1940-02-16 — Page 17

THE CHINA MAIL, FEBRUARY 16, 1940

H.K. TRAMWAYS CARRY 71 MILLION PASSENGERS IN YEAR

"THE HONG KONG TRAMWAYS mileage is now the equi- valent of once round the world at the equator every 48 hours. And if I may be permitted a further flight of imagination, I would add that if the population of the Island be taken at three-quarters of a million, then your tramcars are carrying the equivalent of the popu- lation approximately 96 times per annum or eight times every month," said Mr. A. H. Compton, chairman, at the annual meeting of the Hong Kong Tramways Limited, held in Jardine's board room to-day.

Mr. Compton was supported by Sir past 25 years a 5 per cent. royalty on Shouson Chow, Messrs. H. V. Wilkin-working profit has been paid to the son, M. K. Lo, T. E. Pearce, directors, D. L. Newbigging, alternate director for Mr. J. J. Paterson, L. C. F. Bel- lamy, general manager, and W F. Simmons, secretary and general man- ager.

The chairman said:--E

£

had all

chair In his speech from this year ago Mr. J. J. Paterson said that the year 1938 had been an extraor- dinary one and that previous records in respect of traffic receipts, passen- gers, car-miles and proft been eclipsed. Exactly the same can be said of the year 1939. Compared with the previous year traffic receipts are up by $453,440, passengers at n fraction under 71 millions are up by nearly 11 millions or 19 per cent. and are more than double the 1936

Agure. The year's profit is up on last year by $241,324 or 20.36 per cent.

in

From Government of Hong Kong. the Chairman's references in annual meeting of 1928, 1934 and 1938 share- holders are aware that, by terms of the Tramway Ordinance, the rate of royalty hereafter to be paid increased to 25 per cent, in the year 1939.

This change was affective from September 22 last and the Royalty figure Incorporated in the accounts before you is $147,402.48 against 57,601.29 paid for 1938.

Preparation for this increased roy- alty has been made for many years and I am glad to say the practice of maintaining annual allocations to re- serve and our policy of building up a substantial investment position Is now serving the intended purpose. On the occasion of the annual meeting

two years ago the chairman, referring to amounts written-off against good-

will and construction expenses (now

Mr. and Mrs. F. F. A. Dunnett photographed after their marriage Mrs. Dunnett was formerly Miss Jennie at the Registry on Wednesday. Paula White. (Staff Photographer),

NOBBY'S REFORMATION

(Continued from Page 16) "Mr. Oglewren follows us but. 'I've something for you, too, Nobby. You've done me a right good turn, says he.

"Well, I finish up with more money than I ever dreamt of and I takes a

A.R.P. BY

STAR FERRY

A profit for the year of $501,490.57 was reported by the Star Ferry Co., Ltd., at the annual meeting held this board "This charge together with the ap-morning in Jardine's propriation to general reserve

Mr. regularly debited in profit and

More car-miles were operated order to achieve these remarkable re-extinguished), said: sults and this mileage is now the equivalent of once round the world at the equator every 48 hours.

I will not attempt any forecast of how long the prevailing abnormal

traffic is going to continue.

NEW YEAR RECORD Last month's receipts are $13,000 higher than the receipts for January last year whilst the week ended last Saturday which covered the Chinese New Year celebrations was the great- est week in our history, the number of passengers averaging a quarter of a million per day.

Six new tramcars were ordered about a year ago and four of them are now in service. The European war has affected delivery of ́cer- tain equipment but it is hoped that the two remaining cars bringing our total stock of tram- service cars to 109-will be in not later than April next. In 1938 an experimental air brake was fitted to a tramcar and as result it has now been decided equip all tramcars with air

£

to

brakes. A dozen air brake cars are already on the road and it is hoped that the work of equipping the whole of the rolling stock will be completed by the end of next year.

now

loss

account, or at least some part of it. will thus be available from the time

that our increased Royalty becomes effective."

FOUR LAKHS IN FUTURE

room at 11.30 o'clock. A. H. Compton was in the chair, supported by Messrs. S. H. Dodwell, D. F. Landale, H. V. Wilkinson and T. B.

44

cab back home to my little nisses, und she laughs and cries and presently Mr. Oglewṛen and Mr. Voce come in, and the missus makes them a cup of lea and they talk serious to us both. 'Nobby, you've got to reform,' says Mr. Voce, Mr. Oglewren and I have been talking about you.. He wants to do something for you. Now you know something about the green- grocery trade?'

