Comfortable
SLIPPERS
Vitalite soles with plain or check fronts, for Bed and Bathroom use.
$7.00.
Contrast colours leather up- pers with soft leather soles, cushion heels.
$14.50
Plain colour leather uppers, Tan, Blue and Scarlet, with leather soles and low heels. $ 12:50.
All prices less 10% discount for cash.
MACKINTOSH'S LTD
MENS WEAR SPECIALISTS
ALL READY FOR THE SANITEX MOTH-PROOF BAG.
WE GIVE YOU PREE OF CHARGE, ONE BAG, ONE ENAMEL- LED SUIT HANGER FOR EVERY SUIT, COSTUME OR OVER- COAT WE DRYCLEAN FROM NOW ON UNTIL FURTHER NOTICE.
DON'T BE TO LATE.
COLLECTION AND DE- LIVERY FROM THE
WORKS OR DEPOTS,
THE STEAM LAUNDRY CO.
THE LARGEST DRYCLEANERS AND LAUNDRYMEN.
IN THE FAR EAST.
HEAD OFFICE & WORKS Mongkok. Til, 57099.
KOWLOON HOTEL DEPOT: Tel. 56545.
HONG KONG DEPOT: 61, Queen's Boid Central, Tel. 91279.
PEAK HOTEL, DEPOT : Tel. 20071.
PENINSULA HOTEL, (Visitors only).
HONG KONG HOTEL (Vidiots only).
GLOUCESTER BUILDING- (Residents only). Tel, 22093..
SRECIAL VALETERIA SERVICE.
No. 2, PENIN LA HOTEL ABCADE. Tel. 59681.
No. 238, Nathan Road Howloor. Tel. 59008,
No, 69, Queen's Road; Centrs).Tel. 21279,
WHITEAWAY'S
MEN'S SUMMER SOCKS.
MEN'S
RIBBED CREAM
COTTON SOCKS.
Soft Finish-Wonderful Value-All sizes
PRICE
$1.25 pair.
With Black Embroidered Clox
$1.50 pair.
VIYELLA TENNIS SOCKS Men's White "Viyella" Tennis Socks. Plain or Bibbed,
$2.00 PANON
-Black-
MEN'S OUTFITTING DEPT.
WHITEAWAY, LAIDLAW` & CO., LTD.
HONG KONG DAILY PRESS, WEDNESDAY, APRIL 26, 1933
GREEN ISLAND CEMENT CO., LTD.
INCREASE IN PROFITS ANNOUNCED
AT ANNUAL MEETING "
CHAIRMAN'S COMMENTS. ON DUMPING BY JAPAN
A profit of 3431,276.03, an increase of $105,853.91 over the Agure for the preceding financial year was reported by Mr. 3. Scott Harston, the Chairman, at the annual meeting of the Gream Island Cement Co., Ltd., which was held at Exchange Building yesterday. The Chairman, however, whilst appreciating that such increase was, to a certain extent, gratifying, remarked that it was nevertheless disappointing that the result had not shown a large increase and no dividend was declared. He attributed this to the general trade depression but particularly to the dumping" of Japanese coment which he dealt at great length in his report pub- lished bolow,
He also referred to the policy adopted by the Government of Malaya, where only Colonial coment were to be used in carrying out Government contracts, and hoped that the Hong Kong Gov. ernment would follow this lead.
AN APPEAL FOR GOVERNMENT SUPPORT
en both sides of, the balance sheet rolates to the cash portion of the security lodged with the Company by the Compradore the balance of such security being in the nature of title deeds covering approved properties.
of the largest-that whilst capablo -in common with manufacturing concerns elsewhere-of meeting legitimate competition, it cannot reasonably be expected to surviva the intensified dumping which is now being experienced in this Colony and elsewhere. In this con- netion, I may incidentally add that, having regard to the fact that. Japanese Cement is being sold for consumption on the Home market, ie in Japan, at prices which are on a par with those at which your Company vends its product locally, it is reasonable to assume that, in the event of your Company having ultimately to abandon, the mann- facture of Cement and permanently close down its Works owing to such intensified "dumping," prices of the imported product (which, as I have previously pointed out, Are being marketed at rates materially below cost) will not be maintained at anything like the existing levels.
