KOWLOON WHARF DREDGING
COMPANY HAS TO PAY HALF
ANNUAL MEETING
A decrease of 65,000 tons of cargo landed, with 75 more vessels discharging at the wharves, and a decrease in profits of nearly 400,- 000, was reported at the annual general mo:ting of the Hongkong and Kowloon Wharf and Godown Company, Limited, hold in Messrs. Jardine, Matheson's Boardroom this morning.
The Hon. Mr. J. J. Paterson, who presided, in the course of his speech, referred to the various schemes which the Company had In hand for the improvement of the existing wharves, and the building of eight shops on the Salisbury Road end of the Kowloon property which, he said, should be re completed in June. He also ferred to the question of dredging costs:
LOYALISTS SURE OF VICTORY
GREEK REBELLION END IN SIGHT
OFFENSIVE OPENS
(Spécial to ́"Tolzgraph")
Clip Telegraph, Corright. Telegraphis
Kirsanges Ordiname4, 1375, Ranaived., March 7. 7. 8.m.)
Athens, March 6. Hundreds of persons aus- pected of having collaborated with the rebels, instigated so the Government alleges, by the former Prime Minister and Liberal chief, M. Venizelos, have been imprisoned in a huge con- centration camp at Thebes.
THE HONGKONG TELEGRAPH. THURSDAY, MARCH 7, 1935.
PRIVY COUNCIL
DECISION
N.Y.K. Succeeds In
Appeal
COLLISION SEQUEL
The long litigation attendant upon the collision In the harbour of N.Y.K. steamship Toyooka Maru and the China Navigation Steam- ahip Kiangsu on March 22, 1031, reached its last stage to-day, when the result of the Privy Council Appeal having been known for some time, the Nippon Yusen Kal- sha successfully applied for the re- turn of deposit money and for costs,
Mr. H. G.
AMERICA'S DEBT AND
DOLLARS..
NO DEVALUATION PLANNED ?
MISLEADING REPORTS
(Special to "Telegraph”)
RADIO BROADCAST
Dance Music From Hongkong Hotel
Z.E.K. PROGRAMME
From Z.B.W, on a wavelength of 355 metres (845 kilocycles).
5-6 p.m. Hongkong Hotel Dance Orchestra.
6-6.30 p.m. Children's Studio Con- cert
"Uncle Peter will tell of a few Little Adventuros.”
6.30-7 p.m. Hongkong Hotel Dance Orchestra.
7 p.m. Stock Quotations. 7.03.7.20 p.m. Orchestral Music. Steeping Beauty--Panoranta
(Tchaikovsky), Shepherd Fennel's Dance
(Balfour). Elegiac Melody (Grieg). Prelude a L'Apres-Midi'd'un Faune
Washington, March 6. After a conference with the Press here to-day, wherein President Roosevelt said that he feels that the dollar and the are Sheldon, K.C., in country's debt structuro structed by Mr. Davidson. of still out of line, an attache of Hastings & Co., appeared for the the White House declared that appellants, the N.Y.K., and Mr. F.
further (Debussy). C. Jenkin, K.C.. instructed by Mr. any inferences that the Presi- M. M.. Waston, of Johnsen, Stokes dent contemplated
devaluation
absolutely & Master, represented the respon- dents."
untrue.
were
.
7.28-8 p.m. Variely. Accordion Solo-Mayo Hornpipe.
Frank Murphy." · Vocal Gems-Whoopee. Piano Solo-What are your
intention.
Raje da Costa.
M. Tsaldaria, the Prime Minis- ¦ ter, issued a statement this morn- Referring to the finding of the Also he declared that nothing Pros:nt at the mesting were the g, saying: "ihe struggle today Judicial Committee of the Privy that President Roosevelt had sald Hon. Mr. J. J. Paterson (Chair-will enter upon a deciatve phase. Council Mr. Sheldon, rend: "The could be construed as containing man), Hon. Mr. C. G. S. Mackie, can categorically assure the appeal is to be allowed; the judg-the slightest suggestion that there Messrs J. H. Jessen, S. H. Dodwell, country that victory is absolutely ment of the Chief Justice of was any intention of further de-Song-In your arms to-night. Felix A. Joseph, T. B. Wilson, certain."
