WEDNESDAY, APRIL 8, 1925.
MAGIC TRANSFORM-
ATION."
(Continued from page 1.)
THE CHINA MAIL.
There are, however, some ont- | standing features in the speech to which I should like to direct your special attention.
•
GREEN ISLAND CEMENT CO., LTD.
BEST
PORTLAND
CEMENT
SHEWAN, TOMES & CO.,
General Manager.
HONGKONG.
CHINA PROVIDENT LOAN & MORTGAGE COMPANY, LTD.
The. Palace Hotel
respect of the service of meals is connection with Independent arising on the report and Improvements have also been increasing yearly and that with craval that the consequences of accounts, and to, furnish any ex- effected in the other establish the opening of the Peninsula hostilities in China reflected upon planations with reference thereto ments under our management in Hotel it is inevitable that our earnings, for it is as you that may be desired.··· **Shanghai with a view to modernis- greater number of mid-day meals know, to that source that we look
* BECONDER'S SPEKTU. ing shme-this being particularly will require to be served in our for our more profitable support. -In seconding the adoption of the necessary owing to the increasing centrally located establishment. The reports at times exaggerat- report and accounts, Mr. Josapir. Capital.
popularity of our catering depart- Whilst on the subject of con- ed and inaccurate that perco-Gould said: Our Chairman right Turning to the balance sheet.ments as shown by the volume of struction, I would point out that lated through to Europe and have dispensed with the concluding you will observe that during the patronage they are receiving. As we are adding a new wing com- America, naturally had the effect part of his speech about answering year 1924 the Company's issued you are doubtless aware, the pro-prising sixty rooma, to the of considerably curtailing trave questions or furnishing explan capital was increased by 381.972perty comprising the Palace Hotel Repulse Bay Hotel in order to to the Far East in the autumn oftions as the statement placed before shares. This was occasioned by in Shanghai (situats at the junc- cope with the increasing demand last year and the spring of this, us is so full and preetse and gives the issue of shares at par in tion of The Bund and Nanking for residential accommodation in and also produced far reaching us information on such a generous accordance with the offer to share Road) was held under lease by that establishment, and it is ex- and detrimental effects in other scale that even the most enrping holders of one "new" share for The Shanghat Hotels, Ltd. for a pected that these rooms will be directions. Needless to say, we ritic among us emot surely desire each one "old" share then he'd by period of fifty years from 1906. available for occupation in the in common with the steamship to seek farther information. them, and by the issue of 10,000 I am pleased to be able to inform fast quarter of the current year. companies operating on the shares credited as fully paid-up you that, due to the lengthy un-
The business conducted by our Pacific route. do what we can to in part consideration for the pur- expired period of the lease in Garage Department has shewn allay the apprehensions aroused chase of 16 to 164, Das Vœux Road question. your Board have re-steady progress, notwith-by reports of this nature, and I Central Hongkong, to which cently been enabled to complete standing the fact that feel confident that when traders We have been told, for instance, shall refer later. The balance of arrangements for the acquisition owing to the hitherto limited and the travelling public abroad the welcome news that we are now our authorised capital remaining of the reversionary interest at the accommodation at our disposal realise the comparative immunity the netaul Owners of the Palace unissued now consists of 243,028 reasonable figure of 162,500, and for Garage purposes and for the from danger to life and property Hotel in Shanghai, and not mere shares in which connection it having in mind that a recent general repair and upkeep of that obtains in the cities of im- Leaseholders, We have also besti appears opportune for me to make independent assessment appraised cars, we have been compelled to portance in China, we may rea- told that the Majestic far from mention of the fact that your the value of the land alone at Tls. turn away business which other sonably anticipate that there will being the white elephant it has Board propose to issue as many 1787,000, the purchase is one show-wise would have increased the be a return to the steady travel of been reported to be, has had to turn of the shares comprising this baling a not inconsiderable benefit to turnover in this branch of our pre-war days, and thereby a large away customers. Then we have ance as will be required to satisfy the Company, more especially in
activities. I am pleased to be increase in the volume of business heard the equally welcome news an offer, shortly to be made to view of the fact that it will be able to report, however, that the passing to the benefit of this that the Peninsala Hotel will nå no shareholders, of three further necessary within the next ten or
new Garage under construction at Company and all concerns inter-distant date open its doors for
Trustees Finally, we have the shares for every ten shares held fifteen years to consider recon- Happy Valley, which will be ested in the prosperity of com-business. in the present issued capital struction of the Palace Hotel. capable of housing 150 cars and mercial operations in China, gratifying Information that when Furthermore, it is proposed on When that time arrives it will be will provide for up-to-date body- Nevertheless, in spite of the the time arrives for the Northern this occasion, to secure a small
building, repair and paint shops, adverse conditions affecting all look to be reconstructed, provi a source of satisfaction to us to will be available at the end of business in 1924, our profit and son has been made for the 'cnter- premium for the benefit of the be in a position to embark upon the current month, thus placing loss account was able to show a ingepartment (which, R.
