1938-04-05 — Page 4

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HE CHINA MAIL, APRIL 5, 1938.

STAFF CONDITIONS ISSUE RAISED AT DOUGLAS COMPANY'S MEETING

CONDITIONS OF EMPLOYMENT OF THE FLOATING STAFF OF THE DOUGLAS STEAMSHIP COMPANY TOOK A PROMINENT PLACE IN A DISCUSSION AT THE ANNUAL MEETING OF SHAREHOLDERS HELD THIS MORNING, WHEN MR. T. RAMSAY OCCUPIED THE CHAIR IN THE ABSENCE OF MR. S. E. WILLIAMSON, WHO HAS LEFT, ON URGENT FAMILY AND BUSINESS MATTERS, FOR AUSTRALIA -

A net profit on steamers', last to our Captains and Chief Ex- working of $677,855.72 was re-gineers and 25 per cent to all other Ivealed.

certificated ranks, it is now proposed The Chairman said:-After paying the sum carried forward, a further to pay into a Special Fund out of all Running Expenses, Docking Bonus payment of 10 per cent. од Charges, Insurance Premia and all ordinary salaries received by those Allowances, deducting the Debit Bab certificated officers still serving with ance of $135,00274 brought forward unbroken service during 1937, thus from last. Account, writing off de making a total Bonus of 25 per cent. preciation on Investments and trans- on their salaries to Masters and Chief ferring $200,000.00 to General Re Engineers and 25 per cent. to other serve, the sum available for distri-certificated ranks for the greater part bution is $218,364.16 which your Con- of last year. A further initial grant sulting Committee and General Man- will be necessary in order to provide agers propose to appropriate as fol- in a tangible form some provision for lows:-To Pay & Dividend of 10 per those who have served us faithfully cent. ($5.00 per share) $100,000; To and efficiently over long periods and Carry Forward to next Account. our, Anditors are working on this We are pleased to be able to place scheme which we hope will become before you such a favourable Account effective at an early date. for the year ending 1937.

Future trading conditions are still A decided improvement in Coastal uncertain and obscure more vessels trading conditions became evident are now appearing in our trades and about June last, this being followed I think you will realise that your as from August last by, a heavy de- Consulting Committee believe in con- mand for cargo and passenger space solidation rather than in over

opti- On our Coastal run which we were mism as to the future trend of trade fortunately able to cope with, and in this vicinity, and in passing I which is reflected so favourably in might state that we are now feeling the Accounts now before you-we the benefit of the conservative. and also had the benefit of low Bunker cautious policy exercised by your prices owing to favourable contracts Consulting Committee and General fixed sometime ago, these.

have, Mariagers during the past lean years however, now expired and outgoings which we still think may so easily for coal and other, working expendi-{ return; tures now show rather heavy in-

creases.

EXCHANGE POSITION · The Coastal exchange position the period under review has been more favourable and have not had to contend heavy variations as hitherto, are however. indications that conditions will not be lasting ONT interests may be affected versely.

SECOND SPEECH

-

Mr. N. V. A. Croucher, seconding the adoption of the Report and Ac- for counts, congratulated the - General also Managers and Consulting Committee. we on the excellent results on the year's with working, and said:- there. It is reassuring that our Ships and " these Floating equipment stand in the Books and at a very conservative figure, and our ac-investments have been written down

below to-day's market value.

I advised you at our last Meeting that we had disposed of the "Hai-years of consolidating our resources The prudent policy of the last few ning" and we carried on during the is one which must commend itself to year with the "Haitan," "Haiyang.": all Shareholders and I am very glad "Haiching" and the chartered to notice that a' substantial amount is "Seistan." Owing to the extra busi-being placed to General Reserve, ness offering it was decided at the against the inevitable rainy day which end of the year under review to Shipowners are perhaps more fami- purchase the "Seistan" rather than liar with than others. pay the prevailing market Time Whilst we are receiving a good Charter rates. Provision will also Dividend as a result of last year's probably have to be made in near future for further tonnage. It remember that this is only the second the profitable working it is as well to will be seen that our four vessels and occasion during the past twelve years other floating and fixed equipment that a distribution has been made.. stand at reasonably low values and At the same time it is only fitting Your Committee do not consider fur that our Floating Staff should also ther depreciation on them to be

participate in the Company's present necessary at this stage.

prosperity, and for this reason I greatly with the trend of the local salting Committee are formulating a am very glad to know that our Con- market, and it was deemed advisable scheme along the lines of a Provident to bring them into this Account at Fund for their benefit. the market rate as at 31st. December, conclude I should like to pay a well Before I 1937, and I have to advise that they deserved tribute to our Floating Staff now stand at higher values than shown in this Account

Our Investments have fluctuated

FLOATING STAFF

record and

our

for their loyalty and devotion to the Company's affairs throughout a year. which had more than its share of stress and troubles.

I again desire to place on our appreciation of the loyal

“ME. KIRBY'S QUESTION efficient services rendered by

Mr. W. E. Kirby, dissenting, said: Floating and Shore Staffs. They

-Initially I would compliment the have had much to contend with and

General Managers

excellent have performed their hazarduous de- showing for the year under review, for

on the ties very well indeed. I might add that which result credit is due to both shore two of our vessels the "Haiching" and and floating staffs. I am not map- "Haiyang" were in port during the September Typhoon and due to the preciative, however, as doubtless you are also, that the attainment could be care exercised by the Captains and more satisfactorily regarded had it Officers they came through unscathed not, to a certain extent, been accom and I am quite sure their efforts, will plished through the misfortunes. be appreciated by you all ·

others.

A promise was made to our Float- I have given notice of the following ing Staff some years ago that when question:-

it was possible to formulate a benefit "Whether, in view of the very fav fund for them, Provident or other-Lourable result of the Company's work- wise out of earnings, it would receive ing for 1937 as shown by the Prufit and our close consideration, and I am Loss Account, the General Managers pleased to state that the Consulting do not now consider it expedient: to Committee and General Managers transfer $50,000 to Leave and Pensions... consider the time has arrived when Account of the total of $200,000 pro- this matter should be attended to. posed as an allocation to General Re

**BONUS ON SALARIES-

serve? Also, is it the intention of the With this in view I have to advise General Managers to immediately ar- that we are working out a definite range for resumption of Home leave scheme to safeguard their interests and pension conditions of the Finating Mischa Aner and although a Bonus on salaries of Stan and which service conditions have

per cent. has been paid since March

(Continued on Page 16)

"PRESCRIPTION FOR ROMANCE”

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Wendy Barrie, Kent Taylor