17
INDO-CHINA CO.
HEAVY LOSSES FOR THREE YEARS.
NO DIVIDEND..
THE HONGKONG TELEGRAPH,
It to
business, rom ained during the was placed with the Hongkong greater part of the year at a very and Whampoa Dock Co, and it is unremunerative level, falling in hoped to have her ready for sex- Novembor to the ridiculous figure vice about October .next. of 8 conte por pioul.
was also found necessary purchase another towboat and KEEN COMPETITION,
six lighters to act as foedors to Under these conditions it will our steamors at Hankow. Those be readily understood that the have recently been delivered by supply of tonnage was greatly in builders in Shanghai, and are now excess of the domand, the con-in commission. The extremely depressed state soquence being an intrusion of As regards the Upper Yangteze of trade in the Far East and the outside steamers into several of trade, I regret to state we have consequent loss of earnings by our regular barth trades, end, in experienced further trouble with shipping companies was the main cooperation with other friendly the Tuhwo. After being ro-con- theme of the Chairman's spooch companies, it was unfortunately ditioned under the superinton- at tho forty-fourth ordinary necessary at times, to roduce donco of an expert sent out from general meeting of the Indo-China our tariff ratoa Storm Navigation Company, Ltd.. these competitors to an unprofit-sumed hor run between Ichang against Home by the builders, she re- hold this morning" at the ablo scale in order to maintain and Chungking. Lator in the year, offices of the general managers, our position in the regular trades. however, she met with a mishap Mosers. Jardine, Matheson and
Although there was a fair by breaking a Co., Ltd. Mr. D. G. M. Bernard movement of cargo in North necessitated her return to Shang- shaft, which prosided and there were also China during the early months of bai. Stronger shafting is now present the Hon. Mr. A. O. Lang the year, excessive com.petitics being fitted, and it is hoped she and Mr. A. H. White (Directors), was experienced with a and Mossrs. E. F. Aucott, J.sequent dopression of rates in again."
con will shortly be in "commission Fleming, Ho Shai-kit, Ho Kwong, Ho Leung, Li Yun-kun, political situation towards the running on the Upper Yangtaze nearly every direction. The tenso
Our new steamer Kingwo, also Ho Tang-ying, Fung Huo, F. C. end of August, which led to the has I am glad to say, proved a Hall, A. Murdoch, N. L. H. outbreak of bostilities between decided Railton, Ho Bi, W. Galloway, the Provinces of Kiangsu and performed A. M. de Silva, R. E. Macdougall, Chekiang, and subsequent war Conditions A. Piercy, E. B. C. Hernell and H. Birkett (shareholders).
OHAIRMAN'S SPEECH.
success, and has BIce' lent Fervico. between the larger factions in the Chungking trade during the year in the Tchang* North, materially affected the under roview were more favour usual autumn domand. Every able. It is satisfactory to note offort was made, however, to that very little fighting took Mr. Aucoft having read the maintain, and where possible place on the river itself, and there notico convening the mooting, to incroase, the level of the Cheirman
were fewer cases of firing upon said:--Gentlo-
ratesh current during the men,The report and statement
steamers, a practice which bas previous year. In some direc- of accounts have been in your tions the agreements concluded
boen so prevalent in previous hands for some days, and with last year with competitors in our the development of thie line as youra Your Directors regard your permission I will, as cus regular tradoe, which mattor I tamary, take them as read. Your referred to at our last annual itself, but as a feeder for our other most important, not only for Directors regret that the result moeting, have borne good results, river boats, and to strengthon ""of last year's working is again so and others are still under discus- unsatisfactory. The conditions sion. These negotiations are of
our position they decided 2 with which all shipping
to Augment
tonnago an important nature, and it "is companies operating
steamer. Thia
by
our
another tonnage hoped a satisfactory settlement in Far Eastern waters" have will be reached in the near future. Kiangnan Dock and Engineering in being constructed by tho had to contend during recent. years have been deplorable, and THE COMPANY'S FLEET. Works in Shanghai, who built the year under review has beer With regard to the question of the Kingwo, and the vassol is ex- no exception. From January tonnage, your Directors took ad-pected to be completed in July. until March there were welcoma vantage of a favourable opport- I am glad to be able to state signs of activity in the charter unity to dispose of two of the that no casualty of a serious trades, and rates were not alto- Company's old steamers, the Tai-natura occurred