DOCK COMPANY OUTLOOK.
EFFECTS OF WORLD DEPRESSION.
SALARY “CUTS.”
ATLANTIC LINER COMPETITION,
SUBSTANTIAL FARE REDUCTIONS.
20-
London, Mar. 30. Close on the heels of an nouncement by the United States Line of reductions of twenty per cent in fares on several Transat-
announces immediato substantial reductions in passenger farce on
Atlantic vessels.
AII
North
Reuter.
It is a rather carious commen-antle liners, the White Star Line tary on exisiting conditions, tint this, one of the oldest and best equipped entirely_industrial con- rerna in the Far East, in common. with practically all other similar institutions the world over, should have again to pass the payment of a dividend, said Mr. J. P. Warren this morning, when, at the annual meeting of the Hongkong and Whampas Back Company, he blam- ed shortage of work, on account of worldwide gronomie depression, n one of the chief causes of a decrease in the gross profit for the
your.
Mr. J. P. Wargen presided, sup ported by the Hom Ms. J. J. Paterson, Messrs. Man Cameron, A, IL White, W. 11. Bell, P. A. Joseph, (Directors), Mr. R. M Dyer (Chief Manager) and Mr. E. 4. Hasie (Secretary). Sharehold ers present were: Mears. F. Austin, Shum Hip-tong. Wong Ping-nun. Lo Koon-hang, Chan Siu-hing, N. V. A. Croucher, and Iru it-cfe.
Chairman's Speech.
In proposing the adoption of the repert and accounts, the Chairman anld: The report and accounts having been in your hands for the prescribed period, I will, with your permission, take them as read,
ru-
THE HONGKONG
TELEGRAPII. THURSDAY, MARCH 31, 1932.
CEMENT COMPANY DEATH OF MR. C. A.
PROGRESS.
SOUTH CHINA TRADE EXPANDING.
THE NEW PLANT.
year was
HENDERSON.
WELL-KNOWN IN FAR EAST.
A large circle of friends in the Far East will learn with the deep- cat regret of the death, at Beech, Alton, Hampshire, of Mr. Charles A. Henderson for many years re-representative of Measrs, Charles Morgan and Co., Ltd., the well- known paper manufacturers, of London.
A satisfactory ported at the annual meeting of the Green Island Cement Co., Ltd., held in Exchange Building this morning. when h profit 83325,422.12 was shown, this being a very decided improvement on the 1930 Agures.
of
The late Mr. Henderson, who was 69 years of age, passed away on the 20th instant. From 1910 until some few years ago, when he had a serious illness in Shang- hal, leading to his retirement. he travelled in the Far Enst G.. Fant everywhere made
friends by reason of his cheery numerous personality. He was in Japan at quake in 1929, and was at the time of the disastrous earth- reported amongst the victims, but first
it later transpired that he escaped injury.
"All in Line" Probable.
London, Mar. 30. A conference of steamship.com- Mr. C. A. du Roza whs in the panies, twenty lines being
chair, and others present were presented, was opened at Brussola Messrs. H. Taggart, J. Scott this morning to conalder 'reductions Harston, R. C. Shewan, in Atlantic passenger rates. The Mendham and Id Tae-fong (Direc British companies favoured the re-tor), Mr. Allan Keith (Secretary) vision of rates and their sentatives have for
repre- and the following sharrholders:- some months Messrs. F. Austin, F. C. Barry, ben engaged in discussions with N. V. A. Croucher, M.A, Figueire representatives of foreign linen, do, Chiu Ho-ping, K. W. Wong, E. antoineethen by the conference of J.A.B. Silva, F. M. Ellis, 1. D. The newspapera foreshadow an M. Raymond. FAM. de Figueiredo, general reductions of approximate Sin. Yeun Yau, Leung Yan-chen.had ly twenty per cent. Hopes are on. Ling Man-i, G. A. Harriman, A. tertained that the reductions will [Zinnern, A. II. Carroll and F. E, stimulate tram-Atlantic travel dur. [Silvn. British Wireless. ing the coming summer season,
..
Saifsfactory Year.
The Chairman,, in proposing the adoption of the report and ne- Cenunts said :---The result of the
of
HARBOUR MISHAP. vars working in a profil
| $325,422.12 after providing for de- previation in the sum of $12,494.23 and paying for extraordinary re-conditioning certain of our old assets. This, I am pleased to any, is a very decked Improvement upon the figures for 1930.
