-elected. Auditors at a fee to the usual "places of interert sin Europe and America a
pany's welfare in the future..our hotelries,***
2001 of" $2,000 (plm.
Cantor