during the year gether unfavourable. There was, sang and Wingsang, which had under review, and our thanks are however, an abundance of tonnage become unsuitable for the require-due to the staff, both ashore and available, as in addition to the ments of our business. They afloat, for willing and valuable large number of miscellaneaus were sold at prices which showed services rendered. steamors usually employed in a fair profit on their book It is with regret that your southern charter business, nume-values.. Reference is made directors have to record the death rous vessels under time charter in the report to the pur- of the Hon. Mr. A. R. Lowe, who to Japanese owners, found their chase of the s.s. Barrymore now bad filled the position as auditor way into the Saigon and Bangkok renamed Kumsang, of 5,447 gross to the Company for some years trades owing to their inability to tons, in 1920. This vessel arrivod past; also of Captain F. T. Wheel- find remunerative employment in, from England in November last, er, the Company's late Marinej their own waters, as a result of and after undergoing necessary al-Suporintendent at Hongkong. The the disastrous earthquake in terations to fit her for the Calcutta benefit of Mr. Lowe's advice in Japan in the latter part of 1923. Line requirements, commenced connection with the accounts From April onwards, rates her rogular employment thereon has always boon very keenly began rapidly to decline, and in January last, and has so far appreciated. Captain Wheolo other contributory causes to the proved an excellent addition to served the Company well and severe depression in trade which the Company's floot. The now faithfully for a period of 29 set'in about that time were the steamer Lienshing, 2,416 gross yoáre, and showed marked. poor rice crops in Siam and Indo- tone, built by the Hongkong and ability in the performance of his China, and political troubles Whampoa Look Co., for Shang- duties an Marino Superintendent throughout China. The civil war, hai-Tientain run, was delivered to which post he was appointed which broke out in North China by builders during the month of in 1919. I feel sure you would during the second half of the May. She is an exceptionally wish to express to the relatives year, cause a considerable amount fine conater, being fitted with of these gentlemen, whose losa la of Chinese-owned topmage to the very latest cargo handling much deplored, the Company's come South apparently in order gear, and having superior passen-deep sympathy with them in to avoid the possible risk of re-gor accommodation. Since being their bereavement. quisition by Chinese military placed on the run, sae hes become officials, and competition in all a very popular vessel. directions became still moro
LARGE LOSSES.
Turning to the statement of accounts, you will notice that Building Resorue Account has boen increased by £12,363.7.2,
WEDNESDAY, JUNE 10, 1925.
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YOUR PREMISES
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JEWELLERY DEPT. HONGKONG HOTEL BUILDINGS.
No wonder it's cool!
Every minute
8000 cubic feet
of chilled air
enter The Coronet!
GORDON BENNETT
RACE
PREVIOUS WINNER COMES DOWN..
active. The Bangkok-Hongkong THE YANGTZE TRADE. berth rate from April onwards In view of the steady expansion remained almost stationary at of shipping business in the Yang-
London, June 9. 35 cents par picul inside tezo River, in which this Com- which represents the gain on the
The French balloon Grand the bar loading, which is pany ją very largely interested, book values on the sale of the Charles, competing in the Gordon the lowest average figure on your Directors considered it Taisang and Wingsang already Bennett race, descended in the record since pre-war days, whilst necessary to acquire an additional mentioned, Securities have been Channel and sank. The occupants the Saigon-Hongkong rete, the steamer to operate on the Middle sold during the year to defray the were picked up exhausted and governing factor in arriving at Yangteze- between Hankow and cost of new tonnage and to pay sent to hospital. Reuter. the condition of southern charter Ichang. The order for the vessel for current expanses. The profit
Brussels, June 9, on the sale. of these in. The French balloon Picardio vestments amounted to £17,705. | landed at Anneville in the 12.11, and has boon' transferred department of Mancho. from Investment Fluctuation A message from Quimper, in Reserve to Revenue Account.(the department of Finisterre,
LAST
LINE
LIMERICK CONTEST.
المين
r
DI PINEDO'S FLIGHT.
DOES 15,000 MILES IN 145 HOURS.
Melbourne, June 9..
Di Pinedo in arriving here had covered fifteen thousand miles of actual flying time in 145 hours.
He remains in Melbourne three wecke, to overbaal his, engine.- Reuter.
U. S. MINE EXPLOSION.
Sturgis, Kentucky June 9.
