HONGKONG DAILY PRESS
FINANCE
GROWING EXPENDITURE ON FUEL WILL HAVE TO BE FACED Annual Meeting Of China Light & Power Co., Ltd.
carlier.
H.K STOCK
EXCHANGE
December, 21.
BUYERS
"
Additions and extensions to the) The turbo-alternator and boller
The market closed firm with distribution system for actual and are being manufactured by Metro- potential loads, both in Kowloon politan-Vickers Rectrical Export fair turnover for the short morn- and in the New Territories, ac-Co. and the International Com-ing session. count for much of the rest of the bustion. Limited, respectively, the
HK Banks, $1,370. capital expenditure mentioned suppliers of similar plant now
Bank of East Asia, $74. fgiving good service in our new
Canton Ins.. $200. Union Ina, $400. .. HK.Fire Ins, $157.56. (Wharves, $93. Docka (Old), $18.80. Docks (New)," $18. Providents, $5.70. Hotels, $3,50, ** Lands, $33.78. Renities, $3,80. Star Ferries, $81.
I now come to the note on the power station. It is hoped that balance sheet concerning our both these units will be here and commitments under contracts for possibly a operation by the end. new plant and equipment totall-for 1941, but in times like the pre- proximately £220,000, « with tainties and be prepared for dis- freight, Insurance, etc., estimated appointments. I may point out
"With the closure to British and Allled shipping of Indo-China ports from which certain of our supplies come, I regret to say that this Company has now to face a heavier and growing expenditure on fuel... How far the burden of this exceptional rise in the cost of at the end of September ap-sent we must put up with uncer- fuel can be more equitably distributed between shareholders' and consumers is receiving the earnest consideration of the Board," re marked the HON, MR. M.K. LO, Chairman of the Board of Direc- tors, when be proposed the adoption of the Report and Accounts at the 22nd ordinary yearly meeting of shareholders of the China Light and Power Company, Limited, held at the head office, St. George'a
Building, on Saturday.
The Chairman said:.........
at an additional £40,000.
that the figure of £40,000 for Bood after our" last annual¦freight, insurance, etc., on Bels plant. is but 2. rough meeting, the load on the existing new plant was such that the Techni- estimate. (cal Staff pointed out to your It is satisfactory to know that Board the desirability and, indeed. all necessary underground work, appropriated for the year under the necessity, of ordering further such as foundations, pump pits, The gross pront for the year review in connexion with the pro- new plant if the capacity of the and intake and discharge culverts, fit-sharing scheme be approxima- power station to meet any sub-for the 20,000 KW. turbo-giterna- amounts to $2,229,855,90, as com pared with $2,015,551.64 for the tely $22,000 or 2 per cent. of the stantial increase of supply con- tor now on order, as well as for a sequent on the further develop further set of 30.000 or 35,000 preceding year.
After deductions amount of the dividend.
The dividend recommended is 50 mens or Kowloon was to be fully gw, was completed whist the the net profit is $1,207,118.15, as against $1,136,616.13 for the pre-cents per share on the $ fully-maintained and if the risk of in-
new power station was under con- pald "old shares and 25 cents terruption in the supply due tq
{struction.
The inauguration of the new You will have tibserved that the per share on the 1939-Issue shares enforced stoppage of plant (apart Directors sent to the South China allotted prior to October, 1 1939, from normal overhaul) was to be power station at Eok Un by His Morning Post War Fund a dona with $2.30 paid up throughout the reduced to a minimum. tion of $25,000 as from the Com-year. The dividend will absorb,
vious year
1:
$1,090.734.25.