the- Company to this. I venture to this work in the knowledge that think, shareholders not reason the land is owned by the Com- Company in a position to profit for the year of nearly eight hain has just told us, forms an ably take exception, more especi-pany; moreover we should not be public on a scale hitherto un- ceded without question that: this carried on without curtailment. render service to the motoring lakhs, and I think it will be con-important part of oir business) to ally in view of the fact that the faced with the heavy amortization attempted in Hongkong, although result Ir such circumstances These are only a Tew, of the things issue of share for share last year allocations that would otherwise urgently called for by reason of bears striking testimony to the lived, requiring as they did most was made at par and thus placed be necessary under the lease which, the rapid increase in the number stability of our Company's post-caseful forethought, calculations and shareholders in an excedillingly would then have a residual unor cars now licensed for use in tion and the soundness of its organi-ing power of the highest favourable position.
expired life of merely fifteen to the Colony.
order. Consequently, it is the intention twenty years. I am pleased to be
business. I must ask you to bear. Canton,
Gentlemen, we have come to look. of your Board to offer these fur-able to inform you that the pur-
with me, however, if I point out ther shares at $12.50, that is to chase of the Palace Hotel property mention of the position regarding past year was obtained only by but I wonder how many of you
must not omit to make that such a result as that for the these qualities. In our Manag- -
ing Director as a miter of course. say at premium of $2.50 per row completes the ownership by the proposed Canton Hotel on the most careful handling of the realise the stupendous uphill work share payable as to $7.50 on the the Company of all the sites upon the Shameen. In this case I am various departments of our busi-he ne had to performs before he 30th June and $5 on the 30th which its hotels are situated or unable to report progress in con-ness and by the consideration of could bring our undertaking to its September next. In due course) are under construction.
struction, for, owing to the many ways and means to effect econo- notice will be given to share During the year 1924 we paid difficulties, generally arising out mical working and the exploration present position of pre-eminence, holders in relation to this proposed the Government for the site of of the disturbed state of Canton of likely avenues of profitable Pussing a chain of the most
development.
> -Development in Hongkong.
I
The Staff.
magnificent Hotels East of Shez,
not inaptly styled the Gordon
issue and the terms of the offer the Peninsula Hotel at Kowloon,troubled as it has been with vis-a-vis the holdings in the pre-and satisfied the balance of the strife between rival military and sent subscribed capital of the purchase price of the site acquired political parties your Bourd
Hotels of the Far East, I, for one, In this connection I cannot speak frons personal knowledge, Company.
in connection with the proposed have not considered it prudent at speak too highly, of the services having lived in the Hongkong Hotel The Majestic.
construction of the Canton Hotel this juncture to push ahead of the staff, both foreign and for more than a quarter of a century, The outstanding feature in the on the Shameen. We also paid off with construction. When the Chinese, many of whom perform and when I recall what that Hotel development of our business cur- mortgage for two lakhs on our situation clears, as we all sin-their duties in positions that call was at the sime Mr. Taggart took ing the year under review. was Repulse Bay property.
