TELEPHONE COMPANY'S PROGRESS REVIEWED AND DIVIDENDS PASSED
A satisfactory year has been experienced by the Hongkong Telephone Company, Ltd., according to a statement made by Mr. A. L. Shields, Chairman of the Board of Directors; at the 13th annual general meeting of the Company, held at the Exchange Building to-day. Payments of a final dividend of 80 cents per share on fully paid-up shares and a final dividend of 20 centa on partly paid-up shares' were agreed to. *
The necessity for a revision of the enactments of the Telephone Ordinance, framed in 1925, was stressed, the Chair- man explaining that the Ordinance iraposed certain restrictions on the Company in relation to the treatment of the Accounts and that certain acctions resulted in the enforcement of a policy running counter to the course which ordinary business pru-
dence demanded.
THE
HONGKONG
TELEGRAPH.
factors of time and expansion have made apparent.
NO INCREASE IN RATES
It might be appropriate here to record the fact that no increases in sübreription rates have taken place aver a period of nine years und it is perhaps not sufficiently appreciated by subscribers that this stability in the existing low rate level has only of subsidiary sources of revenue. been achieved by the development
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would
un-
10
of sume additional
WEDNESDAY, MARCH 9. 1938.
JUNKMEN FINED FOR SERIOUS OFFENCES
Lal
Besides a one of $20 each, the Magistrate ordered ten drums of the gasoline to be confiscated as a worn- in that the whole cargo of 1,000 drums, about 30,000 gallons of gaso line, was all liable to be forfeited.
This sentence was passed on Sing, Chen Tak-wah, Chan Fuk and Fung Shan-tal when they appeared before Mr. K. M. A. Barnett at the Kowloon Magistracy this morning, charged with having moored their bonts with dangerous goods on board outside a dungerous goods anchorage.
Sergeant Mattinson, prosecuting. said that the junks were actually. anchored of Cheung Sha Wan, about half a mile from the dangerous goods anchorage. The junits would be anchored for a day or two and then would be sent up to Canton for the Chinese Government.
'The goods were marked highly In- Gamable and dangerous, said Sergeant Mattinson, and it was quite possible It was an honest mistake on the part of the defendants in thinking they were anchored in
dangerous goods anchorage.
As an illustration I might quote the Trunk Line to Canton. which has contributed materially to your operating Income and has played its part in subsidising local telephone rates. The sume can be said of other normally outwith the sphere of on operating Company, obtained largely on the initiative of your staff, and gladly undertaken by your Com- Pay in the full knowledge that the be utilised solely to maintain rates profits accruing therefrom of subscription already at level, without any direct benefit to
It would be shareholders, reasonable to expect, however, that your Company should continue Those present at the meeting were count is sume $30,000 lower than that display, its customary initiative and Mr. A. L. Shielda, Chairman: Hon. for the preceding year and is ne-enterprise along the lines just men- Mr. S. II. Dodwell, Hon. Sir Shouson couled for mostly by certain ilems floned without prospect Chow, Hon. Dr. R. H. Kotewall, Hon. of a non-recurring nature, including suitable reward for the Mr. M. T. Johnson, Mr. D. H. Blake more than ustrally heavy repairs work involved. and Mr. J. H. Taggart (Directors); made necessary by damage to plant and Messrs. P. Sherry
occasioned by the severe typhoon of (Manager).
REMARKABLE EXTENSION W. C. Clark, Chiu
Li Tse-September last. Ho-ping
Revenue from In- tong. A. M. Braude, W. G. Griffin, test, Dividends and Exchange is
The year under review has wit-}
ht Lam Kwai, C. s.
Wong Ping-shown at $148,070.21 and represents bessed a remarkable extension
The rat defendant had 250 drums sun, Wong Min-lin, K. C. Mark, an increase of approximately $20,000 Truck Line facilities to an increasing Kwok Hin-wang Chua Seng-choo, over the corresponding figure for the number of cities In China, although on board, the second 330 drums, the Chow Ping-un, Lo Kai-wing and W.|yeur 1936.
communication with places In the third 200 drumu, and the last 220 Mr. Borintt remarked that L. McKenzie (Secretary).
