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HONG KONG DAILY PRESS THURSDAY, MAY 28, 1936..
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•
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PASTEL..
HAWAIIAN
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Prices Effective Hong Kong:
Tattoo Lipstick (Coral, Exotic. Natural, Pastel, Hawaiian)...
Tattoo Powder (Flesh Nude, Brunette, Native)
Tattoo Rouge (Coral, Exotic, Natural, Pastol, Hawaiian) Tattoo Lip & Cheek (Coral, Exotic, Natural, Pastel, Hawaïan) Tattoo Mascara (Black, Brown, Blue)
Tattoo Make Up Kit (Lipstick, Rouge, Mascara, Powder).
BIG
SHALL
$3.00
$.30
$3,00
$1.50.
$ .30 $.30
$1.50
$ .3
$1.50
8.30
81.20
Bet for Blondes, Medium, Brunette, Red Heads, each Sale Distributors for Shanghai, Hong Kong, British Molaya and Dutch East Indier:
AUW PIT SENG'S. TRADING CO., LTD. HONG KONG, SINGAPORE, MEDAN, BATAVIA.
SIKHS BRAVERY
HOW THEY DEFENDED THE LEGATIONS
Addis Ababa, May 14. The bravery and coolness of the Indian soldiers guarding the British Legation in Addis Ababa during the reign of terror that followed the de- parture of the Emperor are one of the main topics of conversation among the Europeans who lived through those days.
For days the men of the detach- ment of Sikhs commanded by Ma- Jor Charteris, were to be seen all over the disturbed town, patrolling. rescuing British subjects, and pro- tecting other Legations which it icemed impossible to defend against the raiders who, as the easy loot gave out, formed organised bands to make determined attacks on de fended buildings,
On Sunday after the Negus left, for instance, the Sikhs arrived in two, armed motor lorries just in the nick of time to save the Turkish Legation. They came in response to an SOS brought by a runner,
When the first armed motor lorry drove up the Shiftas attacking the Legation in the darkness turned their fire on the Sikhs. They did not, however, notice the approach of the other lorry in their rear, and it opened fire on them and drove them off.
"
Afterwards this patrol visited the Belgian and French Legations, and the French Legation's defenders urged them to stay for the night.
HOTEL RECONSTRUCTION SCHEME APPROVED
Shareholders Agree To
Reduce Capital
ANNUAL MEETING HELD)
Reconstruction of the Hong Kong and Shanghai Hotels Limited was sanctioned by a largely attended meeting of shareholders" yesterday. As a result the com- pany's capital will be reduced by the writing off "land values, transfer of reserves and the cancelling of capital.
The extraordinary meeting was preceded by the an- nual general meeting at which the Chairman (Mr. J. H. Taggart) stated that in view of the financial strin. gency, the year's working had been satisfactory.
HOPES FOR FUTURE
Mr. Taggart said -- The accounts for the financial under your year 1935, which are survey to-day, cover a period with- in which has been generated many difficulties and disappointments for Hotels operation in the Far East,
chis and particularly has been feld marked in the Northern BABY THROWN TO TROOPS
wherein two of the largest Es- The Sikhs took away the whole
tablishments comprised in your of the Turkish Legation's staff, in-undertaking are located. cluding a baby girl thrown out by her mother in the middle of the shooting and quickly caught by an' officer and covered with a water- proof, who was using his other hand to shoot.
No reminder from me is needed to emphasise to you the condition of severe financial stringency which has continuously existed in Shang, ha! during the period now under review, the repercussive effect of Mohammed Aly's Indian store. which is reflected in the earnings situated in the worst quarter of the
of your Company in common with rloting was successfully defended
other commercial undertakings. - by 17 assistants, who were supplied
Your Hotels in that Port, al- with munitions and machine guns though, as you are aware, of an by the Sikhs. The store and ware-old fashioned type, comparing most house were continually under fire, but the assistants fought off succes- sive organised attacks
The Sikhs biggest battle way to save the Belgian Legation on Mon- day. They left their torries and deployed through the wood and, making a slow advance through the darkness. fired with machine-guns to cover their rear.
One Sikh had both sights shot off his rifle.
werc
The biggest moment was when a "telegram arrived from King Edward and another from the Foreign Minister. These telegrams read with due ceremony by the Minister from the British Legation steps to the Sikhs. The Minister congratulated them on work worthy of the best traditions of the Indian Army.
