Page
HONG KONG DAILY PRESS, THURSDAY, APRIL 27, 1933
INDO-CHINA S. N. COMPANY
CHAIRMAN REVIEWS YEAR'S BUSINESS : LOSSES GRADUALLY SMALLER
L
REDUCTION OF PORT CHARGES
APPRECIATED
Presiding over the annual meeting of the Indo-China Steam Navigation Company, Limited, the Hon. Mr. J. J. Paterson gave a comprehensive review of the shipping situation in China, and sounded an optimistic note when he drew attention" to the fact that the losses of the company have been diminishing progressive- ly during the past three years,
The Chairman also availed himself of the opportunity to thank the U.S.S. Oahu for rendering protection to one of the Comm- pany's steamers in the Yangisse and also to H.M. Navy for their assistance on numerous occasions.
LOCAL SHIPPING AND WORLD DEPRESSION
The Chairman said:--
con-
H.K. & YAUMATI FERRY CO., LTD.
Vehicular Ferry a Success
INCREASE IN PROFITS
FUNDRAL OF DR. M. OBREMSKY
IMPRESSIVE TRIBUTE BY
FRIENDS
future for this country if only mer chants are allowed to trade in Feace, Mouwhile you may rest assured your Directors will tinue to study closely the econo mical running of the fleet and although much has already been
There was a very large attendance done in this direction the pos
yesterday when the funeral of Dr. sibilities can "never be exhauster.
The Hong Kong and Yaumati M. Obremsky, whose death was re- As in 1933, the Directors agreed to Forry Co., Ltd. held their ninth ported in our columns yesterday, forego their fees last year amount-ordinary annual meeting of share-ok place at the Roman Catholic ing to £1,500 per annum and I would holders at the Chinese testaurant Cemetery. repeat that these sums are not held yesterday. in suspense.
are
18 their
26
The esteem in which the deceased was held was indiested by the fact that an impressively large number of business friends were present as well as former colleagues and also many members of his own munity.
}
com-
The Rev. Fr. Spada, assisted by Rev. Fr. Vechorek officiated at the graveside. A photograph of the coffin and those who attended the funeral was taken, it being the în- tention to forward this picture to a sister of Dr. Obremsky.
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Among those present were Messrs. T. H. R. Shaw, K. E. Greig, J. Dalziel, A. MoKirdy, 8. Boulton, J. Mitchell, R. Tate, H. Summers, W. Wotherspoon, J. Russell, J. Sloan, C. J. Cooke, N. Drummond, The Chairman then proposed the J. R. Adams, H. McKechnie, C passing of the balance sheet for C. Hickling, Leslie 1932, and, speaking in Chinese, re- Videiro, Capt. Burns, Messrs.
com- Semenyuk,
Mylo, O'Brie, Mrs. viewed the activities of the Fany during the past year.
Grunberg, Mrs. Trambitsky, Mrs. Jones, Mr. and Mrs. Sedleteky, Mr. and Mrs. Felshow, Mr. and Mrs. Romatovsky, Mrs. Robinson, and Mrs. Dabjitsky.
This meeting which was attended by nearly 100 shareholders was pre- The Staff and the Ships. sided over by Dr. Kwan Sum Yin, The Board of Directors who was supported by Mr. Lau pleased to report that no major Tak Po, unaging director, and casualty occurred in the fleet in 1932 Messrs. Wong Ping Suen, J.P., Li and they feel sure you will associate Yick Mui, J.P., Kwok Chuen, Dr. yourselves with them in recording E. II. Kew, Wong Choi Hoo, Choy their appreciation of the services Wai Hung, Yeung Tsun Dart and rendered by all connected with the Chan Kam Yung (directors).
After the minutes bad been read staff, ashore or afloat. Once again and confirmed, the Chairman re- they have shown their loyalty inferred to the death of Mr. Lo
the co-operating with
General Chung Yue,
former managing Manager in economy matters and director, which occurred on Sep- if some do not always see oye to tember 15, last year and stated ero with us in these measures I that by his death the Company had feel the majority do appreciate lost a conscientious and able man that the steps taken are for their who had been Chairman of the ultimate bonesit. One of these was Board for over three years.
