STEAMBOAT CO.'S DIFFICULTIES.
COMPANY ON SOUNDER BASIS BUT NO DIVIDEND THIS YEAR.
NEW POLICY OF DIRECTORS JUSTIFIED BY PROFITS:
EFFECTS OF EXCHANGE.
ד'
That the earnings of the Hong Kong, Cayton and Maczo Steamboat Company did not justify the Directors paying a dividend was announced by Sir Robert Ho Tung at the Annual General Meeting of Shareholders of the Company held yesterday.
Sir Robert traced the effect of the dng in exchange on the Company's income, pointing out that all resiipia were in either Hong Kong or Candon currency while payments of practically all kinds had to be on a starting basis.
Speaking in support, of the Chairman, Mr. M. Fœnandez - pointed out the wisdom of the policy of the company in running their own ships instead of farming the Jusiness out to another party. He added that, in his opinion the Company was now on a sound basis,
TRIBUTE TO MR. J. ARNOLD.
Sir Robert Ho Tung,, who pre-period (when' such business was sided, was supported by the Hon. farmed oft) and for the 1930, July: Mr. J. P., Braga, and Messrs, Li December, period (when the busi The-fong, M. K. Lo, R. K. Bat-i nens was under the Company's own cholar, and C. A. daˆBorn-(Direc- | management) show that, whilst the lars) and Mr. G. E. Ellains, (Act- Į Company received $10,797.50 less ing Secretary).
in the Macno line when the busi The following shareholders were JBA wan managed by the Com present -- Mesara, K. Stuart.pany, it received 807,133.55 more Smith, A. M. L. Soares, M. Fer in the Canton ine during the under, 4. D. Bush, M. H. Lu, period of the Company's own man. Hung Taze-yee, Luk Pakto, M. Pngement than the corresponding Io, Wei Tit, Kwit Yan-kwong, period in 1999 when the business Ho Lung, and Ho Posnog. was farmed out.
CHAIRMANS SPEECH. The Chairman said: The profit on orking for the period under review, including in
from investiments, rents, and profit on sale of shares amounts
come
Increase an Canton Line. Compared with the gross earn- ings of the previous year, the Can- tou
line showed a decreuse of
6.2 per cent, for the first six
months' working, but under new
to $230,778.00, froin which has to management more favourable re-
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HONG KONG DAILY PRESS FRIDAY, MARCH 6, 1931.
hends of, expenditure. Out of a total increams of over $150,000. Wages wero respondble for $34,019 Cont..
20,340 ... 12,421
Stores
Hab Leave Pay Wireless Pay
BIG CINEMA FOR KOWLOON.
MR. J. M. V. RIBEIRO PASSES AWAY,
6,802 6,317
SOME FEATURES OF THE PRINCE'S THEATRE,
DEATH AFTER OPERATION FOR PERITONITIS.
Repairs ........................... 18,195
+
Radical banges,
The new catre, built by Sir AN ESTEEMED CLUB MEMBER.
Mr. Ribeiro complained of a pain
From the figures I have `just | Róbert, Ho Túng, to be known or quoted it will be how impos- | Prince's Theatre, at the junction of The denti has to be recorded of sible it is for the Company to con Nathan Road and Prince Edward Mr. Jose Maria Vieira Ribeiro, a tinue on the present working prin- Rond, Kowloon, which will be open-well-known member of the. Portui- ciples. Radient changes are called led shortly, anbodies many new guese community, at the age of 33. for. Your busing is not the only | features. It is probably, the His passing away ni a comparative- one in the Colony that has to face - largest theatre in the Colony, hav-| ly early age (he was in sound. these contending factors so preing eating acommodation for health only a few days ago) will judicial to your heat interests... more than 2,000 persons, and an unbe sincerely regretted by a wide The problema bristles with diffusually lurge stago, 42 feet deep by circle of friends in the Colony eulties and I may Bay that for 4 feet in width, with dressing some time now this all important rooms attached, this providing for in his stomach last Friday and do *xchange factor has been engaging the serious attention of your Diree stage shows when required. CA pa
cided to have a few days' rest at tort. We are glad that n. Commis- The building is built on modern home. On Monday, however, it be sion is coming out to Hong Kong lines and it fire-proof throughout, came neposky at the instance of the Colonial Office to investigate into the cur
full protection against the bong to the French Hospital where' an rency question. May we hope that provided by the dateal appliances operation was performed the follow. somo amelioration of the present installed by the Jardins Enginering day. He never seemed to rally, difficult situation be fully realised?ing Corporation" A special feature but was conscious to the end, which
During the year more steamers were placed in opposition both on the Canton and Maono, services. ¦ Freight rates throughout the year riled very low, showing in some- cases only a bare margin of profit,
Business Stagnation, Practically all found shipping undertakings have suffered from kecal business stagestion, fall in exchange, and the periodical re- curring political disturbances in the neighbouring provinces of Kwangtung (and Kwengsi.
