HONG KONG DAILY PRESS, THURSDAY, MARCH 12, 1936."
A GOOD YEAR DESPITE DROP IN
REVENUE
Bonus Shares To Be Issued By Electric Co.
U
The forty-seventh ordinary yearly meeting of Shareholders of The Hong Kong Electric Company, Limited, was held yesterday at the Company's Offices, P. & O. Building, Mr. M. T. Johnson (Chairman of Directors) presided and was supported by Sir Robert llo Tung. Kt., the Hon. Sir Shouson Chow; Kt., Mr. T. E. Pearce, Mr. Stanley H. Dodwell, the Hon. Mr. J. J. Paterson (Directors), and Mr. V. Sorby (Manager), and Mr. G.. G. N. Tinson (Solleitor). Shareholders were represented by Messrs, Chan Shu Ming, Capt. F. L. Brown, O.B.E.. Lo Koon Kan, Lo Kai Wing, Wong Ping San, B. Wong Tape, the Hon. Mr. Chau Tsun-ain, Frank Austin (repre- senting A. J. David), Gibson Fahnestock, Alex. Campbell, N. M. Carrie, Leung Faftin, J. Owen Hughes, C. G. S. Mackle, A. Me- Kellar, Wong Chi Po, A. Stevenson, J. E. M. Barnes, W. H Choy, Chua Seng Choo, Chu Kle Kwan, J. M. Jack, G. V. Osmund and Wong Hing Kwong.
Chairman's Speech
The Manager having read the notice convening the meeting, the Chairman said:--
Gentlemen.-The Report and Statement of Accounts for the year ended 31st December, 1935, have been in your hands for the pre- scribed period, and with your per- mission I will take them as read.
#
tlonal discount on power and heat- ing accounts of over 1,000 units The fall in revenue in a full year due to these reductions is cal- culated to be about $220,000 and trust Consumers will appreciate this concession in price.
At the present. rate of exchange our standard price for lighting is The net profit after providing | under 2jd. per unit. This is con- for depreciation is $1,838,542.87, siderably less than that ruling in and with $155,903.42 brought for neighbouring Colonies and in most ward from last year we have the | towns of similar size in Great sum of $1,994,451.29 for appropria- | Britain. tion.
I now propose that the Report and Statement of Accounts as pre- sented for the year ended 31st December 1935 be adopted and. 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
24
The Hon. Mr. Chau Taun-nin, in seconding the proposal said:
WEDDING BELLS
Walker-Wilson
A wedding of considerable local Interest was solemnised yesterday at the St. John's Cathedral when' Miss Joyce Noel Harris-Walker. the younger daughter of Mr. and Mrs. C. St. (H. Harris-Walker uf 288 The Peak, Hong Kong became the bride of Mr. Geoffrey Studhol- me Wilson, the only son of the late Dr. JE Studholme Wilson and of Mrs. Studhoime Wilson of Steeple Claydon. Burks, England.
Mr. Chairman and Gentlemen I congratulate you and your fel-
The Cathedral was taste:ully de- low Directors, and the Company's corated for the occasion and there Agents on the result of the year's was a large gathering of relatives working, and feel that all Share and friends when the bride enter- holders will be satisfied with theed the Church leaning on the arm proposed dividend and bonus, and of Mr. A. Priswall, the bride's bro- that they will consider the pro- ther-in-law who gave her away in of her posed issue of shares a reasonable the unavoidable absenca } return pa the undi d pronts of father. The Right Rev. Bishop
previous years.
Hall ociated.
I am glad to learn, that the mum- ber of units sold in 1935 was great- er than in 1934 and that the num- ber of meters connected shows a further increase. The reduced charges which came into force in ¦ July last are. I feel certain, ap- preciated by all Consumers of our supply" and should lead to a fur- ther demand for current.
!
I have noted with interest your re- port on capital expenditure during the year. That you have been able to defer the extension of plant contemplated last year is satisfac- tory. The Directory policy of keeping our machinery up to date and in good order meets with wholehearted approval and I am sure that the question of extend-
On September the 23rd we At the last meeting my prede-ing the plant as and when neces
paid an interim dividend of $1 per share absorbing $450,000 and with the balance propose:- To pay a final dividend
of $1.50 per share ab- sorbing
To pay a cash bonus of 50 cents per share ab- sorbing
To place to reserve
Το
carry forward to nex: Arcount
$675,000.00
225,000.00 400.000.00
.244,451.29
The amount of the dividend and
bonus recommended is the same as last year and I hope you will non- sider this satisfactory.
EARNINGS LESS
cessor reported the acquisition of additional land at North Point for storage and extension purposes. This land has a wharf alongside which we
can berth steamers. During the year 36 ships unloaded 36,500 tons of coal on to the new property and this effected a con- iderable saving in the cost of coal handling.
