HONGKONG. DAILY PRESS
Encouraging Prospects. Seen By Chairman
Annual Meeting
Meeting Of China Provident Loan And. Mortgage Co., Ltd.
1:
Encouraging prospects for this year were reported by Mr. S. M. Churn, Chairman of the Board of Directors, presiding at the 44th annual general meeting of shareholders of the CHINA PROVIDENT LOAN AND MORTGAGE CO., LTD., held in the Jacobean Room of the Hongkong Hotel on Saturday.
The Chairman stated that the year under review bad been very successful and net profit being $419.49136.
The Chairman said:-The year, been adjusted to market value and under review has been a very suc- the surplus of $273,946 credited to cessful one for your Company, the Fluctuation Reserve as in previous net result. after reserving for all contingencies and War. Taxation
the current $419.491.26.
on
years.. This asset has yielded a re- turn of over 700 per cent. on net profits. being book value or 9.1 per cent. on
market value.
You will recall that In my speech last year I observed that the revenue from Rented Yards had fallen from $278.000 in 1938 to $35,000 in 1939. Profit from this source In 1940 was $9.000.
SINKING FUND
Sinking Fund Investments have been increased by the 1940 Ap- propriation of Principal & Interest, which have been met by transfer from our general Investment Ac-| During the year under review count. These two accounts are we have been, almost continuous-invested in, Hongkong Government ly, full to capacity, and while we Bonds.
have benefitted from the increase of Rice on storage, an analysis of our accounts shows that there has
been a corresponding increase
from other sources.
was
which
The amount due "from Sunday Debtors at the end of the year
$249,555.79
ȧp- proximately a lakh higher than the previous year and this is at- PREFERENTIAL TREATMENT tributable to the Increased turn- Although during the year we over. Of the amount due $170,- have had opportunities of increas-277.71 has been collected to date. ing our storage rates, indeed, we Employees Provident Funds have have been offered increased rates increased by $10,000 to $39,716.21. for preferential treatment; It has In December last your Directors been the policy of your Board to approved a scheme to provide a adhere to normal rates and ac- retiring bonus for those employees cord preference to our old sup- whose grade excludes them from porters.
participation in the Provident Fund, From June last we have In dealing with amounts pay- able as War Taxation your Board been paying this section of our has adopted a conservative policy. staff a cost of living allowance I am Taxation payable in 1940 has been based on the price of rice. debited
certain that these measures will against the balance brought forward from 1939, whilst meet with your approval. estimated taxation on profits earn-
ed in 1940 has been reserved for
use.
are now in full
FINANCE
Finance and Commerce
HONGKONG SHARE QUOTATIONS SZECHWAN SILK
STOCK EXCHANGE.
Boye
SHAR BROKERS' ASSOCIATION
Bellers Baise Sominal
SATURDAY
Buyer
Sellers
15 MARCH
Banks
$13401
H.K. Banks
£77
£76
Do. Lan. Reg.)..
E8]
Do. Col Reg.)
Chartered Banki .....
£994 Mercantile Bha “A”
Ngain
FOR FOREIGN
MARKETS
81340
£78
£76
£8
£931
$70
X.D.
£114 | Mercantile Bus. “0”,
Bank of Bast Asia....
£11
In the past two years large quantities of Szechwan raw silk have been exported to British Burma.
$70
N. C. & S. Banks,.... Insurances
15 ct.
3915 $499
#420
፣፣
!!!!
83.10 831
X,D.
$915 Canton Insurances.....
Union Insurances........ Underwriters
$120.K. Fire...
$1
80 ets.
$170
$125
880
$60
Shipping"
$135 Douglasen
$9
Steamboats
$80
Indo-Chinas (Praf)...
#60
Indo-Chinas (Def.)
43/0
Shells.
$7
Waterboste
49/6
$7.
Docks. Wharves,
Godowns, etc.
295
H.K. & K. Wharvas,
895
404
Providents.....
$16
$18.55 H.K. Docks (Old)..... H.E. Docks (New).........
$16.60 $18,60
$16 $87
-17/0
$8
8274+Shanghai Docks....
117/0 Kailana
18 Ranba
Mining
1 cts, Hong Kong Mine............
Lands, Hotels and Bulldings
R.K. &-8. Botel... $31 H.. Lands.......... $97 Do. 4% Debentures.
12.30 Shanghai Landa....... $3.20 H.K.. Realties...... Humphreys
$6.70
$99
Chicese Estates... Cotton Mill,
$43 Ewa (9.)........
$185 S'hai Cottons (8)..
Zoong Sings (8.).... Wing On Textiles (S
Public Utilities
H.K. Tramwây!.................. Peak Trams
old)..
