HONG KONG DAILY PRESS; THURSDAY, MARCH 15, 1934.
COMPANY
ELECTRIC COMPANY.
MEETING
SATISFACTORY YEAR REVIEWED BY CHAIRMAN
May Be Necessary To Call Up Un-Issued Capital
A very successful year's work was reviewed by the Hon. Mr. C. Gordon Mackie, at the annual meeting of the Hong Kong Electric Company, Limited held, yesterday.
The Chairman said that looking to the future, there was" every indication of considerable expansion in "the Company's power, load, but he did not anticipate, any ap preciable increase in lighting for some time to come.
It was also stated that the Company may have to.. calb up its unissued capital.
Seconder's Congratulations
The Hon. Mr. C. G. S. Mackie (Chairman of Directors) presided. and was supported by the Hon. Sir Shou-snu Chow. Kt. Mr. T. E Pearce, the Hon. Mr. J. J. Pater- son. Mr. J. P. Warren (Directors). and Mr. J. Douglas Butcher (Man- ager). Shareholders' were repre- sented by Messrs. N. M. Currie, J. H. R. Hance, Law Sze, A. W. Hughes (representing Union Insur- ance Society of Canton, Ltd.). Fung Kong Un. Frank Austin (re- presenting A J. David), W. J. Keswick, A. Stevenson, Kwok Kain B. Wong Tape, C. A. L. Hang. Rickett. W. H. Choy, F. L. Brown, Chua Seng Choo, Li Tse Fong, Leung Fattin, Le Kai Wing, H. R. Forsyth (representing Messrs. Lin- stead & Davis, Chartered Account- ants Auditors) and J. M. Jack...
Chairman's Speech
The Chairman said: Gentlemen.-The report and statement of accounts for the year ended December 31, 1933, have been in your hands for, the pre- scribed period and with your per-
mission I will take them as read.
The nett proft after providing for Dépreciation is $1.884,356.55, and. with the sum of $156.622.94 brought forward from last ac- court. we have
sum of $2,041.479.49 for appropriation, and with this we propose:-
To pay a dividend of $2.50 Ter share absorbing
To pay a cash bonus of $0.50 per share absorbing
||
$1,125,000.00
225,000.00 500,000.00
191,479.49
To place to Reserve To carry forward to
next account In spite of a difficult year your Directors are pleased to be able once again to present a satisfac- tury Balance Sheet, and I trust our recommendations relative to "ap propriations from the balance standing to the credit of Profit and Loss Account will meet with your approval
The continued and steady annu- al increase in the units sold must be a source of great satisfaction to all concerned. Another matter calling for favourable comment is that the Installation of modern and up-to-date machinery has enäbled the Power Station to generate nearly 24 million more units with a decrease in the fuel consumption of no less than 2,550 tons of coal.
The figure provided for Depre- clation is slightly less than that allocated for this purpose last year. This is due to the fact that special provisión was made in previous years for the complete writing off of low pressure plant and switchgear. No change in the usual generous scale of deprecia- tion has been made.
Investments
Deposit Fund. I am glad to say Bad Debts show a small decrease on last year's already small figure and amount to only 17 per cent. of the gross revenue.
The nett profit shows an increase of $27,070,
Turning to the Balance Sheet, on the Liabilities sidé Consumers' Deposits have increased by $95,876, and Sundry Creditors have in- creased by $32,149 as a result of the Arrival of coal shipments at the end of December,
On the Assets side, Plant has increased by $242.143, expenditure on the new high pressure boiler which is, at the moment, about to be placed on the general load of the Power Station.
It will It will be seen that the Buildings and Plant headings show only a small increase although there has been a heavy ex- penditure quring the year.
The additional buslay is largely offset by depreciation of the old Plant and Buildings.
Sundry Debtors have decreased by $81,286, owing to the reduction of the amount in the hands of our London Representative, and the balance in General Consumers' ac- counts.
I do not think there are any fur- ther points in connection with the Accounts which call for comment.
The Future. Looking to the future, although there is every indication of con- siderable expansion, in our "power load, I do not anticipate any ap- preciable increase in ighting for some time to come, and in order to maintain our satisfactory results we must rely for the present more on economical working than on & large increase in revenue. feet this it is essential that we keep our Station respect, which means scrapping ob- up-to-date in every solete plant and replacing with the latest machinery. nection we anticipate heavy ex penditure during the next year or two. We are also committed to the purchase of more land at North Point which is required for storage purposes and possible Station tension."