cerely trust it soon will, and for long hours and hard work but over its management (between our- undoubtedly the opening of the
normal conditions of business are sometimes liable to be over-selves it was no better than Majestic Hotel in Shanghai on the
and travel return, then we shall looked so long as the routine of Second-rate Boarding House) and Turning to Hongkong. I desire be ready to proceed with more the Hotel's business pursues the what we are proud to be the 1st November last, and I am to point out that although pro hope of success to our enterprise even tenor of its way. pleased to be able to inform you press upon the construction of the than would at the moment appear executive personnel I would take ressive change I see bat magical |
To the Proprietors of to-day, it is not pro- that the measure of patronage Peninsula Hotel was, in the initial probable. In this connection it this oportunity of expressing the Transformation. extended to that establishment stages, somewhat slow (since it since its inception has already was necessary to sink some 600
is somewhat reassuring to note thanks of the Board, and of my-- Is it any wonder, then, that the been such as to justify the notion piles and, as is inevitable with years, the train service to Canton in particular, for the growing as we know, and I hope we shall that after the lapse of nearly two self as your Managing,, Director mere nanour, happily unfounded, of your Board_in_acquiring the Eoundation work a considerable has now been resumed and that share of the work and respons-lave oficial reassurance from the property and converting the main period had to elapse during which it may shortly be possible for the bility which they have undertaken chair of that of a contenpinted building for the purposes of anthere was little to show although authorities to offer the railway in the conduct of the multitudin-elange in the Managing Director- hotel: By the inauguration of the much spade work was being under-facilities the public. previously cus affairs of the Company. I ship should have caused so mugh Majestic Hotel, we have embark taken), nevertheless it may inter-enjoyed. ed upon a project which, 1have no est you to know that the system
should inform you that Mr. P. H. alamu atuong a large body of Share. Peking. doubt, will." in course of time, of Franki piling operated by the
Suckling, who was until recently holders? > the Secretary of the Company. Bentlenen, with the same un- substantially augment the revenue
has now been appointed Manager filing vision to guide our great cf our business in Shanghai, and undertaking, we may look forward
of reservations. This alone bears ample testimony to the fact that
an establishment of this nature
to
#
ap-
CHAIRMAN'S REPLY.
been
Company's
In July and August last year Hongkong Engineering & Con-we completed arrangements for of the Company by renson of the struction Co., has not only proved the closer co-operation of this extensive nature of the well laid-exceedingly satisfactory. but Company with the Grand Hotel that Mr. J. Bartholomew has to even greater successes in the cut grounds and the central loca- appears to be particularly well des Wagons-Lits, Ltd., and, as a recently joined our service future tin. has already tion of this valuable property suited to underground work of result of meetings held in Peking to
carry out the duties achieved. enabling us to render to our this description where it is neces- for that purpose, "special resolu- of Secretary. which
I have much pleasure in Second- patrons service of the highest sary- construct extensive tions were passed and duly con-pointments will thus in time ing the Resolution put from the quality in an atmosphere of equal foundations on reclaimed land. firmed by that Company for the relieve your Assistant. General chair. comfort that cannot fail to prove
The contract for the construc-transfer of its registered office to Manager and myself of much of attractive and which it would be tion of the framework of the Hongkong. In view of the advis the mass of minutie involved in The Chairwin in acknowledging exceedingly difficult to surpass Peninsula Hotel was placed with ability of conserving its cash re- the conduct of the Company's the remarks said that the seconder elsewhere. At present the limited Messrs. Trollope & Colle (Far sources, the dividend from the affairs for, with the growth of bad placed him in rather a delicate bedroom accommodation at our East), Ltd., in whose hands the Wagons-Lits Company declared the concern involving as it does position by references to himself. disposal has resulted in the work is proceeding very satisfac during the year was less than assets approximating 20,000,000 However, he wished to thank Mr. management having been reluct- torily and rapid progress is being that declared for 1923-other- of