February 19, 1932, and of the valuation, which position must be Song Love, forever I adore you.
Ronald Murgatroyd (Tenor). Directora: Mr. F. H. Crapnell, Government forces are opening Full Court of August 15, 1932, to made clear as a result of some Organ Solo-A Japanese Sunset. Bocretary; Mr. R. A. Wadison, of an
R. E. McPherson. offensive against the rebels be reversed and the cane to be quarters having misinterpreted
Songs-An hour ago this Minate. Mesara, Dacons, solicitors for the along all fronts to-day, it is stated remitted to the Supreme Court of President Roosevelt's remarks.
Hongkong with a direction to find President Roosevelt had ex-Songs-What now? Company; and Messrs. G. W.-United Press. Heron, A. N. Mackenzie, G. Cantle,
pressed the belief that the purchas- D. Mackenzie, J. M. Alves. J. D.
Watadistikustilinquan, AMENITINE Ming power of the dollar should be Instrumental-Canadian Capers. Danby, Kwok in-wang, G B. S. Thomson and N. V. A. Croucher.
DECREASE IN PROFITS
Moving the adoption of the re- port and accounts, the chairman aald: Gentlemen,-Before I deal with the ordinary businees of the meeting, I must, with much regret, make reference to the death of Mr. J. P. Warren who attended our last meeting and had been a mem- ber of the Board since 1929.
ed
you
be adopted and that dividend and bonus be paid as recommended. When this has been seconded, I shall be planed to reply to any questions arising out of the ac- counts, which members wish to put.
Mr. S. II. Dodwell seconded, and the motion was carried.
OTHER BUSINESS The appointment of Mosars S. H. Dodwill and D. Drummond to the Directorate was carried, on the motion of Mr. J. D. Danby, second~; ed by Mr. A. W. Heron.
CAPITAL INCREASE
EPIDEMIC IN KIANGSI
Dreaded Plague Breaks Out
(Special to "Telegraph")
Changsha, Mar. 7. An epidemic of cerebral meningitis has broken, out
the here, and
Provincial authorities have ordered all theatres and schools closed, The National Health Administration is rushing vaccine to the city by aero- plane and every effort is being made to prevent the
the discase.- spread of United Press.
lifted further to ease the burden of debts, which, while having been re- lieved enormously, had not been reduced sufficiently, and because of this, the Debt column in the Na- tional Balance Sheet was still too high.
Gertrude Lawrence (Soprano).
8 p.m. Time and Weather Report. 8.03-10.30 pm. Chinese Studio Con cert.
0.30 p.m. Press Bulletins, Stock Quotations.
16.30 p.m.
Press Bulletins, Stock Quotations.
10.35 p.m.
Close Down. Z.E.K. PROGRAMME 8.30-10 p.m.
European Recorded Musle from 2.2.K, on a frequency of
8.30-8.47 p.m. Peer Gynt Suite No. 1 (Greg).
When asked whether the very fact that the dollar had not yet. been adjusted to the debts alone meant further devaluation, the Pre-640 k.c's.
shook his aldent laughed and hend in the negative.
His observation as the result of a question as to whether commodity prices had been stabilised, caused drop in the dollar due to his indica- tion to the Press that the dollar was not yet cheap enough in rela tion to the debt burden.
In Chicago, grain prices soared nearly two cents as a result of the President's statement, which was bullishly construed.-United Press,
ANOTHER VIEW
8.17-0.23 p.m.
Concert. Pianoforte Solos-Dance of the
Gnomes (Linzt).