To ef-
MEETINGS
THE MERCANTILE BANK
The Mercantile Bank of India, Limited, have received a telegrani from their Head Office, in London
ROPE COMPANY'S MEETING
ndvising that at the Annual General DECREASED PROFIT: REFLECTION
Meeting of Shareholders & Final Dividend of 6% on the "A" “B” and shares will be recommended (making 12% for the year less In- Come Tax)—£30,000-written off Landed and House property- £172,000--carried forward to 1934)
4ooonat,
The H.K. & S'hai Hotels, Ltd.
ول
#
The Profit on Working Account for the year 1933 amounted to $X48.593.56 and the Balance at credit of Proft and Loss Account on December 31, 1933 (including
the sum of $47.024.43 brought for ward from the previous year), after charging Interest. Insurance, Maintenance and Repairs. etc.. providing for Depreciation and Bad and Doubtful Debts, amount- ed to $288.239.30, which the Direc- tors, at the forthcoming Ordinary Yearly Meeting of Shareholders to be held on April 11, 1934. will re- commend apportioning as follows:
Transfer to Exchange
Fluctuation Account $100,000.00 Carry Forward to New
Account
188,239.30
Total ... $288,239,30
· HYDRANGEA'S
SAFE ARRIVAL
Delayed By Fog
The .s. Hydrangea which was yesterday reported as missing, not having, arrived at her port of call Swawow on Tuesday morning, has now arrived at the latter port.
Owing to the thick fog which was reported to be concentrated on and about the coastal line from Heng Kong to Swatow, the Hydrangea's captain thought better to make port side. As soon as the conditions had through the fog and anchored out- improved the ship entered Swatos.
and Statement of Accounts such as those presented to Shareholders at this Meeting, and I offer my Agents and Staff on the year's re- congratulations, to the Directors.
suls.
ON S.S. COMPANIES POSITION
Sales Favourably. Compared with Previous Years
The fiftieth annual general meeting of the Hong Kong »Rope Manufacturing Co., Ltd., was held yesterday msen- ing at the Registered offices. Mears. Shewan Tomes & Co., when Mr. A. L.. Shields presided and was supported by Hon. Mr. J. P. Braga and Mr. S. T. Williamson. Directors, Mr. M. H. Turner, for the solicitors of the company and Mr. J. Coulthart. Secretary,,
JI
The following shareholders were also present-Mesas Wong Pak Fan, J. Toppin. 1. W. Shewan, Li Sau Nam. V. H. Zimmern, Soo Piu Chen, Chan Sîn Yui A. A Botelho. W. McLean, C. V. L. Cole, A. C. Greavės, X. V. A. Groucher, K. C. Mok, Wong Kit Wan, Yang Yan. H. Drever and F. J. Tavares.
14
CHAIRMAN'S SPEECH
closure of the might clubs and en harens in the West Point district In presenting his report Mt. chich has driven a large member Shields said:-
of people 23 Fran "Komitgeekyy Before proceeding with the besi- tromm to houses in Wanchal ang ness of this meeting I wish to re- i Kørkan. cara the great loss which this....;
Part of the Mi-tap-kok property Company has
suffered by the is occupied by the Air Mailbag and death of my predecessor in the recently ne leg an miršunal pract chair, Mr. Robert Gordon Shewan, to the Har Deparment. The in- 'Mr. Shewan was intimately ora- i creased retamine-$530 per modem ll. rected with the afatis of this derived from this propery và bế Company from, its inception in ¦ reflected in the agents for the 1883, and was Chairman of the present jean, provided the vertaTÍOS Consulting Committee and the ; remain la comupations. Board of Directors for over a.
The continued increase in units: sold is a very healthy feature in our business and this factor com- bined with the high efficiency of the modern plant should, enable all Shareholders to now installed
view the future of the 'Company with complete confidence.
funds in
Bulidings. Plan and Machimsty period of 40 years. The Board have been renovated during the and I am sure, the Shareholders year and are now in a good state regret the passing of Dre 900 was at all. ttines a wise counseller “
and who was largely response for the success of the Company.
The Secretary, having read the notice convening the aeeting and the Auditors Report, the Chaleur vi addressing the meeting said:„
Gentlemen:-The gross revenze
ei repai
I bow bez së gropose that the
Repest and Account as salamitted
be adopted and prised sad the amount of $153,5722; so credit of Proda and Less Accoviet be 'dis- tubated as foRVES:—
STELILOO
To pay a dividend ei
(ents per, Smara, pi sectetu
.16 cmg forevesel, do 3rd
media of next year's
73672.29
amounts to $96.166.12 and after deducting Directors and Autious Fees. Depreciation. Interest Commission to General Managers there remains a next profit of
and then this has been senunded $56,255.20 for the year. This amount" added to balance carried I shall be pleased to answer any forward
from the previous years from Shareholders makes the sum available for ap- The Report and SecoNNES WES priation $143.67224 which your seconded by M., Wong. Hit Wan as follows:- Directors recommend be dealt with fand camed rematangy.