$3.20 8312
The Szechwan Silk Company
reported that while New York formerly took nearly 80 per cent. f its annual production, at pre- sent Rangoon is taking about 50- per cent...of its entire exports, with
W York taking the rest. For the American market, the raw silk is reeled finer, usually with an Levenness, of 76, 78 and 81 per cent. Capitalised at $4,000,000, the Sze- chwan BIK Company, Limited. was formed in 1936 to boost seri- 'cultural Industry and trade. By cultivating better mulberry trees and distributing improved silk- worm eggs, the company has been able to collect cocoons in both i spring and autumn while former- ly cocoons could be raised only once a year.
In various parts of the province the Szechwan Silk Company has seven filatures, all equipped with steam-powered recling machines. Calculated on the basis of 300 #3.18 working days a year and threa
5907-
$8.60
#49)
#200
**
MONDAY, MARCH
17. 1941. —PAGE 9
If you Value
Health-
your
FJ
Insist upon
Gordon's GIN
NO Colouricz Matter
No Injurious Ingredients
OVERTIME BAN
250,000 Affected In Sydney
SYDNEY.-Overtime was danned
piculs of ane raw silk for each reel, the 3,377 reeling machines recently by delegates from 70% can produce annually a total of unions with 250.000 members
Sydney. some 9,500 piculs.
The decision requires ratification by individual unions.
The ban will operate until taxa- for foreign markets to the Foreign tion on overtime is abolished, 818 Trade Commission which is the Five unions and sections of three $7.40 national organ handling China's others with a total of 20,000 men $34 principal exports (Central News), already have panned overtime
$125
$184
Peak Trams (new).. $540 Star Ferries...... $24) T'mati Farries.
$544
$231
16.20
China Lights(0)....... 81.971 China Lights (New).
$8.15
$1.65
847
$40.90
$24
$244
FULL CAPACITY
The prospects for 1941 are en- and charged against 1940 profits" couraging and we have rented four In this manner, at the cost of the additional godowns which are full earry forward from 1939, we have to capacity. In December, 1940 we made the year in which the profits arranged to purchase a property were earned bear its due propor-on New Praya, Kennedy, Town, tion of taxation, which otherwise and this purchase was completed would have been impossible.” in the middle of "January last.
Turning to the Accounts, you These godowns will have noted that we have this. year opened a Profit and Loss Ap-
The balance available for appro- propriation Account in order to priation is $467,142.44. being pront more clearly show the position. for the year ended December 31, and you will further note that the 1940, $419.491.26 and the amount annual appropriation to the 8ink- brought forward from 1939 ing Funds has been increased by count, $47,651.18. $20.000, which sum. has been pro- Your Directors will recommend vided to accelerate depreciation later in this meeting that this on certain properties which may balance be appropriated by de- be redeveloped in the near future.claring a Dividend of afty cents
REPAIRS RESERVE
per share and also The sum of $8,243.57 has been of, twenty-five cents per share ab- draws from Building Repairs Re-sorbing $221,106.50 and $110,553.25 $10.70 serve during 1940 and $5,000 add-respectively, ed from current profts.
to General Reserve bringing this Reserve for Bad and Doubtful reserve up to $200.000, nearly 10 Debts has been brought up to per cent. of our Issued Capital, $6,000, which is considered ade-allocating $25,000 to be distributed as bonus to the staff at the dis-
quate.
2
Ac-
Волиз
transferring $50,000
The book value of our holdings cretion of the Directors, and carry- of Hongkong Government Bondsing forward to next year, the sum has been written down to market of $80,182.69, and we trust that value.
BONUS TO STAFF
23
12
H.. Flectrics ((01).....) $41) 1. K. Fleettion/Naw)... $17.40 Macao Electrics: (Old) $10 Macro Electrics (New)
Sandakan Light....... Telephones (old)...... Telephones joow)...... S'pore Tractions (Ord, 1 Industrials
Miscellaneous
824
#
$41.15
$8.80
830
Cald., Macg, (Ord.) 8
$25
Cald., Macg. (Prof.)8
Canton Teesta.
73 ots.
$17
Cements
$17
$9.10
H.K. Ropes
$8.10
HA, Goyt Lowas
197 14% Loan
877.
#94 31%
(1934)
95
894 31%
(1940)
$18 Dairy Farms.
018
A
$7
Entertainments
$7.10
31.80 Constructions [old]....
$1
Constructions (now)...
87+
Lane Crawforda........
$7
Nanyang Tobacco.......
$3.50
82.18 Sinceres
$2,15
Watsons...
$101
4%
G.5% 1925GS Bda.
$39
H.K. Wing On
$42
S'hai Wing UD
$14
$9
Marsmans lar. (Lon.
£7.70 Vibro Piling
6/6 2/8
Marsmans Inv. (H.K.