ORDERS PLACED
After having gone. into this pany. This contribution tò, such a
After the foregoing appropria-question thoroughly with the cause" doubtless has your approval,
The amount charged in the actions, the balance to be carried Technical Staa, the Board ac counts for War taxes represents forward to next year's account will cordingly in the early part of this
year placed orders. for a new 20, (1) property tax actually paid and be approximately 303,202.59,
Payment of the call of $2.50 per 1000 W. turbo-alternator and a
for the financial year 1938/59;
Continued Page 11. Což 2
BRITISH ORDER FOR U.S. MERCHANTMEN
NEW YORK, Dec. 22 (Reuter)—
(2) an estimate of the corporation share due on the 1939-Issue shares second 200,000-1b. M.CR, tri-drum The British order for 60 merchant- profits tax payable on the pros on September, 30 1940, makes them botler. A quantity of switchgear, man, to be built in the United As regards the tax payable on fully-paid: these shares will in cables and other equipment was Blates, will be completed by the the pronts for the year under refuture rank for dividend equally also ordered in view of prospects Autumn of 1943, or within 18 of further expansion of the bus-months of the laying of the first view, it has not been considered with the "old" shares.
Satisfactory as the results of the iness in the near future. Contract keel, it was learned in authorita- for this in the accounts before you past year's working have been. It prices for this new plant and tire circles.
This would break all shiponfiding The liability to pay such tax does is necessary to point out that the equipment aggregated at Septem-
theber 30, 1940; approximately £220-recorda in the United States since not arise until next year, and pro-working profit for 1939/40 on the 000. per provision for it will be made
in working profit for 1938/39
necessary to make any provision
increase
(viz.
$185,000)
In
In the accounts for the current roughly 50 per cent. less than the financial year 1940/41.
Increase
the last wat
(viz $382,000) for the HONGKONG SHARE QUOTATIONS
previous corresponding period. The explanation for this may be given STOCK EXCHANGE,
In one word-"coal"
Depreciation, etc... at $786,329.22 is, as you might have noticed some $107,000 less than last year. but is considered adequate,
The amount available for ap propriation. including 892.818.69 consumption, mainly through the brought forward from last year. is operation of new and more effl- $1,299,936.24. ...
cient generating plant, our
COAL BILL EXCESS Despite economies effected
SHAREBROKEES' ASSOCIATION
kryer Bellers Salon Nominal
SATURDAY 21 DEC.
Banks
Bayer
Bollers
$1370
1370
B.K Banks..........
coal
£81 £78
281
£26 Mercantile Bka. “A”
£101 Mercantila Bks. "C"",
Bank of East Asia..... $74
N. C. & 8. Banka.....
As usual, $60,000 has been writ-bill for the past year was $200,000 ten off the late General Managers' in excess of that for 1938/39. This Tights.
was due to an increase of nearly
35 per cent in the average cost per ton of the coal mixture used. which cost, I may add, was more
TYPHOON RISK RESERVE With regard to the proposed transfer of $25,000 to typhoon risk reserve, a word of explanation is than double what it was four years called for. It will be noticed that ago.
in the balance sheet there is an
The Company entered in „ good
Do. (Col. Reg.)
Do. (Lob, Reg.) ----
Chartered Banks .....
Lights, (New) MD, SZ15. Sandakan Lights. $11.30. Cements, $18.45. Ropes, $7.05. Watsons, 310.50. Entertainments, $7.05. Constructions (Qld), $1:30.
FAELLEKS
Wharves, $95. Providents, $5.724, Realties, 34. Watsons, $10.75. Vibro Piling. $7.70. SALES
HR Banks. $1,980. Docks (Old), '$38,55/60. Providents, $5.70. Hotels, $9,65. Realties, $3.85. Trama, $17.00.
Lights (Old) CD, ST.50. Bectrics (Old), $40. Electrics (New), $39.75. Watsons, $10.60.
`SILVER MARKET
LONDON SILVER
London, Dec. 20 (Reuter)... Silver-Little general buying found the absence of sellers. Business gall. Market quietly steady,
Spat, 23-1/16d. Forward, 23d.
