1937-03-11 — Page 4

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THE 1937

DOLLAR DIRECTORY

NOW ON SALE

PLACE YOUR ORDER WITH

NEWSPAPER ENTERPRISE, LTD,

3A WYNDHAM STREET.

THE CHINA MAIL, MARCH 11, 193

INCREASED OUTPUT BY

H.K. ELECTRIC CO. ANTICIPATED LOSS OF INCOME ON LOWERING RATES MINIMISED

A ten per cent, increase in output and a reduction of only $41,500 in gross earnings against the estimate of $220,000 as a re- sult of the lowering of rates for lighting and power was announced by Mr. M.T. Johnson, presiding this morning at the 48th ordinary yearly meeting of the Hong Kong Electric Company, Ltd.

The Chairman said:-The net probeen extended and greatly improved by fit after providing for depreciation is the inclusion of land which was for- $1,738,541.40, and with $244,451.29merly Shankïwan Road and Power brought forward from last year weStreet; you will remember that part of have the sum of $1,982,992.69 for ap- this land was bought from Government propriation. On September 11th we in 1926 and the remainder in 1934. paid an interim dividend of $1 per

• NEW TURBO-ALTERNATOR share absorbing $600,000 and with the balance we propose:---

With a view to maintaining the high efficiency of our power plant, contracts have been entered into since the date of the balance sheet for the supply of 15,000 KW. turbo alternator, and it $100,000.00 is hoped to have this new plant in operation early next year. In order $232,992.69 to facilitate the erection and operation necessary to ex- of this plant it was

Station building, and this tend the work is now nearing completion.

I take this opportunity of recording your Directors' appreciation of the services rendered by the Manager, Staff and Workmen.

To pay a final dividend of

$150 per share absorbing $900,000.00 To pay a cash bonus of 25

cents per share absorbing $150,000.00 To place to Beserve

to next To carry forward

Account Bearing in mind that an additional 150,000 shares ranked for dividend this year as compared with last I think you will agree that the total dividend and bonus of $2.75 per share is not unsatisfactory.

LOW RATES

The Hon. Mr. A. W. Hughes, second- ing the proposal, said:

COST OF CONCESSIONS The gross earnings are $41,488.03 less than last year, this is due to the lower rates for lighting and power] I feel confident that I voice the views which came into operation on 11th of Shareholders when I affirm we have July, 1935. You will remember that listened with satisfaction to the speech at the last General Meeting I men-that you, Mr. Chairman, have just de- tioned that the cost of these conces~ ¡¡livered.

sions to our Consumers would amount} The increase of over 10 per cent. în to about $220,000 per annum, but I am the output of our plant is most gratify- giad to say that increased sales ofing and may be taken as a proof of current for power have already partial- the very efficient and cheap service ly offset the reduced rates.

which we render to the public.

In spite of considerable economies This cheap service is not always ap- which were effected in generation, and parent to the layman, but at the pre- lower costs of coal, the profit on work-j sent rate of exchange our charge to works out at ing shows a falling off of $150,058.21|the smallest consumer most of which is due to the compara-two pence farthing and three farthings tively low exchange rates which pre-per unit for light and power respec- vailed throughout the year.

tively. These low rates must compare

BIG OUTPUT

a

We have set aside for depreciation afavourably with any similar electricity total of $697,328 which, although the supply undertaking and, indeed, with customary conservative scale has been many concerns of ranch greater output. adhered to, is somewhat less than in I believe I am correct in saying that in 1935.

one of the largest manufacturing towns in England, where the generat- ing station has the advantage of fuel The output from our plant at North supplies being situated almost at the Point was 53,990,031 units, an increase pit head, the corresponding rates are of 5,176,408 mits, or 10.6 per cent, over fourpence halfpenny and three half- the previous year's working. This in- pence respectively. Furthermore, I crease is again entirely due to larger understand, in one of the largest cities sales of current for power.

of India the respective rates are The fall in the sales of current for little more than twopence halfpenny lighting purposes, which has been and three farthings per uit. noted on two previous occasions, has The results of the year's operations continued, but I hope that with the re-reflect credit on the Directors, Agents turn of more prosperous times our and Staff, and I offer them my con- Teverne from this source will once

gratulations. again take an upward trendy".

There was a satisfactory, increase of 1,715 in the number of meters connect- ed as compared with an increase of 716 in 1935, and this brings the total num- Mr. T. E. Pearce and the Hon. Mr. ber of meters connected to our mains J. J. Paterson were re-elected to the to-40,615.

The report and accounts were un- animously adopted.

OTHER BUSINESS

Board of Directors on the proposal of Turning to the Balance Sheet, you Mr. A. McKellar, seconded by Leung will observe that the Beserve now Fat-tin, and Messrs. Linstead and stands at $4,800,000, - a decrease of Davis, were re-elected auditors, at a $1,100,000. You will remember that remuneration of $2,500, on the pro- at the last meeting you approved the posal of Mr. J. C. Dunbar, seconded by placing to Reserve of $400,000 and the; Capt. F. L. Brown. ⠀

M+ M-T.. Johnson (Chairman of capitalisation of a portion of our Re- serve amounting to $1,500,000.*** Directors) presided and was supported On the Assets side, Investments re-by Sir Robert-Ho Tung, Kt, the Hon. main practically the same, no further Sir Shonson Chow, Kt., Mr. T. E investments having been made; the Pearce, the Hon. Mr. Stanley H Dod- market value of your investments on well, the Hon. Mr J. J. Paterson and Mr. V. Sorby 31st December, 1936, was less than (Directors)

CASH RESOURCES

the purchase value by $5,827.75, which (Manager). Shareholders were repre compares with $102,302.75 at 31st sented by Messrs. Lan Kwai, J. C. December, 1935.

Dunbar, The Hon Mr. A. W. Hughes, Messrs. Wong Chi Po, Ko Koon Fan, Capt. F. L Brown, Mr. Leung Fat-tin, Cash at hand and on current account The Hon. Mr. T. N. Chau, Messrs. Lo and fixed deposit was $2,242167.39, an Kai Wing, A. McKellar, M. M. Curie, increase of $665,079.65 over last year. Wong Ping Sun, G. W. Sewell, Chua- During the year we expended on Song Choo, J. M. Jack and A. Morris. Capital account $383,478, the principal items being payments in respect of the extension "to" our nerating Sta tion building, two new reinforced con- crete coat bins, which provi storage for 7,000-tons — of coal, equipment for new substations at Sassoon Road and Stanley, and number of sinaller works in connecti with the feeder an distribution

COST OF LIVING

The Board wholesale p higher in

RISING

ged 42,300, uary and 133 than the year prices in than any British

London, To-da of Trade inder

was one per.

then in Jan cent higher

February were

ith since Marc

1930