Money
and Markets
EWO COTTON MILLS.
ADDRESS BY CHAIRMAN AT ANNUAL MEETING.
HIGHLY SATISFACTORY
REPORT.
The ninth ordinary meeting of shareholders of the Ewo Cotton Mills Ltd., proprietors of the 'Ewo. Mill, King Yik Mills and Yang tarpoo Mills, was held at Shang. hai, last week at the offices of the General Managers, Messrs. Jar dine, Matheson & Co., Ltd. Mr. R. Mein-Austin was in the chair, and. the attendance represented 181, 423 shares.
THE HONG KONG DAILY PRESS MONDAY, MARCH 24, 1930.
considered the proposed issue very
desirable.
The premium on the shares (Tls, 500,000) will be placed to the credit of share premiuth account and later," with the approval of shareholders, be transferred to Reserves. With the Ts., 100,000 now allotted to equalization of dividends fund this would then bring our total renerves to the point at which they stood before we had to draw on them so heavily a few years ago.
Proftable Spinning. The year's trading was generally satisfactory and practically all our departments worked on full time throughout the
year. Spinning
was a profitable operation during the whole period, while the other acctions of our Mills did reasonably
well.
HONG KONG REALTY & TRUST CO.
YEAR'S PROFIT $188,000.
DAILY SHARE QUOTATIONS.
The Hong Kong Realty, and Trust Company Limited, held its dur annual meeting of Shareholders at Exchange Building on Saturday,
Mr. E. M. Raymond presided and supporting him were Messrs. J. H. Taggart Scott Harston, P. E. Kwok, Sir Shou Son Chow and Mr. John Fleming,
Shareholders present were Mezars. F. C. Barry, A. W. Smith, Mok Wong Kan, G. C. Moxon; T. R. Parsons, C. E. White. A total of 46475 shares were represented.
CHAIRMAN'S SPEECH. The Chairman, Mr. E. M Ray. mond, addressing the 'meeting said:
I think that the balance sheet, and accounts as presented, taken, in con-
At our last annual meeting it was mentioned that we intended to erect a small plant for the manu-junction with the amplifying re After calling upon the Secretary, facture of Hessian Cloth. This marks thereon, appearing in the Mr. R. J. MeNicol, to read the has now been working successfully Director's report shew comprehen notice convening the meeting and for several months and would sively the financial position of the alzo the auditors' statement, says ask any shareholders in whose husi Company as on December 31, 1929, the ". Daily News, the Chairness Hessian Cloth is used to ob
and in those circumstances there is man spoke as follows:
tain their requirements from us in
no need for me to enter into de stead of buying a similar article tailed explanation in connection
therewith. from Calcutta.
The report and accounts have been in your hands for some time and, with your approval, I prepose to follow the usual custom and take them as read.
Satisfactory Results.
It gives the general managers and consulting committer great pleasure to present süch
satia- factory result of last year's work ing and I will now proceed to com- ment on the proposed allocation of the profits
"The dividend of 8 per cent. "on the preference shares absorbing Ths. 72,000 is in accordance, with the terms on which these shares were issued.
¦
I
Until the autumn there was' an absence of political trouble and I think that the results for the year show what might be possible for cotton mills in Chins were peace and a settled state of the country an established fact.
to deteriorate so that increasing Chinese cotton, generally appear
difficulty is found in obtaining suit.. able enttons, while deliveries from India have been disappointing.
་་
The profit for the year under re- view including the sum of 811,057.23 brought forward from the preced ing year and after setting aside 828,752.71 for depreciation, amount- ed to $166,427.65. Deducting there- from the interim dividend declared on July 20, 1929, and absorbing 880,000, an amount of 8105,427.55 remains. which your Directors re- commend be apportioned as fol-
lows:-
41
To pay a final Dividend
of 30 cents per share, $60.000,00 To transfer to General.
Reserve
To Carry forward to
New Account
18
$99
HONG KONG STOCK EXCHANGE.
SHAREBROKERS
ASSOCIATION.
Jailure
Balsu Nominal
SATURDAY, MARCH 22.
Buyers Beller
Bales" Nomisa
$780
$130
1.160 $999
M.850
3340 1900
$6.65
こ
8147 $6.10
North Chips. Union Ins... Yangtana Int.... China Firen
T13.60 Langkate (comb).
