"10
HONG KONG DAILY PRESS TUESDAY, MARCH 26, 1935.
THE CHAMBER OF COMMERCE ANNUAL MEETING
of widely varying natures under different conditions. These pro- posed regulations, were considered by the special sub-committees of the Chamber already referred to and amendments were made as the result of discussions with Govern- "ment officials. It is understood that the regulations, as amended, will form the subjecs of considera- tlon by the Secretary of State for the Colonies and the Board of Trade, London, before they are in- troduced here.
SUNDAY FERMFTS
་
As the result of representations by the Chamber, a scale of part- day fees for Sunday Cargo Work- "Ing Permits was instituted as from Under 1st January of this year. the old system "the cost of a per- mit was often out of all proportion to the amount of Sunday labour involved. Shipping Comparies are grateful for this relief, but they are still of the opinion that it is unfair that shipping should be the one industry differentiated against in regard to Sunday Working and that there is much to be said for the abolition of the Ordinance. The Chamber
to has indicated Government that it concurs in the views of shipping companies.
postal charges for correspondence despatched via Suez and Pacific routes.
the attain
On present exchange values, however, postal charges are still substantially higher from here to the United Kingdom than In the reverse direction. The dif- ference is
cases,
ket. He probably felr that words would be wasted. All the same it seems to me that the time has come when some notice should be taken by the Authorities of the losses being sustained by genuine investors. The serious deprecia- tion in share values has not only been brought about by profession- al speculators, but has been inten- sified by the "forced sales of mar- Igles by outside organizations which prod; through gambles in commo- ättles. The Pepper gamble in London raised a storm of protest [ many which is receiving the attention of the Imperial Government, wider and more insidious gamble in this Colony appears to leave both the community and the Goy
(Continued from Page 7) slon or dissatisfaction in regard to the conclusions arrived at,
You have 1stened to an able review of the trade of Hong Kong during a year which has been for most of us a period of declining turnover and diminished working profit with, in many more marked in the
the addition of losses derived from case of correspondence despatched
past years: trading," "I do not pro- via Siberia. The Chamber is mak-
pose to go over the ground so well ing further representations in this
Chairman, has covered by our matter.
ice reduced the charges for air-should like, however, to draw your attention to the way in which We mail correspondence."
becoming Hong Kong is
en grateful for this assistance more
of, gov- (in-tangled in the network as all revenue particularly
account ernment regulations, tariffs, quo- on cluding receipts
tas and what not, No sooner have we allowed ourselves to become a party to the Ottawa Regulations then we find our entry into the. charmed circle of partners in the trade of the British Empire' al- most resented.
The Government
are
of airmail and ordinary cor- is subject to से. respondence) levy for the purposes of the con- tribution made by this Colony for Mitary defence. The latest re-
charges in ductions, in armail volve the Government in a siderable loss on this service.
con-
ernment unmoved. ·
A
“İN APPRECIATION" And now a word of appreciation of Mr. Mackle's services on the Committee of the Chamber, as Chairman for the past two years and as the Chamber's representa- tive on the Legislative Council for
It is no ex the past four years. aggeration to say that he has been Indefatigable in looking after our interests, and I am sure
we are.
he has found time to perform an amazing amount of public service. Amongst other positions he served for three years on the Shanghat Municipal Council was Chairman. of the Shanghai General Chamber of Commerce and a member of the Committee of the British Chamber there. In Hong Kong he has fre- quently, served on the Committee and as Chairman of this Chamber and all his colleagues on the Com- mittee appreciate his sound judg ment and skilled guidance in the difficult questions which come up for decision.
As you know, Mr. Mackle has served for some years on the Exe- cutive and Legislative Councils in Hong Kong, and is at present the Chamber of Commerce representa- tive on the Legislative Council. I feel sure you will "äll join me in thanking Mr. Mackie and in assur- ing him that we, the members of the Hong Kong General Chamber of Corimerce, appreciate fully his great services to this Colony. (Loud Applause.)
1
COMPANY MEETING
ཧཏ
(Continued from Page 6),
The Chairman sald: Gentlemen. Increase its Capital but borrowed The Notice which has been" senp the money from the "Bank. The to each shareholder calling this Company at that time was paying Extraordinary Meeting contained very large dividends to the share-
holders and it was considered bet not only the Resolutions to be brought forward, but also an ex- ter, to borrow the money from the planatory note which I trust has Bank than call on the share-
holders. been clear to you all.
