-until the end of the month, Hats are being offered at special prices.
HEATH
$12.50
дес
Usually $15.00, $17.50
SCOTTS
$15.00 net
Usually sold at 892,50
All sizes, shapes and colours.
Mackintosh
MEN'S WEAR SPECIALISTS ALEXANDRA BUILDING.
& Co Lice
DES VOEUX ROAD
King George IV
PRE-WAR QUALITY
THOROUGH MATURITY
RARE BOUQUET
DELICATE FLAVOUR
OUTSTANDING CHARACTER
UNVARYING
STRENGTH
ABSOLUTE PURITY
Old Scotch Whisky
THE DISTILLERS AGENCY.
EDINBURGH Scotland
SOLE AGENTS:
GANDE, PRICE & CO., LTD.
TEL: C, No. 185.
BONG RONG
AUGGE
UNEQUALLED
TRADE
ACOIS
MARK TERED
BOOT POLISH
WATE
RPROOF
FREE FROM
FOR GLACE KID
One Touch of NUGGET" Makes the whole Boot Shine
THE HONG KONG DAILY PRESS, SAT FEBRUARY 23rd, 1929.
HONG KONG TELEPHONE SERVICE.
PLANS FOR INSTALLING AUTOMATIC EXCHANGE.
A TRUNK LINE WITH CANTON?
·CHAIRMAN'S REVIEW OF COMPANY'S POLICY AND FINANCES.
At the 4th Ordinary Meeting of Shareholders held yesterday in the board room of the Hong Kong Telephone Company, Ltd., the Chairman, Mr. J. Scott Harston, read a long report on the working results of the past year, and gave some details of the proposed new trunk line service between Hong Kong and Canton. This project, he said, had been under consideration for some time and the reconstruction of the telephone service in Canton brought it within the realm of practicability..
The automatic exchange for Hong Kong, the Chairman said, ought to be in operation before the next anaual meeting of the Company, and he saw no reason why the change-over should not take place at the beginning of 1830. Supporting the Chairman, were The Hon. Sir Shou-son Chow, the Hon. Dr. R. H. Kotewall, C.M.G., LL.D., Mr. R. G. Shewin, Hr. T. G. Weall, Mr. D. E. Blake, Mr. C. G. S. Mackie (directors), Mr. J. Taggart (managing director), Mr. J. P. Sherry (manager), Mr. T. A. Barry (acting secretary},
issue the balance of the unissued shares of your Company during the year and these were offered to the holders of partly paid shares in the ratio of one new share at par for every two old shares, the balance e. 16,440, being offered to the holders of the 140,000 fully paid shares which were issued in part satisfaction of the purchase price at which your Company, took over the business in July 1993.
Preliminary Expenses $98,000
I now come to the Item “Auto- matic Plant" (Preliminary Ex-
CORRESPONDENCE.
Fenies) which stands at $88,003.93; THE BENEVOLENT SOCIETY, and it is with great pleasure that
I am able to notify you that very definite progress has been made in
BAILY PRESS."]
GET THAT OUT HONG KONG OF YOUR MIND
connection with the change over of [TO THE EDITOR OF THE the existing manual system to auto- matic working. In July 1928, sfter the Government's approval - had
Siz.-Two years ago you werÉ DE heen obtained, & contraet was en-kind as to publish an appeal of tered into with Messrs Siemens ming for new members for te Bros. of London for the supply an Benevolent Society. The results installation of complete automatk were satisfactory up to a pains bus equipments for the Hong Kong at the present moment there are tem, and according to the terms of anty, 72 members of the Society this contract the installation should This is a very amalt percentage of
be completed early in 1930, and the population of Hong Kong, is reasonable to ssamme therefore which might be expected to show an that before the date of the next interest in the Society. The sub Annual General Meeting the scription for membership is only change over to the automatic 812 a year-81 a month. This small tem will be a fait accompli. The sum is form of insurance, for it equipment will be of British mana-enables the busy person who has no facture throughout. --
time to investigate onses to learn
Right
Now
Change-over Expected in 1930.
immediately whether the pitcou A LOT of folks have that tale is true. It is very difficult to The work to be done by your steel one's heart completely against idea that because Ortho- Company's staff in connecting the story of misfortune-but it is easy cables to the new Exchanges and to send the applicant to have it phonic music is so good, for the replacement of the magnete sifted by the Benevolent Society instruments at subsribers premises in conjunction with the General an Orthophonic Victrola
well in hand; and provided there Charities Organisation. There is is a serious delay in shipment of nothing so unsatisfactory as sport-
must be expensive. materials. I can see no reason at die, unbalanced charity gift of not take place as planned, namely, beggar is only an encouragement to present why the change over should fire dollars to the unfortunate at the beginning of 1930.
him to prey opon more soft-hearted people a gift of five dollars to a deserving case is a mere sap to case one's conscience.