I may mention that your Direc tors, after dur consideration, de cided 10 insure the Company's stermers-agans total loss only but including salvage and damnge by fire instead of on WA, basis, there by effecting a saving' of' about 617,000 in premium a year. At the same time they effector insurance le cover loss of earnings in the event of total loss for the sum of $400,000,
|
7
Tribute to. Mr, Arnold.
Our Sereiary, Mr. John Arnold, he deducted epat of repairs, desults were effected during the so. has, owing to ill health, tendered preciation, directors' and auditors' vond half of the year and an in- his resignation, which we, with re- grel, have accepted. · Mr. Arnold fees, and interest, leaving a net Tease of 23.1 per cent.
has devoted no fewer than 30 years proft of 82,395.87. We carried corded. Compared with the immets the service of the Company of forward from previous account the diately preceding half-year, viz., which period he acted as Secretary
for 17 years. suni of $10,123.10, which with the January-June, 1930, the result is
pay him no profit. I have just mentioned, inakes even more striking, the ratio of in- up the sum of 841,518.77 available, crvuse in earnings being 33.1 per
· for appropriation.
Your Directors regret that they cartnot see their way to recommend the payment of a dividend,
Expl.
As regards the loss of earnings the Macao line of $10,797.86,
higher tribute than to gy that dur ing this time he has gained not only the respect but, I think, the esteem of all those with whom he hne come into contact. His long shipping experience has been an invaluable factor in the conduct of the business of the Company. We it should be pointed out that forth in him a must, chcient As you are aware, after the ex about 3 months during the period Secretary, I feel sure you will up traordinary general meeting held in, question the Company had to prove of the Directors' notion in on March 4, 1930, my predecessor compete with increased opposition. Fronting to him by recognition of his loag services a home of in the chair demanded apoll. This Had the business been farmed out,820,000 which includes the equiral was taken on June 24, 1930, and the farmers would have been en- ent of gine montbe' leave. the various resolutions submitted titled to substantial deductions in by the shareholders, who requisi, ispret of this increased opposition tinned the extraordinary genera! 1t the amount deductible by the mecting, were passed by the share farmers was to be credited to the holders with a majority of 5,068 court, the result would have Until the Directors were shown a profit of approximately certain which policy the sharehold- $9,772.14,
'votes.
were.
Bhare Fluctuations
It is gratifying to note that In- Fluctuation Account
ers favoured, arrangements made with the former farming syndicato to continue working the vestment Company's ships on the basis of 1929 farming agreements, and this remained in fores, until the middle
of May
Now Polley Justified. At this time arrangements were made for the fariners to manage
shows an increase of 823,644.40 and now stands at. 8678,728,00. This augmentation is due to the exc tional rise during the past year in values of certain local stocks.
In turning to the Balance Sheet you will notice a emiller sum hus Leen written off for depreciation, of the Chinese freight and passage the policy of the Company to write steamers. Hitherto it has been
business on a commission basis un-
3 per vent, off the coat value of the til June 30, as the result of the steamers or, in other words, writ poll would not have been known ing them off in 20 years. On ex
amination, your prescut Board til June 2 and the farmers had considered-the policy might under- intimated their unwillingness to a change without detriment to continue the farming arrangements ful life of a river steamer is about the Company, as the average use- until end of June, As soon a 23 years We have therefore, writ the result of the poll was known, ten off 5 per cent. of the book the new Board had to assure the values, instead of cost value.
You will have seen from the re responsibility of giving effect to
port that there has been a beavy such resolutions, and during the falling off in steamora', net cornings short period of June 24 to June 30, compared with the previous year. of engaging the necessary person Gentlemen, you, will, I think, de re? and taking over from the farmsire me to explain to you briefly ers. Mr. Hung Tse-yeo was ap- the reasons for the reduced net polated Chinese manager under my
earnings. guarantee as from July 1, 1930.
Effect of Exchange, I think the results of working for the six months, July-December
The principal adverse factor is under the Company's new system une influencing practically all busi fully justify the policy I outlined undertakings in the Colony when I addressed you a year ago, without exception, in which revenue is derived wholly in silvor currency, but the greater proper
Comparative Figures.
