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HENRY HEATH
BYLA ANG MUKOKEN VERNE U DAT MAKI
LTO
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THE STEAM LAUNDRY COMPANY,
Sanitary Laundrymen, Dyers and Dry Cleaners.
Head Office & Works:-Mongkok, Tel. 57032. (Kowloon Hotel Depot) Hong Kong Depot:-16, Stanley St., Tel. 21279. (Peak Hotel Depot) Peninsula Hotel (Visitors only), Hong Kong Hotel (Visitors only).
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NOTE
THE
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$6.50.
THE "STYLEX”
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SPECIAL
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CALL AND INSPECT
MEN'S OUTFITTING DEPARTMENT.
WHIDIVAY, HADDY &W, IM.
HONG KONG
HONG KONG DAILY PRESS, MONDAY, SEPTEMBER 29, 1930.
HONG KONG AMUSEMENTS, LTD.
DIVIDEND OF 20 PER CENT. FOR FOURTH YEAR IN SUCCESSION.
CAPITAL TO BE INCREASED TO ONE MILLION. DOLLARS.
Presiding at the annual and extraordinary general meetinga” of the Hong Kong Amusements, Limited, which were held at the Queen's Theatre on Saturday, Mr. J. Me Noronha announced that it was now the fourth year in succession that the company was able to pay a dividend of 20 per cent, not taking into account the bonus, and that the Directors felt confident that this satisfactory result would continue to be maintained.
Speaking at the extraordinary general anesting, the Chair man stated that the object for which the meeting was called was to give effect to certain resolutions which, if carried out, would enable the company to increase its capital to one million dollars.. He explained that the company's business had grown out of all proportion with the original capital investment
CHAIRMAN ON COMPANY'S: PROSPECTS.
Supporting the Chairman were | 8303,265.51, and theso practically all Messrs. Lo Kan, Lo Shun Wan, J. represent accounts for films. The 8. Gubbay. Lee In Cheung, Ma Taui Chiu, J. Harrop (representing Mr. J. H. Backhouse) (directors) and Mr. Chas. S. Rossclet (Seere Lary).
Shareholders present were Messrs. Ko Leong Hoe, J. Noronha, Ho Ei, C. C. Tao, P. Poon, Alla S. Baaker, M. A. Kam, O. L dos Remedios, B. N. Chau, K. C. Chau, J. Alves, Wong Chung Lam, Yu Yat Yue, Fong Wai Shan, Ma Lau Shau and D, M. Biggar...
Addressing shareholders at the ordinarly yearly meeting, the Chairman said:-
chief item in the assets to bring be- fure your notice is the figure for films and film rights. This amount has been considerably increased on account of the increased cost of sound and talking pictures.
With these remarks, gentlemen, I beg to propose that the directors report and statement of accounts for the twelve months ended March 31, 1930, be adopted, and after this has been duly seconded I shall be glad to answer, to the best of my nbility, any questions shareholders might wish to pit.
per share, as the requisite sum of 85 por share (totalling $40,000) will be transferred from our reserve fund and capitalised in order to nako the new shares fully paid. This bonus of 85 per share includ{ ed in the exchange of one ordinary share of 10 fully pull-for-each- deferred ordinary, share is in the Entituro""" of compensation - to the holders of the deferred ordinary shares for relinquishing their lene- fits under Article 187 of the articles of association.
The next step is to increase the capital of the company to 81,000,000 by the creation of 84,000 additional. ordinary shares of 810 each:"(this') includes the 8,000 shares to be issued to the holders of deferred | ordinary shares as above mention- ed) of which 24,000 will be offered to shareholders at a premium of $2.50 per share, 28,000 will be offer- ed to the public at premium-of 810 par aharo and the remaining 26,000 will be subsequently offered at a minimum premium of $10 per shure at such times and on such conditions as the directors may think fit.
Zarning Onpacity Elgger.
At already mentioned, if these proposals receive your approval the continued progress and successful development of the business of the company can be viewed with great. confidence, as the acquisition of the Queen's Theatre would materially reduce operation, costs to the cam utilised for developing the siter pany and part of the capital on be which the company has already ac quired. After very careful con- your directors -have sideration every confidence that the progresz and carning capacity of the com- pany will not only be maintained but increased.
I would now formally, propose that these resolutions be passed as extraordinary resolutions, and after this has been seconded, if share holders present desire any informa tion, I shall be glad to answer questions to the best of my ability.
