1929-07-03 — Page 5

WEDNESDAY, JULY 3, 1929.

P. & 0.-British India Apcar and

Eastern & Australian Lines

(COMPANIES incorporated in ENGLAND). MAIL AND PASSENGER STEAMERS.

TAKING CARGO FOR

STRAITS, JAVA, BURMA, CEYLON, INDIA, PERSIAN GULF, WEST INDIES, MAURITIUS, EAST AND SOUTH AFRICA, AUSTRALASIA, INCLUDING NEW ZEALAND AND- QUEENSLAND PORTS, AND RED SEA, EGYPT, CONSTANTINOPLE, GREECE, LEVANTINE PORTS, EUROPE, &c.

PENINSULAR & ORIENTAL FORTNIGHTLY DIRECT ROYAL MAIL STEAMERS. (Under Contract with H.M. Government.)

8. 9.

Taps

From Hong Kong About

*KASHGAR

9,005 6th July

Noon **MIRZAPORE 6,716 9th July *ALIPORE

5.273 19th July KHIYA

9,135 20th July

KHYBER

KIDDERPORE

9,114 3rd Aug. 5,83115

Aug

Destination

Marseilles, Lordon & Hull.

Straits, Colombo & Bombay. Straits, Colombo & Bombay. Marseilles & London.

Marseilles, London & Hull.. Saraita, Colombo & Bombay.

*Cargo only. Calls Casa Blanca, Calis Karachi. Frequent connection from Port Said for Passengers and Cargo. to Constantinople, Pireaus, Smyrna and other Levant Ports by steamers of the Khedival Mall Steamship Co.

BRITISH INDIA-APCAR SAILINGS.

SANTHIA

TILAWA SIRDHANA

TALAMBA

TAKLIWA

7,784 7th July

Sp.m. 10,006 24th July 29th July 7,745 $,013

1st Aug. 8th Aug. 7,936 10,000 23rd Aug.

Singapore, Penang & Calcutta.

TALMA

Singapore, Penang & Calcutta. Singapore, Penang & Calcutta. Singapore, Penang & Calcutta. Singapore, Penang & Calentia, Singapore, Penang & Calcutta.

BL. Apcar Line steamers have excellent accommodation for 1st and 2nd class passengers. All steamers are fitted with wireless and carry a qualified surgeon.

THE

I.M.M. CAPITAL CUT

THE REFINANCING PROPOSAL EXPLAINED

AN IMPOSSIBLE SITUATION

Details of the proposal readjust- ment of the capital of the Interna- tional Mercantile Marine Co. by issu- ing 720,000 shares of new stock, to be exchanged for the out- standing shares on the basis of one share of new stock

no par

preferred and for caca share of plus 220 in casht one-fifth share of new stock for each share of the old common stock are contained in a letter addressed. to the stockholders by Mr. P. A. S. Franklin,

president of the company,

The plan provides for reduction of the capital of the company from $120,000,000 to $30,000,000 by Bub- stituting the new no par shares for the existing issues of 600,000 shares of $100 par preferred and 600,000 and shares of $100 par common amending the certificate of incorpora-

tion.

CHINA MAIL,

INDO CHINA

STEAM NAVIGATION CO.,

SAILINGS SUBJECT TO ALTERATION;

Destination

Steamer Ttau vin, Stow & S'hai..KWONGSANG.Wed., Ttau via Stow & Shai .. FOOSHING Ttau via Stow & S'hai.. HOPSANG

YATSHING Ttau via Stow & S'hai

Kabe

Osaka via Amoy, Moji & KUTSANG

NAMSANG

YUENSANG

Osaka via Amoy, Moji

-Kobe

LTD.

Salling

3rd July at 10 a.m.

7th July at: 10a.m.

.Sun/

Wed, 10th July at 10 am. .Sun. 14th July at 10 a.m. .Fri., 12th July at 7 am.

.Thura., 18th July at 10 a.m..

.Sun., 28th July at 7 am. .Thurs., 11th July at pm, Sat., 20th July at 3 p.m. MAUSANG .Wed., 10th July at 3 p.m. BINSANG ... Sun, 21st July at 10 a.m. CHEONGSHING.Wed., 10th July at 10 a.m. For Freight and Passage apply to:- JARDINE, MATHESON & CO., LTD., Telephone Central 215,

General Managers.