Planoforte Solos-Etude Tableau in A Minor, Op. 39 (Rachmaninoff).
Sergei Rachmaninoff. SongLiebesfeier (Weingartner). Songa Es blinket der Tau
(Rubinstein).
· Mela Seinemeyer (Soprano). Cello Solos-Toccata in G Major-
Adagio (Bach).
Cello Solos Goyescas-Intermezzo
(Granados),
Pablo Casals.
Song-Midnight Review (Glinka). Violin Solar-fungarian Dance
Theodore Challapine (Bass).
No. 2 in D Minor (Brahma), Violin Solos--Cavatina (Ra).'
Arthur Catterall. 9.21.9.30 p.m. J. II. Squire Celeste
1. Collette-Valse (Fraser-
Octet.
*%
Simson). Memories of Devon-Valse
(Evans), 9.30 p.m. Reuter Press Bulletins, London 1 p.m. Stock and Commodity Quotations.
With your permission I will adopt the usual custom and take the report and accounts with the Mesura. T. B. Wilson and Fellx; Auditors' Iteport which have been A. Joseph were re-clected to the in your hands for some time, as Board on Directors, on the motion road. From the accounts present of Mr. J. M. Alves, seconded by od
will learn
that Mr. D. Mackenzie. there was в дестеле of nearly Messrs. Percy Smith, Seth and $30,000 in our profits last year. Fleming, and Mesara. Linstead and but in view of the very advorae, Davin were re-elected auditors on conditions of trade, particularly | the nintion of Mr. Kwok Hin-wang,
Washington, March 6. shipping, the resuit is better than¦ accondɛd by Mr. G. B. S. Thomson.
Some quarters have interpreted expectal Compared with 1933.
President Roosevelt's remarks in there was a decrease of 65,906
respect of the dollar as a desire tons of cargo landed whilst 76
APPROVED
the Toyooka Maru and Klangsu to promote increases in domestic more vessels discharged at the Addressing An extraordinary both equally to blame for the prices without Interfering with wharves. This is a similar posit- general meeting which followed, collision, and to dispose of the the present dollar. ion to that which I referred to at the Chairman said:-Gentlemen, consolidated actions including the. The President, however, gave the last meting when comparing This micting has been called for costs in the Court below.inno indication of how much fur- the tonnage landed in 1933 to that the purpose of obtaining your con- accordance with this finding. The ther the process should go.-— of 1932. it illustrates the depress sent to an increase in Capital, appellants, having been In part United Prens.
state shipping is passing outlined in the nolice just read by successful before Their Lordships, DEVALUATION POSSIBLE through and the effort shipowners the Secretary. This step has be will have half the coats of the
New York, March 6. are making to keep up connections.
enme necessary in view of the fact appeal."
The belief was expressed on Undoubtedly it is the cheapness that during the past ten years we
REPAYMENT DETAILS
Wall Street to-day that dollar 9.35-10 p.m. Musical Comedy and of the port that encourages ship have expended the sum of $4,810,- Mr. Sheldon and the present devaluation may be possible in the Talkie Tunes, ping compania to make Hong-376.00 on land, buildings, wharves, motion before the Court was toearly summer. Observers point Maurice Chevalier Songs-Selection. kong a port of call in spite of 50 faunches and lighters, and now apply for an order that the Chinnut that the pound declined Musical Comedy Marches, little cargo offering.
wo have to find a considerable Navigation Co. repay the appellants rapidly after Great Britain had oel Coward Medley.
