1932-03-15 — Page 1

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ESTABLISHED 1847

TO-DAY'S

·DOLLAR. — The

closing rate of the dollar on demand, to-day was 1/4 1/8d.

Tel. 27800. No. 28,056 HONG KONG, TUESDAY, MARCH 15, 1932.

HONGKONG, CANTON AND MACAO LEAGUE'S INQUIRY

STEAMBOAT CO. LTD.

Company Meeting.

NO DIVIDEND THIS YEAR HONG KONG AND

ADVERSE 1931 CONDITIONS

REFERENCE TO LAST SATURDAY'S UNFORTUNATE COLLISION.

On account of afiverse conditions during 1931, par. ticularly the decline in the value of the dollar, the Dir- ectors of the Hong Kong, Canton & Macao Steamboat Co., Ltd., have found it not possible to declare a divi- dend. This was announced to shareholders at the an- ual meeting of, the Company which was held this morn- ing, under the Chairmanship of Sir Robert Ho Tung,

At the

SUI TAI - VENEZIA

COMPANY'S SYMPATHY FOR SURVIVORS OF DEAD.

conclusion of the capitalleation of certain special re-| meeting, Sir Robert made refer- pairs.

NEW TERRITORIES FERRY CO., LTD.

Pessimistic Outlook.

FARES AND CHARGES MUST BE RAISED.

COMMISSION.

In Shanghai.

LORD LYTTON'S STATEMENT.

[From Our Own Correspondent.] Shanghai, T-oday.

All that Lord Lytton, Chair- man of the League's Commission of Inquiry, would say, on-land- ing here, was that he and his colleagues were reatly to assist, if invited, in solving the Sino- Japanese difficulties. In order to do so, they intend to fully ex- The Third Annual Meeting of the plore the root causes of the Hong Kong and New Territories present trouble, and investigate conditions forming the back- Ferry Co., Ltd., took place the ground, with a view to enabling morning in the Company's office in the two countries, with the China Building, when the Chair- League's help, to find a basis man, Mr. Li Yau-taun read the re- upon which to build up á durable

friendship.

Posters,

port.

Those present were: (Chair- man)-Mr. Li 'Yau-tsun, (Secret-] Chinese shops are gaily decor- Messrs. Li Sheung-ming, Li Fa- ated and posters are displayed ary)-H. Lowcock, (Directors)- proclaiming ngok, Tse Yat-cho, Li Ka-chun, and Li Ka-shi. (Shareholders) — |Mesara. Li Ching-lok, Cheung Yuet)

On Tong, Pun Sin-ku, Kim Kee.

The Chairman's Speech. The Directors Report and State- ment of Account for the year end- ing December 31, 1981, having been in your handa for the prescribed

ence to the collision off Namtsoi The adverse factors operating Island in the following terms:-agalast a profitable working of the

"You will have seen in the Company's business during 1981 are period, I will, with your permis- local newspapers reports of a in the main six in number. They sion, take them as read, regrettable collision that took may be briofly summarised in:- place in the afternoon of Sat-(1) the low value of the urday last between the Com- Kong dollar; pany's steamer Sul Tai, which (2) heavy depreciation in was on her way back to Họng currency; Kong, and the s.8. Venezia pro- (3) increased cost of coal; ceeding to Macao. Both ves (4) doubling of sells suffered damage, but

Dues;

The nett loss for the year, after Hongwriting off from Launches, Junks, Canton pany's shares $2,617.10, and after

etc.. $21,684.00, Luen Yick Con

providing for Directors and Audi- lor's Fees and all Expenses amounts to $366.81.

harbour Light)

have since returned safely to (5) higher cost of repairs and dock- this port. No one regrets moreing charges; and lastly* -- -- than your Directors do the (6) Keen competition. - lose of lives attending that ac.

Chairman's Report.

The Chairman said:-

with

fee Was

"China Honours the C venant of the League of Nations."

"China upholds the Kellogg Anti-War Pact.”

"China respects the Wash- ington Nine-Power Treaty.” "China Wants Only Justice."

THE IRISH SWEEP

DRAW.

£2,239,000 Available for Distribution. FORTUNATE MALAYAN.

London, Yesterday. Fortune seekera" hopes

ar

A Lucky Malay.

Later. In the Irish sweep, Quite Calm held by Tunku Pok, of Anak Bukit Alor Star, Malaya.-Reuter.

PRICE $3.00 Per Month.

The

FORT Hall Mark

of a Superlativ Product

MULTI-MILLIONAIRE'S SUICIDE

Mr. George Eastman.

LEAGUE ASSEMBLY'S RESOLUTION.

Dr. Yen's Provisional Acceptance.

U.S. EXPRESSES GRATIFICATION.

Geneva, Yesterday.

Dr. Yen he's addressed a let ter to M. Hymans accepting the League Assembly's resolution, but pointing out that there can

GEORGE EASTMAN

KODAX INVENTOR

"MY WORK IS DONE.

