MASON'S
DELICIOUS
O.K.
SAUCE.
Library, Supreme Court
Hongkong Daily Press.
·No. 22,336 號陸世百叁仟式萬弍第日叁廿月正年午庚
KOWLOON-CANTON RAILWAY.
TIME-TABLE.
On and after DECEMBER ore, 1929, until Farther Notice (all pravion Time Tables cancelled), (
IP TRAINS
STATIONS Fo, No. 8 No.10 No.8 No, 13, 14 No. 16 Hal Na Wa36 Mata No.38 4.M. AM. || AMC AMCAM.) A.M. | Y.M. | P.I) 1,K, P.X. PAL) T.M. 7.K,
Kowloon. Dep. 6.40 8.058.30 9.08, 0.15 10,00 12.10′ 1,15 2.46,1'2.50 4.50 5,40 7.88 4,885,48 7:44 Yaumati Dep. 6.49
4.50 6,00 7.56 5.04 6.138.09
* Taipo ... Dep 7,15
9.23 10.08 12.15 1.23
Bbatin...Dep. 7.01
9.38 10,90 12,50 1,33|
9.53 10.33 12.43 1.48
Тара
Market Dep.7.20
- 1 -
Fanling Dep. 7.30
9.58 10.87 12.47139-18.06.17 8.13 10,10 10.47,18,57) 2.02 - 5,186,27 8.53 3.98 5.236.89 8.27
Sheung.
shni Dop. 7,35) — [9.07) 9.43/10,15 10.52) 1,03) 3,07 Shuri-
chun...Arr. 7.41 6,45, 9,13 9.5110.21 10.58 1,08 3,133.10 3.34 5.99 6,38 8.83
Canton...A - (12,03) ---
5.49
8,90
DOWN TRAINS
STATIONS
No. No. No. 1 Xo.11 No. No. 1 (A.M. A.M.' AK
Canton ...Dep
ESTABLISHED 1857.
HONG KONG. FRIDAY, FEBRUARY 21, 1930.
Registered as a Newspaper at the Genera) Post Ofics in the United Kingdom.
伍拜禮 日登廿月弍年世百九仟登英
WHAT IS "REASONABLE" INTEREST?
Üçon
THE RISKS OF INVESTORS.
SOME INTERESTING FACTS AND CONCLUSIONS.
14
period of feverish com-garding the fate of British com- would almost certainly have lost his pany formations there has lately panies" since the year 1880, which money through fraudulence. or sheer ignorance and incompetence on the followed in England a reactionary was the first for which adequate part of the management. In virtual- period in which the risks of eater-information exists about that largely no caso did such a fate overtake ordinary mis- prise loom larger than the allure proportion of all companies which companies through ments. We see this particularly in never begin operations. (Before fortunes incidental to a trading busi- the figures for public capital issues, that data these companies often re- The Reasonable Return on Capital, which diminished, for the third mained on the register because it quarter of the year, from £17,400,000 was worth nobody's while to have in 1997 and €15,300,000 in 1023 to them removed.). 20,200,000 in 1829.
At the same time, during the boom in cinema, gramophone, and 1.12 No. No. No. 13 other new formations a year ago, a A.X. | A.M | 4.3. į Z.K. | P.MLİ SM.
8.10
Shamchan...Dep. 7.17 3.03 10.34 11.08 11.37 11,47 2.48 439 5.47 ở Sheunghai. Dop 23 5110
1
Fanling ... Dep. 7,30 9.15 10.47 Taipo Market. Dep. 7,40 8.25 10.574
...Dep. 449,31 11.01
Taipe
Shalin ...Dep. 7,573,44 11,14 Taumati.Dep. 8.11 9.58 11.26) Kowloon Arr. 8.17 3,03 11.33, 11.45
(11,85) 2,54 | £46) 5.54 12.00 3.00 4,505.58 12.11 3.11 5.00 6.08 19.168.18 5.04 6.13 12,303,995.17 6.26
12.49 3.44 5.29 6.88 12,0712.48 880 3.85 6.44
P. F.X.
6,25
*FOR FIRST Oman Pasznosas ONLY. WILL STOP AT ANY STATION OF REQUEST Farther information may be obtained at the Railway Orvices, Kovicos, from Mosera. Tape. Coox & Sox, Lro.. Hore Kowa, from THE AMERICAN EXTERNE COMPANY, Hone Kons, or trom THE ORINA TRAVEL BREVIOR, 6, Quma's Road, Hose Kore.
501
By Order,
R. BAKER, Manager.
and Oure.
ness."
