L
CURRENCY REFORM.
the Grand Hotel des Waxone-Lits,
(Conti ad from Page 1.)
|Ltd., mitunte, as you know, in_thu from the Northern part during Legation Quarter of Peking, Juts, the first quarter of the current over the past few years, had to year record further Improved busi-
THE HONGKONG TELEGRAPH, THURSDAY. APRIL 16, 1831.
vantage..
muny
THE OUTLOOK IN PALESTINE.
PHARAOH'S HARD HEART.
LITERAL TRUTH OF BIBLE STORY.
ous loss in exchange. Futhermore, necessary replacements to plant a successful organisation like this, the prevalling state of the money and machinery, as well as the gen- with hotels in Shanghai and market in the Northern port pre oral equipment of the hotel. Péking, is a very big and difficult cluded the employment of the Com- While on the other hand it must task. I suggest that when the pany's surplus funds there to ad- be gratifying to learn that an an opportunity arises the Company
HOPES OF JEWISH-ARAB preciable increase in patronage should get out of their commit
AMITY, over that enjoyed last year, was ments in Shanghai and Peking Considerable Transfer.
noticeable. Coupled with this and that they should contrato on-
London, Apr. 15. The hardening of Pharaoh's Due to these factors the Prost fact, it must also be satisfactory tirely on Hongkong. I think that
Asked in the House of Commens heart recorded in the Bible, was ness over the correspondent period contend with competition from and Loss Account for the past finan- to know that returns from the the opportunities hero are
cial year has had to bear a heavier Northern port, during the first and give them a very wide scope. about the present position in Pales-literally true, said Lord Moyni charge for bank interest than would quarter of the current year, record It may be that this has already tine, Dr. Shields, Under Secretary han at a meeting of the London
Since the end of the last financial year. have been the case had more fa- further improved business, over been done, but I think it would for the Colonics, said that apart Society, when he spoke on "AB- vourable exchange rates ruled, the corresponding period last be a good plan to arrange to hire from an isolated incident the Engelent Medicine and Surgery."
a difficult time from Gloucester Building a num-ter season--always
The large blood-vessel springing from the heart of Pharaoh," ho year, however, It has been possible
Bank Interest, too, I feel sure ber of their upper floor rooms for had passed off quietly.
瘪 Neplying to supplementary fanid, was found in such a well- favourable trend in exchange and note la reduced by $109,415, due
With the funds that they would question whether since the publica-preserved state that they had been
last year-tangible evidence of the adherence of a clientele at your es to maintain a satisfactory volume tablishments in Shanghal suficient of busineus there.
With regard to the disposal of]
establishment offering the ad- vantages attaching to a building of more modern construction, and, businees fell far short of reason. moreover, the volume of tourist
able expectation, due to the long
unsettled in the North. The some
til the 31st March, 1930, a diminu- Insufficient to provide more than à
to
NORWEGIAN INDUSTRY
PARALYSED.
ANOTHER BIG LOCKOUT OPERATING.
now
"No
made
com-
Remarking that Allscaso mon to-day were also known long before Christ, Lord Moynihan died of acute auld: "Pharaoh the Oppressor
Appendicitis.
We
know now that Napoleon did not die of cancer in the stomach as was popularly believed. Sir Ar- thur Keith has found that he died of Multa fever."
politicals take advantage of a temporary we are all particularly pleased to bedrooms to serve the Hongkong. the Majestic Hotel, although the n property was not handed over by what smail operative profits rande transfer approximately 21 lakhs to the substantial decrease of the realise by selling their Slinoghaition of the Prime Minister's letter table to make sections of it and this Company to the purchaser un-over the past four years, being) (out of 36 lakhs) of dollars from Company's indebtedness, made and Peking properties, the Com-Ito Dr. Weizmann the Government [compare them with those
under and Arabs together to discuss an tion in the earning capacity of that nominal return on your invest-Shanghai to Hongkong in relus possible by the receipt of funds pany would have the opportunity were in a position to get the Jews from a man recently dead.
ho added, pathologist. establishment was experienced dur-
urment in that Company, have been tion of our indebtedness to the Bank representing the purchase price of adding to their local
takings and constructing a new amicable arrangement, Dr. Shields "can tell which is the ancient and ing the first, and incidentally what utilised for the purpose of dein Hongkong. The current year's of the Majestic Hotel property.