Osaka via Amoy, Moji

Kobe S'pore, Penang & Calcutta KUMSANG S'pore, Penang & Calcutta HOSANG Sandakan Sandakan Tientsin

with us will be convinced that the 101,282 common shares now in the

PASSENGER LIST

The letter to the stockholders lays stress upon the impossibility of mak- ing any payment of accrued divi- dends until the existing deficit of 29,000,000 has been made up. It is hinted that dissolution of the cam- pany may be recorded to fir the event stock; and each Common stockhold- of rei of the proposed plan.

rejection

er shall receive for one share of pre- "This pan," said

said Mr. Franklin, "is sent. Common stock one.fifth share absolutely fair to

to holders of both

oth new no par stock. classes of stock. It will make a live, "As there are 600,000 shares of going concern out of 3 company each class of stock issued, this will which is now facing an impossible absorb 720,000 shares of the propos-of Asia" situation. I believe that every share-ed new no par stock, but as there holder who will talk the matter over are

Preferred shares and 82,750

present plan is the best that can be treasury of the company, on the ex- devised, and will be for the best in-change 103,006 shares of the new terests of all concerned.

stock would remain in the treasury "We have gone ahead and built of the company, and 616,994 shares three of the largest passenger ships outstanding in the hands of the ever built in the United States, abu we hope to carry out further deve-This offer differs from the for- lopment work when the capital mer plan in that by its terms the stockholders will receive structure of the company has been preferred placed on

sound and workable basis $20 eash instead of one-fifth of a

share of as proposed.

10 Par preferred Court's Decision

stock retirable at $100 a share. The letter to In his

the stockholders, common stock receives the same Mr. Franklin, after reviewing the treatment as under the former plan. "After most careful consideration defeat of the recapitalisation plan of

this has 1927 by court action, brought by a of various suggestions, minority group after the plan had seemed, in the opinion of your direc- been ratified by the stockholders by tors, to be equitable treatment

vote of more than 700,000 shares. of the respective classes while less than 2,500 shares were re- corded in opposition, quotes the statement made by the court in is- suing the restraining order, as fol- lows:

is

EASTERN & AUSTRALIAN SAILINGS (South). one has been able to

* ST. ALBANS | 4,500 ARAFURA

TANDA

ST. ALBANS

ARAFURA

6,000

5th July

4 p.m. 2nd Ang. 6,986 30th Aug.

4,500 4th Oct.

6,000 1st Νον.

Manila, Sandakan, Thursday Island, Townsville, Brisbane, Sydney & Melbourne.

* Calls Fort Holland & Zamboanga.

Regular monthly sailings from Hong Kong to Japan and Hong Kong Jo Australia.

The E. & A. S.S. Co., Ltd., steamers will also call at Shanghai, Iloilo, Cebu, Kolambugan, Tawad, Timor, Darwin, or other ports en route as in ducement offers.

Frequent connections from Australia with the following:-

very

of

"There is thus presented the fami- liar situation created by a meagre minority objecting to the efforts of the managers of an unfor- tunate industrial corporation to ex- tricate it from an unsatisfactory fin- ancial condition. There is no sugges tion of fraud levelled at the action of the board of directors, but, in of confidence fact, an

express avowal on the part of the complainants in

the the good faith of managers the company in proposing this new plan of capitalisation.

"It clearly was their duty to make ever effort every

to end this impossible and that their condition of affairs, intentions should be above suspicion

the fact apparent from

that al- though the situation

has been dis- on innumerable occasione no cussed

formulate a feasible proposal that would be more desirable, as well as from the fact that about 99 per cent of the

Pre- ferred stock represented at the meet- ing was voted favourably."

The Deficit "Since the court decision above re- ferred

Mr. Franklin writes, "satisfactory progress has been made in adjusting with the United States tent of the liability of your company Government the question of the ex-

for taxes, and this and the fact that your company has not, since the sale of the White Star Line, been requir ed to maintain so large a working which capital, make available each heretofore could not have been prud-

the ently

reserves and working capital of the company.

The company's operations during

to,"

The Union S.S. Company's steamers to the United Kingdom via Newt taken from Zealand, Vancouver, San Francisco, etc.

The P. & O. Royal Mail steamers to London via Suez Canal,

London via Panama Canci

SAILINGS TO SHANGHAI & JAPAN.