Now these calculations. Have a leeson for the investor, especially when they are carried a bit farther and the sums of money involved, as well as the number of companies Company Failures-Thely Frequency failing, are considered. During the ten years from, 1802 to 1903 there was an average loss, through "com. The common saying is shown to pany liquidations, of 2.7 per cent ba pretty trup. There were 1,16% of the capital involved, the average Of paid-up capital being £1,285,000,000 companies registered in 1880.
and the average loan £35,000,000. these 106 naver really began opera- Now during this time the average tions. Next came 64 companies which rate obtainable on Consels was 2.0 were wound up under an order of per cent. The investor, therefore, was acting more prudently in mak- the Court, having on an average ing an investment in Consols than failed to carry on business for four in buying industial shares at a complete years. A group of 177 price at which they yielded below companies was wound up, on an 5 par cent. Supposing that the average after seven years and nine rate of risk at the present day were months, because they could not the same, and taking the present meet certain definite liabilities. yield of Consols as 41 per cent., we The largest group of 303 companies should have an economic rate on was wound up for general reasons, company investment" of about 6 by voluntary action, and there re-per cent. Shares yielding less than main (apart from 27 cases of which this ought to be correspondingly the history could not be traced, and safe A few exceptional cases) only 126 companies still operating.
great many people, including many women, began to take an interest 325in the investment of their money in 6.18 6.4218.52 industrial and trading enterprises
8,49 Also, people who had previously
taken the advice of a banker or stockbroker as final began to find relish in the exercise of thinking 7.00 7.3317.34 and deciding for themselves. They were helped in this by the rise of a class of writers in daily and weekly papers ready to give them advice on the use of their money. This advice being often quito irrës-
Fewer Liquidations, ponsible, the newly fledged inves.
Professor Marshall, however, with tors often camo tumbling to the
To see whether these results were his great nuthority, but without the earth in their first flight, and some truly typical, Professor Macgregor support of any figures, maintained of them have piously resolved to investigated, as well as he could, that risks of trade are on the the Tale of companies türmedia, whole diminishing rather than in- keep to the nest for evermore. It 1856, 1979, and 1876, and found that creasing." Professor Macgregor has is certainly far better for those who these had survived in similar pro- tried to test this contention also. will not distinguish between honest portions and similar number of He Ends that if the percentage of advice and the charlatan's tip to years. At the end of five years 44 liquidations of companies, po the per cent, are found still operating, total of existing companies be taken give up all ideas of framing an in-at the end of fifteen years 27 per as a measure, then the rate of risk vestment policy for themselves. cent., and only 7 per cent. of com- was, broadly speaking, increasing But those who are ready to take the panies. registered in 1865 still exist from 1880 to 1000, but decreasing in any form. In the light of these from 1900 to 1913. Skipping the trouble to make this distinction will returns we see that during the last war years, we find the percentage not be shy for ever because they seventy years anybody who invested of liquidations also declining from
money in an average company 1920 to 1928. have been bitten once.
should have counted upon that com- pany surviving only about four years, while even if we take the average company among those which were not liquidated pretty well im mediately, the chances were that it
HONG KONG, CANTON AND
MACAO STEAMERS.
JOINT SERVICE OP THE HONG KONG, CANTON AND. MACAO, STEAMBOAT CO., LTD., AND TRECHINÄ NAVIGATION Co.,Ltd.
HONG KONG-CANTON LINE Sailing from Hong Kong: Daily, at8AH. & 10.00P.M., Sundays Sailings from Canton: Daily, at 8AM.& 4.30 P.M.40. only)
10.00 r..only) (Sundays
HONG KONG-MACAO LINE. SAILINGS From HONG KONG-Daily at 8 a.m. & 4p.m. (Sundays exceptól) NAILINGS From M'AOAO - Daily at 8 mm. & 2p.m. (Sundays excopted) EXCURSION TO MACAO:~
On SUNDAY, 23RD FEBRUARY 8.8. "SUI TAI"
r』
Will depart from the Company's Wing Lok Street Wharf at 9 AM and from Macao at 4.00P.M. NOTE-All Steamboat Compsay's Stearners are fitted with. Wireless.
LOCAL MAPS
Peak District,
Kowloon,
Victoria,
New Territories.
HONGKONG DAILY PRESS.
Where to have Tiffin To-day. LANE CRAWFORD'S
RESTAURANT:
MENU.
From the Joint Waggon Roast Leg of Veal, and Ham
and Vegetables...95 cts.
would not last ten years.
Large business amalgamations are a frequent occurrence in the world around us, and any indication of the comparative risks run by capital invested in larger na ngainat smaller companies would be valuable. We find, in this study, that the average capital of companies wound up was £20,000 in 1864, but that the average for the years 1882-8 went up, to £70,000 because a number of large companies amished in 1887. The average capital of existing com- panics is now under £50,000, com- pared with £8,000 in 1802, when
The Element of Risk. There are some conclusions in a study by Professor, D. H. Macgregor in the current number of the Economic Journal which ought to be. If the investor had made the mis- well-known to every investor. The take of putting his money into one of the quite abortive companies, article deals with the risk factor in this would have been, according to joint-stock business, and was inspir-Professor Macgregor, because the ed by a desire to explore the facts idea which the company was meant to render profitable was either not for confirmation of a common any bright enough or too bright. Just ing that "out of every hundredna in the South Sea boom there was prices were double their present
businesses that are started, twenty company formed to exploit an in-level. Thus there is no tendency for vention hereafter to be disclosed, so the small unit of enterprise to dis- disappear at once, fifty to sixty in the year investigated there was appear. At present, moreover, the regetate, and only ten to fifteen 'are
aCash Expenditure Repayment investor is learning to question the successful." Professor Macgregor Trust, Limited," which sounded too merits of huge-scale organisation. But if he had The recent sharp decline in Che- has tested this saying by the men good to be true.
