1927-03-30 — Page 7

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WEDNESDAY, MARCH 30, 1927.

CEMENT"" LOSSES.

Shareholder On “Closing Down."

DEEP WATER BAY WORKS.

To depression of business throughout the year was attributed at this morning's general meeting. the Tone on the year's working of the Green Island Cement Company twith deprerlution) of $82,005.57.

Prospects for the year, It was stated by the Chairman, were more hopeful

The old Aalborg Kilns were Anished with, it was stated, and were being replaced by a modern factory no fuco. The groand had been cleared at Hok-Un in readiness for the ratallation of the latest Rotary Kilns as soon as funds were available.

-The Chairman: All three works have been personally inspected by one or more of the directors during the past year.

Mr. Croucher: The, manager of the Hok Un Works has recently ro- turned from Home Feuve. By whom were his duties performed during ha absence 7

Mr. Pooley's Appointment, The Chairman: By Mr. Pooley, who was then manager.

assistant works

Mr..

Mr. Croucher: Where is Puoley now? What salary does he draw? When does his agreement expire?" Will it be renewed ou expiry?

PUBLIC'S MONEY.

THE CHINA MAIL.

HONG KONG SUPPLEMENTARY

VOTES.

$IST,000. NOW ASKED FOR.

by the Government at to-morrow's About $131,000 will be asked for

meeting of the Finance Committee of the Legislative Council follow- ing the meeting of the Council

proper,

Of this total, $20,001 is to sup plement the 1920 Budget, but near- The Chairman: Mr. Pooley is nowy the whole of the sum can be met wholly or in part by savings from in England. He was given months pay to cancel his agreement other items. Such savings are ex- and for this sum is working as our plained in the message of H.E the.

at home until Governor to the Committee. technici AUVIMOT next September when his agree ment expires, It is not intended to renew. Mr. Fooley's agreement, but is ou, present intention to re-engage him when we are ready

for

There are nine items for 1026, one alone--transport bf Govern- ment servants-accounting $15.468. Provision was made at rat for $160,000, then an addi- Clona) $46,000 It is very difficult At the conclusion of the Chair-to erect the nèw plant at Hɔk Un. 'mnn's address and seconding of the Mr. Croucher: Bhank you Mr.to get an accurate estimate and the fat in exchange has considerably adoption of report and recounts, | Chumaan.

increased the cows. The latest vote Mr. N. 'V. A. Croucher påt the fol lowing series of questions to the,

is to be met from savings under Chairman Mr. R. G. Shewan):

rent allowances for senior officers.

Mr. Croucher's Queries. Mr. Crouchers What capital out- Jay is represented in the property and works at Deep Water Bay?

The Chairmant On Dec. 31, 1926.

$250,655.18,

Mr. Croucher: What has been ex-

pended on those works during the

inal 4 years?

14 years' of working?

The Chairman: $61,041.02.

The Chairman'r Review. The Chairman's speech, which of questions preceded is series and answers, was as follows:

As the Reports and Accounts for the year ended 31st December, 1926, have been in your bands for some time paat. I will, with your permis-

sion take them as read.

it is with great regret that your Directors hate to lay before you such a pour report, but I said this time. last year that hardly dared and to speak of our prospects at that has time.

More Executions. Other items include $2,808 for rent

allowances to Asiable subordinate officers, charges and detonators for

are

Works. $10,000 te naked for and the GANDE, PRICE & CO. voto lu explained as follows:

ANNUAL MEETING HELD TO-DAY.

LAST YEAR'S LOSS..

A saving of $5,000 on the Hong Kong meter vote is anticipated and 1. Is suggested that this sum be transferred from Hong Kong to Kowloon-in addition to this a fur- the sum of $6,000 ls now`askodi for making a total additional sunf of $10,000 which will allow for the xing of approximately 200 meters in Kowloon,

It would be worth while for was held at noon to-day at the re- Government to vote sufficient funds gistered offices of the Company, for these installations. a

No. 2, Ice House Street (St.

The shareholders' meeting, of Messrs. Gande, Price & Co., Ltd...

