THE HONGKONG TELEGRAPH. WEDNESDAY, MARCH 21, .1934.
ROOSEVELT RECOVERY
COLONY'S TRADE DEPRESSION
CHINA PROVIDENTS' EXPERIENCE
FALLING OFF OF PROFITS
The substantial reduction in the Colony's trade during 1933, revealed in reduced imports and exports all through the year, explained the smaller profits of the China Provident Loan and Mortgage Company, said the chairman, Mr. C. A. da Roza, at the annual meeting of shareholders at noon to-day.
Before the meeting started, the, the reduction of the amount shown Chairman reforred with great reas outstanding in Loans. gret to the loss sustained by the During the year, we have been Company by the death an old fortunate in obtaining further servant, Mr. A. Alves. Their deep liquidation of certain of the old sympathy was family.
The Secretary and Manager (Mr. D. L. King) having read the nollee convening the meeting, the Chairman said:
extended to the Loan Accounts which have been the subject of our particular at- tention since the year 1925, and the reduced figure which is now shown ropresenta
practical elimination of all such old ne- The Report & Accounts. Certain now business was In your hands arranged during the year, the bulk
I propose, of which has been repaid. ake them
SION.
ور
profits for the Docember 31st, 1933 Tovitablo result of the noral "trade depression which has made itself felt so extensively In the Colony during the year, ocensioning, as it has, a serious reduction in the total volume of imports of those cargoes on which
We so largely rely for our storage and shipping revenue.
serve previously provided.
SPECIAL RESERVES.
CHINA FLEET CLUB
OFFICIAL OPENING
CEREMONY
11
PROGRAMME SERIOUSLY MENACED
Labour Struggle for Recognition of Unions
THE COMMODORE OFFICIATES
An
ENTERTAINMENT
CO. MEETING
SATISFACTORY YEAR
REPORTED
EXCITING PRAYA GALE SCENES
(Continued from Page 1)
vessels in the expectation of an extremely rough time to come. They created a terrific din particu A net profit on the year, after larly on the waterfront at West Tho new China Fleet Club, writing off $26,562.71, of $63,478.- Point, a chattering, excited crowd replacing the Royal Naval Canteen, 79 was reported at the annual as they compared notes and pre- Wanchai, was oficially opened with meeting of the China Entertain-vious experiences. a golden key by Commodore Frank ment and Land investment Co..
at the Company's SMASHED AGAINST SEAWALL. Ltd., hold Elliott, O.B.E, IN, this morning, in the presence of a large and flees, King's Theatre Building,
Nor were they mistaken, for representative gathering of officers this morning.
There were present Sir Shouson drove the hundreds of lighters and when the gale finally broke, It and ratings.
Chow (chairman), Messrs. Chang
sampane with terrific force against The building,
imposing Fat, Li Jowson, George Y. Sun the sea-wall. A number of sam- structure designed by Messrs. Chang Kwal-lin, Liang Chi-hao, Leigh and Orange, architects, in Yau Kwad-lap, K. C. Chang and pangit la not yet known exactly how many-overturned or wore fivo storeys high and Covers a Chang Kwal-chong (Directors)
wrecked. ground area of nearly 20,000 Mesars. Harry Chong, Li Lin-chee, was laid on January 11 last year Hong So-viu and Dr. E.W.J. Sun crew watching tensely from the At least one very big lighter square feet. The foundation stone Law Tat-kwan, Chang Kwal-ya, was shattered to pieces, with its by Admiral Sir Howard Kelly." (shareholders),
The Malkin floor and wall tilea effect throughout the building were which have been used to good supplied by Messrs. C. E. Warren & Company Ltd., the being responsible for the whole of the Terrazzo work.
same Arm
Erected at a cost of a million- and-a-quarter dollars, there is still an overdraft of $460,000 with the Hongkong and Shanghai Bank to
be met.
GOLD KEY
CHAIRMAN'S - SPEECH.
PRAYA SCENES. There was ample evidence along
the Prays at West Point this morning of the effects of the gale.
of
STRIKE SPECTRE IN AMERICA
PRESIDENT APPEALS FOR TRUCE
MILLIONS MAY BE AFFECTED
(SPECIAL TO THE “TELEGRAPH”).
(By Telegraph. Copyright, Telegraphia Messages Ordinance. 1894. Received, March 81. 10 m.)
