+
L
MENTHOLATUM
Stop Crying!
Use MENTHOLATUM and it will quickly relieve the pain and heal the affected parts. Soothing,cool- ing and healing, MENTHOLATUM is a household necessity for treat ing many illa, as cuts, bruises, insect bites, headaches, burt,
skin affections, etc.
Refuse the many worthless imitations
inalat wa the genuine MENTOLATURE.
SAFEGUARD YOUR FUTURE WITH A-
Life Insurance
Policy
Suggestionsand Particulars.
frum-
SALARY CUT RESISTED BY GUILDS.
THE HONGKONG® TELEGRAPH, WEDNESDAY, JUNE 17, 1931,
Dieuli Problem,
Chinese Immigration Restriction It was the earnest hope of your frency Reservo to cover the loas on Ordinance of 1928 in the Federat- Directors that the staff would ap-Revenue Account, leaving the aum ed Malay Statos.. I would here ex-preciate the existing difficulties of £497. 18 2d. to be carried for- plain that owing to serious unum and realise that for a period of ward to the year 1981. With re- ployment in the Straits the Govern- nine months a concession had gard to depreciation written off for (Continued from Page 1.) ment of Malaya found it necessary been granted them which had the year 1930, the Company's Budi- to restrict immigration and under entailed " very considerable tore lave drawn the attention of also subjected to attacks by 0- this arrangement our Company, additional expense upon the Com- your Directors to the book value of called Communists or bandits together with others engaged re-pany during a time of acute trade the 'fleet which is considerably ashore
gularly in the cuolle passenger depression. Morcover, it must above present day valuea and they These conditions necessitated ar- trade, was not allowed to carry not be overlooked that other are of the opinion that part of the rangements whereby, with the an more than a specified quota of shipping companies in various reserves should be allocated in fur- sistance of II. M. Navy, British male emigrante per month. These parts of the world had been comther capital depreciation of the ships on the Yangtare were provid-restrictions are still in force and sa polled to reduce the salaries of fleet which is valued at cost, less ed with armed guards and this, to the coolie passenger trade to Sin- their staffs, and this without the depreciation based on the life of the gether with the protection afforded gapore and Penang forms an added handicap of depreciated various units, by foreign gunbonts, enabled trade | important part of our business to silver; in the case of the Indo- to be carried on.
those ports the effect of the China Steam Nav., Co., however, restrictiona has been a sorlus the same sterling salarles are decline in our passenger earnings. being paid to-day as were paid as When addressing you last year far back as 1919, and other con- referred to the tendency of Port cessions such an Home leave pay, Authorities to increase their return passages for husbands, charges without due consideration wives and two children up to the of the fact that shipping was pass-nge af 17 years, subsistence allow ing through a period of great de-ance, married men's allowance, pression, and I indicated that such safe navigation bonus and pen- efforts to increase revenue might stons still continue. have the opposite effect by atifing shipping enterprise and industry. regret that despite combined efforts to avoid such increased charges the year under review hos brought further financial burdens in the shape of, drastic surveya and higher scales of charges for buoy hire, light dues, Sunday and holiday permits, etc.
H. M. Forces Thanked. In his connexion. I would onco more express the Com- pany's keen appreciation of the valuable help afforded by His Majenty's Forces
during Another year of
exceptional handf- caps, and without which both lives and property would have been neri ously endangered and the operation of
merchant tonnage rendered well nigh impossible. I also take this opportunity of conveying to the Company's floating and shore staffs along the Yangtaze our grateful thanks for their loyal and willing co-operation under very trying conditions.
Exchange Slump.