$33
T.125
!!!
***
Docks, Wharros, Godowns, etc.
H.K. & K. Wharfs. Providentamen H.K. Docks treat Shanghai Docks... New Engineerings Hongkows
Cotton Mills
EWOR
11
FOREIGN MATES.
RADIO NOTICES
The Radio Office, where fall information concerning "all wirelem services may be obtained at all times, in situated on the ground floor of the "P, & U Building in Dos Vœur Roső, text to the General Post Office.
Individuals and firms are recommended to register.their teingraphic ad- drosos at the Hadın Office, Na, charge is made for this,
Bathr
$1,370
H.K. Banks
81,360
£112
Do. (London) ...
£18)
Chartered Bankr
Mercantile B
"A"
£39
Do.
Bank of East Axia.....
329
Insurances
JAPA
JAPAN & SHANGHAI
Canton Ins.
"Underwriters
$780 $1.10
hat
SWATOW
!!
1.10
T180
$399
308
H.K. Fires
$340 3000
U.S.A. (Bottle, 8th March), Caxadı,
JAPAN & SHANGHAI
INWARD MAILS.
"
FION
Pu
Da
CALCUTTA & STRAITS...
U.S.A. (San Francisco, 18th February},{
HONOLULU, JAPAN AND SHANGHAI ..') Calcetta & STRAITS *TRAITS
• via Buss (Letters & papers, Lon-
Kimapore...
Tango Mark ...OkenonceSMJ.
den, 27th Feb. & parçal, London Rajputar a 20th February ****
Ho Sang...
Пи
24th. Mar.
Pres. HoKinley
24th
Mar,
... Kumsang...
25th M 'sth Mar
25th Kur.
H
25th Mar
18th Mar,
97th Mar.
L
SHANGHAI & ANOT
Shipping
***
CANADA (Victoria B.D., 9th March),
USA., HONOLULU. JAPAN & BHARU¤ai]| STRAITS
Pren, Jeferson Tikarang
28th Mar.
20th Mar.
Emp, of Emmi..
30th Mar.
Hakone Maru
Foth Mar,
Douglases ...............
$29
#224
MAMILA
Fr McKinley'
31st Mar.
Steamboats
$261
JAPANTM
Ginyo Mars
31.t. Mar.
300
$43
Indos (pret)
$00
$80/
Do.(def.)
U.S.A. (San Francisco, 7th March).
HONOLULU, JATAM & Shawowai.
Pres. Fan Buren
5th Apr.
99/6
Shell Transports ... 92/3
94/9
$95
Water-boats
**
Mining
Benqueti
Kailana
OUTWARD MAILS.
REGISTERED and PARCEL MAILS are closed 15 minuten earlier than the time given below unless otherwise stated, and "whera mails are advertised to close at or before 9 am registered
and parcel mails are closed at 5 p.m. on the previous day.
T.7
T5
Th30 Explorations....
Do. (single)
Fox
PIA
Dars & Tran
Shanghai Loans
$18
$184
Raubs
$181
$1/-
Tronoh Mines.*****
19/3
Monday, $4th,
Fort Bayard
Haiphong
STALOW
Wing Los.. Canion Hydrangea
1.80 F K
1,80 r *
2.30 PM
$1481
$5.10
1.120
1
Shanghai and EUROPE via Siberia
Japan, Honoluin, Canada, G.S.AN C
8. America, & EUROPE via San Fran- cisco-dus Ban Francisco, 16th April ...) Amoy
Free Taf!"
Parcela Bog.. Lattern
8.00
4.13
3.00 w
Talma
5,007 v
Pree. Taft
Bog Letter
5.00 M
6.00 PM
Shanghai, & EUROPE via Siberis
Antalyoun
T13.40
13.25/45
Jars Via Batavia -
www
Tjimanook
1.80
7.78
S'hai. Ctons (old)...}
Do.
(new)...
T.834
Par.
Tal
Strafts and Calcati
Yuaniang-
Letters
T.10Zoong Sings
T.01
Tuesday, 28th,
10.3.) A M 10.33 A Noon
1.00 M
Kowloon P.O.
nigon, Caylon,
Lands, Hotels and
Building
Todia, Mauritius, y
East and South Africa, Adoo, {| ChoneTCEQUI Egypt & EUROPE via Marseille-
tek.
