Thursday,
HONGKONG TELEGRAPH
March
1939.
CEMENT COMPANY SHAREHOLDERS PLEASED WITH YEAR'S RESULTS
ELECTRIC COMPANY'S
JUBILEE BONUS
With the unanimous approval of shareholders of the Hong- kong Electric Company, Limited, It was decided at the annual meeting this morning to pay a bonus to the staff and workmen in recognition of the company's Jubilee year.
To-day's meeting was the Aftleth the reserve 1 feel sure you will ap- ordinary yearly meeting of share-prove the proposal to write of the holders and was held at the Com-fall in the value of our investments, pany's registered office, P. & O. which has now been shown in the Building.
R.
Mesars. A. McKellar, Wong Chi Po, Leung Shiu Lou, Leung Fatlin, Chua Seng Choo, II. Giling and Lo Yult Tong.
Report and Statement.
balance sheel for five years.
down on No. 7 Turbine last April.
Decreased Profits But
Dividend And Bonus
Are Paid Out
Was
the substantive
up to $1,150,000.00,
figure of
at
was supported by the tors propose to transfer $100,000 tons of Coal und 2,000 tons of Gyp- |
T. E
thereby increas-
INCREASES IN STOCKS On effeeling comparisons of the cash position with that of the pre- vious year, it will be noted that whereas at the 31st December, 1037, the Company was in credit to the extent of $103,200.20, the Accounts now before you display on Overdraft position of $158,182.25. This deple tion of the Company's Funds is ac- DESPITE A DECREASE in profits, attributable to certain counted for by the very substantial increases which have been made in major contracts entered into by the Company at “cut” rates owing the stocks of all raw materials to intensified dumping of foreign cement on the local market last your Holt Un Works, in conformity year, the Green Island Cement Company, at their annual general with the policy of your Board in meeting held to-day at the Exchange Building declared a maintaining sufficient supplies on
hand, chpable of meeting any emer gency that might arise. In this con- "Our investments are all in good dividend of $1 and a bonus of result warrants their recommenda- nection and having in mind Con- Mr. H. V. Wilkinson, 1.5.0. (Chair- man of Directors) presided, and was local dividend paying stocks and we 25 cents per share for 1938. tion that the distribution to Share tracts entered upon-to which I have
in dividends con- supported by the Hon. Sir Shouson have received
Tribute to the achievements of holders should be on similar lines previously made reference it will
to that effected last year, namely, doubtless be Chow, Kt., Mr. T. E. Pearce, the Hon. aiderably more than the losses we!
source of satisfaction the Staff was coupled with the the payment of a Dividend at the to Shareholders to learn that the Mr. J. J. Paterson, the Hon. Mr. now propose to write off.
The output from the Generating vote of a ten per cent bonus for rate of $1.00 per share and a Bonus Company has, at the present time Stanley II, Dodwell, the Hon. Mr, T.
during 1038 was 04.510.220 N. Chau, c..., (Directors) and Capt. Station increase of over 5 million the year.
of 25 cents per share, absorbing situ" at Hok Un, over 100,000 With reference to the tons of Limestone, more than 10,000 $244,307.50. Brown. O.D.E.
Mr. J. H. Taggart (Acting
units, or 8,08% over 1937, and you
the disposal of the baloner, your Manager).
following Directors: Messrs. Ato General Reserve,
Increase in the Shareholders were represented by will notice that the profit on working Chiulr, and
|lu $259,024.10 more than last year.
sum, representing an Mesra, Ko Koon Fan, E. E. Osmund,
Shields, J. Scott Harston, Rates Unchanged Lo Kai Wing, B. Wong Tape, J. Gardner, the Hon. Mr. A. L. Shields, | obtained without any increase in our Beck (Secretary). Shureholders pre/create an Investment and Exchange carried, amounting to $729,130.44. ns This satisfactory result has been Penree, Li Tse-long and 1. C. Ting that Account to $1,150,000.00; to value of stocks of raw materials Fluctuation Reserve by appropriating compared with the position display- standard rates for current and in spite sent were Messrs. Fung, Kwok-wa, thereto a sum of $100,000.00; to payed at the end of 1037 the relative of an increase in the cost price of Lo Yuk-tong, B. Wong Tape, Mok
#Bonus to Staff, amounting to $13,- Agures being $1,316,052.03 as against coal of 45% and of considerable ex-Tu-yan, Wong Mun-ching. P. H554.05, fud to carry forward $500,901.59.