The Guilds Object. The Gulids, however, considered, that the reduction to 1/5d was too drastic a cut, and requested that the Company should revert to the basis of half at 1/9d and half at current rate. This, however, did not effect the saving desired, the current rate having fallon to лв low as 1/- and even less. Negotiations are still in progress The serku decline in the value in connexion with this matter and, of silver has had a disastrous effect in the interests of the Company upon the results of last year's work-and the men themselves, I caraest- will ing, the average rate of exchange ly hope that, wise counsels for the year 1930 being 1/4.11/324, provail and a friendly conclusion as compared with 1/1911/160, in be reached. 1929,
So that the position
may be clearly understood i would explain that the Conpany's earnings are mainly in depreciated silver, where
I need scarcely add that no-one more than the Directors and the General Managers, regrets the necessity for the reduction na they have a very real apprecia
To add to the difficulties already mentioned the Company suffered severe loss resulting from the out- rages committed at Yochow and Changsha in July by Chinese cor- munists or bandits, styling them #elves as "The 5th Red Army". when the Company's Lug Shanwo nad
the bulk Changtee were louted and burnt,-the latter beyond re- pair, and cargo in godowns wh tonly destroyed. Here again . M. | Navy rendered valuable assistance in protecting the lives of both Chinese and foreign subjects. as a farge proportion of its ex-tion of the effect it has upon all Claim for losses incurred have penses, such as Home leave pay, concerned, none better than the heen duly forwarder, through passages, pensions, European latter's staff which has been on a ofile in channels, to the Nanking Heating Staff wages, insurance of /fiti trasis since last Septimi Government, and i trust a settle the Beet, ete., are in sterling or Present conditions. of shipping ment will be pressed as strongly based on sterling. it can. there and trade generally, however, aro A possible.
fore, be seen that the effect of a such, and the future On at Metions of the river, fad in exchange is to increase certain, that drastie economy in keen competition was experienced expenses without benefiting earn. vital necessity. throughout the year, and tradeings which depend on the state of was seriously interfered with on the freight market. the Tehang-Chungking Line by strike of Chinese pilots, which duated from February until May, during which time practically all stenners merating on the tipper Yangtze were unable to ei
Chinese Uures!. The continuance of elvil [fare in Chimà has
Mource
tween
CHINA UNDERWRITERS, LTD. tang. Uncertainty
i
90 un-
To offset as far as possible the increased outlay due to low cx-
Now, Gentlemen, to reduce book values with a view to bringing them down to the level of present market, or realisable, values pre- senta a very difficult problem for the simple reason that the latter are practically non-existent, due to the enormous amount of Idle ton- nage in the world, and such values would, therefore, only be based upon unreliable or fictitious CA- timates. This vury point aptly covered by one of our learn- ed Judges at Home only quite re- cently when he expressed his views somewhat as follows:-
እየበዛ
"That nobody could have sat in the Winding Up Court during the last eighteen months or two years and dealt with the affairs of Ship- ping Companies without being well nware that the estimated value of 4 steamship, even if a new one, bore little relation to the figure it would realise at a forced sale." Further to illustrate the difcul- ties attached to this important question, it is of particular in-
terest to refer to recent statistica
to
OUR BRITISH
Across
13
20
130
1 Worth something in Southern Europe planted with a vegetable border.
4 Might with Bome justice be
termed a chapel of ease.
9 This jolly little kid always han
something young about her. 30 Spendthrift.
12 To do this Implica violence, though most of it sounds quies- cent enough.
See that "Cats are in" "(anag.). 16 A fish that is good enough this
wny. per 16 Precinct tightly shut up.
17 In addition, but not in substrac-
prepared by the British Chamber of Shipping which, according Home papers, showed a 336 cent. Increase in laid-up tonnage in British ports alone during the year 1930.
tion.
The figures reveal 21 First person, but not according striking evidence of the extent of
to grammar, the world-wide depression in trade by the fact that on January 12th, 1930, the idle ships in British ports totalled 189 of 365,429 net tons,
whereas by January 1si 1931, this figure had risen to G55 idle ships of 1.593.247 tons..
Remarkable Figures.
28
deceives.
