HONGKONG DAILY PRESS
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FINANCE:
A SATISFACTORY YEAR: PROFITABLE RESULTS
Annual Meeting Of Green
Island Cement Co., Ltd.
The fiftieth annual general meeting of the Green Island Cement Co., Ltd. was held in Exchange Build- ing yesterday, when the Chairman, Mr. J. H. Täg- gart, reported a satisfactory year's working.
Those present were:-Mr. J. H...Investment and Exchange Muc- Taggart (Chairman), the Hon. Mr. tuation Reserve by appropriating AL Shields, Mr. T. E. Pearce, Mr. thereto a sum of $100,000.00; to pay Li Tse-fong and Mr. J. Scott-Hars-a bons to staff, amounting to ton, (Directors), Mr. T. C. T. Beck $13.554.05, and to carry 'forward a (Secretary), and Messrs. Fung balance of $124,778.23 to the ac- Kwok-wa, Lo Yuk-tong, Kwok Yu-count for the current financial yau, Wong Man-ching. B. Wong (year. Tape, P. H. Suckling, S. S. Harris. Lo Kai-wing. Lau Shu-chuen, A. H. Putts, F. E Silva and Kong Man-shing
EXAMINATION OF FIGURES
of raw materials -carried. amounting to $729,150.44. as compared with the position displayed at the end of 1937. the relative figures boing" $1.316,052.03 as agatos; $586, 901.59..
In the mattor of limestone sup- plies, your Company was fortunate in placing a contract for 200,000 tons at a considerable reduction
and when such proposals have been duly seconded. I shall be pleased to answer to the best of my ability-any questions which shareholders may wish to raise.
SECONDER'S SPEECH
Seconding the proposal, Mr. B. Wong Tape said:
"Mr. Chairman and gentlemen,
in price, made possible by a drop I have much pleasure on this oc- in freight rates, of which contract casion in rising to second the 100,000 tons still remain to be de-adoption of the report and ac- livered; on completion of such counts, as presented. and I believe that I am expressing the feelings Contract the position of your
of shareholders in offering our Company-vis-a-vis Faw material
to the Board -will in effect resolve itself into congratulations one whereby a supply of limestone of Directors on the very satisfac- sufalent for two years' working ty results of the past year's work- at full capacity will be maintained ins, which I feel reflects consider- able credit or those who are en- on hand....
trusted with the direction of our Company's affairs.
NEW ACCOUNT
Due to depreciation in the values
"From a cursory examination of the güres, it will be noted that
·CHAIRMAN'S SPEECH
the profit for the year 1038 is less by $68.380.35 than that of the pre- The Chairman said:-
ceding year. This decrease is at "Gentlemen-The annual meet- ing this year is of more than usual tributable to the fact that certain Interest as it marks a period of major contracts were entered into your directors deem it expedient will meet with the general appro- fifty years since the inception of by the Company at "cut" rates. the Company, which was in fact In. Prior to the outbreak of Japanese Exchange Fluctuation Account, to respect of the payment of a bonus corporated in Hongkong in the hostilities... when the effect of in-which the sum of $100,000.00 has to the staff, who are, no doubt,
year 1889. It is, therefore, a mat-
tensifed dumping of foreign
"The suggested appropriations or your Company's investments may be regarded as entirely con- during the course of last year—servative and I feel sure that they
to inaugurate an Investment and val of shareholders, especially in
been allocated from
the profts largely responsible for what has
ter of satisfaction to your directors cement on the local market had available for the year under re-been achieved. "that, despite the vicissitudes with to be encountered. The fulfilment new, in which connection
which your company has had to
of such "contracts-rendered fur-
advanced costs-resulted in sub-
It is
"I now forinally second the scop-
contend from time to time, parti-ther disadvantageous by reason of proposed, in future, to utilize the son of the report and accounts, as cularly in recent years, they arestantial losses. All such contracts ng medium in regulating the presented, together with the Direc
enabled-on the occasion of the
have now been completed, how- Company's Golden Jubilee-not only to record a satisfactory year ever, and I am pleased to be en- of operation with profitable re-abled to state that the present for-
reserve thus created as an adjust-
fluctuation of the
contra
assets.
