10
U.S. BASEBALL ·
GIANTS BEATEN BY CHICAGO
(THROUGH REUTER'S ADENOY]
WASHINGTON, May 2. THE New York Giants were given & drubbing by Chienge to-day being blanked out by Warneke and having eleven runs scored against them.
FOOTBALL
South China Trouce Athletics
South China playing in the first oyer Jengue seured an easy win China Athletics yesterday afternoon at the Club ground at Happy Valley. The winners scored goals in the first half and added three more in the second.
I
The Athletics felded practically the whole of their second team and Hartartt twies travelled the cirrm the start it was apparent that cuit after slashing the New York they were up against a better team. pitchers, and Steppenson also help The South China goal was not once ́ed himself to a homer.
theatered in the first half, and ther backs were far too good for the opposing forwards.
runs:
St. Louis ran riot against Brook lyn, snatching thirteen Homers were credited, to J. Wilson and Martin.
Ip Pak Wa, playing left wing for South China did all the scor ing in the first half and completed The New York Yankees were the hat trick after the interval, nosed out by Detroit, who managed Wong Mei Sun, scored the fourth
HONG KONG DAILY PRESS, THURSDAY, MAY 4, 1933
DIRECTORS FEES CRITICISED
(Continued From Page 7.)
$8,000. on a paid up capital of three lakhs works out nearly three per rent. when voting thereon.
wonder if Mr. Gould world be sur: prised to learn that the Managing Director drew $18,000 per annum for 1834, the same amount for 1925, and $12,000 for 1996, that is, a total of $48,000 in three years. For the past three years, your Managing Director drow 2,971.38. 84,748.77 and $9,000, respectively, or a total of $10,720.15 against $48,000. The amount represented in the accounts
ADVERTISEMENTS.
UNION INSURANCE SOCIETY OF CANTON, LTD. (INCORPORATED IN HONG KONG.)
spira
|
KOWLOON CANTON. RAILWAY,
NOTICE.
Mr. Scott Harrion's Views.
Mr. Scott Harston: This matter of the Directors' Feca thought, finally determined and wna, I settled at the extraordinary genor- al meeting held last summer. At
THE Public is hereby notified that that inceting, Mr. Gould gave n
NOTICE TO SHAREHOLDERS. Trening from Saturday 6th May, an Extra Express Train will be views. Prior to that meating the
TOTICE IS HEREBY GIVEN run from Kowloon to Canton each Chairman had spoken to me and I had given him views and had n
that the ORDINARY YEAR- Saturday leaving Kowloon at 1.36 p.m. dicated that although, 1 was going
LY MEETING of the Society will bo also an Extra Expresa Train will be held at the HEAD OFFICE, Union run from Canton to Kowloon each to oppose Mr. Gould's VIEW, A would refrain from voting on the Building, Hong Kong, on FRIDAY, Sunday evening, leaving Canton at subject. That undertaking I duly 26th MAY, 1933, at 11 o'clock A.M., 6.14 p.m.
for the purpose of receiving the Parsons desiring to spend a week- carried out and at the meetingReport of the Directors and the State-end in Canton will thus be able to iments of Account to 31st December, leave Kowloon after office on Saturday 1932, and of declaring Dividends, etc. and return from Canton on Sunday in
the cool of the evening.
N
The TRANSFER BOOKS of the Society will be CLOSED from 9th MAY to 96th MAY, Both Days inclusive.
By Order of the Board,
PAUL LAUDER,
General Manager.
[713
it may be remembered that at the Extraordinary Meeting already of 30,000 for Managing Director's fees was in reality half as much as referred to, I ventured to suggest the Managing Director was paid in that the proposed increased of fees
1924 and 1025. Since 1999 the I addressed you on the sub- should come into force us frem Jary, 1833, instead of January, Managing Director's salary is shown ject. You will recall I spoke to ting forward my request, I did so 103, that is to say that it should as a separate item in the Profit and you then in these terms: In put not operate retrospectively, and I Loss Account. If the praction, pre-
in the knowledge that the increas ed remuneration aked for was in had been given to understand, previous to 1920, had been followed in
no way excessive in view of the vious, to the meeting that the sug- the presentation of the 1932 ac gested alteration would meet the counts, there would have appeared large increase in the amount of Beard's approval.