1. There is ample water, and to George's Building), apara.in Kowloon.

2. The meters are in the Colony

Mr. S. C. Pung was in the chair and and already paid for by Govern

was supported by Messrs. ment so that their issue is merely Kenneth Chany Leung Yan-po a book transaction between the (Directors) and C. Bond (Secre Store Suspense Account and the tary). The shareholders present were:-Messrs. Pang Kwok-sui,

vate concerned!

to

3. The meters are a dead weight Chow Tung-sang, Pang Kwok-fat in atore but when in use pay for land D. Rumjahn. themselves in from four to six

The secretary having read the years by mefer rents alone.

notice covening the meeting, the. 4. These meters will register Chairman read the report as fol sxcess consumption which will be paid for by the

lows: users

the bateft of the revenue.

Gentlemen,-As it is past the 5. About 800 applications for hour for which this meeting has water meters in Kowloon have been called and there being a been received.

quorum present I will call on the $6,000 of the above is to be met Secretary to read the notice con- from savings..

The Smaller Sums.

vening the meeting. Report read. The Chairman said:Gentle- A sum of $5,000 in respect of men. The report and statement for signals $404, and a motor re-1926, voted for the Epidemiological of accounts for the year 1926 hav fuse forry for the Sanitary Depart- Bureau for the Far East, has not ing been in your hands for the ment $1,306. This last is only a been paid by the Crown Agents prescribed period, I propose with part of the cost, the 3-ton lorry it has been decided that only one your permission to take them as having been purchased at $9,806, contribution of $5,000 should be The Chairman: $197,018.3+ 05

To supplement the estimates for made for last year and this year: the working for the year under re- sbuildings.

read. Your Directors regret that! and machinery

this year. 33 votes. $6,392.50 on hand.

needed. Accordingly, a re-vote of $2,000 is totaling $11,156. Mr. Croucher What profit

view has resulted in a loss of Volunteer pay

requested to make up the amount. been made on those works during. The loss for the year after allow ampe), provided by the new Or- (for duly in

Among the smaller sums are: $6.894.72 which after deducting ing $46,117.92 for depreciation dinance, calls for $268.

$233 for additional office coolle at the balance of $743.18 brought amounts to $82,906.57 und after de-.

Only $200 was apportioned for the S.CA. $300 to Increase the forward from profit and loss ac- Mr. Croucher: This is very small burting the MOTO of $63.842.92 executioner's fees at Victoria Jail, messenger service at the C.S.0: count for 1925 makes a debit baving regard to the capital out brought forward from 1925, there The number of executions so far. $50 repairs to magnetle instru balance of $6,151.59 which your hay.

is a debit balance of $29.562.65 fals year hus been exceptional: ments at the Royal Observatory; Directors propose to carry for The Chairman: That is a matter which your directors recommend Four persons have already been $600 repairs to microscopes forward to this year's account.

shen be carried forward.

execdied and ax are awaiting Bacteriological Institute.

There were various causes con- MF. Croucher: It is the feeling of The caise of this loss is wholly execution. A further 3500 is now To the widow of Sub-Inspector C.tributed to the loss. Owing to the shameneiders this this branch of our due to depression of business asked for. OF

Dorrington, $3410 was paid in general depression of trade our business should be closed down throughout the year, our sales he. To the widow and children of Ser-January. This sum was voted last turn-over for the year under re Will the Directors please give thising a little more than half of what geant interpreter Li Taze-pan who year and has to be put in the 1927 view, is the lowest as compared matter the early and earnest con-1

they were in 1926. On the same died with. 21 years" meritorious ser-disbursements instead. Mideration?

with previous years. During the The Chairman This is a very basis of east we would have made vice, grant of one year'a aalary

Further extracts "from the year we were compelled to pur- senious queation. J quite ander more than half the profs we made $1050) is recommended.

Maintenance of praya wall and follow:

Governor's message, to the Council chase our goods on a dropping ex- stand your feeling but to acceed to 1928, but the increased cost piers-eemed to

change without a corresponding be urgentasit: this we should have to dislocate the production, due to the lower output, New Kowloon is

The 1925. Deluge. Lo whole organisation and watin in bractically wiped this out.

cost $2,500-

rise in sale prices. In fact, owing p At

New bridge at Taipe and diver to the keen competition prevail improvement comes in the market Magno we had to face expenses

Kowloon's Water Supply.

on to replace the bridge washed ing we had to cut down prices in it would take many months so train which brought us no return 03.