WASHINGTON, MAR. 20. THE GRIM SPECTRE OF LABOUR STRIKES ON A HUGE SCALE, SUFFICIENT TO THROW THE WHOLE OF THE PRESIDENTIAL RECOVERY MACHINERY OUT OF GEAR, LOOMS OMINOUSLY OVER THE UNITED STATES.
Three great sections of workers-the motor-car factory employees, the steel industry employees and railway workers-involving over a million men between them and directly affecting hundreds of thousands more are threatening to down tool to assert their demand for recognition of the Federation of Labour and more pay.
The labour unrest, commencing in Detroit, is spreading rapidly to many widely separated sections of the country, including the Pacific Coast, notable at San.. Francisco where the longshoremen. are scheduled fo strike on Friday in the event of the failure of the operators to recognise their union.
Praya, and a harbour, buoy was torn from its moorings and torpedoed with terrific forco Str Shounen Chow, moving the amongst the hapless craft, Anally adoption
of the report and ac- coming to rest at a point near aald: Gentlemon, The Holland Street. counts
Scores of lighters 'suffered "eport and balance sheet of this Company for the year ended 31at damage and many insurance December 1933 together with the claims wore presented this auditors report, have been in morning. vour hands for some days and with, your permission I will take them as read. In the profit and loss account the balance from the Working Account shows A croase in the net earning of the Wreckage of junks and other The Commodore was accompanied Theatre as compared with the craft was plied up high along the You will noto the transfer to by his Secretary, Pay-Comdr. F. R. preceding year, mainly owing to seawall, whlist timber cargo from the credit of General Reserve Ac- Portor, and prior to declaring the the adverse economic conditions several wrecked boats was float- count of ~gmall excess of Re-building opened in the name of prevalling last year. The offices ing about in large quantities.
Admiral Str Frederic Dreyer, and shops in the King's Theatre
Junk people were also to be Commander-in-Chief of the China Building last year, I am pleased een cruising about in sampans Station, paid a tribute to the to say, were all occupied and salvaging what little they could. architects. Messrs. Leigh Orange, who had constructed the ely $7,000 per month excluding aides the boats actually wrecked, and brought in a rental of approximat from their lost belongings. De-
cupation within one year, which plant worked spendidly through-logged, and building and completed it for ersten and taxes. The cooling there were numbers badly water- Bix of these were surely was a record.
out the summer months. Stage towed away from the vicinity of well cinema Jardine's wharf during the mor- Commodore Ellott was presented performances with a gold key with which ho shows were presented last year, ning.
During the forenoon, a roport opened the door. The key, design-with much success, and many well.
known English and American was received that a junk had been Naval Crown head, was inscribed we have a much stronger Hne-up with a woman clinging to the WARNING TO RAILWAY DISPUTANTS
films were screened. This year sighted in distress off Waglan, of high class Alma.
wreckage. No. 4 police launch The net profit for the year, was immediately despatched to mounts to $63,478.70; and, with a rescue. after writing off $28.552.71 the scene, in the hope of effecting
President Roosevelt to-day issued the motor-car industry pending forward from the previous year, $7.898.82 being balance brought
a grave warning in a letter to the a conference in Washington to re- When nearing Hongkong from railway managers sad the unions, concile the differences between the he total amount available for Manila this morning, the Canadian declaring that unless a speedy parties. dividend of 70 cents per share for rescued four Chinese in a fishing public interests and to prevent a of the Federation of Labour, has
'stribution is $71,877.61. Your Pacife liner Empress of Russia agreement on the wage disputo.ls Directors recommend paying a
reached, he may act to protect the
Mr. William Grem, President and leaving a balance of $1,477.10 drifting since
also telegraphed to Mr. Collins, to be carried forward
urging acceptance of the Prosí- year's account.
The letter follows the rejec- dent's truce request, but no tion by the unfors of all answer has yet been received. compromise proposals, plus af United Press, new demand_on_their_part for a twenty per cent, increase in pay. The
As indicated in the Report of the Directors, your Board recom- monds that the General. Reserve Account bo divided and appor tioned to Special Reserve Ac- counts.
As explained, the sum of $633,- 982.24 is no longer required to meat the deficits which were ed with
In the case of sugar and flour, anticipated in connection with the arrivals during the year 1933 show liquidation of the old Loan AC a decrease of approximately 50% counts to which I have just on those recorded for the previous referred. Your Board is of the opinion that in the absence of any J'ear.