SIRDHANĄ 7,245, 4th KHYBER

9,114

ARAFURA

6,000

TALAMPA

MALWA

July Amay, Shai, Moji, Kobe & Ozakɛ. 6, a.ra

一份

15 pm. 9th July July

5th July Shanghai, Mail, Kobe & Yokohama.

Moji, Kobe, Oaks & Yokohama. Amoy, Moji, Kobe & Osaka. Shanghal, Moji, Kobe & Yokohama.

were, as

2

даж

WHEN YOU

of stock-

ARE ON LEAVE

keep in Touch with Hong Kong and China affaira by subscribing to the OVERLAND CHINA MAIL ILLUSTRATED

JUST REORGANISED."

3 Months $ 3.75 6 Months $ 7.50 12 Months $15.00

Including Postage..

Newspaper Enterprise Ltd. China Mail Offices, 3A, Wyndham Street.

The P. & O. Branch Service of steamers to London via the Cape.

the year 1928, after making certain holders as the situation permits, her- The New Zealand Shipping Company's steamers for Southampton and adjustments from reserves, will showing regard for the cash requirements

of the compary. some improvements over the results

"If the carrying cut of this plan for the year 1927, and its cash posi-

or if for any reason is prevented, tion is strong, but its consolidated it falls of consummation, the alter- balance sheet as of December 33,

would seem to be a resort to native 1928, shows a capital impairment dissolution, and a possible reorgani (deficit) of about $20,000,000,

"This condition prohibits the diree-sation of the company, which would in delay and be ac- inevitably result tors from legally applying any avail able cash toward the payment of the companied by large legal and reor accrued dividends on the preferred ganisation expenses, and which would stock, and even if the company's

not, in the opinion of your directors, result as favourably to all the stock the future operations in

proposed. successful as could reasonably be sx-holders as the plan now

"If the plan, as suggested, is con- pected, it is not possible to hold out any encouragement that this capital summated, the balance sheet will be

Such

4.9 make available for dis- impairment could be made good for

tribution

current earnings such is, no divi many years, and until it

be declared.

may be properly used for the de- dends can

claration of dividends on all the new Opportunities for Expansion

outstanding stoc

stock. Its adoption is "With this situation in mind and

strongly recommended by your direc desiring to

to exercise every effort in

tors, ast

in their opinion, the most their power to overcome the impos-practical solution of the difficulties sible position with which they are with which the company has had to now confronted, continue the present contend." company, and create a capital set-up, affording opportunities for expansion, and making it possible to pay divi- dends when carnings justify your directors have.

TAKLIWA *KIDDERPORE

TALMA

KASHMIR

SHEA MOUNT)

8,018 10th 10,380

10th

7,986 19th

July

July 5,834 20th July 10,000 1st Aug. 8,086 2nd Aug.

* Cargo only.

4th Aug.

Amoy, Mojl, Kobe & Oraka. Shanghai, Moji & Kobe Amey, S'hai, Moji, Kobe & Osaka. Shangbai, Moji, Kobe & Yokohama. Shanghai, Mofi, Kobe & Yokohama.

All dates are approximate and subject to alteration without notica. WIRELESS TELEGRAPHY FITTED ON ALL STEAMERS. Passengers for Bangoon must defray their own Hotel expenses at -Singapore while awaiting the on-carrying steamer, p

All Cabins are fitted with Electric Fans free of charge, Steamers on Londen und Australian Lines are fitted with Laundries, Parcels measuring not more than 2% ££ x 2 ft. x 1 ft. will be received at the Company's Office up to Noon on the day previous to saffing.

For further Information, Passage, Freight, Handbook, ete, apply to:--

MACKINNON, MACKENZIE & CO.,

P. & O. Bailding, Connaught Rd. C., Hong Kong.

Agents

NEW YORK, BOSTON & BALTIMORE.

"BLUE

JOINT SERVICE OF THE

29 FUNNEL LINE. (OCEAN SD. CO., LTD. & CHINA MUTUAL S.S. CO., LTD.)

NAND

AMERICAN & MANCHURIAN LINE.

8.3.

(ELLERMAN & BUCKNALL S.S. CO., LTD.)

SAILINGS FROM HONG KONG. MACHAON":"

via Suez Canal

8th July 8.8. "CITY OF MANDALAY” vis Suez Canal

15th July, SSADRASTU

Polo Via Suez Canal

616 August. Steamers proceed via Suez Canal or Panama Canal at Owners' Option.

Subject to change without notice.

