1932-03-24 — Page 11

THURSDAY, MARCH 24, 1932.

Company Meeting.

CHINA PROVIDENT LOAN

LOCAL SHARE- MARKET.

THE «CHINA. »MALL.

COLONY'S CHIT SYSTEM.

AND MORTGAGE CO., LTD. The oficial summary Issued by "Easy Target for Abuse" examine this man's relationship

SATISFACTORY YEAR'S WORK

SUBSTANTIAL IMPROVEMENT IN NET PROFIT REPORTED.

TO-DAY'S ANNUAL MEETING

That there had been a substantial improvement in the net profit for the year 1931 was reported by Mr. C. A. da Roza, Chair- man of Directors, at the 35th annual general meeting of share- holders of the China Provident, Loan and Mortgage Co., Ltd., which was held on the third floor of the Exchange Building at noon to-day. The profit, $90,384.43, is an increase of approximately 80 per cent. over that of the year 1930, and although there had been de- creases under certain heads, the result, as a whole, can be rogarded na satisfactory.

Chairman's Speech. The Chairman said:-

ernment in accordance with the re- quirements of the relative Ordin- ance, and as a guarantee of those obligations.

If you will now turn to General Reserve Account, Gentlemen, you sum of $41,263.89 to that account

Your Board is pleased to be able to report to you a substantial im- provement in the net Profit earned by the Company during the year under review-the figure $90,384.43 will note that a comparing very favourably with has been debited that recorded for the previous and is referred year; the increase being approxi- Property. mately 80 per cent.

to na Loars on

This represents the balance of an The largest factor contributing old Loan account the security for to this improvement in the saving which was disposed of during the effected by the elimination of In- yènr, and is a portion of the amount terest on Overdraft, an item which which, in my speech last year, I in- has hitherto been an exceedingly timated would have to be written) heavy load on our working; but off to General' Reserve before our Improved storage carnings and fur-old Loan accounts could be com ther economies in the administra- pletely cleared from our Books. tion of the Company have assisted us in showing an increase in the Profit on Godowns and Shipping

work.

the Stock Exchange to-day states:

A somewhat quieter tone pre- vailed at this morning's session, but prices held fairly well, though,) generally speaking, the market seemed to lack support.

Bales.

Union Insurance, $445/450. Star Ferries, $92. China Lights Cold), $214. H.K. Electrics;`$721⁄4 X. Div.

Buyers.

Hong Kong Bank, $1,430. Union Insurance, $445. Underwriters, $4. Douglases, $261⁄2. · Providents (new), $2.30. Hotels (Rights), $24. Hong Kong Lands, $75. H.K. Realties, $104. Chinese Estates, $95. Ewo Cottons, Tia. 15.15. Hong Kong Trams, #21.35. Star Ferries, $91%.

China Lights (old), $21. China Lights (new), $204. H.K. Electrics, $72.25 X. Div. Telephones (P.P.), $24. Canton Ices, $51⁄2. Comenta (combined), $19. Cements (old), $13. Cements (new). 351⁄2, Dairy Farms, $284. Watsons, $151⁄2.

Lane, Crawforda (old), $5.60. Lane, Crawfords (new), 354. Amusements, $20.75. Constructions (old), $5.80, Constructions (new), $1.90. Govt. Loans, 4 per cent. Premium,

Sellers.

South China Motors "B", $12. Humphreys, $18.

Malabon Sugars, $22.

from a

Says Mr. Marton.

WKA, AN UNDERLUS to 12 HAS ADVANTAGES" BUT,

Reference to the local system of signing chits was made by Mr. O. E. C. Marton in the Central Police Court this morning, before Mr. Schoßfeld, when outlining the prosecution's case against Private Stanley Charles Beresford, of the Royal Army Service Corps, who was charged with having obtained credit to the extent of 39.60, by frand, other than by means of false pretences, from Lane, Crawford's Restuarant. Defendant, it will be recalled, was arrested on a warrant on board the Troopship Lancashire prior to her departure for Englund on Monday afternoon,

wears

also subjecting the defendant to the | publicity, and inconvenience, of be- ing arrested in the presence of about 1,200 men on the troopship, but it was necessary to go back and

with Lane, Crawford before signing that particular chit." In 'March 'or' April, 1931, the debtor had öb-| tained credit to the extent of $737, and a few odd cents,--he (Mr. Marton) did not think it was neces- sary to go into the question of why he should have been given credit for such a large amount. That was neither here nor there, but it had only to be pointed out that when this credit was given the Company had full expectations of receiving] payment fairly soon.