Peak Hotel. I venture to say that indicated that the Government was which is the modern section. They we regard as the most productive, preciating the whole of the assets working should therefore benefit
New Issue Approved.
there is a great opportunity wait taking steps with that objectare indistinguishable." quarter of our financial year, form a more liberal basis than the materially from a saving in interest
ing for the Company with a real British Wirelena. the purchaser's decision relative actual life thereof demands. As a consequential upon the transfer
Under the existing conditions I good Peak Hotel. the closing down of the residential result, right conservation of cash
mentioned.
A further reduction in our in certainly approve of the Increase portion of the establishment had an resources has been made, and yterest charges is also foreshadow of working capital by a new fasule
Chairman's Reply. adverse influence upon bookings res judicious Investment of the sur-
Mr. Taggart replied that if Mr. trospectively from the beginning plus funds it has been possible toed in view of your Boart having as proposed, and if I may also say
decided to issue the balance of the so, I am surprised that more such Austin could see the figures nynll- - of the yent,
build up an investment Fund of Turning to the debit side of the satisfactory dimensions, and, in shares constituting the Company's calls, by the Boards of other local able since the turn of the tide in Profit and Loss Account, you will this connexion, you will he inanissued capital. The issue of this Companies, taking advantage of the North, he right not be notive, on making comparison with terested to learn that the Grand new capital should make available. the present abnormal money mar-anxious to dispose of the propertien the figure in respect of the pre Hotel des Wagons-Lits, Ltd, from the 1st July, 1931 a further ket conditions prevailing here. there. The Company was naturally
Oslo, Apr. 15. vious financial year, that tent, heen enabled, at the 31st March 20 falchs in reduction of our indebt which, after ait is really in the always prepared to consider an
The labour troubles in Norway In consequence of the largo number Rates. Taxes and Licences" show last, to redeem the whole of its ness, and the Company's fiancial interests of shareholders, have not offer for sale, but ho, could dis
undoubtedly then been more in evidence alrendy. perte a prevalent rumaur by say are rapidly paralysing fresh in-of acceptances for the V.D.M.A. "At an increase of $26,882. This indebtedness to the holders of its position should
lockout was Home" which has been announced to assume an extremely favourable creuse is due mainly to the imposi-debenture issuer, totalling Tion-
For depreciation, too. liberal ing that the Company was not go-dustries. A tion of a tax on the seating capatain Tarla 231,900,
aspect. I think it well to mention I think I may here that, normally, the sature of allowance has been made, though ing to beat a hasty retreat from enforced to-day involving to-be held at the Cathedral Hall on city of our bases, and to the inchisay without undus optimism that the
and considered Shanghai,
bacco factories, breweries, chemi-Monday next, April 20th (4.30 Tea, 6,16 Meeting), arrangements havo The Peak Hotel reconstructioncal works, in addition to the been made for the "At Home" to bo sion of the rental paid to the new the Company's improved position the Company's business involves it was necessary
mullitudinous smail cash transac expedient to withdraw the sum of owners of the Majestic Hotel, un-a
hundred thousand dollars scheme wan under consideration, previous iron and steel, engineer held at the Helena May Institute. a result of being relieved of tions daily, and the collective from the "Depreciation Reserve" Mr. Taggart said, but he did not ing. textiles and building indus- Speaker at the At Home is to be Mias der the terms of sale relating to
debt, aided by the greater pounded benefits of these react mest
F. C. Woo, M.B.E. that property, for the Company's volume of business now experiene-favourably as soon as our floating in order to provide for the stan- think alterations would be begun tries. Reuter.
WRX on the tenancy of the establishment during ed at the Hotel in Peking. debt descends to the level of the dard set in past years in respect until the Company practically the whole of the first such as to warrant anticipation of
figure It approxinuntes today. of the Company's various classes credit side with the Bank. This quarter of 1930.
an early termination of the period Whilst on this subject I should like of assets,
would probably be at the end of Bon-productiveness. f this
to point out that for the six years ftverdment.
next year. He did not think the Company would benefit much from) 1925 to 1930, a period of extreme The item of "Bank Interest" you' Turning to the liabilities side of will notes is reduced by $199,416, the balance sheet, you will notesiness depression, your Company
the Gloucester Building suggestion. this being consequential upon the that "Thepreeintion Iteserye bas has carried a mortgage debt averag ing steadily over $7,000,000 and has reduction of the Company's indebts suffered reduction to the extent to met in interest thereon during that edness made capable by the receipt which I have previously referred.