1.00
*
lers
1.007
G.P.O.
tine darseilles, 25th April
Keg.
-1.45 PM
Letters
9,30 Y M
$12.90
Swatow, Amoy and Foochow
Haining
2.00 PM
Fort Bayard, Hoihove & siphong
Tonkin.
1,90 P
Manila
Pres. McKinley ...)
4.30 X
Japsá
Rang
5,00 P
Swalow
Obskaang...
Wednesday, 26th,
Hofhow, Pakhoi & Haiphong
Manila, Australia & Now. Zealand via“
Thursday Jaland — due Thursday Island, 7th Apr 1
***
Limehow...
Rg
8.30 AM 8:45 AM
Biruits, Ceylon, India, Mauritius, E. & 8.1
Africa, Adea, Egypt & EUROPE Rawalpindi vis Marseilles-due Marseilles, 25th! April
Shanghai
Kwangiung Hinmang ... Talthybius Fres. Jefferson
Letion 9.30 A 3.30 z
Thuraday, 27th,
10.30 AM
1.00
Friday. 25th,
4.30 ex
9:30 A Kowloon PO Parcels Beg. 28th, 8.00 x, Letters 10.00
G.P.0. ||Par.28th,,5.00 PM Hrg. 29th,9.45 a me Letters 10.30 a
Baturday, 29th,
9.30 AM 10.0
10.30 AM 4.30 r.
Monday, 31st
Parcels
10,3 A M 8.50 M
Tango Maru
Taiyuan
Cremer Batching....
Ohukiang...
T.126
T7.80
280
40,000.00
!
6,427.05
T13.30
and I trust that this allocation will
Shortage of Workers. Although there has been no labu our trouble or strikes during the period we have suffered from a shortage of suitable workers other mills and works starting up in the district endeavour to take away our best and it is some time before raw learners become even passably effect with the approval of share- cient. All our Chinese employees holders more particularly as the have recently received an advance augmentation of the Reserve by the in wages.
amount I have just stated, will have the effect of bringing the amount standing to the credit of that se count, up to $240,000.
The proposed final dividend on ordinary shares of Tla. 2 per share makes a total dividend for the year" of Tls. 2.40 per share, equivalent to 49 per cent. on the par valde, and I feel sure that this will be bighly satisfactory to shareholders
The depreciation of buildings by Tis. 80,000 and plant and machi-
During the year we handed over nery by Tls 170,000 is slightly in the Foreign Mill Staff Club House excess of the amounts written off and tennis courts to the Christian in the last few years, and has the Day Nursery for Chinese schools approval of our auditors, while the and playgrounds; this accommoda- other sums allocated to depreciation was found too small and we tou, s. 2,000 on furniture, therefore converted six of our haus. Tis. 2.000 on water supply and T 300 on motor ears do not call for comfernt.
With the addition of Tls. 100,000 to equalization of dividends fund this reserve will stand at Tls 1,100,000 or Tis, 300,000 less than it was a few years ago hefore we had to draw on this fund to Pay n dividend in respect of the years 1994 and 1995. but it will be Tis,
09.000 higher than in 1926.
At the end of the year the amount standing to the credit of special repairs and renewals fund was Tls. 34,400.72, the amount expended dur- ing the period under review being T. 170,300.15. It is proposed that Tis, 253,000 e added to this Fund. The recommended allocation or Tis. 30.000 to the Chinese supernn nuntion fund should keep us well rherd of our liabilities in this con- nection for some time.
The suggested bonus of Ta 80,000, to the staff at the mills will he highly appreciated, will encour- age them to further endeavours in the interests of the Mills and is I think you will agree well de rerend.
"Turning to the balance sheet you will see that Delita due by the Chi- nose. Government stand ut Tis. of Tis. 938.724.62, Аг increase 12,971.94 representing interest ac cured during the year. no further payments having been received.
Our stocks are higher by about Tis, & lakhs ne compared with our position at the end of 1928, this difference being in respect of yarn and cloth.
Intereat shows a credit of Tia. 33,697.72 as against Ts. 3,117.43 in the previous year: this is due to our having carried small stocks throughout the greater part of the year.