the sum of 88,000 for Directora work which has for some consider- fees, the Managing Director's salary able time past been entailed upon "Salaries and the Directors by reason of the com- A Director's Wrath.. being merged in
Wages." I can
assure Mr. Gould Pany's new activities. I have been Hong Kong, 1st May, 1939,
concerned as a Director of Com panies for very nearly thirty years. To my utter surprise, however, that the office of Managing Direc
THE CHINA FIRE INSURANCE that I have, never received of sought
CO., LTD. the Directors stood up in his wrath of the ordinary Directors, whose
duties are not lightly taken and to receive remuneration as a Direc
(INCORPOTATED 1 How KONG) and read mo a lengthy sermón “On
tor which the circumstarices in con. nection with my services did not the ethics of Director's compensa whose responsibilities are
NOTICE TO SHAREHOLDERS, fully warrant, indeed I Can tion, telling me at the same time The Managing Director's is a full-
time job. I doubt if shareholders further and say that, in the case unwarranted re- that it was n fection on the Board for a share-in general would consider that the
of many companies, I have done holder to criticise in any way the office is an overpaid one. In 1928, far more work than I have been Resolution for an increase of their 1929 and 1930 his endary was only paid for."
a month-a salary that is Surely, this is rather a novel $250 fees. doctring to lay down, that share much less than that drawn by a halders are to be denied the right junior clerk in most commercial of criticism, and were it to find houses, general acceptance, the only right that would be left to the poor shareholder, apparently, would be the doubtful privilege of being per mitted to act as paymaster.
to hit the third run to beat their goal and 1 Pak Wah scored the the motion being. put, one of tor is no sinecure, neither is that and I think. I can honestly claim
givala, but the rest of the Ameri- | just. can League programare was washed
.out.
National League.
New York Chicago
I. II. E .10 8 I {1 14 ..1
Play towards the end was very son and dill, as the winners were too far ahead to be overhauled and the lowers took little interest in the game after being three goals down.
The teams were as follows: --- South China: Lam Tin Chang. Leung Iu Chak, Lau Mow, Tong Leung Wing Chin. Li Kwan, Ewok Wai, Chong Shiu Hong.
Mei Sun, Wong
Fung Cincinnati
King Cheong, Leung Tat Wing and Ip (Durocher and Lombardi homered Pak Wah. or Cincinnati).
(Warneke blanked out the Giants And Hartnett (twice) and Steppen son gered home runs for Chicago).
Boston
Philadelphia
0
0
0 9 1
• Pittsburgh
10 0 (Klein homered for Philadelphia)
Brooklyn
4 10
2
▸
8k Louis ..............18 14 (J Wilson and Martin hamered for St. Louis,
Flowers and
"Brooklyn),
American League,
St. Louis
Boston
7
1 $9
(Garms sred n home run for
St. Louis).
Detroit
New York
..Chiengo
F.
3 A 10
0
1.
China Athletics: Li Kwok Ki, Mak Shi Hoa, Tong Kwong Wing, Lai Kwok Che. Lo Hon Cheong, Au Kim Feng, Lo Chai Wan, Yeung Kan Tang Kwong Sum Cheung Man Wing. Lai Kwok
Chiu.
THIRD DIVISION
WIN FOR ENGINEERS.
on
This match was played before a the 1 very small attendance
Chathan Read ground and resulted in a win for the Engineers, who scored twice without any response from the Service Corps.
Philadelphia and Cleveland Washington games were postponed on account of rain.
National League,
Pittsburgh
New York
Brooklyn
Boston Chiengo Cincinnati
W. L. Per.
זי
The match was rather one sided and both goals were obtained in the initin half. After the interval, the Engineers began to take things 766 casily and the result was that the 583 game from that stage became scrap ,500 py and uninteresting.
31
G
7
B ..400
7 A
.437
3
.401
St. Louis
D
.437
Philadelphia
7
10
.411.
American League.
New York
Chicago
Washington
Cleveland Detroit
Philadephia
St. Louis Boston
BESAWANTED. ''
MANILA.
