1921-06-15 — Page 5

Page

WEDNESDAY, JUNE 15,

Games Areenalle *HÈSECRET" BANKRU

DODEL PARI V

Wir tras

EXORZYS

FAR

TELEPHONES S

MERCURY MOTOR CARGOLIS, OFFICE 31

-60.

~69-61 Des Voeux Road Central

HONGKONG.

HATT BELICK JROW BOOK

WISE PARTY BLANCR ta WALK STOP

THE CHINA MAIL.

The chairinan: That is all the busines, gentleman thank you for attending. Dividend warrants are now ready and may be obtained on application.

ROBBED WHILE DRUNK.

$10,000 PROMESORY, NO IE STOLEN

Mess, A. R. Lare and EA.M. matters. Er dispare", between the two One of the war, temporal williams were ce clected: As litors large China Ceast Shipping Coy matters and their Feating Staff, and I have to be considered, especially in respect for the ensuing year, at a remunera now merely to inform you that of the future welfare of the Company tion of $5,000 on the mation of Mr. no further action has been taken is the heavy outlay which will be reJ Bell-irving seconded by Mr. A by either side. While on this subject, quired annually to meet the financil Murdoch.:--- I would say that the antimped necessities of the Pension Scheme. enhanced cost of running the Fleet, Investigations go to show that va which was serious enough in times the present terms, a yearly provision of high rates can now only be re of some 15/20,000; may have to be garded with grave coccer when maile, but no defhite scheme has freights are declined in my yet been adopted. Sufficient date directions to pre-war quotations however, has been collated to While we are fortunate in being arrive at the estimate fist - men- able to lay before you such a tlened, and in explanation of the satisfactory report for 1920 working considerable sum indicated I would. still it must be realised that the say, that while the employees at world-wide slump in shipping as well present on pension are few, due to as industrial trade depression must, the pension scheme only quite re according to our previous experience,cently having been adopted, it soon affect us here and this is would seem from actuaries' ges cme out by recent poor earn that each succeeding year the tax on ings and falling off of business the Company will be of rapidly lo-

certain directions. When it creasing proportions.

remembered that India, the Straits and Japan are all in state of commercial stagnation one cannot be regarded as a pessimist who holds the view that revenue from our principal Hoe which operates between the places mentioned, mast be seriously impaired. This is all the more unfortunate-as competi The regrettable loss of the tin is becoming more acute and, "Fansang referred to last year notwithstanding the undoubted bad further increased the necessity of times ahead of us, must be met in acquiring new tonnage, and this order to prevent further encroach- matter has received the constant ment attention of your Directors. Advant age was taken of the opportunity at the end of the year, to acquire two

meny

EASTERN

SHIPPING.

THE OUTLOOK REVIEWED.

OF

U.S.

ན་

EFFECT

COMPETITION

INDO-CHINA S. N. COMPANY'S "ANNUAL MEETING

An interesting review of the Far Eastern shipping trade and the effect upon it of American competition was contained in the chairman's sprach at the fortieth annual meeting of Indo-China Steam Navigation Com. pany Ltd. which took place at the offices of the general, managers, Messrs. Jardine Matheson & Co. Lid, at neon lo-day.

NEW SHIPS.

Situated as we are in close proxi- mity to an important Maritime Nation like japan it is only natural steamers which were that in spite of the unprecedented offered for sale by private tender, amount of tonnage already laid up and which were considered, after in Japanese waters, we should be Mr. D. G. M. Bernard presided and inspection at Singapore, very suitable beset by spasmodic attempts to cut there Fere present: the

Hon. ships for our Coastlag business. The into our long established China Coast Sir C. P. Chater CMG, the Han resse's in question, the Kwongirades. bot while rates have bad Mr. A. O. Lang and Mr. H. P. White Eas" and "Teo Pao" (now re-named to be reduced to meet the opposition (directors), and the following share the "Mingsang" and "Lee Sang" of subsidised intraders we are being holders Messrs. H. De C. Longmire, respectively) were, after undergoing loyals supported by Ha Leung, R. Sutherland. E A. M. Williams, Yeen Hang Kit, U. Rum jabu, S. E. da Lu, Ho Shaf Kit, Lo Man Hin, A. M. da Silva. Hon. Ho Fook, Lo Cheung Salu. H. Birkett, Ho Kwout, W. B. Cornabr. PM N. da Silva, E. Abraham. A. Murdoch, 5. E. Grimstone, J. Bellving and R. E. MacDougali.

