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Designs are wonderfully varied-cubist, striped and checked in multi-colönred effects, or for those with quieter tastes there are plain colours relieved with contrasting colour collars and cuff".
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at prices from $17.50 each. · Less 10% discount for cash.
Mackintosh's
N.Y.K.
NEW MOTOR-SHIPS
"ASAMA MARU
3
FLAGSHIP
-and to Europe. "
TERUKUNI MARU YASUKUNI MARU
X1,837 gross tone, 526 shut.
FROM JUNE AND SEPTEMBER, THIS YEAR, THESE SISTER MOTOR-SHIPS WILL SPEED UP THE SERVICE VIA PORTS" TO LONDON. SUPER H CLASS TYPE: ACCOMMODATION FOR 121 SALOON PASSENGERS, 68 SECOND AND 60 THIRD CLASS.
Comfort and
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NIPPON YUSEN KAISHA
The waterproofing and softerm elfect of NUGGET is appreci ated even by the folle of the Midnight Sun
NUGGET polishes the Shoes
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URD THE WORLD GENES
BOOT
HONG KONG DAILY PRESS, THURSDAY, JUNE 19, 1930.
THE INDO-CHINA STEAM NAVIGATION
COMPANY, LIMITED.
ANNUAL GENERAL MEETING HELD YESTERDAY.
THE DOLLAR AND MILITARY GUARDS.
after. During the year under re view the Luer Steamship Company, in which the Company held equal shares with the China Navigation Có., Ltd, and the China. Merchants Steam Navigation Co.,, was volun- tarily wound up, the B. Luenbo being taken over by us on satis- factory terms, and operated on the Lower Yangtze River..
I have already referred to the piracy of the Kiawo on the upper river in October, and I feel sure we can rely upon the" ever-ready help of H. Navy to protect British interests on the Yangtsze.
The annual general meeting of the Indo-China Steam Naviga tion Company was held in Messrs. Jardine, Matheson's board room yesterday, when the Chairman, the Hon. Mr. J. J. Paterson,While not coming within the year gave a very interesting review of the past year's work.
of
During the course of his address, Mr. Paterson commented military on the withdrawal, by His Majesty's Government, guards, leaving the British companies no option but to arrange with the local police for the formation of Indian guards under European officers. In speaking of the dollar, the Chairman said. that he feared for the proverbial goose who would, in effect, be fed silver to produce gold, and upon whose internal system the. ferment of bimetallism might will have disastrous consequences!"
CHAIRMAN'S INTERESTING REVIEW.
THE CHAIRMAN'S SPEECH.
Mr. Todd having read the usual notice, the Chairman said:
As the report and statement of accounts have been in your hands for some days, I presume you will, as hitherto, take them as read.
Your Directors regret that the welcome improvement in 1028 was not maintained in 1929 and it will be found from the accounts before
and wars.
drafts in August. Conditions steadily improved thereafter and or October & the Lecsang reached the Tientsin Bund, our first vessel to accomplish this for nearly two years. The opening of the river enabled us to resume, valuable and old established connections, but at the same time we have had to meet with severe competition, and 'Haibo River conditions are by no means
normal
Our Calcutta and Borneo lines
were well supported throughout the year in deck passengers and cargo but, in the case of the former, opposition was a bar to the raising of rates to a remunerative level, Negotiations are now being cop- ducted which, I hope, will result in a satisfactory understanding being reached with our competitora.
to
under review, I would mention, in passing, that in January this year the Tackwo, bound from Nan- king to Shanghai, was attacked by an armed boarding party mas- querading 'under the guise of Gov- erament troops, with alleged orders to search for ammunition and ar
They rest suspicious characters. opened fire, killing a Chinese pas senger and mortally wounding a quarter-master. While the vessel washove to she was subjected to volleys of rife fire from the shore. and it is surmised that this was caused by rivals in search of opium belonging to yet another clique whom each was endeavouring to forestali. It will be noted from this further glaring example of present-day lawlessness in China that foreign lives and property are but little respected, and although a strong protest was made through diplomatic channels, it is not to be wondered at that shipowners in the Far East view the subject of ade- quate protection of merchant ship. ping with considerable concern. The Withdrawal of Military Guards.
