1920-02-09 — Page 5

Page

MONDAY, FEBRUARY 8, 1923

CORRESPONDENCE.

To the Editor of the" China Mall."unduly well provided for at the

HONGKONG AND KOWLOON WHARF AND GODOWN CO., LTD.

expanse of the present generation of 15. Launches.— shareholders, as an inspection of the figures lower dowa wil amply proves

But as he has referred to this Present Book Valuu .24 aspect of the question, I would like to point out that posterity is being

529,424.46

$500,000.00

Book Value 31 12

New Launches 1913."

1914

$70.452.50

47.000.00

$117.452.50

Written off 1909

1919. "Kowloon" over 20 years old-sold for: "Pelican" small pin-

to

carry

On 1918 working regalis the Directors could have paid fend of $6, and a bonus of $2. per share, Dear Sir I have read with rauch which, together with the $16.67%re. Interest the Chairman's speech (as presenting 134. "cumshaw" share, reported in the local Press) delivered would have been a munificient dis- at the Annual Meeting on 6th insttribution and it would have enfbled and more particularly that portion them

forward to which dealt with my letter of 5th. 1919 Account $160,523.96 ins- Idem to your journal.

tead of $40.523.95 only. This would have permitted a dividend for 1919 of $6 and bonus of $2 per share (or the same as for 1918) with- out in any way curtailing the appro- priations for depreciation and carry forward. As a matter of fact, the 1918 Accounts, if so treated, would have provided a further surplus of $40,000 after paying $8 in dividend and bonus for 1919. Instead of which the Directors have paid a bonus for 1919 of 12.50 per share less than for 1918, and this, in face of the fact that all Hongkong knew the campany had done better than in the previous year (it was a record year in fact) and naturally, expected a return similar to that for 1918.

I am pleased to learn that the Chairman is, personally, disinclined to take any notice of all anonymous letters and, therefore congratulate myself on the fact that my letter served, some purpose and touched someone on the "raw," else why did not the Chairman fellow his proteks ed principle and ignore it?

Interested" is a shareholder of many years" standing and is quite aware of bis rights in the matter of asking questions without gratuitous advice from the Chairman on the subject.

1 observe that the Chairman found "it difficult to resist the conclusion that the cloak of anonymity usually conceals the critic disappointed of personal gain and that he confessed he found it difficult to trace in the mat- fer of this letter a capacity to see further than the length of an ordinary nose."

The critic, in this instance, con- Gary to the Chairman's hasty conclu- sion, has made much personal rain. an his investment and hopes to make much more in due course.

The Directors of almost all Hongkong's Public companies are practically the same lot, whose

number scarcely exceeds a score. It Anot given to every shareholder to Be in the happy position of the one-

nace .... ** Albatross "

Present Book Value: 6. Lighters -

Written off 1909/1919.

THE CHINA MAIL.

CROOK- e, at the Govern

ment Civil Hospital, to Mr. and Mrs. A. H. Crook, a son..

*

BANKRUPTCY COURT.

TO-DAY'S ADVERTISEMENTS.

RACE HOLIDAYS' THE EXCHANGE BANKS will be

CLOSED for the Transaction of EXCHANGE BUSINESS on WED. NESDAY, THURSDAY and FRIDAY, the 11th, 12th and 13th instant, at this; 12.15 am.

In the Bankruptcy Court, $75.752:50 morsing. before Mr. Justice Gom-

pertz, the following cases were dealt; with

Hongkong. February 9, 1950.

4.000.00

The Wah Hong Steamship Company HONGKONG STOCK EXCHANGE 700.00 10.000.00 (adjourned hearing of petition). Mr.

G. R. Hayward asked that the hear-TEE EXCHANGE will be CLOSED 90:452.50 ing be adjourned sinc die, which was for business on WEDNESDAY,

granted.

THURSDAY, FRIDAY and SATUR. $27.000,00

DAY, the 11th, 12th, 13th and 14th instant..

$ 463.772.43 433.772.43

►

By Order of the Committee.

W. LOGAN,

Secretary. Hongkong. February 8, 1930.

The Fok Ming-Kai Arm, trading as. Book Value 31/12/1902. $439.182.61 Yuet Long Tea House (hearing peti- Additions: 1913 1918.. 24.589.82.

tion). Mr. E. J. Lewis, of -Messrs. Johnstone, Stokes and Master, said he appeared for the petitioning credi- tor. An Interim tekeiving order had already been made for the deblör had not yet been served and it'might de- come necessary to apply for an order Ponies! Ponies! for substituted service. He would 9.092.24 ask for an adjournment until t

bankruptcy day.

Present Book Values:-$

7. West Point Wharf Book Value 1909 Written of:- 1909

1919...

Out of 1917 and 1918 profits $10. per share was paid in dividends and Bonuses, and, as the profits for 1919 were more than in either of those Present Book Value - two years, the least that should have been done, would have been to make a similar distribution.

Had this been done, the distribu- tion of 1919 profits would have been as follows::-

Profits available....... $939.703,23 Pay dividend of $6. -

share

pay bonus of $4. P

share.

