:
HONG KONG DAILY PRESS, THURSDAY, APRIL 26, 1934.
Green Island Cement Company's
Affairs
DESTRUCTIVE COMPETITION
BY JAPANESE
Statement Regarding Calls On New Shares
M. J. Scott Harston, presiding yesterday over the An- nual Meeting of the Green Island Cement Company pointed on't that the year just concluded had been a bad one for the Company. They have had to contend with several
adverse factors, notably the competition" afforded by Japanese cement.
The Chairman appealed to holders of new shares to promptly pay the call that is due.
Tribute To Late Mr. Shewan
Supporting the chairman were Messrs. J. H. Taggart, A. L. Shields. T. E Pearce, Li Tse-long (Direc
Too Optimistic"
In the speech from the chat last year, it was stated in refer ence to stocks that your Board
BRILLIANT SOCIETY
WEDDING
Your factory, which has worked Miss Peggy Hornell Becomes
intermittently throughout ..the year under review, has been en tirely closed" since October last, thus throwing out of work some 1,500 Chinese workmen, most of whm have many persons depend ent upon them.
During the year under review, no cement was taken in connec tion with the Shing Mun Valley Dam, for which your Company ob- tained the contract. Deliveries of cement, however, commenced in a small way at the beginning of this mouth, and while we are as yet unaware of the total quantity of cement required, your Board expect that with the commencement of this work and the building of the new Head Offee for the Hongkong & Shanghai Banking Corporation. together with the orders books, your factory will be able to start work again
the next two months.
within
Not Lost Faith
our תם
It is inconceivable that, in these troublesome and difficult times, such an important undertaking as that of your Company (which has assisted so largely in the past in building the pubilc. works of thi Colony, docks, wharves. reservoirs and so many of the prminent tors) and T... T. Beck (Asst. Sec-
buildings) should be compelled. for retary). Shareholders present were Messrs. C. E. L. Grist, F. C.
lack of proper support. to close Barry, Frank Austin (Attorney for had every confidence that, despite intensified dumping it is experien- down permanently owing to the Messrs. A. J. and A. David), G. Hadverse conditions, a material re-cing. Your Board, however, have Potts, H. J. M. de Figuétrédo, "A.
duction would be effected during not yet lost faith, and are hope Kitchell K. C. Mark, F. E. Sliva,
the year. In view of the bad trade ful that the Company will, with A. C. Greaves and G. C. Maxor..
experienced by the Company dur-due support, be enabled to weather ing the year-due, in addition to the storm and become once again the severe competition from Japan, the paying concern it was before to the drastic increase in taxation it encountered the intensified on foreign cement imported late dumping of Japanese cement. China-this statement now appears I feel that I ought not to close to have been too optimistic, but this speech without, making refer
CHAIRMAN'S SPEECH
The Chairman said: Before proceeding with the business.of the meeting, I would like to ex- press the Board's deep regret at the passing of Mr. Robert Gordon Shewan Mr. Shewan's firm (then known as "Shewan & Co." took over the managemerit of the Green Island Cement Company as fat back as the year 1895, and it was almost entirely due to the late .. Mr.
·
I would also like to refer to the departure from the Colony, on re- tirement, at the beginning of this month, of Mr. Conrad F. Mend- | ham, who had been a member of your Board since the year 1924. Mr. Mendham's technical know- ledge was always of great, assist- I ance to your Board; and I am sure I am voicing your sentiments in wishing him many happy years in retirement.
Bride Of Major Thoyts
St. John's Cathedral... Was the Its course, now through crevasses,.
boulders. down scene of a brilliant wedding yes, over rocks and
falls and cascades, ever moving terday when Miss Peggy Hornell, daughter of Mr. E. B. C.. Hornell onwards-now placid now rough- and a niece ofSir William Hornell, until it reaches the sea and is lost the popular Vice-Chancellor of in the ocean. the University became the bride or H. 81. G. Thoyts, 1st Bat.. Lincolnshire Regiment.