Victor Dance Records
for June
Here's a batch of bright new rhythms that brings glad tidings to dance lovers everywhere. Do you like your dance music mild and mellow, fast." and furious, or warm and wicked? Take your pick from this month's list-you're sure to find your favorite. And your favorite orchestra too! Do yourself this favoR Z come down and listen to all the now Victor Records où'our Victor Radio with Electrola. You won't be sorry if you do
and you may be sorry if you don't
GROMCH OLIEN
It Happened in Monterey-Walts The Song of the Dawn Fox Trot
No.22570, 10-inch I.Like to Do Things for You-Fox Trot Happy Foot Fox Trot Lão Resman and His ORCHESTRA. No. 2498, 10-inch Dancing to Save Your Sole Fox Trot All I Want is Just One-Fox Trot
No. 12384, 10-sch
I Still Remember-Fox Trợt
GUS ARNHETM AND, His ÖlCEDISTILA
I Never Dreamt (You'd Fall In Love with Mo-Fox Troc
....... RUDT VALLÉS: AND HM CONNECTICUT. TANCIES
No. 22361, 10÷lnék
On a Blue and Moonless Night-Fox Trot Promises Fax Trot
I'm in the Market for You-Fox Trot Just Like t'a Story Book~For Trot * No. 21391, 10-inch The Moon is Low-Fox Trot Montana Call-Fox Trot"
WAYNE KING AND HES ORCHESTRA. No. 21399, 10-inch
No. 22392, 10-Inch
"AND" HIS" MCsses
GEONEZ ÖLSEM
AND HIS MUSIC:
Bernie CÙMMENTS, anD HIS NEW YORKER: HOTEL ORCHESTILA
'I Don't Need Atmosphere--Fox Trot (To Fall in Love)
Home Is Heaven-Heaven Is Home-Fox Trot (Spiritual)
GEORGE OLSEN AND HIS MUSIC: No. 22381; 16-loch Minnie the Mermald Fox Trot You Will Come Back to Me-Fox Trot
*No. 22355, 10-inch Dancing the Devil Away-Fox Trot... I Love You So Much-Fox Trot
Na. 22383, 10-inch You're the Sweetest Girl This Side of Like a Dream-Fox Trot
No. 22400, 10-inch Mysterious Mose-Fox Trot Slappin' the Base-Fox Trot
No. 22411, 10-inch Telling It to the Taisies-Fox Trot
BERG CUMMINS AND HIS NEW YORK Whippoorwill-Fox Trot
VICTOR ARDEN- PHIL OBMAN AND THER ORCHESTRA. Heaven-Fox Trot
THE HIGH HATTERS. "
TED WEEMS AND HIS ORCHESTRA.
HOTEL, ORCHESTRA
NAT SUILERET AND THE VICTOR ORCHESTRA.
No. 22408, 30-Inch
S. Moutrie & Co., Ltd.
you that the profit on the working
As regard piracies on the coast, of steamers fell from £193,188 12.
I am glad to report that with the 3d in the former year to £31,444
valuable assistance of the naval and 12. 3d. for the period under review.
military authorities, to whom our The reasons for our poorer show
grateful thanks are due, we were ing have been briefly mentioned in
entirely freo of these serious the report as being due to a te
menaces, but it must not be infer érudescence of political disturb
red from this that present preca ances in China, which, with in
tions can be relaxed. As you have creasing taxation on cargo, con-
I regret to say that the cost of no doubt read in the Press, H.M. tinued to affect trade on all our operating tonnage on the China Government signified their inten principal lines. I cannot do better coast continues to increase in every
tion of withdrawing military than refer you to that part of the direction, but no effort is being guards on April 1 this year, leav chairman's speech at the reccut spared to keep a close watch on ing the British companies po option annual meeting of shareholders of all expenditure. There is a ten- but to arrange, with the Hong the Hong Kong and Shanghai deney on the part of port authori. Kong Police for the formation of Banking Corporation, where he ties
increase their charges Indian guards under European mentioned that China failed to without due consideration of the officers. Unavailing protests were realise the hope of the previous fact
that shipping is passing made in London, and locally, year and had relapsed into civil through a period of great depres against the withdrawal of military war. That statement adequately sion, and I would remind them units, which we strongly contended sums up the difficulties we have had that their efforts to increase re were the only means of adequately to contend with, and I do not provazue may have the opposite effect protecting vessels against piratical pose to detain you with a detailed by stifling, shipping enterprise and attacks, and while H.M. Govern account of the succession of crises industry. Latest advices from home ment relaxed to the extent of per- indicate that there are some four mitting these facilities to continue to five million tons of shipping temporarily
untii the Indian lying idle in home and foreign guards bad reached a state of ports and that while freights are efficiency, I regret that in the well below pre-war level, operating meantime an iccreased burden of expenses generally have increased expense will rest upon British from 60 per cent. to 100 per cent. shipping companies who are now Another very disturbing factor in faced with additional outlay in- our shipping activities has been the sisted upon by the Government fall in exchange, which has steadily authorities in the shape of garrison declined, and although the full cutablishment costs which would, in On the upper river the anti-effect of this was not felt in 1999, the ordinary course of events, con- British boycott was revived at it will have to be faced during the whether or not men were withdrawn tinue to be a charge on the Crown' Changking in May, and although ensuing year. the cause for its resuscitation is still not clear it was supposed to Hong Kong cross rate is another
The unfavourable Shanghai and from their ordinary duties. Hither to the Government had only collect" have arisen out of the Wanhsien serious feature, nor can I see any which was considered quite fair ed actual out-of-pocket expenses, Fincident of 1925-we have 47e thing to be gained by attempting to
believe that certain six Hong Kong currency at present and reasonable. Having stated that Chinese factions.took advantage of silver levels.
