1938-04-12 — Page 4

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THE CHINA MAIL, APRIL 12, 1938.

GREEN ISLAND CEMENT CO. RECORD SALES

INCREASED SALES, DOUBLE THOSE OF THE PREVIOUS YEAR, WAS REPORTED BY MR. J. H. TAGGART, CHAIRMAN, AT THE ANNUAL ORDINARY MEETING OF THE GREEN IS LAND CEMENT COMPANY, LTD.

The company, he said, was now circumstances be readily understood in an eminently sound financial that your Company, in turn, had no situation, following a long period option but to increase prices-com- of lean years and the future could increased costs; in this relation I mensurately, in order to cover such be looked forward to with con-would point out that, despite the fact fidence.

that the rising cost of materials was The chairman said:-

such as to make it imperative that The Chairman said:-The balance September last that such increase was prices be increased, it was not until of profit and loss for the year stands effected and it is satisfactory to re- at $470,995.97, which, together with cord that to-day these represent the sum of $62,106.00 brought for advance of 40%, only, on prices ral- ward from the year 1936, makes aning twelve months ago;.... and whilst amount of $533,40197 available for under appropriation.

DIVIDEND AND BONUS

21

prevailing conditions your Company has by no means been free from competition, either in Hong Kong This satisfactory showing enables or our export markets, nevertheless, your Board to recommend the pay-at the present time our prices are well ment of a Dividend of $1.00 per below those of other brands; I would. share, and a bonus of 25 cents per here stress that it is the policy of share, absorbing $244,367.50, and to your Board to do everything possible further recommend that the sum of lin order to maintain these at reason- $98,26212 be appropriated to Generalfable levels.

re-

RETURN ENGAGEMENT! FOR TO-DAY ONLY all of which appropriations require that event your Company was enjoy-

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BAGGAGE TRANSFERS

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CHINA PROVIDENT LOAN & MORTGAGE. CO, LTD.

Reserve, (thereby increasing that Ac- Whilst during the year under count to $1,050,000), the payment of view a material portion of the profits. a. bonus to Staff amounting to realised accrued during the period fol- $12,688.20, and the carrying forward lowing the outbreak of Hostilities, it to next year's Account of $178,084.15; is interesting to record that prior to the confirmation of Shareholders ating a fair measure of prosperity-as this Meeting

was foreshadowed by me in my speech From the Auditors' Report you will last year-and for the first six months note that no charge has been made of the year the profits amounted to covering depreciation on Plast and $180,167.46. Floating Craft; in this connection

CEMENT PRICES

your Board is still of the opinion that I am given to understand that it has the drastic writing down of Fixed been suggested in some quarters that Assets by $2,913,021.84, as part of the your Company has been taking advan- Reorganisation Scheme undertaken in tage of the present abnormal condi- 1934, renders further depreciation un-tions to augment its profits by arbi- necessary, more particularly so hav-trarily advancing prices. This, I can ing regard to the fact that the book assure you, is not the case, the very value of the declining Assets is more substantial profit now displayed being than covered by the General Reserve. mainly attributable to the fact that,

HEALTHY FINANCES -

due to the improvement in our sales, Turning to the Balance Sheet it is we have been enabled to realise

the once again my pleasure to draw your stocks of Cement, Clinker and raw m

major portion of our considerable attention to the extremely healthy terials, the balk of which had been on state of your Company's fa- ances; in addition

to

the hand since as far back as 1934 and sum of $403,26926, standing at the was acquired at much reduced rates; credit of Current Account with our due in a marked degree to the lower- furthermore, the results obtained are Bankers as at 31st December, 1937.

we have acquired during the year uning of general costs, consequent upon der review investments to the extent increased production, with the resul of $410,635.92, by the employment of tant necessity for full time operation liquid funds surplus to our imme of two Kilns, a condition precedent to diate requirements in first class local the most economical functioning of securities

your Works. Whilst on this subject It is with satisfaction that you seems to prevail that the past success. I would like to dispel the belief which Directors present to-day the greatly ful year has been due to large sales of improved results of the Working of

זי

TOM

your undertaking for the year 1937, Cement to China, as the result of the which may be regarded in a great

Hostilities which have occurred; is measure as the outcome of the strin- this connection I would inform gent economies effected throughout that our commitments, both in Hong- the past difficult years, necessitating Kong and Malaya, have been such as inter alia the conservation of the to entirely precinde the possibility of cash resources of your Company and supplying any Cement against the pre- the maintenance of adequate stocks of sent requirements of China. raw materials to meet all emergencies.

ARMY CONTRACTS

of

At the commencement of the Sino- Moreover, having regard to the fact Japanese Hostilities in August last that at the present time your Company supplies of cheap Cement ceased to fis receiving Contracts from the Hong flood both the local and our export Kong Government and the Naval, Mi- markets and in consequence a keentary and Air Force Authorities- demand was created for your Com both in Hong Kong and Singapore ---- pany's product, with the result that priority of importance attaches to such the sales from your Hok Un Works Contracts, and in recording the ap for the year under review have preciation of your Board for the sup amounted to 104,000 tons, represent port received from these quarters, we ing almost double the quantity feel confident that the present crisis Cement sold during the previous year,

will have amply demonstrated the im- thus maintaining two Kilns in opera Portance and necessity of maintaining tion for the whole year. Since Septem such support to your undertaking, in ber last their output has been taxed the absence of which, not only would to its limit and there is every PTO force be compelled to close down, but one of the leading local industries per- spect of this satisfactory state * of affairs continuing for some time to also, in order to meet the requirements come, in order to cope with Contracts of the Colony, would necessitate re already undertaken and in prospect.

hance upon foreign importations at greatly enhanced prices a matter Due to the Japanese blockade

which has been stressed from this Chinese Ports difficulties have had to Chair from time to time in the past. be samounted in the matter of main. As it is, our output at the present -taining regular supplies of raw ma-

time is booked for a long period ahead. terials for your Factory I am pleas in order to meet the requirements of ed to report, however, that, with the these Authorities, and it is a matter co-operation of our old Suppliers, we of regret that our limited manufactur- have been successful in arranging reing capacity renders as unable to se guiar deliveries thereof, thus ensur cept business of a more lucrative na- ing continuity of operation of your ture which is offering in other direc Plant, notwithstanding the prevailing tions..

RAW MATERIALS

and somewhat dient conditions, and

HIGHER COSTS

if tangible evidence be required it Whist 1 do not wish to display would appear that the events of the due optimism as to the future, past year have proved that the policy confident that, apart from the nem of your Board in keeping stocks of engendered by the absence of at least two years' supply of

ompetitors in the loca material on hand is unquestionablygrammer which we understan

raw principa

ket, the important' Defence sound

now been sanctioned by the Home Go ernment, giv every reason ‘to. pate the continnaste of the

FRESH CONTRACTS As to fresh Contracts which been entered into for raw mi

hareholders will apprecia has been necessary to meet

meed - prices and it will in

to comms:

our product for som

levertheless, it is (Continued on Page 16)