To pay a dividend of 35 cents per share. absorbing
To carry forward to crédit of next year's account
4:
Sir Ey Kados, KBE. and the Sem. M. J. P. Baga, proposed by M. W. Marlem and seconded $ 70,0000 | by Mr. C. W. L. Cole, were re- elected to the Board of Directors. Messrs. Percy Seth, Seth and Heimer and Messes. Linstead and DAYS, We re-elected anfibus for The ensuing year'32 3 Amma-
73 ATZINA
$143,572.24
The difference
I agree entirely with the sug- investing idle gestion of extending the policy of for little comment.
The accounts as presented cation of 5500 each on the proposit of Mr. H. Debyter and seconded by local shares and I feel the choice figures in the preliminary report
certain of $2,264.16 as compared with the Mr. A. A4 Hotelso.
hands In this con-of same can be safely left in your is due to a sum for legal expenses
in connection with the revision of I am quite sure that Sharehold the Articles of Association ers will approve the Board's decl- certain amounts paid subsequent. ston to increase the cash bonus to the date of the above notice paid in 1932, which appears fully behag written back from the 1534. ex-justified on the consistently good to the 1933 account.
figures that have been before us in recent years.
Depreciation on Buildings. Plant Allowance for depreciation in and and Machinery has been calculate think it more than probable that, undertaking such as ours should ed on the usual taxis and Stores it will be necessary to call up our be on a generous scale and I am taken in at cist or puder. The n-issued Capital ss and when pleased to see ample provision is Company's investments have been required, and I consider that this made under this heading.
Un-Issued Capital,
To meet these heavy charges I
..
written down to market value as
is an opportune time to indicate I am pleased also that you have on December 31, 1933, a deprecia- to Shareholders what your Diree-given some Indication of the Direction of $2,249.85
|
LATE MR. HL L PEREIRA
Laid To Rest At Happy Valley
tors have in mind. Even on an tions' intention regarding the pro- Apart from these items I see abe Inseral of the lake 3r. increased Capital, whilst we may bable calling up of, the un-issued nothing that calls for cominent. not be able to guarantee the gener- ous bonus proposed this year, we have every confidence in being able
You will notice a considerable increase in the amount of Invest ments. Your Directors have fol- lowed the principle of investing -a portion of idle funds in approved It affords me much pleasure to local shares, and a corresponding again refer to the good service increase appears under the head-given by our Staff during the past ing of income from this source year. Our Manager, Mr. Butcher, These funds would otherwise be was at home on leave, and a con- ving in the Bank carning a very siderable portion of his time was nominal rate of interest per an- occupied in the interests of the num, and I think this policy should Company Mr. Sorby carried on the be extended as found necessary. work here very satisfactorily during The Gross Earnings are $44,253 bis absence and has now gone on less than last year, a decrease of a well earned holiday, rather less than one per cent. I now beg to propose that the Generating Costs are consider-Report and Statement of Accounts ably less due to a decrease in the for the year ended 31st December cost of coal and to increased 1033, be adopted. efficiency in the Power Station to which I have already drawn your attention.
The Profit on Working is slightly more than last year and you will notice there is little change in the Frofit and Loss Account. On the debit side there has been an in- crease in the Interest on Deposits due to the large increase in the
Capital.
Shareholders look upon this Company's stock as gilt edged and
No Protection
Bector Læstence Pereira, whose tragic death was registed. In our COLARIAIS Yesterday, took place last erentem at the Roman Carwoli
| Gemetery when the Rev. Faber
Page took Ofise graveside service.
to maintain a steady dividend At a sound Investment and it is grati- When addressing, you last year the same time we never overlook tying to have this view confirmed stated that the decreased pred the fact that this is a public utility by the present Accounts, and to was a reflection of the position of
Mr. Frank Pereira (brother) and company and that our first duty is be informed of your confident Steamship Companies generally. towards our consumers,
who, I opinion that a steady dividend can and the restricted demand caused Peretta (sister-in-law) were trust, appreciate that they are be maintained even an ann by about 22 per cent of the world's the chief memes and songst giver rates for light and power | creased capital.