With this very substantial fall-evidence as to present 'valuca of ing off in total importe, it is not your properties on the water-front aurprising that the quantity of in the West Point district, the cargo for which storage accom- creation of a reserve account for modation is required should have depreciation of these properties been reduced to an even greater is preferable to direct depreciation extent than usual; while clear of property. ances of the exceptionally heavy stocks which were carried for ward in Godowns from 1932 has contributed further 14 lower storage revenue.
our venue.
Sundry Debtors Account shows a marked decrease on the figures for last year, contributed ad- mittedly by reduced earnings but also by improved collections prior to-Chinese New Year, as a
PRICE FALE
I do not think that there are Increased taxation an imports any further items in the ac- Into China, with the tendency to counts which enll for comment, cheaper storage rates necessitated and I therefore beg to propose: by the fall in market prices of That the Report and Accounts the leading commodities referred for the year ended December 31st to, have also had their effect on 1933 as presented to you, be adopted: that a Dividend of 12 It is unfortunate that we have cents per share in respect of the been unable to employ to the full fully paid-up shares and of 6 extent our available cash balance cents per share in respect of the during the year, and this fact, partly paid shares be paid out of combined with the repayment of the profits of the Company. certain of our old Loan Accounts, I also propose that the balance has contributed towards the de- of $108,018.01 be carried forward crease in Interest received on to 1934 account.
|
a Dolphin ramp
and
"Presented to Commodore Frank with the following words: Elliott, O.B.E., R.N., on the oc casion of the opening of the China Fleet Club, March 1934.”
The company proceeded to the roof of the building where the Commodore hofsted the White Ensign on the steel mast. officers and men standing at the witz
salute.
An inspection of the premises was then made, after whien tu gathering assembled in the Junior Ratings' Bar on the ground floor where the health of the Club was honoured.
COMMODORE'S SPEECH.
EMPRESS RESCUE.'
At Los Angeles, the millinery workers are already on strike to force recognition.
the year absorbing $69.900.00. junk, which had been helplessly strike.
midnight In the
1
now
to next propose
KAILAN STRIKE
MENACE
DEROIT THREAT.
The automobile unions in Detroit are planning n walkout involving more than a hundred thousand men,
The Federation of Labour claims that 100,000 men are ready to down toola at 9.a.m.
President Roosevelt has asked that strike action ba deferred until March 22 and the Fedora- tion's reply ía expected at 10 p.m.
The motor manufacturers are
rough' seus,
The little craft was sighted that the report of the and the statement of accounts wered from the liner and the Directors just before eight o'clock, and in view of its plight n lifeboat was presented be adopted. When this
Washington, Mar. 20. has been seconded I will endeavour rescue promptly effected. It was
Railway Managers Unless eleventh-hour to answer.
earned that there had originally
peace to the best of my been five Chinese in the junk, but
are demanding a reduction? efforts succeed, the United States Commodore Elliott, on behalf of Jability, any questions which
will be confronted to-morrow the gathering, thanked the Hong-shareholders may wish to ask. an old man had been swept over- The President is ready to act to with the biggest strike in its kong and Shanghai Bank for the Mr. Harry Chong seconded and board. The survivora wore in alprevent the strike in the automobile history. gift of $25,000, and also paid the renort and accounts were serious condition when rescued, industry which is scheduled to tribute to Mr. A. S. MacKichan, unanimously adopted,
suffering from shock and exposure, take place to-morrow. Mr. G. G. Wood and other
mum- The re-election of Mesars
He is devoting major attention bers of the staff of Messrs. Leigh Percy Smith, Seth and Fleming,
to this problem. and Orange, for their persistont was proposed by Mr. Li Lin-chee, energies In erecting the fine acconded by Dr. E.W.J. Sun, and building in 90 short a period. agreed to. There was still an overdraft of $460,000 with the Bank and the Commodore sald that $700 bad already been obtained through loans, which has fallen by some If a shareholder will be good loaning the Canteen Theatre to $24,000,
enough to second these proposals, the local A. D. C. who were shortly Insurance Agency commission I shall be pleased to answer to giving another play. The theatre and Rentals received on our Kow-the best of my ability any ques- is loaned to the Services at $10 loon and Aberdeen properties also tion having reference to the Re- night and to the public at $100 show a decrease on the figures for port and Accounts which you may por night, and he urged the naval the previous year,
wish to ask.