WHY WAIT ? ".

Mr. George Eastman, at bachelor, was born on July. “ 22, 1845, being now 78 years of age. In Septem ber, 1880 he founded the George Eastman firm, which grew extensively until the Eastman Kodak Company of New York was incorporated in America on October 24, 1901. An autobiography on George Eastman has been written by Carl W. Ackerman, and published by Hough-- . ton Migfield Co., several thousands of copies of which have been printed in the Chinese language and distri. buted..

Mr. Eastman, who was a great friend of the late Thomas Edison, and Harvey Firestone, the tyre mag. nate, was also well-known for his interest in big-game hunting, being connected with Mr. Martin, the famous big game hunter of Africa.

Since resigning himself actively from the affairs of the company, although still a member of the Board of Directors, he has become one of America's” beat -` known philanthropists, having donated the Eastman Theatre, Eastman School of Music and Eastman den- tal School in Rochester, his hometown, and headquar- tere of the Eastman Kodak Company.

*

Interviewed by a Mail reporter this morning, Mr. Gordon E. Frisque, manager of the local branch of the Eastman Kodak Company, said that Mr. Eastman's death would in no way interfere with the firm, as the affairs had been handled by his successors after Mr. Eastman's realgnation, some years ago."

Rochester, New York, Yesterday.

Mr. George Eastman, inventor of Kodak

be no Round Table Conference cameras, committed suicide by shooting to-day. before withdrawal of Japanese

troops.

"Mr. Eastman, who was lying ill abed, ordered

The United States Govern- all his attendants from the room before shooting ment has informed Sir Eric himself. He left a note for friends in which he Drummond of its gratification

have united in a policy of not re- American Service. that the "Nations of the world wrote: “My work is done. Why wait.”. Cognising the validity of resulty

4

in

CHINA SPECIFIES PROVISION.

Nanking, To-day. The Foreign Offics to-day in-. structed Mr. W. W. Yen to call the League Assembly's attention to three points.

Firstly, that a settlement of the Sino-Japanese dispute cannot be made under military pressure.

Secondly, that Members of the League of Nations are under an obligation to submit disputes for a peaceful settlement, and that since

Renter's

INDIAN ARMY OFFICER HONOURED

ORDER OF BRITISH INDIA AND A SANAD

INVESTITURE PARADE

SUBAHDAR MAJOR SHAH ZAMAN KHAN BAHADUR - 3rd BN. 9th. JAT REGT.

Before we took over the service, it was badly operated by our pre-) decessor It was for this reason, Under each of the heads of higher and also because the Government cident, and I am sure you will expenditure I will proceed to furnish wanted to improve it and increase focused on Dublin, where the great wish me to extend to the re- you with what your Directors con- the traffic, that it offered to us, three-day draw for the Irish Hos latives and friends of the de-sider to be satisfactory explanations.) without tender, the right to operate pitals sweep on the Grand National

attained" "by the violation of cerped the deep sympathy of In the first place, I need not en- the service, at an annual fee of has begun.

this Company in their be-large on the question of low Ex- $2,400. Our Company at once set A sum of $2,289,000 is available, treaties."

The United States' Govern- reavement."

change. The year 1931 opened to work to improve the service, and for distribution, divided into 22

a steadily declining Hong we are glad to say that we have unite of $100,000 each, in which ment has already authorised its Kong dollar until at one period it been successful in this connection. the first, second and third prizes representative in Shanghai to The profit on working for the was quoted at below 11d. to the The fares charged by our pre- will be £30,000, £15,000 and £10,000 co-operate with the Powers

bringing about a definite cessa- period under review, including in-dollar. Since the bulk of the decessors for the run to Tal O were respectively, come from investments, rents and Company's expenditure, at that 55 ceats per head for lat class, and Forty-eight unplaced horses tion of hostilities and withdraw. transfer fees, amounts to $160.-time, was more or less measured 40 cents per head for 2nd class, will get £729 each; and there will al of Japanese forces.-—Reuter. 553.07 to which has been added the in terms of £ s. and d., it will not We reduced these fares to 40 cents also be 100 cash prizes of £100 sum of $50,000 transferred from be difficult for you to realise how and 20 cents respectively.

cach, as well as ten residual cash the Equalisation of Dividend Fund great was the shrinkage in net re- and $196,015.99 transferred from venue which is received in a large to take over the service, the rate

When our Company was formed prizes of £4,000 each.

The total -subscription WAB the Insurance and Underwriting proportion in a depreciated silver of exchange was very low, with the

| £3,365,000, of which the Irish hoa- Account making a total of $406,569 currency when the bulk of the ex-reault that prices for oil fuel, en-

pitals receive £841,000. which, as stated in the report be-penditure had to be reckoned on agine oil, coal, etc., were very high.