Representative by Indlan Companies.
KAIPING COAL
FOR HOME, FACTORY, & POWER HOUSE
HOME. FACTORY
AND BUNKERS
POWER
HOUSE, -TUGS & LOCOS.
THE KAILAN MINING ADMINISTRATION.
DODWELL & 00., LTD., Agents, Hong Kong.
COMFORTABLE
&
ASSURED
SATISFACTORY SERVICE
BY
NEW MOTOR COACH · SERVICE Managing Director :-
THE CHINA MOTOR BUS Co.
ལགས་རྣམ་ཚ་ཆད་བཞིན་
A. P, C. BUILDING
2ND FLOOR
NGAN SHING KWAN
BONG KONG.
In the foregoing relation, and with a view to offering substantive evidence as to the facts with which" I have felt constrained to furnish THE CHAIRMAN'S SPEECH
Shareholders, I would refer to the Representation under date October In moving for the adoption of the
17, 1932, addressed by the Cement Report and Statement of Accounts,
Marketing Company of India, Ltd. the Chairman said:-
(on behalf of the Cement Companies Turning to the Accounts, you will
of India) to the Secretary of the Government Department of Indus- observe, by reference to the Debit side of Profit and Loss Account, You will observe that the item tries and Labour, New Delhi, call- that after effecting Depreciation to under the heading Cash in hand," ing attention to the intense com- the extent of 8275,184.55 which which appeared in the previous petition then being encountered in amount has been debited direct to balance sheet in respect of the aum India as a result of the importa Working Account-and allowing for of Thels 33,000 on fixed deposit in tion at very low prices of Cement all charges including the sum of Shanghai, has now disappeared, manufactured in Japan, following 8105,527.18 in respect of Interest due to the fact that this amount the recent heavy depreciation of and Exchange, the balance of Profit' was transferred to Hong Kong dur-the currency of that country and and Loss Account amounts to ing the year 1939, which transfer praying for protection against what B431,276.03, being an increase of incidentally shewed a small profit is therein described as "this unfair
competition." 8106,873.01 over the figure for the in exchange of $1.735.47. preceding financial year. Your) Before leaving the balance sheet, Board, whilst appreciating that I would refer to the stocks at Hok such increase is, to a certain extent, Un and Macao, which stand at gratifying. is nevertheless dis- 81.993,520.22, indicating an increase appointed that the result of the of nearly $900,000 on the figures for working for the year has not shewn the preceding year under this par- a larger increase this being atticular heading. This aceretion is tributable to certain adverse fac due to bad trade during the latter Lors which materially affected the portion of the year under review. trading for the year-more particu- which led to an accumulation of larly the last quarter thercof-aj both raw and manufactured materi inatter to which I propose to refer al, I am pleased, however, to be Inter.
able to state that your Board has every confidence that, despite the present adverse conditions, your Company will be enabled to effect material reduction in these stocks during the current year.
