4-HONGKONG DAILY PRESS
PAGE
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GENERAL
H.K. ELECTRIC CO.S CAPITAL INCREASED Annual & Extraordinary General Meetings.
AN INCREASE OF THE COMPANY'S PRESENT CAPITAL OF $6,000,000 to $18,000,000, was agreed to at an extraordinary genera) meeting of the Hongkong Electric Co., Ltd., which was held me- diately after the ordinary yearly meeting yesterday.
Reference to the Shops (Hours of Closing) Ordinance and its possible effects on the consumption of electric current was made by.. Mr. B. V. Wilkinson, Chairman of the Board of Directors, at the Company's 51st, ordinary yearly meeting of shareholders.
warned
bot
"I am informed that some of laying of a high tension, cable to the Chinese shopkeeper were link up Pokfulam and Aberdeen keep their Substations and thus complete shops open after 8. p.m. and to the "round the Island" supply cir shut off as many lights as possi-" mult-and the equipment of a sub blr after that hour." said Mr station at Tal Tam Tuk Wilkinson, in the course of his Meters connected Increased by speech proposing the adoption of 2,848 to 49.156; as I remarked last the report and accounts for the year I think that part of this in-
is due past year. "As a matter of fact crease
to the abnormal shopkeepers and others are still times through which the Colony at liberty to use as much licht ass passing and I am afraid they like in any way they may must be prepared for a falling off desire. The ordinance I have Just in the number of meters Connect- referred to is only intended toed when peace returns to China- at the moment meters are still prevent shopkeepers serving · cu«-
increasing but not at the rate tomers after 8 pm".
during last year.
we
CHAIRMAN'S SPEECH
FAVOURABLE COMPARISON "Mr. Wilkinson said, in part-
Recently we have been making The net profit after providing for Depreciation is $2,676,599.54 and enquiries about the charges made
by our contemporaries in with $267.880.85 brought forward from last account we have the and the Far East, and we are sum of $2,944.480.39 for appro- gratified to find that our charges compare favourably with those
priation.
India
On Sept. 7 1939 we paid an in-made by other supply authorities terim dividend of $1.00 per share whose output are simuar to ours: it must not be forgotten that two which absorbed $600,000.00 and
thirds of our coal has to be car- with the balance we DIODOSP'→
rled "nearly 500 miles by steamer To pay a final di-
and the remaining third over 3,000 vidend
miles. of $1.50 Per share absorbing
To pay a cash bonus of 75 cents per share absorbing
To place to Reserve To carry forward to next accourt
$900,000.00
DIRECTORS' FEES
Owing to the considerable ex- pansion in the Company's opera- 450,000.00, tions I feel that some increase in 400,000.00 the fees paid to Directors and Auditors is due and suggestions to 594.480.39 implement this will be submitted
to you at this meeting for ap-.
$2.344.480.39 | proval
The steady increase In your output necessitates.
STIRRING FILM which I hope will meet with your Company's
corresponding Increases in plant,
AT THE KING'S TOMORROW
"Mr. Smith Goes
Washington"
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approval.
'The
proposed cividend and bonus are the same as last year and we have added $400,000.00 to the Reserve.
it
and this costs money: looking to the future We foresee heavy ex- penditure on plant and buildings and your Directors teel that the The carry forward is a good dear time has come when the authorised
has Torger than in previous years, but capital of the Company must be
in view of the possibility of the increased-consequently Government imposing a Corpora- been decided to ask your authority think it to take the necessary steps to in- tion Frofits Tax we When better pictures are made advisable to increase the amount, crease the Authorised Capital to $18,000,000.00 and at the same time Frank Capra will make
OUTPUT INCREASE
to increase the Issued "Capital to The "output from the Generating $9,000,000 by the capitalisation of sit tight and unhesitatingly de- station, during 1939 was 12,337,702 $3,000,000 now standing to the clare Capra's "Mr. Smith Goes to unies, an increase of nearly 8 mall-credit of Reserve. Washington," which opens at the lion units or 12% over 1938, and King's tomorrrow, the greatest you will notice that the profit on. picture of his hit-packed career...working is $625,521.45 more than and, therefore, the greatest D1C-last yea
Un that time. however,
wood
them! we'l
!!
