1924-02-07 — Page 5

THURSDAY, FEBRUARY 7' 1924.

CEMENT COMPANY SENSATION.

FOUR DIRECTORS® RESIGN.

SHAREHOLDERS DEMAND CAPITAL INCREASĘ.

TAKEN AS VOTE OF CENSURE.

`Following' the adoption by the shareholders of resolutions increasing the capital of the Company and providing for the appoint- ment of two additional directors, the whole of the Directors of the Green Island Cement Company, Ltd., with the exception of the Chairman (Mr. R. Shewan), resigned at the close of an extraordinary. general meeting of shareholders held this morning.

to any

The meeting, which was held at refer to, but from that statemen the offices of Messrs Shewan Tomes which should not be different to and Coy, the general managers the present position of the Company, was crowded, great, extent, the only fixed thers being over sixty shareholders assets which will have to be present Mr. R. G. Shewan pro-scrapped are the buildings and sided and there were present: machinery valued at $479,000.-

the Hon Sir Paul Chater,against which there was-a-reserve- the Hon. Mr. A. O. Lang, Mr. for new. plant of $6 lakhs, so that D. G. M. Bernard and the the sacrifice we are making has Rev. Father Robert (Directors), Mr. already been provided for out of Allan Keith (Secretary) and the past profits. following shareholders

The New Factory Site!

THE CHINA MAIL.

THE STAR

SPECIAL ENGAGEMENT

For a short season only Commencing

E

FRIDAY NIGHT, 8th February

at 9.15

Bandman's Eastern Circuit Ltd. Introduce

DICK NORTON

and his famous mirth provokers,

THE GLOBE TROTTERS Including the following well known English artiste

Wallingford Tato

Florence Broadhurst

Jack Crichton

·LELLA FORBES

DICK NORTON

11

AND

in n'

CHEERY HAPPY MELANGE

POTTED PLAYS

Chris Halt

Ralph Sawyer Poggy Levall

MIRTH, MUSIC, COMEDY and BURLESQUE;

POPULAR PRICES $3, $P, &.81. Booking at Moutrio's and Star Theatre.

brought losses, but the same busi- ness which has apparently only ness, if one may judge by the number carrying it on in the Colony, must be remunerative to

1

my knowledge of the matter is I will relate them briefly so far as concerned,

TO-DAY'S ADVERTISEMENTS,

NOTICE,

NOTICE 18 HEREBY GIVEN

7 that we have THIS DAY changed our firm name to

"THOMSON & co.”

G. H. &.N..THOMSON-Chartered

Accountants, SHANGHAL THOMSON BROS. & BELL-

Chartered Accountants, HankoW. THOMSON BROS. & STEDMAN--

Chartered Accountants, TIENTSIN AND PEKING.

Hongkong, 1st February, 1924.

MESSRS.

THOMSON

CO...

Chartered Accountants an nounos that they have THIS DAY opened an Cffice at 4A, Des Voeux Road, Central, Hongkong. Telephone No. Central,4616.

Hongkong, Ist February, 1924

ROYAL HONGKONG GOLF CLUB.

JUNIOR CHAMPIONSHIP 1924.

HE draw for the above Champion- blo has been placed in the usual Club Houses, “ played on SUNDAY, 10th inat., First and Second rounds to be

times will be reserved.

PERCY SMITH, BETH & FLEMING,

Secretaries and Treasurers. Hongkong, 7th February, 1924.

HONGKONG TRAMWAYS LIMITED.

Messrs B. Basto, J. P. Bram, C. A da Roza, W. Adamson, AW da gentlemen, will be, I am told, at The new site for the factory; Roza, F. M. L. Soares, E. Gin Drinkers Bay; we have no in- Figuereido, Fred Ellis, Felix Ellis, formation as to its suitability, but 1. T. Bagram E. M. Raymond, from a passing knowledge of the W. Van Eps, L. Tobias, W. Logan, district-it will cost a considerabic A. H. Carroll, H. H. Tayler sum perhaps $2,000,000,-if pot A. L. Shields. Tse Tsan-tai, Tsang Foo, A. L. Apcar, W. T. more, to develop, and lay out for

Directors was called at short notice A special meeting of the Shewan, F. P. de V. Saares, factory and the provision of a sea

the erection of an up-to-date others.

and held on January 10, at which D. M.. Goodall, J. H. Ruitonjes, wall, wharves. etc.

