A
CHINA PROVIDENT LOAN
& MORTGAGE CO., LTD.
Substantial Loss Reported
Reference to the discriminatory preference of the Kwangtung Government Monopoly Bureau which seriously affected the sugar and four trades in this Colony was made by Mr. C. A. da BoxR, the chairman at the annui general meeting of the China Pro- vident Loan and Mortgage Co., Ltd., held at the Hong Kong Hotel yesterday morning.
A loss of $39,425.83 was reported, and in the course of his speech, the Chaleman mentioned that the Company's Motor Transport Service was increasing in popularity and continued to show good earnings.
It was also announced that the Directors and the Anditors had volunteered to reduce their fees.
Those present at the meeting year, the expense of maintaining were:-Mr. C. A. da Roza (Chair- and operating the Company's pro man), Sir Robert Ho Tung, Mr. T.perties and business should bear so B. Wilson, Mr. B. M. Churn, Mr. N. "high a relation to the revenue V. A. Croucher, Hon. Mr. J. P. Braga ! Agures. and Mr. Li Tse Fong (Directors), Mr. D. L. King (Secretary and Manager), and Messrs. H. J. M. de Figueiredo and J. Tam Hung
Shareholders).
CHAIRMAN'S“ SPEECH
The Chairman said: 'In the
course of my speech at the last annual general meeting, I had oc- casion to refer to the heavy "de- crease which had taken place in the volume of those particular cargoes then offering for storage and on which this Company so largely depends for its revenue; and it is with regret that, I now have to report a continuance of that state of affairs during the past *year, with corresponding effect upon the working "results of this Company.
HONG KONG DAILY PRESS, WEDNESDAY, MAY 1, 1935.
LAID TO REST | A TALK ON JAMES YEN
· Mr. H. J. Howard
'The funeral of the late Mr. Henry John Howard, who" passed away at the early age of 35 years at Canton on Friday, took place at the Colonial 'Cemetery Happy Valley yesterday afternoon, when Pastor Charles F. Larsen-perform- ed the burial service. The cllef mourners were the widow, de- ceased's aged grand-mother, three chlidren, brother and sister.
There was quite a large number of friends and relatives `, prumant among those being Messra, W. Zimmern, F. Zimmern, G. S. Ladd, R. Choll, R. A. Allen, R. Bass, U."
A. M. Han, H. C. Fox, A. Kitchel. M. Omar, F. K. Modi, A. S. Crates,
B A Hyder, A. L. Cunningham, and others;
#4
Floral Tributes The economies referred to are
Wreath were sent by Mr. and embodied in the working account, Mrs. T. Lock, Mr. and Mrs. T. C. and comprise reductions in Staff Monaghan, Mr. and Mrs. G. W. and Stan Salaries, as well as the Mar, Mr. and Mrs. Wm. G. Poy. closure of one or the least remun- Mr. and Mrs. A. B. Hamson, Mr. erative of our Godown properties and Mrs. H. M. Gregory; Mr, and at Kennedy Town; and if must be Mrs. Percy C. S. Chan. Mr. and remembered that as these savings Mrs. W, H. Peters, Dr. and Afrs. were only made effective during the 8 Fernando, Mr. and Mrs. L latter half of the year, the full benefit will not be obtained unto the current year.
A. Osmund, Mr. and Mrs. J. A. Kent, Mr. and Mrs. Kwan Sit Kwan, Mr. and Mrs. W. T. Stan-
ton, Mr. and Mrs. Alex. Mackenzie, Mr. and Mrs. F. L. Neves, Mr and Mrs. B. C. Randall, Mr. and Mrs.
At Rotary Club Meeting
The speaker at 'the weekly tiffin of the Rotary Club held at the Hong Kook Hotel Yesterday was Professor L. Forster, of the Hong Kong University, who gave an interesting, talk on “James Ten and his work for Education."!:
In the course of his talk, the speaker referred to the mass education movement in North China, and surrested that some- thing might be done along these lines towards the people in Now Territories.
Mr. M. K. Lo presided, and among the guests present were Mr. van Hulstyn, director of Rotary District 79 which embraced the Netherlands East Indies, Dr. P. van Hulitzer, Mr. L. I Wah. of Burma, Dr. T. W. Ware, Mr. T. Saphiere, Mr. V.' Sorby and Mr. Parnwell.
It was a good idea of the captain of the J.C.J. liner to enter Hong Kong harbour on Tuesday, giving me the opportunity to attend the meeting of your club.