To sucted Mr. Arnold we have appointed Mr. George E. Ellams as acting Secretary.
the fire proof curtain, the first of its kind in the Colony,"
It is the intention to show a acetion of the best sound pictures available on the R.C.A. Photophone
'soand
to remove him
came at 4.50 nm. yesterday. Death was due to peritonitis.
As a member of the Craigeti- gower Cricket Club, he took keen interest in its social and reproducing equipient, sporting activities. Last season he' which is the first equipment of this assisted the club as a lawn bowls kind to be installed in Hong Kong player in the junior division. He Frigs on the other, and will be was one of the club's outstanding. very much on the "popular" basis, billiard players and served in later in these times of the falling dollar. club competitions, besidea' repre- Another special feature ja no 'up-senting the local Portuguese in to-date restaurant and soda-foun- interport watchen with the Shang- tain in the building, which is un-hai Portuguese. The Craigengower the roof garden there will be tas one of their esteemed members had tor European muringement;.also on dag was lowered as a mark. of re- spect when it became known that
tiles where patrons can sit and passed away. enjoy the fresh evening breezeS whilst awaiting the beginning of the performances.
The building was constructed by Tung Nam Construction Company, & Gibbs, and the electric lighting the architects being Denison, Rean was installed by Win. C. Jack & Co,
It is announced that the opening of the theatre will take place about the middle of this month.
Survived by Widow, The deceased was formerly em played by Mesars, Alex. Ross, but at the time of his death he was ing contractors. He leaves a widow with Mesare. Lam Yeu & Co., build- and an infant child to whom much sympathy will be extended in their sad bereavement.
Before he was taken ill, Mr. Ribeiro had purchased a ticket in a local rice sweep, which lie later.. sold to a friend. This ticket drew a prize (about $1,400), 'but in view is, therefore, net an easy matter of the sad circumstances the owner for shareholders assembled at of the ticket has decided to hand meeting, to decide, which one of over the proceeds to deceased's her number in. best atted to re widow. precont them.
The Funeral.'
There was a large aftenines at the fineral, which took place in Cemetery, Happy Valley, the Rev. Father Page conducting the service.
the afternoon at the Roman Catholie
At the time when you took over the management there was 'great acertainty as to the future of the Company. There were so my uncertain factors and so many seri cup possibilities, that your bik,
it was indeed difficult one. The V. F. de Souza, E. Zimmer, J. The pall-bearers were Messrs. situation was unusually complex. Delgado, H. Lim, J. Anderson and
The task of revitalising and re- capturing the lost business of the Rocha. Among those pre- Company was not an easy one, hat sent were Messrs. R. Basa, W. B. you have surmounted all the ob- Muskett, W. Ward, C. S. Rosscict, staces and emerged triumphant, A. L de Souza, C. Yaz (represent I can only express the hope that with an increased revenue of nearing Catbolic Union Club), F. Neves, when we next meet the long dely a lakh on the Canton Line. This G. Kelly, J. Landolt, A. B. Hamson, sired improvement in trade may
is attributable to your able man and A. L. Osmund, A. E. Contes,
W. J. Howard, E. Mowfung, A. J.! have developed so as to reflect it- self in the Afting of the depression that the shareholders made no mis. N. B. Kitchell, W. Allen, J. R. agement and proves conclusively that has been over the shipping take when they approved your Soares, U. M. Omit, F. Van der industry for such a long period. policy by such a large majority, Lely, A. A. Razack, M. O'Brien, thereby showing that they realised S. A Marcal, O. Ismail, A. Rahmin fentions for undertaking the con.. that you possessed the best quaft and A. Costa. tol and development of the Com pay's affairs.
Stan Thanked.
It is always been the custom of lie Chairman in closing his re- mirks to thank the staff of the Com- pany both ashore and afloat, who promotion of our interests. always labour strenuously in the
I do
s with much pleasure on this oc all members of our staff, aropan CRSION. I wish to acknowledge to and Chinese, my appreciation of their loyalty and devotion to duty.
TRIBUTE TO DIRECTORS.
Mr. M. Fernandre said :-- I beg to second the adoption of the Report and Accounts and in doing so, I would like to make a few remarks.
Investments. Although last year's profit may be somewhat disappointing, due drop in principally to the unparalleled
Included in the many wreaths tributes from Messrs, Lim were Yeu & Co.. Mesars. Alex.. Ron & Co. and staff, and Craigengower! Cic.
ought to be gratified to note that
exchange, shareholders SHIPPING POINT RAISED.
the Company's share investment i MANAGER SUMMONED FOR cost prices of $396,068.00 appreci·· ated $678,728,60 (including last yenr 8333,044.40) making a total of per cent. of their original book $1,084;717.30 or something over 175:
OVERLOADING.
