.:
17
H.K. & KOWLOON WHARF AND GODOWN CO.
Capital To Be Increased
"The 48th Ordinary annual meeting of the Hong Kong and Kowloon Wharf and Godown Co., Ltd. was held at the Board Room of Messrs. Jardine, Matheson and Co., Ltd. yesterday, Han. Mr. J. J. Paterson being in the chair.
In the course of his speech, the chairman reported that there yas a decrease of nearly $30,000 in profits and referred to the work of dredging in the vicinity of the wharves.
At the extraordinary meeting which followed, a resolution was adopted to increase the capital of the Company, from $4,000,000 to $8,000,000 by the creation of 80,000 additional shares`of the nominal value of $50 each.
ing the consent of shareholders to. an increase in Capital.
The Chairman said:-
The Chairman said-Before I deal with the ordinary business of the Meeting. I must, with much re- gret, make reference to the death Gentlemen. This meeting has of Mr. J. P. Warren who attended been called for the purpose of ob- our last meeting and bad been a talning your consent to an increase member of the Board since 1929. .
la Capital, outlined in the Notice From the Accounts presented you just read by the Secretary. This will learn that there was a de-step has become necessary in view crease of nearly $30,000.00 in our profits last year, but in view of the very adverse conditions of trade, particularly shipping, the result is better than expected.' Compared
with 1933, there was a decrease of
65,900 tons of carge landed whilst 73 more vessels discharged at the wharves, This is a similar position to that which I referred to at the last meeting when comparing the tonnage landed in 1933 to that of
1932. It illustrates the depressed state shipping is passing through | and the efforts shipowners are niaxing to keep up connections. Undoubtedly it is the cheapness of the port that encourages Shipping Companies to make Hong Kong a port of call in spite of so. little cargo offering.
HONG KONG DAILY PRESS, FRIDAY, MARCH 8, 1935.
COLLISION IN
HARBOUR
EUROPEAN Y. M. C. A.
N.Y.K. Succeeds In Appeal To Members To Pay
Appeal
The collision between 'the N.Y.K. steamer Toyooka Maru, and the China Navigation Company's vessel s.s. Kiangsu, in the harbour on March 22, 1931, was recalled at the Supreme Court yesterday when the result of the Privy Council Appeal having been known for some time, the Nippon Yusen Kaisha successfully applied for the return of deposit money. and for costs..
Accounts Promptly
An appeal that members will recognise their duty to the Association and settle their secounts promptly was made by Họn. Sir Willigin Shenton when he presided at the annual gen- cral meeting of the European Y.M.Q.A, held yesterday..
In the course of his speech, Sir William said that the most important decision of the Board of Directors made during 1934. was the re-organisation of the staff coupled with the discon- tinuance of the Compradore system. The past year ended with a debit balance of $113.11, which, he said,' was undoubtedly caused mainly by the reduced number of residents in the build- ing, especially last summer.
PRESIDENTS' SPEECH
Mr. H.
Sheldon, K.C., instructed by Mr. Davidson, of
der the aegis of our Association and Hastings & Co., appeared for the
our Board are represented on their appellants, the N.Y.K., and Mr. F.The President, Hop. Sir William Committee. The good work that C. Jenkin. K.C., instructed by Mr. Shenton, sald.
the Club does is I am sure müch M. M. Waston, of Johnson, Stokes
Since a copy of the Annual Re-appreciated by the Services. Warm & Master. represented the respon-
port has been forwarded to each thanks are due to those ladles who dents.
member of the YMCA, it will not
are taking part in the entertain- be necessary for me to give an
ments to the Services, extensive account of the past year's
And now
we come to., the only work to the Association. The bad weather encountered during most important decision of the the annual voyage of the Associa- Board of Directors made during tion barque, the black clouds of 1934 was the re-organising of the which storm are now fortunately YMCA. staff coupled with the dis-receding over the horizon astern. continuance of the Compradore I refer to the balance sheet. system. I am pleased to be able to report that the new system of catering under the change of the Manageress, Mrs. Foster, is prov→ ing satisfactory and is fully just tying the change made by the Directors.
