1938-07-22 — Page 4

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-SHOWING: TO-DAY

Red-Blooded Romance of Wild West!

- Or the glamorONE

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spectacular. It needed the singing

- wesethsaris of 'Maytime"...and

out of 30,000...to do justion to the noon of the hardense bandit and kilá Golden Gizf....who dared the whole world », `'s Fat love!

A ROBERT Z. LEONARD production JEANETTE

At 2.30, 5.10. 7.15 & 9.30 PM.

MacDONALD Nelson EDDY

THE GIRL of the GOLDEN WEGT

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May by husbel Data and Brand DelVE Then at the Play by Bound Balamny Dusted by Robert Z. Leonard Prodused by Wat. Anthony MaGuire

«Metrą Gokuyor Mayes meriam-

SYLVIA SIDNEY

· OSCAR HOMOLKA "THE WOMAN ALONE”

TAKE. ANY TRAM ON HAPPY VALLEY BUS

4 SHOWS

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2.30-3.15

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ORIENTAL

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DAYS TO-DAY • TO-MORROW•

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BEAUTIFUL GIRLS NOW USED IN A NEW RACKET N

Warning! when you meet her, step on the gas.

DON'T PICK HER UP!

Hijackers are using her as bait! She's one of the.

"TIP-OFF GIRLS"

SUN. MON.

Paramount's sensational exposé of America's newest big-time racket that collects milliona

Adalah Zakar provoma "LIP-OFF-GIDIYear in' highway hold-ups1

-MARY-CARUSLE » LLOYD-NOLAN-

Roscoe Kams. Larry Crabbe Evelyn Brent - Anthony Quinn - A Paramount Picture

.

"THE BAD MAN OF BRIMSTONE.” Wallace Beery as "Trigger Bill" last of bad men. MATINEES: 20c.-30c EVENINGS: 20c.-30c.-50c,-70c.

LOADED PISTOL IN LAVATORY

At the Central Magistracy. this morning, Mr. H. R. Butters ordered the confiscation of a fully loaded revolver found by a watchman in a lavatory in Saiwanho yesterday

afternoon...

QUICK CAPTURE

Li Chun was sentenced to two months' imprisonment by Mr. H. R. Butters this morning for the theft of a jacket from the car of Mr. A. Morris, of the St. John Ambulance Brigade. So Shun, an unlicenced marine hawker, was fined $10 or three weeks' on a receiving charge.

Captain S, H. Batty Smith, Aide

Excellency

KING CAROL'S LONDON TRIP

London, T

THE CHINA MAIL, JULY 22, 1988.

SHAREHOLDER CRITICAL AT MARSMAN MEETING

STRONG CRITICISM WAS MADE BY A SHAREHOLDER, MR. J. L. LITTON, OF THE BALANCE SHEET OF MESSRS. MARSMAN AND COMPANY, AT THE ANNUAL MEETING OF THE COMPANY HELD THIS MORNING AT THEIR OFFICES IN THE HONG KONG AND SHANGHAI BANK BUILDING, MR. J. H. MARSMAN PRESIDING.

After the report and accounts within the realm of practical politics, had been formally proposed and and to offer possibilities of mutual ad- vantage. A scheme was evolved under seconded, Mr. Litton said:

which studies of development work in Mr. Chairman Your remarks re- South China were to be undertaken by garding the activities of the Company commission through, four committees are very interesting, but I still think of experts for power, mining, industry that the Balance Sheet as presented to and agriculture. The principles under- us to-day, is not only unsatisfactory lying the scheme received the support and unhealthy, but most shocking.

of leading British and Chinese officials

In your report to shareholders you and the Banks signified their willing- stated: "Your Company was organis- neas to co-operate in the matter of pro- ed primarily for the purpose of inves-viding the finance for any individual tigating, securing and working mines

in the Colony of Hong Kong and, the project, which thorough study showed would be revenue-producing, Working Leased Territory as well as in China In this connection steadily progressed, and to negotiate for and carry out en studies were made of, and in same interprises involving engineering works

in China and to act as consulting and cases tenders submitted for various supervising engineers, etc" but looking works among which I might mention a at the Balance Sheet it seems that the hydro-electric scheme, an investigation management has been concentrating in of electrical distribution and another the speculation of Metals to the extent of the mining resources of South China.

CLOSE CONTACT of £212,000 against an overdraft for

About this time our efforts for co- the same amount, resulting in a loss

of about £60,000 ($1,000,000). as on the operation in civil engineering and min- ing work in South China reached some 30th. April.

It seemed that the object of the Com-degree of finality and investigations of pany was not for the purpose of look several likely mining prospects were ing for metals, but to speculate in me-made, as well as studies and designs of proposed civil engineering works. Al- together thirty-seven mining proper-

tals.

REQUESTIONED YESTERDAY.