Issue of Capital. "As you will have seen from the local newspapers and as intimated in our circular dated March 8, 1930. sent together with the report and Accounts to all ordinary sharehold- ets your consulting committer have decided to offer the 100,000 ordin- ary shares of our authorized capital that still remain unissued at a pre mium of T. 5.00 per share, in all Tls, 10 per share,
Since the amalgamation in 1921 we have spent on property, build- ings and plant and machinery ap. proximately Tls, 2,700,000 and go far we have only issued 100,000 shares at a premium of Tla, 5 bring. ing in Tis. 1,000,000. We have fur. ther capital expenditure in view, particularly at Kung Yik Mill
To-day, provided all the alloca tions have your approval, we shinil have to disburse in dividends, bonus and general manager's commission over Tis. 2,250,000; this will absorb practically all our cash in hand and in order that your company should not be hampered by Inck of funds and in order to provide for extensions and improvements in view your consulting committee
The Company's properties, both central and residential have been well maintained and, I am pleased to be able to state that same have under review,
es for schools, nursery and hospit-been fully occupied during the year
al.
I do not feel that I can usefully say anything regarding prospects for the present year, but in spite of the China New Year holidays. the uncertainty of the political situation and the decline in the price of yarn I may mention that the profit for January/February is not unsatisfactory.
Before proposing the adoption of the report and accounts I shall be pleased to answer any question you may wish to ask, to the best of my ability.
Resblutions.
"
The report and statement of ne- counts were' secnnded by Mr. Moxon and carried unanimously.
Messrs. P. K, Kwok and 'John Fleming, retring directors were re-elected on the proposition of Mr.
***
$19.90
3061
中中華
111
T13.15/
1115
***
H.R. & S. Hotels... $12,80 #13; H.K. Lands --- $68
Humphroya *****
$8,30 H.K. Realtys
T.240 Shanghai Lands....
$7.90 88.10
$14
8:4
174
$98
404
Chinese Estates
Public Utilities
807 8:00
$16
Tramways re
$19.60
· 3193"
$79.60
911 80.05
Peak Tram (old). 811
Do. (new)... 8 Star Ferries
$67
Arroy
C. Lights (old).............
Do.
$20.60 (new)... $181
Do (comb.).
8246
20.60/. 75
8241
Etrails
H.K. Electrios....
886
Swalow, Amoy and Fooshow
423
·841 The auditors, Messrs. Linstead $1130
1.18 and Davis, were re-elected, on the proposition of Mr. Smith, second- ed by Mr. Mok Wong Kan.
Macao do
Sandakan Lights....
Telophones
$11
Boihow, Pakboi and Haiphong
China Buses
10/-
8/
-18/3
Parsons and seconded by Mr. Barry.
There being no questions, the be re-elected as members of the Con- meeting then passed on to the resulting Committee. solutions, all of which were enrried Resolution 3:-That Messrs. LowE,
Bingham and Matthews be re-elect unanimously, ng follow-
Resolution 1-That the Reported auditors of the Company for the and Accounts as presented be passed ensuing year at a remuneration of and that the allocation of profts Tis. 6,000. for the past year be adapted.
Resolution :--That Messrs. H. Martin Little, W. Wakeford Cox, 4. M. Cannan, Zee Quan-Yuen, Pan Ching-Poo and Woo Ling-shu (Continued on.nezi Column.)
As there was no further business" to he transacted, the Chairman de- clared the meeting closed, thanked everyone for their attendance, and announced that dividend warrants would be posted that day.
AMERICAN STOCK QUOTATIONS.
LATEST WALL STREET, PRICES.
The following quotations have been received from their cor- respondents, Mesars, Harden, Stone & Co., of New York, by Messrs. Swan, Culbertson & Fritz, Sassoon House, Shanghai,
cable address: Swanstock," Shanghai), who are not responsible... for cable mutilations:-
Tone of Market-Steady. No. of Shares done.-4,500,000. Call Money.-3 per cent
*
American Smelting Anaconda, Copper Baltimore and Ohio. Borg Warner & Co.. Chrysler Motors... City Service Common Curtis Wright Common Eastman Kodak ........ Electric Bond and Share General Motors ...General Ry. Signal
Gold Dust
Goodyear Tire and Rubber Granby Consolidated .Grigsby Grunow ...... International Cement Montgomery Ward Nevada Consolidated Radio
Seara Rocbuck & Co. Simmons Co. ....