I now invite your consideration of North, notably Shanghal, has been drums. Ilon. Dr. Kotewall and Mr. J. the
Interrupted. The necessity for a reasonable care should have been Scott Harston were re-elected to the Balance Sheet, from which you trunk telephone network throughout) takon to see where the dangerous
will observe, by reference to the Board of Directors. Messrs. Lowe, Liability side, that you are asked than it is to-day and the rapid de-
China has never been more evident goods anchornge was. Bingham and Matthews were refu approve an appropriation to elected Auditors to the Company. General Reserve of $170,482 which
velopments which have recently In his address to the Shareholders, sun is ergutal to that provided
1199 | taken place in that direction mupir Mr. Shields said:
well for the future. I think last year. Turning now to the conti
twit kinally secund match proposal, Gentlemen,
subject, whereupon questions as to the Re- side of the Balance Sheet, I would fitting, before leaving this The Directors Report, Balance direct your attention to investments to pay tribute te The meritorious port and Arconmls may be raised. Sheet and Profit and Loss Account which show a depreciation of $350,-F
by the Chin- which we are called upon to consider 218.05 on cos.
SATISFACTORY RESULTS Adininistration This works out at have been in your hands for the just over 9.5 per cent, and I venture
ure maintaining communkatlons wer
Scending the proposal, Mr. Lt Tue- prescribed period and I can assume to suggest that you will consider the extremely cult circumstances that you will have acquainted your-position to be not unsatisfactory hav-
You will observe that the cash for said: ing regard to the conditions which position recoded under the bending Accounts prevalles during the period under "Current Assets" is buth satisfactory with ensure that I rise to recond
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with those for the preceding year is review. As you are aware market and sell secuestions your
thu
Mr. Chaleinon, Gentlemen,-NI
comments
come accustomed in Hongkong.
selves with their contents.
The uniformity of the
the adoption of the Report mud very marked and can be attributed values inve improved since the The largely to the stability shown by our December 31 last with Die resalt Directors with regard to the allocation Accounts. The results of the year's local dollar. Nevertheless, following that your investments now show of the balance at credit of Profit is working are eminently satisfactory customary practice, I will refer depreciation of 3.1 per cent. only Loss Account are incorporated in the and there appears to be nothing that briefly to the more Important fea-on their original cost.
Profit and
Loss
Appropriation Account can usefully be added to the Chair- tures of the Accounts as presented.
the figures STILL UNDER CONSIDERATION and do not appear to call for comment pre Shareholders INCREASING DEMANDS
The necessity
presented. for 4 Investment from the Chair. Signs were noi lacking in the Fluctuation Reserve has been re- Having no further observations to content, wish me to congratulate carlier part of 1937 of
Directorate wad Management on the a gradually ferred to on several previous oc offer. I now beg formally to propose | increasing demand for telephone casions from this Chair and, whilst that the Report of the Directors and excellent results achieved at to ex- service and this upward trend it has not yet been found possible the Accounts for the Fiscal Year end spectal ward of thanks to the became accentuated during the latter to establish such il reserve, I can endling December 31. 1037, as present staff of all grades whose keen interest part of the year by reason of assure shareholders that the muttered. developments in the Far Eastern will continue to remain before souring appropriations, recommended by contributed so largely to the maluten- ed, be adopted, and that the followin the welfare of our Company has situation. It is Impossible to fore-Board until a satisfactory solution your Directors, Inenrporated in the age of the high standard of tele- cast what the future holds, but your has been reached, In this connection Balance Sheet be carried into effect, service to which we have be Directors are not unaware that would explain that the Telephone namely:- gains in lines obtained under the Ordinance imposes certain restric- abnormal
WIC- | Yo payment of a Final conditions now existing tions upon the free action of your Dividend of 80 cents are not necessarily of a permanent Company in relation to the treat-
per share on the Fully nature and, as far as is practicable,ment of the Accounts, and whilst
Paid-up Shares (muk are endeavouring to share your Com- your Directors are not averse to any
ing 12 per cent. for the pany's policy accordingly.
form of reasonble control, they can-
year) Commencing with Profit and Loss not favourably regard unnecessarily Account, you will observe on refer-exacting interpretations of
certain
To payment of a Final Dividend of 20 cents ence to the Debit side thereof that sections which result in the enforce the increase in connections is reflect- ment of a polley that might be rẹ-
per share on the Partly ed in an augmentation of Royalties Harded as running counter not only
Paid-up Shares (mak- payable to Government. The aHow-to the best interests of your Company
ing 12 per cent. for the ance for Depreciation is $15,671.87 but to the course which ordinary
year) less than for the previous year bul business prudence demands, your Directors are satisfied that the] Is hardly necessary for me to sum appropriated, namely, $280,- remark on the changed "conditions in 155.82 makes ample provision, having this Colony since the Telephone. Or-To regard to the high standard at which dinance was framed in 1925, or to alt your physical assets are maintais-stress the necessity for a revision of edi.