24 The puppy's opinion of this approaches aura of D.O.R.A. 27 Prime component of an elixir. A past gives the glad eye and Insects' puppyhood, so to sponk. Skin and water in Ireland in what a soldier goes on. A squeezed
jemon *ሰብ። 11 necessity to this game.
32
Respected by belligerents (tw words).
tree.
Down
The British Chamber of Ship change, tariff rates of freight, as ping's most striking estimates, how-4 well as passage rates, were lu con-ever, according to these reports, junction with other Conference are those relating to the total gross 35 Island that suggests a mournful - Lines, raised whenever and where-tonnage laid up throughout the ver possible. Strict attention has world, which on January 1st, 1931, been paid to rigid economy, and was estimated at 8,405,000 tons, or every possible effort -mide--to expressed in deart weight or total reduce expenditure to an absolate carrying capacity no less than minimum.
12,008,000 tons. These are re- markable figures, gentlemen, und you will appreciate the dimculty under present conditions of trade
what a ship is actually worth to-
of
1.Select something for your lamp
in Dickens.
2 A matter of bones. JA legal document (hyphenated).
STICKERS
A man had a
-4FT
high, four feet wide window four feet as shown in the dia- gam. He decided to nail up half of it and when he did so, he still had a square window four feet high four feet wides Can you figure how this would be possi Ele?
CROSSWORDS.
A healing acid.
7 Homeward course of the reveller.
B Show companion. 11 Growlers.
"
14 "I hope Grant won't feel lone- rome without Heter" (hidden). 18 Unnecessary when Man Friday
learned English.
19 Feature of the Nordic races. (two
words).
20. Beats.
22 Many Turks so named in Adalia. 23 Part of 12 across.
26 Beetle just short of a bargain..
20 Not at all nice.
29 E., Romeo.
130 An old-fashion drink.
Yesterday's Solution
"ON O S B. QUESTION EOUHO P PUGNOBE RESIDUE LANIT FEX EURO SIGNS ARE A AVNE DS E G SUSPEND (SSEDLOG E
NUCLEUM TRAMGARĮ TO LUE HA A EDWD SPAKE SPOT JEFE WAU E TOLLAGE INCITED TEUNT A
| APATHETICALLY
Yesterday's Solation
HOT TEN TOT
The diagram shows how 13 lines (one- diagonal and 12 horizontal) were added to 13 vertical lines and thus made to upeli the three words, HOT, TEN and TOT,
or the one word HOTTENTOT.
With regard to the salaries of the European floating staff. I mus: explain that these were paid up to 30th June last on a basis of half | að 1/98. and half at current rate. In the early part of June last year the China Const officers' Guild-and the Marine Engineers Guild of China appreached the China wavi- again bewgation Co. and the Indo-China
Fleet Items. of keen regret and has Steam Navigation Co., Ltd., re- Due to her genera! unsuitability greatly restricted the movement of questing that the sterling rates of merchandise to and from interior pay should be converted in full. quirements, and the prohibitive of arriving at a true estimate of
for the Company's present day re- points. The situation has been from the beginning of June, at the cont of reconditioning, the 3.5. ably reviewed at the recent exchange rate current on the last Mingsang, a vessel 24 years old,day. The question is certainly one naal meetings of the Hongkong day of each month. As silver was and Shanghai Banking Corporaatill declining in value this request, ly, at a loss
was sold in August-unfortunate-of great importance to all Shippion tion and the Hongkong General which would have entailed very To retain her would have entailed giving their careful consideration on her book value. Companies, and your Directory are Chamber of Commerce. I am sure heavy additional expenditure, was you will share with me the keenest one which your directors, after duespect of employing her to ad- Auditors.
a heavier toss, and with no pro-to the views put forward by the disappointment that when hopes consideration, felt could not be vantage your Directors considered were raised
Very recently the General Muna: and confidere granted, and lengthy negotiations it advisable to diapose of her at gera received a telegram from cer- strengthened by the reported gen-ensued with the result that it was the best price obtainable.