In the matter of Limestone sup- penses caused by a serious break-Suckling, Kong Man-ching, A. 1. balance of $124,778.22 to the Account plies, your Company was fortunate
Poils, S. S. Harris, Lo Kai-wing, Lau for the current Financial Year. in Shlu-clauen und F. E. Silva,
placing Contract for 200,000 tors DUMPING OF FOREIGN CEMENT at a considerable reduction in price, Mr. Tagant reading the report said;
From a cursory examination of the made possible by a drop in freight The Annual Meeting this year is figures, it will be noted that the rates, of which Contract 100,000 tons than usual interest as Profit for the year 1036 is less by still remain to be delivered; on com- "Full depreciation has been allowed marks a period of fifty years since 300,380.35 than that of the preceding per- for at $724,377, an increase of $43,470. the inception of the Company, which year. This decrease is attributable Petion of such Contract the position of your Company-vis-a-vis raw The expenditure on Capllal Ac-en The nell profit after providing count this year has been $1,540,388. We fact incorporated in Hongkong to the fact that certains major, Con- materiai--will in effect resolve it- year 1880. It is, therefore, tracts were entered into by the Com-self into one whereby a supply of for depreciation is $2,142,141.02 and three quarters of which was at the matter of satisfaction to your Diree-pany at "cut" rates, prior to the Limestone sufficient for two years'
Hostilities, with $286.002.26 brought forward Generating Station.
will be tors, that despite the vicissitudes outbreak of Japanese
working of full capacity from the last account, we have the "The 15,000 kilowali Turbo-Alter-i sum of $2,469,123.28 for appropria-nator was completed and the set put: to contend from time to time, parti-int of Foreign Cemcat on the local
with which your Company has had when the effect of intensified dump maintained on hand.
NON SPECULATIVE tton.
into operation in August, nuda ularly in recent years, they are en-
INVESTMENTS market had to be encountered. The "On September 3, 1930, we paid glad to be able to tell you that it 15 abled-on the tecasion of the Com- fulfilment of such Contracts-rend- Due to depreciation in the values na interim dividend of $1 per share, giving very satisfactory results.
further disadvantageous by of your Company's Investments... which absorbed $600,000 and with the "By the end of the year good pro-pany's Golden Jubilee not only to cred
of opera reason of advanced costs resulted during the course of last year-your Fecurti satisfactory year
expedient gress had been made with the erec- balance we propose:
tion of the new 100,000 lbs. per hour on with profitable results, but also substantial losses. All such Con- Directors deem it
tracts have now been completed, inaugurate an Investment and Ex- Stirling boller which has since been present a Balance Sheet reflecting however, and I am pleased to be change Fluctuation Account, to which
a position of financial stabilty. put in commission.
Turning to the
Accounts before enabled to state that the present the sum of $100,000.00 has been "Additional concrete bins for coal storage were constructed and a start you, it will be observed that after forward commitments of your Com-allocated from the Profits available made
with improvements to the Cir- making the usual provision in res-pany are all of a profitable nature, for the year ander review, in which You will doubtless recollect that I connection it is proposed in future to Water System.
pect of Directors' and Auditors' Fees, foreshadowed from the Chair las utilize the Reserve thus created as an un for the Company's donation to To pay a Jubilee bonus to Staff and workmen...
43,976.22 rectifer was installed to deal with the
increased lond ԱՌ the Hongkong trass in China, the profit for the as a result of meeting those commit- fluctuation of the Contra Assets. To curry forward to next
necolint.
$404.015.02, which, ments, and I venture to say that we Whilst on this subject I may add that 207,880.05 Tramways, additional Bwitchgear year amounts to
KUIT! of $178,034.15 may regard it as fortunate that we the Investments held by your Com- which I hope will meet with your and transformer were installed at added to the
have been able to, not only absorb the
the pany are in sound local counters of a the Dairy Farin Co.'s East Point brought forward from the preceding approval.
"The proposed dividend and bonus Works, a new substation was built year, makes available an amount of loss, but at the same time to present non-speculative nature.
u showing for the year which cas-that your Plant has continued to I am pleased to be able to state are 25 cents better than last year. and equipped in. Kennedy Road, the $382,099.77 to be dealt with.
but be regarded as eminently factory. Furthermore, when effect-function in 錄 most satisfactory and although we have not added to
ing comparison of the Profits for the manner throughout the year, the "roduction for the period years 1937 and 1938, it must be borne total
The Acling Manager having read the nutlee convening the meeting, the Chairman said:The Report and Statement of Accounts for the year ended December 31, 1938, having been in your hands for the prescrib- ed period, I will, with your mission, take them no read.
To pay a fhat dividend
of $1.50 per share sb- sorbing jag To pay a canh bonus of
50:76
per there
Sorbing
ub-
$100,000.00
$50,000.00
"Gross Bad Debts at $723.01 are the lowest on record.
The loss on realization of Invest- ments was on the sale of "Star" Ferry shares..
of more
in
"The
10
To write off investments 147,270.21 cula gards the distribution system.; British Fund for Rellet uf Dis-year that such losses were inevitable | adjusting medium in regulating the
Continued, on Page 10
In the opinion of your Board this
By Every Test the World's Best
Produce of Australia
the land
of
Fresh from Sunshine
Mi
wit
سانے کے
This is the food which your children will enjoy... Give them plenty of this rich, creamy golden butter. Full of Australian sunshine and the protective vitamins.
All Australian butter. Is made only from the choicest dairy creams under the strictest Government super- vision and comes to you guaranteed by the Common- wealth of Australia for quality and purity.