$3,000,000. During of the funds representing the purThe item "Loans spenped by chase price of the Majestic Hotel Mortgages" stands at $1.381.1-19.1
on the 31st Dreember, 1930, it property.
You will observe Hat the itemuist $1,042,128.14 "Audit, Accountancy and Legal Berounts for the previous year Peop
is increased by $27,066, the redaction under this heading This increase is brought about by being offeeted as a result of the under review the unpreced the payment of legal etc, trus intereipt of the purchase price of eurred by the Campeny in contest-the Majestic Hotel property. ing the action brought against us
Overdraft Reduced.
beriod some
Sex two
com.
the years to which I have referret, abnormal factors have arisen tend then to seriously increase our trad ing diffeulties, and render the times very "eu" once. In the case of the
"Sundry Crediture" are less by
by the firm wite installed the re- $138.191. frigeration plant at the Peninsula Hotel. This Orm claimed from ther Company certain munies as being
The
Maintenonce unal Repairs, You will note that, the expendi- allotted
Bus Services,
All other items appearing in the balance sheet before us are very clearly set forth and so call for no further explanation. venture to express the hope, how ever, that the improvement in the position
of our investment in Peking, wa n result of being re- lieved of all debt, and aided by a greater volume of business now ex- perienced at the Hotel there, will enuse an early termination of the lung period of non-productiveness
of this investment.
Exchange Factor.
The report and statement of nc-1
Was then unanimously counts adopted.
PRELIMINARY NOTICE.
THE HONG KONG FILM DISTRIBUTION COMPANY,
Having through their London Agents concluded arrangementa with the following producers of British Pictures.
GAINSBOROUGH PICTURES (1928) LIMITED. THE GAUMONT COMPANY LIMITED.
JULIUS HAGEN AND HENRY EDWARDS,
BRITISH AND DOMINION FILM CORPORATION LIMITED. Takes pleasure in announcing the early release in Hongkong of
Business Matters.
Mr. G. H. Polta proposed and Mr. M. H. Lo, seconded that the Robert Hol appointment of Sir Tung as director be confirmed, and that Mr. E. M. Raymond be re- appointed a director. This was curried. Mr. J. Gould proposed and Mr. J. P. Braga seconded that Messrs. Percy Smith. Seth and It is interesting to learn, in con-
Fleming te re-elected auditors at the following recent successes:→→ nexion with the Bus service operat-fee of $4,000.
WILS also
HOOKERY NOOK not been devard politie to pass oned by the Company, that the ser-carried.
in vlees on all routes have experienc- increase to patrons the full
Mr. Taggart thanked the share-HOUSE OF THE ARROW ed considerable increased popularity
und SPLINTERS presence during the year, and the total num-holders for their
said that dividend warrants could LORD RICHARD IN THE PANTRY ber of passengers carried approxie obtained on application at the mates nearly
millions;
secretary office.
ented depression of the local cur- rency has largely contributed to the comparatively poor results shown, car although the situation has fore e us to increase tariffs from time t< time, nevertheless,
has
prices on the ratio warranted by our increased production costs.
Improved Position
ture for the year under the head value, although extensive over-perienced at our establishments
hauls have been carried out to during the first quarter
of this
Reven
This
PLUNDER
BED AND BREAKFAST
A WARM CORNER ETC., ETC.
Enquires for terms etc, should be addressed to Box No. 784, c/o "Hongkong Telegraph."
FELIX HAT SHOP York Building, next to Moutries Just Received Consignments
or
ALSO
A very Large Selection of Lacquered Panama Hats
AND
Pastel Shades in Crinolines Suitable for Bridesmaids.
. You will be pleased to learn, in a balance due to them under their connexion with the bus services contract for the installation of the operated by the Company, that the plant, whilst your Company con-services on all routes operated tender that a counter-claim exist-have experienced considerable in- ed on their part in respect of faulty erased popularity during the
In spite of the adverse times though the increase of revenue
These present were:-Messrs. work. This action was equitably year, and an increase in Resente encountered, however, your Board from the augmented patronage was settled out of Court after the trial or approximately, 175,
over last had been proceeding about three year's figures has resulted from have fortunately been able to pre-offset in a measure by increased. Taggart (chairman), J. Scott sent to you regularly, during the costs of operation due to a declin-Harston. A. Cameron, E. M. Ray- weeks, a course of action your the augmented patronage. As you Board deemed it advisable to ac-will readily understand, the factor period in question, Profit and ing exchange, with the result that mond directors), P. H. Suckling |(secretary), Shareholders pre- quiesce in. for the highly technical of adverse exchange has had also Loss Accounts showing balances the net profits of the Bus Depart (general manager) and F. C. Barry
on the right side, and you willment are practically about the same
sent were Messrs. Frank Austin, nature of the case involved the re-a very detrimental effect 275302
as the previous year.