dollars mainly in widely dis- Gould for the kindly spirit prompt- antly compelled to turn away made. Our architects, the Hong-wise, of course, the sum shewn in tributed properties, it becomes in those remarks and in answer to numerous applications in respect kong Realty & Trust Company, our profit and loss account for the increasingly necessary for us to the management le hastened to the question regarding a change in also have the other matters essen-year ended on December 31, 1924, devote particular attention to tial to such an undertaking well under the heading of "Dividends, questions of policy, finance and sure shareholders that such a in hand, and your Board have on Investments" would have been the development of the earning Neither had there been any suel change was exceedingly remotė, fulfils a long-felt want in Shang- every reason to hope that the proportionately greater. You powers of your undertaking. hai for a first-class residential establishment will be completed will notice, by the way, that duas mentioned in the report hear). He might say in this con
matter ander. consideration" (hear- hotel. It is therefore the inten- and ready for occupation by the ing the past year we consider attached to the printed accounts. nection that it would reflect very tion of your Board to increase the end of the third quarter of 1926. ably increased the Company's the usual bonus of one month's accommodation from time to time At this juncture it may not be in-holding of shares in the Grand wages was paid to our Chinese poorly on the Board of Directora, as opportunities permit, in pur- opportune for me to point out Hotel des Wagons-Lits, Ltd.. by staffs at Chinese New Year, and the undertaking, if they had not bearing in mind the magnitude of suance of the Company's policy of that in the construction of large taking advantage of opportunities I feel sure that you will not only made provision for continuity in the improvement whereby, in other establishments of the type of the that presented themselves for be pleased to confirm this but also
conducting of the instances, in substitution for the Peninsula Hotel, the Company is securing at reasonable prices a the vote of ten per cent. on their
affairs, more or less out-of-date accom- necessarily called upon to effect stronger interest in that Com- salaries to the foreign staff as a modation now offered by some" of payments against contractors' pany, the cost of our holding, at bonus in respect of the past year. assure them that were he to sever As Managing Director he could our establishments, additions will certificates involving heavy sums December 31, 1924, being Before concluding my remarks, his connection with the Company be made on lines embodying for which there cannot be any re- $433,322.85 as against $267, I wish to avail myself of this op- they had a younger generation modern ideas of hotel construc- turn until the buildings are 617.66 at the end of 1923,
portunity of expressing the couting along ready to carry on the tion.
actually open to the public.
The General Situation. thanks of the Board-and, I feel management on similar if not better The grounds of the Majestic
Upon completion of the Penin- There is, I think, nothing else sure I may say, of the share- lines. than before." afford ample space for extensions sula Hotel at Kowloon we shall be to which I can usefully draw par- holders to the gentlemen who There being no further to the Hotel and we are therefore better able to give practical con- ticular attention...I must, constitute our Advisory Com- questions, said the Chairman, in an excellent position to enlarge sideration to the reconstruction however, mention that the past mittee in Shanghai, During the the next business, Gentlemen, the premises as the situation of the northern block of the year has been one of exceptional, past year Mr. P. W. Massey join is the confirmation of the appoint- demands, and, as the land is Hongkong Hotel, as referred to difficulties and many disappointed the Committee in Shanghai, ment of the Hon. Mr. C. Montague already owned by the Company, in my remarks from this chair a ments. At the general meeting and Mr. G. F. Wright and Mr. Ede as a Director, and the re- the expenditure to be faced in this year ago. In order to safeguard held last year, I made reference to F. N. Matthews, for business election of Mr. E. M. Raymond the position in view of this con- the detrimental effect of the reasons, resigned their seats. to the Board of this Company. connection would be that of the templated reconstruction of the Lincheng affair, and the terrible Our thanks are also due to the Mr. Ede, unfortunately, is unable buildings only. By the purchase northern block, which is now ap- earthquake in Japan upon our two latter gentlemen for their to be present to-day, as he has of this