HONGKONG ·DAILY: PRESS
Finance and Commerce
GRATIFYING RESULT
ON YEAR'S WORKING
Annual Meeting Of Messrs. A. S. Watson & Co., Ltd.
The gratifying result of a net profit, on the year's working. of $318.627.95. due to the marked improvement shown by all Hongkong departments. both as regards trading and profits, was announced at the annual general meeting of Messrs. A.S. Watson &Co., Ltd., which was held yesterday at the Hongkong Hotel.
"
FINANCE
H. K. STOCK
EXCHANGE
The market continues steady but the turnover was on a restricted
CHINA ESTATE, scale due to holders being relu
LIMITED
Sound Position
Revealed At Annual Meeting
The annual meeting of the Chinese Estate, Lid., was held at 'the company's office yesterday. Mr. Leung Kwal-tin, chairman of directors, presided.
Among those present were:-
Mr., G. E. Clark presided and 1938, including, the balance of Directors Mr. Leung Kwai-tin amongst those present were: Mr. $75.202.85 brought forward from (Chairman), Hon. Str Robert Kote- F. W. Stapleton, Mr. W. F. Simp- the previous year, amounted to
wall. CM.G.. LLD., Mesars. Ll I now formally son, Mr. Feter Wong. Mr. C. B. $393,830.80, and Brown. Mr. J. D. Humphreys, Mr. propose that the report and state-Yau-tsun, C.B.E, Lau Tak-po and N. V. "A."Croucher, Mr. J. E Jupp,pment of accounts, as presented, be Leung Ting-ka!, Mr. Fung Ping- Mr. J A. Tarrant, Mr. P. C. Potts, adopted, and that this sum be ap-. Mr. Li Shlu-chong and Mr. Wongpropriated as follows:-- Kin-tsol,
CHAIRMAN'S SPEECH Addressing the. meeting. the Chairman said:--
It will be observed from the accounts now before, you that the profit on the year's working amounts to $318,627.95, which is
than higher
the considerably
gures submitted to you on similar occasions in recent years-in fact, one must turn back to the year 1923 to find a balance of an equally satisfactory nature. This gratify. ing result is attributable, to the marked improvement shown by all Hongkong Departments both regards trading and profit. The abnormally dry summer months were, no doubt, partiy instrumen- tal in increasing the turnover of our Aerated Water Factory and this department of the business re-
35
|
اء
To pay a dividend of 80
cents per share, ab- sorbing
$120,000.00
1)
30.000,00
To pay a bonus of 20
cents per share
To transfer to general
reserve
To create a special re- serve against out- standing accounts in China
To transfer to Chinese 'staf superannuation account
To write ott building
improvements
And carry forward to
next account
the
fan (Director and Secretary), Shareholders-Messrs. Fung Fing- wa; Li Po-kwai, LJ Ngol, LI Cheung. Miss Mok Han, Messrs, Chiu Loong. Co., Messrs. Yu Hing Co., Ltd.
CHAIRMAN'S SPEECH Addressing
meeting, the Chairman said, in part:-The.net 106,000.00 pront for the year, after providing tor reserve for depreciation on China Building: ($30,000.00), direc-' tors' and auditor's fees and all expenses amounts to $124,005.52 which, added to $180,963.30 brought forward from last account, shows 10,000.00 a total of $284.968.82.
50,000.00
more
A comparison with last year's 1.982.50 figures shows that the net proft for the year is $25.901.98 81,848.30
than that of the previous year. This increase reveals the sound- $393,830,80
ness of our position, which, I am sure, is a source of satisfaction to shareholders. I am also glad to
SECONDER'S REMARKS
The resolution was seconded by report that owing to the advan- gistered FL satisfactory Increase Mr. N.V. A Croucher who sald: tageous situation of China Build- over previous years.
It gives me pleasure to seconding, all shops and office
fooms
-31
tant to deal ar" quoted prices. Banks changed hands at $1385 Docks at $16.80 and Cements at $131.
BUYERA
Canton Insurance, $220. Douglases, $893. H.K, Docks, $16). Providents, $47. H. 8. Hotels, $51. HK. Realties, $4,40). HK. Tramways, $16.20. China Lights (Old), $3.10. HK Electrica, #561. - Canton Ices, $1.