tors' recommendations with regard
Whilst on this subject, I may add to the appropriations, and I would like, on behalf of shareholders, to that the investments helg by, your express our appreciation, to the sults, but also to present a balance ward commitments of your com- Company are in scund local coun-Board of Directors and staff for
ters of a non-speculative nature.
sheet reflecting a position of frian-pany are all of a profitable nature. cial stability:
"Turning to the accounts be- fore you. It will be observed that after making the usual provision in respect of direc- tors' and auditors' fees, and for the Company's donation to the British Fund for Relief of 'Dis- tress in China, the profit for the year amounts to $404,615. 62, which, added to the sum of $178.084.15 brought from the preceding makes availabe ari amount of $582.699,77 to be dealt with.
forward
year.
"You will doubtless recollect that I foreshadowed from the chair last year that such losses were inevitable' as a result of meeting "those
commitments,
and I venture, to say that we may regard it as fortunate that we have been able to not only absorb the loss, but at the the same time to present a showing for the year which cannot but be Tegarded "as eminently satisfactory.
Bir Robert Ho-tung and Mr. T. Pearce, retiring Directors, were re-elected.
their careful attention to our in- I am pleased to be able to state terests during the past year. that your plant has continued to function in a most satisfactory
The motion was carried manner throughout the year, the animously. total production for the period amounting to 108,293 tons of cement. This Agure constitutes a record over the term of кетед years during which such plant has Messrs. Linstead and Davis, and been in operation, and it is once Mesars. Lowe, Bingham and Mat- again my pleasant duty to record thewa were re-elected auditors. a vote of
staff thanks to your particularly to those responsible for the maintenance of your in-
"Furthermore. when effecting | stallation at Hok Un. comparison of the profits for the
"In the opinion of your board, years 1937 and 1938. it must be
OTTAWA.--Codfish viscers, form-
When considering the figure Ierly tossed into the sea, have been have just mentioned, it is. of in- discovered rich in vitamin A, and
this result warrants their recom-borne in mind that, due to interest to remind you that the are now processed like cod livers mendation that the distribution to creased costs of raw material last guaranteed annual output of your for extraction of this valuable in- shareholders should be on similar year, coupled with heavier main plant is 110,000 tons of cement,gredient. lines to that effected last year, tenance charges during that period but, of course, allowance must be
namely. the payment :of dividend at the rate of $1
made for stoppages, which are in- evitable from time to time when machinery is kept in constant operation.
a consequent upon the operation of full per your mechanical plant at share and a bonus of 23 cents per capacity output, production costs share, absorbing $244.367.50. With have perforce shown a considerable reference to the disposal of the increase over those of the previous balance, your directors propose to year, to which eventuality I also transfer $100,000.00 to general re-referred at your last annual meet- serve, thereby increasing that acting.
count to $1,150,000.00: to create an "It will be observed from the report of your auditors that no
made provision has been
for depreciation or plant and floating
ADVERTISEMENT craft. In this relation I would
CHINA AUCTION ROOMS
PUBLIC AUCTION
In the circumstances, and in here expressing appreciation
in respect of their loyalty to the interests of your Company,
I feel confident that share- holders will endorse the pro- posal of your board to imple- ment such expression in a practical manner by voting a bonus to the staff of 10% on their salaries for the year un- der review.