$1.00 Wm. Powells..........
F
China Lights(Rights)
+Sale to Shanghai
EXCHANGE
March 15.
リ
For a Saturday's session the market was unusually brisk.
BUYERS
Union Ins., $425.
Providents, $5. X.D.
Hotels, 3.10. Lands, $31.75. Humphreys, $6.70. Lights (Old), $6.20... Electrics (Old), $41. Electrics (New), $40.00 Telephones (Old), $24. Watsons $10.70.
SELLERS
these suggestions will meet with HONG KONG STOCK| The sum of $507.24 which has your approval. been written back from 1933 Dividend Account represents .divi-
With particular reference to the dends unclaimed by persons who proposal to allocate $25,000 have ceased to be shareholders Bonus to the Staff, I consider this and cannot be traced.
a suitable opportunity to place on The revenue from interest re-record the Board's high apprecia- flects the increased use of thetion of the loyalty and devotion facilities we offer for loans on which the Secretary and Manager cargo stored in our godowns. All and the rest of his staff have loans outstanding as at December given to the Company, and I feel, 1940 are in good order and are I can conscientiously say that the amply secured.
proposed allocation is thoroughly The Balance Sheet presented to justified and should meet with this meeting reflects the strong your unqualified support. Anancial position of your Com- You will have noted that we have pany and calls for little explana-made a donation of $5,000 to the tion.
Bomber Fund and this year wo have made a similar donation. During the latter half of 1940 I now beg to propose that the we replaced five of
Directors' our older Forty-Fourth.
Report, trucks with new units which ae-Accounts and, Balance Sheet for "counts for the increase under the the year ended December 31, 1940, heading Motor Trucks. We have as presented, be adopted, and that: five new trucks on order and when the balance available at Front & these arrive we shall have replaced oss Appropriation Account $467.- all our older units with modern 142.44 be dealt with as recom- and more economic trucks, Al-mended by the Directors. When though this offshoot of our ac- this proposal has been seconded I tivities returns only a small profit shall be pleased to answer any .querles-you-may-desire-to-put-on it--is of value in providingTM"a" facility to our clients and enables the report and accounts.
Mr. J. P. Braga, seconded 118 to give "all-in" service of
proposal, storage, financing, insurance and transport by
RE-ELECTIONS and Water.
NEW UNITS
land
the
Hotels, $3.25. Trams, $18.76. Telephones (Old), $24.50,
SALES
H,K. Banks, $1335/40. Union Ins... $428. Wharves, $94. Hotels, $3,10. Lights (Old), $8.25. Lights Rts, 75 cta. Telephones (Old), $41,15,
Since 1938 the company has been under contract to sell its products
DRY GIN
BESTILLERY LORDON
EXTENSION®
A Joint executive meeting of metropolitan branches of the Bol- lermakers' and Ironworkers' Unionis agreed to extend the overtime ban to almost every section "of the metal trade. This will affect an extra 20,000 ironworkers and wit
thousands
event overtime being worked by of engineers, black- smiths and plumbers who have uÊ”. declared a ban.
The decision brings in all metal workshops in Sydney except muni- tion annexes, foundries and smal engineering shops where no boller- maker is employed.
PRE-PAID ADVERTISEMENTS.
J
The following classes of advertisements are charged at the price given below: SITUATIONS VACANT.
HOUSES AND APARTMENTS TO BE LET. MISCELLANEOUS WANTS.
HOUSES AND APARTMENTS WANTED.
Announcements not exceeding 25 Words are inserted under this heading at a Pre-paid
If Charges collected, $2.00.
Rate of $1.50 for THREE INSERTIONS.
WANTED TO BUY
WE PAY HIGH PRICES for all gold and silver, articles. $1.65 Jade diamonde, jewels, watches, fountain pens. Apply Far East Diamond and Gold Refining Co. Room 621, China Building, 6th 35% floor. (Store will open on Sun-
days and Holidays).
General AgentChan Che Kee No: 4, Lyndhurst Terrace. Tel $1.9026402.
RECORD CANAL
TRAFFIC
on
WE PAY HIGH PRICES
HOTELS
"FOR JADED APPETITES!
REAL RUSSIAN FOOD
Tiffin $1.20 • Dinner $1.50
METROPOLE HOTEL
NOTICE
Applications will be received by the Radiologist, Queen Mary" Hos pital not later than 25th March, 1941, for one post of Probationer Radiographic Assistant and one post of Probationer Masseuse.
for all gold and silver articles, Salary:-$480 to $880 by $60 an- gold bara, diamonds and jewels.nually. Candidates must be be Apply China Gold Refining Co. tween 20-25 years of age and have
Traffic Canal established a
new record during the 1940 navigation season, when 12,909,597 tons of freight. WE OFFER HIGH PRICES for passed through the locks. This any amount of gold
the Welland Ship Pedder Bullding, and floor. Room 6. passed the Class 2 School Leaving
examination or its equivalent.
articles
was. 1,182,044 tons or 9.5 per cent, (diamonds," silver, jewels, etc. No higher than the 1939 tonnage, and holidays. Apply Chifla Building, 280,543 tons above the previous re- 7th floor. Tel. 30727. Eurasia Gold cord made in 1938.