H.K. Ropes, 34.
Dairy Farms (Rights), $154, Dairy Farms, $21. Wing On (H.K.), $42. Wm Powell, Ltd.. $0.70. Entertainments, $8.
HK. Govt, 31% Loan Par.
SELLERS
Union Insurance, $475, HK, Steamboats, $15. HK Lands, $30. Telephones (Qld), $23.
SALES
Hongkong Bank, $1386. Union Insurance, 3470. IX. Docks, $16.70/80. H.K. Lands, $36. Cements, $13), Dairy Farms (Rights), $15) Marsmans (H.K.), 5/-.
·
PHILIPPINE MINING QUOTATIONS
Antamoks, Ps. 41, Atoks, Ps. 38.
Bagulo Gold. Ps. 25...
Benguet Consolidated, Ps. 12.50. Coco Giove, Ps. .41. Consolidated Mines, Ps. .003, Demonstrations, Ps. 144.
I. X L. Ps. .62. Paracale Gumaus, Ps. .17. San Mauricio, Ps. 1.98. Suyor. P. 19." United Paracale, Ps. .71.
RAUB MINES OUTPUT
On the other hand. it was ap- the adoption of the report and have been let. parent from the cutset that a statement of accounts as presented
REPAIRS OF. PREMISES favourable result could not be for the year ended October 31,
You will note from the accountą anticipated from Our Canton 1938, and in so doing, I feel that that a sum of $32,733.83 has been Branch in view of the dimcult con- the company is to be congratulated expended on repairs of premises. ditions prevailing and, although ajon the excellent result shown on
36,238.31 ex- as compared with fair amount of business
was the year's working which inciden perided in the previous year: The executed on a satisfactory basis at tally, I note, is the best recorded increase Is accounted for by the commencement of the season, over the past 16 years.
$23,989.18 incurred оп the the subsequent depreciation of the From our Chairman's remarks it National currency as against the can. I think, be fairly assumed construction of the partitions and Hongkong dollar,
further that profit for the year under re-widening of the passages, and by trading profitable
impossible, view would have been even greater about $2,500 expended on exten- Consequently, cur main efforts but for the fact that the Canton sive repairs on the building
The disbursement of the large were directed to effecting all posal Branch again registered an ad- ble economies in overhead expen-verse balance. I am, however, glad sum of $23.989.18 is justified by diture with a view to minimising to note that all possible steps are the great improvements effected the probable adverse balance from being taken to minimise further in the lighting and general ap-1.542 oz., 1,454 ne oz,
possible "losses from that source pearance of the interior of the
this account.
made
The Hongkong Stock Exchange has received the following cable from the Raub Australian Gold Mining G-
Report No. 544 Battery treatment: 5,405 tons,
Retreatment: 7,411 tons, 805 oz.,
Total 2.347 02. Total 2,101 Ane oz. Production up 79 "oz, and 75 fine oz.
The Canton Dispensary. our and that, with the arrangements building, which have evoked com- Shameen Retail Department, was made and staff available for su- mendations from our tenants and 647 fie cz.
the building. closed down in May last and the pervising our Company's interests persons visiting premises were leased at a satisfac-in that area, no delay should be Your Directors trust that share- tory rental; unfortunately, how-joccasioned in resuming profitable holders will agree with them that ever, the outbreak of hostilities in trading when conditions warrant, the money has been well spent. the city completely dislocated
Three dividends of $2 each per A commendable feature of the trade in that area with the result accounts is the fact that overdraft share "have already been. declared that the above arrangement is with our Bankers has been reduced and paid. Your Directors are now meanwhile in abeyance. Qur Fac-by over two lakhs of dollars, so glad to be able to recommend the tory at Pak Hin Hok has been tem that. "given further favourable payment of a final dividend of porarily closed, but plant is being trading conditions in the current per share, making $9 per share supervised by one European, sup- year, I hope I will not be consider-in all for the year. This dividend ported by a skeleton staff of selected unduly optimistic in anticipat-ls the same as that of last year, ed and experienced workmen, so ing a substantial reduction, if not and your Directors trust that this that, should conditions warrant, elimination, of the account under will be considered by shareholders no delay need be occasioned in the this heading at the end of the en- as satisfactory. “ resumption of operations.
