1923-06-14 — Page 5

THURSDAY, JUNE 14, 1928

HARD TIMES FOR SHIPPING

LOW. FREIGHTS AND HIGH COSTS.

INDO CHINA'S TRYING YEAR.

STAFF ECONOMIES HINTED

AT.

THE CHINA MAIL.

Account: kelgan

est item of expenditura, the Com- the Company will recover salvage | best of my ability any question: piny has to bear, and I must say charges while the cost of repairs which shareholders may wish to now, that while every avenue lend- will be chargeable to Underwriting | ask. ing to more economical working

Mr. A. B. Stewart seconded the has been, and will be, further ex

REPAIRS COSTLY.

resolution and it was carried ̧ un- plored, unless trade conditions im The usual standard ot upkeep animously, prove we must consider has been maintained throughout Sir Robert Ho-tung was re-elect-| a reduction in staff conces- the fleet during the year, but very ed Director on the motion of Mr. slons and portage bills which little 'reduction in the cost of res A. Piercy seconded by Mr. Ho at present are based on the highest pairs is noticeabile although con" | Loung and Measis.: A-R-Lowe scato pald during war years, and Unual efforts are made to effect) and John Fieming were re-elected | those inmediately following, when economies in this direction. While auditors on the motion of Mr. A they were justified by economic it is recognised that the cost of Murdoch seconded-hy Mr. S. B. C. conditions. Although such a step native labour has substantially in= | Hornell, "Low freights, combined with course was another factor in our al shipping depression in all othe:panies, Engineering firmus, and will be relictantly taken, abnorm-creased, we hope the Dock Com- the continued high cost of operat-loss. Subsidiary strikes followed parts of the world has necessitated similar concerns will be as runson- ing the fleet," were blamed by the the main demonstration, and in a lower scale of wages and condi-able as possible in their charges, Chairman for the heavy loss shown creased terms of remuneration had tlons of trade in the East may call especially during the hard times in the accounts presented to the to be conceded to, launchmen, for similar action. shareholders of the Indo-China cargo boat coolles, coat workers,

shipowners are passing through.|||

The telegram quoted below was Steamu Navigation Co., Ltd. at their and other branches of labour, there. It will be noted from the report ate disaster at Swatow, caused by tory by the local American Con-

.Now Steamer,

I have referred to the unfortun received from the Manila Observa- 42nd, ordinary general meeting by further increasing working In your hands that the following the typhoon last August, and it is held at noun to-day,

also accounted for long delays to eat the last meeting, have in response to an appeal for funds dayon i costs. Serious strikes in Calcutta steamers contracted for as explain-necessary for me to mention that

sulate General at 10:80 a.m, to- been delivered and put into com- to aid the sufferers this Company E. & deg. int. N. moving West.

Typhoon in about 180 deg. long, mission, the "Kutsang" and donated the sum of $2,000--walen where they have been found

Hosung" on the Calcutta line I trust has your approval.. THE ACCOUNTS.

Mr. D. G. M. Bernard presided

and there were also present: Mesire, A. O. Lang, G. W. Barton and J. Scott Harston (Directors),

the Company's vessels.

MEETING COMPETITION.

→

were

it will be counts,

the that

SUM •of

TYPHOON WARNING..

LAND SLIDES

Two land slides occurred in that

R. Sutherland (Manager) and thement of the flect, it is peramps In regard to the general employ- following shareholders-Messrs. A. M. da Silva, S. E. da Luz, W. B. necessary for me to state that the every respect suitable for the ser Tuming to the Statement of Ac-

for which they Cornaby, P. Tod, J. Baptista, Ho conditions of shipping business vice

noted Leung, N. L. H. Railton, A. Rin the Far East have undergone specially designed. The

a considerable change during ro Lowe, John Fleming, A. Piercy,

£410,000 Tingsang" and Fausang" 8. Stewart, E. B. C. Hornell and cent years, particularly in trades have proved most useful coasters Contingency account to revenue Bowen Road, and the Peak Hotel has boen transferred from port of Stubbs Road between which were at one time conducted and also fulfil admirably the account, to which latter account to-day and this thoroughfare e almost entirely on a trip charter. quirements of the Shanghai basis.

There

A. Murdoch,:

be to

AN AGREED POLICY.

borne builders. Certain

MANY CASUALTIES,

#1

Koon-

shipping

Tientsin.

A NEW USE.

In a small town lived a butcher who was famed for selling tough meat. A countryman went in one day to purchase some.

TO-DAY'S ADVERTISEMENTS.

NOTICE

CHAIRMAN'S SPEECH.