MONDAY, DECEMBER 23, 1940. -PAGE 9
CHRISTMAS
"AND
NEW YEAR HAMPERS
NO. 4 HAMPER
1 quart Lanson Dry Champagne
Black & White Whisky
Courvoisier Three Star Brandy
1
1
Gordon's Dry Gin
3
Hant's Old Brown Sherry
1
Hunt's Full Rich Fort
Pommani Burgandy
11
Sauterne White Wine.
Gordon's Sloe Gin
1 pint Gordon's Creme de Menthe
1.
NO. 5 HAMPER
quart V. C. P. Champagne
#
1)
Black & White Whisky
Gordon's Dry Gin
Courvoisier V. O. Brandy Sandeman Brown Bang Sherry
Sandeman Partner Port
Sauterne White Wine
Pommard Burgundy Laubenheimer Hock
Margeaux Claret Gordon's Run: Shrub -.
1 pint Gordon's Creme de Menthe
-$55.00
-$70.00
Special Hampers made to suit Customers requirements.
DODWELL & CO., LTD.
·WINE DEPARTMENT
Queen's Building...
HONGKONG
SHAREBROKERS
Telephone 20636.
ASSOCIATION E.K. Electrics (N)
1HK. 'Docks (0)
100 18,55 100 18:00
.300 18,70
China. Providents
500 5.70
200 39,75
|Nowins) | Market-Quiet
BOMBAT SILVER Bombay, Dec. 20 (Reuter).
Ontake 50 bars,
Indian Mint Silver
- Ready
$1385
Dec. 27 Settlement
60-14 60-13
281
Jan. 22 Settlement
60-13
Volume of Business Transacted on Saturday, Dec. 21. 1946. SALES
China Lights (0) CD. 500 $1.474 || China Lights (0) XD... 598 6.95
25 39.50
HK Hotels
142 · 200
HK Realties
1,000
3,85
Lane Crawfords
70
7.50
2,535
The total value Ja $33.880.10.
£78
£967
12 ct.
$200
$200
$395
$1.
80 at. $150
Shipping
#136 Douglasen
$135
Steamboats
391
$100
Indo-Chinas (Pref.}..
Indo-Chinas (Def?
38/9
$7
Walarbosta zonatazamar
Docks, Whartes,
Godowns, etc.
H.K. & K. Wharvet.
$6,70
$5.60/70
$5.65
$181 818
$18
$30
16/3
$200
$400
amount of $50,000 for typhoon risk time into certain contracts at what $1573 reserve (ex contingency reserve). must today be regarded as very It was decided to build up this re-favourable prices: but for this. serve to enable the Company to coal costs would have been even carry its own typhoon insurance. higher than they were.
effort
As the Directors considered that In anticipation of diffenitles in such insurance might from the replenishing stocks every past financial year onwards be was made to accumulate a large underwritten by the Company, the reserve of coal which filled cur bin premium amounting to $18,634.04 to its utmost capacity. This, in- was credited to this reserve and. cidentally, largely accounts for the `of' $1,630,000, In order to round it off, it was fact that the sum
decided add $8,385.90
to
to it, representing stores, materials and .make B tota transfer for the fuel at September, 30 1940, is year of $25,000.
nearly twice last year's figure. The satisfactory results of the However, considerable quantities past year could not have beer of the low-priced coal have been achieved without the faithful xer-used up and, with the closure to vices and loyal co-operation of the British and Alled shipping of Manager and the Staff. On behalf Indo-China ports from
which
of the Board and of a share-certain of our supplies come. I holders, I take this opportunity of regret to say that this Company expressing to them our apprecia- has now to face a "heavier and tion and thanks.
growing expenditure on fuel.
For instance, I may say that the average cost per ton of coal now
The question of making increas- ed provision for employees and their dependants on their retire in stock and to be used during
ment or death has received the at- tention of your Board. "
the current financial year estimated to be over 50 per cent The Directors have decided that higher than it was in the past In the interest of employees with year. How far the burden of this more than ten years' service, the exceptional rise in the cost of Company's contribution to their fuel can be more equitably dis- shareholders provident fund of 10 per cent of tributed between
$92
$3.50
#331
$3.80
!!!!