our
SECONDER'S SPEECH
"
I have listened with particular
Mr. S. T. Williamson, in second- ing the proposal, congratulated the und board On .the ture ever to come out of Holly- This satisfactory result has been chairman
report, and said. in obtained without any increases in excellent production A. Columbia
charges for curent, a pre-part:-I feel sure that share- starring Jean Arthur and James cedent which we hope to be able holders will also wish me to thank Stewart, the film is a stirring to continue, but I think it is only the staff on their behalf for all human spectacle created by right to warn consumers that the the good work they have done dur- Capra out of the very heart" of rising costs of freight, and, tong the year. America, filled with all the laugh- a smaller extent coal, together with ter. the love, the pain and the the possibilities of increased taxa-terest to the remarks which us to increase deal with the cheap and efficient Joy of the everyday business of, tion, may force ilving!
prices to consumers," although I service which the Company renders Deep in its understanding of trust this will not be necessary. Its consumers, and I venture to the average human being, "Mr. Bad debts at $35288 are the lowest express the opinion that it has only been possible to build up this Smith Goes to Washington' pos- on record.
During the year under review undertaking to its present state "thrilling Besses, as well, all the beauty of
nation the 100.000 lbs, per hour Stirling of efficiency, which results in such American Br governing itself, all the strength boller, which I mentioned last high standard of service, by the sound and far sighted policy of the Board and Management, and and scope inherent to a brilliant year. was put into commission.
theals narrative whose principai
DISTRIBUTION DEPT.
I feel we are much indebted to The principal Items" in the Dis-them for their untiring efforts.
were the traditions of a great democracy.tribution Department
REMUNERATIONS
is rooted deep in the glorious
I
summ
"Mr. Smith Goes to Washing-
In proposing that the remunera- ton" is more than great enter
tion of "the directors be increased tainment, it is a great emotional
character Bondi, Eugene Pallette, Guy Kib from $10,000 per annum to $18,000 adventure, a study in
bee, Ruth Dennelly, H. B. Warn- per annum each. Mr. G. G. Wood, and in social forces.
numerous | said:-I feel sure Shareholders Others in the sensational cast er, Harry Carey and
will agree with our Chairman that include Edward Arnold, Beulah other stellar personalities.
the time has come when the re- muneration paid to our Directors should be increased to a which le a little more commen- surate with their responsibilities. I am informed that the present remuneration of $10,000 per year was fixed at the time the Com- pany was formed in the year 1889, 50 years ago, when our issued cap- ital was $300,000. That remunera- tion does not appear to have been thought excessive even in those days but I am quite sure it is not adequate now, consequently I have much pleasure in proposing that the Directors' fees. be increased from $10,000 per annum to $18,000 per annum.
James Stewart, co-starred with Jean Arthur in Frank Capra's "Mr. Smith Goes to Washington" which opens at the King's Theatre tomorrow, is shown in a dramatic scene with Edward Arnold and Eugene Pallette. Others in the cast of Columbia's new romantic comedy include Thomas Mitchell, Claude Rains, Guy Kibbee, Beulah Bondi, Ruth Donnelly, Astrid Allwyn, Porter
Hall, Harry Carey and H. B. Warner.
The motion was seconded by Mr. B. Wong Tape and carried.
For dimilar reasons the re- muneration of the auditors, Messrs Linstead and Davis, who were re-elected, was increased to $3,600.-
The Hon. Mr. J. J. Paterson, the Hon. Mr. Stanley H Dodwell and. Mr. EL V. Wilkinson were re-elected directors.
Continued on Back Page:
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FRIDAY, MARCH 22, 1940.
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CHINA PRODUCTS CO. (HONG KONG), LTD.
Head Store: 24, Des Voeux Road, Central Tels. 20072-25126.
Branch Store
208-212 Shanghai Street, Kowloon 19-21 Ave Vida Almeida Ribeiro, Macao.