DOCK FERRY IN COLLISION.
111R
While the Union Motorboat Co.'s The gross profit is $73,000 Jesseraft Australia was lying along- Business during the year under than last year, the difference beside Queen's Pier yesterday, with review. In particular towards the
ng mainly due to fluctuating, ex- its bows on to the Praya wall, it latter part of the period, change and shortage of work
became involved in
callision fairly satisfactory, and although account of worldwide economic with the Kowloon Dock ferry sales in Malaya have conditions. Stack in hand amounts nach Kowloon Shun-0 which, it slightly recently, due to the inel decreased to $2,132,131.63 e against $2.203, is allered, was endeavouring to get dence of the rise in exchange, our 091.86 at the end of 1930 and is alongside. Damage to the motor-trade in South China is showing valued well below
present | boal to the extent of $500 is market pricu.
ported by the coxswain.
יוh!1
The overdraft is about $550,000 more than in The previous year and is mainly accounted for by the cost of the completion of No. 1 Dock and lack of revenue. In- ferest charges are $50,000 more than in 1930 and the whole af anme this year
has been charged. It to No. 1
working, the extension Duck being now completeil,
After bringing in $300,000 from serve and writing off deprecia
GOVERNOR GOING ON LEAVE.
ACCOMPANIED BY LADY PEEL.
a Balisfactory expansion. In this connection. I think it should he mentioned that, despite the stimu- lation which has been given to our business by events in China, we feel fairly confident that we shall be able to hold the additional bus- ines in South China, obtained during the past year.
You will observe on the debit side of the Profit & Loss Account a sum of $2,170.33 amiler the head- ing "Repairs to damage by typhoon
Mr. Henderson was married, but no children. The utmost sympathy will be felt for the wi- dow in her bereavement.
FIRE DISASTER IN YUGO-SLAVIA.
HUNDREDS TRAPPED IN FILM STUDIOS.
Zagreb, Mar. 30.
town saw
Thin Yuko-Slavio hundrede trapped to-day by a fire, following an explosion in the
studios of the Star Film Company, which destroyed the main stair- case of a Bevon-storey building. sending fames leaping towards staff jumped from the second floor Many terrified members of the and were seriously injured.
The casualties so far are ascer tained to be two killed and 30 sent to hospital, but it in feared the tell will be much heavier.-Reuter.
BANK HOLD-UP IN AMERICA.
ARMED MEN DECAMP WITH $200,000. Minneapolis, Mar. 30. With machine-guns, shotguns H. E the Governor, accompanied Hok Un Works"; this is the only ton on buildings and plant, thereby Lady Peel, is going on leave item of an extraordinary nature and pistols to enforce their de- shortly and will be absent from and does not mean that we aremands seven robbers held up an the Colony for about five months. represents sums spent in repairs Western National Bank at
not insured agaimat this riak, bul outlying branch of They are travelling via Canada,elow the franchise stipulated by opening hour, and seized $50,000 leaving here by the Empress of Japan on May 6th.
the underwriters.
in cash and $150,000 in securities. The whole operation took leas than ten minutes.
is a balance at eredit of profit and loss of $5.415.88 which with 282.08 brought forward from last yrar, leaves $166.687.96 to be carried forward ta next weenunt.
Depreciation amounts to $130, 66.87 as against $143,018,50 and is considered ample. Your plant and buildings
in excellent | order and the upkeep of same ins been paid out of revenue. During the year We constructed eight amall vessels mostly motor driven, which have proved satisfactory to their respective owners.
Dividend Impossible.
There were no very extensive re- pair jobs, but we dry-docked over 600,000 tons of shipping. which considering the times is fairly satisfactory.
We have recently contracted for meme new "construction work which will help to keep some of our ship builders empired.in 1962, but cn- quiries for new work, particularly, f any aportance, are few and far between, and the competition for them is considerable.
best is being done to keep thin Company on its feet as going Concern on an economic basis with out impairing its emciency,
panies.