Capital and Overdraft The main Resolutions are two must be considered together, the in number; the first dealing with ❘ increase in the former reducing. the writing down of the Capital the latter, and while lately We and writing off of our Reserves.. have earned sufficient to pay the and the second with the issue of Bank Interest and write off large fresh Capital, the sub-division of depreciation, nothing remained Whatever the unissued shares, the proposed for the shareholders.
the future new issue, increase of Capital and
may hold your pros new Articles of Association.
pects of dividends are greatly in- "Your Directors have given the creased by the proposals you are question of writing down the being asked to pass as resolutions Capital their most 'serious con- and If you take up the new shares sideration and having' regard to the reduced demand for our pro- ducts, the conviction is forced upon us that some of our assets ---notwithstanding the fact that generally they have steadily been
With the new capital there will depreciated year by year have not be a reduction of interest payable" the value at which they stand in
to our Bankers of over $60.000.00 the books and, therefore, must be
a year which sum would be written down to the extent re-
available for purposes your Board commended in the Resolution.may consider best in the interests This will necessitule the writing of shareholders. off of the whole of our Reserves and also writing down our Capital.
reasons,
FAITH SHAKEN It is true that our price of ad- TRADE STATISTICS As in previous years I take this mission was a mere trifle in the mer shape of a preference on Empite opportunity of reminding chants of their obligations under brandy and a new police regulation of Imports and encouraging us to buy Ford cars
THOSE PRESENT the Registration Exports Ordinance whereby they from Dangenham and Buicks from
The Chairman of the Chamber are required to furnish declara-Canada. All the same. one would
thought that our rubber very grateful for the efficient and (the Hon, Mr. C. Gordon Mackie tions of trade within seven days have
are almost cheerful manner in which he has was supported by the Vice-Chair-
LESS, VALUE IN ASSETS to the Superintendent of Imports shoes, made as they
We all man (Mr. W. H. Bell) and the fol-
Various factors have contributed Exports. Many merchants entirely et Empire products, would help us in our troubles. Another matter affecting ship- and
for have been welcomed it. "England, regret his departure and wish him lowing members of the General to this state of affairs. It is were proseepted last year "ping which has formed the sub-
many years of happiness. In his Committee:-The Hon. Mr. J. J. hardly necessary for me to remind ject of correspondence between the failure to do this and the Cham-where they would replace shoes
non-British origin hout retirement. If it so happens that Paterson, Mr. Stanley E. Dodwell, you that during the past few 'Chamber and Government relates" ber of Commerce had 'occasion to ot to the qualifications of Chinese make representations to the Gov-necessarily disturbing the domes he does not cut himself off from Mr. V. M. Grayburn, Mr. A. W. years many Companies similar to potain ernment in this matter. Although the trade in high grade rubber business ties, I have no doubt that Hughes, Mr. C. C. Knight. Mr. G. our own have had to close up wireless
Tho operators
From the difficulties the Committee of the China Asso- Miskin, Mr. K. S. Morrison, Mr. T. altogether; others--I need not it was felt that there were specially footwear, certificates in Hong Kong, au-
some 0. ciation in Londen will very soon E. Pearce, and Mr. G. C. Pelham particularise have had to write circumstances con-aiready experienced by
want him to join them.
|co-opted member). The following down their Capital Some of our thorising them to operate in cer extenuating
Until nected with certain of the pro- our shippers and from the sug- sain Far Eastern waters.