ал
The work involved in the change aver is of a complicated nature, and although matters will be so ar ranged as to cause as little incon- So the Committee lays its plea You will observe from the Balance veulence as possible to subscribers, for more members before the gener Sheet that 150,837 shares out of sI would take this opportunity of ous community of Hong Kong and total of 150,960 issed have been aking the Telephone Public for hopes for a large increase of mem allotted, thus leaving 125 shares their close co-operation with your bership in 1929. In addition, may allotted as at December 31st: Company, both during the transi- plea be made for the Annuai 1925. The shares allotted rank for tion and at the time of change. Report? Do not consign it to the dividend, as from January 1st, 1998, over, by pasing'csreful attention to waste doubt disse umething her
undoubtedly so that earnings will require to be all notifications which may be is substantially increased during the issued from time to time by the tagonising in a report-it's shape. next financial year to meet this. Compans, covering instructions in alone is as a rule against it. But It should also be remembered the methods to be employed for considered reading of the compact the satisfactory functioning of the report issued by the Benevolent that on the change-over to auto-
Society cannot but convince the matic working the old magneto ex- change plant, instrument equipment
Teader that here is work deserving of support-work that protects the and magneto stores will require to.
community at large and benefits be entirely written off, and although
those who have fallen on evil days the latter are of full utility whilst the old system is in being, they
was-Yours faithfully, become entirely useless from the moment the new system becomes operative. Your Directors thought
Four shareholders were premut: Mestra. E, M. Raymond, H. E. B. Priestley, J. E. Joseph, F. M. El THE CHAIRMAN'S SPEECH, Addressing the meeting the Chair. man said. You will observe that the profit for the year under review amounted to $200,001.06 as compared with $220,000.39 for the preceding year, and is arrived at after deduct ing 8188,374.58 for depreciation; $31,848 for payment to Government of Royalties, as provided for under the terms of the Telephone Ordinance; -$5,527-88-for writing off the balance of preliminary expenses, thus cx- tinguishing this account; 8579.80 for writing off had debts; and $4,848.54 forriting off the loss on the sale of our Queen's Road property. De-policy. preciation is higher this year by $14,335.82, but you will observe that substantial additions have been made to capital plant so that de preciation has therefore to be allow ed on the increased value of such
plant
Improved Service.
..
apparatos.
BELLA SOUTHORN.
A.D.C. BROADCAST.
NOVEL EXPERIMENT.
The second performance by - the... A.D.C. on Thursday of "On AD Proval" was a very great success. Not only was the large audienoo most generous with its applause, passed over the Toothghts further but the beautiful, föral afterings testified to their warm apprecia tion of the play and of the four Finyers. Last night there was also other performance is being given a very enthusiastic house, and an tonight. The first set is being broadcast from the local wireles
thophonic Victrolas on our The fact is, we have Or-
display floor that any home can afford. Model Four- three offers you real Ortho- phonic music at small cost. Our plan of budgeted pay- ments makes it possible for youto play as you pay. Come in and have us explain.
S.
Moutrie & Co., Ltd.
Victor Distributors)
Chater Road.