You have put your hands to the plough you are starting a new furrow-may it be straight and The bride made a very pretty true--may it ever bring you hap- picture as she entered the Cathed-piness and contentment, ral in the arm of her uncle by whom she was given away. She was attended by the Misses Hamil ia Lawford and Patricia Chester- Master while the duties of the
discharged by. best man" were Lt. Col. E. C. de Boys, M.C.
SIR WILLIAM SHENTON Proposing the toast of the bride
bridegroom. and
Sir William Shenton said:-
Your
Excellency, Ladies
and
Gentlemen,-
"There can be no greater privilege on an occasion such as this, than the honour of proposing the health of the Bride and Bride- groom, other than presenting the Bride to the Bridegroom, which is, of course, in a category by itself." It is customary to ask some one who is an old friend of the family usually some one who is held in high esteem by them, consequently I was delighted to receive, an invi- tation a few days ago to perform this happy service.
The family of the Bride is well known throughout the East and covers a span of something like three generations. The memory at the time it was made, businessence to the work voluntarily un- in this Colony of Sam and Doro- did appear to be brighter, and a dertaken by Mr. Taggart in rela thy, the Bride's father and there then seemed prospects of it tion to the" numerous detalls. mother, is still green in our me- continuing to be so, the statement which have from time to timemory and long will remain so. It referred to was, in the opinion of needed-and which I may add are is a matter of great regret that your Board, fully justified.
constantly needing-attention in they are not with us to-day but connection with the business I am sure they are in spirit. affairs of the Company.
William and Hughie are with us I Owing to the concatenation of am glad to say. circumstances attendant проп those affairs during the past fin- ancial year, Mr. Taggart's labours were very considerably increased. As an example there of, I would cite the fact that in order to a5-
Share Capital
|
...
I am certain Peggy would like me to say how much she appre- clates all Uncle William has done. for her since her father, owing to health, was compelled, to retire from the East.
V] certain and test the exact "bed- Now this is a véry, joýtul occa- rock" position, Mr. Taggart care- sion for all of us, many of us have fully dissected the Company's Bal known Peggy all her life, she has ance Sheet and Accounts, and in fact grown up in our midst thereafter prepared a special me- we know her excellent qualities morandum in regard thereto for and her charming nature and dis- | the consideration of the Board-position-her external appearance a plece of work which necessarily needs no comment from me, it occupied many hours of his time. speaks for itself-a radiant Bride.
Peggy has recently been through
Shewan's business acumen and sagacity in the handling of
If you will now turn to the "Lia- the Company's affairs that it at- bilitles" side of the Balance Sheet, tained the great measure of pro- you will observe under the heading sperity, you will all remember so
"Share Capital" that a sum of $5:- well. After 3 years of close con- 155,401 only; out of 3 total of „nection with the Company, the $6,000,000, had been paid up on late Mr. Shewan, owing to 111
December 31 last. And lower down health, resigned from the Board on the same side of the Balance to the great regret of all the bem-Sheet, you will also observe that bers--on October 28, 1932.
at the end of the year, we still owed Messrs. Vickers-Armstrong Ltd. a sum of $787,805.72; and IL was for the purpose, firstly, of liquidating this indebtedness, and, secondly, of reducing our Bank overdraft, that the Call of $3.75 When I add that the whole of per share on the partly-paid shares the above work was performed by a terrible experience one which was made by your Directors In Mr. Taggart without any remun-might have completely unnerved Beptember last. That Call, for eration other than his customary any ordinary person-the recent various reasons, has not been a fees as one of the Company's piracy she passed through the success, and because of this, your Directors, shareholders will realis ordeal with striking courage-we Board have again approached ed (as do the Board) that especial | are extremely proud of her-we all
Vickers-Armstrongs Ltd. thanks, are due to Messrs.
