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HONG KONG DAILY PRESS, THURSDAY, MARCH 19, 1931.
Local Companies'
GREEN ISLAND" CEMENT CO.
GOOD YEAR DESPITE HANDICAPS,
In the courao of his speech at the annual meeting of the Green Island Cement Company, Mr. J. Scutt Harston, the Chairman of the Board of Directors, reviewod the activities of the Company for the year and pointed out that the demand for Green Island Cement was daily increasing. "Whilst on this subject," said Mr. Ilarston, "I may also state that it is our intention to manufacture a rapid hardening Cement under the name of "Erenlereto, as, for that class of Cement, there is undoub trdly a good domand.".
Supporting the Chairman wore Messrs. C. A. da Roza, J. H. Taggart, R. Shawan, C. F Mand- hami, i Tse Fong (Directors) Allan Keith (Secretary) and the following shareholders:-Mosars. A L. Shields, A, H. Carroll, M. A Figuiredo, Li Yat Choi, T. D. Charatong, C. S. Remedios,. F. Silva, and F. E. Silve.
CHAIRMAN'S SPEECH,
The Chairman's speech was as follows:
fol-
The auditors' report is ná love:
pany.
RUDOLF, WOLFI & KEW, p. Manger, and for vnue by the
54, QUEEN'S Road Central, fat Floor.
Tel. 22173.
Established 1888.
Tak Cheong
Gentlemen's Taɛlors, Outfitters and Dealers in all kinds of Fancy Goods
50, Quman's Road Central
PHONE: 31317
IT'S A SEASONABLE TIME TO GET A WINTER SUIT OR OVERCOAT. We bare Just Received a Wide Variety of Woollens for Your Selection.
Prapper Fir GUÁRANTSED,
PRICE REAbonable.
WING HING CO TAILORS.
64, QUEEN'S ROAD. PRONE 21417.
KILLGERM
THE PERFECTION OF
"
DISINFECTANTS
SEND YOUR ENQUIRY TO THE ACTUAL MANUFACTURERS
THE KILLGERM CO LTD CLECKHEATON, ENGLAND
Speakers,
Singers,
Athletes
TRY
VALDA
PASTILLES
"Eko raznit will delight you :-/
On Sale at all Chemists
Drugciais.
INSIBT on the boreið the sams VALD
Affairs Reviewed
-dinary general meeting held last year, your Bard entered into ex- change contracts in the amount of £200,000 at an average unte" of
DAIRY FARM CO.
faund necessary to raiso our milk H.K. ELECTRIC CO.
prices in order to cover the addi- tional expenditure. I may any
LAMMERTS AUCTIONS
PUBLIC AUCTION.
HE Undersigned have receivel
about 1/10d. covering commit. INCREASE IN MILK PRICES that the increase made does not NO INCREASE IN PRICE OF THE Tndersign
POSSIBLE.
now cover the additions, gosts in production and we may find it
CURRENT.
The forty-second ordinary yearly That it might be found necessary necessary to consider a further in. with
to consider a further increase in crease unless there is an early im-mecting of whareholders of the
An exchange profit to the Company' of 8427,878.59, which amount your Board has deemed prudent to utilize for the creation of an ex- change fluctuation reserve. In this connection, I may add that, under the arrangonients entered into with them, no further remittences will be
to Messrs. Armstrongs, Ltd., until the latter half of 1932.
the price of milk unless there isprovement in exchange. an early improvement in exchange, was stated by Mr. J. P. Warren.
The Hon. Mr. C. G. S. Mackie (Chairman of Directors) presided, and was supported by the Hon. Sit Shou Son Chow, K., Mr. T. E. Pearce, Mr. J. P. Warren, the Hon. Mr. J. J. Paterson (Directors), and Mr. J. D. Butcher (Manager).
TO BELL
PUBLIC AUCTION
ON
FRIDAY, MARCH 20, COMMERCING AT 11 A.M.
Ar TaxiR SALES ROOM, 4. DonDELL STezar,
298 TINS PRINTING INKS
1.CASE OF PATENT LEATHER 88 UMBRELLAS.