"L
EFFECT OF INVASION
remind you that these assets were written down to a more or less "Ereak-up" value" in the capital reorganization of the Company, undertaken in 1934, and. the pre- sent residual book "values thereof
The Japanese occupation of stand at a figure which-in the South China had little or no effect opinion of your board-cannot but upon the conditions governing the be regarded as ultra-conservative. Esiness of your Company, having In such circumstances and re-regard to the fact that, due to re- The undersigned has received instructions from the owners to taining in mind the fact that gulations enforced and prohibitive sell by Public Auction on TUES-your Company has been operating cuties levied by the authorities DAY, 14th March, 1939, at 11 am. on a prime cost basis since the some years prior to the outbreak at the Sul Heong "Yuen Godown, drastic reconstruction undertaken, or hostilities, öu: exports to China Nelson Street, Mongkok, Kowloon, your directors do not propose the had been reduced to minute pro- the undermentioned goods:
Axation of an annual deprecia- portions, with the result that we
fron Rivets Manila Ropes- tion rate of the fixed assets at had perforce to explore other Steel Snatch Blocks-Steel this juncture, but prefer to pro- avenues for the marketing of our Blocks, Single, Double and Triple vide for relative contingencies by product. It has, therefore, been Sheave Wooden Blocks, Single, augmenting the general reserve the policy of your board to endea- Double and Triple Sheave-5-ton from time to time. In this con-vour to consolidate the position of Cyclone Block-Bledge and Manection you will note that it is your Company in the markets thus chinist Hammers Steel Rope proposed subject to your appro- gained rather than to re-enter a and Chain-Iron Shackles-Wireval-to increase such reserve by feld 01 operation which Clips, Clamps and Thimbles the sum of $100,000.00, bringing would appear to hold little pros Foundation Bolts, Eye Bolts, the amount standing to the credit pect of mermanency, apart from Riveting Dolly Bars-Messer of that account up to the b-the fact that as I have already Oxy-Acetylene Welding Outat-stantive figure of $1,150,000.00 intimted-qur' present commit- Horizontal Hand Pump-Rex
ments are such as to absorb the Contractor Pump Connected to
maximum output of your works, Bingle Cylinder Engine-Com-
"There being no further matters
COMPARISONS
On effecting comparisons of the
by
pound and Simple Geared Hoists cash position with that of the to which I can usefully refer, I now c. I. Flanges and CL Fisd. previous year," It will be noted beg to formally propose the adop Elbows-Copper Tubes-Magnesia
that" whereas at December 31.tion of the report and accounts for Covering-Rubber-Covered Cop-
1937, the Company was in credit the financial year ended De per Wire-Linseed Oil-Turpen-
to the extent of $403,280.26, the cember 31, 1938, as presented; and tine-Coloured Paint-Alumi-
accounts now before you display the carrying into effect of the num Vehicle, Varnish and Enamel Paint Iron Cement and on overdraft position of $158,182.25. appropriations recommended
This depletion of the Company's your board, namely:-- Quigley Seal-IKION Bolt Stock, Taps and Dies Asbestos Cement funds is accounted for by the very To pay a Dividend of -Fireclay-Machine Screws and substantial increases which have $1.00 per share on 195, Nuts--Chain Pipe Vise Tube been made in the stocks of all Expanders-Faucet and Hose raw materials at your Hot Bibbs-Blue Printing Frame Works, in conformity with the Steel Window Frames-Wheel polley of your board in maintain- Barrows Garlock Sheet Packing ng sumclent supplies on hand. ---Miscellaneous Tools including capable of meeting any emergency Wrenches, Vise, Files, Saw Blades, that might arise. Augers, Drills, etc., etc.
TERMS:-Cash on Delivery..
For
and
further particulars Inspection order &c., please apply to:-
MR. E. V. M. R. DE SOUSA, Auctioneer,
Chiria Auction Rooms, French Bank Building, ist floor. Hong Kong 7th March, 1938.
494 shares.......
Un To pay a Bonus of 25 cents per share on 195. 494 shares...
In this connection and hav ing in mind contracts entered upon-to which I have pre- ̈ viously made reference it will doubtless be a source of natis- faction to shareholders" - to, learn that the Company has, at the present time, in situ,” at Hok Uni, over 100,000 tons of limestone, more than 10,000 tons of coal and 12,000 tons of gypsum, representing an in- crease in the value of stocks
To pay a Bonus to Euro- pean Staff or 10% ori their salaries
To Transfer to General Reserve in order to bring same up to $1, 150,000.00.