Your chairman hinted in his speech last year that our business has grown out of proportion with the original capital investment and
If your directors by the extra- that it was likely that time would ordinary resolutions of this meet- necessitate calling upon you for an ing obtain your saction, to pro- increase of capital. You are aware ceed with the increase of capital and the decision is confirmed at the by now that this has come to pass meeting which has boon called for and the matter will be brought upOctober 13, we shall proceed to take at an extraordinary general meat-all the necessary legal steps to make Owing to the absence of youring which will immediately follow
the necessary application to the Court to give effect to the resolu Charman, Mr. Backhouse, who had
our present.moeting.
tions which are mentioned in the to leave for Home in April Inst,
notice and which have been read to am privileged to address you to
you at this meeting. day. The report and statement of accounts together with the auditors report having been in your hands for a clear week, I will follow the usual custom and take them as read. Before proposing the adop- tion of these accounts I would like to state that the seeming delay in calling this meeting was due to the sudden introduction of talkici": all the principal theatres com- prised in our circuit. This innova. Lion has, naturally, brought in its train a complete change in, the system of working, and as this change happened to coincide with the last months of our financial year some delay was experienced in reconciling the accounts from zeveral of these theatros, necessitat- ing exchange of correspondence ex-- tending over a few weeks.
Change In Policy.
The year under review, viz., 1029-1030 registered a change in our policy through the purchase of various properties for the erection of our own, theatres, a change which in the opinion of the board is not- only desirable but wise..
As indicated in the balance, shect we acquired the following 3 pro- perties:
3. Kowloon Inland Lot No. 2205 containing an area of 18,110 square feet;
Seconded by Mr. Ho Ki, the re- port and accounts were unanimous ly passed.
Mesers. J. H. Backhouse and Lee Iu Cheung wore re-elected directors. on the proposal of Mr. Gubbay and seconded by Mr. Ko Leong Hoe.
On the proposition of Mr. Remedies and seconded by Mr. Poon, Messrs. Linstond & Davis were re-cketed auditors at the yearly remuneration of 2500..
EXTRAORDINARY GENERAL
MEETING.
The extraordinary general meot- ing called to considor and, if thought fit, to pass certain resolu- tions, was held immediately after the business of the annual meeting had terminated.
In explaining the purpose for which the meeting was convened, the Chairman said:-
As you are all aware, this ex- traordinary general meeting is being convened for the purpose of increasing the capital of this com- pany. to 81,000,000.
Those of you who have watched the growth and progress of this company can readily see that the business has grown out of propor- tion with the original capital in vestment: And this fact, coupled with the proposed : acquisition of A lot at Swatow containing the Queen's Theatre, lias, after
2. A lot on Avenida Almeida Ribeiro, Macao, containing an area of 1,282 square metres or about 12,520 square feet;.
3.
an area of 5,600 square feet. very careful and prolonged .com. These are all very valuable sites,sideration, prompted your directors centrally situated and admirably | to bring up the proposals that are suited for out purposes, and your now being put before you. directors have every confidence in To achieve this end, certain their successful development. legal procedures are required and
Our profit for this year, after these have been thoroughly em providing for the usual deprecia-bodied in the notice convening tion, amounts to 8116,331.61, which this metting which has just been with the amount bought forward read to you by the Secretary.. from the previous year amounts to I might here explain that, in 8183,447.59, which is slightly more reality, there are only two classes than the previous year. The of shares at present, namely, de- legal reserve of 5 per cent is ferred ordinary shares and pre- being appropriated as usual and weferred ordinary thares. In the recommend to place 850,000 to notice and circulars that have bron general reserve. The bonus to staff went out you will have noticed that is the same amount as for the the existing shares have been previous year and is to be dis designated into thres classes. This tributed by the managing director has been necessary on account of according to his apportionment, and the wording of the company's 1 am quite sure you will agree memorandum of sacciation in that that they have deserved this appro- 6,000 ordinary shares of 810 ench ciation of their services.
nay bé isted under such conditioni It is also proposed to declare a as may be decided by the company dividend of 82 per share on pro. and these were actually issued with ferred ordinary shures, which means | the
the same proferential rights as the 81 per share on deferred ordinary proferred ordinary shares thus shares, according to the articles of making them one and the same association, plus a bonus on all class.
:
shares 630 Confs, which mounts
ferred ordinary shares. This now
Change of Artlales.”
a return of 25 por cent. on the pre- Briefly, it is required to alter the leaves a balance of 848,030.94 to be memorandum and articles of the carried forward to the credit of the company and to, firstly, reduce the next account, approximately $1,500 Present capital by the cancellation more than the previous figure. This of the deferred ordinary shares, makes the fourth year in succession then to extinguish the preferential rights attached to the preferred that your company has paid n dividend of 20 per cent not taking ordinary shares and the ordinary into account the bonus, and your rights and then, to increase the thares issued with' preferential director el confident that this satisfactory result will continue to capital by 880,000 to provide-8,000 ordinary shares of $10 each to be issued to the deferred shareholders in substitution for the deferred:
The Eeters of the -deferred, urd
be maintained. (ang
drowing Business.
you will notice in the,vATIOUS-FC",
serve an amount of 8104,500.38, dinary shares will not be requir Sundry créditors amount- to ed to pay up the additional 85
The proposal was seconded by Mr. D. M. Biggar and passed unanimously.
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The representative MURAKAMI Orders for Shirts at
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