-10.p.m. Close-Down, During last year our No. 2 amount for dredging. The arst um of $41,037.64 paid for completed her re-financing, and Wharf was' lengthened from 675 cost of our property and plant was damages and interest; and $14-thus it is speculated that the foet to 700 Feet, and this year we
ten 402.23 paid for costs and interest: the neighbourhood of are extending No. 1 Wharf from million dollars, and I know that together with interest at eight per 657 feet to 700 feet. This wharf the replacing value to-day would cent. per annum from January 12. will also be widened from the pre-, be vastly higher. I
think you 1933, until payment; and also that sent width of 51 feet to 81 feet and will agree with your Directora respondents pay the costs of the on the wharf will be erected shelter for convenience of passen- is not in proportion to the value of
that the capital of $4,000,000.00 present motion.
gers and baggage.
our assets. Our proposal is to Another construction scheme we Issue new capital at $25.00 have on handle the building of per, share, to the extent of $760% eight shops on the Salisbury Road 000.00, making this issue on 1st end of the Kowloon property. Jaly next. These should be completed early I beg to
propose the following In June. I may mention that we Resolutions: already have tenants walling to go into the buildings when ready for occupation.
DREDGING COST
2
in
dollar may be devalued as soon as the March 16 re-financing is com- pleted.-United Press.
JAPANESE ATTITUDE TO CHIAN
BRITISH AERIAL
FACILITIES DIRECTION-FINDING STATIONS
said the $41,037.64 was the actual Enlarging on the motion, Counsel
London, Mar: 6. amount paid over by N.Y.K. for the assessed damages. He did not
Arrangements to improve direc- think it would be disputed that (Continued from Page 1)
tion-finding facilities for com they were entitled to interest on
mercial aircraft flying over Britain the damages they had paid. The not believe that any effectual In-are. well advanced, and important matter was that of costs. ternational financial aid for China directional stations will be put in which his Lordship could will be forthcoming for the pre-into operation gradually from
sent.--United Press.
next month.-
1. That the authorised capital of exercise his discretion. Appellants the Company (which is now $4,000,- were not asking for costs in the 000.00 consisting of 80,000 shares of original action, but they were the nominal value of $60.00 each the asking for the costs of the Full whole of which have been issued) be Increased to $8,000,000.00 by the Court and half the costs of the creation of 80,000 additional shares appeal to the Privy Council. of the nominal value of $60.00 each Mr. Jenkin said his clients were ranking (subject as hereinafter men- agreeable to pay half, but he felt tioned) as from the date of allotment that the expenses of the present pari passu with the shares comprising sarily, aa notice need not have been for dividend and all other respects motion had been involved unneces- the Company's present capital.
2.That 10,000 of the aald new served, and he asked for the costs shares be offered in the first instance of the motion.
now
U.S. OPINION
It is anticipated that directlon. al facilities will be provided at Washington, March 6. Diplomatic circles here to-day Heaton, Hull, Renfrew, Bristol said they saw the probability of and Plymouth-British Wireless. Last year I referred to dredging
extensive consultations which which it was hoped would be un
would be necessary before the can-gramme.
State officials, asked when they durtaken in the vicinity of the
summation of international assist wharves. This work is being done
ance for China, following the would reply to the British over and there is now sufficient water
the project is alive, but that there the time was uncertain and that Secretary of State's comment that tures regarding China, sald that around the new wharf, which is 800 feit in length, lo berth vessels
have
been no tangible develop they would reply when requireo drawing up to 32 feet.
thus strengthening the im-to do so. Mr. Sheldon replied that the pression aroused by the indica- President Roosevelt to-day sald When the question of dredging
for every complete number of eight only manner in which he could tien from the White House that that as far as he had been in- was taken up with Government old shares held by them respectively) bring his requirements before the the consideration of the action is, formed, the discussion on aiding and this Company agreed to bear to the members of the Company who Court was by serving notice.
confined China had been the cost of dredging between the on the Seventh day of March, 1935,
thus far, general. His Lordship granted orders in It is also believed that there is generalities, and that ho, person- wharves and an aren 100 feet from are registered in the Company's share the terms of the motion of the little hope of international action ally, had not paid any attention the sea ends, it was understood register, as the holders of the said $0, appellants, and ordered the Chinn making it possible to circumvent to the matter last week.—United that the approaches would be GGU existing shares at a premium of Navigation Co. to pay the costs of the
$25.00 per share and upon the footing the day's hearing.