*BUTTERFIELD & Hong Kong & Can

·

whereby after prompted resolutions

BRITISH SHIPOWNERS AND CZECHO-SLOVAKIA

As

for the cash

The "Frager Tagblatt" announces payment of $20 per share to the that a well-known North of England Preferred stockholders, as hereinafter shipping firm has made an offer to referred to, they seek to re-adjast Czecho-Slovakia to. establish a the capital structure of your com-Czecho-Slovak

Bhipping company pany by making the axed capital with a capital of 50,600,000 crowus $30,000,000, and carrying the value (1306,000), four 1,250-ton vessels be of the company's property in excess in bought to carry on a service of that amount in surplus account under Czecho-Slovak far be

the This payment will, of course, not tween Hamburg and certain English affect the collateral now subject to padr

ports. The journal points out, how- the len of the 6 per cent, mortgage, ever, that an inquiry into such a pro- the which amply protects the bondsposal was recently made at

"The plan substantially is this: To Ministry of Commerce, and the con-

the existing Preferred and clusion was carried at that the finan Connor stock, and in lien of both us success of any undertaking of issues, provide for the Issuance by the kind would be very doubtful, as the company of 720,000 shares of no the company would have no privileg par steck, all of which shares will ea position. be used for the tioned purposes below men

proposed that each Prefer-

red stockholder shall surrender This shares of

stock and relinquish his

rights to all accrued dividends there-

SHIPWRIGHTS SOCIETY'S

SECRETARY

on, and in return therefor receive The new, secretary of the Ship-con- $20 par share in cash, and one share sirustors and Shipwrights Associa of the new no par stock for each tion, in succussios to the late share of present Preferred stocks sur Alderman A Wilkie, is Mr. W

who has been prominent figure at the Trade

rendered, and that earn of Westwood, of Govan,

render his shares and receive in lien Union Congress for several years ne the present Common stock

thereof one-fifth of a share of the is secretary of the Dundee Labour new par stock for each pressut Com Representative Commit mon okare surrendered, so that each for the Dundee Labou THE or THE BANK LINE, LTD, Hong Kong one of present Preferred Labour candidate, in opposition to

Peferred stockholder shall receive de just now contesting DINE, MATHESON & CO. TAT) Cantos, stock 190 cash one charo new no par Lady Astor

particulars apply to ****

fymouth as

www.

DEPARTURES

Passengers sailing on the "Empress were:-Dr. on July and Mrs. N. V. Bradshaw, Dr. J. A. Mac Bean, Mrs. Eva Bowers, Miss M. W. Bischoff, Miss M. V. Brown, Miss M. D. Becker, Miss B. M. Cairns, Miss Margariata Chi, Miss Maria Dolores Chi, Mra Maria Concepelon: Chao Shee, Rt. Rev. and Mrs. C. R. Duppuy, Miss V. Frye, A. S. Gotianges, Rev. and Mrs. E. H. Giedt and sons, Miss H. Gesellchen, Miss V. Gerber, Miss C. Garcia, Miss K. Hirschberg, Miss C. Q. Hong, Miss H. Hatch, Miss B. M. Halliday, Miss A. Janison, Dr. and Mrs. J. F Karcher and son, Miss R. Kueffer, Miss M. Laird, C. M. Laird, Miss E. G. Patterson, Miss M. Phellis, Miss D. M. Rasch.

The contract for repairs to the Irish American oil tanker "Queen Tailte" has been secured by the Middle Docks Engineering Co., Ltd., South Shields, in faca of keen com- petition. The vessel has arrived in the Tyne, and it is expected that the repair work will extend over a fort- night

Twenty-two vessels aggregating 44,423 tons gross were launched on the Clyde in May compared with 19 vessels of 28,434 tons in April 1928.

HONG KONG TIDE.

The tide-table given below has been obtained by aid of the Tide-predicting Machine, which includes 40 compon- ents for the better prediction of titles, from the result of the analysis of the tidal observations, taken at the Kau- ling tidal observatory under the direction of Dr. Deberek during the years 1887, 1888 and 1899,

The times and heights are given for Kaulung; but they may be used for the Victoria Naval Yard and Aberdeen, the differences being very small.