The notice convening the meeting and the auditors' report having been read,

of Rice

FINANCES.

N

out

old

Turning to the Report and State- ment of Accounts you will note in the first place that as mentioned at the Actual Meeting last year all the Debentures have been redeemed and no longer appear in the Balance Sheet. The Fleet is now clear of all encumbrances.

usual surveys and overhaul delivered constituents and though we may to us at Singapore on 27th January have to be content with reduced fast and have already proved profit revenue during the time of competi- able acquisitions to our Fleet. In tion, we do not view the future with addition to these steamers, your alarth. Directors have for some time beet anricus to secure a suitable timber carrier to replace the Mausang" sold in 1919, and we have now pur- chased the ss "Yannis" at vessel of similar size to the s.s. "Hin sang." Thes."Yannis" arrived here laat month and after the necessary alterations have been carried out to adapt her for the handling of heavy Timber, she will be placed per manently on the Borneo run. With regard to the new steamers building at Home, details of which were furnished at our last Meeting, we are hopeful that these will be in com mission by the Autumn of this year; unless the present industrial unrest should ordain otherwise.

YANGTSZE TRADE.

Referring to the Balance Sheet it will be seen that Exchange Fluctus

tion

Account has decreased by 261,207,1210 due to our Floating Dollar Assets and Liabilities being converted at 3/11 the rate of Ex change ruling on the 31st December 1920, as against 4:10% at the end of

1919.

The Chairman said Gentlemes, the Report and Statement of Accounts have been in your hands for some days and with your permission. will, as customary, take them as read. As announced at our Annual Meeting held in October last, every effort has been made to expedite the closing of our 1920 Accounts and it will no doubt be gratifying to you that we are able to told the Meeting this year some four months earlier than has

As regards Special Repairs and been possible for some years past...

Renewals Reserve, the £30,000 stand- The period under review

My predecessor last year madeing at credit of this fund last year marked by a general influx of toona- ge into Far Eastern Waters. As a reference to the anticipated Important has been absorbed in such extra of the Yangtrefwork on vessels as could not be re- result, Charter rates, especially in development.

azd of the steps it garded as ordinary running repairs. the South, fell rapidly, whilst the trade ectire" prohibition of export was then contemplated taking to As we still anticipate a continuance now of such exceptional outlay especially .fromt

and cope with same and I am Bangkok the periodical cessation of exports pleased to inform you that, definite in regard to a re-boilering scheme at con-contracts have been entered into present, under consideration your of Rice from Haiphong also tributed in keeping rates at a low with builders at Shanghai for the Directors hare deemed it essential to level. In this connection it may be construction of a light draught river re-estabish this fund and it will be of interest to mention that whereas steamer suitable for the lower Yang-noted that subject to your "approval the highest rate from Saigon to Hong-teze; Rankow Ichang run; or the £50,000 has been allocated thereto. kong. which trade represents the Lake trades As regards the Ichang. A new Account this year appears pulse of the Southern Market, was Chungking steamer referred to at in the Balance Sheet in the shape of 2 cents per picul in January, Fe-last Meeting after most careful con: an Equalisation of Dividend Fano, to bruary 1919 and the lowest 25 cents sideration of all the peculiarities and which it is considered desirable to in September, the highest rate reach-requirements of branch of our Yang-appropriate £30,000, in view of the ed in 1920 was 35 cents in January-tsze Organization, detailed plans of a great uncertainty of the future of February, declining as low as 7 cents thoroughly up to date steamer were shipping, as with continually is in May and subsequently rising to discussed with Messrs. Yarrow &creasing overhead charges. It is 20.23 cents in July, remaining at Co. and as Agreement has recently necessary to provide against lean that fge until the end of been entered into whereby that Firm years of working which may be.

vessel in ahead of us. to construct the the

In contra-dislioc is year.

With reference to the statement tion to 2 poor chartering question at Home, and ship her to market in the South, profitable rates Shanghai in sections, where she will made at our last Meeting by the were current in Northern trades be assembled and completed. The Chairman in connection with the throughout the year and opportunity acquisition of a steamer for this trade procedure to be adopted, whereby was taken to divert as much tonnage was unavoidably delayed owing to the steamers are covered in our Under there as possible. Fortunately our impossibility of exporting material writing Account against particular regular lines both North and South and machinery for commercial por Average losses, the result. has been secured satisfactory support and not poses during the war. Such delay that this account would, in the ot withstanding the beavy increased however, has allowed us to make dinary course have been increased some £57.347.-bringing the cost of running and maintaining the complete arrangements for inaugura by Fleet the financial result as a whole tion of our "service including the total up of £436,574 The sensa- car, I think, be regarded with satis-supply of oil fuel and the seconding tional fall in the market valoe of a Master to special duty which of tonnage has, however, necessitated faction.