W
:{}
1:
i il·
$11
$50
15
**
17.70
· #61.
on
in the
C.D. $7 $7.15 C.D.
$40.40 $40 20
their monthly salary should be in- and consumers is receiving the ed by 1 per cent. in respect of earnest consideration of the Board.
The further expenditure each additional year of service unt maximum of 25 per cent, capital account shown
18 reached after 25 years service balance sheet reflects the con- This decision took effect as from tinued growth of your undertak. January, 1 1940. The Directors also ing
decided to introduce a new scheme
A NEW BUILDING On building, including sun.
of profit sharing to benent the stations, the expenditure for the whole Staff, which the Board trusts will have the whole-hearted year was $458.093.61. Some of this represents payments on account
approval of shareholders.
FROFTT-SHARING SCHEME
+
$11.30
$25 $28
$10,2
$18.40
$19 $7,05
019.20
91.60
Insurances
Canton InsurEN COA...............
Union Iarurances........
E.X. Fires.
Underwriters.......
Providents ..**
H.K. Docks (Old).............} $18]
H.E. Docks (Now).....
1Shanghai Doeks
Kailana
Raabe
Mining
$74
1 ::
1.8
!!!!!
i.
חזן
$100
40m
$7
392
HOUSES AND APARTMENTS TO BE LET. MISCELLANEOUS WANTH.
PRE-PAID ADVERTISEMENTS.
The following doses of advertisements are charged at the price p'en belaya - SITUATIONS VACANT.
HOUSES AND APARTMENTS WANTED.
Announcements not exceeding 25 Words are inserted under this heading at a Pre-paid Rate of $1.50 for THREE INSERTIONS. If Charges collected, $2.00,
LOST
KOTELS
"LOST-A Diamond Bracelet on
FOR JADED AFPEITTES!
TEA DANCE
DAILY
19th Dec. between Dins House REAL RUSSIAN FOOD
Race
Tilf $1.00 Dinner _$1.25 METROPOLE HOTEL
EXCEPT MONDAYS
5-tə 1:30-P.ML
#361
18/3
and House Government Course Paddock. Substantial - Ré- ward if returned to STOCK -EX- CHANGE BUILDING 1st Floor, Room 15.
631
$3,60
$100
Wing On Textiles (9.)
$195
LZBO
$24.30
1 ota. Hong Kong Mines......
Lands, Hotels and "Buildings
H.K. Eotels...... H.K. Lands.....MAR $100 Do.4%. Debentures... #114 | Shanghai Lands..........
H.E. Baltic per $7,80 Humphreys ........................
Chinese Estates..... Cotton Mills
$100
$37
Ewo (8.)
$165 S'hai Cottons. (S.)...
Zoơng Bings (B)......
1. Public Utilities
..
HK Tramway mo,
|37,40| Peak Trams (old)..........
Pisk Tremos (nine)........)
I'mati
"Chins Lights (0)----- China Eights (New).. H. K. Electrics (Old)... H.K. Flection(New) Macao Electrica (Old $18 Macao Electrica [New]
Sandakan Telephoom
Telephones (ww).............. S'pore Tractions (Ord. Industrial
314.00 Cald, Macg. (Ord.) B. #12 - Cald., Macg) (Prof.)5
Vibro Filing
7/6" "Karamani" "Inv. (Lon!! 2/6 Marsmaos Inv. (H.K. #150 WA Powe£}
18alo to Shanghai
WANTED TO BUY.
WE PAY HIGH PRICES for all. Jade, gold and silver, articles. diamonds, jewels, watches, foun- tain pens. Apply Far East Dia- mond and Gold Refining, Co. $43) Room 621, China Building. 6th
185 floor.
WE PAY LIGH PRICES, for all gold "anti silver articles, gold bars, diamonds and jewela.; $7.40 Apply China Gold Refining Co. Pedder Building 2nd Door, Room 6.