Our installations at North Point and in the various substations have been maintained in good order during the year and we aave reen free of Industrial troubles and typhoons,
ary can be left to them with
every confidence.
The bride looked radiant in A dress of aliver. lume, princess lines with a long following trahi lined with satin with a wedding vel of silver tiarre, gardentas, orange blossoms and carrying a bouquet of cream roses. She was attended by Miss Vivienne Backburn as bridesmaid who wore a pink beige angel skin lace dress. She carried a bouquet of shaded yellow Ice- and popp'es.
wore a
Mrs. J. E. Prswall undertook the duties of Matron of Honour. Sat brown angel skin ace dress. The duties of best were in the hands of Mr. Oland Burgess.
man
After the wedding a reception was held at "Derrington." No. Macdonnel Road where the many friends gathered to offer their
The Hon. Mr. T. F I have no doubt that all Share- felicitations.
toast | holders will wish to join me in King proposed the
*0 the Your appreciation of the services newly-wed. rendered during the year by the
·Manager, Staff and Workmen.
I now beg, Sir, to second the adoption of the Report and State- ment of Accounts as presented.
ELECTION OF OFFICERS
The next item on the agenda was the election of Directors and it was proposed by. Mr., J. Owen Hughes and seconded by Mr. J. E. “M. Barnes that in the place of Mr. C. Gordon Mackie, who is retiring that Mr. T. M. Johnson be elected his place! The proposal was carried unanimously.
The question of keeping our plant up to date has always the The gross earnings are $74.754.06 close consideration of your Direc-in less than last year, due of course tors and it may interest" you to to the reductions made In the learn that at their request Mr. charge for current which came Marsh. our Consulting Engineer, into force in July last, to which I who will be remembered by many wil refer later, but thanks to of you as Manager from 1921 to economies effected In working and 1930. paid a visit to the Colony re- so the lower cost of coal the profit cently in order to discuss with us cn working shows a sinali increase various matters connected with of $9,869,33.
the undertaking.
We have set aside for deprecia- tion a total of $715,540, practically the same amount as in 1934.
The output from our plant at North Point was 48,813,623 units, an increase of 2,479,758 units or
EXTENSION POSTPONED We were able to postpone the ex- tension of the North Point plant which, you will remember, mentioned at the last General
was
The rc-lection of the Hon. Bir Shouson Chow and Mr. S. H. Dod- well as directors was proposed by Mr. Leung Fat-tin and seconded by Cap. F. L. Brown, O.B.E., and it was alio carried unanimously.
DETAILS FOR TROOPSHIP
Neuralia Expected Soon
A number of well-known Army officers and their families will be. leaving the Colony by the transport Neuralis which is due here shortly from Honie with detalls which have The already been announced. Neuralia will leave Hong Kong on April 1 on what will be her last voyage for the carrying of troops.
Following are the personnel which she will take from here;---
TO UNITED KINGDOM Royal Artillery: Mrs. Hall, wife of L/Sgt. Hall, and child.
Royal Engineers: Lleut W. B. Cooper. Mrs. Cooper and child.
Royal Signals: L/Cpls. Emery and Lomax.
1st Battalion, Lincolnshire Re- giment: C.QMS; Penton, Mrs. Pen- ton and four children: 0.Q.M.9. Wright, Mrs. Wright and two chil- dien; Sgt. Harris, Mrs. Harris and three children; Sgt. Taylor, Mrs. Taylor and four children: Mrs, Ash, wife of Bgt. Ash, and child; Mrs. McCall, wife of Cpl McCall, and two children; L/Cpl. Bell and Mrs. Bell; Pte. Winfield and Mrs. Win- field,
2nd Battalion, Royal Welch Fusiliers: Sgt. Evans, Mrs. Evans and two children.
Wores. Regt. - (altached to 1st Battalion, Royal Ulster Rifles); Sgt. W. Keen.
2nd Battalion, East Lancashire Regt. Mrs. Boardman, wife of Sgt. 'Boardman and child; Cpl, Ratcliffe, Mrs. Ratcliffe and two children.
HK. Bde., HK.S.RA-L/Sgts. Morris and Thomas.
"R.A.S.C. Details.
RAM.C.: Major T. F. Kennedy. Mrs. Kennedy and two children; The honeymoon is being spent Major F. P. Annesley. Mrs. Annes- in Manila..
THE SECRETARIAL EXAMINATION
Proposed Merger
ley and three children and Miss Hamilton nurse; Capt. A. P. Trimblé; Q.M.S. Baggs, Mrs. Baggs and two children; and details,
RAO.C: Mr. Sully (A06), Mrs. Sully and two children; 'Sgt. Hazel- dine and Mrs. Hazeldine, and de- tails.