1 CADE NAPHTALINE BALLS
nents in connection with the new plant which is being erected by Messrs. Vickers-Armstrongs, Ltd. Lator, however, satisfactory ar- rangements avere effected Mesare. Vickers-Armstrongs, Ltd,
Hong Kong Electric Co., Ltd., was in the matter of deferred payments,
Livestock.
held at the Company's offices, P. & and in respect of the above-men- tioned amount of £200,000, £100,000
Cattle.-I have auch pleasure. Building, yesterday? was remitted to London to meet payments as they fell dne, and who presided yesterday at the an- in again being able to report that the balance of the exchange con-nual meeting of the Dairy Farm, the herd is in very fine condition tracts entered into were liquidated Teo & Cold Storage Co., Ltd. and that no outbreaks of con- at favoumble rates, thus showing Others present were:-Dr. W.tagious disease occurred during Koch, Mr. T. E. Pearce, Mr. J. the year. 100 head of young Owen Hughes. Mr. A B:6towart animals were immunized succes A.Stevenson fully against rinderpest with only (directors), Mr. (manager), Messrs. J.D. Thomp-one death, for which result our Shareholders were represented by 500, W. McFarlane, H. W. Page, Veterinary Surgeon, Mr. Watson, Mesars. V. Sorby, Tong Hin Pong, Vickers F. Austin, F. Perrit, M. H. Lo, is to be commended. To cope with. Stoker, H. J. M. Figueredo, Dr. Macgown, M, O'Brien, O. F. the extraordinary milk demand Fung Kong Un, Wong Ping Sun, Ribeiro, V. L. dos Remedios, Mrs. during the summer months, we Frank Austin (Attorney for Mr. A. When addressing you at the last Yung Yeang Shi, Chan Nai Pan, placed on order in British ColumDavid and A. J. David), Fou! annual general meeting, your Chairman outlined the policy of Chan Pun Kow, and H. J. M.bin for 100 dairy cows to land here Lauder (representing Union Insur- at the beginning of this year; 50 auce Society of Canton, Ltd.), Yu the Board in relation to your Deep Figueiredo. Water Bay undertaking, and in
of these have already arrived safe Chung Suen, F. H. Kew, K. Stuart. conformity therewith, your Board
ly and have fully met our specifica. Smith (representing Mr. J. R. entered into negotiations for the sale of the works as a going con.
tions and the balance is due on Michael), J, H. Taggart, F. L.. about 20th instant. The Brown, W. E. Smith, Leung Yan cern, and consequent theroon it
Addressing the shareholders, the cr
Po, Tong Kim Kwong, J. P. Sherry, was found necessary to dispose of the buildings and machinery for Chairman said:-Your Directors wastage of our hard for 1030, die Kwok Kam Hang, Leung Fattin, TERMS:-C4 on Delivery. demolition purposes, with a are pleased to submit what, in to anles and deaths was 17.38 per To Cho Hing, O. F. Ribeiro, J. E. sultant profit to the Company of their opinion, is a entisfactory cent. which compares favourably Joseph, J. M. Alves, Chun Sing Choo, Chum Wing Keu, G. H. 813,514.04. I regret to state that your Board has met with statement of the year's working with the Home figure, ne per latest Potts, Jan Con Sang, Ip Fook, J.. little measure of success in the The balance of profit shown this statistics to hand, of 25 per cent. matter of disposal of the land in
due
ro-
have to
1.
CHAIRMAN'S SPEECH.
this connection. Towards the mid-year has only once previously been under normal conditions,
surpassed and that was in 1027 which was really an abnormal year owing to the presence of additional troops in the Colony. One of the
die of last year, your Company was approached by the Sports Club, exho were desirous to obtain option to purchase the land and the remaining buildings compris ing the houses situate on the hilloutstanding features of this year's overlooking the site. Owing to working is the increase in milk various causes, however, negotia. tions proved abortive, with the result that euch land and buildings are still undisposed of.
Total
herd on December 31 numbered 825 head.
Pigs. This herd now numbers 1,748 head and the usual good re- sults are being obtained, over 100 breeding sows producing and rear.
Bagram, Seu Kon Chi, A. Zim- mern, Wong Hing Kwong, Vong Chio, K. F. Lay and representatives from the China Mail, the Hong Kong Daily Press and the Hong Kong Telegraph.
THE CHAIRMAN'S SPEECH,
sales which is most gratifying to ing an average of 10 pigs per sow all concerned na it shows that the; per year. The most serious disease public, particularly the Chinese, to be contended with here is swine-31, 1930, have been in your hands are beginning to realise the ab
The manager having read the The roport and statement of ac meeting, the Chairman said:- counts for the year ended December for the prescribed period and with your permission I will take them
as read.