[
Hulstyn sald:-
Addressing the meeting Mr. van expression. It is here where one must deliver the goods and not merely meditate about the native of the goods as the scholars do in China. It is here where it is necessary to get a move on and not stand still, where the criterion of success is complete transforma- tion of the works or the system of the shortest possible time, and where damning failure is indicated by inaction, of by maintaining the status quo It is here wheru there is a belief that the future is more important than the past, that the golden age if not the silver age lies ahead and not ble- hind, but above all that man has
I am on my trip to Mexico to represent Netherland Indles, the 29th district, the baby amongst the others at the convention of Rotary International"
I have not only to give you the most cordial greetings of the clubs In my district, but I have another message "to you.
Rotary in by country has con- quered in a few years a prominent place in social and business life. The Netherland Indies have suffer-
are still bleeding of many wounds, but still people there look forward with the courage, that enable men. to do great things in life, and I know you do too.
Mr. Hulstyn concluded by saying Oram Shep-that he had brought a flag from his Club to be presented to the local club, but unfortunately he did not have it here as it was in his wife's handbag.
Fees Reduced Before dealing with the Balance Sheet, Gentlemen. I wish to men-V. F. D'Azevedo, Mr. and Mrs. J.èd much from the depression, they tion that your Directors, appreciat, Shes, Mr. and Mrs. J. M. Mas- ing the necessity which prevalla kenzie, Mr. and Mrs. Landolt. Mr. for reducing expenditure to the
and Mrs. V. P. Cheung, Mr. and utmost have voluntarily agreed to
Mrs. P. C, Choy, Messrs. R. M. a reduction of their Fees for the woods, S. A. Cassumbhoy, A. W. pust year, by the sum of $3,900; and Millar, George Kelly, George She, the figure shown in the Profit and W. A. Zimmern, J. Loss Account, namely $4,541.10 con-pard, F. J. Brown, Edward Shea; sists of this amount plus a further H. M. Yeung. Lee Fun Kee, A. L. $641.10 being Fees returned by Sir Cinningham, Misses Dora Ea's, Robert Ho Tung in respect of the Rose Sum, Eva Liang. Messrs. year 1933, during the greater part Standard Vacuum Oil Co., Chinese of which he was absent from the Staff, Ploneer Store Kowloon, The Texas (Co. (China), Ltd., Head- master, Staff and students of the Diocesan Boys' Schoot and many others.
Both the Sugar and Flour trades In this Colony have been seriously affected by the operations of the Kwangtung Government Monopoly Bureau, and a large number of merchants who have for many years past dealt heavily in these .commodities have been compelled | Colony,
to suspend trading owing to the discriminatory preference which has been conferred upon cargoes Imported by and under the aegis of Bureau.
I
Your Board feels however, that the duties and responsibilities al- taching to the conduct of the Com- pany during, times such as we are now experiencing, are in no way The bulk of Bureau Sugar im-less arduous or Important than in ports into China from Java are now transit cargoes. utilising Hong Keng as a port of transhipment only, thus producing a most radical
change in the old order of things whereby Hong Kong was the main centre of distribution.
Although to a lesser extent, the
Flour trade has been affected by "the keen competition offered by Shanghai milled Flour which en-
good times; but rather the contrary conditions obtain: and they desire the concession to be considered as a share of the sacrifices which all those concerned with the Company have been called upon to make.
G. W. WAITE
The funeral took place last even- ing at the Colonial Cemetery of Mr. George William Walte, who died yesterday at the Canoasa ospital
The services at the graveside and
G. K. Carpenter, the chapel were conducted by Rev.
The funeral was attended by a
Reserve Account *You will note, on reference to the General Reserve Account, that the dispositions of this account have joys tarif preference on importa- agreement reached at the last un- been, made in accordance with the tion into China over the Canadian,qual meeting; and it will be seening through the Colony when he Australian and American products
that Furniture and Equipment Ac- which have hitherto held the South
count has now been depreciated to a nominal sum of $1,000.
China markets. via Hong as a depot
for stacks.
18
It might be considered out of
The Balance Sheet" place for me to offer any criticism. Reference to the Balance Sheet. or the policy adopted by
the shows that our Property Account Kwangtung Government in this has been reduced by the sum of respect; but it is essential that I bring the situation to your notice in order that you may better ap- preciate the factors which have so largely contributed to the result which is now before you-factors over which Hong Kong regrettably has no control.