IN
11 3 .687 YOUNG FILIPINO CHARGED
.10 13
.025
10
7 .585
10 7
.589
3 8
10
.520 .375
12
4 19
J. E. Best, the Young Filipino, who is "Wanted" for alleged rob 368ery in Manila, was again brought before Mr. Schofield at Central .250
Magistrany yesterday,
Mr. G. Nigel appeared for
Pang, April 25-The wedding, took place yesterday at St. George's Church; of Mr. Charles Harry Hilton, planter to Miss Winifred
Ann Scott. The Rev. Keppel Gar nier. Colonial, Chaplain, officiated SHME E . Bulford gave th bride away. Miss Madge Ander son was bridesmaid and Mr. C. A. Bowring was best man.. A recep- tion was afterwards held at Mr. Bulford's house in Peel Avenue. The honeymoon is being spent it Penang..
the defence.
Mr. J. A. Fraser, assistant at torney General, who appeared for the Crown, said I understand that since my last appearance in Court your Worship has or should have an order from His Excellency the Governor under section eight of the Extradition Act, 1870, I am now in a position to give evidence in this case and I ask for a date
be fixed for the hearing.
His Worship fixed, Friday at
1.30 p.m.
ALL READY FOR THE SANITEX MOTH-PROOF BAG.
WE GIVE YOU FREE OF CHARGE, ONE BAG, ONE ENAMEL- LED SUIT HANGER SUIT, FOR EVERY 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.
1
IN THE FAR EAST.
HEAD OFFICE & WORKS Mongkak. Tel 17039,
KOWLOOF HOTEL, DEPOT: Tel, 41545.
HONG KONG DEPOT: 80, Queen's Bond Central, Tel. 11970,
PEAK HOTEL DEPOT: Tel. 29011.
PENINSULA HOTEL (Visitors only)
HONG KONG HOTEL (Tailors only).
GLOUCESTER BUILDING (Roaldente only). Tel. 28938:
SPECIAL VALETERIA SERVICE.
No. 1. PENINSULA HOTEL ARCADE, Zel 5Ə08).
No. 30, Nathan Road Howloor. Tel. 68906.
40, Queen's Hand, Osbtral, Toi, 11279,-
|
In pulting these views before the meeting, I do not wish it to be in ferred that I am suggesting that the Directors are receiving more than they earn.
Indeed, for all I know, they may be entitled to higher fees for the valuable worki they do, but however valuable, however ossential, even however in dispensable that work is, its reward by the Company should not be beyond its capacity, or to quote familiar phrase the capacity to pay," and for any Company to be called on to pay nearly three per cent., or even two per cent. of its paid up capital, is, it must be ad mitted, beyond that capacity.
Mr. Chairman, having placed theso views.before you, which I may add are widely held by a number of shareholders, I have no intention of moving any amendment in that sense. Rather do I prefer to leave it to the Directors themselves to take account of the fact that the affairs of the Company look none too rosy at present, and of their own free will, I hope, revert to the smaller scale of fees until such time as the profits of the Company warrant a higher scale,
THE CHAIRMAN'S REPLY The Chairman: I have listened, as I usually do, to Mr. Gould's re-
onerous.
It was in 1929 that shareholders were clamouring to liquidats the Company. To-day a very few of thom are insisting on a dividend. On the 32nd October of that year the present Managing Director was invited to a seat on the Board in his own right. He assumed the duties of Managing Director on the
6th January, 1930.
Other Shareholders' Views.
Before I leave the subject of Directors statement
to share- holders will bear repetition. It was a reply by the Chairman to certain comments by Mr. Could at meeting of shareholders on the 10th August last year. On that oc casion, the Chairman said: "Be- fore the Company entered upon its big development scheme, certain Directors, without any thought for extra remuneration, offered to pro- vide their personal, guarantees in. the event of an overdraft being re- quired from the Company's bank-
Ors.
There was a voluntary❘ remission on the part of curtain Directors and their friends of a substantial amount by way of Underwriting. Commission. A large sum of money had to be assured. before embarking upon the hod and building scheme. The money would have been forthcoming from, certain Directors and their friends hand the shareholders failed authorise the capital increase,”.
0
Mr. Gould had referred to a sub-
stantial number of shareholders supporting him in his views, but what is the substance of that sup- port? As I have said in my open- ing speech it amounted to 8.50"per
and 10.39 in respect of the new issue. In all, the substance of the support which Mr. Gould claims for himself is rather less than ten per cent. I think I am perfectly en-
marks at Company meetings with much interest, and feel sorry that 1 cannot see eye to eye with him in this instance. Mr. Gould is one of the signatories of the letter ask- ing for a dividend to which I re- ferred in my opening speech. His cent, in respect of the old shares viewa on the question of dividend and those entertained by a majority of the Directors are widely diver gent; I am afraid they are irra concilable. It is quite unnecessary for me to go over the same ground with wry explanation why, in the Directors opinion, no dividend should be paid. I think I have said enough to convince shareholders that cur first decision should not be reversed in favour of a recommen dation to pay a dividend.