tnin influential shareholders at eral agreement in the autumn be ultimately agreed by the two Com The new River steamer Paowo, Newcastic-on-Tyne, who, being Marshal Chang 11such-pales to pay the salaries of their built by the Shanghai Dock and quite naturally alarmell at the liang and the Nanking Govern European floating staffs on a basis Engineering Co., was launched at year's showing, advocated drastic ment, the situation has now taken of half at 1/08, and half at cur Shanghai in August and since éom-retrenchment. The another 'tura for the worse aris rent rate, commencing from
suggested are Int mencing her employment on the economies a reduction ing from the dispute between the July for a period of six months, Shanghai-Ichung Line has proved a Management Commission, Direc- Nanking "Government and thee.. until 31st December. 1930, at valuable nequisition to the Com-tors' fees, and all salaries. Canton section of the Kuominthe end of whien period the ques-pany's fleet. Apart from her masi
Important Points. 18 Lo the tion was to be reconsidered.
satisfactory cargo currying facill- future is once more affecting busi-
not clear to me whether Extension Asked.
ties she has excellent first-class and these shareholders realise that the ness, and I fear the niuch longed
On the 4th December the Guilds intermediate accommodation which office staff on shore are employed for period of peaceful trading is asked for an extension
of this should appeal to the travelling pub- by the General Managers, not the still very remote.
Indo-China Steam Navigation Co., From these remarks, sharehol-arrangement for a further period lic
of six months. Your Directors With the exception of the regret and are paid out of the Commission ders will realise that due to the
Business Mattera, causes mentioned the earnings on seriously concerned on
this time table stranding of the a. Kutsang.referred to, in sterling at 1/6d. increase in their annual fee.. however, by
account putside Hongkong on 17th Decem-Further, I must emphasise that work attached to auditing the Com- jour. Vangtsze Ficet were
Mr. F. C. Hall proposed, and of the further fall in exchange as depleted during the year ander re-well as the absence of any sign of from
ber Inst, the Company was free whore property is owned by the pany's accounts is considerable, in-Mr. A. Piercy seconded, the re- serious necidents,, and al-General Managers and some small volving supervision in Hongkong, election of Mr. A. H. White to the view. In other directions our re-improvement in trade conditions, though I have already made special Agencies are kept open at a useful Shanghai and Londen, and, due to Board of Directors, this being Rular services were on the whole and whilst fully realising that reference to the Company's em loss purely to further the Indo- low exchange, the Auditors well supported.
uest carried; and, on the drop by ton not only the members of ourployees serving on the Yangtsze I China Co.,'s interest. I want it compelled to make this request of Mr. Ho Leung, seconded by In the Southern Charter Trades, lontifig staff, but practically desire also to thank all members of However, business throughout the everyone in the East was affected the Company's staff, both ashore realised, however, that the General Your Directors consider it is a rea-M. H. Lo, Mr. John Fleming, and year was in a very depressed con- by the declining dollar, they felted and afloat, for their loyal co-opera- Managers are by far the largest sonable one, and therefore, recom- Mr. A. Ritchie were re-appointed
shareholders.
mend for your approval that the an-nuditors at a remuneration of altion, tonnage being greatly in ex-and with their decision I trust tion during an admittedly ifficult
The present Directora Fees are nual fee of $5,000 be increased to 86,000. cess of demand and with little or no
£1,600 per annum, divided between $6,000 for the current year. prospect of improvement, several you will agree-that so far as the year.