Write off for deprecia-

tion. Cany forward to new

account

480.000,00

320.000.00

100.000.00

39.703.23

$939.703.23

Can anyone see anything wrong with this?

time salesman of the "Princely House," who, at a meeting of the Hongkong Land Investment and Agency Co., Ltd. in: 1891. openly "Bouted" the then Chairman of that

· Company, whé happened to be the resident Head of that selfsame "Princely House." (The: 'Chairman.

If it was deemed satisfactory in of the Wharf Co., might do worse 1918 to carry forward $40,523.95 than turn up the report of that after writing off $115,625 only, why. meeting and read, mark, learn and with larger profits in 1919, is it

imperative to inwardly digest the subject matter considered

il

write

cf the discussion.. It might prove off $37.193 and carry forward .educative!

$145,382.27 more than in the pre-

There are many shareholders invious year?

this colony who might wish to appear Is this consistent or is it "playing

I appreciate the proposition that the present interests of the individual should be subordinated to those of the future of the company, provided al- ways, it be not overdone!

I respectfully submit that, ia

at the Annual Meetings and criticise a gama"? as well as ask questions, but, for many and various reasons, cannot afford to so, hence the adoption of the immemorial custom of writing to the Press anczymously. Did they other wise. they might incur treatment similar to that meted out to the China Mail by the Hon. gentleman who presides over the destinies of the Princely House Being a shipper of China Produce I might not be able to secure space for my shipments by any of the many steamers which the Chairman's firm controls, despite the fact that such control is exercised as Managers or Agents for the The question is not:-"Who is the writer or author of such letters"? But rather. "Is the subject matter of the letter correct, and one for légitimate criticism"?

"Owners only.

Carrd.

4,847,44 Ford.

19,392.63

150,000,

21,669.74

24,890.48

Equaliza-

To

8-Distribution of Profits:- Amt.

Div. &

Available. Bonus. Written off. Reserve. tion of Div. 279,228.77.

518,490.91.

440,40280. 1910, $ 366,758.48,

Year.

30.000 00

8,092.24

1.000.00

225,043,17

275,163.20

40,523.96

186,906,23

25,000; 105,695.67 |

Prov. Fund 101,107.46

122,170.39.

131,000.00,

:

7*

115,625,00, 400,000,

152,797.00,

.3

186,581.48,

1911,

79,836.14.

1912,

4

76,821.17,

1913,

3

105,512 32, 100,000,

1914.

433,277.80,

1915,

471,895,67,

1916,

728,080.81,

B

1917, 1,011,708.62,

10

143,037.64.

136,545.42.

1918,

1,156,148.96,

10*

939,703.23,

C

C

1919,

in 10 years amounted to no less than Thus it will be seen that the profits

$6,345,696.05 on a Capital of $3,000,000 up to 1918 and $4,000,000

"INTERESTED"

view of the great scarcity of (and 1 new share for every 3 old) shipping in Hongkong during the issued by appropriation of $1,000,000

years, notwithstanding from Reserve. past our which the company made increasing Profits each year, there is every pro spect of a very great increase in the number of ships that wit years, which in this and subsequent years,

in 1919; written off for depreciation cannat fax to bring a corresponding $1.249,926.56; placed to the Reserve increase to the company's business. $500.000.; to Equalization of Divid Should this desirable event happen and extra business necessitate furth-ends $150.000.; to European Em or expenditure for godowns, wharves, ployees Provident Fund $25,000, and lighters and equipment, it is natural paid Divider.ds and Benuses amount that further capital should be raised ing to $3,360,000, besides distributing Suche new share for every three old to meet such expenditure. capital should not be provided out of shares.-Yours faithfully, profits. It may be very nice for our successors to provide heavily out of profits for their benefit but would bardly please present shareholders- anonymity of the letter being But it must not be overlooked the usual refuge of one unable to meet argument by argument) by that Jardine Matheson & Co., Ltd., stating that he "found it difficult to and Chater & Mody are the respective heirs-at-law to the Chairmanship trace in the matter of the letter a capacity to see further than the and a Directorship, which may or length of an ordinary nose," because may not have some influence on the fis opening reference to the letter policy hitherto followed by these in question, shewed plainly, that parties in regard to the Company's te, himself, had been led, most probably, by that organ. by some member of the Board, who probably, drew his attention to the unwisdom of allowing the letter to be ignored.

It is unfortunate that the Chair man. in alluding to the corres Condence, saw fit to threw mud (both this and the attack on the

The Chairman is new to his position and I invite his attention to the

accounts..

The following figures speak for themselves:

1. Buildings Book value 31/12/1913 $1.631.639.89 Less sold 1918

figures, set forth further on, which may Since

56.910,

$1.574.729.89

expended in

prove worthy of a little consideration Mezzanine floors to

at his hands. It might also prove storage godowns and beneficial to him to investigate the erection of new godowns 600.360.44

past records of the Star Ferry Co.,

which is managed by the Wharf Co.,

and the Board of Directors of which, written of In 1919.......

is always composed of directors of

the Whart Co., Therein, I opine, he

will find much food for reflection, especially if he will take the trouble

Present Book Value

$2.176.090.33

25.000.