Wo That nightmare of the Yangtsze, retrenchment in Home leave. the indiscriminate firing on ships could no longer afford leave every Although I mich regret the Com.
from the river banks, was not so five years with six months' full pay jay Was unable to produce n
much in vvidence
as formerly and free return passages for all the profit for 1933, it emerged with a though one of our vessels was sub-floating staff. well
1S better showing than for the prejected to a heavy fusilade while families and it was decided most sious three years, and I hope share going to the aid of a distressed reluctantly to reduce the number holders will gain some consolation steamer and was only able to carry relieved each year. This conces from the fact that our recent losses out her mission through the opsion, introduced voluntarily by the have been diminishing progressive portano presence of the U.S.S. Company, has not bean cancelled as ly. The year under review was the Daha to whom om thunka are due. has been wrongly inferred in cer worst ever recorded in the annals of Wo were also free from the scourge tain quarters and that extreme shipping generally and although we of piracy which, if dormant. at mensure would only be adopted
fortunately times, is over ready to break out if perhaps more
our financial position becomes placed than many other Companies most unexpected quarters and I worse, since it is realized that mon which experienced the full force of am sure, you will all sympathize serving in the East are the better the world wide depression the con-with the China Navigation Co., for a period of relaxation if satis sequences of this was folt in the and Chinese Maritime Customs in fed with the Company's service and
their recent experiences as well as intending to continue in it. with the relatives of those officers The Cheong Shing, vessel 27 and engineers who were killed or years old, was sold having becomi kidnapped to say nothing of the uneconomical Although badly latter themselves. The suppression wanted to maintain our pivotal of piracy is admittedly a difficult trades no new tonnage has been matter but none of the Govern-acquired and the three steamers ments concerned can afford to relax referred to inst year are atul under their vigilance for a moment. In charter to us. thia ecnnection H.M. Navy's help is invaluable and I desire to take this opportunity of expressing our thanks for their great assistance on numerous occasions not only in this In the general chartering market neighbourhood but on every lined. for the previous year. shipowners had a particularly unand in every port at which the Com- happy time with ratos in the rice pany's vessels call.
were
backwaters of the China Coast. Added to this, the serious political differences in the Far East, on which I need not dwell at any longth, created for us now and peculiar troubles. These difficul- ties, however, were largely offset with the advantage of economies effected and with the advance in the value of silver which plays an important part in the working of the Company, as our freight and pluskengor carnings emained much the same love! aa in 1931.
on
and coal trades remaining for the most part on an unremunerative
WEN
Trouble in Yangtze Area.
Dues and Tarifs,
On the Yangtze River, where a large portion of the Company's floer is employed, conditions were not conducive to good trading. The
and Native Banks restricted credit toms who do not hesitate to infi
He said that during 1939 a total of 20,000,000 passengers were car: ried by the Company's ferries, and that a profit of $274,010.03 was made. Three new vehicular ferries had been ordered and when they were completed the Company would have a fleet of 25 vessois valued at over $3,000,000,
wern
*
There
profusion of wreaths including those from The Taikos Dockyard and Engineering Company and the Taikoo Sugar and The Hong Kong and Shanghai Refinery, while the Matron Banking Corporation had been Sisters of the Kowloon Hospital kind enough to grant the Company also forwarded a floral tribute. A an overdraft on very favourable bunch of lilies sent by "His Bro terms, and the Company's financial ther Aldolf Obremsky and neice" position was such that the Direc-was buried with the coffin. lors had recommended the payment of higher dividends this year.
Referring to the Vehicular Ferry, IN MEMORIAM DONATIONS. the Chairman said that the service was now running regularly and was well patronised particularly by the Government, the China Provident Loan and Mortgage Co., Ltd., the Hong Kong and Kowloon Wharf ties:- and Godown Co., the Dairy Farm, Hong Kong Hotels, the Wing On Company and the Sincere Com pany.
11
the Statement of Turning to Accounts it will be observed that there is a profit on the working of the steamers of £97,208 2 4d, com-
The cost of running the vessels pared with a profit of £27,339 129. was low and the traffic receipts After highly satisfactory. He trusted that as time went on the public, especially thn-basiness people, would appreciate the value of the service which would be further ex-
providing for Depreciation £91,891 08. 1d. and Liabilities, etc., thero remuins à debit for £11,745 4n. 6d. To meet this luss it is, proposed to transfer £13,145 38.78 from
CASES INVOLVING £500,000
In memory of the late Dr. O'Bremski the following donations have been made to local chari-
Mr. and Mrs. G. W. Tate 35, Mr. and Mrs Macfarlane 85, Mr. and Mrs. J. Mitchell 85, Mr. and Mrs. D. W. Hume 85, Mr. and Mrs. W. F. Senth 85, Mr. and Mrs. J. Waid 85, Mr. and Mrs. N. Drummond 85, Mr. and Mrs. J. Sloan 85, Mr. and Mrs. T. C Barclay 85, Mr. and Dransfeld 85, Mr. and Mrs. H.
Mrs. A.
Clark 85, J. Cannay 85, H. L. Parton 85, K. S. Cheung $1, E. K Pun 81, S. C. Cheng 81, C S. Tung 81, B. H. Chan 81, Cheng Moon $3, Fung Kwan Ng 1, Lam Chiu Fong 81, Loh Ming Chon 85, Total $142.