J. T. Bagram, A. Brierly, M. Caris,; tention of expensive experts the costs of operation of our bus recollect that in respect of several
White on the subject of exchange, Chan Tung-shang, E. W. van Eps. witnesses, and it was considered routes; nevertheless, the satisfne of those past years your Board did
acnot recommend the declaration of which in this part of the world, inw. J. M. Figueiredo, R. Gordon, thut, if the rise hul heen carried|tory increase in r venue I have
n dividend out of the profits disa factor overshadowing all else, in 1. P: Braga, 1. Gould, F. A. Joseph, to conchelon after farther lengthy just mentioned has offset in a
of trial.
considerabl Additional measure the low exchange displayed, due to the constricted importance in the calculations
Man-hun, P. J. Newman, U. M. legul expenses would have been in-advantages, with the result that quid resources then available, and the business man in all his tran-. E. Joseph, Lee Chew-ying, Lo Morocain Crepe Afternoon Frocks with and without Coats volved, irrecoverable even in the the profits produced by the Bus to the fact that projects involving anctions, especially in these difficult Omar, T. R. Parsons, G, H. Potts, event of the Company obtaining a Department last year are practi-heavy capital expenditure were times, I feel sure that I am merely A. W. Smith, O. F. Ribeiro, J. H. then uneompleted. To-day thevoicing the wishes and views of Ruttonjee, C. E. White, F. Silva, verdict in the action, a state of cally the same as for the previotis situation is altered and much more all business men, that a currency Tai Yan-cheung, M. A. Xavier. A. alfairs, which, in the opinion of year.
favourable, and, having regard to of more stability and intrinsic Zimmern. your Board, the monetary impor
vehicles comprising nur tanes of the matter at issue, did bug thret have been maintained in the improved position is a is our value and also less addicted to not warrant.
a high state af efficiency, and the mortgage indebtedness previously such violent fluctuations by the
or whims relative custs included in revenue mentioned, and the further con were operations
xpenditure, No bus has been siderable improvement resultant irresponsible speculators outside ALT1 accretion in book: from the very good business ex- the Colpny's operative influence, should be made available for the meds and requirements of all in
this important Colony. motor ba budies having been are in no wenst acting imprudents merce of the previous y
s year. Whilst making entirely rebuilt. All this type of ly in providing out of Depreciation But the many difficulties in the expenditure has been charged to Reserve Reserve milt up from way are not in be overlooked and curred in effecting modernisation profits to which i have just re part of the depreciation written of all who have the Colony's wet- working before computation of the appropriations from past profits- the life-long gratitude and thanks of certain equipment, which strict-f
ferred. I feel that to have off the Company's Axet assets dar- fare and interest at heart, would 15 speaking could be included achieved such result, under the ing the year, thus enabling the be fully earned by the Commis within the purview of capital conditions prevalling, relects con dividend in be maintained. sion of experts now studying this expenditure, has been written olsiderable credit upon our Garage There being no further matters purplexing problem, if they could out of revenue. Farthermore, inDepartment management.
to which can usefully refer, 1 only find or evolve some renson- this connexion. it was not con-
now formally propose that the re-ably satisfactory solution soon. sidered expedient to one rozchi
part of the Directors and the ne In conclusion, I hope and trust. upon funds standing to the crediti of the "Repairs & Renewals The possibilities attaching to counts for the Snancial year end- that the long period of stagnant ed 31st December. 1930, as present and unsatisfactory business just Account," and the sum of $100,000, the utilisation of Diesel type oil which was allocated thereto from engines are receiving our serious ed be adopted, and that the follow-referred to by our Chairman is the profits of the preceding year.ments now in progress lead to the in the balance sheet be carried position, a new era of more pras attention. If the result of experi-ing appropriations recommended nearing its end, and with our im- by your Directors, as incorporated proved financial resources and still remains to the credit of that adoption of this type of engine, a
Depreciation for the period very large saving in fuel costs into effect.-Pay a dividend of 56 perity is also now about to dawn
cents per share on 796,357 shares, upon us. under review has been provided should result and expenditure on Jubricating oils and general main-
$308.178.50; carry forward to New
With these few observations and for upon our usual conservativel
be
Account $114,938.57; and I shall he tenance basis. In this connexion you will are in close touch and co-opera-
appreciably less.