Where are we to find the we were Informed by the Chair- J. W. Kew, O. Kitchell, that, there will be heavy capital necessary to carry out this project? a day or two before by a share

On top of minimum of 5 to 6 million dollars man that he had been approached Barradas, W. Allen, J. M. da expenditure for kilns which poObviously it must come from new holder or shareholders with a re Rocha, A. A. Cordeiro, 1. S. Perry, M. A. Figueredo, S. A Two of these, the minimum we

doubt will be of the rotary type capital, and the present time gives quest that the capital of the Com Lopes, J. M. Alves, Tong Hok should commence with, will take you the best opportunity to carry pany be increased; and he said that ting. Li Tse-fong, Yip Yung-pak, away a large sum and there are Money has never been

out an operation of this nature, the meeting was called to consider Choi siu-woo, Woo For the buildings, grinding machinery plentiful in Hongkong through be some excitement in the share more the proposal. As there seemed to Mok-lin, F. M. da Silva, Ho Shai-cho, O. el Arculli, Chan other plant to be provided for indifferent trade, but this condition market on the subject, the Directors NOTICE 18 HEREBY GIVEN Yat-shang. T. W. Munton, Lee huge

which will account for another

may not survive a revival in authorized a statement to be made amount. The Ping Shan, V. Curreem and Mis gentlemen, involves anything from gentlemen, to authorise new capital was this:

that the REGISTER OF MEM- scheme,

business. You will be asked, which embodied their decision. It, BERS of the HONGKONG TRAM- 510 6 million dollars, staggering to the extent of 3 million dollars,

WAYS LIMITED, will be CLOSED "That the Board of Directors from THURSDAY, 14th February to taken by the dissenting Directors figures requiring some optimism to but only in easy stages as and was not yet prepared, nor in a WEDNESDAY, 27th February 1924

vote of censure, were put put up, but fortunately for our when the Company should require position to say at before the meeting as the result of selves not entirely dependable on funds for capital expenditure, and

present, both days inclusive, whether more capital was, re-

WE ROBERTS, a requisiton signed by a number the million and a quarter feet of it strikes me as a wise policy to quired or not." of shareholders. Two of them had land at Hok-Un, nominally valued attach the liability to shareholders

Secretary. The situation then was that it to do with the increasing of the at $1 per square foot, should give

appeared that the Cement* works

Hongkong, 7th February, 1924. Company's capital from $3,000,000 us an opportunity to recoup that

would have to be moved from Hok to $6,000,000 by, the creation of

figure. 400,000 additional shares of the

I don't know what the Company's Un, and the General Managers with the Is all this heavy expenditure actual cash positition may be, but were in negotiation rominal value of $7.50 each and justifiable? A great part is un-I am assuming there will be a Drinkers' Bay. We had received Government for a site at Gin the third was concerned with the avoidable even if the new factory round sum of 15 lakhs after pay- appointment of two additional should be of the Hok-Un type, and ment of last year's dividend. no indication of the terms on which Directors. It was suggested that we are therefore only required to Even that sum and the new capital this land would be granted, but justify expenditure in excess of will not be sufficient to meet the it was a matter of hearsay that

B. Pereira.

The resolutions, which were

as a

the

new Directors should be

the fortunes of business to justify;

in the meanwhile.

Government Loan?

· NOTICE.

PALACE HOTEL, KOWLOON.

Messrs. C. A. da Roza and Li Tse the cost of a factory of that de-capital expenditure before the the Government would lend the THE POPULAR CONCERT PARTY

fong.

Chairman's Speech. The Chairman said:-This meet has been called in response to a letter signed by 30 shareholders, representing 123,078 shares, which I will now read to you

The ques

scription. Gentlemen, I don't know Company. anything about the technicalities of cement manufacture, but as a business propsition the expenditure appears to me to be sound.

Company some money on easy terms to establish - themselves-in-

OF...

-H.M S," "DIOMEDE" Palace Hotel on Friday. Residents will give a Performance in the

and Friends are cordially invited.

THE EAST ASIATIC CO., LTD, COPENHAGEN.