The times of Ligh-and low-water must not be considered to comeide with the times of slack-water and change of current, the two phenomena being quite distinct.

PRESIDENT LINER SAILINGS

ANNOUNCING

SPECIAL REDUCED SUMMER ROUND TRIP FARES

between

HONGKONG, SHANGHAI, KOBE

AND YOKOHAMA

HONGKONG to SHANGHAI. and Return H.K.$120.00 HONGKONG 1o KOBE. and Retorn H.K.$210.00 HONGKONG to YOKOHAMA and Return H.K.$235.00

Tickets are being sold at the above fare with return limit of September 30 allowing for stop-over at Inter- mediate port or ports within Bmit of tickets.

For full information apply at office of

DOLLAR STEAMSHIP LINE

and

AMERICAN MAIL LINE

No. 14 Pedder Street (opposite Hongkong Hotel)

American Mail Line

and

Dollar Steamship Line

AUSTRAL-CHINA NAVIGATION CO.

FOR SYDNEY, MELBOURNE AND ADELAIDE via Manila, Sandakan, Balikpapan, Rabaul and Tulog!

S.S. “CABARITA” (“CHRONOS") sails on or about 16th July,

For freight and passages apply to:

SPEED

DODWELL & CO., LTD. Agents, Queen's Bldg.. Tel. C. 1080,

-GOOD SERVICE ———— COMFORT

S.S. CHUEN CHOW Sailing from Hong Kong at 2.30 p.m.

Arriving Macao at 6.00 pm,

DAILY

Sailing from Macao at 7.50 2.m. Arriving Hong Kong at 11.20 am.

EXCEPT SUNDAYS.

Freight and Passage apply -

CHUEN ON STEAM BOAT CO., LTD. Tel C. 6061.:

DATE

Juma

Est.

Sun, 30 m

Mon. 1m 4 62

June 28 to July 4, 1929..

HIGH WATER (LOWER WATER.

Standard Standard Ht. Times

Times

8 Fri. 28 m 3 14 5.7 m 5

020 6.2 *-8 34 # 29 m 3.60 3.98 24 8.7 198a67 920 a

4, Connaught Road W..

Ht

1.4

Tues.

Wel

Thurs

4m8 38 6.7 m 0 11 27

@ 18 s

438 31:3.7

10.880.

23 5,4 1998

·5 54°n : 4.4:

& m & 67 6.1

m 10 32 Sy

10:50

2,3

0.36 2.6

11 31 A 9.5

· 1 16 a 18

THE KWONG HIP LUNG CO, LTD,

ENGINEERS and SHIPBUILDERS, BOILER MAKERS, BRASS and IRON FOUNDERS. All work done in this establishment in guaranteed. We have over thirty years' experience. We own two Slipways and can accommodate any craft of 200 feet long.

· Town Office: 64, Coraught Road Central, Hong Kong, Tel. Central No. 459. Shipyard: Shem-Sui-Po, Kowloon, Hong Kong, ta Tel. Kowloon No. 9. Estimates furnished on application.

Hong Kong, April 1, 1924,

THE HONGKONG & WHAMPOA DOCK CO., LTD.

TELEGRAPHIC ADDRESS : “MANIFESTO " HONGKONG,"

DOCK OWNERS, SHIP BUILDERS, MARINE AND LAND ENGINEERS, BOILER

HAKERS, IRON, STEEL, AND BRASS FOUNDERS, FORGE MASTERS,

ELECTRICIANS.

The Com. pany pos Besser Six Granite

Docks and Two Pat-

ont, Shp-

ways. The dimensions ef No 1 Dockare 700

ft. x

BG ft x 30

I

MA SUGBO

Codes Used:

A1, A.B.C.

Fifth Edi-

tions En.

gineer Ingi

First &

Second Edi

tion: West.

ern Union and Wat king

Single screw steel passenger and cargo motor ship. Dimensions: — 155′ 0′′ B.P. x280 Md x 11′ 6′′, Mld; D.W, 470 tons; B.H.P. 360; Speed 10% knots, Built and machinery installed by The Hong Kong & Whampoa Dock Co., Ltd, to the order of La Navlera Filipina Inc., Gebu for Philippine coasting service.

Please address enamiries to the Chief Manager

R. M. DYER, B.Sc., M.I.N.A., Kowlopu Dock, Hong Kong,