WOMAN ASSAULTED Another aspect of the brigandage that prevailed in the town before the entry of the Italian troops was described to me by Miss Eleanor Meade, a young American Jour- nalist, the correspondent of Trans- " radio, whom I found in the ruins
of her looted home."
5
The last issued Balance Sheet of the aubsidiary Company, as at the 30th June, 1935, is attached to the Report and Accounts before you, in which relation I am pleased to be able to state that the Hotel in Pelping operated by the subsidiary Company enjoyed much improved revenue during its last accounting
and period,
that the current revenue returns received here from Felping continue to present satis- tautory Agures.
the Balance Sheet before you is $289,469,51, which compares favour- ably with a Mortgage Habuity of $154,896.83 at the 31st December.. 1994.
I feel that the reduction made during the year 1985 of approxi- Bately $165,000.00, is gratifying in the circumstances, as also is the fact that the indebtedness of your undertaking has been further re- duced since the turn of the year and now stands at the lowest figure on record covering the past fifty years.
RECONSTRUCTION PLAN
I do not consider there are other Items in the Balance Sheet and Accounts upon which I can use- fully comment. I would, however, crave your attention for a few min- utes in relation to the proposals which will come up for your con sideration at the Extraordinary General Meeting to be held later to-day with regard to the scheme for Reconstruction of the Balance Sheet of the Company by the utili- sation of certain Reserves and by concelling Capital to the extent of $2.50 per Share,
In my circular letter addressed to Shareholders under date the 27th April last, a copy of which is in your your hands, I stated that Directors had given serious con- sideration to the present financial .This position of the Company,
the has entailed consideration earnest deliberations of your D- rectors over a lengthy period.
Ww.s
in amount,
During the past few years-years in respect of which the trading re- sults have enable a dividend dis-
have been tribution to Shareholders and also bare of years which dividend-considerablé sums. bat been charged in the Profit and Loss With the exception of the charge
on Buildings and Furniture and in respect of "Bad and Doubtful Accounts by way of Depreciation Depts Written Of" iteras to the Furniture and Fixtures. In adifi- debit of the Profit and Loss Ac-
tion, the resultant position count are all on a much reduced strengthened by the presence of level in comparison with those em
Reserves substantial Dudied in the Accounts for the pre- which, with the exception of the vious year. It is regretted that the Land and Buildings Reserve, bad been allocated out of profits in past excepted item referred to displays a serious increase over amounts pro-years. Moreover, it was rightly vided for such a contingency over considered that in view of the book
It is, however, unfavourably with the humerous the past few years.
values of the Land owned by the Establishments of modern construc-difficult to obtain prompt Bottle-
Company as against the Market tion recently erected there, have ment of accounts in these times,
worth of such Land, a considerable hidden reserve existed, to offset « attracted what can be considered
possible drop in the value of Bulid- ings and their equipment below the residual value thereof appearing from the Book figures.
BAD DEBTS
in the circumstances a satisfactory
that in I should point out revenue. The advantage, however.
the amount of of oc assessing
the of an encouraging ratio
question been offset by the provision
1t was cupancy has necessity, compelled by competitive deemed prudent to maintain our action, to accept cut rates, and this standard basis by excluding from result of a schedules of debis for incorpora- procedure." had the negligible contribution only ac- tion In the Balance Sheet all trans cruing to the General Working Ac-actions ante dated twelve months count from those Establishments, after relative overheads had been
met.
GOOD H.K. RESULT Your Hong Kong Establishments ared more favourably I am pleased to say. Indeed, results achieved at most of our Hotels in the Colony during the first and last quarters of the year were highly satisfac- tory. Unfortunately, however, the Summer
prior to the closing of the books. It is confidently anticipated that a substantial proportion of the items provided for will eventually be re- covered, and I can state that satis factory headway in that direction has already been made during the, current year.
on
SHANGHAI SLUMP However, the experiences of the past two years have wrought a drastic change in that outlook. Particularly is this so in Bhanghai where the collapse of some impor- tant Land Companies operating va an extensive scale has caused a veritable slump in property values. in the circumstances your Board considered that remedial steps in
relation to the Balance Sheet should be taken immediately.