2 BALES BCARLET BLANKETS 2 CASES ON BERGES
1 GRINDING MACHINE
and
A QUANTITY or MISCELLANEOUS GOODS AND HOUSEHOLD FURNITURE.
LAMMERT BROS.,
AUCTIONEERS.
PUBLIC AUCTION
OF THE
VALUABLE LEASEHOLD
PROPERTY
SITUATE AT
HO MUN TIN IN THE DEPEN- DENCY OF KOWLOON AND COLONY OF HONG KONG
We report that we have examin. ed the above Balanes Sheet with the books, vouchers and securities of the Company, and that in our opinion sich Balance Sheet is pro- perly drawn up so as to exhibit true and correct view of the sinte of the Company's affairs at the 31st December, 1930, according the best of our information and the explanations given us, and as shown by the books of the Com- The various stocks are as ertified for quantity by the Works We have obtained all Socrotary. the information and expinuations
Batisfactory Results. we have required.
Giving a brief resume of the soluto necessity of milk in their fever, of which we have had some LOWE, BINGHAM & Matthews,
year's working, I would reiterate dietary and furthermore that dis-experience, and this is likely to recur since we are adjacent to us. LIXSTEAD & DAVIS, Auditors,
that the result may be regarded crimination is necessary with re- Chartered Accountants,
s satisfactory, bearing in mind gard to the source of supply. From & perusal of the Profit &
The proft on working for the controlled surroundings. 16 head 887,105 vicissitudes...wherewith your LOBB Account, you will observe that the balance of Working Ac Company has been faced owing to your amounts to $393,307.83, deproof pedigreed pigs, representing rust (after effecting depreciation the transitory stage through which ciation on buildings and plant has three different broede, are now en to the extent of 802,147.47 and it is passing, coupled with the Leen allowed for on the same scale route from England, a change of for appropriation, and with this KOWLOON INLAND LOT No 1929 After providing for the cost of high cost if production and the in- maintenance of the Deep Water tensive competition it is experienc$14,018.04, and 813,000 has been strain being necessary. The new
to Bay
mounts property) 870,702.11. Notwithstanding" the fact that this figure is appreciably less than that shown for the pre- erding year; it is the opinion of your Board that this roault may be regarded as atisfactory, hav. ing regard to the age of the, exist ing plant and the high cost of production consequent thereon, and Als the fact that, owing to the modernization of our works at Hok Un, which is now being pro ceeded with, expenditure on the existing plant has been reduced to A minimum,
During the year under review, your Board disposed of the min- jor portion of the Company's in. vestments at favourable rates, thus
the
ar lat year to the extent of placed to the credit of Bad and oubtful Debts Reserve Account, You will note from the Profit and Loss Account that there is a reduc tion of $19,000 in dividends on investments as compared with last to the fact that the Company in year's figure; this is due entirely Shanghai, in which we are inter ested, paid a smaller dividend this your.
The Profits
Account
aystem of breeding pens, as report ed in my speech of last year, has pected of it, Tonsequently future proved all and more than was ex- extensions will be made on similar lines.
Poultry and Vegetables. Poultry. Our
have
The nett profit after providing for depreciation is
$102,888,12 brought forward from 81,084,449.70 and with the sum of last account we have 81,787,335.82
we propose:-
To pay a dividend of $2.50 per share al sorbing
+
-$1,125,000.00 300,000.00
142,335,82
To place to reserve... To carry, forward to next, account...... The profit on working was less than 1929 by 925,160 and in view of the increased expenditure gon- erally this may be looked on as a You will see satisfactory result. that depreciation has been increas
of
ing in all markets; novertheless, it is satisfactory to record that, due to the high standard mainnain. ed in your Company's product, we have not only held our markets, but also opened up now avenues
egg - producing likely to redound to our benefit on than relation, I may add that the
fuck has proved a very disappoint completion of the new plant. In demand for your Company's cement
ing veature, since disease has taken its toll. It appears that surround is an increasing one, as is evidenced
ing districts have been infected
nett profit showing. by the fact that our agents in
resulted in constantly several markets are
The balance at Credit of Profit with different poulty diseases and by some 838,507 and this has decrease of 800,304 when compar. amounts to soribus lons is reported. We have making enquiries as to when wo shall be in the position to fulfil and Loss
You will realise that the year larger contracts than is possible 827,381.53 which with the sum of not given up hope, however, and aed with the previous year. Whilst 824,054.41 brought forward from number of birds have just been im-
just completed has been one Garden-We Vegetable with the existing works..
difficulty in many ways owing to on this subject, I may also state laat year's necount makes a total ported from Canada. that it is our intention to manu- of 8384,118.04. for appropriation.
