Page
HONGKONG DAILY PRESS.
-OVER HALF MILLION PROFIT REALISED BY GREEN ISLAND CEMENT COMPANY DESPITE DIFFICULT TRADING YEAR
DESPITE THE MANY DIFFICULTIES ENCOUNTERED DUR- ING 1940-SUCH AS THE SUSPENSION OF CONTRACTS as the result of the embargo placed on British and Allied ships trading with Indo-China ports, restrictions on the export of cement, the Government Inquiry, and the Price Control which came into force on Feb: 7—a profit of $875,097.18 (an improvement of $195,- 000 on that of 1939) on the working account was reported by the Chairman of the Board of Directors.(Mr. J. Scott Harston) when he presided at the annual meeting of the Green Island Cement Co., Ltd., which was held at Exchange Building yesterday.
Among those present were the Hon. Mr. T, E. Pearce, Hon. Mr. A. L. Shields. Hon. Mr, La Tse-fong. Sir Robert Ho Tung. Mr. D. C. Edmondsten and Mr. P. H. Suckling Directors), Mr. R. Taylor Manager and Secretary), Mr. J. M. Hood (Assistant Secretary), and Messrs, S. 8. Harris, F. E. Silva, Ho Kel-ham, Fung Iu-sang, Mok Yu-yan, A. Vaswani, B. Wong Tape. Lam Ming-fan, and Li Shiv-chung (shareholders).
CHAIRMAN'S REPORT
#
GENERAL
IMMIGRATION OFFICE EMPLOYEE SENT TO PRISON FOR EIGHT "MONTHS: DEMANDED $4
An employee of the Immigration Office at Taipo, Lau Yan, who was also an A.R.P. Warden, and Wong Choi, alias Wong Kai-ming, unemployed, were charged before the Chief Justice, Sir Atholl Mac- Gregor, at the. Criminal Sessions yesterday with demanding $4, with menaces, from Yau Tim, on March 13 at Taipo.
Mr. J. P. Murphy, Assistant Crown Solicitor, appeared for the prosecution, assisted by Set. E. Franklin. The Jury comprised of Messrs. R. A. Wickerson (Foreman), Wong Sik-kwal, J. B. Chan du Loy, Ip Fook-sing, Leung Pal-yim, Wong Shiu-kit and Wong Sik- ching.
Mr. Murphy said that the firstdence against first accused though accused was a junior assistant in implicating him.
OFFERED TEA MONEY
cubicle at Wah Nam
from
the Immigration Department at Talpa and second accused was an At the magisterial proceedings unemployed."
both elected to give evidence. The On March 13 last, Yau Tim, arst stated he saw people removing native of Hongkong, went in. Taipo luggage and at the boarding house
learned that they came in search of work and rented a
boarding Shayuchung and Ping Chau Island. They had no Immigration permits contracts and obtain similar arti-house.
and he told them they must get In the course of his speech, the eles from Canada at fixed F.O.8 At 7.30 p.m. the same day. first them when he left he was fol- Chairman said:
ptues which were comparatively and second accused weat in to lowed out by a foki who offered Before proceeding with the or-more favourable,
Yau's cubicle and the first accused him $4 as tea money which he re- dinary business of the Meeting. I A contract for the delivery inquired of Yau as to whether he fused. have to report with regret the 150.000 tons of limestone was possessed an Immigration permit. Second accused again denied that retirement at the end of February suspended (when only 80,000 tons When Yan replied he had no permit he demanded money from the man last of Mr. J. H. Taggart, OBE.,fiad been delivered) because of first accused told him he must get but admitted being present when from the post of, Managing Direc-the embargo placed on British one and pay $25. Second accused the demand was made by first ac tor. The indifferent condition of and allied ships trading with Indo-jaiso told Yau to get a permit. Mr. Taggart's health which had China Ports. Subsequently, this
DRAGGED INTO STREET persisted over a lengthy period contract lapsed owing to effluxion
cused.
Mr. A. J. C. Taylor, Assistant 10. at Talpo said Arst accused was employed to do clerical work and it was not part of his duty to ques-
became so acute that in January of time. It then became neces- Yau was dragged to the street by fast, acting under medical advice, sary to arrange for the carriage frat accused and was threatened he was compelled to make speedy of limestone on neutral ships at that unless he paid the money he tion people as to whether they had arrangements to leave the Colony greatly increased freight rates, and would be taken to the Immigration permits. He had no power to make
Your directors much regret thus right rates äre. as you are Office. First accused then demand- an arrest. being deprived of his able assist-aware, soaring continuously. Weed $4 to which Yau eventually ance, and I desire to express on have secured tonnage up to the agreed.