RAP.C. Col, W. J. H. Bilderbeck and Mrs. Bilderbeck.
QAIM.N.S.; Bister (Mrs.) Lang-
Corps of Military Police: Ptc. Goulbourne and Mrs. Goulbourne.
Army Audit Staff: Mr. A, 8, King, Mrs. King and daughter.
Alter June 1936 when the exford. pected amalgamation of Tha Chartered Institute of Secretaries and The Incorporated Secretaries Association will have taken place the Privy Council approving, the Examination will be held by the CIS. to Whose Roll Registered will be Students of the IS.A. transferred.
Those intending to "qualify in Secretaryship shoud appy immeTM
diately to the I.S.A. Lor Prelimin-
It was proposed by Mr. A. Steven son and seconded by Mr. A. Mc Kellar that Messrs. Linstead and Dayles be re-elected auditors forary Examination Exemption and the forthcoming year at a remun- Studentship Registration direct or eration of $2,500, was carried. through The School of Account
The business of the Annual Gen-ancy and Commerce, under whose
coaching students wil be prepar 5.35 per cent on the previous year's Meeting when we anticipated plac-eral Meeting was then concluded.
ed for membership in the CIS. working. This increase is entirelying orders for new machinery in
The Corporation of Certified Secretaries-Founded 1923
due to larger sales of current for power... The fall in lighting con- sumption, reported by my predeces- sor last year, has continued but not. I am glad to say, in the same degree.
There was an increase of 716 in the number of meters connected as compared wi.h an increase of 400 in 1934 and this brings the total number on circuit up to 38,900.
Turning to the Balance Sheet, you will observe that the Reserve now stands at $5,500,000, the in- .crease of $800,000 representing the amount appropriated to reserve for
· 1934.
year. The
On the Asseis side. Investments at cost show an increase of $166,- 641.75, owing to further investments made during the market value "e: your investments at 31st December, 1935, was less than the purchase price by $102,- 302.75, but in view of conditions then ruling in the Colony this de- preciation in value was to be ex- pected. These investments are all in sound dividend earning con-
1935 or early 1936. We now think that this question can be deferred
for at least, a year, and in con- sequence no longer see any neces- sity for fresh capital to finance the next extension of generating plant.
It has always been the policy of the Company to set aalde annually beral amounts to reserve which have been expended in extensions of the plant.
In order to give to Shareholders a return obviously due on sach amounts we have in the past capi talized, a portion of the reserve fund and have declared a bonus to be satisfied by the issue of new shares.
The last of such issues was made in 1928 and the Board now recom- mend that a further $1,500,000 of the Reserve Fund should be capl- talized and
one fully paid new
EXTRAORDINARY MEETING
The Corporation's Examination are open to men and women who wish to qualify as Secretaries and
ing was held following the ordin-
An extraordinary general meet-for sirailar: appointments..
ary yearly meeting.
The Chairman"(Mr. M. T. John-
son) called on the Manager to read the notice convening the meeting and then said:-At the ordinary yearly meeting which has just ter minated I mentioned to you that
HONG KONG REALTY AND
TRUST CO., LTD.
Subject to audit, the Proft for the Directors proposed to capitalize the year ended 31st December, a portion of the Company's Re-1935, including $22,310.92 brought serve Fund, and to declare a bonus forward from the previous year's
account. "amounts to $48.107.54. to be satished by the issue of one new share for every three shares
held by shareholders on the Regis-
*
TO SINGAPORE- R.A.: L/Sgt. F. Ryles.”
R.A.V.C. S/Sgt. Jordan. RAM.C.; Sgt. Major Steer, Mrs. Steer and three children.
TO COLOMBO Royal Artillery: BOMS, S. Dexter. Royal Artillery: Major J. C. L Yale and Mrs. Yale; BQMS. Snooks, Mrs, Snooks and two children; Sgt. Layzell'and Mrs. Layzell; BSM. Lee, Mrs. Lee and two children.
Royal Engineers: Sgt. Snowball, Mrs. Snowball and three children: Sgt. Docherty, Mrs. Docherty and five children.
1st Battalion, Lincolnshire Regt.: Sgt. Cuff, Mrs. Cuff and daughter: Mrs. Darby, wife of C/Sgt. Darby, and two daughters.
2nd Battalion, Royal Welch Fusl- Ilers: Lt. Col. R. E. Hindson and Mrs. Hindson; Boy Mulley,
די
2nd Battalion, East Lancashire Rest: Major E. J. Wolseley and Mrs. Wolseley; Lieut. P. Wisden and Mrs. Wisdeni.
Royal Army Service Corps: Lieut. Munckton and Mrs. Munckton.
Royal Army Ordnance Corps: Capt. L. Biddle; A/SM. McConnell, Mr. McConnell and ton
QAIMNS.; Sister (Miss) Healey.