Your Directors recommend deal. found that there is an undoubted the fall in the value of the dollar facture a rapid hardening cement augmenting the Working Profit by under the name of "Emeralcrete," ing with gaine as follows:-Pay demand for good fresh vegetables and the resultant increase in the a sum of 8149,270.03; the proceeds es, for that class of cement, there ment of a dividend of $1.50 per grown under hygienie and up-to-
General tables suitable for salads, and should be loath to incrente, our of much liquidation being utilized is undoubtedly a good demand, share on 200,000 shares, absorbing date methods, particularly vege- As a public utility company we
materially $300,000; to add for the purpose of Gnancing pay-notwithstanding the
831,418.01; with which I trust been made to our garden area. pensation to the Staff is a very. ments in connection with the new higher price at which this class of Reserve $20,000; carry forward considerable extension has just charging rates but as salary cou With the experience obtained we large item in the expenditure shareholders will concur. installation.
hope to have much improved re-awing to the present state of affairs and as our contract prices for cont Ie-This commodity has been in and other necessary supplies ATS sults in the future.
greatly increased there is just the Building Extension. possibility that we may be forced 600a demand throughout the year. on the 48,994 new shares applied Buildings-At our Enst Point to revise the price of current. Be- for up to that date. The item Ice Works, an extension of two fore taking any such step, how- rooms was completed ever, the Company would give con- Application Account, New Shares cold stor
will be transferred during the year and these have surners reasonable notice..
(Continued on Page, 5.) the Issue,
1031 been fully occupied. Over these Capital Account Arenunts bat the item Premium ca two rooms Chinese staff quarters Shares, representing the premium were erected and are filling n of 87.50 per share on these shares much-felt want. Part
Deep Water Bay Plant. As you will observe from the credit side of the Profit and Loss Account, the Working Profit was alan augmented by the profit on the sale, for demolition purposes, of the buildings and machinery at Deep Water Bay, to which I will make further reference later
Turning to the debit side of the Profit and Loss Account, you will observe that a sum of 81,100.68 war paid to the General Managers thie representing the amount duo to them by way of commission for Lho first two months of the financial year. Furthermore, the item, 820,833.34, appearing under the heading "Compensation to Gener- al Managers." represents, for the year 1930, the proportion of the compensation for loss of office, voted to Mogars. Shewan, Tomes and Co at the Extraordinary General Meeting of the Company held on the 23rd April. 1930.
The last item on the dobit side ut the Profit and Loss Accoust re. "presents a retiring allowance to our Inte Works Manager, a matter to which I will also make further reference Intor.
product has to be marketed.
New Plaut.
to
If you will refer to the balance sheet you will find sunongst the
items each liabilities two 8307,380. These represent the pay- ments received to December 31 laat
for
Admirable progress, I am pleas ed to say, has been made with the erection of the new plant, but in as undertaking of such magnitude, it is impossible for me to state de finitely when the plant will be actually manufacturing cement. It is confidently anticipated, how ever, that it will be brought into operation during the second half of the current financial year.
In conclusion, I would inform you that your late Works Manager, Mr. Arnott, who had served the will remain as a reserve in the seTown depot buildings, in which WL are now situated, has been Company for nearly thirty years,conuts until such time as it is con- retired last June, and your Board,sidered necessary or advisable to undor reconstruction and should anticipating your approval, grant utilise i
In view of th
ed him a retiring bonus of £1,000,
of Our
be completed in another month. the excellent results. The result of this will be much the equivalent of which, namely, shown I feel sure that you will needed and improved accommoda 814,520.25, is shown in the Prost adorse a bonus of 10 per cent, totion both for the office and butch- the staff on their salaries in re ety. Our farm buildings are in and Lou Account.
cognition of the hard work and excellent condition. A depot was loyal support given. When on the opened at Kowloon Tong last subject of the staff I should like Spring and has proved a boon to
mention that Mr. C. Maksham recidents there.