UNANIMOUS VERDICT their behalf sincere wishes for his end of September next which is boarding house and after the num-ed a wanimous verdict of Gullty Yau went back to the Without retiring the jury return. speedy return to normal health.
as far as ship-owners will com- bers of the notes had been taken in the case of the first defendant I feel sure you desire to be asso- mis themselves under present by the manager they were handed and
B 4-3 verdict against the lover to first accused. The notes second. After reconsideration the
clated with this sentiment,
At our last meeting, I acquaint-Conditions. At that time it is es-
ed shareholders at length of the timated our stock heap will ap were later found concealed under jury returned, a 5 to 2 verdict,
very valuable services which Mr. Pravimate 90,000 tons. Taggart had rendered the Com-
GOVERNMENT INQUIRY.
In sentencing first accused to eight months' hard labour, His Lordship remarked that he had an opportunity of employment in a Government department
and 2
n stone and both" defendants were arrested on information from Yau. pany over a period of 10 years, On Oct. 24, 1940 the Company,
When formally charged first ac- and of his appointment as Manag-received.. a notification from the cused denied it while the second, ing Director during the year then competent Authority that an in-in a statement, said he went up under review. The expression of quiry would be held by Govern- with first accused at the latter's chance of earring a 'decent' living appreciation to him which I then ment into the Company's produc request and later saw Yau handing but had abused his employment in recorded on behalf of the members tion costs and the selling prices to first accused four $1 notes. He order to get money. Second se- of the Company received the un- ct cement in the Colony. To pro denied having taken part in the cused. whom His Lordship said was animous approval of all share-tect the Company's Interests It holders present at the Meeting. was "considered advisable to re- Murphy pointed out, was no evi-led to five months Imprisonment.
demand for money. This, Mr. playing second fiddle, was sentenc- HONORARIUM OF $15,000 tain the services of the Company's You will recollect I also inform-auditors and its legal advisers in
the- inquiry.
ed you that Mr. Taggart had re-connexion with
other Mich heavy work was involved in not be issued for that purpose: HONGKONG ceived" "no remuneration, than that received by him as an preparing
submitting evi- It has been difficult for the Com- ordinary director of the Company, dence in support of the
and
Com-
pany to obtain ilcences for export
in respect of the volume of addi-pany's contentions, and I wish to to other destinations Fren Alter ENGINEERING & tional work, he had undertaken. rec-rd the Company's gratitude
but that the Board proposed, as a to Mr. Wadeson of Messrs. Dea- stocks of manufactured CONSTRUCTION
matter of common equity, to rec-cons. to Mr.
it has produced evidence that its cement
complete fulfilment of all local CO. LTD., PROFIT
PERIODICAL REVISION
The nineteenth crdinary annual meeting of the Hongkong Engineer-
St.
Bitchie of Messrs are rapidly increasing despite the tify that position. In consonance Lowe, Bingham & Matthews, to Mr. with that proposal, the directors Taylor, our Manager and Secre- demands in September last unanimously tary. and to Mr. Suckling (who voted Mr. Taggart an honorarlum was then acting as Alternate Dir- of $15,000.00 in recognition of thejector for Mr. Taggart) in respect In the negotiations with the ing and Construction Co. Ltd., will extra services referred to. and of the sterling services rendered Government for settling the pre-be held at the offices of Messrs..Sir have no doubt that such meets by each of them in that relation sent controlled selling prices, they Kadourie and "Sons, with your approval.
and the manner in which they basis of replacement costs was George's Bldg... on Wednesday, The nett result of the year's presented the Company's case agreed upon in regard to com- April 30, at noon when the Direc- working shown by the Profit and during the proceedings at the in-putation, and periodical price re-tors will submit the Statement of Loss Account is a credit of $575,-gu'ry.
vision has to be made on the same Accounts and Balance Sheet for 097.18 (an improvement of appro-; In the course of the inquiry, an basis. In this connexion you will the year ended at Lec. 31, 1940, ximately $120,000 over last year's Order, dated Dec. 24, 1940, was readily understand that It 15 The Net Profit for the figure) and. taken in conjunction served upon your manager re- necessary to provide for the future after charging $122,927.38 for De- with the amount brought forward questing production of all books. by now transferring a portion of preciation and providing for Direc- from the previous year, makes documents, etc., of the Company current book profits to a Reserve tors and Auditors' Fees and Cer- available for appropriation today to the Accountant-General on from which to reduce the loss in the sum of $841,480.00 :
demand. The demands of the vahes of stocks in hand when Poration Profits Tax for 1941/42 SOARING FREIGHT RATES Accountant-General-- were duly replacement costs fall. It is for The Balance brought forward With reference to the Balance complied with to his full satis that reason your Directors recom-from last account, after deducting Sheet, you will note that the item faction. The inquiry terminated mend setting aside $260,000.00 out "Stocks on Hand stands at on Jan. 14 last, but up to date we of the credit balance of Profit and Corporation Profits Tax for the $1,967,171.32, which is $512,000.00 have not been able to obtain a Loss Account at the end of 1840, Year 1940/41 amounts to $4.147.47 and the Directors" will recommend more than the valuation figure at copy of the findings in respect to a Raw Materials Reserve, and I
that this aim, together with $4,- December 31, 1939. Unfortunately, | thereof. this enhanced figure does not re-
650.81, making a total of $8.798.28, present an Increase In quantities
be carried forward to a new ac- count
EXPORT PROHIBITED Although operating conditions
trust you will approve their recom- mendation in that respect.