The Balance Sheet, Turning to the Balance Sheet, you will notice on comparing sume with the accounts as presented last year, that certain important changes
Cement from Japan, have been carried out On the
Business covering the year 1932 ussets side,, you will observe that we have included under the head was satisfactory during the first ings "Hok La-Hong Kong" and seven months thereof in August "Steam Dredger, Barge, etc. the lust, however, your Company began curs of 82,042,902.68 and 220,220.03 to feel acutely, the effects of the respectively-thes amounts repre- importation of Cement from Japan, senting, payments due to Messrs. which product was offered and is Vickere-Armstrongs, Ltd. in final still being marketed locally at settlement of the contracts entered prices which, according to into in relation to the New. Plant technical advisers, are materially The re- and certain necessary adjuncts below manufatured cost. thereto. Your Board is of the duction of prices of imported opinion-with which opinion the brands to a level below actual pro- Company's Auditors are in complete dnction cost had the effect of cur- accord that by setting forth these tailing the sales of locally manu- as it naturally amounts in the manner prescribed, factured cement,
that contractors and Shareholders are enabled to survey followed
our
the financial position of your under-dealers took advantage of the chenner artiale. Other factors taking comprehensively, more par ticularly so, in view of the fact which caused a falling off in sales that the contra side of the balance were, firstly, the ban on the im- sheet displays a substantial amount portation of cur Cement into Can- utstanding in connection with the ton and Kwangtang at the end of liability of the Company in respect October last-which ban, I may of these particular commitments. say, was lifted on January 18, 1033 Since the close of the financial and, secondly, the drastic curtail vear, a sum of 8099.993.29 has been ment made in the building pro remitted to Messrs. Vickers-Arm-gramme in Malaya, due, in the debit latter case, to the prevalent busi- strangs, Ltd.-denying a
in regard to balance of approximately fourteen ness depression. lakhs outstanding, which-in con- Malaya, I may add that, although formity with the terms in respect of Cement from Japan is being offered deferred payments entered into there at prices which will not per- must be liquidated within the next mit reasonable competition, never- ten months. Of this amount, fiftytheless, the Government of Malaya bas specified that nothing but Bri per coat, will fall due for paymenttish or British Colonial Cement in July of the current year, and the balance in February of 1934. shall be utilised in the carrying out In this connection, your Board has of Government contracts, and we effected arrangements with the Com-trust that, in due course, the Hong pany's Bankers whereby the payong Government will follow the ment due to be made in July next lead of Malaya in this respect, wik be financed by the granting of more particularly when it is borne in mind that your Company is in extended overdraft" facilities. In respect of the final payment fall position to demonstrate that- whilst it cannot hope to compete ing due in February of next year, with dumped Cement-the manu- however, it will be necessary for factured cost and retail price of Tour Board to call up the balance its product bears favourable com- of the unpaid capital in order to parison with the relative figures finance such payment and effect a reduction in the indebtedness of the Company to its Bunkers.
Pertaining to similar organizations engaged in the Cement trade in other parts of the world and the The Hok-Ua Plant,
Empire id particular. The senti Whilst dealing with the subject of mental aspect of the situation, if I the New Plant at Hok Un, I would may be permitted to so form it, is remark that we have transferred emphasized by the fact that your from the credit of profit and loss Company is one of the Colony's account, the sum of 8427,570.59, leading Industries and gives em which stood last year under the ployment to approximately 1,500 heading of Exchange Fluctuation hands. Reserve (a Reserve created from Olose of Hok Un Factory. the surplus made available by the
The position vis-a-vis the in- disposal of certain exchange con-portation of Cement from Japan tracts at favourable rates) as a re has been so 'ncute since December sult of the arrangements effected in last that in the month of February relation to deferred payments which this year, your Company was forced bum, being in the nature of a prank to cease the manufacture of Cement pn exchange, has been written off at Hok Un for a short period, due the cost of New Plant
to the fact that the available Med storage room both in silos and sheds Investments, which consist wholly was filled to capacity. As a result
Bebentures, how a slight depre, Hok Un Factory, the Company has ciation as at December 21 last, and had to face a los covering such it is the intention of your Board period, and it would appear oppor to dispose of such Debentures when tune, therefore, for me to point out
a favourable opportunity ceORTS, to those concerned with the welfare
Tho. item Hong Kong Bank of local industries of whi Fixed Deposit 5,000" appearing here ddd your under
may
Roes
The above Representation fully into facts and figures with a view to demonstrating that the com- petition complained of can definite- ly be described as "Dumping," and quote the following passages therefrom :--
1. Prior to the fall in the Ex- -change, the Importers of Japanese cemont had to pay about Rs. 37-12-0 per ton delivered at Ports, whereas the commodity can now be obtained at about Rs. 29-4 per ton as, following the drop in the Yen Exchang, the price has now reached the very low figure of Rs. 12-8-0 per ton C.L.F. Bombay.