United States silver dredged at Government expense.
pro- Prese. It transpired later, however, that the full amount of each share that such was not the case and the taken up plus the said premium of $25.00 (making together $75.00 per
in the proportion of one new share
CLOUDY WEATHER
DAY BY DAY NEWS 'IN BRIEF
THAT WHICH IS GIVEN WITH PRIDE
THAN A BOUNTY.-
to
U.S.S. Sacramento left for Manila
Mr. C. Gordon Mackie is leaving for Home by the P. and 0, 'liner Chitral on Saturday.
Company is now called upon to share) shall be paid to the Company pay a portion of the cost of clear-on acceptance of the offer, such shares ing the harbour bed to permit so taken up not to participate in any The anticyclone has decreased Vessels to approach the wharves. dividend declared before the lat day in Intensity and moved castward, ANI OSTENTATION 19 BATHER AN this morning. We pointed out that modern shipp. of July, 1935, but to participate in it is now centred over the Eastern AMBITION ing tendency is for larger ships rata with the existing capital. And formed over the Upper Yangtze
any dividend declared thereafter pro- Sea. A moderato anticyclone has Seneca. and that the maintenance of the that the said offer be made by Notice Valley. Local Harbour generally should not be specifying the number of shares to winds, moderate; cloudy. fald to the charge the Company, which the member is entitled, and but although Government took a limiting the time within which the sympathetic view of the situation, offer if not accepted by the member past shares held by such shareholder, as additional share in respect of any we were compelled to agree to on behalf of himself or his nominee 4. That the remaining 70,000 now will be deemed to be declined and that shares be issued at such time or times be at liberty to fix uch timo. And
work.
forecast:-N. E.
A.B. John Allan Kirkland, of II.M.S. Grimsby, who was recently shot in the head during a quarrel at Shanghai, le Elon, but shows a slight improvement. stated to be still in a serious condi-
The seventh annual general meet
The Hongkong Stock Exchange Derrick & Co., local Secretaries in have received a cable from Messrs. Singapore of the Raub Australian Gold Mining Co., Ltd., announcing
be 1,013
pay half the cost of the necessary the Diraclors of the Company shall and upon such terms as the Company's ing of the Hongkong and branch of the output for the four-weeks ending
In the recounts the only item further that any of the said 10,000 Board of Directors in their absolute the Chartered Surveyors Institution February 28, 1935, to
discretion shall think fit.
calling for special comment is the shares which are not taken up by the $60,913.00 expended under re Company's shareholders in nowale account. This was the aforesald be disposed of in such an- cost of reconditioning No. 2 Wharf er at such time or times and upon which was done during alterations such terms as the Company's Board
ef Directors shall in their absoluto sak. discretion think st
was held on Tuesday, when the fol- ounces. After this proposal has been lowing officers were elected for the manner
ensuing year:-Chairman, Lt. Col. Mr. G. W. R. Griggs, of the Publie seconded, I will endeavour, to the .. Logan, D.B.E., M.0., F.8.1- Vice Works Department has reported to beat of my ability, to answer any Chairman, Mr. J. Ring, F.Br. Mem-the police that when driving in Den question sharreholders may wish to bers of Committee, Mr. N. L. Sparke, Voeux Road, near the Eva signal,
O.DE F.8.1. (Shanghai member); yesterday, a Chinese got into The Hon. Mr. C. G. S. Mackie Mr. G. W. Grey, FBI, and Mr. H. C. way of his ear and was knocked down. I now beg to propose that the
3. That no shareholder shall be seconded, and the motion was Lowick, P.AB.1 Hon. Secretary, Mr. The man sultered a slight injury, and report and accounts as presented 'entitled to any offer of a fraction of unanimously adopted.
J. E. Richardson, 8.1.
irefused a lift to hospital..
and extension.
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