Mr. Taggart appreciate and I know and have succeeded in effecting therefor.
more than the Bridegroom, that arrangements whereby the
brave In conclusion, I would like to she is a wife worthy of a for payment of the sum mentioned record the thanks of the Board- and gallant soldier. above. (Le. the final instalment and I am sure of all shareholders As to the Bridegroom I regret due to them) has been extended-to the members of our greatly and the debt itself has been made payable by instalments spread over a period of months, but upon the express condition that the whole debt shall be liquidated by Sep- tember next.
..
date
до
one
that personally I know little of him but I always find that when- ever a man is universally well spoken of by his fellowmen that such person is one of sterling qualities.
"
May it bring pleasure to your friends and may you sometimes stop by the way to pass a kindly word, or lend a helping hand, to others.
And lastly may it bring joy and plenty to those who come. after you
Your Excellency, Ladies and Gentlemen "Speed the Plough" and "God Speed" the Bride and Bridegroom
The bridegroom. In his reply thanked Sir William Shenton for the way in which he proposed the toast of the bride and bridegroom and all the guests for coming to make the fufiction such a success. He mentioned specially that be and his bride felt very grateful for all Sir William Hornell had done and he wanted to say that he thanked Sir William very slin- cerely.
THE GUESTS.
There was a large number of guests at the reception which was held in the Great Hall, The Unl- versity. Among those present be ing:
Mr. and Mrs. G. 8. Archbutt Hon. Mr. W. H. Bell.' Mr. Mrs. and Miss Braga. Prof. and Mrs. G. T. Byrne. Mr. and Mrs. P. S. Cassidy. Hon. Mr. T. N. Chau... Hon, Sir Shouson Chow. Mrs. E. Cock.
Mr. and Mrs, Chan Lim Pak. "Professor L. Davis,
Prof. K. E. Digby and Miss Digby: Br. Eu Tong Sea..
Prof. and Mrs. W. Faid.
Mr. and Mrs. W. B. Finnigan. Prof. and Mrs. D. Forster: Dr. R. M. Gibson.
@ Mr. V. M. Grayburn.
Hon. Mr. and Mrs. R. M. Hen-
derson.
Mr. and Mrs. Ho Kam Tong.. Mr. and Mrs. Ho Kwong.
Hon. Mr. and Mrs. R. H. Kote- walk; »
Misses Kwok and Rose Kwak. 'Mr. and Mrs. Kan Tong Po.
Mr. and Mrs. D. J. Lewis.
Mr. LA YIK Mai.
·Mr. and Mrs. M. K. Lo:
Mr. and Mrs, G. P. de Martin. His Hobour Mr. Justice and Mrs. MacGregor.
Hon, Mr. and Mrs. C. G. Mackie, Miss Mackie,
<
Mr. Mok Kơn Bang and Mrs. Prof. and Mrs. R. Robertson. Mr. and Mrs. F. J. de Rome. Prof. and Mrs. M. H. Roffey. Mr. and Mrs. J. H. Beth, Mr. and Mrs. C. C. Knight. Prof. and Mrs. J. L. Shellshear Prof. and Mrs. R. K, M, Simp- SOIL,
Prof. and Mrs., C. A. Middleton Sraith..
It is hardly necessary for me to say that your Directors greatly deplore having to present to you such an unfavourable Statement of Accounts for the year 1933.
Last year the position in which the Company found itself vis-a-vis
depleted staff, who, despite the the importation of cement from
manifold difficulties arising, have Japan was explained from the
continued to discharge their du- ties with zeal and efficiency. chair very fully. Similar impor- tations continued throughout the
There being no further matters ¦ to which I can usefully refer, I year under review. with the result
now beg to formally propose that From the foregoing remarks, you that your Company derived no real benet from the building activis will, I think, see the necessity for the Report and Accounts for the ties which have been proceeding the making of the Call in ques-financial year ended December 31. apace all over the Colony-Japan- tion, and I would appeal to all that the recommendation of you both. I expect for the last few
1933, as presented, be adopted, and ese cement, owing to the low price shareholders who own partly paid Directors that the sum of $273,-months you have been indulging at which it was offered in the shares in the Company, who have market, being largely used in the not yet done so, to pay the Call 647.77 be carried forward to the in dreams and building castles in construction thereof. I am. how immediately, so, that our
credit of the current year be ac the air as to the future--I say to debt Messta ever, pleased to be able to tell you
cepted. Vickers-Armstrongs
you, go on dreaming, go on build- of some notable exceptions to the Ltd.-which obviously
Mr. Frank Austin, seconded the ing castles in the air and keep must be foregoing: I refer to the building paid within the extended period adoption of the report and state- doing so all your lives-idealism is ton. operations in connection with the may be liquidated as early as posing pat to the meeting were car-anticipation in many cases hap ment of accounts which, on be-oftener sweeter than materialism, National Bank Building at the sible and our overdraft with our corner of Ice House Street, the Bankers reduced.