Mr. Chan Yun Toug, manage, of At the Marine.. Court yesterday.
values,
the Sze Yap Steamship Company, Perusal of the report amply stated to be the owners of the ability of the directors to recow. The Company is now established on ed. Capt. R. Elvidge, who was the illustrates the soundness of thes. Tai Lee, was sununowed for Your, announcement of the in- Company in tangible liquid assets, allowing the vessel to be overlond. mend the payment of a dividend does not come as "surprise to me.
avory sound basin,
master of the vessel at the time of. It will doubtless he remembered that, while present, prospects may
In conclusion. If desire to state the alleged offence, was present in that, when addressing your pre- rot be as bright as we should like, the case was adjourned till Mon-
Court, and after some discussion : drerasor in the Chair at the bet Annua! Meeting, I called attention the serioumes of current shipping
due to the continued 'existents and day. to the fact that, due to the farming depression and competition com Chan, pleaded not guilty. He
Mr. E. S. C. Books, for Mr.} spatem, our steamen had been run bined with the unfavourable ex stated that he objected to the hing at a loss and that the pay change we have reason to be en-summons against Mr. Chan on two nent of dividends by borrowed couraged, insuch as the Com grounds, (1) that it was issued money as unjustified, as the net- profit was mainly income obtainedy has come through each parious against B. Chan Yun Tong as
Lines and the report shows such a owner of the Tai Ice, which he was, from investments." The farming satisfactory position, which is not, and (2) that Mr. Chan know uut of the Chinese freight and indeed as good as could be exported nothing about the alleged overload- Fassage business had never been
in such circumstances; and foling and was therefore not liable in Patisfactory.
for revival of trade materialises, certain that when the long looked that caso. this Company will receive its fair, qua of prosperity: second the adoption of the report With these few remarks 1 beg to
and, the statement of accountė:
In view of the gratifying results obtained under the Company's new systein, during the period at, als As you have no doubt observed tion of the expenditure of which months (July to December) which from the Directors repart, the has to be met in gold. Such is have so fully proved the wisdom of comparative-figures for the Chin-the unfortunate position of your the polity outlined by you a your eac freight and passenger business Company to day. It auflees tongo," wish to ungratuints, you, for the periods:-
state that European floating staff Fir, and to express the conviction (1)-1023, Jamars—I Tune (when' wages, passage money, Home leave that the confidence in you evidenced such business was farmed out) and privileges, cost of coal, stores and by the large number of votes in (2) 1930, January-Juno (when docking charges, are all incurred your favour at the poll on June from 1.1.30 to middle May such on a sterling basis, whereas the 24, 1830 has been fully justibed; business was formed ont but, there Company's receipts are taken u after, until 30.8.30 was under · silver, part of which is Cantun sub Farmers' management) show that sidiary coins which entails about the receipts for the first period ex-30 per cent. lots upon conversion creded those for the second period into Hong Kong dollars. To en fistu sum of 815,050.00 107 the table you to form a correct appre Canton line and 820,083.30 for the ciation of the increased expendi Marno line. The comparative tare principally due to exchange figuren for The 1920 July Deceraber 'differences, I will itemise mparate
Unity of Opinion,
your, on
H. Lo.
Other Business, '.- Jeera RK. Batchitor and Li Te Fong were unanimously re elected Directors for the ensuing
the proposal of Stuart-Smith, "Bonded by Mr. M. Unity of opinion among, share- Mr. M. P. Lo proposed, and Mr. holders is usually not easily obWei Tit seconded the reappoint tilled beside of this survity of blewra Linsted and points of view, ale cause they ring, and ears, we Bigham are not as a rule an organised body, ner are they easily, organised. It and Matthews as auditors at the
Continued on strt Column.)
Questioned by the Magistrae, Mr. Cooke, of the Harbour Offen, who prosecuted, said he could not provo the s.. Tai Lee, but given time, that Afr., Chan was, the owner of
he would be able to prove that Mr. Chan was the manager of the Sze Yau 6.5. Co., who were the owners
of the ship,
on certain technical points after There was considerable argoment which the case was adjourned as above stated.
Tai Loe In' Golllston, The Tai Lee and Wing On were involved in a rollision on Wednes ans but fortunately neither versel was badly damaged and both were increased remineration of 81,200 able to leave again, on schedule, beschri
yesterday.
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