TUESDAY, APRIL 5, 1932,
Company Meeting.
H. K. ENGINEERING & CONSTRUCTION
SATISFACTORY RESULT
DUE TO COMBINATION OF FORTUNATE CIRCUMSTANCES.
KEEN
COMPETITION
The Hon. Mr. J. P. Braga presided at the tenth ordin- ary yearly meeting of the above Company which was held in the Board Room of Messrs. Shewan, Tomes & Co., Ltd., St. George's Building, at noon to-day.
The statement of accounts showed a credit balance of $195,111.84 and a net profit of $99.858.58, a result which, the Chairman said, was attained from a combination of fortunate circumstances, principal among which was the abnormal building activity throughout the year. Refer- ence was also made to the Company's Garden Suburb scheme, and the fact that although competition had in- tensified during the year, the Company have retained clients.
CHAIRMAN'S SPEECH.
The Chairman said:-
It is gratifying to the Board 10 be able to put before you a state- ment of accounts for 1981 showing a credit balance brought forward from Working Account of $105,- 111,84, after charging Depreciation of $10,433. Adding Interest earn- ed and Transfer Fecs received und allowing for Managing Directors' salary, Directors'
ors' fees, we
and Audit-
nt arrive
it
net profit for the year of $99,858.58. This result was
attained from
combination of fortunate circum-
stances, principal among which was
building activity
the abnormal
throughout the year.
D.P.W's Report.
(2)
extract 1 need only quote from the report of the Public Works Department for 1930 to show how fortunate the Company has been to find conditions as favourable as they were for sucessful operation dur- ing 1931. The report of the Ilon. the Director of Public Works stated
Can-
investments. These
were acquired at a
THE
CHINA
investments adopted as presented and that the OTTAWA IMPERIAL cost of $62,Balance at credit of Profit and Loss 864.45, the market value of which Account of $128,650.13 be deall
on December 31 last was $75,750, with as follows:-***
20 per cent, viz., 40
or a difference of $18,885.55. As In paying a Dividend of this profit is not a realised one it has not been brought into account! for last year.
Present indications are that, if the necessity arose for selling your Investments it might be done at a profit approximating 20 per cent. of their cost.
cents per share on the "Old" shures, ab- sorbing
in paying a Dividend of 20 per cent.,, viz., 11⁄4 cents per share on the "New" shares. 10- sorbing
I do not think that you wish me to detail each item of depreciation Leaving a balance of .. of the plant and machinery compri- te be carried forward to sing our Assets. The Agures ap-j pearing in the Balance Sheet testify to the provision of very liberal allowance for writing off in pur-:
$38,830.00)
CONFERENCE.
India Accepts Invitation for Delegation.
REPRESENTATIVES NAMED.
Rugby, Yesterday,
The Government of India have 4.121.05 accepted an invitation to send a! 85,699.08 Delegation to the Ottawa Imperial next year. Economic Conference next July.
Seconder's Remarks,
They have been informed that $128,650.18 the Conference will discuss the policy of trade agreements between Ar. K. Stuart-Smith, in second-the different countries "of the Em- suance of a policy with which, the ing, said:-Mr. Chairman and Gen-pire, and they have been invited in Beard thinks, no fault can be found. tlemen-Betore formally seconding particular to consider whether,
The Cash Position.
the adoption of the report and ac- having regard to the new British The Company's cash position will, counts, I think I shall be voicing tariff policy, Great Britain and I hope, be considered satisfactory, the views of a number of share India should enter a tariff agree- inasmuch as, apart from the value holders if I express ready approval ment embodying a reciprocal pre- of investments I have just mention of the cautious policy which has ferential regime designed to benefit jed, there was a credit balance at been applied to the appropriation the trade of both.
Current Account with your Benkers of the fands at our disposal.
Personnel of Delegation. an December 31 of $84,071.54. These I doubt there can be anything but | Sir A. Chatterjee, former High amounts are available, it should be satisfaction with the amount of the Commissioner for India, will lead |nojed, after the entire cost of dividend distribution, and share the Indian Delegation and the
1. L. 2667 had been paid to Gov-holders will doubtless notice that, other members will be Mr. Shanmu ernment within three days of the despite the measured pessimism Khan Chetty, Deputy President of Isale and purchase of the property, which has been applied to existing the Legislative Assembly, Siri as stipulated in the Conditions of prospects, and the consequent am- Padamji Ginwala, President of the 'Sale.
plc appropriations to reserve and Indian Tarit! Board, Mr. H. A.