General Reserve Assistesi. Turning to the balance sheet, you will notice that the roserve for the new works at lok Un, which has been a famíliar item in The year under review has been nur balance sheet for many years. a must auxious and disastrous one lins now disappeared. It has been For most trading and industrial | the means of retaining in the Com- comebras, and probably none have any a part of the profits earned been hurder hit than shipping, in the past, and as the necessity shipbuilding and docking Com-f its application towards the cost of the new plant does not arise. It must also be rentembered that the amount thereof, namely, 3690,- the shipping industry in all its 000, has now been transferred to branches is at present suffering the general reserve, which will from the must severe depression now stand at $1 million. This within living memory, and the out-sum will, in future. be available look is all unpromising, and the for general purposes as circum- depression has broadened and stances may require, as will also deepened during the past year, a further $100,000.
Signs, however, are not wanting that an improvement may bo ex pected in economic conditions, es- peelally in Great Britain, and this Shouft assist matters.
the North
ito
The only clue to the men's identity is a hat containing a cleaner's mark, dropped by one of them as they decamped-Reuter's American Service.
It would no perlaps be out of plare here to express your Board's high appreciation of the work done by the whole of the permanent and special staff at Hok Un in cou ection with the erection and starting-up of the new works, and tour Consulting Engineer, Mr. Henry Pooley, for his efficient ser-
vices and advice. would also like to express our thanks to Mir. Turner, Messrs. Viekers-Arms- trongs representative, for his
valuable assistance.
The Board will be pleased to give an opportunity to share holders to inspect their under-
should you aures to the allocation of prolit propoyed by your Board, In ad- dition to the $11 lakhs, just re- ferred to, we have another amonul It is a matter of great regret to
of $127,578.59 under exchange your directors that it has been in-.
Tuo Optimistic.
reserve, which sum has been possible to declare a dividend since When addressing you from the specifically curmarked towards the taking at Hok Un, and the Secre the year 19244, but some of you, it chair last year I may have sounded reduction of the cost of the newtary has been asked to give all facilities for this purpose, by you have perused the Balancea rather too optimistic note regard plant, and will be so applied at a
appointment. Sheets of similar companies iing improved conditions in China, later date.
In conclusion, it will be of interest other parts of the world, will, 1 am bust you will
Expenditure on new plant sure, not be too pessimistic of the troublous period through which we sheet, amounted to $2.257.157.14, Board appointed Mr. R. Taylor through the has to the chefs to shareholders to know that rest have been passing, and how and this large sum, as also im.o the substantive post of Warks Out of a world tutal of vessels | very
difficult il is to fore-
Manager on the 1st February last. portant amounts on other assets, Mr. Taylor has been acting in future, and We have been met out of our re-
sources except to the extent of the that cannelly since Mr. Arnott's overdraft with our, bankers, Whist retirement, and has proyed him- elf to be a sound reliable man on this subject. I would mention and will, I feel certain, be an as- producing cement on the 9th Oct to the Company. that the plant netually Atarted I would like to thank the staff.tober Inat year, and was taken
future of your Company.
lid up of 10,500,000 gross tons no east k:༥s
for
than 4,500,000 deadweight can only hang on and hope tons of British shipping alone is better times and take heart in the now lying idle in home ports, which knowledge that in the Dock We sets speak for themselves, and it have a splendidly equipped machine, only needs a small portion of this which will enable us to tackle any shipping to be relented and pro- thing that comes along. fitably employed to make the grent- est possible difference to our earn- ings.
a dividend
It is rather a curious commen- tury on existing conditions that this, one of the oldest and best equipped entirely Industrial con- comma In the Far East in common with practically all other similar in- stitutions the world over.
should have again to pass the payment of
Salary "Cuts," During the past year it became apparent that our carning power was not strong enough to cover our overhead and certala economies wore put into force which have re- flected themselves in the last quar- ter's working. Even these were
to ask.
The Dividends,
both European and Chinese, for over by us from the contractors There being no further matters
on the 22nd Jaruary, 1932. As to which their loyal and efficient service dur the plant was actually producing will now formally propose that the ean usefully refer, I ing the year, and also for the in October last, your Board deem- Report of the Directors and the spirit in which the reductions ined it advisable to commence al-Accounts for the year ended 31st salaries have been accepted.
