1938-03-31 — Page 16

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GoEMPRESS tolimerica.Europe

Van-

Empres

Hong Kong

Naga- aki

Tako.

Kobe

kama

Hovolnin

of

Leave Arrive Leave

Leave

Leave

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Conver*** Victoria Arrive

Asia Apr. 15 Apr. 17 Apr. 19 Canada Apr. 29 May 1

Apr. 6 Apr. 8. Apr. 14 Apr. 21 Apr. 23

Apr. 19

>>

May 2 May 18

Japan - Apr. 1. Apt. 3

May 4 May 6 May 13

17 Days HONG KONG to VANCOUVER BY

DIRECT EXPRESS ROUTE FROM YOKOHAMA 18 DAYS VIA HONOLULU, PARADISE OF THE PACIFIC

Air-conditioned equipment on C.P.B. Trans-Continental Trains. Frequent Canadian Pacific Atlantic sailings to European ports.

TO MANILA

Empress of Asia on Thursday, April. 7th.

Canadian Pacific

Union Building

SPANS THE WORLD

Telephone 20752

Triestina

Lloyd

FORTNIGHTLY

SERVICES

PAR EAST

-

Hong Kong

THE CHINA MAIL, MARCH 31, 1938.

LONDON SHAREHOLDERS OF INDO-CHINA S.N. CO. PROTEST: NEW SHIPS

(Continued from Page 6) live up to the schedule then laid down, fand depreciate anually, Lack of pro- be much to do when once again its, and depletion of general reserves takes its normal and

which were almost used up in 1934, unhampered course. So far 1938 has begun quite year 1985, we are able to make this prevented as doing anything for the well but I hope outside shipping may provision in 1937. Had this money not be unduly attracted to these parts not-gone to depreciation 1935 R as happened after the Russo-Japan-must have been transferre General ese and Great Wars. Their owners Reserve.

chase a chimaera.

wil End as they did before that they Depreciation is really

provide for replacement of Turning to the Statement of Ac-sets, in our case ships, counts, the items debited to Revenue) have to-day no liquid resers amount to £142,998.8.54. and include those replacements and base the balance brought forward from from the Bank

1936 Account £12,368.8.11d, - General The extent of this borrasting Charges £7,940.18.90, Depreciation know and you now know too that more for 1935 and 1937: £105,733.0.0d, Float-ships are required.

ACUTE

ing Staf Pensions $10,791 1794, and Without further evidence. I cannot Interest £6,164.3.0d On the credit suppose that this telegram implies- side of this account the higher earn- request for a dividend, howeve ings of the Company are reflected in Company has no money to pay the Net Balance of Steamers Work-dends and would in fact have ing Account which stands at 5270,817.-row to do so. 15.4d, Transfer Fees $407.8d. and Ek change Adjustment £1,7087942 due chiefly to a gain in exchange on re- mittances to meet Sterling liabilities, the rates obtained during the year being more favourable than the clos ing rate on 31st December.-

Mr. W. E KL had been seconded

Johnson, said:

listened with more to the address which has given us, Suomeen! the activities of the * BALANCE TO RESERVE –

period the second hal After allowing for all these there remains a credit of £129,568.4112afaculty and hazardo

long be remembered which £120,000 has been transferred to where the operation General Reserve and £9,568.4.11d. carriver shipping was conce ried forward to the year 1938. It is to be regretted there are no funds

The favourable showing available or distribution to sharehod deed a very creditable réflection

a result of the year's war ers as the protrs of the year have pen joint efforts of Shore and utilized to"nquicate the overdrant ally Staffs and there is little doubt but that To the General Managers which on 31st such achievement has been contrib December 1936 amounted to 1 to in no minor measure by the close 15.30. and to repay to the Hong Kong co-operation which characterises and Shangnai panking Corporand working of those departments. | part of the sum auvanced by them aur-

to

circumstances

HUMAN CONCERN

the

ing the year on account of new tout we all feel when I say we

I am sure 1 interpret riginti. nage. £13,220.5.3d. is shewn as due to scions of a particular and deep the Bank on 31st December 1964 ano son to those of the Company while this has since been paid offployees serving ashore and afcat there remains to-day a liability of £125,000 as I've already told you manner in which they have opheli

the Yangtze and in North China. The the circumstances your Directors con- the Company's prestige during a per sidered it advisable, in addition to pro-iod when the qualities of tact and for- viding normal deprecation for 1934, to bearance were write down further the value of the

severely tested under neer by the amount which in the or at times intense provocation, is de

of acute suspense and dinary way would have been applied to serving of high commendation. 1935 had the Company been able meet depreciation in that year.