Indo-China S. N. Co., was
Year's Losses,
the Members of the Board. The
Hon. Mr. J. J. Paterson was sup- German and Norwegian steamers
I now beg to move the following were withdrawn from the Coast cerned, the utmost that would be
Turning to the accounts, it will Directors have decided to reduce Resolution:That the Report and ported by Hon. Mr. C. G. Mackie an extension for be seen front the Revenue Account their fees to £500 for the current Statement of Accounts as present and Mr. A. H. White (Directors), and a large amount of tonnage laid granted was
three months only, i.e.. until 31st that in addition to the loss on work-year and to continue to accept such ed, be adopted, including the Mr. D. V. Stevenson (Solicitor) www up at both Hongkong and Singapore, March, 1931, of the arrangement ing of steamers, amounting to £16, reduced remuneration untli general transfer of £138,000 from Contin- and Mr. E. F. Aucott (Manager).
Towards the end of the year the then in force
157 18, 3d. Floating Staf Pensions, conditions improve. Salaries have gency Reserve to Revenue Account, Shareholders present charter rate from Saigon to Hong-
On 25th February last, the Com-and interest show an increase in been dealt with elsewhere in this and that the sum of £497. 18. 2d. Messrs. A. Piercy, A. M. da Silva, keng was as low as 10 cents per pany accordingly notified the staff 1930 of £1.238. 0 6d, and £5.891. 7.
be carried forward to next year." R. E. Macdougall, A. Murdoch, J. picul
and the Guilds that on and after
Dd.
respectively over the 1920speech.
I do not think there is anything As soon as this has been seconded Fleming, T. T. Laurenson, M. H. F.M.S. Immigration.. 1st April, 1931, or as Articles ex-gures. After allowing for depre- clae of importance which I need I shall be glad to answer to the Lo, Ho Tang-yang, Fung, Hun, This acute depression was in-pired, salaries would be paid in cintion and liabilities, etc., it has comment upon, except to mention best of my ability any questions Shan Wing, Ho Shai-kit, Ho Leung, tensifed by the striet enforce-full in Hongkong dollars on the been found necessary to transfer that the Auditors have recently re- which shareholders may wish to..Baptiste, F. C. Hall, and Chuf meut, from 1st August; of the basis of 1/6d, exchange,,
the sum of £138,000 from Contin- quested your sanction to
an in- 'ask.
!Sul-nam.
Hongkong Bank Building, Telephone 28121,
METALS
of all kinds especially for ship-building and engineering work. Complate stock. Best Terms, Immediate delivery,
SINGON & CO ESTABLISHED A. D. 1930.
Telephone: 20515.
HING LUNG ST,
ASSEUR R SHIMIDZU,
MA
ASSEUSE 9. HONDA, ASSEUSE 9. KISAKI.
years of
Recommended for many Government Civil Hospital, Peak Hospital, etc, and by all the local doctors.
24, Wyndham Street Tel. 24946.
of
NEW
DISPLAY
A Large Assortment
of
BATHING CAPS
and
SHOES
THE PHARMAGY Asiatic Building, Tel. 20845-
much
were,
con-
FRECKLES AND HIS FRIENDS
"THAT WAS A RIDE !! NEATEST LITTLE PONY
I EVER SAW... ITS YEUR TURN, NOW.......... JUST TRY IT!l en
LETS GET SOME OF THE KIDS AND DRIVE OVER TO JINTOWN....IT'S
ONLY A COUPLE
MILES!
It is
All Set!
WHY DON'T YOU GO ALONG, OVER TO JUANTONIN, ANITH SOME OF US KIDS, RILEY? GEE, THAT
WILL BE A DANDY
RIDE!
THANKS, FRECKLES, BUT I HAVE TO GET BACK TO HEADQUARTERS.... MY PLANE WAS READY YESTERDAY AND I'M A DAY OVER- DUE, THE
WAY IT
15.
The
Hon. Mr. C. Gordon Mackie seconded, · and the report and accounts were unanimously näopt- ed.
By Blosser
SO LONG....HAE A GOOD TIME WITH LINDY....
I'LL BE SEEING
You...
AND SO THE Boys GET READY FOR A
"TRIP OVER TO JINTONN, A
DISTANCE OF SEVEN MILES
•
were:
Page 5Page 6