ried unanimously.
Stock Exchange and the new pre- mises for the Bank of East Asia, in the construction of which you Company's product has been and
is being exclusively used.
Loss For Year
I would now like to refer briefly
to
Most Unsatisfactory
I have asked several men what they think of Harry and they have been unanimous in declaring him "one of the best
Now for a little "advice to you
"pier than realisation.
A few years ago I was motoring Mr. Potts's Question
in the West County and passed a tavern with the sign "Speed the Mr. G. H. Fotts: In your re-Plough", it somehow took my Business covering the year 1935 marks "you contended that the fancy, one often sees "The Rose was, as you will have observed Government are now taking a lot and Crown," The Cricketer's from the Accounts before you, of our cement for public works. Arms" or "The Red Lion, but most unsatisfactory.' To obtain As a matter of face I notice that somehow or other "Speed the any share of the business offer Japanese cement slabs are being Plough" appealed to me it strikes ing, we were forced to cut our pri- put down in front of the Stack the imagination-It makes one to some of the more important ces to such an extent that ttle Exchange although in the bulld-conscious of life, of joy, of con- Items in the Accounts which are or no proft accrued to the Com-ing itself Green Island Cemena tentment, of work, of propserity. before you. It will be observed pany therefrom. Your Board, rea-is used. from the Profit and Loss Account Hsing the effect of this position,
It makes one think of the country The Chairman: I can only say life of England and all that it that the loss for the year amount opened negotiations in the middle in answer to what you have said stands for. ed to $257,472.14 and that we have of last year with a view to dis- Mr. Potts I think that. the state- You visualise man at work transferred from Geneal Reserve posing of portions of your plant. ment that the Government is sym- there is a general atmosphere of a sum of $357,952,83 to cover de- As soon as this became known, en pathetic is warranted by the facts goodwill towards all men-you get preciation, the writing down of raw quiries for the plant were receiv-known to me. With regard to the an idea of sunshine, hills, valleys, materiala, cement and machinery ed from various sources, and ne- conclading remark you made, of rivers and lakes of birds follow
gotiations in relation there to are course, I am personally without in- ing the plough and larkaʼsinging still continuing.
fórmation on the subject.
in the sky, Mr. Potts! I would like to know flected on both sides therein (on generally, all avenues have been been used in the Sling Mun Val job you see him stop and go to You hear the ploughman whistle In the matter of expenditure how much cement has already and sing as he gets on, with his the "Assets" side in the items for exploed, and retrenchments, con- Depreciation and the writing downsistent with the enclent running ley
the hedge and drink some home of Stocks etc.) the transfer, that of your udertaking, have has been made from General Remade all round.
stores.
If you will now turn to the Balance Sheet, you will notice, re-
serve as just mentioned.
beexi
Mr. and Mrs. G. R. Sayer. Mr. and Mrs. N. L. Smith. Ноп Bir Thomas and Lady Southorn.
Captain RF. Walter Mr. J. G. Pücher. Mr. Sum Pak Ming. Mr. Tang Shiu Kin.
Mr. and Mrs, M. P. Talati.
Prof. and Mrs. R. E. Tottenham. Họn Dr. and Mrs. A. R. Welling-
Mr. and Mr. B. Wong Tape.