BONUS TO STAFF refrained With regard to the staff, I have
the services
of Mr.
amounts to $4,650.81,
year.
142 FATAL T.B. CASES:
Your plant at Hok Un has been ernment Gazette of Feb. 7, 1941, England over a lengthy period,
held, for the reason that scaring fully justified it, se freight. rates in respect of the from increasing our selling prices to inform you that in May last, carriage of raw materials and during the enquiry, but early in caring to the state of his health. packing materials are largely res- February notification of increased the Board reluctantly decided to ponsible therefore, although in-selling prices operative from the terminate creased prices of the commodities at the source of supply also apply 10th of that month were notified to T. C. T. Beck, our late Secretary. to a minor degree.
all concerned. The Hongkong Gov-who had been on sick leave in
The following is the Return of however, contained S.I
Order and who served the Company very notifiable diseases notified as hav- kept in excellent condition, and has worked at full capacity
which prohibited "the export of ably over a term of ten years. throughout the year under ad cement, except under Licence, and In the consequent re-organisation occurred in the Colony during verse conditions, while the output product in the Colony at the rates printed to the substantive post of
controlled the selling prices of our of staff, Mr. R. Taylor was at the week ended at midnight on April 19:-Cerebro-Spinal "Fever, rf previous years has been main-ruling on the date of the last Manager and, Secretary, and Me four cases (two deatha); Cholera, tained.
MANY DIFFICULTIES
DAILY RETURNS
string of the inquiry, La. Jan. 14. 1. M. Hood was made Assistant 32 cases (13 deaths); Diphtheria 1941. On those selling prices it Secretary an arrangement which 14 cases (two deaths); Dysentery, Many difficulties have been en-us impossible for the Company has worked satisfactorily to date. 44 cases (17 deaths); Enteric Fever, countered during the year under to operate without incurring lossés, Before concluding I have to re-10 cases (alx deaths); Measles; 20 review in connexion with the ac-and, accordingly, strong represen cord the Board's appreciation and cases (two deaths); Small-Pox, quisition of the raw materials and tations were immediately made to thanks to "all members of the two cases: Tuberculosis. 284” caser packing materials we required. In Government in the matter, which Company's staff in respect of the (142 deaths). my remarks from the Chair last resulted in amended Control prices loyal and efficient manner In year I stated that we had stocks (which are in force at the pre which they have carried out their in situ and materials contracted sent time) being published in the anties under difficult conditions, ended at midnight on April 21 are for at favourable prices which to-Gazette of Feb. 15, 1941.
and I trust the recommendation gether should be sufficient for the The prohibition (save
las follows:-Cerebro-Spinal Fever under of your Directors, for the payment five cases: Cholera. two cases: operation of your plant at max Licence) in respect of the export to them of a Bonus will receive Diphtheria, five "cases; Dysentery, imum output for an approximatejer our products is of serious im- your approval. perod of two years.
port to the Company for, as you The adoption of the Report and even cases; Enteric Fever seven Unfortunately, due to circum-know, we have had in the past Accounts was seconded by Mr. B. cuirais, 43 cases.
cases; Measles, four cases; Tuber- stances beyond the control or to rely to a great extent upon our Wong-Tape.
munis
'suppliers and ourselves, Dany export market in order to main- Sir Robert Ho Tung. Kt., and d'appointments have been suffer-tale the Company's existence. We the Hon. Mr. Li Tse Fong were
The Returns for the 24 hours
ed in respect of those contracts are informed that, by an under-re-elected Directors on the pro and Davis and Mesars. Love, With regard to packing materials standing between the respective posal of Mr. Mok Yu-yan, second. Bingham and Matthews be re- we were forced by the continually Governments of Hongkong and the ed by Mr. Fung Iu-eang.
elected Auditors to the Company. increasing cost of each shipment Strälts Settlements, export of our It was proposed by Mr. 8, for the ensuing year at the re- fused through controlled export product to the latter Is entirely Harris and seconded by Mr. Lam muneration of $1,000.00 each, per Trices from Britain) to cancel prohibited, and that Licences will Ming-fan that Messrs. Linstead annum.
WEDNESDAY, APRIL 23, 1941. -PAGE
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