1923-04-28 — Page 5

SATURDAY APRIL 28, '1998

HONGKONG HOTEL COMPANY.

ANNUAL SHAREHOLDERS' MEETING'

EVENTFUL YEAR REVIEWED,

PENINSULA HOTEL NEXT WINTER

I

In

THE CHINA MAIL.

articles relating to the equipment portant part of the work that is and provisioning of our Hotels. being carried out, but I am sorry to In the same connection I may in- | say that owing to the fact of so form you that we entered into an much bullding work being in pro- arrangement with Messrs. Lane, gress in the Colony at present, we Crawford Limited for the purchase and it somewhat difficult at times, by-them from us of Powell's to 'get work completed as rapidly Buliding, and as a result of this as we would like; however, matters transaction you will notice a credit have been improving recently, Item in our Profit and Loss Ac with the result that we anticipate count of $110,640.35.

being in a position to commence the actual structural work in the course of the next few months.

¿Steam Laundry.

.

TO-DAY'S 'ADVERTISEMENTS.

THE HONGKONG" HIDE,

LEATHER CO., LTD.^. 67/60, Des Vonux Road Central, Registered Office.

REMINDER.

Proxy forms are to be had on Up plication at this office.

By Order of the Board,

E. PEPPERELLA'

Acting Secretary.

Hongkong, April 28, 1923,

1 August last year, your Board was approached with an offer for

Bungalow. Scheme.

THE Undersigned begs to remind the members of the Company. the purchase of the business of the Your Board have under consider that it is essential in their Intereals Steam Laundry, and the offer wasition extensive improvements and to attend or be represented by Proxy A comprehensive account of the the Companysis to be congratulated sufficiently, attractive to warrant, additions at Repulse Bay, but do at the Meeting called for MONDAY, Company's activities during what upon thus becoming allied with the after negotiations, your, Directors not feel inclined to embark upon 30th April, 1923, at Noon at the theChairman described as probably other leading hotel enterprises in acceptance thereof. You will also the additional heavy capital outlay Registered Office, when the Resolu the most eventful year of its ex- this Section of the Far East. notice in the Profit and Loss Ac until the road via Wong Ner Chong, tions as set forth in advertisements istence was given to shareholders The total cost of the shares count a credit item in respect of is more advanced. It is much to be in the Press are to be proposed at of the Hongkong Hotel Company acquired in the Shanghai Hotels this transaction, the net profit hay-regretted that this short road, which the Meeting, as it is imperative, to Limited at their annual meeting in Limited amounted to $2,640,236,93 ing amounted to $83,701.31 will undoubtedly become the main have a three fourth majority to pass the Hongkong Hotel to-day, " and such cost is included in the

· Península Hotel,

artery between Victoria and the the sains, Mr. J. Scott Harston presided Balance Sheet under the heading.

South side of the Island, is not yet and was supported by, the Hon. of investment Account." We.come now to the Peninsula nearing completion, particularly Sir Paul Chater, C.M.G., connection with this transaction Hotel; Kowloon. Work upon the bearing in mind that we have un- and Mr. .E. M. Raymond 3,000 shares in our Company, cre- design and construction of this has der consideration a scheme for a (directors), Mr. J. H. Taggart dited as fully paid up, were issued unfortunately not progressed as bungalow settlement at Repulse (Managing Director) and the to Mr. E. M. Raymond by way of mpidly as we would have desired; Bay with a view to meeting not Secretary (Mr. W. J. Hawker brokerage.

the delay has been mainly due to only the requirements of our own A.G.IS.). The following share. I do not propose to give any the fact that the original plans were 'executive Staff and the Personnel holders were present →→

detailed explanation here as to the not considered entirely suitable top of the Companies with which we Mesars U. M. Omar, T. R. assets and general position of the our requirements, thus making it are associated, but also as far as .Parsons, K J. B Norton, Shanghai Hotels limited, as the necessary for new scheme to be possible tue requirements of mar A. W. Smith, Fung Tab-hang. annual general meeting of that prepared. I am, however, pleased riest men outside our own organis R. L. Bridger, A. Nissin, Company has been convened so as to be able to inform

yotiation, as we are confident that we to follow immediately after this that the plans have now been are in a position to construct modern Birket, W. E. Van Eps, H. J. H. White, W. A. Hannibal, meeting, when the accounts of that completed, and that work upon ungalows which may be rented and N. V. A. Croucher.