ships to use the theatre as much Martial Law was proclaimed to Chinese nuthorities at Peking repeated their refusal to recognise troft which supplies the Ford: and Mr. F. L. Silva seconded the ps possible so that the debt could day in Tongshan, following the gard the renewed inbour trouble the Federation.
be declared off soon. He (t week-end labbur disturbances at in the Kallan Mines, is indicated
Plymouth companice and sixteen Commodore) was a co-trustee with the Kailan Mining Administration's by an order issued by the Peking ployees of the Bowler Roller Bene-Flint, Mich. have voted for the Seven hundred and fifty em-thousand Chevrolet workers at Mr. V. M. Grayburn, Chief mines, where lately agitators have Administration, to the effect that ng Company in Detroit havo al-strike. considerable Increase in the de-hood in the near future of a call Manager of the Bank, and they created much unrest amongst the the police authorities at Tangshan ready struck work, tying up produc
ware doing their utmost to help workers,
nre to take strict precautionary tion, which is mostly for the auto- clear off the debt.
measures against disturbances.
Mr. Tao Sheng-ming,
Special mobile industry. Commissioner of the Luantung Ad- ministrative Zone, will exert efforts at mediation.
TRANSPORT SERVICES.
ever, that we have experienced n
It.ls satisfactory to state, how-
proposats.
NEW SHARES?
CORRESPONDENCE
Postal Charges
KAILAN RIOTS
SEVERE DAMAGE AT THE MINES
'
Tientsin, Mar. 20.
Work in the mines has been sua pended. The miners are demand- ing increased wages.
The recalcitrant mine workers surrounded the Kallan offices at Tongshan. They smashed the win- dows of the power house, stopped the winding machine,, put out the fres under the boilers and sealed up the travelling road to the under ground shafts.
POLICE ORDERED TO TAKE ACTION
(Special to "Telegraph") '{
Tientsin, Mar. 21. The seriousness with which the
a strike which threatens to involve sending a committee to Washing- about 250,000 more men in allied ton, Generál Johnson having ad- Industries in their effort to forcevised them that the President recognition of tho American wanted to see them. Federation of Labour, which the motor manufacturers are refusing.
STRIKE BEGUN.. The manufacturers to-day re- the roller bearing works in De A strike has already begun at
WHITE HOUSE CONFERENCE.
The N. It.. A, Administrator, Fears are entertained that the General Hugh Johnson, le con- labour crisis, if further aggravated, forring with the leaders of the will involve international complica tions. Causes for the renewed trouble among the Kallan miners
In the railway industry, where the managers demand a 16 per cent. wages cut and the men demand
a 20 per cent. wages fncrease, Presklent Roosevelt has hinted that he might ap- point a Publie Commission to examine the disputa
· The President. Das recommended extension of the proscat - wag0. agreemont, providing for a tem
ars complicated, wages, being only TRUCE FOR A DAY per cent out in wallways that
one of the peltits at issue.
There were several casunities when the police fired on the menac The Kalian Administration ex- ing crowd--Reuter.
press the view that the main cause Communistic Influences,
of the strike is the refusal to com- ply with the demand of the miners Tientain, Mar. 20. Another Inbour
for the reinstatement of their disturbance labour union.-Central Noste. accurred in the Kailan mining
:
Washington, Mar, 20. The railway managers have accepted the Roose-, volt proposal to continuo the existing wage scale until March 31,
also informed the
ho felt some of their wages to be below the NRA.. minimum, oven if they are not actually below the subsistence level, -
Mr. M. Cario: It there any kell- mand for our Motor Transport for new shares? Services.
The Chairman: On the presenti During the year, it was found call, we have no need for fresh necessary to augment our fleet of funds at the present moment in Motor. Lorries, with
the reault our business, nor can we profitably that two additional Morris Com-employ fresh money in our business. mercial 2-ton chassis were pur- Under the circumstances, unless the chased, bringing the total number circumstances change by which we of vehicles in operation to seven. can employ the money profitably,
With the increased turnover there is no need for a call. derived from this source, the pet Put to the meeting, the proposals return secured on the capital in- were ... B. Wilson and S. M.