New Har... One fine new brick owing to hick of trade. the factory count

Under the healing of Water Ac- away in 1925--$30,000:~~

The delay in not completing this were greatly reduced. Our chief most cases, thereby our profits (Meters, etc.); rainett kilns, again, would

Kowloon there ceased working in February.

work last year is regretted 1926. On the other hand we cut

loss, however, was due to a sub- The preliminary priekings gave reduced ex-

ground for the expectation that tenant absconding without pay-

of opinion,

1 Years No Profit?

Mr. Croucher: But in 14 years down the staff and

we have ninde nothing.

mare.

1

::

11

The Chairman: If there had been of course, went a very little way i the same demand as there was as against the kreatly increased now turning out Bricks at a cost The Brick Kit is, however, 1925. we should be making proft. least of production, However, this whole mitter is al

penses as far as we could but thisbured there has been practically foundations could be obtained at his rent and the Company had

Mr. Croscher: It is reported that the two mechanical Grate Kilns now erected at Macao were first erected ab.Hok Un. Is this so

The Chairman Yes, they were transferred to Macao where they are awaiting re-erection.

Mr. Croucher: How much was ex pended on them from the time that they were ordered, shipped and erected at Hok Un?

The Chairman: The coat was

$126,000.00.

Mr. Croucher: Why were they dis- muntled and re-erected in Macho?

that the contractors

con-

1100-

Jabrond,

Ex-

a depth not greater that 7 or 8 to bear the full loss of the rent feet and upon this basis was under the lease for some months, founded the decision in favour of which amounted to over $3,000. steel britige. A request for Added to the above misfortune, tanders for the steel work was for-there were some old and useless warded in July last and it Was stocks amounsing to about $2,000 anticipated that the delivery would which the Directors deemed it ad- have taken place in 1926 and the visable to destroy in order to financial provision, was made to make room for some saleable cover the cost of this and the work goods. Now that we have remov- on the abutments and piers to ed to our present premises and a examination however demonstrat-favourable terms, we sincerely carry the steel work: A farther fresh lease taken out on more

be carried to a depth of 15 or 16 more normal we shall have far ed' that foundations would have to trust that once conditions, become feet which extra work would bring better results to place before you the total cost of the steel bridge at our next annual meeting. With

to about $95,000.

these few remarks I have much a reinforced concrete bridge option of the report and accounts as It is now proposed to construct pleasure in proposing the adop- long-pile piers and the cost of this, presented and after they have it is anticipated will not exceed the been seconded I shall be pleased to original estimate of $51.000.

The work will be finished in 1927swer to the best of my ability and a vote of $30,000 is accord any question the shareholders ingly requested forming

the may wish to ask. balance of the original Estimate.

The "above is to be met from

savings!

Due to the Crisis.

Telegrams $11,000:-

In seconding, Mr. Kenneth Chan said: Having heard the explana tion given by our Chairman, and taking into consideration the un- [favourable circumstance which had adversely

which should enable us to compete ready receiving the consideration of Macao Prospects Hopeful."

when the building trade recovers" the Directors.

It was, as you are aware, a bad from its present stagnation, year alt round, but I think the also, as you will notice from the We prospects for the present year are accounts, suffered serious losses more hopeful At Hok Un we can there both from the rainstorm of Ido nothing to improve conditions July last and the typhoon of Sep-

until we can obtain fresh capite tember. and erect modern Rotary Kilns, but, Interest for the year has been a at Macho we shall soon have the drain upon our resources due to benent of the two new Grate Kilns the fact that after paying the divi- which are just being completed.dend for 1925, our overdraft in- and Inter on of two more which are creused to nearly 8 lakhs, but this now at Macao waiting erection. So was reduced at the end of last year we hope in time to have 4 new te 4% lakhs through it being un- Grate Kilns working steadily at necessary to purchase raw material Macao and capable of turning out during the year, and should similar The Chairman: To allow for the 23,000 casks Cement per month in-ecnditions continue we expect the demolition of the Aalborg Kilns. stead of the 9,000 casks turned out overdraft will be liquidated during

Macao Contract Questioned. previously. This will help us to 'the current year. Mr. Croucher: I should like to carry on and to meet any increased know what was the contract time (demand until the day comes when

The Accounts. for erecting these kilns in Macao we may be able to carry out our Sundry creditors standing in the and the cost and whether it is true intention to build and equip a first accounts at 848,217.82 have since

took nearly class factory at Hok Un double the time? Also, whether it change has handicapped.our export:

been practically all paid.