it is the considered opinion - of the situation to keep the boycott
shipowners that military guards are alive, with varying degrees of in-
The Dollar Again.
the only effective measures for the Lensity, until October, when con-
So far, I have seen no very.com.
protection" of their interests, iz:iš ditions became as normal as we vincing argument for the F.V. not my desire to belittle in any way have come to associate with that dellar, that is a dollar of value say
the efforts of the Hong Kong Gor turbulent region. It is hardly sur 2/- fixed on gold. It must be re
ernment in placing all police faci- | P
Those Present. prising, therefore, that our Yang memiliered, speaking widely, that lities at our disposal for the train to pay any dividend. The transfer
Those present were :-Hon. Mr. sze earnings did not compare Hong Kong is not, as Indo-China, ing of native guards. On the con- from contingency reserve will leave favourably with those of the pre- the Straits or the Philippines are, their assistance, and will co-operate balance of 518 5. 10d., which it! Mankie, Sir Robert Ho Tung, Mr. trary, we thoroughly appreciate the revenue account with a credit J. J. Paterson, Hon. Mr. O. G. S.
Suffice it to say that these up heavals took place for the most part in the Yangtze Valley, where our chief interests lie, and though it has been stated before that the recuperative power of trade in China is remarkable, signs are not wanting that it is becoming serious- ly weakened by lack of stable con-
ditions.
reasons to
vious year.
川
The Klawo Piracy.
cumstances.and va
In our southern trades there was
either a producing or consuming
Victor Distributors, Chater, Boad.
ALL THE MUSIC YOU WANT WHEN YOU WANT IT
on
V
centre but rather, for geographical with them to the best of our ability is proposed to and strategis reasons, & clearing in order to give this experiment sext year.
a fair trial art for Southern China.
That a large part of Hong Kong's business with Canton is done in Hong Kong dollars 1. am well
What The Future · Holds,,
ICTOR
RECORDS
Resolutions.
carry forward to A. H. White (Directors), Mr. H
Turner (Solicitor), and the follow- shareholders: Messrs. ing
Ho
ACARDO PAYS HER FIRST VISIT
HEAVY CARGO OF OIL Arriving with 7,000 tons of kerosene and benzine on board, the first visit to this port. Owned by -British steamer Acardo paid her the Anglo-Saxon Petroleum Co... for whom the Asiatic Petroleum. Co. are the local agents she left Balikpapan en June, 11 and arriv ed here on June 17.
On October 19 the Kiawo WAS pirated between Changking and Ichang, fortunately without loss of
I now beg to propose the follow Leung, Ho Tang Ying, Chan Wing, life. For some time previous to
Shareholders naturally look for ing resolution: That the report. Tod, MH. Lo, T. T. Lauren- this incident, naval guards had
some reference at these meetings and statemeut of accounts, as pre-son, A. M. da Silva, J. Baptista, been withdrawn from upper river aware.
It should be remembered to future prospects, but I regret sented, be adopted, including the F. C. Hall A. B. Stewart, for Ho ened areae, but on application, the these two ports exists, however con- phesy what iz in store for us, Con- reserve to revenue accuck, and 1 Kwong, and R. E, Macdougall. naval authorities resumed the prae- cealed.. tice. Our grateful thanks, are due I may be dense, but I feel thatditions change so rapidly in China that the sum of £818.5s, 10d. be.
that I feel sure you will appreciate carried forward to next year."
As soon as this has been second- to them for their ready assistance most of the solutions I have the futility of expressing any views. en this and other occasions, also seen advanced in the papers by will, however, say that we exed, I shall be glad to answer to the to our Boating and shore staff supposedly collar paid people for perienced fairly normal trading best of my ability any questions along the whole Yangtze for their set the good days when silver was conditions in the early part of this which shareholders may wish to taet, and forbearance in trying eir really silver, and advocate a system year, but you are all aware that at ask,
whereby the payee gets a 2 dollar the moment civil war is raging
Sir Robert Ho Tung "I beg to won by the payer outside Hong a regrettable absence of security in Kong in depreciated silver. I fear along an extensive front in Central second the resolution, as proposed the provinces of Kwangting and for the proverbial goose who would, China which must inevitably have by the Chairman,
a sad repercussion, on commerce...