Referring to the finding of the of the fact that during the past Judicial Committee of the Privy ten years we have expended the Council Mr. Sheldon read: "The um of $4,810,376,00 on Land. appeal is to be allowed; the judg- Bulldings, Wharves, Launches and ment of the Chief Justice of Lighters, and now we have to find February 19, 1932, and of the Full a considerable amount for dredg- Court of August 15, 1933, to be lng. The first cost of our Pro-reversed and the case to be re- perty and Plant was in the neigh-mitted to the Supreme Court of bourhood of ten million dollars, Hong Kong with a direction to and I know that the replacing And the Toyooka Maru and value to-day would be vastly high- er. I think you will agree with your Directors that the Capital of $4,000,000.00 is not in proportion to the value of our Assets
Our proposal is to issue new Capital at $25.00 premium, or $35.00 per share, to the extent of $750,000.00 making this issue on 1st July next,
I beg to propose the following Resolutions:--
During last year our No. 2 Whart was lengthened from 575 feet to
1. That the authorised capital of 750 feet, and this year we are ex- the Company (which is now $4,- tending No. 1 Wharf from 657000,000.00 .consisting of 80,000 Teet to 750 feet. This Wharf will also be widened from the present, width of 61 feet to 81 feet and on
the wharf will be erected a shelter for convenience of passengers and baggage.
15
Dredging Work Another construction scheme we
have on hand is the building of eight shops on the Salisbury Road end of the Kowloon property. These should be completed early in June. I may mention that we already have tenants waiting to go into the buildings when ready for.oc- cupation. Last year I referred to dredging which it was hoped would be undertaken in the vicinity of the wharves. This work is being done and there is now sufficient water around the new wharf, which ts, 800 feet in length, to berth ves- sels drawing up to 32 feet. When the question of dreding was taken
shares of the nominal value of $50.00 each the whole of which have been issued) be increased to
$8,000,000.00 by the creation of 80, 000, additional shares the
of nominal value of $50.00 each rank- Ing (subject as hereinafter men tioned) as from the date of allot- ment for dividend and all other respects pari pass with the shares comprising the Company's present
capital.
2. That 10,000 of the sald new stares be offered in the first in- stance (in the proportion of one new share for number of eight old shares held
every
complete
by them respectively) to the mem- seventh day of March, 1935, are re- ers of the Company who on the
gistered in the Company's share
register as the holders of the said 80,000 existing shares at a premium
Kiangsu both equally to blame for the collision, and to dispose of the consolidated actions including the costs in the Court below, in ac- cordance with this finding. The appellants, having been in part successful before Their Lordships, will have half the costs of the appeal."
:
Repayment Details
Mr Sheldon said the present mation' before the Court was to apply for an order that the China Navigation Co. repay the appel- lants sums of 41,037.64 paid for damages and interest: and
$14.402.23 paid for costs and in- terest; together with interest at
was
Mr. Justice Wood retired from Government Service last year after a long and honourable career. He was a great supporter of our. As sociation and his place will be dif. Acult to fill. We wish him every happiness in his retirement.
Mr. Fleming and Mr. Mackichan have done excellent work for us as members of our Finance Sub- committee and we much appre- ciate their work on behalf of the Association.
Mr. J. H. Hunt, after nine years service with this Y.M.C.A., left for England upon the expiration of his term of office and all who knew him will be pleased to learn that
As you have no doubt noted, we finished 1934 with a debit balance of $113.11. This was undoubtedly caused mainly by the reduced num- ber of residents in the building during the year especially last sum- mer. Our membership was increas- ed and the strictest economy was observed in matters of finance by the staff. For the coming year we trust that the improved conditions in the building will attract more residents to the YM.C.A.—just now we have very few empty rooms. with a resultant increase of income,
.
•
Bad Debts
ancial year was the number of bad A disturbing feature of the fin-.
These have been so extensive that debts suffered by the Association. hundreds of dollars have had to be written off, a reserve of $3,000,00 for. bad debts has been set aside.
he is now Divisional YM.C.A. Se-If members will look at the balance. thecretary in Durban, South Africa. We wish him all success in his new position.
eight per cent. per annum from January 12, 1933, until payment; and also that respondents pay the costa of the present motion.
Enlarging on the motion, Coun- sel said the $41,037.04 actual amount paid over by N.Y.H. for the assessed damages. He did not think it would be disputed that they were entitled to interest on the damages they had. paid The important matter was that of casta, in which his Lordship could exercise his discretion. Appellants were not asking for costs in the were not asking for costs in the original action, but they were asking for the costs of the Full Court and half the costs of the
appeal to the Privy Council.