Investments at $714,656, remai is right that owing to atruction of the new works at Maco favour and if this continues it will

faulty, con-business, but it is now more in our untouched.

Value of stocks of Raw materials further expense was incurred in re-help us to regain our old markets at Hok Un are reduced by about 4 bufiding? Did the contract tain any penalty clause for

The estimate of $7,000 for this unfortunately With a lower exchange lakhs, ne Limestone having been completion on time and if so, was and a revival in the local building purchased last year.

„Vota" was framed in 1926 when it affected our business also, I was hoped that better times were think, gentlemen, you will agree before the Colony. Unfortunately with me that the result of last the developments both 'here and in [year's working could not have China, have resulted in an enor-been better than what was pre- mous increase in telegraphic cor-sented in the report and stateinent respondence and no less than accounts. I therefore have $5,058.97 has already been expend much pleasure in seconding the ed up to the end of February. It proposal submitted by our Chair- is estimated that unless conditions man. improve a further sum of $12,000 Carried unanimously. will be needed to meet require- Mr. Kenneth Chan ments for the whole year and a elected a director of the Company supplementary vote "for that on the proposal of Mr. C. Bond, amount is accordingly requested. seconded by Mr. D. Rumjahn.

Messrs. Lowe, Bingham and, Police Force, clothing. $20,000:-

Authority was given in 1928 to with a remuneration of $750 on Matthews were re-elected auditors

.order 33,000 yards, of khaki

material for making up of Police seconded by Mr. Kenneth Chan.

the proposal of the Chairman, summer clothing and the cost of the material should have been charged against the 1926 vote upon 20 MILES AN HOUR. which funds were available. The material did not arrive last year and it is estimated that a further sum of $20,000 will be required to supplement the 1927 vote.

Daytona Beach (Florida), March 29. Bupplementary vote for the The British racing motorist, amount, which is a revote, is re- Major Seagrave, who, with a speci quested accordingly, A sum of ally constructed 1,000 horse-power $7,399 lapsed from the vote for Sunbeam car, went to Florida for ∙1926,

the purpose of attempting a speed: Anti-Piracy Work.

of 200 miles an hour, to-day at-

us

it enforced Finally, if the total trade, we should certainly be able The stock of Limestone which is est of the two Kilns was $711,000, to lay before you a very different now about 124,000 tona was how, is the sum made up?

report this time next year, but time checked by Messrs Falmer & The Chairman:

alones can prove whether these Turner during 1926, but I am There was no contract time as hopes are justified. But in the past pleased to, report that their com- we did the work ourselves super-year you will easily understand that putation of the stock showed that intended by Messrs. W. S. Bailey & it was not possible to sell Cement, our estimate was Co. The estimated time

a conservative for thejor bricks or anything else to local one. completion of the Rotary

Grale contractors who assured

that To sum up and make the position Kilns at Macao, was 18 months, but they had not a single contract on quite clear to you we have first of owing to numerous delays in the hand. material coming forward,

all Anished with the old Aalborg local conditions, etc., it was two years

Kilna, Secondly we are replacing before they were finally completed. At the Hok Un Factory the old these by a modern factory at Macao The only adjustments made after Aalborg Kilns have been demolished and thirdly we have cleared the the buildings were completed and the site is being prepared for Kround at Hok Un in readiness for amounted to 2 or 3 thousand dollars, the new Rotary Kilns, which we the installation of the latest Rotary The final cost of the completed must install as soon as capital is Kiins as soon as funds become plunt was $743,017,58,

obtainable. In regard to this you available.

4

New Rotary Kilns?"