The Chairman: I will put the Kwangs, thich eventually led to in effect, be fed silver to produce in fact, it is already in evidence. resolution, which has been proposed open warfare in the autumn and gold, and upon whose internal
Unfortunately the prospect of an hy myself and seconded by Sir affected businers for several months, system the ferment of bimetallism Our Yangtze and coastal lines are, might well have disastrous canse early termination of these political Robert Ho Tung, to the meeting disorders and the opportunity to Will those in favour please signify for all practical purposes, connect-quences.
trade in peace, which we all so in the usual way i potom The s... Acardo is a steel screw Unless our ing links of the same service, so
modern alchemists
The motion was carried unsteamer of 5,767 gross tonnage and that disturbances at either end in- find the philosopher's stone, earnestly desire, still seem remote.
With the exception of the strand-animously
3,425, neit tonnage and was built The next business was the dog by the Union Construction Co in fluence the whole, and my survey suggest that peace in China is the of conditions on the river, there only solution, followed, as it would g of the Kingwo, on the Upper fore, applies equally to the coast, be, by a revival in trade and by the Yanglaze in December, a contin- firmation of the appointment of the 1021 Her, dimensions are, length In the great rice trades of Southern absorption of silver stocks. When gency which has to be faced in Hon. Mr. G. G. S. Mackie na 412 feet, beam 53.4 feet and depth China, the year was a gloomy one this may be fulfilled you are all in navigating these difficult waters, director of the Company 30.9 feck Captain Davies is in Mr. FC Hall I beg to propose command of the vessel, with a crew for rice merchants as well as ship as good position to judge as I the Company has been free of major owners. The amount of business am. But I find it difficult to be casualties. Our thanks are due to that the appointment of the Hon. of 11 British officers, and 30 Asiatio contracted as small, resulting in lieve that any successful formula all members of the Company's Mr. C. G. S. Mackie as a director
sta, both ashore and afloat, for of the Company be confirmed shipowners scrambling for what can be found whereby the existing their devotion to duly during an Mr. A. Murdoch Beconded - Mr- little was offering, with the result dollar can be written up to 2/3 admittedly difficult year, and parti Hall's proposal, and the motion that unprecedentedly low rates were without someone having to nurec the rule rather than the exception. the difference. Speaking generally, cularly on the Yangtze River was carried unanimously
directors, Some owners were forced to lay up I think it hard that this burden where conditions have been very Then came the re-election of their ships for weeks at a time. should be, thoved in tote on the unsettled down.
They will be interested to learn Mr. A. B. Stewart proposed the gilting of the Haiho employers, who have paid cut good that have been taken for the re-election of Sir Robert Ho! Tung
dollars in the past, and who, in Turning to our
our Tientsin services, my opinion, are now in for 'dif immediate execution of a trast as a director, and was seconded by. my predecessor last year laid stress ficult future.
deed specifically to secure their Mr. N. L. Railton, and, when put on the shortcomings of the respon
pension which will be operated by to the meeting the motion was New Middle Elver Steamer.
carried unanimously, an sible Chinese authorities innot
tiro-trustees maintaining dykes in a proper At our last annual meeting you Turning to the accounts, it will state of repair which largely con- were advised that the Directors be seen that the profit on the work kad be Rs 444 tributed to the sting or use undering a VESIN Haihe, or Ticntain River, intil new Middle River stediner to FC 128. 3d, but after allowing for avigation became impossible for place on older unit. The building depreciation and all liabilities, etc.. other than tugs and lighters. vam contract for this new vessel was it has heen found necessary to glad to: state, however, that efforts signed in September. She will be transfer £49,000 from contingency made last year, wasted by mature named the Pootor will be launched reserve, to cover the loss on our in the shape of freshets, succeeded about the end of the month" and revenue account, and in the circum
• in re-opening channels to restricted will be in commission shortly there stances, I regret it is not possible
zentron.
ADVICE FOR INVESTORS..
READERS are reminded
to
that inquiries relating. the share market are answered on page 12 every Tuesday by Kulan. Let tors should be sent to this office, and must be accom- panied by writer's name and
Mr. Ho Leung proposed the elec- tion of. Mr. John Fleming and Mr. & Ritchie as auditors of the Com- † pady for the year 1930 at & TC muneration of 35.000. This was seconded by Mr. M. H. Lo and was carried unanimously
th The Chairman That is all-the-Editors business, gentlemen, and I thank you for your attendance,
address, Letter thould
tau
addressed the