Many Representations, PA, He did not pay straightaway, and various representations were mado for payment, until May 19, when he was informed that his credit had been stopped. This was confirmed by letter, dated May 26, signed by Lane, Crawford. Ever since then, Opening the case, Mr. Marton the defendant had known that he said that it was a fraudulent at- was not allowed to sign chits-that| tempt to take advantage of the sys-t his credit had been stopped. On tem of signing chits in the Colony, March 18 when it was known that He was not in Court to discuss the defendant was shortly to proceed merits or demerits of the system, home, a conference was held in the suffice it to say that while it had Board Room of Lane, Crawford's, many advantages and was no doubt attended by Mr. Brown, Mr. Marton of great convenience to many others and the prisoner, when they dis- of the community, it was "an easy cussed the prisoner'a poasi- target for abuse." He continued:- bilities of being able to *re-

The King's Uniform.

his debt, when he į pay

got "When it is abused by an English back to England. Various Bug- man, and particularly, by one who gestiona were made; and amongst the King's uniform, the them was one that he should pay gravity of the offence is accentuat- by instalments of 10s a week. When ed.

The facts of this particular, defendant was about to leave the case are as follows:Defendant was meeting, he was asked by Mr. about to sail for England under ] BrownTM and Mr. Marton, if he had Military orders last Monday on the any money on him. · He replied troopship Lancashire. On the that he had only $12, and that was previous evening, accompanied by laat pay he was going to receive two other men, all in ordinary whilst in Hong Kong. Consequént- certain civilian clothes, he went to Lane, ly, that chit which he signed, on his Loans Higher Than in 1930. is not practicable, due to Turning to the Balance Sheet, I restrictions attaching to the pro- Crawford's Restuarant about eightowa admission, could not have been o'clock. When they got there the covered by the seven dollars he had desire to draw your attention to the perties in the event of their employ-

meals, which] at the time, in his pocket. continued improvement in the ment as Dwelling houses; nor is it defendant ordered

Arrest on Troopship. financial were in due course produced and Decrease in Lonn Interest. Company's position as revealed by commendable

They also had liquor

When the matter came to light on The principal decrease in revenue the statement before you. Loans aspect, owing to the considerable consumed.

After the the Monday morning, a "summons which calls for comment in that of have been redured by some $76,000 area of valuable land which it would and one cigar cach. Loan Interest, which provided but in so far as the old accounts are con- be necessary to devote to unproduc meal, they sent for the boy who pro- was taken out, and Det.-Sergeant $4,236 in 1981 compared with cerned, but the total figure shown tive property because of the onerous duced a chit which defendant sign- McHardy was sent to the Lancashire and told to effect the arrest, As $11,200 in the previous year. This in the accounts-$294,596.04-is regulations as to open

spaces re-ed."

Not Allowed Chits.

his Worship knew; this had to be be expected, in higher than that at December 31,quired by the Public Health and

"The boy took the chit to the effected through the Military aù- view of the continuance of your 1930, due to the inclusion of ad- Building Ordinance.

and it took con- cashier, who saw the signature and thorities, Board's policy relative to the vances made during the year to The properties which were

until about three minutes liquidation of old Loun accounts, which a reference has been made sidered in this project have, how remembered that on the previous noon

two o'clock before the but towards the close of the year earlier.

ever, proved far

productive day he had received instructions to

was made, this, in your Directors have sanctioned cer- The amount 90 employed at during this last year, and continue from the Secretary of the Company arrest tain small short term loans against December 31, 1981, was $115,000 of to be very fully occupied on a pro- that this man was not allowed to spite of the fact that at least twelve sign chits. Thereupon he told the Military police and a large nume the security of cargoes stored in which $65,000 has been repaid to fitable basis. tho Godowns, and

Future Prospects.

boy to take it back to the defen-ber of volunteers were engaged in against the the Company since the date of the

It is both difficult and unwise to dant and to ask him to may cash. the search. security of approved ahares. The accounts, and the balance is amply

Detailing the search on board the ponsibilities in this section of our secured for repayment in the course attempt to forecast the future pro-At that time, the defendant knew business are promising, but actual of the next few months. Interest spects of the Company, bearing in perfectly well that his credit had ship, Mr. Marton went on

to say business negotiated to date has on all accounts has been paid to mind that our principal, revenue been stopped, and I shall also prove that a general inspection was held been limited by the liberal margins date.

depends as vitally upon the condi- that, at this time, he was unable to at about 1:15 pm, when the search was in progress. Evidence' would demunded by the Company.

The increase of $6,000 in Invest-tions which prevail from time to pay the debt contracted.""..

