1937-03-22 — Page 4

1STARE

LAST TIMES TO-DAY

romance paced to flaming action America's last “frontier!--

GARY COOPER

JEAN ARTHUR

Cecil B. De Mille's

"THE PLAINSMAN

Port Hall

TO-MORROW."

ONE DAY ONLY

1 by Cecil B. DềMİ? A:

IRENE DUNNE - ROBERT TAYLOR

în “MAGNIFICENT OBSESSION"

At the PENINSULA

HOTEL

SPECIAL DINNER DANCE

IN THE ROSE ROOM

MONDAY

22nd

MARCH

WELCOMING

THE

"EMPRESS OF BRITAIN

ROUND THE WORLD CRUISE

RESERVATIONS PHONE 58081

THE HONG KONG & SHANGHAI HOTELS, LTD.

WELCOME TO TOURISTS

FOR

QUALITY & ECONOMY

COME TO

YEE SANG FAT

CO. LTD.

The Most Reliable Departmental Store in The Colony.

Next to King

THE CHINA MAIL MARCH 22, 1937.

NEW ERA DAWNING FOR DOCK COMPANY

HIGHLY SATISFACTORY RESULTS: CAUTION BEING OBSERVED

reduction in overdraft by half a million dollars, the addition of $300,000 to the reserve fund and the payment of a dividend for the first time for many years, reflected the improvement in the posi- tion of the Hong Kong and Whampos Dock Company, said the Hon. Mr. S. H. Dodwell, presiding at the annual meeting of shareholders this morning.

Comment was made upon the allow ourselves to be carried away by increasing price of metals, the madne optimism. It is a situation which needs" careful watching and virtual steel famine throughout which I think I may right say, is the world, and it was stated that, while the outlook was consider ably brighter, a conservative po- licy would be pursued

being carefully watched both by your Board and by your Executive."

CONSERVATIVE POLICY.

conser-

to be

I can give no forecast except to say that we intend to adhere to a conserva- The Chairman said: The Gross Protive policy, and profits, even if well fit on working, $953,024.27 is the earned, must be distributed largest we have had for many years. vatively if your interests are The Net Profit of $435,246.61. while protected and the Company placed in appearing large compared with that of a position to make the most of fair or other years, must be regarded as a foul conditions. Imoderate figure when the skill andį My predecessor, last year, referred efforts of a large staff, both European to our Chief Manager's visit to Europe and Chinese, are considered.

(in general terms. While in England, Stocks of material are conservative in addition to calling on almost all our ly valued at $1.270,128.19 compared with $1,175,173,75 for 1935. Deprecia tion allowed is $133,435.75 and is con- sidered ample.

OVERDRAFT REDUCED

You will, no doubt, note with plea- sure that in spite of having added to plant to the extent of over $200,000 our overdraft has been reduced this year by slightly over half a million dollars.

Under the circumstances your Board of Directors are of the opinion that 6 per cent. Dividend, absorbing $12 752.00 may fairly be paid.

most important clients, Mr. Cock pur- chased for us a giant crane at what has proved to be a very attractive price. The foundations of this most essential addition to our facilities are practi- cally finished. The crane will stand in 40 feet of water at our East Yard

and we hope that erection will be. complete before the end of 1937.

HEALTHER POSITION : Mr. Bell concluded with a state- ment which I think is worth repeating. He said "I do not know what the future has fa store but conscientiously believe the

Reorganisation of the Share Capital advisedly carried out Shareholders are beginning to feel! the benefit of the re organisation of last year--the benefits of which have Capital carried out in 1935 but I de not yet been fully felt has placed the sire to issue a word of warning. Con- Company in a much healthier position ditions are undoubtedly better but the financially."

My late colleague's belief has been improvement in our circumstances is] principally to be attributed to the con- tuplemented sooner than most of us

expected. servative policy of the last four years,

In conclusion, Gentlemen, I am sure to the stabilisation of the Hong it will be as much your wish as it is Kong Dollar at a fairly low figure the wish of your Board to pay a tribute to a steady run of work throughout the to the work of our staff. their ta- year and to sacrifices accepted in a

very loyal spirit by our efficient staff: Erudging application to the manifold of this last you were informed at the and arduous tasks set before them has contributed considerably to bring meeting at which the 1931 Accounts about the happier and more pro- were submitted. Our work is subject

to very great fluctuations in spite of mising state of affairs ensting to-day, all efforts to keep it steady and it is Which we all sincerely hope may prove only prudent that we should protect to be the beginning of better times for your interests by establishing a reserve everybody connected with this in- to call upon to meet some of the difi- Portant industry in the Colony. culties which 'assailTMrs at times.

DIESEL-MANUFACTURE-

The Hon. Mr. JJ. Paterson second- ed the adoption of the report and ac- counts.

OTHER BUSINESS

Our overdraft is still large; there is still much money to be spent, keeping Mr. Kadoorie and Mr. D. Drummond ourselves up to date, particularly in were re-elected to the Board of Direc new branch of our business-the mam-tors, and Messrs. J. H. Jessen and S. facture of Diesel Machinery for williamson were confirmed as which we now hold a sub-license from directors...

Harland & Wolff for engines of the Messrs. Lowe, Bingham and Mat- well known Burmeister & Wain type. thems and Tessrs. Percy Smith, Seth

Your Board's decision, therefore, to and Flering place $300,000 to reserve should receive auditors. your approval

re-elected

The following attended-Hon. S. E

The large increase of shipbuilding work in other parts of the world, in Dodwell (Chairman) Hon Mr. J. J. ticularly in connection with Nava Paterson, Mr. J. H. Jessen, Mr. F. A Construction, has resulted in almost a Joseph, Mr. S. T. Wiliamson, Mr. D. Drummond, Sir Robert Ho Tang, steel famine for the time being (Directors) Mr. Cock (General Prices of all shipbuilding commodities Manager) and Mr. E. L. Rosie (Secre are rising. We need, and we have,

fairly considerable stocks and are well tary) and the following shareholders: provided for our commitments, Messrs GW. Sewell, G. V. T. Har shall, Mr. J. P. Ulderup, F. H. Loseby, pecially for the new ships we have Shum Hip Tong, K. R. Lo, K. H. Lo, under construction, but we have had N, Y. A. Croucher, D. T. Landale, H. Ito purchase some of our re nents Owen. Hughes and Dr. F. H Kew

at higher prices than we anti

METAL PRICE WARNING In this connection you may... kave Inoticed that the Chancellor of the Exchequer was asked recently in the House of Commons whether he was aware that owing to the demands of

ramme- an

manipulations of ulators, spiri iron, steel, and no were stil rising Mr reply was significant. the position was being en

ed, but that the questioner attze

rated importance to mands of the armaments of the Government – These part of the total British that in

the world

and. The

TECOVE

BELGIAN PRINCE FOR BRITAIN

the

King Leopold has decided that Prince Baudouin, the

elgian throne, is to go

England in the

The Prince,

already speak a litt

school

TWINS IN DIFFERENT TEARS.

Twins, one of

been quist, of

Connecti

was born at 11 pm on De-

$1, 1936, and the

a.m. On Janua

Both are doing well.