PAYMENT PASSAGES 2nd Battalion, East Lancashire Regt: Ptes. Read and Lewis.
CASES FOR THE SESSIONS
Royal Army Pay Corps: 8gt." Fox, At the forthcoming Ordinary ❘ Mrs. Fox and daughter: Yearly Meeting of Shareholders, teras on the 29th February last. to be held at Noon on Wednesday You will see that the Directors the 8th Apru, 1938, the Directors share for every three old shares in further recommend that no frac-will recommend carrying forward
this balance to next Account. the Company be issued as a bonus, tional certificates, which are pro- to Shareholders on the Register at
ductive of endless difficulties, the 29th February 1936. These should be issued, but that where new shares to rank. for dividend holders are entitled to a fraction
shares credited as fully paid be ac- with the existing shares as from of a share the whole of that share
cordingly allotted to such persons should be sold and the net pro- respectively in the proportion of
Five cases are down for trial the 1st January 1938. The neces-
AL the next Criminal Sessions Cash at hand and on current ac-sary Extraordinary General Meet- ceeds divided amongst sharehold-
one of such shares for every three which is to begin on Monday next. count and fixed deposit was $1,577,- ing to carry the above into effect ers entitled to the share. This fol
of the rald 450,000 shares then held
Lam Blu-cho. 25, charged with 987.74, an increase of $269,916.18 will be held immediately after the lows the same principle as by such persons respectively and wounding Sul Lai-chan, 23, widow, adopted when the last issue of that such shares shall rank for at Happy Valley on January 6, with bonus shares was made in 1923, dividend as from the 1st day of intent to maim, disfigure or disable; and I hope meets with sharehold-January, 1936.
approval."
Lo Chuen and Bo Po-kwong, charged with armed robbery at the. second floor of 38 Eastern Street, West Point, on January 22;
Chan, Leung-mo, aling Ah Ying, certificafes, allas Ah Chung, 28, Chiu Mut-taai,
cerris.
over last year.
EXPENDITURE During the year we expended on capital account nearly $300,000, the principal items being anal payments in respect of boller No. 13 install- ed during 1933, the equipment of
a substation at the new Hong Kong
close of this meeting.
BONUS SHARES
In announcing on the 18thers' February last' their intention to re- commend to Shareholders the ts-
THE RESOLUTION.
(2) That 11, on such distribution ni aforesaid, any person would be
the Directors shall, in leu of
fractional
sue of these bonus shares "the I now therefore propose the fol-entitled to a fraction of a share, Board considered. tt" advisable to lowing resolutions:-
the whole share to be 38, Lam Kel, 23, Lam Hel-san, 32,
to
a person or per-Li Shing, 34, and Lam Ping-chi, 28,
and such share shail at such time I gardener, of six chickens' and a as the Directors think fit, be sold felt that at an unnumbered matsh and the net proceeds distributed at Kowloon Tong on January 31. amongst the persons entitled to The Arat defendant is also charged such fractions making up the with receiving; share.
include a waining, which I now (1) That it is desirable to cap-ising and Shanghal Back building, new repeat, that, while there is eyers talize the sum of $1,600,000 being cause buildings at Sassoon Road and prospect if conditions remain as part of the undivided profits of allotted Second Street for future sub- they are to-day, that the present the Company standing to the credit sons to be named by the Directors charged with having robbed Lau stations, and a wall to enclose our dividend can be maintained on the of the Reserve Fund, and accord- new property on ML. 526 at North Increased Capital, continuance of ingly that a bonus of $1,500,000 be Point. There were a large number the cash bonus which has been declared and that such bonus be of smaller works in connection paid for the last four years must applied on behalf of the persons with the extension af feeders and no: be expected.
who on the 29th day of February distributors throughout the Co- I take this opportunity of re- 1938 are the registered holders of Iony,.
cording your Directors apprecia- the 450,000. fisued shares of the In July we reduced the standard tion of the services rendered by Company in payment in full of charge for lighting units from 16the Manager, the Staff and Work- 150,000 shares of the Company of to 15 cents and introduced an addi- men.
$10 each and that such' -1.0,000
...
Hon. Mr. J. J. Paterson: I beg to second the resolutions before the meeting.
The resolutions were adopted.
Lo Ching and Wong Kan, charged with possession of coff motilde:
Ip Kweng charged with breach ot the Deportation Ordinance and burglary.
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HUNG CHEONG
GROCERIES AND PROVISIONS
WINE AND SPIRIT MERCHANTS
66, NATHAN ROAD.
Good Cause
A G
at the
Peninsula Hotel
'on
Friday the 27th 8-2.
Tel. 57108.
Good Time
Dinner - Dance
& Cabaret
in aid of
Hong Kong Benevolent Society.