Obtainable at all Loading Compradores
AUSTRALIAN BUTTER
in mind that, due to increased costs amounting to 108,208 tons of Cement. of raw materials last year, coupled This figure constitutes a record over with heavier maintenance charges the term of seven years during during that period consequent upon which such Plant has been in opera- the operation et your mechanical tion, and it is once again my pleasant thanks to .plant at full capacity output, produc- duty to record a vole tion costs have perforee shown your Staff, particularly to those considerable increase over those of responsible for the maintenance of When the previous year, to which eventu- your Installation at Hok Un. ality I also referred at your last An- considering the figure I have just nual Meeting.
mentioned, it is of interest to re- It will be observed from the mind you that the guaranteed annual Report of your Auditors that no output of your Plant is 110,000 tons provision has been made for Deaf Cement, but, of course, allowance- preciation on Plant and Floating must be made for stoppages which to time Craft, In this relation I would are inevitable from time remind you that thrae Assets were when machinery is kept in constant circumstances, written down to a more or less operation. In
and in here expressing appreciation "break-up" value in the Capital Re- organisation of the Company, under in respect of their loyalty to the feel Inicer in 1934, and the present resi- interests of your Company, I
that Shareholders will dual book values thereof stand at a confident
endorse the proposal.of your Board Agure which in the opinion of your Board-enmot but be regarded as to implement such expression in a practical manner by voting a Bonus ultra-conservative. In such circum- to the Staff of 10 per cent, on their stances and retaining in mind the salaries for the year under review. fact that your Company has been
MARKETING AVENUES operating on a prime cost basis
since
the
Spring is in the air
but the weather's still chilly!
Lightweight
FOR WEARING UNDER SPRING YOU FROCKS WILL KEEP WARM SAFELY & SMARTLY.
Slim fitting, light weight SILK & WOOL VESTS-
$2.50 ca.
Elastic, locknit SPORT BRIEFS
$1.75 & $2.25 ea.
7
MORLEY'S LACEY LISLE
VESTS & PANTIES
In Peach & Ivory $2.25 per garment Outsizes: $2.75
Undies
Whiteaway, Laidlaw & Co., Ltd.
ROYAL
TRADE- "ROYAL TYPEWRITER'
MARK
COMPANY, INC.
The Modern Way to Write
is with a
ROYAL PORTABLE
Sturdily built for many The Japanese occupation of South years of writing con- the drastic reconstruction under- China had little or no effect upon the taken, your Directors do not pro- conditions governing the business of venience—with a Royal pose the fixation of an Annual De- your Company, having regard to the preciation Rate off the Fixed Assets fact that, due to regulations enforced portable you'll find it nt this juncture, but prefer to pro-and prohibitive duties levled by the
vide for relative contingeneles by Authorities come years prior to the easier to type than augmenting the General Reserve outbreak of Hostilities, our exports
tion
from time to time. In this connecto China had been reduced to minute write!
you will note that it is pro- proportions, with the result that we posed-subject to your approval--to had perforce to explore other Increase such reserve by the sum of avenues for the marketing of our $100,000.00, bringing the amount product. It has, therefore, been the standing to the credit of that Account (Continued on Page 10.)
NEW REX RECORDS
9404-Colorado Sunset, (Film.) Waliz..
Garden In Cranada. F.T. 9472-My Own. ("That Ceriain Age".) F.T.
You're As Pretty As A Picture. F.T. 9465-Umbrella Man. ("These Foolish Things".)
Where The Shannen Flows Down To The Sea. Waltz.
BILLY COTTON & HIS ORCH, 9463-Two Sleepy People. ("Thanks For The Memory".) F.T..
Sha-Sha Q.6.
9476--Ain't She Sweet, F.T.
Woltz.
Somebody Stole My Gal. F.T...BRIAN LAWRENCE & HIS ORCH. 0430-Tu-Li-Tulip Time. Waliz.
Is That The Way To Treat A Sweetheart. FT.
ROY SMECK & HIS HAWAIIAN SERENADERS, 9475--Heari and Soul ("Song, is Born".) F.T.
Blue Skies Are Round The Corner. FT. 0471—Is That The Way To Treat A Sweetheart. · F.T.
Why Doan't Somebody Tell Me These Thing. FT..
JAY WILBUR & HIS ORCH
9473-Day Dreamtur." ("Gay Impostory") FT.
I Wanna Go Back To Ball." ("Gay Impostors”.) · · F.T. $474----Clicutanat Tree.
1 Got Love. Q.........OSCAR RABIN & HIS ROMANY BAND.
IF
TSANG FOOK PIANO COMPANY
Marina House,
19: Queen's Road C.. Tol. 24648,
you have any beauty problems, why not try. Mrs. Boton's Beauty Salon which has a reputa- tion of being the most reliable in the Colony. Peninsula Hotel.
Tel. 58081; Extension 34.
THE
•
OFFICE APPLIANCE _Co.,
LIMITED
12a, Des Voeux Rd. C. Tel. 28007.
A. D. C.
presents
THE SHINING HOUR
TO-NIGHT
AND
10th
11th
9.15 p.m.
BOOKING
AT ANDERSON'S