Refused To Pay Cash.

be given that defendant, was not At the close of the year 1930, Mr. ments records the absorption of cer-time and which influence trade both! 1. E. Guterres, the Company's tain shares in The Sandakan Light here and throughout China; but I "The boy went back to the de- present at the inspection, he was Godown Manager, resigned from & Power Co., Ltd., which shares am pleased to report that the figures fendant who by this time had got to eventually found in another part of Com for the first two months of the cur- the lift with his componions. He the ship, thres minutes before the the Company's employ, and the were formerly held by the Board of Directors voted to him a pany as security for an old Loan rent year have been more encourag-was actually in the lift when the ship sailed.

ing than for a long time past. · boy got there. He refused to pay retiring gracuity of $10,000 feeling | account.

It seemed that defendant had car-

confident that Shareholders would

Sundry Debtors.

I now formally propose that the cash, and told the boy that he wouldried out this as a last act before go- approve of their desire to

record With regard to the item $70,-Report and Accounts for the year, see Mr. A: W. Brown, the Secretary, ing Home, and it was all the more their appreciation of the most 055.73 Sundry Debtors-the out-, 3nded December 31, 1981, as pre- the following morning. The whole despicable.

Evidence was taken, the accused faithful and devoted services ren; standing Storage and General sented to you, be adopted; that the debt amounts to only $9.60,”****** dered to the Company by Mr. Charges embodied in this figure proposed distribution of profits Continuing, Mr. Marton remarked also going into the witness box Guterres for so many years.

have been reduced since the date of namely, a Dividend of 16 cents per that it might have been thought where he was cross-examined at Storage Revenue Affected. the accounts to approximately share be paid in respect of the that Lane, Crawford was going to length by Mr. Marton In the course of my remarks at $11,000 which is satisfactory. Fully Paid-up Shares, and of 8 cents unnecessary trouble and expense, continued in the afternoon. our last Annual Meeting, I referred) The addition to Property Account per share in respect of the Partly to the growing practice amongst, is brought about by the adjust-Paid Shares, be adopted and pass- importers of making deliveries of ment of boundaries of our Kow-ed. "

decrease was to

more

cargo ex steamer or ex lighter and loon properties consequent upon the I also propose that the balance of}] its effect on our Storage revenue. issue of Crown Leases, while the $98,224.44 be carried forward to The influences which encouraged book value of our Pier opposita 1932 account. ***

this practice namely the disturbed Marine Lot No. 180 at 35,000 has: If a shareholder will be good conditions in China and wide fuc- been written off to General Reserve enough to second these proposals. I tations in exchange, were very Account.

shall be pleased to answer to the

much in evidence in 1931, but Under Liabilities, you will note best of my ability, any questions .despite these, it is satisfactory to the absence of Bank Overdraft for having reference to the Report and note that the actual quantity of the first time for many years, and Accounts which you may wish to Sugar stored in our Godowns dur-I wish to state that the Mortgages ask, before asking you to record ing the year shows a substantial in- shown at 8949,000 fall due for re- your vote thereon,

t crease over the quantities recorded payment early next year, when Second by Mr. C. F. Mendham for the two previous years in liquidation will be arranged. The and carried unanimously, Flour imports, however, the volume effect of this will be to relieve the Other Business. stored shows a slight decrease over Company of a further burden on its The re-election of the Hon. Mr. the figures for the two previdue working account, which for the year J. P. Braga and Mr. A. L, Alved as years--but information leads us to under review carried a charge of Directors of the Company was car- believe that this reduction is in $56,940.

fried unanimously on the proposal of proportion to the quantity imported

Cash Resources.

Mr. F. L. Silva seconded by Mr. Lau: into the Colony.

The Cash resources of the Com-Sui-chuen. Clearances were generally good pany shown at the close of the last Mesars LinsteadTM and Davis, until the closing months of the year, year, to be $60,558 have substantial-and Percy Smith, Seth and when stocks began to increase in ly increased since that date, and are Fleming were re-elected Auditors Godowns--but the current year now ample to meet the dividend pay- for the ennuing year on the pro- has shown signs of improvement in ment which will be proposed to you posal of Mr. A. H. Carroll seconded this respect.

in due course.","",

by Mr. H. J. M. de Figueiredo, va General Cargoes Receipts. | While there do not appear to me The meeting terminated with the Receipts of General Cargoes to be any further Items in the se- announcement that Dividend Wa showed distinct Improvement, also, counts which, call for special com- rants would be ready for faque" on and we anticipate Increased busi- ment, I would like to refer to my re- Tuesday,

ness resulting from the revised remarks at last year's Meeting, when

gulations governing the storage of it was intimated that your Board Supporting the Chairman" wére

in Hong Kong was considering the advisability of Sir R. Ho Tune

Gods will become developing certain of the Compan

effective on July 1, this year.

While touching on this subject,

I would like to explain the item

$100,000 shown on

Sheet; this re

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