The growing tendency is Tientsia nin. The Yangtsze river has also been credited £5,000 from the report and statement of ac rice and other trades to operate the steamer "Kung wo" and "Ping fuctuation reserve leaving the

The Chairman said: Gentlemen, for native merchants interested in trades have been supplemented by equalization of dividend account now closed temporarily.

and £10,000 from investmentoro no secidente. counts have been in your hands for their own steamers and this has wo" on the lower river and the balance of the last mentioned at some days, and with your permis led to a large increase in Chinese- "Fuhwo" on the Ichang/Chung~|

The consignment of silk, shipped sion I will as customary take them owned tonnage, which, when not king Line. The first two mention £94,018, 15.0. The increase shown from here by the C.P.S." Empress as read. It will be remembered operating for the purpose for ed have been found all that is in investment fluctuation reserve is of Asia on May 17, reached New that at the last two general meet- which it was especially acquired, desired; but considerable engine due in increased value of in York on June 3 having been 20

31st December ings the Chairman commented is free to compete for any outside defects developed during the first vestments on upon the unsatisfactory prospects employment offering on the mar season of the "Fuhwo's" employ- 1922. During the year securi- days in transit. of the Company, unless there camcket, further, being able to run free ment, the responsibility for which ties have been disposed of

is still being discussed a revival of trade. Unfortunately of onerous overhead

The engagement is announced charges

with chiefly to meet the cost of new of Mr. John Stephen Blanford, D. this did not eventuate, and low) such. as have

alterations tonnage. These sales resulted in RC, to Maude, elder daughter of freights combined with

the by British shipping Companies, have been carried out and this a profit on book value of £4.497. 2. Mr. and Mrs te E. Nathao, of continued high cost i of such vessels prove to be com steamer is now giving: satisfac. as shewn to revenue account. operating

Underwriting account shows an the Ricet have petitors with which it is difficult; tion. As regards further build- primarily accounted for the heavy and often expensive to deal,ing,

the Company has increase of £45,817. 18. 0. as com loss shewn in the accounts. With There has also been a marked placed an order with the Hongkongpared with the previous year. This regard to trade generally, the year increase in the development of and Whampoa Dock Co., for two addition is largely due to crediting under review was even worse than certain Shipping Companies under ships of a similar type to replace the account in question with PA 1921, so far as world wide shipping foreign dags enjoying considerable vessels which can no longer be run insurance premia as oxplained in was concerned, and the scanty and subsidies which have assisted them economically in one of our main previous years unprofitable employment offering to develop regular lines where trades.. Since the close of the year

Floating staff pension fund is in home waters induced a concharter tonnage originally operat- we have also contracted for a increased by £4,230, 6, 6.

Certainly," said the butcher; siderable number of

ed. In view of these changes, it steamer to replace the tramp

is it for frying or boiling' you Building reserve account. steamers to try their luck in the has been considered necessary for shing" to which vessel I will make Balance of this account is £19,516, want it Far East, thereby causing a fur- our Company to adopt a policy of later reference.

14. 7. after taking credit for "It's to make hinges for the stable "Neither," replied the customer. ther surplus of tonnage in an al- maintaining and increasing regular

amounts received from Under- ready overstocked market. Depres-sallings between pivotal ports

door" "Choy- The year 1922 will be remember-writers in respect of s.5. sion in the Japanese coastal trade where we have established connected as one during which an unpre- utilising £200,000 to reduce the sang" and "Koonshing" and also encouraged vessels usually tions, and where, given normal cedented number of employed there, to go further afield conditions of trade, promise of casualties occurred on the China enable the Company, to reduce the book value of the fleet. This will and compete strongly for southern continual and steady earnings is Coast, and this Company unfor- rice business and also general apparent.

tunately suffered in common with amount which must annually be. charter voyages on the China Coast

others, During the

written off on account of deprecia in which rates throughout the year,

typhoon both North and South, ruled at lines that, in the year under review, such havoc at Swatow, and shows a decrease of £11,398. TI

It was in the protection of such of 2nd August, which created

Exchange fluctuation accoun unremunerative figures. As regards considerable financial sacrifices caused a deplorable loss of

URING the temporary, absence, the rice craps, that of Saigon dis-had to be made. At the last life, the "Choysang" and "Tung-belag loss in exchange on dollar from the Colony of our trict was estimated to be about 20 meeting, shareholders were in shing" were both driven ashore, assets and Elabilitles due to the Managing Director Mr. Wel Wing per cent. below the

average. formed that serious encroachment the former North of Swatow, and difference in the rate on 31st Dec- Sam, Mr. Sydney Ng Quinn is hereby The bulk of it was shipped to was threatened on some of our the latter actually in the Harbour. ember 1921 and 1922.