It will be noted on the Liability carry forward, the Board have yet Haroon, prominent Karachi Mer- side that the 4.500 unallotted "Old" considered a substantial increase in chant, Mr. Sahibzada Abdul Sumad "Piles driven for the Admiralty shares of the Company were dis-dividend to be justified.
Khan, Chief Minister of Rampur Meanwhile I think it only due to State, and Sir George Rainy, retir in Hong Kong, where the soil is used of in the course of last year
our con- ing Member for Commerce in the very poor, carried a load of 100ut a profit of $44,165, thus bringing the Bourd to offer them
a settlement of only the fully paid shares to the total afgratulations on the successful re- Viceroy's Council.-British Wire- toys with
less Service. 132 inch. although their length 100,000 shares.
sults they now place before us. After removal mium has not been credited to Pro-
I have now the pleasure to second was only 23 feet.
the adoption of the report and ac-
This share pre-
of the load the pile returned to fit and Loss Account. It is worthy of note that the $44,165, together its original position. Under une
with the proceeds 156,096.96) of{ there are warehouse
177 piles) carrying 70 tons each, and it is sale of plant written off the books last year, making a total of remarkable that their lengths are
$50,296.96. have been passed to
counts as presented.
Carried unanimously.
Other Business.
On the proposal of Mr. F. L. Silva, seconded by Mr. AA|
only 15 feet to 18 feet, although General Reserve, which is now re- Botelho, the appointment of Mr. La borings to a depth of 75 feet fail-
presented by the substantial sum ed to show the existence of any
of $72,593,46. reliable bottom."
THE
VILLAGE ROAD
MURDER.
Mr. Lindsell Wins His Discussion.
BAIL REFUSED.
Pursuing their investigation in
Cheung shiu as a Director was con- Of the "New" shares, 329.684firmed by the meeting.
The re-election of Sir Robert Ho The Garden Suburb.
were allotted and the first instal- You will, no doubt, wish for some ment of 20 cents
on each share Tung and Sir Elly Kadoorie as Sheet, comments on the Halance
duly paid. 56.476 shares of the Directors was proposed by Mr. Noel The must salient feature on the "New" Issue which shareholders Braga and seconded by Mr. Chan connection with the murder of is a new item appearing outside the Far East were entitled Man-kai, and carried unanimously. Fung Hin, alias George Fung, at and Village Road on the night of March
sets side
こう
Cost to date, $261,591,28," This is due course.
Bingham
"K. 1. L. 2657 Development to, were applied for and allotted in Messrs. Lowe,
There remain 18.840 Matthews were re-elected Auditors 24, the Police, it is understood, the proposal of Mr. M. H. Lo, have now rounded up four persons,
a large plot of land containing some shares of the New Issue for which on
30 neres situated at the junction of no application has yet been receiv- seconded by Mr. A. H. Basto. Argyle Street and Waterloo Roaded from shareholders.
at Kowloon. It was acquired, as
The Dividend.
alleged to have some connection The meeting terminated with the with the crime. They are now in announcement that dividend
war-custody pending further enquiries. rants would be ready for issue in the afternoon.
Attendance.
morning.
you all know, at publie auction for Before leaving the subject of the
One of these men, Cheng Kwok-
the sum
yan, aliae Cheng Wan, aged 20 and of $826,000, The land New Shares, it is permissible to lay agreement with stress on the fact that the dividend
described as of independent means,i was purchased in the Mission Etrangeres; the Corwhich it is recommended to pay to Supporting the Chairman were
who was arrested yesterday, was that "great activity in all classes ofporation has paid its proportion of shareholders will be paid also on the following Directors: Messrs. J. Erought before Mr. Wynne-Jones in Court this! continue through the purchase price. The work of the New Shares, the money obtained. Scott-Harston, and Lo Cheurg-shiu; the Central Police building works
forming and levelling the site, in- from which is earmarked for the Mr. A. R. F. Raven (General Works
The charge against him out the year under review,
and Mir. B. Alves was "an accessory before the fact." Chinese tenement
the portion which the purchase and development of K. 1. Manager); cluding struction of
Mission
will be L. 2607.