Standard Brands
Standard Oil Co. of New Jersey Standard Oil Co. of New York. Union. Carbide and Carbon.. United States. Steel Willys Overland
A-Plus stock extras. BIncludes stock extras. C-Payable in stock.
$201
$0.30 8281.
$2.65
$18
Tractions
Do. (pref.).
Industrials
"Caldbeck, (ord.)
Macgregor (prof.) Canton Ices...... Cements (comb.)...
Der A. Wings..
31.30 Constructiona
T.10 T.10 12
$14.40 $14.40
14:40/50
SIG $LUS
Do
38.40 $0.80
8.40/
Do, Корея
*(old)... (now)..!
Boibow
$31
Sandakan
Japan
China Sugars...******
Maila
$27
Malabon Sugare, ...)
$29
United Asbestos
·Hakone Maru...
Miscellaneous
Japan, Canada, USA., C. & 8. America
& EUROPE via Victoria, B.C.-
Pres. McKinley
Reg
+
Dairy Farms.........
$21
申瞩目
dus Victoria, B.U., 18th April Manils
TR
Litera
5.00 M
Emp, of Buria ...
3.3) M
Amusementa
228
81.20
Shanghai & EUROPE via Siberia
Reg. Pres. McKinley ||Leiters
5.00
8.00 7 X
Lane Crawfords Mackintoshs
$3.
APRIL Tuesday.
Nauyang Tobacco...
$4
Manila & Jara via Soerabuis
Tjikarang
10.30 AM
Kowloon P..
$12
Sincores (old)u
$10,70
89.00
$11.40
$12.20
8traits, Ceylon, India, Mauritius, E. & S. Africs, Egypt & EUROPE is Mar- seille due Marseilles, 2nd May
Reg.
1106
Menelaus
Leiters 1,00 2 a
G.P.O.
Reg. 1 Leiters
1.45 x
Bhanghai, Japan, Honelalu, 8A,)
Canade, Central & South America, and *EUBOFE via Ban Francisco das Eat Francisco, 95th April' mod | "EUROPE ris Siberia
Shanghai, Japan & *EUROPE ria Siberia Mishima Maru
Tenyo Maru
7.30 PM
Ber 5.00 Wednesday. and, Lottars 8.30A
Friday,
4th,
830 AN
Saturday, 5th,
Japan and South American Porta
Ginyo Maru
*Superscribed commspondence only.
10.30 AK
prem.
Do. (new)...... Watsons............................
Wm. Powells...............| 22). B. Ind. Q: Bonds... 612 H.K. Govt. Loan ...) $105||
¿
NEW YORK, March 21
Lost. Dividend.
Latest Sales.
FREEDOM OF EXCHANGE.
IN ITALY. w
· EXCHANGE RATES.
4
30c, A None 8B
60
None 2D
23
1.00
2.60
1.20
D-Flug 4% in stock. E-Plus 0% in stock.
*18398-889898828-82ce192882
INPORTANT MEASURE FOR
SETTLING LIRA..
Rome, March 14.-The freedom of exchange transactions with foreign countries has been reinstituted in Italy. The Italian and foreign Fress welcome this measure which was eagerly demanded in faancial
circles.
It may be stated that this step is conclusive for the settling of the lira and of the Italian financial situation: it is furthermore proof that the gold reserve of the Bancr d'Italia amounting to 10 billions lire is sufficient to face any circum-
stance.
The circulation of paper notes has decreased by two billion lire. and is guaranteed at present by: a gold reserve bigger than the one existing when the lira was fired at: 12 to a pound.
[BRIMSH WIRELESS SERVICK]
Ruary, March 22.
121.31
Paris New York Brussels
4:80 11/16"
34.355
Geneva Amsterdam Milan Berlin Stockholm
23,115
12,13
92.04.
20.385
18.10.
Copenhagen Oslo
18.16
18.17
34.525
1641
193
38.80
108/30
375-
818
623/32
42 5/32 1/5/13/16
1/111
1/01
2/01
19 15/16
19
Vicana Prague Helsingfors Madrid .... Lisbon
Athens Bucharest Rio
Buenos Aires Bombay Shanghai........ Hong Kong Yokohama Silver (spot) Silver (forward)
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