On the question of the reversion
titled to tell Mr. Gould that I re ceived a visit not very long age from a very substantial shareholder of the Company who, speaking in re- ference to the letter addressed to tho. Directors, informed me definite- ly that he would refuse to associate himself with any such patition and that in his. view, it was in the in-
to the lower fees for the directors,terest of the Company to conservé speaking for myself, I can definite its reserves for reasons which I'then ly and emphatically say that I am stated to him and which I stated not propared to revert to the lower in my opening remarks to-day. fees and I shall therefore only deal with this matter of the Directors' fea at present,
It is quite true to say that Managing Director's fees represent- ed 3 pon cent of the capital of the Company.
Mr. Gould: I beg your pardon I
Mr. Joseph Gould: You see to lay particular emphasis on the small number of shareholders sign- ing that petition. Are we to take
it that because the number of shareholders are ma that they are not entitled to give their views to the Directory?
You emphasize about the Manag
did not say anything about Managing Directors' Fees. In my speech ing Directors!
Mr. Braga: I should have said that the Directors' fecs represent 3 per cent of the capital.
I did not say anything about that. In 1031 when the proposal to in- crease the capital was brought for- ward, I was one of the strangest supporters of it and I spoke in This is true because of the fact the sense that we all appreciated that the capital of the Company is the valuable work done by you, now so small after re-organisation. Mr. Bruga. I think that is on On the other hand, the work of record. As regards the dividend 1 your Directors in the light of its have already said that I bow to importance and the time devoted the decision of the diretters. 1 to it is far more than Mr. Gouldmads no, point of the dividend at
all. imagines. I need only mention the purchase of K.I.L. 2657 hs $320,000 to carry conviction in the statement that a far higher capital amount is involved in the conduct of the buni- ness of the Company than three inkhs of dollars.
Mr. Braga: My reply to "you 18 that however small the share- holder may be, not only is he en titled to present his views to the directors but he may be sure that such views would have the full con- sideration of the director. You Managing Director's" Emoluments. · say that your views are largely
supported...
Prior to 1929, Managing Director's Mr. Gould, I said that the view fees were combined with salarios is widely held. That is quite dif- and wages.
Before that year Iferent.
You Can Have My Seat."
20
Mr. Braga then, Chairman, addressed the nesting and Mr. Gould withdrew his opposition, very reluctantly, I thought, and went on to make cortain remarks and I then said that the manner in which Mr. Gould had made his remarks constituted a reflection on the directors for gratuitous in- crease of their remuneration.
Ад
far as I am concerned, I can only tell you that I have been on the Board of this Company for the past ten years. During the whole of that time I have done what I could in the interests of the Com- pany. As far as I am concerned, you can have my seat to-morrow. Certainly I am doing more work than the Company can afford to pay for. For my work, I have a right to
except reasoriable re-
muneration. If shareholdera think that the (Directors remuneration is too high, they can say so and they can have my seat on the Board.
There were no further discussion and the report and accounts were put to the meeting and carried.
Meurs. Lo Chung Shiu and J. Scatt Harston were re-elected Directors of the Company. Messrs. Lowe, Bingham and Matthews, were re-elected auditors at the re muneration of $80 per annum.
ADVERTISEMENTS.
NOTICE. HONGKONG BREWERS AND DISTILLERS, LTD.
APPLICATION Las
been made
to this Company to lume to Cortifieste for 20 therea in this Com Mr. Wong Cheng Shui Hing, duplicate
pany numbered 26221 to 26240, or other Certificate in lieu thereof upon state- ment that the original Certificate No. 129 datod 9th May, 1931, has been lost or mislaid. And notice is hereby given that, if at the Expiration of One Month from the date hereof, the above Certifi. case be not forth coming the Said Certiflcate will be deemed Causelled and of No Effect, and a NEW Certif cate for the Said Shares will be issued in its stead by the Company.
C. DE S. ROBERTSON,
Secretary. Hongkong 8th April, 1933.