I thank the Chairman-fur-his refer Once again the Directors have wair-ence to the endeavours of the Floating ed their fees of £1500 per annum and Staff and I know that all ranks in the this money will not be held in sus-Fleet will appreciate that expression for the sincerity which prompts its Coming to the Balance Sheet there utterance. Happily, there has always is a slight reduction of $5,40 in the existed between the General Managers Book Value of Steamships, Hulks, etc. of this Company and their employees compared with 1936, the wrice or be something more than a mere business mg greater by that amount than the regard for each others interests auditions to the fleet which include the think it may not incorrectly be defined instalment financed by the Bank dur-as a human concern for the employees mg the year on the three new ships. welfare and in the maintenance of that With regard to the Liabilities, Gen-outlook the General Managers will, or eral Reserve has been increased by should, always be able to command s £120,000 by the transfer from Revert high standard of employee and the ut Account. There is a small reduction most respect and loyalty from those in Underwriting Accouzar ane to sun-who serve the Company. I venture to dry accidents not covered by Insar add that it is a principle which might, ance, while Special Repairs and Bewith resultant advantages, be emulat 9th Apr. newals remain practically unchanged. ed by the managements of other Com

Sundry Creditors in China ant Lon-panies.

INDIA ITALY

London 23 days

Hong Kong Italy

21 days

SCHEDULE OF SAILING FROM HONG KONG

TO MANILA, SINGAPORE,

COLOMBO, BOMBAY,

EGYPT & ITALY

-Conte Rosso"

4. "Conte Verde”

"Conte Bouss"

TO SHANGHAI

m.V. “Victoria” 3rd. Apr.

s. "Conte Verde” 17th Apt.

2.8. "C. Biancaman” 8th May 2nd May

ka. “Conte Rosso”

4th June by. “Victoria”

MV. “Victoria”

KL. *C. Biancamang”

LLOYD TRIESTINO

P.O. Box 143, Tel Addr. “Lloydiano" Telephone Nos.

pense.

20th Apr.

don now appear at £105,86721d. as] I would avail myself of this occa compared with $216,85214.5d. in 1936.sion to assure the Chairman that his the overdraft due to the General Man-friendly advice and assistance on mat 14th May

agers of $128,826.15.52. having beenters of mutual interest which I have paid off. The item of $86,646.16.5d found it necessary to refer to him, has 17th May

shows a slight decrease and has since indeed been appreciated. been paid while the sum of £19,920,-

OTHER BUSINESS 19th June 5.84 appearing in the name of the Sir Robert Ho Tung was re-elected Hong Kong and Shanghai Banking Director of the Company, while Mr. Corporation represents the balance of John Fleming and Mr. E. M. Bryden the Loan Account outstanding at the were re-elected anditors. close of the year.

982/8.

G. FALCONER & CO (HONG KONG LTD.) WATCHMAKERS & JEWELLERS, DIAMOND MERCHANTS,

UNION BUILDING (opposite G.P.O.)

Agents for: -- ADMIRALTY CHARTS

ROSS-BINOCULARS KELVIN'S NAUTICAL

The following attended: The Hon. The contingent Hability for cumbia-M. J. J. Paterson (chairman), the tive preferred dividends for 12 years Hon. Mr. M. T. Johnson Mr.SI amounts to £178,520,8.01 -

Williamson (directors), Mr. Todd In June the restoration of the 10% (manager), Mr. R reduction in salaries made during the Messrs. H. W. M. Dalley, John Fles leaner years was agreed to and with it ing. M. IL Lo, A. Murdoch, P. C. Hail, pay was drawn at current rates of ex-p. Grieve, N.L.. Rail J. McCaid, change.

A. E. Wilcox, Chin Wing. Chin Sin PROTEST TELEGRAM

AM da Silva, W. E. Kizby and Before I leave the subject of ac-D. F. Landale. [counts I want to read to you a tele- ram the General Managers, have re ceived this morning.

"On behalf of over 100 customers holding Preferred and Deferred we protest against depreciation charge following: 1934 writedown Emmor hazoo London. This telegram

Stock

SINGAPORE RAW RUBBER

Messrs. H. B. Joseph and Co. have received the following quota- tions in Straits Currency for Raw Rubber

April June 17% b. down 14 Inly/Sept. 17% b. down 1 Oct Dec 18 b. down 11⁄4-

Karket: Uncertain.”