Company for the past financial the foundations of the Hotel a very reasonable figure. But year-which, coincidently with in question has actually commen- the cost of transportation is a that of this Company, ended ced. On completion there is no serions obstacte at the moment, Street) on the 31st December last-doubt that the new Hotel, which will be placed before you, I will cost in the region of $3,000.000,-

(Continued, on

page 9.) may say, however that certain will be a long way ahead of any doubtft assets with which the thing of its kind in the Far East, Shanghai Company was encumber-and-will-from-the-point of view of have been disposed of, thus accommodation and service co- caving that Company free to de- pare very favourably with modera vote itself to the prosecution of establishments in Europe and more profitable interests.

America. We hope to open the Peninsula Hotel in winter of 1924. Shameen Property.

H.

CHAIRMAN'S SPEECH.

The Chairman said: Gentlemen,As the report and arcounts have been in your hands for several days, I propose, with your permission, to adopt the usual procedure and treat the same as read,

After providing for a bouns of

Amalgamation Projected. 10% to the European staff on their The registered office of the Salaries, and paying the usual Shanghai Hotels Limited has re- bonus to the Chinese staff at Chi-cently been transferred from nese New Year, the profit on work- Shanghai to Hongkong, and I may ing account for the year 1922 (as mention for your information indicated in the report hefore you) that so soon as the necessary legal amounted to $548,873.00 as com- steps can be taken, your Directors pared with $438,692.83 for the year contemplate amalgamating the two 1921.

Companies into one, as to which those concerned will be notified in

Your Company last year acquired a building on Shameen, Canton, with a view to converting it into a Hotel, but in view of other matters which subsequently, arose in con nection

with the Company's. business, that building proved not quite suitable for the purpose, both "The act profit of the Company

with regard to the building itself, during the past financial year due course.

and the area of the land on which after charging $274,320,35 in' In connection with the acquistion it stood, and your Board therefore respect of 'debenture and other of our holding in The Shanghat accepted an offer for the purchase interest repairs and renewals, Hotels Limited, I would point out of the property the sale of which band and doubtful debts, etc., and that although the Profit and Loss left a profit, but this item does $131.998.03 for depreciation Account has been debited with the not appear in our Profit and umounted to $413,206.68 to which interest paid in respect of the Loss Account for 1922, as the must be added the amount brought special loan granted by the Com- sale was only effected this month. forward from the previous year, pany's bankers so as to enable the I may add that the fact of our namely, $48,498,35 making a total transaction to be carried through, having sold this particular property sum of $461,705.03, but from this such interest has not been cloes not mean that your Directors last mentioned amount there must off-set -by the receipt of have in any way abandoned the he deducted the sum of $166,677.09 any dividend from The Shanghii idea of a Hotel in Shaineen.

in respect of the Interim Dividend paid in August 1922, leaving the sum of $295,028,03 available for distribution, which your Directors (as shewn in their Report) recom- mend he apportioned as follows: To pay a Final Divid-

end of 60 cents per share on 244,990 "Old" Shares (fully paid up)... $146,940 To pay a Bonus of 30 cents per share in 244,900 "Old" Shares (fully paid up)$73,4700

To pay a Dividend and Bonus of 75 cents per share on 3,000 Shares credited as fully paid

...

Hotels Limited-in which respect

Repulse Bay.

