1940-02-15 — Page 3

J.

THE CHINA MAIL, FEBRUARY 15, 1940 IPE

FUTURE OF CROWN LEASE PROPERTY

"THE SUBJECT OF expiring Crown leases is very much in

the minds of property owners these days, and ..

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is no doubt than an early and equitable settlement of this question is very desirable," said Mr. D. E. Clark, chairman, at the annual meeting of Humphreys Estate and Finance Co., Ltd., held to-day in the Hong Kong Hotel.

Those present, in addition to the Nos. 19/42, Humphreys Buildings and chairman, were:-Messrs. J. Scott-relaying patent roofing of Nos. 1/6, Harston, J. M. Alves, H. V. Wilkinson | Tregunter Mansions. (directors), J. L. Quíc (secretary),

CROWN LEASES

:

Mrs. D. Cowen, Messrs. J. D. Hum- "The subject of expiring crown phreys J. E. Jupp, W. C. Lee, R. H. | leases is very much in the minds of Wild, P. C. Potts, W. J. Jupp, W. C. property owners these days, and al- Lee, R. H. Wild, P. C. Potts, W. J. though we are not immediately Hansen and C. Bernard-Brown, share-affected, there is no doubt that holders.

The chairman said:-

on

"The profit for the year-$201,586.67 -can, I think, be considered satis- factory-as, excluding the profit sale of land shown in the previous year's accounts, this figure is some $22,000 higher.

ALL PROPERTY OCCUPIED "All flats and houses were fully occupied during the year. The twelve additional flats in Argyle Street re- ferred to in my speech last year were completed on November 15 last, and our rent roll was augmented by re- ceipts from that date. These twelve flats have been leased to the Military Authorities as officers' quarters, and I may mention that the construction and general lay-out have been very favourably commented upon. The demand for flats both in Hong Kong and Kowloon still continues.

"Referring to the debit Bide of proflt and loss account, most items are very similar to the previous year's account, although repairs show a small increase. On the other hand, rents at $313,921.63 are a record for the company-this being due to the larger amount invested in property,

"From the balance sheet you will note that amount invested in land and buildings has increased by just over three lakhs and this expenditure is reflected in the increase of our in- debtedness to our bankers.

"Loans on mortgage have been re- duced by a little over $50,000. One mortgage was partly repaid, and foreclosure proceedings were taken in another case-the amount involved being transferred from this account to land and buildings.

“Special repairs have cost $11,995.65, chiefly due to exterior replastering of

an

early and equitable settlement of this question is very desirable.

"It may be of interest to shareholders to learn our position as regards Crown Leases held for 75 years with no re- newal clause.

"We have one small property with 23 years of the term still un. expired, and another larger pro- perty with 33 years unexpired. all our other properties held un- der this type of lease have 38 years still to run before expiry. "I think I have dealt with the ac- counts as fully as possible, and trust you will approve of the proposed al- location of profits available. You will note it is proposed to transfer a sum sufficient to bring building improve- ment reserve account up to $75,000. It is felt that the interior of of our older properties need modernis- ing, and it is proposed to proceed as opportunity offers with Improvements in this direction.

some

"I now propose that the report and statement of accounts as presented be adopted and that the balance of Pro- fit and Loss available be appropriat- ed as follows:-

Pay a dividend of 7 per cent. on 200,000 shares $140,000.00, Transfer to General Reserve $25,000.00, Transfer to Building Improvement Account (bringing same

to $75,000.00) up $28,380.00, Transfer to Special Re- newals Account (bringing same up to $15,000.00) $11,995.05, And carry for- ward $36,539.53."

The resolution was seconded by Mr. Wild and passed. Other resolutions passed were for the re-election of directors (proposed by the chairman and seconded by Mr. Potts) and the re-election of. Percy, Seth Fleming and Linstead and Davis as auditors.

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