BALANCE SHEET Turning to the balance sheet, will be noted that our indebted. ness to our bankers" has been re-
suing financial year.
I now formally beg to second the report and accounts as presented.
OTHER BUSINESS
After payment of the' final divi-
deng, which absorbs $49,500, there
41
KOWLOON GOLF CLUB
Starting Times For Annual Meeting
The following starting times
will be a
balance of $136.468.82. have been arranged for the an- which your Directors propose, with nual meeting of the Kowloon and Mr. J. 8. Harston, the Hon. Sir your approval, to carry forward to Happy Valley Colfers on Good Friday, April 7, 1939 at the Kowloon Course :—
duced by over two lakhs of dollars. Shouson Chow, KT, Mr. S. T. new account. Stocks in trade shown an increase williamson and Mr. L. Guy were
Before moving the adoption of
of $105,454.98, while the amount re-elected Directors, and Mr. G. the report and accounts, I dextre under "Sundry Debtors and Debit Bernard Brown and Mr. 8. Tto express my appreciation of the Balances" is $49,029.73 lower than Bullin were re-elected auditors. the preceding year, and this is
mainly accounted for by the re-
duction in turnover of our Canton
Branch. Apart from these items, NEW TEA CENTRES there do not appear to be further matters in the Balance Sheet call- ing for special comment.
4
The proposals submitted to you include the allocation, of $100,000 from the Profits to General Re-
IN CHINA
good work of the Secretary and the other members of the staff.
Mr. Fuzig Ping-fan and Mr. Leung Ting-kai, retired directors, were re-elected for the posts, and
Mr. Li Tung was also re-elected as auditor of the company for the
CHUNGKING, Mar. 28 (Central) ensuing year. To replace the tea-producing areas in Cheklang," Anhwei and
other provinces which are now HONGKONG serve, bringing this account up under Japanese control, the Na- $550,000 and, as I think it hardly tional Government is building up necessary for me to stress advisability of strengthening our new tea centres in
the
reserves, I feel sure this transfer
SHAREBROKERS'
ASSOCIATION
Sikang and Yunnan, where the famous Kee-
Volume of Business Transacted will meet with your approval, It un black and Tunki green teas
on Tuesday, March 28.. is further deemed expedient to ap-are being scientifically produced.
Nearly 3,000 tea planters and Union Itis.
20 $470.00 propriate the sum of, $50,000 "for
manufacturers from the war Hotels
1,000
5.60 the creation of a special reserve. against outstanding accounts in affected provinces have migrated Hongkong Docks China. At the end of our finan. into the cial year, stocks of Aerated Water glons containers were still outstanding
new
tea-producing re-
300 (ex. div.) China Lightë (0) - 200° . The National Rellet Commission | Dairy Farmn Rights 16 4,6 In the hands of agents and dealers has allocated '$100,000 to the China Yammati Ferries
Corporation In China and, although a large National Tea
for Ewa Cottons proportion of these, in our opinion, sending out delegates to the war United Paracale 2,000 107 will eventually be returned, it is ones to bring back as many tea considered that, as a precaution cultivators as possible.
ary measure, special proviston
should be made to meet possible.
Josses in this connection:
HAPPY VALLEY Kowloon Golf Club
9 am-W: R. K. Callings and
W. J. 8. Key.
9.04 1.m.-E. F. Pincher and Z
Goldman..
9.08 am- J., Dennis and A,
McKellar.
9,13 am-W. 8. Hillier and W.
Sharp.
9.16 am.-A Eastman and A. D.
Humphreys.
9.20 a.m. W. V. Ahern and D. D.
Forbes.
8.24 am W. C. Simpson and J.
W. Macdonald.
9.28 am F. C. Barry and W. F.
Barnes.
9.36 am. Milne and T. LOW, 9:40 am-0. P. Murphy and
J. A. R. Selby,
WEDNESDAY, MARCH 29, 1939.—PAGE 11'
Shumchun Rural Welfare
*Centre
We need Rice and Vegetable Seeds
Fertiliser Farm Implements-Animals
for the Refugee Farmers to return to
THE GOOD EARTH
Please send all monetary donations to:
Hon. Treasurer: Mr. J. M. Tan, C/o Wong Tan & Co,
Alexandra Buildings,
Des Voeux Road,
Hồng Kong.