appointed to act in his stead, and in Europe as Kwongtung rice was most important roules and, as the Although immediate steps were I do not think there is anything the event of Mr. Quinn's absence fairly plentiful; this fact also ac-year advanced competition became taken to give all possible assist-more in the Accounts to be com-from office at any time, Messrs. Team counted for reduced impons from more keen until In some cases ance, the former vessel became a mented upon, but before proposing Pak Woon and Joseph Charles Tam Bangkok where the crop was un-cargo had to be carried at therely total loss. satisfactory

The latter was their adoption I wish to express are authorized to sign jointly per nominal rates. The Company has eventually salved by the Hong the Company's thanks for, and procuration for the firm until further passed through an extremely kong and Whampoa Dock Co. after appreciation of the good service of notice. ---Year after year the hope has been difficult-year, but our policy has some four months werk. Another the staff throughout the year, both THE GENERAL COMMERCIAL

the afloat and on shore, and their will- expressed that China would soon been to give our old established regrettable casualty was be able to settle her complicated supporters the same terms as stranding and subsequent total lossing and valuable assistance in Dated Hongkong, 14th June, 1923,

offered by political problems, and embark

our subsidised of the "Koonshing, a very popular dealing with the difficult situations upon a period of undisturbed competitors, and

glad steamer on the Shanghai/Tientsin which in the course of the Com- to say as prosperity. It is a bitter dis

a result of an Line This took place on the 31st pany's operation develop from TO SECRETARIES OF CLUBS AND appointment, therefore to have to established friendly Companies Harbour. In no instance was any

agreed policy between the old October outside, Weihaiwe time to time

! Ihave now to propose the follow report that during 1922 and subse some of our competitors have al casualty accompanied by loss of ing resolution:That the report

OTHER INSTITUTIONS.. quently, lawlessness and disorder have been greatly on the increase. ready withdrawn others have come life, and I take this opportunity and statement of accounts as ALL preliminary notices of forth The recent outrage on the Tientsin better condition of affairs all round appreciation of the fine work per that

to terms and there are sigus that a of recording the Company's presented ..he adopted and coming meetings, lectures and Pukow Railway, and the piracy of

2 dividend- formed by the Officers and men of per share on the Cumulative the news columns of the China Mail, may reasonably be expected. the .6." Sui An" between Hong ECONOMIES FORESHADOWED.H. M. S. "Despatch"-in rescuing preferred ordinary shares be paid, kong and Macao are fresh in your memory. In addition to these in-i One cannot be surprised the passengers and crew of the also that the amount of £2.167. 6. 7. cidents, which obtained promis. that after the vicissitudes of the "Koonshing" during weather còn be carried forward to next year. ence through the number of war years, shipping, like many ditions, which called for strenuous The dividend on the shares on the foreigners involved, numerous other industries should go through effort and entailed great personal Hongkong Register to be paid at other piracies have been perpetrat a period of adjustment, and that in risk.

exchange 24. ed on Chinese owned vessels in the some cases a scramble takes place

While not coming within the South of China, Trade on the Upper for participation in established year under review, you are no Yangtsze has also been seriously trades, whether there la room or doubt all cognizant of the stranding interfered with by hostilities be not. Experience leads us to think of the "Kumsang" on Northern tween various military factions, however, that to long as the Lazon which took place on the May The conditions which have pre- original operators meet competi-9 There were some 400 deck vailed and still prevail in the Can- tion, as may become necessary, and passengers on board all of whom I ton Delta are lamentable, and the giye fair treatment to supporters, am pleased to say were safely Chinese Authorities are unable to they, in the long run will landed and conveyed to Manila to protect trade routes on either land onjoy the fruits of past enterprise, which port the vessel was bound, On the important question of future The Captain Officers and Engineers LABOUR UNREST, ``

prospects, while there are unremained on the ship which was doubtedly hopeful signs of better salved and towed to this port Labour organisations were much times for the Company in some where repairs are under considera- in evidence during the year, and directions, I feel compelled to em-ion

The Choysang" and the Seamen's strike, carried phasize what was stated at our

"Koonshing were fully covered on principally by intimida-meeting last year with regard to by insurance and the resulting sion, caused a lay up of some working costs. Much has been claims on underwriters have been 22 steamers of the Company for a said at times on the question of duly paid fa. the case of the period of two months. This of wages, which is perhaps the heavis Tungshing and Kumsang

CHINA'S TROUBLES.

or water,

am

of 6-

As soon as this has boon second ed I shall be glad to answer to the

AL

CO, LTD."

entertainments, sent for insertion in

are charged for at the rate of $1 each. (as announced in May and June of 1922) providing that they do not occupy more than four Ines. In | fut ure if this space is exceeded they will be placed to the advertising columns at the prevailing rates.

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