2 To this figure of Rs. 12-8-0 must be added Customs Duty at Rs 13-12-0, Port Trust and other charges Rs. 3 per ton, which brings the price to Rs. 29-4-0 per ton delivered at Dealers shop
3 Taking the C.1.F. value of Rs. 12-80 per ton, we estimate that the cost of gunny bag or other form of packing will not be less than Rs. 5 per ton, hand- ling charges at Port of shipment say Rs. 2 per ton and if we tako the Sea freight from Japan to Indian Ports at so low a figure as Rs. 6 per ton, the actual re- turn to the Manufacturer for the cement cannot be more than eight annas per ton.
4. It is obviously impossible to manufacture Portland cement at eight annas per ton. At such a price it simply means that the cement is given away.
6. The actual cost of manufac tare in Japan is stated in the Report on Economie conditions in Japan issued by H.M. Depart- ment of Overseas Trade in 1930 (page 38) to be 3s. 6d. per barrel and in some cases 36. per barrel. The latter price works out to 18s. per ton, which is equivalent to 7.38 Yen or Rs. 12 per ton, at the normal rate of exchange.
8. We attach herewith original letters and photographs of ori- ginal letters (all marked "B") showing that Japanese cement is offered at from Rs. 15/- down to Rs. 1280 per ton, C.L.F. Bom- bay. (The drop in price being solely pursuant to the further drop in the Japanese exchange).
7. We contend that Japanes cement is being landed in this country at prices which can de finitely be described as "Dump ing." In support of this conten. tion we would state that, in March 1932 the price of cement in Japan was 94,4 yen per tonj which is equivalent to Rs. 33-5-0 per ton, at the normal rate of ex
change.
A
6. This price was verified for us by the Director-General of Commerce, Intelligence ard Statistics, vide copy, of his letter of March 24, 1932, attached hertoz
If Japanese cement were to be sold. in India upon the same price basis as in Japan and at the normal rate of exchange, the coat to the Dealer in India, after adding all the charges enumerated above, should be Rs. 57-1-0 per ton, at his shop, whereas it is actually sold to him at Ha, 20-40 per ton, thereby coming under the definition of Dumping" a set out in paragraph 134 of the Re- port of the Indian Fiscal Co- mission 1021-22. 10-The-Lacyther supplie "HELP" TIDENEDe Wient Kre kom
able is becoming known very rapidly in the interior markets of India, with the result that this product is being found at destinations between five and six
(Continued on Page 10,3
COUGH LINCTUS
HIGHLY RECOMMENDED FOR COUGHS, COLDS ASTHMA, BRONCHITIS AND ALSO VERY EFFECTIVE FOR THE PROTECTION OF THE CHEST AND THROAT, ETC.
Prepared Solely by
QUEEN'S DISPENSARY CHEMISTS & DRUGGISTS HONG KONG
KOMOR'S SPRING
EXHIBITION
of
PICTURES
WATER COLOURS by the foremost Artists of Japan for
7xy
10 DAYS ONLY
FROM APRIL 27th
Prices range from $2 upwards, most suitable for WEDDING or other PRESENTS OPEN FROM 9 AM to 5 PM. AT THE ART ROOMS
KOMOR & KOMOR
Art Curio Experts-York Bldg.-
Chater Rd.
Hong Kong Weekly Press
The Young Marshal in Hong Kong Customs Cruiser Pirated More Fighting in the North The Easter Race Meeting
and
Other Interesting Features.
THE PAPER WITH THE YELLOW COVER
Price :-30
Cents.
Annual Subscription: Hong Kong, 813; Post Free to any address, 818; Quarterly Subscription, $4.50. Orders should be sent to the
HONG KONG DAILY PRESS, LTD., TELEPHONE: 80251. 11, Ior Hous Brauft.