Finally I should like to endorse, individual members and firms were assets which were at one time of secutions it was rather embarrass-gested quota one gathers that the
valve operators,
have, on your behalf, the Chairman's represented:-Mr. M, P. Talate; The considerable Chinese
for standard of proficiency laid downing for the Chamber to make re- big rubber Interests are determin-
ed to obstruct our entry into the acknowledgment of the good work Advetising & Publicity Bureau, Ltd. various
become of so by either the Washington or Mad- Presentations on behalf of mer-
Like the Lanca- done by Mr. Key and his assist- (Mrs. B. Thompson); Messrs. J. M. little value to the business that ant, Mr. Price. They are always Alves & Co., Ltd., (Mr. A. Alves); it is useless to continue writing rid Radio Telegraph. Conventions chants who had failed to make the British market.
required declarations. The sug- shire and Yorkshire manufactur-
ers who have been pained to dis" ready to help us and those of us The Asiatic Petroleum Co., (South so much of them each year. It cannot ratify “Hong Kong
gestion that statistics of trade be
who have served on the Chain- China), Ltd., (Mr. W. H. Bell); Jis surely preferable to write them Radio Telegraphy provisions
ber's sub-committees appreciate H. Backhouse, Ltd. (Mr. J. Harrop); | off altogether so that in future a the International Convention for kept in Hong Kong originated with cover so much opposition in Aus- this Chamber and received the tralia and Canada from local tex-
tile manufacturers some at Sea. It is
the keen and the Safety of Life
efficient way in Bradley & Co., Ltd. (Mr. K. S. Mor- large proportion of our earnings support of the majority of mer satisfactory to note that, following chants. To be of value for com-
may feel that our faith in Imper- which assistance is given. Per- rison); The British-American To may be available for dividends. a recommendation by the Cham- ber of Commerce, the Hong Kong parative purposes the returns must lal Preference is somewhat sha-haps I might add a word of thanks bacco Co., (China), Ltd. Mr. F. instead of being required each ken. On the other hard, we" re- to the lady stenographers who Stafford Smith); Butterfield & year for the writing down of
of sturdy prepare for our consumption the Swire (Mr. C. C. Knight); Cald- worthless assets: vert to our true role Government has started a schoole reasonably accurate and up-to-
date. Members will appreciate that, free-traders when the question of rather stodgy looking matter that beck, Macgregor & Co., Ltd. (Mr. J. I do not intend to deal with the instruction of wireless
The a quota on Japanese imports into has, from time to time, to be put F, Macgregor);
Canadian these items separately but I feel operators in order, to qualify them
Pacific Steamships, Ltd. (Mr. L, Ethat I must mention Hong Kong is brought up, and I into circulation. for the necessary certificates.
very am very glad that the Govern- SO far managed to ment has satisfy the Home Authorities that the application of the quota sys- tem in this Colony would be fu- tile. In passing I might mention that if a quota had been institu- the Unes laid ted last year on down in other British Colonies, I have reason to believe that Japan- been affected, as since 1931 : the
the
of
Hong Kong will also shortly be In a position to issue fumigation, certificates to ships which will correspond to the International model and will be acceptable to other administrations.
Hitherto
fumigation has been done here by private company whose certi- ficates can be disregarded at other
2
If the necessary support is not re- ceived from merchants, prosecu- tions may be unavoidable.
CHINESE LANGUAGE In conclusion, I would call the attention of all local firms to the paragraph in the Annual Report under the heading of the "Chin- ese Language School." You will note the
concensus of opinion amongst leading firms in the North that experience has fully justified their belief in the desirability of
of us
I now formally second the adop- tion of the report and accounts.
(Applause)..
OFFICERS ELECTED -
ports. The Government's proposals have been outlined to the Shipping young men in business acquiring ese textiles would scarcely have bers of the New. Commmittee, on
Committee of the Chamber who have expressed the opinion that it is desirable that Hong Kong should be iri a position to issue certificatės, in accordance with the terms of the International Sanitary Con- making representations regarding the scale of fees proposed by Gov- ernment.
PIRACY MENACE
age. The principal point on which they lay stress is that the average
The following were elected memu
the proposal of Mr. L. C. F.