$2.150 090.33

2. Machinery & Plant:-

to inspect both companies" "Returns of Book Value 31/12/1909.$ 173,015.58

Shareholders "the Star Ferry's-- | Additions 1910/1914 ... 38,817.70 say-before the calling up of the un

shares, and after the several increases Written off (including

paid balance of the first issue of new

of capital had been effected the

Wharf Co's say from 1913 to 1919- and take due note of the holdings, at

the different periods, at certain.

parties. Thereafter, he may not be so ready to cast cheap jibes at anory *mous writers.

$ 211,834.28

$6,282.95 realised for useless or condemned M. & P.)

191,834.28

20,000.00

Present Book Value:

3. Railways & Rolling Stock Book Value 31/12/1909 $105.778:46

so satisfied with his knowledge of Additions:-1910/1914.

Further, since the Chairman seems

the Company's affairs, past, present

and future, I would invite him to

ask himself and answer. in all Written

sincerity, whether he, as Chairman.

1919.

...

26.438.81

$148.217.27

off:-1910-

122.217.27

$20,000.00

Book Value 31/12/1910

New. Wharves and re-

rebuilding Old

1911/19

435,794.79

593,629.67

$1,029,424.46

505,082,97

34,341.29

and not another member of the Board, la first and most frequentlPresent, Book Value:-

consulted by the Secretary on al

and every matter connected with the 4. Whatves. Corupany and its businema,

If he would reperuse my letter h will find that my complaint was no wbally mat the future was being to: Il erally provided, for, (although, 24

a matter of fact, I consider it is)' but

that the burden thereof was the

Written off

irconsistency in dealing with prole of Ferry Wharf - from year to year,

old)

"WALLA WALLA" MOTOR boată are built for your service.

TO-NIGHT!

Application granted.

The Shiu Wo Cheong Arm and Namm Man On hearing parition), "Mr. E. J. Lewis said, here again he appeared for the petitioning creditor and an interim order had been made. In this case there were assets. The debtors["

were ore merchants and at one time were doing very well but when the armistice was signed, contracts were, broken and

His Lordship: Oh yes, I know- when this "disastrous peace" came upon us.

Mr. Lewis said there were book debrs in other countries and no doubi some of these would be realised in course of time.

A receiving order was made.

TO-DAY'S ADVERTISEMENT.

IN THE SUPREME COURT OF BONGKONG.

PROBATE JURISDICTION.

J

P

NOTICES.

FOR THE RACES

THE LATEST IN SMART

FOOTWEAR

HEADWEAR

FELTS AND VELOURS

Ponies!

NEW STYLES JUST RECEIVED

WE KNOW

WALK - OVER

THAT

SHOES

i

FUBLIC ROUP.

THE Undersianed have poolved In-

structions to sell by Pablis Roup

од

WEDNESDAY,

aba 18th February, 1920, at 3 pm.. at the Fountain, opposite the City Hall, A large number of well-known RACE PONIES (Full Partdinlars' from 'Chialoguel. Terms Okah..

HUGHES & LOUGH,

Auctioneers- Hongkong, February 9, 1920.

JAVA-PACIFIC LIJN.

NOTICE TO CONSIGNEES.

THE Steamship

THE

"TJISONDARI,”

baring arrived from SAN FRANCISCO, "consiguen of cargo are hereby notifi ed that all Goods are being landed at helr risk into the hazardous and/or extes hazardous Godown" of the Bongkang and Kowloon Wharf and Godown. On.. Ltd. whence, and/or from the wharyss deifvery may be obtained.

In the Goods of JEAN BAPTISTE No claim will be admitted after the MARIE JOSEPH MILLET gods have left the Godowns, and all late of No 75 Boulevard Long Goods remaining undelivered after 2003 champ, Marsailles, in the Republic

of France, Shipping Agent, the 16th of February, will be subject to

deceased."

the Court has, by virtua CÊ

rent.

Ail claims against the steamer 'must bo rrosented to the undersigned on or

before the 13th of February, or they will not be recognized.

NOTICE, IS HEREBY GIVEN that Section 33 of Ordinance No. 2 of 1897, and an Order limiting the time for

All broken, chafed and damaged Goods Creditors and others to send in their are to be left in the Godowns where claims against the above Estate to the they will be examined rm the 18th of February, at 10 m. by the Company's 28th day of February, 1920.

All Creditors and others are socord-surveyors Messrs. Gridlard & Douglas. ingly hereby required to send their No Insurance whatsoever he beet claims to the undersigned on or before effected. that date.

Bills of Lading will be countersigned'

JAVA-CHINA-JAPAN LIJN,

Agents. Hongkong, February 9, 1920...

Dated the 6th day of February 1920, by

JOHNSON, STOKES & MASTER, Solicitors for the Adminisrator

Prince's Building, Ice House Street, Hongkong.

at 5.15 and 7.15 TO-NIGHT!

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16, DIS VŒUX ROAD CENTRAL

TEL 1322

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+

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Call at our Motor Garaze OR

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NOTICE.

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