$7.45 CD.
-ENGRAVERS
FEI FET & CO. Photo Engravers
́18, Cochrane Street. Telephone No. „22284.
GRIVER
AUCTIONEERS.
BARGAINS IN TOWN!
„JE MIMEETS AUDITON FOAM AT
WE OFFER HIGH PRICES for temmery Pati 17:20 333 #mount of gold articles. $40 diamonds, sliver, etc. No holidays. $39) Apply China Buliding, 7th floor. Tel. 30727. Eurasia Gold Redning
WANTED 'KNOWN
Why not learn all the Fancy intest Stitches for your dresses and Sweaters.
JOIN THE KNITTING CLABE AT $3.00 per month (Twice a week lesson). Please apply to Box No. $54 c/o HKDP.
ORDERS TAKEN for hand-made sweaters, Ladles Jumpers, Babies' outfits, etc., at $5.00 each for 31.65 workmanship.
Wool and model desired, to be supplied by customer. $2.20 Beud particulars of address, etc.,
to Box 503, HKDP.
Experienced Book-keeper Wants Etudents to form a class, Guaran- Barten student to keep a whole set of books after completion of course 1.90 of 6 monthi For Term and Par- ticulars. Please Apply to:-Box NAGAR ARTo HKDP.-.
Jelen. N
AT
Jimmy's
BUTTERICK
Expert Ladies Tailor
New Style Ready Made DreOS, Overcoats and Costumes POR SALE.
16, Wyndham Street. Tel. 23615
TAILOR
LAM SHIU SHEK
2274; Nathan Ford, Kowloon Tel 57712 Guaranteed delivery 1 sut
in 24 hours notice and 8 hours for a pair of trousers
Help your Friend and
His/Hobby-by giving -
POSTAGE STAMPS
For
his collection 'and:
SEEDS FOR HIS GARDEN
We can supply the goods of his and your want
GRACA & CO. Dealers in Fostage Stamps, Garden Beeds, etc., etc. 10, Wyndham Street Established 1896
Hongkon
DONT FORGET
THAT WHEN
You are At Home
you can get the
HONG KONG DAILY PRESS SELFRIDGES.
Canton Low
Cements
HE. Roped
#70
28 ote
218.30A
$18 $7.10
#08
4% LORD i 2012 (1934).
Dairy Farms
BID
| $10):
Constructions (old)..
Constructions (now)...
Lane Crawfords
16ng Tol
$10.60
35)
Cb. G5% 192503Bdr
H.K. Wing On
S'hai Wing Un
MAR
Entertainments ***
of the new administration 'build- ng, now nearing completion at Under this profit sharing the corner, of Warterloo Road and $7.00 scheme, the Company (provided Argyle Street. It will house the the dividend pareble to share-offices of the Manager and the holders out of the profits this year Executive staff as well as a large or. Intaay" year in future be not section of the distribution and Tess than 10 per cent, net (free of accounts departuęzits which have taxes, etc. "on the paid-up capl-outgrown the Improvised accota- tal) will appropriate out of such modation they have for some profits a sum. (not exceeding 2 per years past oceupled at the Ko- cent of the total amount of the loon Tong sub-station building, dividend) by way of a bonus to of the $1,200,000., odd, repre- - the Star. The bonus will not hesenting additions to plant and paid in cash at the time but distribution system, etc., approx-10.80 $10 $10.50 70 W credited to Btaff "beneft funds" imately half covers the balance of in accordance with the provisions the cost of the new 200,000-ih of the scheme sa already announce International Combustion boiler, ed to the Company's employees. witch was completed and put on- Bubject to declaration by this load earlier in the year. The boller meeting of the dividend recom- is the largest unit we possess ana mended by the Directors, the 18, I am pleased to say, giving Board proposer that the sum to be quite satisfactory remal
$7.70
U
Tobwooo....83)
Sinceresti