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HONG KONG DAILY PRESS
BANK CHAIRMAN | LAUDS CHINESE
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ཡིད་བསམ་དང་
Chartered Bank Annual Meeting
The 8th ordinary general meet- ing of the shareholders of The Chartered Bank of India, Austra lia and China was held March 30, at the Bank's premises,
· 38, Bishopsgate, London. Mr. A. d'Anyers Wills (Chairman) said:
on
The balance-sheet Agures, 23 one would expect, reflect t changed conditions under which the business of the Bank is now carried on. Although the tota figures are practically the same there are several changes in the figures comprising that total which I consider merit a few words of explanation.
First, the total of current and other accounts-In other words. deposits at call-show a large in crease of £4.338.802. whereas fixed deposits-that is, deposits only re-
GENERAL
EFFECTS OF REDUCTIONS
CABLE CHARGES
Increase In Traffic Will Bring Eventual Benefit
The following comment on the significance and effects of the fat rate for telegraphle messages announced by Cable and Wireless Ltd. on Friday appeared in the Times' (London) financial page restor- day:-
2
IN
POLICE COURT
DIVORCE
Sir G. Rentoul On
Its Advantages
Police-court divorces were advo- cated recently by Sir Gervais Rentoul, the West London magis-
That great undertaking Cable and Wireless, is starting on yet.trate, when he addressed the City another chapter in its eventful history. From the financial angle, the main points in the general settlement which has now been ar- two: first the rived at in respect of Empire communications are
repre-
John Logie Baird, the Scottish far-reaching reduction of oversea telegraph rates and, second, the inventor, called "father of tele-exchange of the prior charge on the Company's revenues vision," who intends to broadcast sented by the rental for the Beam Wireless Stations for an interest regular television programmes
in the equity. from his private sender in London
to some cinemas. This has been The reductions in rates are esti-Imunications Company is the gross rendered possible by his latest in-mated to cost nearly £500,000 per cost. It will presumably be offset vention which gives the pictures annum. Not all of this will be to an accumulative extent by a almost the same sharpness and borne by the Company but cer- growth of traffic resulting from capacity as the film, and, further- tainly the main burden, which will the reduction in rates.
more, their natural colours.
perhaps be £300,000 per annum.
payable at the end of periods of. SMALL-POX CASES
say, alx or twelve months after the date of deposit-at £15,553,198 show a decrease of £2,779,707.
ARE LESS
LONG TERM BENEFITS
The fixed annual Beam Rental
In a less autarchic age one could has amounted to £250,000. As from March 1 this is to be can have safely counted upon an im celled in consideration of the mediate and compensating re-
of London Tradesmen's Club on "Where Justice never sleeps. or the life of a London be¤kr.”
It is to the police-courts," he said, "that thousands of married couples come every year to obtain what is, to many of them, the only available reinedy, the only one they can afford for a domestic life of unatterable misery, a judicial separation.
"This, more often than not, is worse than useless. I am certain it would be an enormous advantage If decrees of divorce could be obtained in the courts of summary
jurisdiction. As issues to be tried are almost the same as in a case of separation, it cannot be sugges-
Fifteen cases of small-pox were allotment to the Government of sponse to such a bold" chespeninsted that a stipendiary magistrate i
notified during the 24 hours ended 2.800,000 £1
shares out of the of the cost of telegraphle com- not competent to deal with such Combining all decrease of £1.557 midnight, Sunday. Of these. 11 existing £30,000.000 capital of the munication. In these days 30
095.
were from Victoria, three from Company... Kowloon and one from the New Territories.
Four cases of measles were also
What, then, is our reaction as bankers to this movement? Let us turn for one moment to the assets side of the balance-sheet. Our most liquid asset-cash in hand notined, one case being Imported: and at bankers has increased by as well as three cases of cerebro- £1.350.932, and is approximately spinal meningitis and 13 cases of
dysentery.