Mr. Jenkin sald his cilents were
sheet they will notice an overdraft of $124,550.00 due to the Bank: this, item aone will serve to explain why
mited credit and it is to be hoped we cannot afford to extend unli-
that members will recognise their duty to the Association and settle. their accounts promptly.
Although Mr. J. L. McPherson's retirement does not come. In the year under review to-day, I would like to thank him on behalf of the Directors and members of the y.M.C.A. for the valuable services
Since Mr. Hunt left us the bur- that he has rendered the Associa den of the day has fallen on the tion in Hong Kong during the past shoulders of Mr. Ingram and Mr. thirty years.. There will be a fare-Selk. Their work has increased as well to Mr. McPherson in this Mr. Hunt has not been replaced for lounge at 5.45 pm. on Thursday reasons of economy. They have the 21st of March, and I am sure carried out their duties conscient-
ance of members present on that supported the Board. Mr. Ingram
is at the moment Indisposed but we belleve we will be at work again, iri a few days time.
of $25.00 per share and upon the agreeable to pay half, but he felt that there will be a large attend-lously and efficiently and have ably
up with Government and this Com-/Tooting that the full amount of that the expenses of the present day to bid him "hon voyage."
pany agreed to bear the cost of
to-
each share taken up plus the said dredging between the wharves and premium of $25.00 (making. an area 100 feet from the sea ends, gether $75.00 per share) shall be it was understood that the ap-
paid to the Company on accep- proaches would be dredged at
It trans-
Government expense. pired later, however, that such was
tance of the offer, such shares so taken up not to participate in any dividend declared before day of July, 1935, but to participate the 1st not the case and the Company is
in any dividend declared there-. now called upon to pay a portion of the cost of clearing the Harbour after pro rata with the existing bed to permit vessels to approach capital. And that the said offer the wharves. We pointed out that number of shares to which the be made by Notice specifying the modern shipping tendency is for larger ships and that the main-member is entitled and limiting
the time within which the offer if
· tenance of the_Harbour_generally should not be laid to the charge behalf of himself or his nominee not accepted by the member on
of the Company but although Gov- ernment took a sympathetic view will be deemed to be declined and that the Directors of the Company of the situation, we were com-
shall be at liberty to fix such time. pelled to agree to pay half the cost
And further that any of the said of the necessary work.
10.000 shares which are not taken up by the Company's shareholders in manner aforesaid be disposed of in such manner at such time or times and upon such terms as the Company's Board of Directors shall in their absolute discretion think fit.
In the Accounts the only item calling for special comment is the $68,913.00 expended under renewals ount. This was the cost of re- conditioning No. 2 Wharf which was done during alterations and extension.
I now beg to propose that the Report and Accounts as presented
3. That no shareholder shall be be-adopted and that the dividend entitled to any offer of a fraction of an additional share in respect and bonus be paid as recommended. When this has been seconded, I of any odd shares held by such
shareholder. shall be pleased to reply to any questions arising out of the Ap counts, which members wish to put The motion was seconded by Mr. 8. H.. Dodwell and carried unan- fmously.
Other Matters
The appointments of Mr. Stanley H. Dodwell and Mr. D. Drummond as directors were confirmed on the proposal of Mr, J. D. Danby, seconded by Mr. A W. Heron.
Messts. T. B. Wilson and Felix A. Joseph were re-elected directors on the proposal of Mr. J, M. Alves, seconded by Mr. D. Mackenzie.
On the proposal of Mr Kwok Hi Wang, seconded by Mr, G. B. Thomson, Messrs. Percy Smith, Bath and Fleming and Mesars. Linstead and Davis were re-elected auditors:
4. That the remaining 70,000 new shares be issued at such time or times and upon such terms as the Company's Board of Directors In their absolute discretion shall think it.
After this proposal has been sec onded, I will endeavour, to the best of my ability to answer any questions shareholders may wish to ask.