property, we have not only proaching an age of forty years, "transient business. The an interest in the welfare of the for some weeks past been confined safeguarded our interests in the your Board availed themselves of prehensions then engendered Company, particularly so in view to his house through indisposition. rapidly developing Western Dis- the opportunity of purchasing on were not allayed in 1924, and the of the fact that this Company's We trust, however, that he will trict of Shanghal-the situation June 30 last at a reasonable balance to the credit of working amalgamation with the Shanghai soon be restored to good health, being excellent and sufficiently figure (subject to a mortgage of account for 1924 is, in round Company necessitated a great and in the near future be able to removed from the congestion and $556,406.25) the buildings known figures, two lakhs less than the deal of work in the early part of take up again an active interest noise of the city to be suitable for as 16 to 16d, Des Voeux Road balance for the preceding year, the year. Mr. Matthews is, un in the proceedings of the residential purposes and yet Central, adjoining the Hotel. being $1,381,937.87 for 1924 as fortunately, suffering at present Company. within easy access of the shopping Part of the purchase considera- against $1,582,818.54 for 1923. from ill-health, and we sincerely The confirmation and re-election and business centre-but have tion was 10,000 shares of this This decrease I attribute chiefly wish him a speedy recovery. acquired a landed asset that will Company issued as fully paid-up, to the fact that business (and I now beg formally to propose seconded by Mr. L. A. Tobiss and was proposed by Mr. J. T. Bagram, show an enhanced valuation year as mentioned in my remarks with more particularly do I refer to that the report and accounts as carried. by year, as evidenced by prices reference to our issued capital. North China) was subjected dur presented be adopted and passed, recently paid in respect of pro- By the
The re-election of Messra, Percy of this ing the year under review to that a dividend of sixty cents per Smith, Seth and Fleming and perties in that vicinity. I feel that additional property, it will be many interruptions and uncer-share on the 756,972 shares form Meera Thomson and Co, the it is unnecessary to refer to the possible to reconstruct the north tainties, firstly by the floods ing the issued capital of this Com Intter of Bhenghai, was proposed restaurant and ball-room ae ern portion of the Hongkong which seriously hindered railway, pany be declared as final dividend by Mr. F. M. Eilis, seconded by doubtless-shareholders will have Hotel in sections,nd thus communications between: Sheng in respect of the financial year Mr. H. L. Bridger and carried. perused with interest the very cbviate the disruption of our hat and North China, and then by ended on December 31, 1924, and The Chairman said favourable comments made there catering business that would be the internecine strife which that the balance of $119,282.12 concludes the business of
on in the press reports in regard consequent upon complete los sulted for a time in the d to the opening of the Majestic ing down. Such consideration organisation of railway traffi Hotel, and also in connection with a naturally a very important But apart from the detrimental various public functions since held factor especially when it is borne effect upon our business, géné at that establishment.
in mind that our business inly, it was more partiet
acquisition
that
Advances made on Landed Property, Goods, etc.
of Estates, Executors of
Wills, etc.
Goods Description.
Warehousing of
For terms and particulars
Apply at the Head-Office,
"St. George's'
Telephone C 781.
Telegraphic address “RELYAT.”
· Telegraphic Address * LIGHTERAGE"
of all
Building.
Telephone No.
. C. 781.
HONGKONG TUG & LIGHTER CO., LTD.
Stevedorage and Lighterage Work undertaken.
Tugs and Lighters available at all hours..
Apply at the Head-Office,
"St. George's Building,
Telephone No. Chinese Branches C. 4885
K. 622
HONGKONG & TERRITORIAL ESTATES, LTD.
(Property Owners, Estate Agents, Land Valuers, etc.)
WILL UNDERTAKE THE
Development and Improvement of Landed Property and attend to all Branches of Real Estate Business.
Apply at the Head Office,
"St. George's" Building,
For terms and particulars
Tel. C. 781.
Telegraphic address " ESTATĖS”
EL
12.1
Home Latel
10
2
Fire Out!
Electric Fire Ready.
78, siway:
* ELECTRIC FIRES
Obtänabis
be carried forward to the credit: then meeting and I am much THE CHINA LIGHT & POWER CO.
of 1925 account. When that obliged to you for your attend- proposal has been seconded Iance Dividend
be pleased to answer to the now read and may be;abt" best of my ability, any questions on, app
No comments yet.
Private notes are available after approval.