Particular mention must be made allows him to study un the spot, the another revaluation of the Fleet

THE TONNAGE MARKET

for this provision in the Underwriting Account as the values concerned have got more or less into line.

of the fact that we have had to meet navigation of the dangerous route for the current year, 1921, and while most increasingly severe competition on which our new craft will ply. previously the Underwriting Account this connection It is only had to cover the difference between from an entirely new source, viz, the In

that I should make the insured value in. Outside In vessels of the U. S. Shipping fitting

great loss all surance, Companies and a 6gure Board. In the past such tornage mention of the

Companies interested nearly representing the " replacing was more or less confined to Ocean Steamship routes and inter continental trades. in the Yangtsze trade have suffered cost, there is no longer any necessity It has now however entered into in the deplorable death of that won direct competition in some of the derful pioneer and navigator Captain local domestic trades which have Plant. By his death we have not only

While the Underwriting Account been built up and fostered by British lost an unfailing lend and adviser, Shipping interests over a long period but one whose whole Ille was wrapp will be relieved of responsibility of of years. The operations of this ed in work of an arduous and tan- differences of values, it will still have Rigantic national Steamship Organ gerous nature and whose experience to support the usual per cent, of Total Loss Claims, this being Owners ization are being watched with in- of the Upper River was unique.

Lice,

per the remaining 95 creasing anxiety by Shipping Com

being As regards the tonnage market cert.

covered outside. panies in all parts of the World, and while it is fully recognized that the generally the present position is The same Fund will also bear all exigencies of War primarily gave birth somewhhat extraordinary es, while claims falling under. particular to the American Mercantile Marine, second hand vessels can be purchased Average and be credited froma still it was hoped that in the welcome at such lower range of cost than bas steamers working accounts with an Guys of peace, means would be found been current for some years, building adequate premium in respect of to operate same in such manner as prices still remain comparatively such risk. Your Directors, In the. would not pit the financial resources high." The Company last year, in altered circumstances, of a nation against those of private order to bold its vital connections recommend that the shipping: Companies, no matter their together was obliged to contract at £100,000,-be transferred from and that nationality. Unfortunately, as you high prices for the actual mininum Underwriting "Account are all too well aware there exists at requirerarpts, but it would now seem £50,000, of such amount be passed present a shipping depression unpar- that the present depression is to the credit of Pension Fund referred "allaled in the commercial history of shipbuilding trades will allew of our to hereafter and £50,000,-to Build the world, so that it is impossible to acquiring further vessels which are ing. Reserve. Account. This will quage with any degree of accuracy essential to replace those whose lease leave a balance at credit of Under to what extent private shipping la of life almost ended, at a figure writing Account of £336,574.17/ Stere-ts will in normál titors, suffer which with the assistance of our cam Fully sufficient to meet any calls through this very one-sided cosßict Building Reserve will bring the which are likely to be made upon it The existing situation is however average cost of new tonnage as a Including the transfer referred to exercking the attention of Ship whole to a satisfactory and economic Building Reserve Account now stands pinz Authorities all over the world basis.

sat $301,41116 and this Fued wit be partly used as cerdired to ist THE SHIPPING POSITION. and sincerely to be "Jovartrat a way out of the difficulty will be remembered that at in "writing down the first cost of may be hund to the mutual satisfac-our last Annual General Mecỡng, tonnage which bad to be required

full information was given regarding | dhiring the period of high prices, tion of a concerned.

therefore

'of

Sta

A Chinese who admits that he was under the infance of liquor at the time, bas informed the police that be was attacked and robbed of a As regards Investments, these in white canvas-belt containing $1,964- the usual course would have shown in notes and two promissory notes an Increase of aver £100,000, owing for $10,000, in the small hours of however to lower market values of this morning while on his way from Securities on the 31st December, it Shektoagchuf to a Connaught Rad has been necessary to write off Central boarding house where be £42,898.68 as shown in Revenue was living. Account.›

до

which

#

The usual, Depreciation has been

off

A reminder is given of the organ the value of the . written Fleet

has been main recital to be given at St. John's at the Company's Cathedral by Mr. Denman Faller to- tained usual high standard of efficiency, morrow night at 9 15, when the though at heavy cost With the vocalist will be Miss Lowson, exception of the unfortunate loss of the Fausang already referred to,

The B I. "Takada," lefï Singapore there has been no casualty of a serious mature, and the thanks for this port on Jane Hat am and is

are due to dve here on June 18. of the Company the Floating Staff for good services rendered also to the Company's Superindendents at Hongkong and Shanghai and to other employees holding share appointment in various ports..