TYPHOON LOSS
Working
The balance from
its enactments in order tu bring them
into line with existing conditions
Το
transfer to General Reserve (bringing same up to $1,106,028.00)
Carry Forward to next account
Total
$400,000.00
Your explanations, Mr. Chairmua, of the restrictive effect of the Tele- phone Ordinance are instructive and afford shareholders a fuller realiza- tion of the difficulties which must confront our Administration in determining the
Company's
future polley, encumbered as must be by a rigid system of financial control which, when designed twelve years ago, may have been applicable to the 50,000.00 then existing conditions, but
has become quite obsolete by reason of the almost complete transformation 170,482.00 which has occurred and which ob- viously could not have been predicted 149,674.54 at that time,
$770,156.54
now
The Report and Accounts were then adopted, and the meeting closed Ac- thus eliminating anomalies which the and I shall be obliged if a shareholder after the election of the Auditors.
PEOPLE
LIKE OURSELVES..
Hurry dear, breakfasts ready. Dorit look so gloomy- it's sausages!
Aw Mary,
I hate going to work these days. Every morning! wake feeling tired like this-absolutely
washed out
Hello Gilmore!
tiret again
this morning! Cheer up we're puiting Barron into your deportment
to take a bit off/?
your hands
Aren't
you catisfied with the way my work
has been going,
Mr. Harris
On now Gilmore, don't take offence We realise
you've got more than
You can cope with really-
IT'S THE
TALK OF
THE TOWN TOWN
CHINA EMPORIUM'S
STOCKTAKING SALE
Everybody's talking about it and no wonder! Any Sale in China Emporium's is an event and when a Sale takes ' the form of a town-wide clearance in China Emporium's well stocked store, it's an occasion that no one wants to miss! Sweeping price reductions in every line of merchandise make this your opportunity to get the things you want and need, RIGHT NOW when you need them most! Mark the items you want and plan to be here early!!
China Emporium
"The Wonder Bargains Store"
62A-68, Queen's Road. C.
Telephones: 28065-67
SSGESNENNENESSSSSNESS
WELCOME
TO THE
"EMPRESS OF BRITAIN"
At the
PENINSULA HOTEL
WHEN THE DAYS WORK IS OVER
THE BOSS SAYS -
Uruler the re-organisation 1, can see no reason for paying Gilmore so highty. It's quite apparent he's not pulling his weight, these days
GILMORE THINKS: THEY'RE PUTTING BARRON) IN MY DIACE EH? IF ONLY
I DIDN'T FEEL SO UMA IF, ONLY I WASN'T SO NERVY' AND RUN-DOWN. STEL, SOMETHING MUST BE
DONE FOR MARY↑ LAKE-/
I CAN'T AFFORD
TO FAIL HOW
"SO GILMORE SAW THE DOCTOR
Even in the mornings
I'm tired. That makes
it an uphill fight to
Vell, Mr. GilmoTE",
aking tired usually means you're not replacing the energy you use up in breathing, heart-bents and other automatic actions during sleep. That's Night Starvation. Ladvise Horlicks.....
hold my job. My wife's/ expecting a child In the Spring, so
its serious
SATURDAY
12th
MARCH
SPECIAL
DINNER
DANCE
Then every night-
TWO MONTES LATER
Oh darling, I'm so glad those old, fogies at the office gave you a rise. It's lovely to have this
little car of
our own
What's even better, darling, I fed sure of my position now I've got nd of that awful tiredness
Does your husband wake tired - is he overworked, run-down?
GV of
NIVE him a cupful of Bioefickt ---- hot, every
waking" tirad. He will have new anerdy, new vitality, new confidence helping blas towards the Breves that his benisa and real ability, entile him to have.
EXTENSION
TILL 2 A.M.
HORLICKS
GUARDS AGAINST NIGHT STARVATION:
FOR RESERVATIONS PHONE 58081
The Hongkong & SHANGHAI HOTELS, LTD.
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