[695
TOTICE IS HEREBY GIVEN N that the SIXTY-FOURTH ORDINARY YEARLY MEETING of the Company will be held at ita HEAD OFFICE, Union Building. Hong Kong, on FRIDAY, 26th MAY 1933, at 11.16 A.M., for the purpose of receiving the Repart of the Directors and the Statements of Account to 31st December, 1932, and of declaring Dividends, etc.
The TRANSFER BOOKS of the Company will be CLOSED fr m 9th MAY to 28th MAY, Both Days inclusive.
By Order of the Board,
PAUL LAUDER,
General Manager.
(714
Hong Kong, lat May 1033.
BRITISH TRADERS' INSUR- ANCE CO., LTD, (INCORPORATED IN Hose Koya).
NOTICE TO SHAREHOLDERS.
that the SIXTY-SEVENTH NOTICE 18 HEREBY GIVEN ORDINARY YEARLY MEETING of the Company will be held at its HEAD OFFICE, Union Building, Hong Kong, on FRIDAY, 2611 MAY, 1933, at 11.30 A.M., for the purpose of receiving the Report of the Directora and the Statements of Account to 31st December, 1932, and of declaring Dividends, etc.
The TRANSFER BOOKS of the Company will be CLOSED from 9ru MAY to 26TH MAY, Both Days inclu- sire.
By Order of the Bord.
PAUL LAUDER,
General Manager.
[175
Hong Kong 1st May, 1933,
NOTICE.
8 from April 29th, 1933, we have AS
removed our offices to the National Back Building, 3rd Floor, corner of Ice House Street and Des Voeux Road, Central. EXPORT PETROLEUM COMPANY OF CALIFORNIA, LTD. -
NOTICE.
(761
and after the 29th April, 1933. our address will be 8A, Des Voeux Road, Central, The National Book Building, 3rd Floor. ASSOCIATED PETROLEUM CO.
Formerly ASSOCIATED TRADING CO. [762
PRESIDENT
CAFE
LTD.
These Extra week-end trains are in addition to the ordinary service which
will be maintained ne usual.
TIMES OF EXTRA WEEK-END TRAINS.
Saturday ...Kowloon-dep. 1.36 p.m
Canton arr. 4.47 p. .Canton dep. 8.14 p.m Kowloon-arr. 9.23 p.m
(780
Sunday
HONG KONG & SHANGHAI BANKING CORPORATION.
TOTICE, IS HEREBY GIVEN
The the Provisional Certificate" No. 57/4909 cisted Hongkong, 14th January, 1918, for one share of this Bank numbered 85952 reg'stored in the name of Mrs. Josephine Calista Thom, has been Lost or Stolen, and should this cortificate not be produced to the Bank before 27th May, 1933, a Dow certificate for the share will be issued, and the aforesaid Provisional Certificate No. 57/4900 will be there- after treated by this Corporation us Nall and Void.
By Order of the Board of Directors.
L.N. MURPHY, Acting Chief Manager.
1769
THE HONG KONG JOCKEY. CLUB.
DRAFT or the Sixth Extra
RAFT Programmes and Entry
Race Meeting to be held on BATOK- DAY, 13ru MAX, 1933 (weather permitting), may be obtained at the Secretary's Office, the Club House, Happy Valley, the Hong Kong Club, Village Road. the Sports Club, and the Stables:
Entries close at is o'clock NOON on THURSDAY, 4îa MAY, 1933.
By Order,
0. B. BROWN,
Secretary.
(767
MACAO RACES MACAO RACES
THE MACAO JOCKEY OLUB.
· FOURTH EXTRA BÀCE
MEETING.
SUNDAY, 7th MAY, 1933.
First Baddling Bell at 2 p.m. First Race at 2.30 p.m.
ADMISSION ;--
To Members' Enclosure $2. To Publio Enclosure 40 Cents.
Members MUST show their badges to gain admittance, LADIES are cordially invited to attend the Races without charge.
NO Ladies tickets will be issued.
Tiffins, Teas and Refreshments will. be obtainable at the Race Course at reasonable prices.
See Steamboat notice for special sailings to Macao.
QUICK SERVICE
You can get your Tiffin in record time at the PRESIDENT CAFÉ.
We have paid special attention to the important
question of
quick and efficient service.
68 to 65, Des Voeux Road, Cil.
[778
Page 10Page 11
TO LET