MAZDA
Increased Rates of Subscription. In view of the heavy Capital Ex. penditure to be faznced in this connection, the Government approached with a view to obtain. ing increased rates of subscription, as a result of which authority was granted to increase such rates by it desirable therefore to commence8a. per annum as from the 1st to make provision for this during January, 1999. This brings the an the financial year under review, Dual subscription rate up to $117, and I am confident that share which I would ask you to observe holders will fully concur in this is less by 33 (or $7 if the Royalty of 84 per annum to Government is taken into consideration) than that recommended by the Hong Kong General Chamber of Com merce in their Report of August, 1922, as being a fair rate, to be charged for the year 1928. In making this increase it was taken Inte consideration that the whole of the expenditure on new plant would not require to be met im mediately, but would be spread should therefore be borne in mind station at about 9.10 this evening,. over a considerable period, sad i that a further revision of rates will and those who listenin, will cer be necessary when the total cost tainly want to go to the final per- the reason, as I explained from the ninth sulendid action which taken care of development in pro- f the new plant has been met, for farinace next Tuesday in order to war II 186 Test Annual Meeting,
that the rate of subscribtion to be 80s with the “book. charged resolves itself into a ques production are two of its most The dressing and staging of the in-tion of initial outlay on which is striking features. The frocks were required a return on investment in epecially designed by Madame the manner contemplated by the Rolande Sarrault, the well-known (LCA) MARK. Telephone Ordinance
Parisian couturière of Asiatic mention that the Government has vision of the indefatigable pro- Before concluding I would like to Eu lding, under the personai super- been in negotiation with this Cam- ducer, Mrs. F. G. Hunt, and are pany during the year for a grant perfectly delightful. The entire of intercommunicating facilities be furnishing of the stage was kindly Whilst on this subject of General tween the Government and Public undertaken by Mesara. Lane, Craw- Reserve, it might be well it 1 Telephone Services, and your Comford, Ltd, under the direction of pointed out that your Company is, the Government's request in this under the watchful eye of the pre- pany has felt it right to accede to Mr. H. E. Scriven, and again by the terms of its franchise, matter. restricted to $50,000 21 the annual
I think it only fair, how-ducer with her many years stage
if the profits do not allow such an tive coincident with the change
ppropriation to Reserve and that ever, to point out that this con-experience.
cession will; when it becomes opera- appropriation in any financial year,
During the year under review, our Company has continued its policy of proceeding as quickly as possible in all directions with work which will tends to maintain and extend the improved service which Royalties Increase
has been afforded to subscribers. Royalties continue to form an in. This has included, inter alia, the putting down of new conduits and erensing sim each year, being the laying of an extensive network $2,637-more than for the preced-of underground cables, which, be ing year and the difference in the sides allowing for overhead lines to amounts payable from year to year on this account is an index of the taken down, as called for under extension of your business from the terms of our franchise, has which the Government benefits with viding service during the year for Your Company664-additional exchange dry and You will notice that bad debts 3p additional extension lines, have decreased to a very low figure, which, I feel sure you will agree, being $1,055.10 less than for the represents a very satisfactory previous year and represent only a créase in your business. little over .05 per cent, on the gross turnover. This satisfactory result amply justifies the institution of the system of deposits to which I re- ferred on two prious occasions from the Chair. Your Board decid ed that, commencing on July 1st, 1928, interest should be allowed at the rate of 4 per cent për annum
on all deposits of $50 or more, pro- vided same are held for a period
of not less than six months.
General Reserve.
Or the Liabilities side of the Balance Sheet you will observe that General Reserve stands at $175,000, and is represented by the Reserve Fund shown on the contra side.
I now formally propose that the
2.8 pre-
Dividend 8 per cent, for the Year,
dison-
Mazda Lamps!
STAR
THEATRE
TO-NIGHT
At 6.00 & 9.15 p.m.
W. R. BANVARD PRESENTS
THE NEW BANVARD MUSICAL COMEDY CO.
with
THE BANVARD BEAUTY CHORUS
TO-DAY- at: 5:00
TO-DAY: at 9.15
"TIP TOES
PROM THE WINTER GLEDEN-
Tabatek, LozRDE,
"Clowns In Clover" TO-MORROW FOLIES BERCERE"
at 5:00. TO-HORROW
The Queen's Boad Property. Referring to the item of $4,648.5 representing a loss on the sale of Your Queen's Road property, your the amount 850,000 cannot be in the Government dispensing with over to the new system, result in Directors received, during the year creased in any subsequent year. the majority of its public tele-Report of the Directors sad t under review, an offer of purchase In the ordinary course of business phones, with a corresponding do. Accounts for the financial year end and after careful consideration de-it will no doubt become necessary. cided to accept same, subject to your Company being left in undis of your Company from time to time
to make calls on the issued shares crease in revenue to your Companying December 31st, 1929.