This land and building, (Secretary).
Mr. R. E. Lindsel, (Public Pro- houses proceeded apace on the Pruya French
no fewer than carried out by the Company. scheme has not yet had time to earn Shareholders present were Messrs.secutor), appeared for the Crown, East Reclamation,
Chief Detective- To enable your Company to pro- any revenue and yet a part of the H. J. M. de Figueiredo, A. H. Basto, together with 248 houses being completed up to
eved with this enterprise which has capital subscribed therefor 3. H. Lo, Chan Man-kai, A. A. Inspector A. N. Reynolds, who is date, with an even greater number
large possibilities for the future of shareholdera will, subject to you" Botelho, J. V. Braga, Noel Braga, in charge of the Investigations. in course of construction."
Mr. G. K. Hall-Brutton, appear- the Company, authority was obtain-approval of the prosposed appro- F. L. Silva, C. P. Marques, J. M. da
behalf of the accused, ed from the shareholders to increase priations, participate in the profits| Silva, Joseph Gould, K. Stuart- ing on the Capital of the Company from of last year's trading.
Smith; A. M. Braga, J. M. J. Alves, stated that the plea was one of not A. C. Greaves, Chan Kam-moon, guilty. $200,000 to $1,000,000, the amount
Great as was the activity display
owns,
The Directorale.
ed to the end of 1930, it suffered no course of the diminution in the twelve months under review. There was practically no cessation in the
which the first instalment of $100,-. T. Bagram resigned from the erection of Chinese tenement houses in the particular district referred 000 has been called up. The Hon. Board and Mr. Lo Cheung-shiu, who to and we were favoured by our Mr. W. T. Southorn, C.M.G., very had acted as alternate director for and Chinese kindly accepted your Company's in-Sir Robert Ho Tung during the lat valued constituents
vitation to perform the ceremony ter's absence from the Colony from friends with contracts that kept our equipments fully employed from be of turning the first sod in March 18 to September 30, 1981.
I wish nection with your promising scheme. ginning to end of the year. it were possible for your Directors The ceremony took place on Janu-was invited to join the Board in his
a continuance of This optimism, however,
of new capital being $800,000, of In the course of the year Mr. Choy Wing-hay.
to report activity.
is denied us; for there are
con-
this
ary 16.
Economical Plan.
not
The General Lay-out Plan is one!
On behalf of the Crown, Mr. Lindsell asked for a week's formal remand, without buil.
Mr. Hall-Brutton remarked that as framed the charge practically amounted to conspiracy, and that the accused was entitled to bail.
on
His Worship-What amount do you suggest?
LOCAL SHARE MARKET.
con-
Mr. Hall-Brutton-That is up to
The official summary issued
by
I would suggest
$20,000 or $30,000.
Mr. Lo Cheung-shu's own right. appointment requires your firmation.
Before formally proposing the
wanting signs of saturation point that offers the most economical and, division of profits decided the Stock Exchange to-day statea: for the time being at any rate. On
as your Directors hope, the most upon the other hand, your Board will be ever alive to opportunities that may profitable development of the site explanation present themselves for profitable to the benefit of shareholders.
by the Board.
an
is called for.
the Crown to 883.
Mr. Lindsell strongly opposed A more lively interest was mani-
bail, remarking that within a week,)
the likelihood of the Al-Subject to your approval, 20 per fested in the market at the morning there was
the lower-charge, which he admitted was undertakings for which your Com-ready work has been commenced in cent. will be paid in respect of session, especially in
connection with the quarrying 95,500 "Old" shares for the whole priced section, the rates for which vague at present, being amended.
the of the year 1931, and on 4,500 as pany is especially equipped.
the from date of allotment, viz., August recorded a slight advance. 08
The dividend for these passed by 26, 1981.