* "KINA"

the Company can finance this nothing at all definite, and it was Rumours have been current that the new site. I may say there was important change by means of only last week that I heard the a loan from the Government of matter was to come before the Meeting Competition. Hongkong at a particularly cheap Executive Council for discussion We make a cement second to rate of interest. If so, it will be to-day! Having in mind the fact tion of moving the factory from Hok Un has been before the Direc-one, our cement still holds the pleasant news, but more interest that, we had between 1 and z premier position in various marketing it will be to know the quid-pro-million dollars surplus cash on tors for some, and the suggestion solely because of its quality, but que required by the Government fixed deposit, and there seemed which comes from shareholders that the capital of the Company our prices are sufficiently above If it should mean a sale of the land to be some prospect of a loan from The S/S should be increased was specially important consideration, and we be fixed by the Government, if it present site would fetch a 'consi- having arrived, Consignees of cargo are competitive brands to make it an at Hok-Un at an arbitrary price to the Government, and also that the discussed at a Directors meeting are consequently risking further should mean that this Company derable sum when sold, we were hereby informed that all goods are held on the January 10, last, this loss of some of cur markets, if will not receive the full benefit of unable to see that there was any being landed and placed at their risk meeting being called for, that special purpose at the request of these competitive brands should the accretion in value contrary to need whatever for increasing into the hazardous and/or certain shareholders. The deci-ever reach the "Green Island" a principle recognised by the the capital. Our idea was that if bazardous Godowns of the Hongkong sion arrived at, was as you know standard of quality.

and when the Gin Drinkers' Bay & Kowloon Wharf & Godowa Co., Ltd. communicated to the public the higher prices have been kept up you will find the general body of Anite proposition before us, it would as the gods are landed.

Gentlemen, our comparatively only to-day, I think Mr. Chairman, scheme matured, and we had a de- whence delivery can be obtained as soo same day. It was "That the Board of Directors was not yet prepared, because of heavy working costs, shareholders against you.

(Continued on page 8.) nor in a position to say at present, we cannot afford to reduce them shall probably be able to od better whether more capital was required so long as the Company is handi- ourselves, and we shall find ways capped by antiquated methods and means to carry out scheme of forced On us hy old and development.

or not."

The resolutions before you em- body all the wishes of the share- holders who signed the letter of the January 11, and it is now for you to say whether they shall be

accepted or rejected.

I

worn

Government in another matter

We

TO-DAY'S ADVERTISEMENT.-

WHARF & GODOWN CO., LTD:

NOTICE TO SHAREHOLDERS,

extra

No claims will be admitted after the goods have left the Godowns, and all goods remaining undelivered after-the- 14th of February 1924, will be subject

to rent.

all broken, chafed and damaged goods are to be left in the Godowa, where they will be examined by Mesars Goddard & Douglas on the 14th February 1924 at 10am.

All claims against the vessel must be presented to the undersigned before the 18th of February 1924, or they will not be recognised.

OUE machinery. Cost On the other hand, if the loan of, manufacture can be should be under conditions we brought down sufficiently to en- could accept, how will repayment able a reduction in price qualifying be made so long as the Hok Un THE HONGKONG & KOWLOON Green Island Cement to meet land be not realised? We cannot competition on the basis of quality rely on profits to obtain cash for Mr. Da Roza's Proposal.

zone. Up-to-date Mr. Da Roza said, addressing should also increase our output dividends, and this is no doubtnot machinery this purpose, without stopping, the Chairman

very considerably without an in contemplated. Early last month a representa- crease in expenditure in the same Mr. Chairman, that sooner or later SHAREHOLDERS will be held at the It comes to this,THE THIRTY SEVENTH ORDIN ARY ANNUAL MEETING OP tive group of shareholders asked ratio, and in this connection it is the cash must be found, and cons Offices of Meas. JARDINE, MATHE by you to place before the Board of illuminating to know that a factory ditions may be adverse when the SON & CO., LTD., on MONDAY, Directors а proposal for an in Japan has an annual output of situation is forced on you. increase in the Company's capital 4,000,000 barrels, and another in

February 25th, 1924, at 11 am, for in order to provide funds for the North China of over

For these reasons, Mr, Chairman, the purpose of receiving the Beport of purpose of erecting a new factory barrels. I have never been told mediately with the proposed in accounts for the year ended December 1,500,000 I think we ought to proceed im- the Directors and the Statement of on another site which we under what our cutput is, but let me crease of capital, and I have much 31st, 1929. stood, by an arrangement with the guess at a figure of something pleasure accordingly in proposing Government, was imminent. under 900,000. We are meeting the resolutions. (Applause).