All contributions in kind to:
Hon. Secretary: Mr. K. 8. Lo. C/o Eu Tong Sen Ltd., 109, Queen's Road,
Hong Kong
Tel. 21988,
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OUR SPECIAL
AEROMAIL
LETTER PAPER &
AND
ENVELOPE
PAY LESS ON POSTAGE
18.20 8.30 16.25
8.32 B.-J. D. Thomson D.
Humphreys,
100
*20.30
1.231 24.00-
9:44 am.-T. Lamb and TE
Booker.
9.48 a.m.-W. Paterson and F
Buckle.
Letter Paper Envelopes
(B)'..
*Shanghal currency.
Before closing these remarks, I SUFFICIENT PETROL "Casco" left Tampico yesterday
should like to record the Directors'
IN ITALY
3.52 8.ma Davies and G. E
Willerton.
having on board, 60,000: barrels of
9.56 am, C. Fincher and 1.
10 a.m.-W. Bastin and N. I
Booker.
T. May oll which the Italian Govern• and General Managers' apprecia- tion of the mariner in which the ROME Mar. 28 (Reuter)-The ment purchased from the Petroleos Manager and Stan at Canton car- Italian Economic Agency declared Mexicanos Company ried out their duties during the yesterday that Italy is now able year, under exceedingly trying cir- to produce enough petrol for her agreement has been reached ben
cumstances.
BALANCE AT CREDIT.
aviation needs, wid
* 60,000 BARRELS
It is reliably stated that an
Reserver
10.04 m. ∙Hyde and
Brooksbank.
tween, Italy and Mexico for the supply of large quantiles of all
10.08 a.m.-W. Groves and A. to the former country in exchange
MacFadyen, Italian tanker for machines and finished goods...
The balance at credit of profit MEXICO CITY, Mar 28 IT and loss account as at October 31, Ocean) The
$1.50 per 100 Sheets $1.75 per 100
ON SALE AT
HONGKONG DAILY PRESS
bone 302513
LAMMERTS' AUCTIONS
PUBLIC AUCTION..
HE Undersigned "hare received
THEstructions
to sell by
PUBLIC AUCTION
on
WEDNESDAY, the 29th MARCH, 1939
Commencing at 10:30 am.
At No. 11A, Carnarvon Road, Kowloon. (Top floor).
A QUANTITY OF VALUABLETM HOUSEHOLD FURNITURE »
Alsd
One Radio Gramophone
One Electric Refrigerator "Gibson)
On VIEW from TUESDAY, the 28th, MARCH, 1939.
Terms: Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS.
PUBLIC AUCTION.
HE Undersigned have received
THE Instructions
TO SELL BY
PUBLIC AUCTION
THURSDAY, the 30th MARCH, 1939
Commending at 11.00 am..
At their Sales Room, No. 2 Con- Ground naught Road, Central,
Floor.
A QUANTITY OF MISCEL- LANEOUS GOODS
Comprising:
Khaki Coats, Trousers. Shorts, Greatcoats. Breeches," Helmets, Shoes, Boots, Caps, Drab Hosetoris. Empty Cartridge. Cases, etc., etc.
also
10 Pieces Square Iron Bars
1 Hale Paper -
1 Reel Paper.
1 Keg Iron Nalls
1 Drum Carbide
3 Pieces Building Slabs
9 Bolta Ninghai Cord
4. Crates Baths with Fittings
1 Enamel Bath
4 Cases Iron Wood Screws
1 Case Steel Files
and
1 "Westinghouse" Refrigerator-
TERMS:-Cash on Delivery.
LAMMERT. BROS..
AUCTIONEERS,
PUBLIC AUCTION.
THE
HE Undersigned; have received.
instructions
TO SELL BY
PUBLIC AUCTION
FRIDAY, the 31st MARCH, 1939
Son - Commencing at 5.15 p.m.
At their Sales Room, No. 2 Cua- naught Road, Centrál (Room No. 205, 2nd Floor).
-A VALUABLE COLLECTION OF POSTAGE STAMPS
On VIEW from THURSDAY,
the 30th,
TERMB CAsh on Delivery
LAMMERT BROS.