tonnage being laid up. These re- the large number of friends pe which compare favourably with
It is due to the conservative po-marks unfortunately applied equal- seat, were noticed Mesus. MR. those charged elsewhere.
lley adopted in the past that they to pur position during the year Abbas, to Van Loo, R. M. Only Company is in its present strong under review, in addition to which el Arcali Messrs. A B position and I feel certain that the we have had the disadvantage at Mr. M. P. Madze, A. T. Bazı interests of Shareholders and con- the higher level of the Hong Kong H. T. Baina, F. Md Arcelli, A. A Bumbala, A. E. Kader, A. M. Omzar, sumers are and will continue to be dollar. safe-guarded under the present Except in Canada cur product &. A. Runjab., kt. A R. H. E able management. Confident that gets no benefit from Empire pre-Į mail, O. el Arczili, jur. W. A. Abbas all Shareholders will endorse my ference. Many of our competitors and many others. remarks I wish to record their ap. i have protection in their baZE.. Fioral tubules were sent by "Tile | preciation of the Staff during the markets and compete with us on sing" brother, Frack past year,
equal terms in Hong Kong. Straits ↑ Ležžais triszer-fa-las), "Baby" Ee- I now formally second the adop... ¦ Settlements, Federated Malay : gizaki, George and Walda tion of the Report, and Accounts for States and India...
(kwother)" and Beryl Grister-In- 1933 as presented to this Meeting” I am pleased to state that the) kxw), Mr. and Mrs. A. IL. Abbas The report and accounts were actual "quantity of our product and famely, Mr. and Mrs. Chân, put to the meeting and carried. sold during the year 1933 compares 35. R. Abbas and F. XL. el Atenki, The re-election of the Hon. Sir favourably with the Average || A. H. Madar. A. R. Kader, Miss S. Shouson Chow, and Mr. T. E quantity sold' in past years, al-Kader, brothers szei sisters &. Y. Pearce to the Board of Directors though the keen competition which | Leung, Elle MacNaider, and Chas, was proposed by Mr. J. H. R. Hance we have to meet from protected Van Len, A. X. æd⋅A K- Mim, and seconded by Mr. A. Stevenson. i countries has meant a réduction in|A. M. Eunjabo, A. H. Runjabo,
The proposal was carried
profits...
Mr. and Mrs. H. D. Razzjahu, Miss Messrs. Linstead and Davis were Revenue" derived from rents | Besle. Raumjalin, Chaleman, Com- re-appointed auditors on the pro- shows a decrease of 21.304.18 23; mitter and members of the Indian posal of Mr. F. Austen, seconded, compared with the previous year. Itecreation Glad, Beaux Arts ̋and by Mr. B. W. Tape
"This is partly accounted for by the "Markng & Co. -
When this has been seconded I shall be pleased to answer to the best, of my ability any questions you may desire to ask."
Seconder's Speech.
Mr. A. W. Hughes, in seconding the proposal said:-"Mr. Chairman and Gentlemen,
It is a pleasure to be asked to second the adoption of a Report
፡፡
"ATLAS" SHIRTS
The makers of “Atlas” Shirts know that the súccess of their business depends upon making lasting friends-upon securing a 'clientele, who will not only order one shirt but whọ, come back again and again for others.
This is the reason, as sole agents, for our ever increasing sales of ***Atlas" Shirts. We know from our own experience that they always" look well, make up well and above all wear well. Always "the same dependable quality that gives immediate and lasting
satisfaction.
+
NEW STOCKS JUST RECEIVED
Day Shirts with two Collars
to match
from $6.75
Dress Shirts Cost Style from $7.75
Less 10% Discount for Cash.
Wm. POWELL, Ltd.
Sole "Atlas" Agents,
9, Queen's Road Central
Until we move into our New. Premises a BARGAIN COUNTER
of Surplus Goods at Sale Prices will be maintained on the MEZZANINE FLOOR.
Columbia Needs RECORDS
New Standard A
of Realism
DB1239-SIX MINIATURES... BILLY WATERL-PLANG
DB1907-SPANISH SERENADE ..... SASDLER-VIOLIN
DB1236-A DAY IN TYROL, THE BORENIANS
DB1304-DELLBES IN VIENNA
ORCHESTRE KAYMONDE →
DB1310-LOVE, COME BACK TO ME
KCLIMAX TESOL
The Anderson Music Co., Ltd.
Ice House Street.
Tel. 21322
WEATHER FORECAST
UNSETTLED.
BE PREPARED.
BUY A
"MILWATA
FROM
12.75 EA.
LANE, CRAWFORd, Ltd.,
LADIES SALON.