In conclusion I would again ex- who served the Company faithfully and well for the past 50 years re-end to our shareholders and cus- tired from the Company's service tomers an invitation to visit the during the year and has settled Farm in order to see down in Australia-where. I-am-stock-I-can-assure-them-of-n- sure we all hope he will be long hearty welcome. spared to enjoy his retirement.
There being no further matters to which I need refer, I now form- ally propose that the report of the Directors and the accounts for the year ended the December 31, 1930, as presented, be adopted. and that the appropriations recommended by your Directors, namely:- To pay n dividend of ao cts, por share on the old shares ratio. pay a dividend of cts. per share on the now shares ................. To write off obsolete Mn-
obinery Stores
Tá
Te pines to General Re
Turning to the Balanen Sheet, thore is, I think, little calling for comment, as most of the head- ings are self-explanatory. I would liko, howovor, to draw your atten- tion to the item "Loan Account and Interest Accrued 8103,537,22,' which appeared in the former To carry forward Balance Bhoot for the year ended the 31st December, 1929, and which hax now disappeared. having been retired during the financial year "under "roviu
Exchange Fluctuation,
Turning to the liabilities side of the Balance Sheet, you will ob- serve that an exchange fluctuation resorvo-of-- $127,578.69 hop boen created, which item requires some explanation. Ar you were inform ed from the chair at an extraor
serve
Now Account
to
$120,000.00
Effect of Exchange.
our live
I now beg to propose that the Report and Accounts as presented he adopted and passed and when Like all other concerns in the this has been seconded I shall he 16,000.00
Colony we have been forced to pleased to answer to the best of: 20,000.00 raise the price of our commodities my ability any questions Share- as a result of the fall in exchange. huiders may wish to ask. 100,000,00 Fresh milk, for the first time since The adoption of the report and Ingo, has been increased in price statement of accounts was second- 89,421.76 but only to the extent of one cented by Mr. F. Austin, and carried. per bottle. This reflects creditably Other Business. 8344,421.70 on the policy followed whereby all
"Mr. H. W. Page proposed and animals are withdrawn from the
Mr. M. H, Lo seconded the re
b-carried into effect, and I shall herd immediately they become un
be much obliged if some sharehold-profitable. Our herd; thanks to appointment of the retiring-direc
er will kindly second such praugs, this policy and to the scientific tors, Mr. J. Owen Hughes and Mr.
cost of salaries and various works.
PUBLIC AUCTION.
THE Undersigned have received
Instructions
TO BELL ET
PUBLIC AUCTION
ON
SATURDAY, MARCH 21,
COMMENCING AT 11 A.M.
AT D GODOWN oz THE HONG KONG & KOWLOON WHARF & GODOWN CO., LTD., 'KOWLOON,
(For Account of the Concerned)
150 CASES NAPHTHALENE
BALLS.
(More or Less Damaged).
al, after which questions in confoeding methods adopted, is now T. E. Pearce, which was agreed to, TERMS-CASH ON DELIVERY, noction with the Report and giving results which ere almost while Percy Smith, Seth and Flem Accounts may be raised."unthought of 1 stars ago. Uning were again appointed auditors Seconded by Mr. A. H. Carroll, fortunately, however, production at a salary of $2.000, on the pro- W. MacFarlane, the Report and Accounts were costs have increased to an alarm posul of Mr.
ling extent and it was therefore seconded by Mr. M. O'Brien. adopted unanimously.
LAMMERT BROS.,
AUCTIONEERS.
+
and registered at the Land Office 'a
together with the Messnage, Froctions and Buildings thereon
KNOWN A
No. 13, LIBERTY AVENUE, HO MUN TIN,
Tue 20
To X7 GOLD
UN
FRIDAY,
MARCH, 108),
At 3 o'clock P.M.
BY
MESERS. LAMMERT BROS.. Auctioneers,
AT THEIR
SALES ROOM,' No. 4, Dudary Sraper. For Further Particulars, Apply to:-
LAMMERT BROS.. Auctioneers
PUBLIC AUCTION.
THE Undersigned have received.
Instructions
TO BELL DY PUBLIC AUCTION
ох
TUESDAY, MAR. 24, 1931, COMMENCING AT 10.30 AM.
Ar
No. 6, CARNARVON BUILDING,
KOWLOON,
A QUANTITY OF VALUABLE HOUSEHOLD
FURNITURE.
On View from MONDAY, the 28 MARCH, 1981,
ASH ON DELIVERY.
LAMMERT BROS.,
AUCTIONEERS,