CROWN FEES NOT PAID
LOCAL SOLICITOR
SUMMONED.
Company's property suffered no I have already stated that the the Company have all been receiv. Radiovisor Parent, Ltd. Twenty
hara and our grateful thanks are value of Silver has an importanked. This includes £18,985 11s. id.
Wilson 85, Messrs. J. H. Little 85. tended in the near future. In past speeches from this Chair.
The Hon. Mr. T. N. Chau, in G. E. Mitchell 85, J. R. Kinghorn basis and for long periods auny I have referred to the tendency of Building Account and to carry. forecording the motion, congratulat 85, T. R. Chassels 85, C. C. Hick- ships were forced to lie up at Port Authorities to increase their ward £1,399, 198. 1d. to the year the Chairman and the Board of ling 35, G. E. Brown 85, E. Bock various ports rather than accept charges without taking into con-
1933. Επ these circumstances I Directors for being able to present 5, J, Anderson 85, H. A. Meffan husiness oa ruinous terms. Condi- sideration the parlous state of ship; regret it is not possible to pay any such a satisfactory balance sheet, J. Cunningham, D. Me- tions, however, were more favour ping and on the last occasion of dividend. It will also be seen that and said that with closer co- Kechnie 85. P. Cole 85. D. H. able to established Companies in addressing you the hope was ex-Revenue Account has been credited operation on the part of the Gov. the, regular Coastal Trades and pressed that the local Government
with unclaimed dividends mount-ernment, and with further improve what we lost on the swings in one would reconsider the question of direction we made up on the round Light Dues which were increased ining to £1,682 39. Od, which have apments in the existing services and abouts of another. Frons Northern 1031. It is therefore a pleasure to peared in the balance sheet for the inauguration of the vehicular 8oine years and under our Articles ferry, the prospects were exceed to Southern ports a good demand announce that representations from of Association these arc being ingly good.
maintained throughout the the Chamber of Commerce were utilized for the benefit of the Com-
The report. WHE passed LIFY animously. year, apart from the usual seasonal sympathetically received and a re-
pany. fluctuations, and return trips were duction obtained. Small though the
Referring to the Balance Sheet above the average but our Calcutta relief is it is a step in the right it will be noted that Exchange Japan Line felt the draught of the direction of closer co-operation be-Fluctuation Reserve has been "in- depression from India as well as tween Government and shipowners creased by £2,228 108. 7d, due to the effects of the Anti-Japanese which is essential for the well being Floating Dollar Assets and Liabi boycott, while revenue from deck of the Colony as a whole, Further lities being converted at 1/3d., the
IMPORTANT JUDGMENTS passengers declined owing to the evidence of this spirit is shown in
rate of exchange ruling on the 31st
(Special "Air-Mall Service) continued restrictions placed on the recent introduction of the December, 1939, as against 1/54d. that traffic by the Straits Govern- |portation and Exportation Ordin-
at the end of 1831. General Re-
London, April 11.-Two judg ment.
noce, 1932, which has enabled the
Mr. A. E. Hall, the local solici- serve remains at the same figure niente, together involving over
Mr. local authorities to proceed effec- in last year's Balance Sheet, £300,000, are to be given by the for
was summoned before tively against the owners of unnamely, £135,000. Building Reserve Court of Appeal this week.
Schofield yesterday for continuing manifested cargo, another word for has been increased by £4,145 35. 78. In one case the Crown have ap- to occupy Crown land by maintain- smuggling. Owing to the high tariff bonnet dents sold and after peaded against an order of Mr. ing a garden at 45 Conduit Fload, without obtaining permission from wall in China the temptation to transferring £13,145 38, 7d, to Re Justice Farwell in the Chancery the Director of Public Works, Mr. smuggle cargo is irresistable to venue this Account will stand at Division for the repayment of native orows and shipowners are £117,000.