133-
motion had been involved necessarily, as notice need not
The various activities of the As- sociation under have been served, and he asked
the headings for the costs of the motion
Spiritual, Literary, Social, Atheltie In conclusion I should like to say.
have how pleased we are to see The Hon only manner in
Mr. Sheldon replied that the and the Women's' Section
which he could resulted in a popular and well sup- Sir Henry Pollock back in our midst Court was by serving notice. bring his requirements before the ported programme, and I would hall and hearty after his home like to take this opportunity of leave and I hope to see him shortly His Lordship (Mr. A. D. A. Mac-banking the honorary secretaries occupying his old position on our gregor) granted orders in the and members of committees for the Board; To Mr.. Cassidy our Vice terms of the motion of the ap-efficient and conscientious manner President I want to extend my Navigation Co. to pay the costs or their work for the benefit of their has been to the Board and the pellants, and ordered the China in which they have carried out thanks for the great assistance he the day's hearing
fellow members. I hope the com-large amount of work he has done Ing year will be no less active and 'for the Association, that the support as in the past will:|
The motion was carried un- be continued.
animously.
"POLISH TRAINING SHIP
"TO VISIT HONG KONGTM
The Bervices Committee has been very active in its work on behalf ol The Service-men stationed here and is to be congratulated on the The "Dar Pomorza" (Gift unqualified success that has at- Pomeranta), the first sailing ship tended its activities. Thanks are under the Polish flag ever to visit particularly due to Mr. A, R. Brown Hong Kong is scheduled to arrive and his lady helpers.
in the Colony on March 29 for a stay of 5 days.
The ship is a three masted fri- gate of 1,566 tons and is equipped with a 500 HP auxillary motor. Its length is 240 feet, width 33 feat and submersion 20 feet, The colourful craft left Gdynia (Polish port on the Baltic) on Beptember 1, 1934 under the command of Captain Konstanty Macijewicz or comprising North an Itinerary America, West Indies, Panama Canal and Japan, and is expected to reach Shanghai on March 17th where the Municipality is planning a reception in honour of the Po lish navigators
Hon. Sir Henry Pollock, Mr. L. C. F. Bellamy and Mr. P. B. Cassidy were re-elected directors.
At the close of the meeting, Mr. Cassidy proposed a rote of thanks to Sir William Shenton, which was heartily accorded.
Those present at the meeting in- cluded Hon. Mr. W. H Bell, Mr. John Fleming and Mr. A. 6. Mac-"
The Cheero Club- During the year under review the Cheero Club has been reopened un-kichan
HELENA MAY CONCERT
Enjoyable Piano Recital
servedly
accorded. round after round of applause.
The programme was 2 well balanced one, ranging from early composers, such as Scarlattie and; Rameau, to Schumann, Chopin, Liszt
Glazounor and Bach- mantnoff; and Madame Shaftain Interpreted the works of these Masters so well, that it was diffi- cult to pick out the best one. Let After an absence from public it be said, however, that the Re- The "Dar Pomorza" is a rain- appearances of over two years, cital was indeed enjoyable and we ing ship for Polish merchant Madame Luba Shaftain, the well hope to hear this artist more of th marine officers and carries de ca- known and popular planiste de-
de The follow
The following was the dets, a number of instructors, a lighted a large audience at the gramme: chaplain and a crew of 41. The Helena May Institute yesterday Sonata Those present at the meetings olish visitors will leave Hons when she presented a planoforte Le Tambour
Kong on April 3rd on their return recital (Chairman), Hon. Mr. C. Gordon Dutch-East Indies, South Africa, were: Hon Mr. J. J. Paterson trip to Poland via Singapore Mackle, Mr. 8. I Dodwell, Mr. J. St. Helena and the Asores.
The proposal was seconded by Hon. C. Gordon Mackle and carried unanimously.
H. Jessen, Mr. Felix A Joseph Mr.
B. Wilson (directors), Mr. R. A. Wadeson, of Messrs, Deacons (pol citors for the Company), Mr. F.Kenale.
ASUNUMI
INCREASE IN CAPITAL -
Crapnell (secretary), and Dan Kyok Hin An extraordinary, meeting then Messrs. J. M." Alves, N. VA
and G. Castle followed for the purpose of obtain-Croucher, AW Heron, D. Mac-
That the recital was a completé Le Tami success was to put it mildly for Le apart from the well-arranged pro- stemme, the interpretations by Madame Bhattain the various Masters were most enjoyable. She displayed a high gree or tech- share-bulque, and her playing was so đề-
lightful that every item/ WB
Scarlatti (1883-1757)
(original)
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