, Competition Intensified.. When addressing you last year,
of the stones
arca,
within
plans
and
are
A8
восп
finally
the authorities tenders will be call-flatter shares wil) amount to 14 I made reference to the keen com-
As to the New ed for levelling and forming the cents per share. petition your Company has had to
shares, dividend has been That competition area. As doubts may exist as to Issue with. contend has, if anything, been intensified. the formation levels which it may calculated to the nearest fraction to the best of a cent, viz., 1 cents for each Certain owners give preference to be desirable to secure
of the New Issue shares as from: wood piles because of their lower, and most lucrative advantage,
Whether similar value is would like to slate, on behalf of your date of allotment, víz., October 1, prices,
The "New" shares applied obtained from wood piles to that Board, that there is no intention 1981. given by cement concrete piles is a of cutting down the whole area to for by shareholders residing out- The formation level side the Far East will rank for divi- I think, there road level. question on which, can exist no two varying views. will average about 100 feet above dend as from January 1 of this More and more have our esteemed O.D. and will approximate the level year. ciloats, the Chinese owners, who of that of the Kowloon Hospital on have had experience of comparative the east side of Waterloo values, realised the worth of our system of piling.
In one locality, in particular, it is no exaggeration to state that the "Franki" system has been adopted to an extent of over 75 per cent. of
I am sorry if I have detained you Road. unduly long; but so many and so
the review of the The highest building lots will be at varied have been the subjects to be an elevation of 115 feet, or nearly dealt with in
that of the Diocesan Boys' School to Company's activities for the past year that your Board feel it is their the west of your site.
Your Directors are convinced that duty to present to shareholders as the development of Kowloon and its complete a survey of the Company's the foundations of buildings on growing popularity as a residential operations as their importance de- which the superstructure has been area with the middle classes of the serves. At the same time it share- built. In this connection, it may community are factors that cannot holders feel that any farther in- Interest shareholders to have read fail to contribute to the enhance formation should be supplemented to them an extract from a technical ment of the great value of this on points that have not been suf- will afford me much pleasure to add magazine published In England.unique property when finally deve ficiently brought to their notice, it such information If questions aro That magazine is known as "Con-loped and built upon. crete" and is considered the best of
Value of Investments,
Its kind in the profession. The Excluding Cash with Bankers asked after the Resolutions I pro-
pose moving has been seconded. extract, to which attention may be standing at $84,071.54 the next I now formally move that the usefully drawn, emphasizes the largest item appearing among your Directors Report and Statement.or
Assets is the value of the Company's Accounts for the year 1981-bel fact that:
Sales.
Hong Kong Banks, $1,490/1,500 H.K. & W. Docks, $22/222. H.K, Realties, $10.50. Constructions (new), $1.90.
Buyers.
Hong Kong Banks, $1,495. Benguets, $124. Raube, $86.
H.K. & K. Wharves, $141. Docks, $22,
Providenta (old), $4.70" Providents (new), $2 Hotels, $184 Cum. Rights. Hotels Rights, $21. Hong Kong Landa, $77, Chinese Estates, $95. Ewo Cottons, Tis. 14.65,. Hong Kong Trams, $21:10. H.K. Electrics, $72. Cements(combined), $18.10. Watsons, $15% Cum. Rights. Watsons, Right, $34. Amusements, $21. United Theatres, Tla. 8. Constructions (new), $1.85, Govt. Lopas, 3 per cent. Prem.
Sellers.
Malabon Sugars, - $214, 23 Hong Kong Ropes, $17: B.C Enterprises, $10. Govt Loans, 4 per cent. Frem
He added that the punishment for being an accessory before the fact was capital.
After further deliberation, his Worship remanded the accused in Jail for a week, refusing bail.
Mr. Lindsell remarked that Mr. Hall-Brutton
had hia always remedy in applying for a writ of habeas corpus.
FUNERAL.
Gustavo Gregorio Silva.
The funeral of Gustave Gregorio
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THE MODEL HAS MET A REAL
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Joe House Street,
Telephone
20075.
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at
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The many floral tributes includ- ed the following from members of the faudly:
"Mother, Dad, Brothers and Sisters," "Granny, Uncle Titi and Auntie Maggie," "Uncle Jose, Auntie Nellie and family," Uncle Francis Auntie Mattle family"Cousins Wiges, Toldo Leoncio, Dahlia, Daley
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