The Chairman: Mr. Litton, you saw ties have been examined, of which six me yesterday afternoon and you made show favourable. prospects. A close no reference to the "shocking state of contact is being maintained with the the balance sheet, did you?No, I have Government on these and other mat

Company some questions which I wish to ask. ters likely to interest our Have any metals been sold since April and in this connection it might be men-

tioned that arrangements were

80.

con-

The Chairman: You asked me sever- cluded under which we became well al questions yesterday afternoon and I equipped for the design of smelters of was under the impression that I had all kinds and we have in fact, prepared designs for tin and antimony smelting satisfied you. Pauses y

Mr. Litton: I feel that other share-plants. holders should also have an opportun- ity of being satisfied.

*

Unhappily, the unexpected advent of hostilities has led to the indefinite The Chairman: Sales have been made postponment of practically all the pro- since April 30, while there has also jects upon which your staff had spent

so much of their time and effort, been a certain amount of purchasing.

On the mining side of the Company's Mr. Litton: What is the amount of the contingent liability in respect of activities an item of importance is re- uncalled capital on shares purchased presented by an investment of appro- and what kind of shares?—There are ximately £28,000 in a Dutch company. 3,000 shares at $100.00 each of which formed in Amsterdam under the name $5.00 per share-is paid up. The contin- of N. V. Marsman's Algemeene Explor- gent liability for uncall capital is atie Maatschappij for the purpose of investigating and exploring mining $95.00 per share.

Mr. Litton: Investments at cost possibilities in the Dutch East Indies, stand at £163,000. How much of that Malaya and French Indo-China. A sum represents investments in Hong large staff of engineers and geologists Kong? There is £16,087 invested in have been maintained in these various Hong Kong and of the £147,000 in fields since the inception of the Com- vested in the Philippines and other pany. To date this work has resulted places, £120,000 is invested in the Coco in the finding of what is considered to be a valuable property in Man- Grove Mine...

gani, Sumatra, Work has already been started to develop and equip this property. An attractive proposition of lower grade tenor is also being

-DIVIDEND BASIS Mr. Litton: With regard to the "lead. ing producing mines" in which we have invested £40,000, can you tell me whe- ther all the companies in which We are interested are on a dividend paying basis 7 And, if not, what proportion of the invested capital is earning divi-

·· | denda ?—All the mines are on a divi-

dend paying basis.

examined.

These projects indicate this as profitable investment.

COCO GROVE

An advance of £120,000 at 7 per cent. interest was made to Coco Grove Inc. on the security of two dredgers the with then under construction,

Mr. Litton: Under fixed assets the item "Mine Development-Expended to date £10,582 Does this amount re- guarantee of Marsman and Co. Inc. present the Company's investment in as additional security. Eventually, an arrangement was completed whereby the wolfram mine in the Leased Terri- this loan was converted into shares tories, and if so, can you give any rea- at 50 centavos per share the guar- son why no reference is made either in antee of Marsman and Co. mentioned the Report or in the Balance Sheet con- above remaining in force, such guar- King cerning the working of this mine, parantee to cover reimbursement of the It is announced here that

ticularly whether the venture has been capital invested at 50 centavos a share Carol of Rumania will visit London profitable or otherwise? It does. The plus a minimum dividend of 7 per cent. in October. The date of the visit profit from this mine, amounting to per annum. The excellent results to in date of the Coco Grove Company in- some £5,000 has been absorbed

dicate that the shares can, in due which was originally planned for Working Account.

Mr. Litton: In the Profit and Loss course, be sold advantageously and early this year has been several Account, Trading loss stands at £7,854 that meanwhile good dividends will be

various is that a further loss on metals? It earned, and that the entire transac

is not a further loss. Only the loss action will be profitable to your Com- tually sustained to date which could be wiped out it prices appreciated.

The report and accounts were then put to the meeting and passed without opposition.

times postponed for reasons. Trans-Ocean,

MANSLAUGHTER CASE

"CHAIRMAN'S SPEECH':

pany.

A loan was also made to the Itogon Mining Company of £40,000 bearing interest at 7 per cent, based on usual bank terms with the additional pro- vision of a Maraman and Co. Inc.

In the course of his speech, the chair-guarantee. man aid:

* Additionally, about £20,000 was in- The Report deals very fully with the vested in leading producing mines activities of the Company, which, in stock in the Philippines. Advantage common with others of a similar na- was taken to average these holdinga ture, has been adversely affected by by a further investment of £20,000 on the outbreak of hostilities between a lower market, making a total in- China and Japan and the world-wide vestment of approximately $40,000. depression which set in since the Com- pany's formation.

The case in which Chung Chau, aged 37, street coolie, was charged,

Although, following the world-wide on remand, before Mr KM. A.

depression in all stock markets, these with the manslaughter of

Under conditions of greater political investments would seem at the now on board the 8.8 unity than ever before witnessed in ruling prices to show a loss. I am on China, friendly co-operation with the confident that the very excellent pro- Chinese In some of the many engineer- duction reports of the various mines

part of the Na- together with the healthy ore

opment pro- an ultimate capital recovery when the

(Continued on Page 16)

domé