опе
vention of 1926. The Chamber is tions and so check the accuracy shipping members and I am glad Mr. G, Miskin, Mr. K. S. Morrison/Electric Co., Ltd. (Mr. V. Sörby);- The Reductions have been re-
scense
ot
Addressing you last year I com- mented on the regrettable recrude- of piracy in neighbouring waters. We note and appreciate the very prompt and active mea- sures taken by the Chinese au- thorities with a view to bringing book the participants in the piracy of the ss. Tung Chow" in January last. It is difficult, how ever, to avoid the conclusion that more could and should be done in the matter of the surveillance of well-known pirate lairs, particular- ly as the piracy under reference was yet another which-in its con- cluding phases at any rate-de- .pended on the existence of the lair at Blas Bay. The question has been raised as to whether more could be done in, regard to the control
Identification and passengers embarking in Hong Kong and other coastal ports. It will be within the recollection of some members that the Chamber of Commerce, as far back as 1923, approved in principle & suggested scheme for a central embarking station as a means of facilitating the work of the police in searching intercepting opium and arms, tamagglers and other undesirables. As was pointed out at the time, however, the proposal is one which tannot be adopted without due consideration of shipping condi- tions as a whole or without due the practical and to regard economical working of the steam- ers concerned. These are factors which would need to be provided for in developing such a scheme.
TRIBUTE TO STAFF
If you pass the first of these Resolutions we will have the .ad- vantage of knowing exactly where we stand, and further as I have already pointed out, it will not be necessary to provide out of future earnings so much for depreciation.
as I hope you will-it will give us about 21.350,000,00 in cash with a corresponding reduction in the overdraft
REDUCTION OF INTEREST
If therefore you pass the two Resolutions before you, we will make an annual saving of about $100,000.00 on account of depre- ciation and over $60,000.00 on account of Interest on overdraft, and under present conditions with a, continuance of patronage such as we have enjoyed during the
past two years these savings would
It put us on a Divident basis. must be understood, however, that, the benefits to be derived by the reduction of Capital and the new issue will not be fully felt until 1936 as the proposed new issue cannot be made effective until about the end of this year as
there are comply
legal formalities to with and many share- holders are resident outside the Colony.
The last of the resolutions pro- posed deals with the question or new Articles of Association and I have nothing to
the add to explanatory note which has been given.
I now am glad to say that your Board have been able to make arrangements to underwrite, with- out any commission. whatsoever. any shares not taken up by the shareholders. You will see, there- fore, that we are certain if we pass these Resolutions to get the full amount of this issue subscrib- ed.
I personally therefore strongly. recommend the shareholders to take up this new capital, as it will enable them to participate more сап make to shareholders in the future.
were
Those present at the meeting were:-
Mr. W. H. Bell (chairman). Sir Robert Ho Tung, Mr. 8. H. Dod- well, Mr. Fellt A. Joseph, Hon. Mr. J. J. Paterson, Mr. J. H Jessen, Mr. Lawrence Kadoorie, Mr. 8. T. Williamson and Mr. D. Drummond (directors), Mr. E
M.B.E., M.I.N.A. (chler Cock, SECOND RESOLUTION
manager)," Mr. E.L: Hosle, C.A. Referring to the second Resolu- (secretary), Messrs. Lo Koon Kar tion for the increase of Capital Lo Koon Hang, R. Oni (represent- you are no doubt aware that ining Messageries Maritimes), Shum the past when fresh Capital was necessary the Company did not
N. Ryan); The Central agency, Ltd. large item, namely, the initial (Mr. C. W. Langley) The Charter expenditure incurred in connec ed Bank of India, Australia &tion with the proposed large new The motion was unanimously China (Mr. A. Brearley); Davie, dry dock, which scheme, owing to Boag & Co., Ltd. (Mr. W. A. Stewart the trend of eventa, was arrested; carried.
and Mr. A. R. Brown); Dodwell & in 1928. This scheme involved Co., Ltd. (Mr. Stanley H. Dodwell); the cutting down of a hill mainly The Douglas Steamship Co., Ltd. composed of rock, and the rear- (Mr. S..T. Williamson); F. Feld & rangement of bulidings and work- Co., Ltd. (Mr, O. Hechtel); Fung shops. There appears no keli- Tang (Mr. Wong Tak Kwong); hood of prospects Justifying a working knowledge of the langu- increase in imports of textiles has Bellamy, seconded by Mr. M. p/ Gibb, Livingston & Co., Ltd. (MT | revival of the scheme and, there N. M. Currie); Gilman & Co., Ltd. remains, therefore, a considerable been proportionally greater in the Talati. The Hon. Mr. C. Gordon (Mr, G. Miskin); The Green Island area of land in the centre of dur largely in any benents we case of North China than of Japan. Mackie, The Hon. Mr. J. J. Pater Cement Co., Ltd. (Mr. T. C. T. main establishment, which, owing man can, after a few years, by
son, Mr. W. H. Bell. Mr. Stanley Beck); T. M. Gregory & Co. (Mr to its position, cannot easily be studying out of office hours, learn
SUNDAY WORKING The Chairman has referred to Dodwell, Mr. V. M. Grayburn, T. M. Gregory); The Hong Kong made available for other purposes. enough to get the gist of conversa
MOTION CARRIED two or three questions affecting Mr. A. W, Hughes, Mr. C. C. Knight,
The Hong Kong Land Investment comniended by -the Company's The Chairman then proposed at the interpreter even
the adoption of the resolutions if they to find that the local Government Mr. T. E. Pearce, Mr. A. L. Shields.