Canton Trunk Line.
seated, be adopted, and that the turbed possession of that portion to finance capital additions, and I would also like to make refer mended by your Directors, as in following appropriations recom.. of the building then in use for ex- assuming, for the purpose of illus ance to, & proposal for the eatab corporated in the Balance Sheet, change purposes, but which will tration, that the Authorised Capi-lishment of trunk telephone service be carried into effect, namely:- ultimately be vachted when the new automatic plant is brought into will be apparent that the annual which matter was given very full tal of $5,000,000 is fully paid up, it between Hong Kong, and Canton, operation. The purchase price was appropriation of $50,000 to Reserve consideration by your Company so at the rate of 800 per sq. ft. and is only 1 per cent of your capital, soon as it became known that the
Payment of a Final Dividend the receipts from this sale are re- and consequently it may be neces Canton Telephone System was o
of 4 per cent., making a total flected in the cash position of your
of 8 per cent. for the year, Company, which, I think sharehold-ay, in the future to make repre- be reconstructed, developed, and $70,004; Transfer to General ers will agree, is highly satisfactory modify this provision of the Tele bas always been before your Com sentations to the Government to brought up to date. This project
Reserve, 850,000; Bonus to Euro. There remains a balance of purchaso
pera Staff, $9,725.07; Transfer to money amounting to 356,378 which Phone Ordinance so that the on-pany, but the absence of a satis Stores: Obsolescence Reserve, doce not become due for payment traual appropriation to Reserve may factory system in Canton with 825,000; Carry forward to next
be increased. us until we hand over to the par-
which to connect up, bar hitherto account, 829,386,701, 2018 Am chaser (the National City Bank of
Assets.
been an insuperable barrier to the Mr. T. G. Weail: I am sure share- New York) the remaining portion of Turning now to the Assets side provision of trunk communication, holders will have listened to the the property which we now occupy. of the Balance Sheet, you will ob The opening up of an automatic Chairman's speech with great in
In completing this sale, your serve that General Plant has been telephone service in Canton and terest. Those shareholders who | Directors were actuated by a desire increased by 6230,807.00 which re the reconstruction of the outside have been unable to be present to augment your Company's cash presents for the most part the cost plant in that City will, however, should read it very carefully at resources in view of the heavy pay-of capital additions of a permanent bring this matter within the realm their leisure. I have much plea ments which become due from time nature, such as the laying down of of practicability and your Company sure in seconding the Chairman's to time against shipment of the new underground cables in continuance is now in communication with the motion, to automatic plant.
of the replacement of overhead | Canton Administration with a view The small loss on this sale repre-wires, as required under the terms to co-operating with the latter in sents the residual value of the old idea of the magnitude of the work Kong to. Canton. There exists, I of the Telephone. Ordinance. Some the projected trunk line from Hong
OTHER BUSINESS. building, which did not hold any involved will, I feel ure, be con believe, a strong need amongst the Other business transacted was value for the purchaser.vered to you when I state that commercial communities of both Beelection of the Hon. Sir Shou I am confident you will endorse 4,720/ circuit miles of underground cities for such a service which I am son Chow and Mr. R. G. Shewau, your Directors' action in the mat cabling and 82.475 circuit miles of sure would be much appreciated the retiring directors, to the Board. tor of they disposal of this property covered distribution, were laid down and greatly in demand plan proposed by Mr. E. M. Haymond, particularly having regard to the during the year under review. The main conditions your Com acconded by Mr. H. I H, Priest- fact that prospective purchasers Land and Buildings chew a Capi pany has in mind are that the pro- deya Kir for a valuable site of this mature al addition of $140,848.85, which is position be facially sound and Re-election of Messrs. Lowe, at a price at which your Company in respect of the purchase of a that the methods of construction be Bingham & Matthews as auditors
the Automalle Installation. would be prepared to sell as few and a portion of the cost of such a totalozi good and unintar. for the current year at a fee of BHONG KONG WELL erection of a new Exchange Build, rapted telephone service at all $2,400-proposed by Mr. JE For the same reason as actuated ing for Kowloon This building has times. If the latter be given effect Joseph, seconded by Mr. F. M your Directors in disposing of your been designed to provide initial to, then I believe there need be no Ellis Queen's Bond property umely for Dividend warrants can not finance the new automatic, installers lines, with ultimate extension the financial side of the matter, "tion, it was considered desirable to to 20,000 subscribers' lines,
(Continued on 'nezt: Colump).
No question was naked and the motion was carried unanimously.
obtained at the Comp tered" office,
"Review of Revues
at 9.15 MONDAY "Review of Revues
at 9.16 Farewell Performance
SPECIAL MATINEES: 5.00-To-day and To-morrow. $3, $2 and, ¥1. Evening Prices: 84, 83, 82 & $1.
Booking at Moutrie's and Theatre
ON SALE,
OUND VOLUMES.
PRESS, January to June, 1925.
P's regis
WITE INDEX, Palcz 87.60,
On Sale at the Hörg Kóng Daut PIZES OFFICE.