To the Editor, carried unanimously. volved has improved beyond our
Messrs.
Hongkong Telegraph. original expectations. Our storage Churn were re-elected to the Board business has also benefited from of Directors on the proposal of Mr. Sir-Is it not time the public this now undertaking.
T. Mitchell, acconded by Mr. H. J.were relleved of the very onerous charges imposed when the dollar You will have noticed a redue-M. Figueiredo. tion in the debit item "Interest Messrs. Linstead & Davis and was in the neighbourhood of 11d7, on Mortgages," of approximately | Messrs. Percy Smith, Seth & The surcharge for lettors via $7,000, and in this connexion,
reappointed Auditors Siberia is an imposition, while air district yesterday, when workers wish to inform you that since thelat a remuneration of $450 ench, mail rates are for too heavy. in the various coal-pits- threw date of the accounts now before on the proposal of the Chairman. recently received an air mail latter down their tools and proceeded |
W. Walker.
SHANGHAI MISHAP. from England boaring stamps to to extinguish the electric lamps. you, we have repaid one of our seconded by Mr. H.
This concluded the business of the value of 18. 1d. This was in the pits, causing great Mortgage Debta of $4-10,000. For
Shanghai, Mar. 20, this purpose, we have employed the meeting. The Chairman in in carefully weighed on arrival and
fusion.
Nanking Road, the Great White our cash balance and have draws forming shareholders that dividend it was ascertained that the cost
The police authorities have Way of the Oriont was dark and "Cho remainder from our Bankers, warrants wore ready, said that of sending a letter of equal weight arrested an alleged Communist allont to-night, with trafo for
The resultant saving in interest applications should be made in to England would be $8, or say leader, named hela bidden. will appear in the accounts for the person or in writing.
48. Gd, against. 18. 10.1
probably to the strong motor industry in New York in Present were Mr. C. A. da Roza It is notorious that once the who is supposed to be responsible current year.
(Chairman;) Hon. Mr. J. P. Braga, price of an article to the public is for the disturbances, Much rn-wind, several tons of roofing and an effort to solve the problem and Meesra, T. B. Wilson, S. M. Churn, advanced, it rarely seems to be actionary literatura was seized at coping from a number of Chin- he has arranged for a conference esa atores in Nanking Road, fell between the manufacturers and P. M. Hodgson, N. V. A, Croucher reduced when the cause of the his realdenco," In the accounts as presented to and Li Tao-foag (Directors); Mr. advance conses to operate. In Last night's disturbances cul-without warning. Two pedeatr House to-morrow.
Into the street during the evening President Roosevelt at the White you, it will be seen that our D. L. King (Scoretary and Mana the cass of postage rates, the low minated in a clash between the fans were seriously hurt. "Liabilities remain practically ker), and the following share-dollar has receded Into the back-miners and the police,
President Roosevelt, in who After an examination by the unchanged as at December 31st. holdern: Mesars. II. W. Walker, J. ground. Surely the Government charged and diapersed a rowdy Fire Department, police suspend-meantime, has sent a cablegram to Pawar Company, at Tai Wan Road, 1998; while on the "Assets" side. Tam Hung. F. L. Silva, T. Mitchell, should not be in the forefront of group of minure outside the cd traffic for the night with a view Mr William Collins, the Detrolt Kowloon, to Mins Daphne Amy Barali certain important changes are to Yeung Yau, H. J. M. Figueiredo, the exchange profiteers?.....
the police station, Central News to avoiding further casualties— be noted. The chief of thego is M. Carlo and A. W, da Roza.
labour-fender, asking him to Hamblin, stenographer, of Phillips Agency.
Reuter,
postpone the strike of workers in House, Kowloon.
LOAN LIQUIDATION,
Fleming werd
FAIRPLAY.
con-
Owing
The automobila, labour
·workers ·ara Pontiac have agreed to the Roosevelt truce-Router.
FOSTPONEMENT REPLY,
In reply the roanesta for post- ponement of the strike, Mr. Collins has telegraphed to President Roosevelt from Detroit, stating that power to act rests with the officert at the conference meeting at Pontine, Michigan, at 6 p.m. anë assuring the President, "We will urge them to meet the situation in the spirit you of the estuat
The welding: dennounced to take. place shortly of Mr. George Alfred Nichols, electrical engineer, tho
Blatt quarters of the China Lizhit and