Sundry Creditors in £283,041 estate duty to the trustees Péter Sin appeared on behalf of year opened with political trouble constantly falling foul of the Cus China and London has declined by under the will of the late Mr. Mr. Hall, who has not fully re 022,343 to Mr. Sassoon's daughter, Mr. Sin said that Mr. Hall Д technical which weakened confidence and heavy. penalties on the unfortunate £36,134 168. 4d, and the whole Frederick David Bassoon, and off covered from a serious illness. business. As if this was not enough vessel on which the goods are dismount of £60,220 148, 5d. standing Mrs. Ezra, with interest at 3 per pleaded guilty to
in this Account has been paid since cent, from October 14, 1930. Judg offence. The summons was in res commerce received a further blow covered whereas, if they could only the close of the year, Steamships, ent in this case will be given to part of a fee of five dollars for in the shape of the regrettable hos deal severely with the culprits hulks, etc., show a small decrease morrow
occupying Crown land. Mr. Hall tilities which broke out & Shang direct it would have far reaching of £1,870 178, 5d. consequent upon The Court's decision is to be anbad no intention of contravening hai between Japan and China and results. In order to protect the the sale of the Choong Shing and nounced to-day in the other appeal, the law, and it was due to over- for the best part of a month ab- Company's interests we have been Depreciation has been written off which is by Radiovisor (Foreign sight. fr. Hull had been very ill solute chaos reigned. You can well | obliged to furin our own Preventivo
on the usual basis and amounts to and Colonial) Ltd., against a Canton for about three months, imagine that some time elapsed he- Service, and under the Ordinanc fore events resumed their normal just mentioned we have obtained 91,801 0s. 1d Sundry Debtors in judgment of Mr. Justice Lawrence and even now could not walk with-
China and London, Agency Bal dismissing an action in which they out pesistance, from course but I am glad to say that several convictions apart
ances, Coals and Stored are all reclaimed £200,000 damages and the
return of £120,000 £1 shares from Mr. R. E. Stott, of the P.W.D., throughout theep disturbances the righting other irregularities.
duced and the amounts owing to
hid that defendant had caused a seven days were occupied in the lot of trouble as for the past three due to the floating staff for carry boaring on our final working re- due by the General Managers as hearing of the appeal, and the cost years, he had not paid the fee r
of the case, including the original gularly, Latitude was given last ing on loyally under very trying suits. The serious decline which compared with £123,039 25. 3d, due trial in the King's Bench Division, year, but it was found no circumstances. Later in the year affected our 1930 and 1931 accounts to them on 31st December, 1931. is estimated at about £70,000. to inque a ummons this year. It rate cutting was indulged in exten.
was not an isolated case, as in one' so adversely was arrested and the As there are no other matters of sively by people who ought to bave dollar remained
steady interest to refer to it now only re-
year defendant did not pay until scalized the senselessness of this round 1/3d. As the Report shows, maina for me to propose the follow and Mr. S. T. Williamson were June, when the fee was dus in policy. Rates were depressed along the balances of Steamers Working ing resolution
confirmed in their appointments January. He had seen Mr. Hall personally and handed him n the whole River but particularly nu Accounts wero converted at an "That the Report and state-Directors of the Company.co the higher reaches and with cargo average exchange for the year of ment of Accounts as presented Mr. John Fleming and Mr. A. duplicate demand note, as defen- scares the unusual spectacle was 1/32d. compared with 1/02d. in
including the transfer of £13,145 Ritchie were alected auditors of the dant said the original one had been seen, of steamers waiting for days 1981 which made an appreciable
39. 7d. from Building Account to Company for the year 1933 at a remislaid.
His Worship said that the de at Ichang for even half cargoes. difference in our favour. The for
Revenue Account be adopted and muncration of $8,000
19 14. Supporting the Hon. Mr. J. Jfendant had given the P.,W.D. In that region the civil commotions tunes of this Company are there
fore linked up with Silver, and it that the sum of 81,309, 105, 1 Paterson, were the Hon. Mr. C. fl. Officed unnecessary, work said, andre in mamon with pic ether, would be a very wise man why-Ag won-ne this has been second- B. Mackie and Mr. S. T. William far as he could see, the fee, could British friends, are still being do could forecast this future. As 1 Red, I shall be glad to buswer to edo (Pixeches) and New Tod have been paid by a representative barred from loading cargo at. Wan- expected to make some reference best of my ability any questions (Secretary). Others present were at any time-la-registared a cou hsien. It was also in keeping with at these meetings to fature pros which shareholders may wish to Messrs. G. Puncheon, W. B. Cornnviction without imposing. & fiue, the times we live in that serious pects of the Company. I can only ask. difficulties were engineered agains our chartering a small vessel on the Upper River for the carriage of oil in bulk which is forming an over growing business on that large Waterway.
of recent years have left their mark
fairly
say that this is dit of the question
Hon Mr. G. 8. Meskie, 1 for the reason given as well na beg to second the resolution ta pro owing to the uncertaisity of interposed by the Chairman, national trade and recent political This was carried
The Hon Mr. C. G. 8. Mackie oventa sin China, but it clonot be disputed that there is a great (Continued at foot of next col.).
by, J. G. Allison, A. M. do Silva, Ho Tang Ying, W. D. Fiddes Wil son, Fung Hing, F. O. Hall, W Brackenridge, Ho Leung, J. Bap tista, A. Murdoch, J. Fleming, M. L Railton, M. H. Turner and Capt, T. T. Laurenson,
The Keel of a 0,000 ton class submarine depot ship was laid: at the Yokosuka naval dockyard on April 12. The vessel is expected to be launched in November
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