& Agency Co., Ltd. (Mr. O. Eager): Auditors jointly. They have re- are not enabled to dispense with have been
Both these On the proposal of the Chair- able to accept the
The Hong Kong and Shanghal ceived the most careful considera❘ separately. a. Chinese intermediary. Under Chamber's recommendations to a man, seconded by Mr. T. A. Mit Banking Corporation (Mr. V. Mtion of your Chief Manager, and
seconded by Mr. P. H. Potts, and the dection of the Rev. EL R. large extent. I think that it can-chell, Messrs. Percy Smith, Seth
carried unanimously. way, Ltd. (Mr. L. C. F. Bellamy be both necessary. to meet the Weils, O.B.E. classes in Cantonese, not be. over-emphasized that the Fleming were elected auditors" for / Grayburn); The Hong Kong Tram- are considered by your Board to Mandarin and elementary re-ding shipping of this Colony should be the ensuing year.
and Mr. W. F. Simmons); J. D. present position and in the best in Chinese are held dally, at the given every consideration and re-
The election of Mr. D. G. Glenn Sutchison & Co. (Mr. T, E, Pearce interests of the Company, offices of the Chamber. For two lieved of all burdensome regula- Allen and Messrs Petersen & Co. or three years we have lost money ions. It does indeed seem incon- as new members of the Chamber and Mr. P. 5. Cassidy); G. E. Huy. gen (Mr. O, Hechtel); The Imperial on these classes but I think it has sistent that penalties should be was confirmed on the proposal of Chemical Industries (China), Ltd. been money well spent. The imposed for Sunday working in the Chairman, seconded by Mr. J. Mr. J. §. 8. Cooper); Jardine, Secretary of the Chamber will be the harbour while any Sunday one | Owen-Hughes.
Matheson & Co., Ltd. (the Hon. Mr. glad to give full particulars to any can see work being carried out on
J. J. Paterson); Jebsen & Co. (Mr. intending students.
the roads of the Colony and other
J. EL. Jessen); Kallam Mining Ad- Government Jobs despite the pro
ministration (Mr. A, C. I. Bowker): W. R. Loxley & Co. (China), Ltd. (Mr. T. A. Mitchell); Mackinnon. Mackenzie & Co. (the Hon. Mr. C. Gordon Mackle and Mr. M. T. John son); Messageries Maritimes (Mr to the Chamber. He has been of on the part of the Chinese Au- Before this meeting concludes R. Ohl); Mitaui Bussan! Kaisha" great assistance to me during my thorities Undoubtedly a conven- feel that I must express to Mr.Ltd. (Mr. T. Kimura); A. B, Moul- term as Chairman. I must also lent base is essential for the ful- Mackle, our Chairman, our deep der & Co., Ltd. (Mr. Wong Of Kut): refer to the good work done by filment of the pirates plans and regret that he is retiring and leav- The Peninsula & Oriental Banking our Assistant Secretary, Mr. Price," it is regrettable that the occa-ing the Colony very shortly. I am Corporation (Mr. W. J. Wadding- who carried out the duties of sional action of the neighbouring sure you will all join me in wishton); Petersen & Co. (Mr. H. Ar- Secretary during Mr. Key's absence Government takes place after a ing him all of the very best in fas); J. M. da Rocha & Co. (Mr. J. M. da Rocha): The Royal In- dispersed. Régular and persistent Mr. Mackie has had a policing of the Blas Bay district honourable career in the Far East. chell); David Bassoon & Co., Ltd. should not entail undue expense He came out to Messrs. Gibb, Liv (Mr. R. Stock); Blemssen & Co. to the Kwangtung Government ingston's in Hong Kong at the be. (Mr. H. Stehr. and Mr. L. E. Lied- and safely ons can expect that ginning of the century, ake) The Union Insurance Society Government to have some regard the age of twenty-one. Bis proof Canton, Ltd. (Mr A. W. for its prestige by making every motion was rapid and in 1912 he Hughes); The Union Trading Co., effort to clean up the district. It was made Manager of the Shang Ltd. (Mr. R. Z. Dizon); The Union is a matter of some gratification hal Branch. He has been in charge, Waterboat Co., Ltd. Mr. Stanley that police examination in this of the firm's interests both here. Dodwell); Harry Wicking 8. Co., Colony has been sufficiently effec-and in Shanghai and when those Ltd. (Mr. J. Owen Hughes) WI tive to make it a very rare event interests became associated with kinson & Grist (Mr. J. T. Prior); for a piracy to occur on a ship Messrs. Mackinnon Mackenzie and 8. TWilliamson & Co. (Mr. sailing from Hong Kong.