As there are no other matters of interest to refer to it now remains for me Gentlemen to propose the following resolation.

"That the Report and Statement

TO-DAY'S ADVERTISEMENTS.

P. & O. BANKING CORPORATION

LIMITED.

TOLDERS BEARER WAR

Hare HEREBY NOTI-

HONGKONG AUTOMOBILE

of Accounts as presented, including FLED that Coupon Number I should the transfer of £30,000 to Equalbe presented through Bankers for tion of Dividend Account £50,000 dividend payable 15th Jane, at the to Special Repairs and Renewals rate of 5% per annum for 9 months less Reserve, the transfer from Underwit Income Tax

Hongkong Jnce 35, 1921, ing Account of £100.000 divided equally between Building Reserve and floating Staff Pension Fand, ako the payment of a fual dividend on the

ASSOCIATION. Preferred Soares of 3- and £2.10.0 on the Deferred Shares be adopted and į that the sum of £3278.9/4 be carried MEMBERS are advised that the forward to next year's accounts. The Capt. Supt. of Police has given dividend on Shares on the Hongkong permission for MOTOR VEHICLES Register be paid at exchange 2/5h to be left UNATTENDED in the As soon as this resolution has been following streets and places in seconded I shall be pleased to answer KOWLOON. any questions concerning the Report and Statement of Accounts, to the best of my ability.

The motion was carried un- animously.

The confirmation of the appoint ment of Mr. H. P. White as director was confirmed on the motion of Mr. H. Birkett esconded by To Cheung

Shiz

On the motion of Mr. P. M. Nda Silva seconded by: the Hon. Mr. Ho Fook the Hon Sir C. P. Chater C.M.G. and Mr. H. P. White were re-elected as directors.

(1) Middle Road on the South Sida.» · (2) Mody Road on the North Side between Naiban Road and Corn- wall Avenue.

(3) Cromwell Avenue on the West

Side

(4) Salishtry & redus,

(5) Haiphong Read on the North Side, (6) Austia Road catside the Kowloon

Cricket Club.

F. BEXINGTON,

Secretary, Hongkong, June 15, 1921.

THE FAMOUS RUSSIAN LIGHT

OPERA & OPERETTE, CO.

AT

THEATRE ROYAL

Commencing on THURSDAY, JUNE

THE OPENING NIGHT will be staged

23rd.

The famous Operette by the celebrated

-composer Lebar:

"THE MERRY WIDOW"

Booking opened at MOUTRIE'S.

BLUE FUNNEL LINE

S.S. "ANCHISES," ..

10,000 TONS G/R.

NOOR

Will be despatched by SINGAPORE,

on 22nd June.

passenger accommodation:

lleat first

Farther

BUTTERFIELD

NOTICES.

FINE FOOTWEAR

IN LIGHT WEIGHTS FOR SUMMER WE'R LATEST IF THE STYLES FOR

MEN

WOMEN,

AND

CHILDREN.

WHITE CANVAS SHOES

NEOLIN SOLES.

WITT LEATHER OR

TENNIS SHOES

GOLF SHOES

INSPECTION INVITED.

LANE, CRAWFORD & CO.

COLUMBIA

GRAFONOLA

THE SUPREME

INSTRUMENT

OF

MUSIC.

ANDERSON'S

(THE COLUMBIA SH-P).

Sale Agents :-

Suzuki & Co.

- SAKURA BEER

Alexandra Buildings.

Tel. 468 & 467.

A Cheap Lamp is an Expensive Light APHILIPS LAMP

Is A-PERMANENT

ECONOMY

SOLE AGENTS

Holland-China Trading Co

Hong Kong

BRITANNIA BEER.

Can't Be Beat.

SPECIALLY BREWED FOR

Export by the

WESTMINSTER BREWERY LIMITED

VANCOUVER, BC.

GANDE, PRICE & CO. LTD.

SWIRE

QUEEN. NOAD, 2014)

HONG KONGSID