1939-03-09 — Page 4

TO-DAY

KING SA

in the coo-la

la-laughingest escapade in the History of Lovel

ONLY

ALL THESE DELIGHTFUL STARS

DON

SIMONE

ROBERT

AMECHE SIMON YOUNG

JOSETTE

BERT LAHR JOAN DAVIS

TERRY-TOONS

"TRAILER LIFE"

To-morrow

A 20th Century-Fox Picture

ALSO

E

At. 2.30, 5.10.

9.80 P.M.

-Lifting

new songs by Gordon & Revel!

MÁGIC CARPET. "WESTERN · GRANDEUR”

SHIRLEY TEMPLE

THE CHINA MAIL, MARCH 9, 1989

Cement Company's Good Year

ON THE OCCASION OF THE GOLDEN JUBILEE OF THE GREEN ISLAND CEMENT COMPANY, THE CHAIRMAN, MR. J. HL. TAGGART, AT THE ANNUAL MEETING THIS MORNING, SAID THAT IT WAS A MATTER OF SATISFACTION THAT THE YEAR UNDER REVIEW HAD BEEN SATISFACTORY AND THAT THE. BALANCE SHEET REFLECTED A POSI- TION OF SOUND FINANCIAL STABILITY.

The chairman said:-

The Annual Meeting this year is of, éral Reserve from time to time. more than usual interest as it marks a

CASH POSITION period of fifty years since the inception Comparing the cash position with of the Company, which was in fact in-that of the previous year, it will be corporated in Hong Kong in the year noted that whereas at the 31st Decem 1889. It is, therefore, a matter of ber, 1937, the Company was in credit satisfaction to your Directors that, to the extent of $403,269.28, the Ac- despite the vicissitudes with which counts now display an Overdraft posi- your Company has had to contend from tion of $158,182.25.. This depletion of time to time, particularly in recent the Company's Funds is accounted for in years, they are enabled-to record a by the very substantial increases satisfactory year

of operation with the stocks of all raw materials at your profitable results.

Hok Un Works, in comformity with the policy of maintaining sufficient sup- plies on hand, capable of meeting any

DIVIDEND MAINTAINED The nett profit for the year amounts

For Picture - REBECCA OF SUNNYBROOK FARM" to $404,016,02, which added to the emergency that might arise. In this

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The SCARLET EMPRESS

PAUL MUNI

MORROW STORY OF LOUIS PASTEUR"

sum of $178,084.15 brought forward connection and having in mind Con- from the preceding year, makes avail-tracts entered upon, it will doubtless able an amount of $582,699,77 to be be a source of satisfaction to Share- dealt with,

holders to learn that the Company has, In the opinion of yours Board this at the present time "in situ" at Hok result warrants their recommendation Un, over 100,000 tons of Limestone, that the distribution should be dà sim- more than 100,000 tons of Coal and ilar lines to last year, namely, the pay 2,000 tons of Gypsum, representing an ment of a Dividend at the rate of $1.00] increase in the value of stocks of TBW, per share and a Bonus of 25 cents per materials carried, amounting to $729,- share, absorbing $244,307,50, Your 150.44, as compared with the position Directors propose to transfer $100,000 displayed at the end of 1937, the rela- to General Reserve, thereby increasing tive figures being $1,816,052.03 as that Account to $1,150,000; to create against $586,901.59.

an Investment and Exchange Fluctua- In the matter of Limestone supplies, tion Reserve by appropriating thereto your Company was fortunate in plac a sum of $100,000; to pay a Bonus to ing a Contract for 200,000 tons at a Staff, amounting to $13,554,05, and to considerable reduction in price, made carry forward a balance of $124,778.22 possible by a drop in freight rates, of to the Account for the current Finan-which Contract 100,000 tons still cial Year.

main to be delivered; on completion of

IE-

опе

It will be noted that the Profit for such Contract the position of your the year 1988 is down by $66,380.35% Company-vis-a-vis raw material- attributable to the fact that certain will in effect resolve itself into major Contracts were entered into by whereby a supply of Limestone suf- the Company at "cut" rates, prior to ficient for two years' working at full the outbreak of Japanese Hostilities:capacity will be” maintained on band, when the effect of intensified `dumping|| PRODUCTION FIGURES of Foreign Cement on the local market Due to depreciation in the values of had to be encountered. The fulfilment your Company's Investments-during of such Contracts-rendered further the course of last year your Directors disadvantageous by reason of advanced deem it, expedient to inaugurate an In- costs resulted in substantial losses. vestment and Exchange Fluctuation All such Contracts have now been com- Account, to which the sum of $100,000 pleted, however, and present forward has been allocated from the Profits, in

commitments are all of a profitable na-which connection it is proposed in fa-

ture.

LOSSES ABSORBED ··

ture to utilize the Reserve thus creat- ed as an adjusting medium in regulat- ing the fluctuation of the Contra As- You will doubtless recollect that I sets. Whilst on this subject I may add foreshadowed last year that such that the Investments held by

your losses were inevitable and I venture to Company are in sound local counters say that we may regard it as fortunate of a non-speculative nature, that we have been able to not only Your Plant has continued to func- absorb the loss, but at the same time tion in a most satisfactory manner, to présent a showing for the year the total production for the year which cannot but be regarded as em- amounting to 108,298 tons of Cement. inently satisfactory. Furthermore, This figure constitutes a record over when effecting comparison of Profits the term of seven years during which for 1987 and 1938, it must be borne such Plant has been in operation, and in mind that, due to increased costs of it is once again my pleasant duty to raw material last year, coupled with record a vote of thanks to your Staff, heavier maintenance charges conse particularly to those responsible for quent upon the operation of your me the maintenance of your Installation at chanical plant at full capacity output, Hok Un. It is

output of your production costs have perforce shown guaranteed no interest that the a considerable increase, to which even-Plant is 110,000 tons of Cement, but, tuality I also referred at your last An- of course, allowance must be made for nual- Meeting.

stoppages which, are inevitable. - from It will be observed from the Report time to time when machinery is kept of your Auditors that no provision has in constant operation. In the circum- been made for Depreciation on Plant stances, and in here expressing appre- and Floating Craft. I would remind clation in respect of their loyalty to you-that these, Assets were written the interests of your Company, I feel will en- down to a more or less "breaking-up" confident that Shareholders value in the Capital Reorganization of dorse the proposal of your Board to the Company, undertaken in 1934, and implement such expression in a prac the present residual book values there-tical manner by voting a Bonus to the of stand at a figure which in the Staff of 10% on their salaries for the opinion of your Board cannot but year under review.

bo régarded as ultra-conservative. In CONSOLIDATING POSITION: such circumstances and retaining in The Japanese occupation of South mind the fact that your Company has China had little or no effect upon the been operating on a prime cost basis conditions governing the business of since the drastic reconstruction under your Company, having regard to the takon, your Directors do not propose fact that, due to regulations enforced the fixation of an Annual Depreciation and prohibitive duties levied by the the Rate off the Fixed Assets at this func" Authorities some years prior to ture, but prefer to provide for relative outbreak of Hostilities, our exports to contingencies by augmenting the Gen- (Continued on Page 9)

TO-NIGHTS - DINNER

Mock Turtle Bomp Stowed "Fish & Tomstò: Skr Haricot of Matton

A Chicken & Hsin Croquetta

Roast Birloin of Heal

Chitse & Biscuit Tea or Coffee

ANCIS H

Price 90 ets.

HOTEL -