obliged if
a shareholder wil comments, Mr. Chairman, I have note that it has been considered on with our Home suppliers of kindly
great pleasure in seconding the second such proposal. adoption of the report and expedient to withdraw the sum of vehicles on the matter and all whereupon questions as to the
accounts as presented, and the $200,000 from the "Depreciation
offering mare Report and Accounts may be appropriations as recommended by Reserve," in order to maintain possible vennes
working will he raised. economical
our Directors, as incorporated in the balance sheet be carried into effect.
Ing of Maintenance & Repairs" is any vehicles, in some cases the year, your Directors feel that they the interests of trade and com-
down by $43,483, F
reference to this item. I mention
account.
得 - ዩ
expenditure
provision of depreciation on the basis of the standard set in past||
Diesel Engines.
We
will doubtless be interested
Seconder's Speech.
Shareholder's Suggestions
years in respect of the Company's to learn that the Bus mileage Mr. J. E. Joseph, in seconding, various cluasca of assets, a matter ogures for 1930 are 1.371,533 miles said:-Mr. Chairman and Cientle- to which I propose to again refer) as compared with 1,199,103 miles ment feel confident
that you to later.
in 1029, an increase of 172,430 will support me when I say that When the Chairman asked if miles, and whereas the number of Peking Hotel.
we have all just listened with no shareholders wished to put any passengers carried over all routes little satisfaction and interest to questions, Mr. Frank Austin said: Coming to the assets side of the during 1920 approximated 5% the gratifying results of the past would like to add my appre- made by balance sheet, there is little call-millions, for 1930 the number of year's working so satisfactorily ciation to the remarks ing for comment, for the deprecia-passengers carried falls just short and clearly reviewed and explain-Mr. Joseph on the many excellent tion written off the nasets ac-of 7 millions.
ed from the chair. Although the results now being shown by the counts in most instances for the With regard to the matter of the total profits for this year show a Hotel Company. There are one differences appearing when inak-appropriation recommended by the decrease of some sixty thousand or two things that I would like ing comparison with the figures of Board for the year under review dollars as compared with the pre- to suggest for the consideration the proceding year. I would, I feel it is advisable that I should ceding one, the result on the of the Board of Directors in con- however, remark upon one item remind shareholders of the adveran whole, as our Chairman bua point- Bexion with the affairs of the appearing amongst the assots, crons
I have seen this Com- rate of exchange between ed out, must not be regarded as Company,
pre unentisfactory. For this result pany grow from a very small namely investments, which stand Hongkong and Shanghai which in the balance sheet at cast vailed during the year. The ex was obtained in apite
of thing, from the time when Mr. $462,174.48. $459,700.07 of this change position rendered difcalt the very serious and con- Taggart first joined it, and I have in the cost of acquisition of the transfer of funds standing to tinued heavy depreciation In seen it grow into a very big or the Company's holding of shares the credit of the Company in Shang- exchange during the major por ganisation, la connexion with In the Grand Hotel des Wagons-hal- large portion of which retion of the year under review, with this I would like to make the sug- Lits, Ltd., which holding repre-presented the proceeds of sale of the all its consequential adverse gestion that it might be a good ronts approximately ninety per Majestic Hotel property to effect effects on the operating costs of thing for the Hotel Company to cent of that Company's issued reduction of its indebtedness in every department of our various concentrate their efforts in Hong- capital. The Hotel operated by Hongkong, without entailing a scri- establishments, apart from the kong. It seems to me that to run
Agure
The Glamour of Rhythm—"4711'
Blue and Gold Label
In those hours of social enjoyment, the enchanting fragrance of genuine "4711" stimulates and refreshes by its subtle radiance, Inhala It from the handkerchief, dab it on wrints or forehead when tired. In bath and wash basin, as an after shaving lobion, too, #4711"--this excollent and gengine. Eau de Cologne-acts like a revivifying chaams. For the immaculate tollet of the cultured woman there is the charming set of "4711" Beauty Aids-all recognized by the nonnenal "4711" on the familiar Blue and Gold Label.
824711
Fau do
Genuine Cologne