Civilian Guests
Mrs. Graham-Harrow, Very Rev. and Mrs. Bwana. Rev. H. Baines.
Mr. and Mrs. A. R. Shields, Miss Helen Yu
Mr. and Mrs. Li The Fong, Mr. and Mrs. J. Ring.
Dr. and Mrs. G. A, C, Herklots
Mr. R. D. Davies."
Dr. K Mackenzie.
Dr. and Mrs. "D. K. Samy.
Mr. R. G. H. Lim,
· Mr. and Mrs. ‚D, W. Morley, Mr. 4, H. Fenwick,
Mr. and Mrs. §. V. Boxer. Miss: W. Grimath.
Mr. and Mrs. B. G. Birch, Mr. R. R. Campbell.
Mr. M. A. Cooper..
Mr A. B. Reynolds.
· Mrs. Eldon Fotter.
--Misses Pamela and Patricia Pot-
ter, w
Mr. and Mrs. Fung Ping Fan. Mr. and Mrs. Fung Ping Wab.
Mr. and Mrs, Chun Hox Nan, Mr. and Mrs. W. L. Alexander. Dr. Mis, and Miss Balean. Dr. and Mri, G. D. R. Blade. Mr. and Mrs. 8. H. Gray. Mr. and Mrs, W. Gitting. Dr. and Mrs. K. G Y:0. Mr. and Mrs. Horace Lo, Mr. Giord. Hall9% Rev. TZ.G. Byrne 6. J. Rev Fr. D. Finn
The Chairman: With regard to made beer out of an earthenware the dam itself. I understand 171 jar--you hear him pass the time tons had been delivered to-day, of day with a passing friend or That is the dam only, not the fellow workers, a word of cheer-- channels
Chad a word of Endness, then he car- Mr. C. & L. Griat proposed and ries on with the furrow, straight Mr. HJ. M. de Figueiredo sec sud true.
Whatever you do, never despair, Scott Haraton and Mr. J. B. Tas- always be cheerful, and when gart to the Board of Directors things don't go right, remember On the motion of "Mr. F.-C. that the sun will shine to-morrow Barry, seconded by Mr.. A Kite and it will be just as bright as in chell, Mesara instead and Davis the past. MEA Wel V Lady Clara Ho Tung, und Messrs. Lowe, Bingham and when all said and done lites is Matthews were re-elected auditors. | like a mighty river rushing on in
On the "Asgets' side of the Bal Your Board have also considered, ance Bheet, you will see that the from every aspect, ways of in Item "Stocks at Hok Un and Ma-creasing business, and combating chor as written down, now stands the very severe competition with at $1,088, 544.10. The writing down which we are faced from Japan onded the re-election of Mr. J of such stocks was deemed prud. in which relation I would like to ent owing to the depreciated pri state that the attitude of the local ces now obtainable for cement, Government is a sympathetic one, which naturally, are reflected in and they have advaled us that in the value of the raw materials future & proportion of your that go towards the manufacture Company's product will be used an of such cement,:"
all works of a public nature.
Mr. and Mrs. PD Wilson, Mr. & G. W. Tickle.
(Continued on Pare 10)
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Comfort and Service
these are what matter most
in a Shoe.
Style
..or Fashion, is worth nought if comfort is `- Jacking, and Quality is the element that creates Service.
*$19.50
$29.50
you want-
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You will be more than nsually interested in the " endless variety of **Quality" Shoes for pre-
sent wear..
Smart Walking Shoes in Black and Brown Calf and Glace Kid. Evening Shoes in Real Patent Calt. Golf Shoes in "Zug Leathers.
Powell's stand by every Shoe they sell. The majority are branded.....such as WT "Bective," "Keltic." etc. ... brands which have established.
reputation
812
to
maintain and are sold with a
guarantee of satisfaction.
$15.50
Buy now and beusfit by our contracts placed before the recent advance took place in all wholesale prices.
Wm. POWELL, Ltd.
9, Queen's Road Central
PIANOS:
FOR SALE OR HIRE
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TUNING,
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"Ice House Street.
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