Only horses are being drawn to fore you, it is proposed subject to gold basis. It was reasonable to The two new ferry vessels that we

day, your approval, ahould be utilised expect, therefore, that net earnings had built for us was also based on towards the cost of Repairs, Direc-would be considerably affected. I

this low rate of exchange. To add tors' and Auditors" Fees, Interest am, however, pleased to be able to to the heavy expenditure, the Gov- on Overdraft, special and ordinary state that the gross earnings on ernment requested us to run has been drawn by ticket EQ 50742, Depreciation of Steamera, Wharves both the Canton and Macao ser

The and Furniture and to increase the vices show an improvement over extra trip daily to Tai 0.

clearance night

also amount standing in the Special Re- those of 1980 to an extent of over raised to $30 a month.

The fish pairą Fund.

$60,000 which should, I think, be

from that receipta

source of These various transfers have en- considered satisfactory.

revenue. Unless we can get the abled a sum of $43,050.84 to be The second adverse factor I kávéj carried forward to the credit of just alluded to is the cognate one Government to allow us to raise our Profit and Loss account for the cur- of the depreciated Canton Cur fares and charges slightly, and to

Thirdly, that China regards the pose of investing Subahdar Major Shah Zaman rent year.:

cancel the extra trip daily to Tai considerable part

London, Yesterday: resolution of the League Assembly, Khan, 3rd Bn. 9th. Jat. Regiment, with the insignia on Com-0, we are afraid that there is little

Ticket No. CQ43812 has drawn which does not recognise the agree In further explanation of the of the money collected special transfers and depreciations, pany's vessels for passage and prospect of a profit this year. Sea Soldier, the American-owned ments concluded or the situations of the Order of British India, 2nd. Class, and also The Report and Statement of horse in the Grand National. The created in the violation of the a "Sanad" conveying the grant of Jagir by the Gov- would mention that although freight, etc., is in Canton coins. steamers have been well written At the beginning of the year ander Accounts was duly seconded and address of the holder of the ticket League Convent or the Pact off down in the past and are, at the review, exchange was round about adopted, and Mr. Li Tung was re- Is given as "lliwell, China Res- Paris as Including the "Puppet ernment of India of the annual value of Rupees

Government" in Manchuria, which Six Hundred. moment, standing at very conserva- 180 cents to the dollar while at elected Auditor," tive figures, your Directors consider: the end of the year it was about ed that owing to the continual un-140.

Disbursements, mainly owing to certain trend of trade and other conditions generally, that additional Exchange factors, were higher in depreciation would be advisable. 1981 than those for 1980 thus re This special writing down com-sulting in the decreased net earn- mends itself as a policy tending tons of steamers,, etc., the main .reduce

considerably the heavy items of which are the follow- angual burden of depreciation.

From the accounts before you, Coal you will notice that wharves and Tennage & Light Dues 17,808.08 moorings have been depreciated by To further explain these in- $88,300 and office furniture by cresses I would mention that in $2,600-a total of $40,800-while cluded in wages was the sum of the Profit and Loss account shows $26,742.98 paid on account of Ex- only the sum of $80,800 as having change Compensation to officers "bean - ajpropriated. This differ for the first half of 1981 as ence of $10,000 in accounted for by $9,812.81 paid during the “the fact that a sum equal to this ponding period of the

amount was taken from the Special

I

rency:

ing

A

Wages of Crews .......895,705,65 $43,678,43

Repairs Fund in order to assist in 1. now come

hat further writing down of Wharfi coal.). The

An Investiture Parade of the 3rd. Bn, 9th. Jat SOMEBODY IN CHINA DRAWS China has followed this procedure Regiment was recently held by Major-General any re- J. W. Sandilands, C.B., C.M.G., D.S.O., General sponsibility for the present state of Officer Commanding China Command, for the pur-

SEA SOLDIER."

American-Owned Horse.

REMONETISATION OF CITY CLARK DRAWS

SILVER.

TWO HORSES.

Including the National Favourite.

Sir Robert Horne.

ADVOCATES BIMETALLIC

STANDARD.

London, Yesterday,

The remoretisation

SUSSEX LADY IN LUCK..

(Reuter's Special Sery

city, clerk

she is unable to ussume

affairs in Shanghel, Kuk

*

is infringing” the territorial and This Indian Officer is a resident of the Hazara political integrity of China District of the Punjab, and has a very fine record Reuter's Pacific Service

of Services during a period of 29 years, having served in various campaigns, namely, Swat, Meso- potamia, and Waziristan. ~

TROTSKY ALLOWED TO TRAVEL

Turkish Government Hold His Wife.

TO ENSURE HIS RETURN."""

Sérvice); pleYesterday,

(Renter

Cön

ires? Years

The General Officer Commanding, in making the presentation said: "I regard it as a very gr honour to be called upon to-day to make two pre- sentations to SUBAHDAR MAJOR SHAH ZAMAN

BAHADUR. The more important of Order of British India which, in addi

has been forwarded to

lency the

pre