$18,503.23 which represents the net book value of the Pier adjoining ML. 246 and which, as noted in the schedule on the reverse side of the accounts, has been demolished. Contingency Reserve Account has received a debit of $57,549 67 which represents Clalms, Loan and Stor- Until such time as the economic ages accumulated, which," owing to demands of the consumer i China | unforeseen circumstances, it has can successfully induce a change In this policy, it is difficult to fore- Bee any improvement in the pre- sent position.
The Credit Side
Turning to the Credit Side of the Profit and Loss account, it will be noted that Interest on Loans shows a slight reduction on the figures for the previous year, and that, the Rentals derived from our Kowloon and - Aberdeen properties show a decrease of some $5,000. During the latter half of the year under review, it was decided to close 6 of our Kowloon houses in view of the poor support received in that district.
been found impossible to recover. This figure arose in the ordinary
few personal friends, and it is un- derstood that deceased was pass-
was taken The late Mr. Waite
was connected with the Chinese Maritime Customs of Shanghai.
His Excellency the Governor has expressed the hope that all places of religions worship will hold a special service of commemoration, or will commemorate the Silver Jubilee of His Majesty the King in their services, on May 12, 1935.
MONEY-CHANGER IN TROUBLE
Mr. Lo then presented the flag of the local Club to Mr. Hulstyn.
No one is better fitted to be the subject of an address to the Rotary Club of Hong Kong than James
отта
power to control his environment and need not resign himself to it.
Listen to what Sheng says to Yuan-two characters fri Pearl Buck's book "A House Divided"-- "We in our country China, bave worshipped books. You see where we Bre
But these people America care less for books' than any race on earth does. They care for the goods of life. They do not worship scholars they laugh at them. You may read a thou- sand books Yuan and learn
secret nothing of the
of
thetr prosperity." seemed to say the more I see of In the past the Chinese scholar
my fellows the more I prefer the
of affairs were wont to retire.
Wu Fei Fu the general promin- ent a few years ago now resides In a temple in a most inaccessible region above the gorges hear Ichang. while General Fung Yu Hsiang spends his retirement in meditation and - study of the classics on Tai Shan-China's most sacred mountain.
JAMES YEN
Yed for he was born in Szechuan qules recesses of the temple in the solitudes of the mountain, for where he received his early ednica-It was to these places that bien tion at the hands of his people, then from English teachers. while his later studies. he carried out in America, Inspiration for his work carne in France, where he was with the Chinese Labour Corps, in 1917. The moulding in- fluences are therefore of a truly international character. What were these moulding infuences? We often hear about the effect of the West upon the East, let us for
Now let us get to the subject a moment briefly consider one or
of our story. James Yen for in two of the main western charachim are these new influences most "teristics. Two years ago at a Con-
deeply impressed. ference in Oxford two Hong Kong University graduates` were present and quite independently of each other in the course of conversa- since I came over here I feel a tion, one said to me "you know though I was always obeying some myself would like. In the hospi one else, and never doing what I tal I feel I must be very careful for the others make me to under-
stand that the success of the
He was born in Paoning in Szechuan # town that is dis tinguished by the possession of an
capital Chengtu which was then Anglican Cathedral in Gothic style At an early age he moved to the
seven days away but which can now be reached by road in two.
Here he came under the influence
English, and to whom he taught
of James Stewart who taught him
Mandarin.
operation depends on what I do In Chengtu he also met the and so it is when I am in the Hon. Mr. Forester, who possessed city. I am always being reminded
much money and a large appetite, that there are other people to be but in addition to this he appears considered and that there must be a sense of social obligation of course it is nice to feel perfectly
to have possessed a sound judg ment for he decided that James
At Central Magistracy, yesterday | gafe in roaming up the Carlton Yen should be helped financially i
course of trading, and constitutes Liu Yuk, aged 18, 3 money- a loss of the type and for the pur-changer's foki was charge before pose of which this Contingency Mr. Macfayden with (a) uttering Reserve "Account" was originally 137 counterfeit chinese twenty- created. It is extremely unfortun- cent pieces, and (b) possession of ate that while the cause could 21 counterfeit Chinese twenty hardly have been prevented, the cent pieces. Defendant pleaded rerovery was frustrated by the sud-guilty to both charges and was den bankruptcy of the Company fined a total of $210, in default, eight months' hard labour, He was also ordered to refund $30 to the complainant, Leung Cheung, an extra month's hard
concerned.
burgh, but it is a something of a or about Arthur's Seat in Edin strain otherwise."