I do not think there is anything that date, such depreciation being adopted and that the appropria- lowing for depreciation as from December, 1931, as presented, be more calling for comment and shown in the balance sheet in the tions recommended by your Direc now beg to propose the adoption of
NUT of $43,370,61. The next tors, namely, to pay a dividend of the report and accounts, as pre-instalment of our debt of £125,- seconded, I will be pleased to ans Ltd., will fall due in February, ets. per share on the new shares, sented, and when this has been 00 to Mesura. Vickers-Armstrongs, &180,000; to pay a dividend of 6 45 cts, per share on the old shares,.
wer to the best of my ability any 1933, and the balance at regular $21,000; to place to General Re questions shareholders may wish intervals thereafter. Before leay-serve, $100,000; to place to Re- ing the subject of the new plant. serve for staff passages, $10,- The report was seconded by the I would like to draw your atten-1000; to carry Hon. Mr. J., J. Paterson and ear-tion to the fact that the cement Account, 399,843.88; be carried in- forward to New rier unanimously.
produced therefrom amply passes to effect. I shall be obliged if n the 1931 British standard specl shareholder will kindly second Austin, seconded by Mr. Wong which specification is wry much tions in connection with the re- On the proposition of Mr. Ffication for Portland coment, this proposal, after which, ques- not considereul sufficient and fur- Hon. Mr. W. H. Bell were re-elected decessors.
Ping-gun, Sir Robert Ho Tung and strileter in every way than its pre-port and accounts may be raised. ther cuts have been made in Ster- Directors, wille on the motion of
Mr. E. M. Raymond seconded the ling Salaries which, together with Mr. Chan Sul-hing, seconded by
adoption of the report which mo- the previous reductions, should re- Mr. Lo Koon-hang, the appoint-
tion was carried unanimously, duce the overhead by approximately ment to the Board of Mr. Law- Hok Un, manufacture of cement Barry, noconded by Mr. F. Austin,
With regard to the old plant at
On the proposition of Mr. F. C. $250,000 per annum.'
rence Kadoorie and Mr. This of course has meant con-Joseph, was confirmed.
F. A. therefrom will be continued as Mesars. L Too-fong and C. F. alderable sacrifices on the part of Mosoro. Lowe, Bingham and Mat-after which the question of itstors, while Mossrs. Linstead and long as the present demand exists, Mandham were re-appointed Direc- our sterling anlaried European thews, and Mesars. Porcy Smith, diamantlement and its replace Davis, and Mosers. Lowe, Bing- staff, and while regretting that we Soth and Fleming were re-appointment by a third modern unit, simi-hum and Matthewa, are not in a position to pay ed auditora on the proposition of lar to the two units recently fuglected auditors on the motion of dividend, your Directora trust that Mr. N.V.A. Croucher, secondod by stalled, will no doubt have the Mr. N.V.A. Croucher, seconded by shareholders will realise that the Mr. Shun Hip-tong.
full consideration of your Board. Mr. J.A.B. Silva.
Other Business.
Efficient Staff Work,
wero TI
RADIO BROADCAST
CHILDREN CONCERT FROM
STUDIO TO-DAY.
Radio programme to be broadcast by Z. B. W. on a wavelength of 955 metres. (845 K.C.'s),
G.00-8.00 p.m. 'European gramme.
pro-
6.00-5.35 p.m. Operatic. Damination of Faust-Rakoczy March
(Berlioz). Dance of the Sylphen (Borlioz).
Sir Hamilton Harty conducting the Inllo Orchestra. 2009. Frederien-Love Will Kiss and Ride
Away (Pepper and Lelar). Frederica-Little Rosen, Little Flowers
(Pepper and Lehst).. Len Seidl (Soprano) with the Prince Thentre Orchestra. DB269. Faust-Prelude (Gounod). Faust-Vaing (Gounod).
Allan Symphony Orchestra. 987A. Il TrovatoreAct 1, Finale (Verili)-
"There, Oh Wonder!" Glanna Arangi-Lombardi, Francescu Merli and Carlo GaleЛli. Rigoletto-Act 1, Scene 2 (He Laid n
Father's Curse on me) (Verdi). Carlo Galem and Ernesto Dominici, L250. 5.35-6,05 p.m.
Children's concert from the studio,
0.05-6.30 p.m.
Quartet in F Major (Deathoven,
Op. 135).
Pinyed by the Tener String Quartet. L1018-L1920, 7.00 p.m. Stock quotations: Mail notice,
6.30-7.15 p.m. Variety. Song-Just One Hour of Love.
Irene Bordoni (Comedienne). 57:6, Vocal Duet-Recollections.
Layton and Johnstone. 5004. Orchestral-With a Song in my Heart-
Symphonic Rhapsody. Court Symphony Orchestru. DXG3, Yodling 5 Malehe (Milking).