18.68 per cent. of our sight labili- ties on current accounts. T second item in order of liquidity. bills of exchange at £10,150,417, shows an increase of £1,920,027,
STRONG POSITION
HOLDING COMPANY
|matters."
A
happy a sequel cannot be taken for granted There should, how- ever, be some immediate expan- speech were: What will be the net exect to/ion of tranic to counter-balanced described by Conan Doyle. and
the direct loss of revenue,
Cable and Wireless (Holding),
Other points from Sir Gervals'
"Master criminals" of the type
Edgar Wallace might exist, but he which is the concern in which The net balance to be made up had never seen anything like one' investors are interested? Clearly allowing for the "saving" on the The vast majority of criminals any sort of precision is impossible. Beam Rental is not large. It has are so because they have not the The arrangements contemplate long been clear that the Company brains or the industry to do any- was reformed in November, 1935. 1 "standard" revenue for the Com-could not expect to earn its old thing else. should like here to pay tribute to munications Company of £1,200,- standard Kavenue. The HOW The whole position of the betting the fidelity with which the Cen-000 per annum equal to 4 per cent scheme has been skilfully devised laws in entirely anomalous. Here it tral Banking Officials of the Chi- on its capital. "A dividend of 4 to ensure that the period of is really a case of one law for Taking cash in hand and bills of nese Government have endeavour-per cent on the proposed Govern- greatest "Beam" saying will coin- the rich and another for the poor. exchange together, these two
ed to discharge their trust)
ment share of the equity would cide with that, of the least bene-
The worst place for getting one's Items représent 39.72 per cent. of It is too soon to form an opinion represent a diversion of income at from the reduction in rates. pocket picked is a bus stop. The all the ght Habilities of thea to the extent to which the in- from the immediate shareholders The Communications revenue most unlikely looking people are Bank. which I am sure you will terests of the Bank are likely to of the Company, the three Cable agree with me is un exceedingly be afected by the present crisis in Companies and the Marceni Com-Provides the bulk of the ultimate pickpockets.
income of Cable and Wireless Shoplifting is almost exclusively the Far East. The information pany, of £104,000. On this basis There are two other items to that has reached me from our those shareholders would be the Holding) bat not the whole; there confined to women. which I would draw your attention Managers in China Inspires the net gainers by the cancellation of are, in addition, the investments on the assets side. Government belief that no development has yet the Beam Rental to the tune off of the old Cable Companies and and other securities. £21,294,084, Laken place which would be likely £146.000. compares with £23.140.488 at Deto impair permanently the pront-
Against this must be put, of the immediate net loss of income That the market is already of cember 31, 1936, a decrease of earning capacity of the Bank as a
may to the Holding Company from the that view is indicated by £1,848.402, and I would emphasise whole. I once more that a large proportion however, that the situation con-accrue through the reduction in new arrangement is not likely to dearer valuation which it has of this total consists of short-tinues to cause the Directorate tariffs. The figure of £500,000, or be unduly burdensome, but even placed on the stocks of the Hold- and the Executive a great deal of the amount of £300,000, which it were it would be well worthing Company ever since the new
will fall to the lot of the Com-the stockholders' acceptance for the arrangement was first mooted.
strong and liquid position.
dated securities.
Bullion on hand and in transit anxiety.
Is less by just over £1,000,000, but. as you will readily understand. unless bullion is moving freely this item must of necessity re- main small.
Bills discounted and loaris—the backbone of our earning power- ia practically the same as a year ago; and I can only express the hope that world conditions 门 1938 will enable us is bankers to participate in an increased volume of trade to the mutual beneft of both traders and ourselves.
DIVIDENDS
The result of the year's trading fa shown in the profit and loss ac- count as a net profit of £491,065. after providing for all bad and doubtful debts. against £406.682 a year ago, a decrease of £5,617. When you remember that last year we have had to provide a substan- tial sum for National Defence Contribution, I trust you will not consider the result unsatisfactory. We paid the usual interim divi- dend last. September, which ab- sorbed, £210.000. leaving at our disposal £487,719 189. 10d. Sub- ject to your approval, we propose to pay a final dividend at the rate of 14 per cent. per annum,' to allocate £35,000 again to the Officers' Pension Fund, to set aside £40,000 on account of contingen- cles exactly the same as a year ago-and to carry forward the balance of £178.735 38. 5d. to the current year.