I may add that the matters which necessitated the Board of the Dealing next With the Repulse Shanghai. Company taking the Bay Hotel, I have to inform you prudent step of not recommending that that Hotel is becoming any dividend for the year 1922 increasingly popular, so much so will be duly explained at that that the existing accommodation Company's Annual General Meet- there was taxed to its utmost dur- ing which will follow this one, ing the major portion of the past On the other hand the heavy item year. The excavation of the hill shown in our Profit and Loss on the West side and the filling in Account for "debenture and other of the Ravine Immediately in front interest "is more than covered by of the West Wing form an in- the profits received by our Coni- pany in respect of the sales of Powell's Building and the Steam | Laundry (to which I shall refer in greater detall at a later stage) so that the decision of the Shangbai | Company to pay no dividend in respect of the past financial year- 2,250.00 which decision I may observe was

$ 220,410,00

To pay a Final Divil- end of 24 cents per share on 109,650

New" Shares ($6 paid up).....$ 26,316.00. To pay a Bonus of 11 cents per share on 109,650 "New" Shares ($6 paid up)....$12,061,50

To Transfer to General *

Reserve

To carry forward to new Account .........

made some months prior to the sales in question-has not prevent- ed us from recommending the pay- ment out of our profits of a final dividend together with a bonus for the year 1922.

Peak Hotel.

Now with regard to Hongkong. you are of course aware that as

5 38.377-50 on and from the Ist. January 1922 we purchased the property and $261,037.50 goodwill of the Beak Hotel from Mr. C. Findlay Smith at a total cost 25,356.80 of $639,744 as shown in our balance Sheet, whereof the sum of $248,600 8,633-73 was satisfied by the issue to the vendor of 11,300 shares of this

$ 295,028.03 Company (at a premium of $12 per share) credited as fully paid up.

and I have no donhi that such ré-Certain improvements have already commendation will meet with your approval.

been effected in the establishment, and plans are under consideration with a view to bringing the Peak Hotel up to data in every respect.

Arrangement With Lane Crawfords.

An Eventful Year. The year under review has pro bably been the most eventful in the luistory of the Company, having heen marked by great activity, not

With a view to facilitating thể only in connection with our hotel purchase and the carrying of stocks keeping business, but also in re of furnishing supplies etc., for the gard to the various kindred enter various Hotels, your Board, en hs- prises associated therewith, and the half of the Company, in the month development of the Company's of February 1922 acquired the con- undertakings. Several transactions trolling Interest in the undertaking of magnitude were carried through of William Powell Limited by by the Company during the past means of an exchange of shares year, of which the foremost was of this Company for shares undoubtedly the acquisition in the in that one. month of May last of the controllin the year, our holding of shares Later on ing Interest in The Shanghai in William Powell Limited was in Hotels Limited the number of tura exchanged on satisfactory shares acquired representing 85% terms for a holding of shares in of the issued

capital that Compay and as The In this connection I would remark, of Messrs. Lane, Crawford, Limited, Shanghai Hotels Limited holds and I think you will agree, that our approximately 60% of the Grand possession of an interest in à Com Hotel deg Wugons-Lits Ltd.

pany such as Messre Lane,

Peking, your Company is placed Crawford Limited' should prove of in the very favourable position of great benefit to us as large con controlling the leading Hotels in sumers, since the facilities avall- North China as well as retaining able through them is the matter of the premier position in the South, effecting purchases on a large scale You will, I think, readily recog will contribute and indeed have nise that great benefits should already contributed, beneficially to accrue to the Company as the conduct of our busi

result of this wickingly lich

strong position, "; and: | 1-4

mind that it is ess

sure that you will agree that carry large stoc

TO-DAY'S ADVERTISEMENT.

NOTICE.

WE have TO-DAY formed a Com. pany under the name of HOLYOAK, MASSEY & COMPANY, LTD., to carry on in Hongkong, Shanghai, Canton, Chefoo and else where, the business of Export and Iraport Merchants and Commission. Agents,

Dated the 28th April, 1923.

P. H. HOLYOAK,

P. W. MASSEY.

NOTICE OF REMOVAL.

THE Office of THE HOLLAND. CHINA TRADING CO., will be removed on the 30th April to the NEW BUILDING, 67/69, Des Voeux Road, Central. (Entrance Pottinger

Hongkong, April 28, 1923,

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1

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