Company he became a partner in 8. T. Willamson) I have been asked to second the AN UNFORTUNATE VICTIM
the latter firm whilst still continu- adoption of the report and ac- I think we can all echo the counts and I do so with much Chairman's comment on the Gisae-ing as Senior of Messrs. Gibb, Liv--
ingston & Co..
Arrested for fighting in Kilung "PRETTY GOOD EFFORT"; Street, near Kwellin Street,year! His business career was inter-terday, two married women, Chan
I wish to express my personal hibition clause in the tenderer's thanks and the thanks of the contract. Committee to our hard working The piracy problem will rever
TRIBUTE TO MR." MACKIE
Mr. W. H. Bell then paid a glow- Secretary, Mr. Key, for the very be solved so long as there is an ing tribute to the Hon. Me, Mac- excellent service he has rendered absence of effective co-operationkle, he said:"
to the entire satisfaction of the piracy, when the booty has been the future, (Applause. Tons and surance Co., Ltd. (Mr. T, A. Mit-
Committee.
i-
With these remarks, gentlemen, I beg to move the adoption of the Report and Accounts, and when the motion has been seconded I shall be glad to answer, to the best of my ability, any questions which any member may desire to ask.
SECONDER'S SPEECH
In rising to second the motion, Mr. P. S. Cassidy said:
pleasure. The accounts call for trous effect on China's export no comment but the report is, as trade brought about by the Silver
If it could be made to dove-taila uznál a document, which few of policy of the American · Govern- into existing shipping organisa- us can read without being Im-ment, Self-Interest and the mid-rupted by the war when he had Ngan sged åt, and Fung Ho, aged. tions without injuring economic pressed with the wide range of dle-headed theories of amateur command of a Chinese Labour Bat-30, were brought before Mr. to be playing talion. That included among other Wynne Jones at the Rowoon Ma working such a proposal would problems which come before the economists seem have much to commend it. Pre Committee. That these problems havoc with the welfare of the things the transport of 4,000 Chi- gistracy yesterday, and were bound cautions taken in Hong Kong will demand much thought and con- world generally, but China appears nese serdes Canada. I think that over in the sum of $25 each to be be ineffectual unicas control is also sideration goes without saying, to be a particularly unfortunate as a pretty good effort. For his of good behaviour for a period
war service Mr. Mackle was men- six monthe. ked at ports of call in China and It is perhaps a silent tribute Victim
spector Poyritz stated that THE SHARE MARKET. Honed in despatches POSTAL CHARGES
to the efficiency of our Committee
I notice that the Chairman has In both Hong Kong and Shang- fendants and a mark of our confidence in them that one rarely, if ever, omitted any reference to the de- bat apart from his activities as at the street and hears from members any dissen- plorable state of the share mar-1 Director of many large Companies. Joined in.
How
representations by the Commerce, the Gov- on 1st July last reduced
Hip Tong, P. C. Potts, T. Ramsay and A. H. Potts (shareholders).
SPALDING
KRO-
FLITE
GOLF BALL
Lasts
till it's
Jost!"
Page 10+