You will observe that deprecia-
In addition to the altered situa- tion on the Circulating Assets has been written off to the extent of tion with regard to property values. $135,748.37, but deprecation a further disadvantage (connected season of 1935 again
with the revolutionary ideas now ushered in an era of "doldrums" Buildings and Furniture and Fix-
attaching to the construction of tures has not been provided for in sumciently dull to almost eradicate
view of the Reconstruction pro- New Hotels and their equipment) the satisfactory results of the Au-
posals to be submitted for your has become so markedly apparent Iumn and Winter trading.
consideration at the Extraordinary as to call for a new interpretation The high value
General Meeting which immediate- or "modern accomodation" in re- dollar during the Summer of 1935.ly follows this Meeting.
lation to the demands of patrons and thus operate to the de-
local of the
China at North
Touching upan the Balance
She had been vainly searching coupled with the attraction of low neighbouring tukula (Abyssinian currency values huts) looking for her stolen pro-and Japan resorts which prevalled Sheet, I submit there is little call-triment of older structures. Your ment therefore, although CON- perty. She wore a man's blue trou- vis-a-vis Hong Kong currency had ing for comment, I would mention, Establishments and their equip- sers, white shirt, and socks, and the effect of completely eliminating however, that between the time of stituting assets whica have been
her features were marred by a huge piece of sticking plaster covering
her nose.
"That's where a Shifta socked me on Beturday morning" she said. "The shooting began and my front door was anushed in, so I slipped under my bed,
"A man and a woman, forced their way into my room collecting my things together to take away. Finally I crept out from the bed and the man thereupon punchea ime with a straight swing on the
|
the Summer tourist patronage cus- tomarily received at our Establish- ments in the Colony during tha
son.
41
In view of the foregoing, 1 re
gret that "the Pront and Loss Ac-
certification by the Auditors and
the printing of the Accounts an amission has occurred in relation to the item "Furniture and Fix- tures," the words "plus additions" having been omitted. These add tions totalled $7,751.35, represent ing the cost of a consignment of modern electric heaters, together with some new furniture and car- pets for Hong Kong Establishments
PAINTING HOTEL
subjected to depreciation at rates considered aumcient each unit thereof to
to reduce a break
value within the period of its effective life, must in the Bght of modern conditions be regarded as standing in the books at figures far in excess of their actual capitalised value as earning units.
WRITING OFF
As indicated in my circular letter, the aim of the Reconstruction pro- posals submitted for your con- alderation is to write down all Assets to figures which represent their real worth as Asseta depen- dent upon their earning capacity.
count before you delineates poor working results substantially below previous those attained during
notwithstanding the fact years, that the items of contra charge were reduced to the lowest limit
Turning to the Liabilities side compatible with prudent and eff- cient operation. The main item of of the Balance Sheet you will see credit-"Balance of Working Ac-
that the Special "Repairs and Re- count"--$130 375,55, falls below the newals Reserve" has suffered de- similar credit for the previous year pletion during the year by $10,922.41. item This relates mainly to special ex- by some $270.000.00. The "Rents of shops and Offices!'
penditure incurred in painting the similarly reveals £ considerable whole of the exterior of the Hong write off from Book values as at "They allowed me to slip out of decrease Or.. kome the house, and I hid again until a vacancies, and reductions made connection with the electrical in./scheduled in the circular before $38,000.00 Kong Hotel, and to rewiring in December 31, 1935, the amounts
nose.
"His wife, however, luckily stop ped him as he was about to attack me again by telling him that the rellef car was arriving.
car which had been summoned ar- rived.
"The occupants found me more alive than dead. They took me to the Japanese Legation where my face was dressed,
"I stopped there for four days with- out being allowed to go out, though they were short of supplies and had not much to eat.
"I am now wondering where I can borrow a dress to look like a normal female agaiti."
to tenants on rentals, enforced this diminution.
INVESTMENT DIVIDEND
A welcome re-entry to the credit of Profit and Loss Account this year in the item "Dividend on Invest- ment $13,887.48. This relates to ine dividend distribution for our subsidiary Company, the Grand Hotel des Wagons Lite, Ltd. on a holding of 5.651 Shares in nut Company.
stallation of certain of our Ex- tablishments in order to conform to the requirements of Government Regulations
·
To achieve this it is proposed to
you amounting to $8,856,737.34. It is proposed.. to effect this (1) by writing up the Book values of Land as at December 31, 1935, by $550,- 960.18; (2) by transferring Reserves The Balance Sheet reveals one us listed in the circular, totalling solitary oasis in the midst of what $5,318,348.14; and (3) by cancelling you may consider my somewhat de- Capital to the extent of $2.50 per Pressing remarks. I refer to the Share, misking available on the
· Shares · Laued-$2,984.- reduction of the Company's Mort-1,193,887 gage indebtedness affected during† 567.50./. the year, You will observe that the figure under that heading in
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