Refining Co.
to
Shipments of wheat dropped from 2.896,804 tons th 1939 1,818,111 tons in 1940, but this de- cline was more than offset by the increased movement of soft coal,
WANTED KNOWN
petroleum and other oils, corn, why not learn all the Pancy tron, coke, sand, gravel, stone and latest Stitches for your dresses ather commodities. The Welland
and Sweaters.. Bhip Canal overcomes the drop at Niagara Falls and connects Lake Ontario.
REMARKABLE SYSTEM. Canada's system of canals and inland waterways is among the {most · · remarkable in the world,
JOIN THE KNITTING CLASS `AT, $3.00 per month (Tvice a week lesson). Please apply to Box No. 654 c/o HKDP.
Wool and mode, desired, to be | supplied by customer.
Bend, particulara of; address, etc.
Nature supplied navigable rivers ORDERS TAKEN for hand-made' and lake the channels of the sweaters, Ladies jumpers, Babies original_fur trade and great ex cutfits, etc, at $5.00 each for penditures have been made to im-workmanship: vere re-elected auditors at a re- prove these natural water routes murieration of $1,000 each.
by artificial means, THOSE, PRESENT
The St. Lawrence River and Present at the meeting were Mr Great Lakes and inter-connecting to Box 502, HKD.P. which is appreciated by our sup- Mr. B. M. Charn and Mr. J. P. 8. M. Church (Chairman), air channels form an unequalled sys- Braga, O.B.E., were re-elected Robert Ho Tung, Mr. J. P. Braga.tem of water transportation ex- The item Motor Boat disappears Directors on the proposal of Mr. OB.E, Mr. T. B. Wilson, Mr. N. V-tending from the Atlantic Ocean to from our Balance Sheet, this year. A. M, B. Rosario seconded by Mr. A. Croucher, Hon. Mr. Li Tse-fong Lake Superior, a distance of two but we have on order a modern. Tam Hung.
Hon. Sir Robert Kotewall, thousand miles diesel engined towing launch to On the proposal of Mr. E. J. M. C.M.G., LL.D. (Directora), Mr. R. replace the old launch which has Churn, seconded by Mr. M. H. Lo. | A.' Wickerson (Becretary and Man- been scrapped..
Messrs. Linstead & Davies and ager), Messrs. Lam Shu-chuen,
porters.
Our holding of Sandakan Light Messrs. Percy. Smith, Seth and HQ Hunt, E. I M. Churn, A. M. [Lam, M. H. Lo and & Power, (1922) Ltd. Shares has Fleming, Chartered Accountants, 8. Rosario, J. Tam Hung, H. C. (sharehold
Experienced Book-keeper. Wants Students 'to. 101m a class, Quaran- tee students to keep a whole set of books after completion of a course of 6 months." For Term and. Par
Flease Apply to:- Boy 48% / HK.D.P
Vaswani ticularz.
ENGRAVERS
FEI FEI & CO. Photo Engravers 18, Cochrane Streat, Telephone No. 22224,
AUCTIONEERS.
GREATEST COLLLUTRON OF BARGAINS IN TOWN!
LAMMERTS AUCTION ROOM Laminat, Er trea
Telepatue 19 JANN
What do
you want ?
If there is anything you want to buy or sell,try: * - small Classified; advertise-- ment in the Hong- kong Dally Press.
25 words $1.50 prepaid
for 3 insertions.
148.
..
TEA DANCE
DAILY
EXCEPT MONDAYS
5 to 7.30 PM.
Jimmy's
BUTTERICK
Expert Ladies Taller
New Style Ready Made Dresses, Overcoats and Costumes FOR SALE.
16, Wyndham Street. Tel. 23015
LAM
TAILOR
SHIU SHEK 234, Nathan Road, Kowloon, Tel. 57712. Guaranteed delivery 1 sult in 24 hours notice and 6 hours. for a pair of trousers.
Help Your Friend and.
his Hobby by giving POSTAGE STAMPS
for
his COLLECTIONS and SEEDS for
his GARDEN
We can supply the goods of his and your wagi GRACA & CO.
Dealers in postage stamps and garden seeds etc.
No. 10 Wyndham Street, Established 1806) HANG TRONG
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