To create an Investment and Exchange Fluc- tuation Reserve
To Carry Forward to Account for the year 1939
$125,404,00
48,873.50
13,554.05
100,000.00
100,000.00
134,778.22
$582,699.77
DEWAR'S
FRIDAY, MARCH 10, 1999. —PAGE 11′
CONSPICUOUS
* IN EVERY ROUND
REST SCOTCH WHISE
White Label
FinDewar & Sons
DISTILLERS
PERTE
White Label"
Your FINAL choice
Sole Apis A. S. WATSON & CO., LTD."
WINE DEPT.
AH TUNG
Tal. 20615
廠爐器機釬東亞
Diesel Engine-Driven ARC welding Plant-2
The Willows
1r Howard Harding.
Alations.
Telaphey
operators for Oxy-Acetylene Cutting and Weld-
ing for Ship and Boiler Repair, Copper-smiths,
Boiler makers, Iron and Brass Founders, Ship building Contractors Contractors.
and General Building
General Office:-Asia Life" Building, Room 414,
Tel. 25621.
Post Office Bor-838, Hong Kong. Workshop:- Tai Kok Tsui.
Tel. 66083.
Please apply for estimates.
靠可用耐油漆腰駝愍
PAINTS, ENAMELS,
VARNISHES & SPRAY LACQUERS
DURABLE 4 ECONOMICAL
MANUFACTURA VÝ
THE NATIONAL LACOUER & PAINT PRODUCTS CO., LTD.
·KING'S ROAD, HONG KONG, TEL. 31601-2
公限有油
Engraving is the hall mark
Mr J. Cartwright,
18. Allarton Road
In these we Specialise Samples available
at
L
of
VISITING CARDS.
If you wish to create. good impression use our cards
a
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LAMMERTS' AUCTIONS
PUBLIC AUCTION.
THE Undersigned have received
Instructiona
to sell by
PUBLIC AUCTION
FRIDAY, the 10th MARCH, 1939
Commencing at 5.13 p.m.
At their Sales Room, No. 2 Con- naught Road, Central (Room No. 205, Second Floor).
A VALUABLE COLLECTION OF POSTAGE STAMPS
On VIEW from THURSDAY,
the 9th MARCH, 1939.
· TERMS: Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS,
PUBLIC AUCTION. “
THE Undersigned have received
instructions
to sell by
PUBLIC AUCTION
OX
TUESDAY, thé 14th MARCH, 1939.
Commencing at 2.30 p.m.
At their Sales Room, No. 2 Con-
Central, naught Road,
Ground
Flöor.
A QUANTITY 'OF VALUABLE HOUSEHOLD FURNITURE,
Comprising:
Hatstands, Divans, Wardrobes, " Dressing Tables, Chests of Drawers, Dining Tables, Chairs, Sideboards, Dinner Waggon, Desks, Typewriter | Tables, Filling- Cabinets, Glass Cabinets, Bookcases, Rugs, Carpets and Runners. Electric Heaters, Lamps, Cookers and Bollers, Radios, Gramophones and Records, Cutlery, Aluminium, Brass, Porcelain and Glass Ware, Filters, Wash Basins, Cameras, Binoculars, Ornaments, Magazines. Cooking Utensils," etc,
A FEW PIECES OF BLACKWOOD. FURNITURE
and
3 Chesterfield Suites-
1. Ashwood Bed Room Buite
1 Grand Father Clock
I Upright
Collard"
Piano "Collard and
I Cooking Stove "Dover"
1 Typewriter “Ideal"
1 Geyser
1 Electric Refrigerator "Westing-
house"
1 Electric Refrigerator "Electrolux
„Ltd."
Mr. Eric B. Green, 80, North Roadiddo
The EASTERN ELECTRICAL COMPANY.
South Thistde
BERNARD 2174.
FRIC GRAY.
PHONE CENTRAL 1788.
CAKERA, ISTUDIES-
On VIEW from MONDAY, the 18th MARCH, 1930.
Terms: Cash on Delivery,
"LAMMERT" BROS.
AUCTIONEERS.
Mr. Geoffrey A. Matthews.
Mr. Dennis & Spalding.
Mc
R. Dont V Com Lid
shill Row
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