chosen one of the companies which mical shares is partly explained by sure of all available statistics re-were compulsorily wound up, be these doubts,
Diary of Coming Events,
To-day. (February 21.)
Golf: Bogey Pool, Fanling. Hockey: HK. Ladies . Recreio. Lammert's "Auctions: Household Cricket League, Div. I. H‚K. Furniture, 4, Amai Villas, Kos.C.C. The Army, University r loon, 11 am.: Steam launch "Bee Kowloon. Div. II. Craigengower Lee," Bales Rooms, 3 p.m.
..R.E. & S., Kowloon v. Univer sity. Friendlies, Div. II. C.S.C.C., Christian Fellowship Meeting, I.R.C., Recreio e..H.K.C.C.
H.K. and Shanghai Banking Cor-
ARTS & CRAFTS Hors D'oeuvres 60 ets. Helena May Institute, 10.30 am-
HONG KONG & SHANGHAL
CARPETS AND RUGS.
ARTS & CRAFTS
LIMITED
(INCORPORATED IN HONG KONG)
To-day's Tiffin-$1.35.
1.-Paree Brown Pea Soup 2.-Shrimps and Ham on Toast
9.-Kai Sze Yee Min- * # * # 4-Steak and Kidder Pie
6. Boast Log of Pork,
Ms Apple Sauce
6. Curried Yeal
7-Roast Potatoes
8-Boiled Potatoes
9.-Cabbage
10.~Hot Onko and
Golden Syrup
1-8, Wyndham St. (8.0.M.P.Bldg.) C.4173 11-Fruit 12-Tea 18.-Coffee
Tennis Tournament.
Football Association Coun
eil Meeting, 5:30 p.m.
Kowloon Bowling Green Club, Meeting, 8.45
Queen's
Trial.
Bellamy
Sunday. (February 23.)
Sexagesima,
Golf Bogey Pool, Fanling, and Junior Championship Semi-Final.
Fapling Hunt and Race Club: Hounds Meet at Kennels, 3.45 p.m. Queen's Theatre: "Masquerade." World Theatre Peril of the
City Hall, 11:30 1. Mary Mecting, Jungle" and "Cowboy Kiday of
am.
Andrew's Church Hall, 3 p.m.
Concert, Children's Matinée, St.
Guarda Association of H.K. and South China, 2nd Annual Dinner, World Theatre: "Wild Orchids" Lane, Crawford's Restaurant, 8 and "Westward Ho" (Chinese P.m
Queen's Theatre: “Bellamy film).
Trial." Star Theatre: "Where East is East
Majestic Theatre: "Wings." Ten Dances Hong Kong sad Peninsula Hotels, 5 p.m.
Dinner Dances: Hong Kong and Peninsula Hotels, 8.30 p.m.
European Mails:-Inward Europe vid Negapatam (Col. di Lana), Europe rid Siberis (Kitana Maru).
Saturday.
World Theatre: Wild Orchida" And "Westward Ho" (Chinese film).
Star Theatre: Where East is
·Tast."! -...
Majestic Theatre: "Wings." Tes Dances, Hong Kong and Peninsula Hotels, 8 p.m.
-Dinner Dances: Peninsula Hotel,
Hotel, 8.30 p.m.
Chance."
Tea Dance Repulse Bay Hotel, 4.30 p.m.
Europesu Mails:-Inward : Europe "vid Negapatam, papers only (Sui Sang)...
Monday. (February 24.)
Annual Race Meeting, Happy Valley.
Monthly Meeting, H.K. Art Club.. Queen's Theatro: "Masquerade." World Theatre: “Peril of the Jungle" and "Cowboy Kid."
Star Theatre: "A Lady of Chance."
Tea Dances: Hong Kong and Peninsula Hotels, & p.m.
Dinner Dances Hong Kong and,
Bepulse Bay Hotel and Hong Kong Peninsula Hotels, 3.20 p.m.
European Mails: Outward European Mails: Outward: Europe vid San Francisco (Presi Europe vid Marseilles (Kitanodent Cleveland), 5 pm, and vid Annual Race Meeting: Happy Maru), 9.30 p.m.; Europe vid Siberia (Prezident Cleveland), 0 Valley, 3.p.m
Siberia (Soochow), 3.30 p.m.
(February 22.)
p.m
THE
HONGKONG
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