STTUATION IN CHINA
In the Far Eastern sphere of the Bank's operations the year open- ed in an atmosphere of cautious optimism. Superficially, at feast, the political situation in China seemed to be more hopeful than at any time since the inauguration of the Republic,
The unification movement had substantial progress, the
арти
new national currency had gained stability, and there were indica- tions that the national finances were being reorganised along Mines appropriate to a modern progres- sive State.
As late as May, there were evidences that an infuential body of Japanese opinion was anxious that their Government should en- deavour to bring about a percepti- ble relaxation of Sino-Japanese tension, but already forces had been released, which could ΠΟ longer be controlled.
During the period of hostilities the external value of the Chinese national currency had until very recently remained remarkably steady at approximately the rate contemplated when the currency
am
bound to admit, course.
which the loss
"
MONTHLY WATER
RETURN
Level and Storage of water in Reservoirs on April 1, 1938.
ISLAND
WATER
WORKS
1937
1938
Contents in Below Millions
Contents in Below Millions Over- of
Over-- of LOW Gallons flow Gallons
! RESERVOIR
Tytam Tytam Eyewash Tytam Intermediate Tytam Tuk
21' 11"
206.84 12 2"
267,26
21
4:
2.18 23 0*
1.50
46' 11"
27.15 414 6*
-37.58
48' 7"
493.92 39. I”
632:65
Wong Net Chong Pokfulam Aberdeen Upper Aberdeen. Lower
21 3"
0.02 16' 6"
12.55
19' 4"
25,86
8' 4"
47.78
24 3*
27' 5"
75.14 28.26 23′ 0′′
+ 5'
151.04 37.56
Total Storage
862.67
1,187.93
Consumption of water in the City and Hill District in millions,
of gallons during the month of March.
Consumption
Estimated population".
1937 *331.78
1938
+43,300
+409.52 Million Gallons 445,000 29.7
Consumption per head per day 241
*Includes 101,4 million gallons suppiled from mainland. Includes 173.77 million gallons supplied from mainland. Additional amount supplied, to Island Villages during the month of March 15:42 million gallons.
March 1937.-A 15 hours supply (6 a.m-9 p.m.) was given to all districts during the whole month.
March 1938-A constant supply was given to all districts dur- ing the whole month.
MAINLAND WATER WORKS
RESERVOIR Kowloon "Main Kowloon Byewash Shek Li Pul Jubilee... Shing Mun Reception
Total Storage
1937
-1938
Contents in' Contents in Below Millions Below Millions
Over- of Over- .or
Bow Gallona Low Gallons
196.58 17.4"
Level: 352.50 50' 4" 38.33 27 175.68 91.50 211 104.43 70' '2" 821.00 40′ 5* 1,459.10 1' 6" 29.19 *110* 28.31
1,178.80
2,120,02
Consumption of water in Kowloon and New Kowloon in millions of gallons during the month of March.
A' constant supply was given to all districts during March 1937 and 1938.
*-1937 248.01 329,000
1938
288.99 Million, gallona 380,000
Consumption Estimated population... Consumption pèr head per day. :24,4 -- 22.7 Gallons
Additional amount suppited to Lafchikok Water BoatDbck, during the month of Mar-0.07” million gallons.
The reports of the Government Bacteriologist and Analyst show that the quality of the water is excellent.
Total rainfall recorded by Royal Observatory: from 1.1.37 to. (31.3.37 6.520; and from 11.38 to 21.3.38: 10,785.-
the manufacturing profta of the eventual, beneft which will accrue Marconi Company. At the worst in the longer term.
TEL. 58906
the
TUESDAY, APRIL 12, 1938. -PAGE 11
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