New Post Queried. will notice that we have transfer-I do not think I have any further Mr. Crouche Has a new post, red the aum of $140,474.85 from the remarks to make and I therefore beg namely that of a sub-manager at Reserve for New Plant to build to propose the adoption of the Re- Macao, been created during the ings and machinery, thus writing Port and Accounts as presented and period under review?.

down, after allowing for sales of when this has been seconded I shall The Chairman Mr. Haywood, old machinery etc., the present old,be pleased to answer to the best who used to be in charge of our plant at Hok Un to. Singapore Agency, has been sent to This Agure is a conservative one shareholders may wish to put.

of my ability and questions that $186,364.79. Macao to take charge of the office for although the plant is very old, there, so as to leave the Superinten- the buildings, are in good condition

Other Business, dent more time to supervise the and will be required when the new adoption of the report and accounts. Mr. J. Scott Haraton acconded the running of the factory.

Mr. Croucher: Have we no export;

plant is erected.

After the questions had been put of our own to do this supervision.

You will also notice that we have and answered, the report and ac! The Chairman: All the manage- New Plant a

transferred from the Reserve for counts were adopted unanimously,

further Bum of The retiring directora, Mesers, J:

Police Khaki Uniformu.

11

armed launches, $29,250; Naval Authorities the Govern Under an agreement with the ment has to contribute towards the cost of running three armed launches for anti-Piracy work, at

->

was re-

BRITISH FACING MOTORIST'S TRIUMPH.

a world's record.--Reuter's ""Ameri- can Service,

Official Figures.

Later. The official figures are 203,841;- Reuter's American: Service.

FRENCH AVIATOR'S FEAT.

ment staff are experts at the work. 234.525.35 to write off the preli-Scott Harston and Allan Cameron. Contribution towards coat of three tained a speed of 207 miles an hour, i

Mr. Croucher: Why should W. S. Bailey and Co. do this work then?, minary expenses for the proposed were re-elected on the proposition The Chairman: Our experts were new plant at Taun Wan. this pro- of Mr. J. F. Bagram, seconded by busy with other work and the apposition now being considered an Mr. M. Fernandez. pointment of an extra man was altogether too costly undertaking. Messrs. Linstead and Davis and needed.

On the other hand we are glad to Messra, Lowe, Bingham, and Mat- Mr. Croucher: When times were nay tlist the Government have with thews were re-elected "auditors on prosperous, such an appointment drawn their objection to our re- the proposition of Mr. J. Coulthart, was not considered necessary. Why maining at Hok Un so long should it be so now?,,

we seconded, by Mr. O, Kitchell. eliminate the smoke and dust nu. This concluded the business of

much bigger scale.

30

"

The Chairman: The plant at sance and this we can do as it has the meeting GMA Macho has been increased

A already been successfully carried Supporting the Chairman, Mr. out by a Cement Works situated. R G Shewan, were Messrs. C. F. Mr. Croucher. It is our opinion right in the middle of the city of Mendham, J. Scott Harston, Allan

Glasgow:

Cameron, CA. da Roza (directors); Mr. A. Kalth (secretary); and the

Matter of Opinion.

that expenses should be cut down.

·

Deep Water Bay Loss.

the rate $100 per month each for a nerfod of 12 months from the following dates. 26/3/27 29/3/21 and 16/4/27. The cost of this service up to the end of the car rent year is estimated at $28,000 and in addition the cost of in Burance will be $1,250.

Paris, March 29, The French lieutenant, de Mongest, has broken the world's record for altitude in a hydroplane, reaching more than 9,000 metres. The previous record was 8,900-- Havaa

The Chairman: That is a matter of opinion.

I much regret that our Deep following shareholders: Meaars. A Chinese attempted to commit Mr. Croucher: How often, during Water Bay Works show such a. A. L. Shields, J. T. Bagram, N. V. A suicide by jumping into the har. A taxicab caught lite in Garden the period under review, have the heavy loss for the year, but the Croucher Coulhart, MA bour from the Yaumati ferry boat Road, yesterday afternoon,

The directors personally inspected the demand for the articles manuface Figueiredo, Tong Hok-ting M "Man, Shun, He was rescued by flames were speedily extinguished works at Macao, Deep Water Bay

| Fernandez, O."Kitchell, A- Kitchell, one of the crew and removed to the with sand, and very little dama and Hok Un?''

Continued at foot of next Colomn. D. L. King and P. M. N. da Silva hospita

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