The other was a student from
impression was that there wELD an Engineering works and his stemess and discipline in the works of a dégre, that was 'some-
thing new to him. He did not see
to reach Hong Kong. Hither he came in 1913 escorted by his great friend. James Stewart brother of Evan Stewart, and here he con- tinued his educational work in Bt. Stephen's College, from which place after one year he matricu- lated and came to the University of Hong Kong. He left at the end or experience that carefree mood of two years and proceeded to Yale in America, where he studled he had with regard to work in China.
for a further two years. In 1917 James Stewart
killed Was In 1829 when Grundtvig the
Tinder" Assets"-it will be noted
Danish poet, phEosopher and France and in gratitude for what that Loans outstanding
Detective-Sergeant Gowans who mystic, visited Oxford he criticised he owed to him Yen adopted the as "at prosecuted stated that the master. England for neglecting agriculture, then proceeded to France with the Christian name of James. He December 31, 1934 totalled $59, of the shop is at prevent serving a and paying too much attention to 001.32, and in this case too, the prison senterice in Victoria Gaol industry, and in other ways he
Chinese. Labour Corps, and there The Debit items on Proft and dunt then involved has been for the same offence. When he provoked his hearers to ask him in contact with the cooliea he Loss Recount contain the amounts ¦ reduced to approximately $4,000
was imprisoned, defendant came charged by way of Interest on to-day. *Mortgage and Overdraft, and in
from the country to take charge mark?" "Never" he says will
ever forget that searching question this connection I would remind you
'what do you do in Denmark"?"
The Debit Side
.
Overdraft at Bank which stood at $385,000 on the date of the ae- counts has since been reduced to $321,000.
Motor Transport Popular
or serve labour.
of the shop.
brother.
"But what do you do in Den
#ENGLISH PHILOSOPHY" "On reflection," he added, nad to admit we did very little though we talked, dreamed and planned a lot, yet action of
At defendant's request; the good | that in the first quarter of the The Company's Motor Transport year, we liquidated one of our Service has continued to show good money found on the premises is to Mortgage debts-$449,000-by utli-earnings and a most satisfactory: be given to his mother, and Ising our Available cash balance net profit on the small amount of "and overdrawing on our Bankers capital involved. The increasing for the remainder. This explains popularity of this Bervice has been the reappearance of Overdraft Ac-of substantial assistance to our J, Tam Hung and carried unani- achievement was the only criterion count in our Balance Sheet now Shipping and Godown sections, and mously. before you, and also the reduction continued development of this branch of the business is confident- in Mortgages on Property,
A saving in outgoing interest hasly anticipated, resulted from this transaction, to the extent of $5,670 for the nine months following the repayment.
Earnings Decreased.
1-
The net earnings of our Godowns were 47 per cent. lower than for the previous year, and it is not surprising therefore, that in spite of drastic economies which your Board bave introduced during the
in
encountered his great problem." The Chinese could not read the simplest letter that was sent t them and they could not write. They did not, eyen know in what part of China, their village lay, and so James Yen decided to seek out the thousand most used and useful characters, and get rid it possible of this illiteracy. It was a new thing, for China in the past
by which the English judged life." always looked upon education as
As a result of this visit he carried a process for lifting a person: out OTHER BUSINESS
from Oxford two important points of his social setting and fitting Messrs. P. M. Hodgson and N. V.the note of freedom and trunk him for that aristocratic group I do not think that there are any Croucher were re-elected directors criticism in public life, and the, known as the literati, who provid- other items in the accounts which on the proposal of Mr. Figueiredo, need of putting theories into ed China's civil service. The new call for special comment by me, seconded by Mr. D. L. King practice, with the result that the movement aimed at making the and I will therefore close by mak- On the proposal of the Chairman, Folk high schools of Denmark | farmer a better farmer, the car- ing the formal proposal that the seconded by Mr. T. B. Wilson,
came into being some years later, penter a better carpenter and this report and accounts for the year Mesers. Linstead and Davis and Now if the practical and the was to be done by enlarging the ended December 31, 1934 as pre-- Mesars Percy Smith, Seth and material are as foreign critics say vision, through having access to sented be adopted; and that the Fleming were re-elected auditors Inporfant in England, they are knowledge that hitherto was not sum of $88,822.78 be carried for The Chairman announced that still more so in America where the available, la ward to the credit of 1935 account. the auditors had generously agreed - füll¦ flówering - of the English:
The proposal has seconded by, Mr. to have their fees reduced.
philosophy of pragmatism finds
(Continusa on Page 11)
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