The fourth week of our Last Line Limerick Competition The sum of £191,000 has also states that the Belgian balloon is now in progress... A prize of $10 is offered for the best last line. been transferred from Contin: Balgico, piloted by DeMuyter, Competitors should remember that the last line must rhyme with gency Account to Revenue who won the Gordon Bennett Cup
It now appears that seventeen the first fiu,
Account, leaving a balance of outright in the past three years, miners may be entombed by an £944.13.7, which it is proposed has landed, near Quimper.axplosion in the West Kentucky to carry forward. The losses Realor.
Coal Company's mino. There, is during the last three years have
practically no hope of rescue been very large, and as there is and statement of accounts as pre-alive.-Router's American Service. no iudication that we have yet sontod, including the transfer of ecme to an end of our bad times, £17,705.12.11 from Investment your Directors considered it Fluctuation Reserve Accountand would be wisar not to declare a £191,000 from Contingency RUSSIAN RAILWAY,
Last Lipe for This Limerick Must Reach the Telegraph Office by Noon on Monday, 15th June, 1925. Envelopes must be marked "Limerick."
Misa Ann had a mishap quite shocking, Which soon all the traffic was blooking.
The cause of the fun Sont the girl on the run;
NAME
ADDRESS
As soon
DISASTER.
dividend on the Preferred Ordin-Account to Rovanuc Account be ary Shares, and a note that this adopted, and that the sum of is a liability. of the Company ap- £944.13.7 be carried forward to pears in the balance-sheat. Their next year's account,"
Moscow, June 9. action will, I trust, meet with as this resolution has been geboen derailed near Novo Niko- The Chita-Moscow express has your approval.
eonded, I shalt be pleased to reply lalovsk. With regard to the future, to the best of my ability to any killed and 14 injured.-Reuter.
Three persons gentlemen, I can only say that questions which shareholders competition is still very keen, desire to ask.
1
rates of freight romain at low . BUSINESS MATTERS. loval, and business generally is The resolution was seconded in a depressed condition. A reby Mr.Birkett and unanimously
turn to prosperity, as you must agreed to without discussion.". 7 well realize, depends very largely On the proposition of Mr. F.C.
FRANC RALLIES
wore
London, June 9. Following M. Caillaux's worn-
on a final cessation of the con- Hall, seconded by Mr. Hoing to speculators, French france tinual olvil commotion in Chine, Kwong, the Hon. Mr. A. O. Lang rallied smartly and have closed the prospects of which unfortu- and Mr. A. H. White, the retiring at 98.20 to the pound sterling.- natoly appear to bo, remote. In Directorsj
Reuter. ono or two instances our óperat-ro-elected,.
Wero unanimously
ing costs for the.current year are Mr. John Fleming and Mr. A.“ likely to show a roduction and Ritobie were re-elected auditors with the anticipated conclusion for the ensuing year at a ro of satisfactory agreements with muneration of $5,000. · Tho
our competitors already referred proposal was made by Mr. Ho to, it is hoped our results for 1925 Loung and seconded by Mr. will be more favourablo.
Galloway and unanimously
I now bag to propose the follow-carried. ing resolution:"That the report! This was all the business.
PROFESSORIAL APPOINTMENT.
Princeton, June 0. Professor McElroy has accept-
ed a profossorship in American history at Oxford University- Reuter's American Service..
30 x 40" $3.00 each.
48" x 80 $7.25 each.
23 x 44 $2.50 each,
'50" x 80" $8.25 each
33 x 86: $5.25 each.
23" x 48" 30" x 50" $2.00 each
$2.75 each.
31 x 56 $4.50 each.
24 x 46 · $1.00 each.
Damask & Huckaback Towels.
'18 x 32
45 x 24 $3.25 each. $1.50 each.
24 x 43 $2.25 each.
20 x 38 23 x 35 $1.05 each. S1.50 each.
Tea Cloths, Glass Cloths, Dusters, Huck. & Turkish Towelling by the yard.
Damask Table Cloths & Napkins
at very low prices.
in all sizes..
PEAK FIRE DANGER
","་
There was another outbreak of firo on the Peak last week, truc, in this instance it was only matsheds, büt it, might have been your home!
A large number of Poak residents have recently installed the best safeguard "FIREFOAM." Bo wise and follow their lead."
FOAMITE-FIREFOAM
Full Particulera from-
fi
THE UNITED
ASBESTOS
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2, Queen's Bldgs. Tel. C. 236.
•lllllll
DAIRY FARM NEWS
Special Announcement
PACKED EXPRESSLY: FOR
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The Dairy Farm, Ice & Cold Storage Co., Ltd.