You informed us, Mr. Chairman, competition in the Phillipines, the that the proposal had been duly Straits, Siam, Indo-China, Japan

Mr. Bernard Explains. “ submitted, and later an announce and North China, and there are

Mr. D. G. M. Bernard said ment appeared in some of the rumours of other factories spring-

The circumstances connected local papers giving really no ing up in North China, and in with

the calling of decision in the matter. As far as Indo China

but the strangest this meeting are. somewhat remember the

announcement thing of all is the competition unusual, and, with your permission stated that the Directors had not locally in foreign cement which. decided whether or not to issue we have fortunately not up to now. new capital-the position was left felt because of the demand. ex-

in doubt, and it is for the purpose ceeding the supply.

of clearing it, and of assisting the Our profits, gratifying as they Board into a decision, that this have been, might have been meeting was requisitioned for." better, were they nos curtailed for I think we are all agreed that the want of ability to produce more, present factory at Hok-Un has got but in this respect there should be to be moved; we have no choice in no ground for complaint in the the matter because of the develop future.if we adopt a progressive. ment scheme of the Government, policy, and proceed with the and we

are really extremely erection of the new factory ener fortunate that the growth in Kow-getically. With all respect to you, loon in recent years has so increase Mr. Chairman, the opinion is some- ed the value of the land on which what widely held that the Green the factory now stands that we can Island Cement Co. has stood still afford, if need be, to scrap all our watching the remarkable develop- other fixed assets at Hok meat around us during recent Un. Apart therefore from years, and this no doubt has en Government pressure, and couraged the importation of viewing the Proposition entirely foreign cement.

from our own angle, it will And I suggest also that our be folly economically to resist the business in the Colony should be Change further But to avoid any centralised by giving upite works possible misapprehension on the at Deep Water Bay, and carrying part of shareholders of a Conservar on the manufacture, off ricks dive frame of mikä, Kabould like pipes etc on the tame kila anthe to mention, some. Altures; I have new cemfebt factory if the scen nothing later than the balance sary raw material can be obtained sheet of December 31, 1922, to there. That is a side of our busi-

THE TRANSFER BOOKS of the Company will be CLOSED from Thurs- day, February 14th, 1924 to Monday, February 26th, 1924, both days. inclusive.

By Order of the Board of Directors,

W. S. BROWN,

Becretary, Hongkong, 8th February, 1994.

No Fire Insurance will be effected... Bills of Lading will be countersigned

JOHN MANNERS & CO., LTD.

Agents. Hongkong, 7th February, 1924...

MASSAGE HALL MADAME, ASA" OTANI

Зарадова Маше Face Manage

23, Wellington Street, 1st Floor.

WHY WORRY?

I Am Here Now! Meet Me at the WORLD, Des Voeux Road Central, at 5.15 pm and 9.15 p.m. I'll Tickle Away Your Worries And Make You Forget Your Ills, Pills Bills and Chills,

HAROLD LLOYD-

PUNCH BAG PLATFORMS

AND ALL ACCESSORIES.

#

SWIVELS MITTS-BLADDERS.

'PHONE 4567

LANE, CRAWFORD, LTD.

COMPLETE SPORTS OUTFITTERS.

ENGLISH RECORDS

(NEW-PROCESS)

HAROLD WILLIAMS and Male Quartette." SONGS OF THE FLEET

949-

960.-No.

No. L-Bailing at Dawo

No. 1.-The Bong of the Son Weater; The Middle Watch. In Two Parts! 251.-No. 4.The Little admiral; No. 6. -Farewell.

3336-

3338

Songs from "THE GONDOLIERS

THE GONDOLIERS:

There Lived King

In Enterprise of Martial Kind Harold Williams, Baritone Take a Pair of sparkling Eyes... Eric Courtland, Tenor No Possible Doubt Whatever Harold Williams, Baritone

DORA LABBETTE, ・・

Soprano

BROWN BIRD 'SINGING

(With Piano) D1466 EVENSONG (Fold Four Wings, Dear Angels) (Liza Lehman} (Haydn Wood)

AT "

ANDERSON'S.

"Everything that your BABY needs that a good Drug Store ought to have you will find in our store,

QUALITY GUARANTEED-TRY US,

THE CHINA DISPENSARY.

82, QUEEN'S ROAD CENTRAL

GREEN ISLAND CEMENT CO., LTD.

BEST PORTLAND CEMENT

SHEWAN TOMES & Co.,

General Managers.

HONGKONG.

DYE KEN

JOHN

THE ORIGINAL

HAIG?

JOHN HAIR & 001,

TLC No. 135.

(OF GAHAN

4OR

Cl Hongko