?
Edelweiss Yodlers. 5643. Humorous Sketch-Buying a Gun.
Harry Grattan and Hornce Percival. DX278. Vocal Duct-We'l Cling Together.
Norah Blaney and Gwen Farrat. DB121. Old-Time Medley-Harry Champion. Harry Champion (Comedian). DX289.
7.35-7.35 p.m. A Concert. Viola Solo-Prelude and Allegro (Pugnani arr. Tertix).
Lionel Tertis. DX313. Song-A Fairy Went A-Marketing
(Fyleman and Goodhart). Dame Clara Butt (Contralto). PB5. Organ Solo-Estrellita (Ponce).
Emil Velazco, 'DU85. Song-Mary, My Mary (Dowdon and
Leslie). Song-Best of All (Lemeine and
Lestle).
Hubert Fladell (Tenor). 5080. Violin Solo-Waltz in C Sharp Minor
(Chepin).
Bronislaw Huberman. LX137, 7.35-8.00 p.m. Orchestral. Homage (Wagner).
Sir Dan Godfrey conducting the Symphony Orchestra. L2002. The Seasons Ballet (Glazounow).
Alexandre Glozounov and Orchestra, LX20-LX30.
Dance of the Flowers (Delibes).
Lucerne Kursaal Orchestra, LX30. 8.00 p.m. Local Time and Weather Report.
8.03.10.30 p.m. from the Studio.
Chinese Concert
10.30 p. Rugby Mid-day Press News.
10540 p.ht Close down. All records in the above European programmes are kindly supplied by Messrs. Anderson Music Co.
HONGKONG SHARE
MARKET.
OFFICIAL SUMMARY BY STOCK EXCHANGE.
The market opened with general enquiries for most of the investment section, but the volume of business somewhat restricted, owing to amall offerings. Here and there, rates were slightly marked up.
Soles.
Was
Hongkong Banks $1,475. Hotels $13 Cum. Rights. Hongkong Lands $77. Hongkong Trams $21. H.K. Electrics
$72/73.
Hongkong Ropes $17 Cum. Div. Dairy Forms $28%.
Watsons (Rights) $3. Constructions (New) $1.95. Govt, Loans $36% Premium.
Buyers.
Hongkong Banks $1470. Union Insurances $450. Douglases $27,
Benguets $12%.
H.K. & K. Wharves 8142. Providents (Old) $44 X. Div. Providents (Now) 32
Ching Lands $70%.
Estates $06.
Hongkong Tarms $21. H.K. Electrics $73.
Macho $24.
X. Div.
Cements (Combined) $18.90.. Watsons $164.
Watsons (Rights) $3. Lane, Crawford (Old) $64. Sinceres $164.
Amusement $20.80. Constructions (Old) $0.15, Constructions (Now) $1.00. Govt, Loans 3% Premium.
Bellers Ewo Cottons Tis. 16. Star Ferries $9236. Yaumati Ferries 307. Telephones (P.P.) $24. Malabon Sugars $22,
Hongkong Ropes $17% Cam. Div. South China Enterprises $10. Govt. Loan 4% Premium.
We have received a
New Shipment of "VAN HEUSEN" Semi-Stiff Collars & Shirts. They are now showing in new shapes at reduced prices.
"Van Heuzon" Shirts with collara attached in White, Blue
Guaranteed Unshrinkable
Biscuit. and most economical in, woar.
Call and let us show them to you.
WM. POWELL LTD. Specialists in Gentlemen's Wear. 10, ICE HOUSE STREET.
and
ARTS & CRAFTS LTD.
FOR
INTERIOR DECORATION
HAVE YOUR APARTMENT TASTEFULLY DECORATED
BY
"MODERNE" SPRAY PAINTING METHOD
IT COSTS NO MORE ALLOW US TO ESTIMATE
ARTS & CRAFTS LTD.
4A, DES VOEUX ROAD
TEL. 24173
LIPTON'S FAMOUS
GREEN
TRY LIPTON'S NEW PACKET TEA CEYLONTA
FROM ALL COMPRADORE STORES
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for
GOOD GIMLETS
Sole Agents:-CALDBECK KACGREGOR & CO., LTD. (Incorporated under the Companies' Ürdinances of Hongkong.j
Teli
Prince's Building, Ice House Street.
2007%