"I do, Mr. Voce, I was raised in it.'

"That's all to the good, then. Mr.

he's going to

Overwren has a little shop at a place called Nerchester, and make a go of it, else heaven help make it over to you. You've got to you. You can get a nice little place to cheap out there, now live in quite you've a spot of ready money, you can pay cash down, start a bank account

and sit really pretty. What do you

"Gentlemen" says I, 'I have never

On a basis of revenues continuing Wilson, directors, and C. Mif I have to go on the dole.'"

at present levels, future annual roy- alty will approximate to four lakhs of dollars; truly an important con- tribution to the revenues of the Co-

represented lony. The increase

by this estimate over the amount pro- vided in 1939 is more than covered by to the figure of $400,000 set aside reserve out of the year's results, and shows that the much heavier royalty liability now to be borne is met with- out threat to dividend expectations.

The net profit of the year $1,426,277.99. Of this $400,000 been transferred, as explained, to general reserve account, and $22,500 is written-off investments.

was has

The latter charge reduces to actual invest- cost the book value of an ment taken at market value on De- cember 31, 1938. During the year an additional $230,098.97 was placed in dividend bearing

securities and

book value of the total investment ac- The air brake will be additional to count. at balance sheet date stands at the powerful electric (emergency) $1,534,248.97. This was slightly higher brake and to the mechanical brake than at stock market rates of the operated by a manually applied wheel. last day of the year, At, however, The latter, however, will be used as yesterday's official quotations and in- a parking brake only. The air brake clusive of a further purchase since will be the service brake, the sen- made it is gratifying to report sitiveness and ease of application of present market valuation of these in- which is already being greatly apvestments is $31,500 above the book preciated by the motormen who are saved much physical effort.

TRACK REPLACEMENT

the

value; a very satisfactory position in will present times, I am sure you agree.

cents

It is expected that a very important An interim dividend of 50 track replacement will be undertaken per share was paid in August last this year.

I refer to Causeway Road, and your directors now recommend between our Causeway Bay terminus a final dividend of $1.00, making and the western end of King's Road. $1.50 per share and amounting to Government intends not only to widen $975,000 for the year. This, the com- this road but to raise and level it. At pany's record distribution, is 15 cents one part it will be raised by as much per share better than for 1338 and as four feet. We shall require· to leave $128,262.25 to be carried for- build a new double track on the ward$28,777.99 more than brought new alignment and some inconveni-into account from the previous year ence to passengers on the Shaukiwan On behalf of the shareholders, Mr. tramcars will be unavoidable whilat H. S. Hill congratulated the directors this work is going forward.

on the year's working and profits.

ex-

During 1939, $370,930.81, was pended upon capital additions for new tramcars and air-brake equipment, already mentioned, completion of the new King's Road depot and track re- nawal and re-construction.

THEFT FROM CAR Mr. G. W. Reeve, of No. 481, The Peak, has reported the theft of a book The year in review has been

an abe

felt hat from his cár, No. 2979, important one from the point of view which was parked near the Hong of our royalty, payments, - For

ong & Shanghai Hank yesterday. ***

Manners, secretary.

once said that I'd turn straight, but promise you both that I will, even

"And my little missus kisses me, then she goes and hugs them both and cry, just because she is happy. Funny people, women.

"We give away most of our goods and chattels to other folk in the build- ing. The missus gives some money as well. She's like that.

After the chairman had presented į begins to his report, a shareholder asked for in- expenditure of formation about the $9,315.74 on A.R.P., which he called a "rather extraordinary item."

The chairman said that this was in It connection with Kowloon Pier. comprised $8,125 on the purchase of 65,000 sandbags; $110 for a portable fire engine with hose; and $80 for four extinguishers. This was to pro- tect the passengers in case a ferry was caught in the middle of the harbour or just as it arrived at the pler. They might be able to get back some of the money spent on sandbags "if the war ends in time!"

Presenting his report, the chairman said:

Traffic receipts were slightly less than those of 1938. Working ex- penses were also lower, however, so that the reduction in working profit amounted to less than 2 per cent.

15,000,000 PASSENGERS

Approximately the same numbers used our ferries as in 1938 and it is estimated that more than 15 million

passengers were carried.

The cost of coal and fuel oil for 1939 was rather less than in 1938 but this year, I am sorry to say, it will be very much greater as the price of coal has increased 50 per cent. I cannot forecast what the cost of our fuel oil, coal and stores will amount to this year as it is impossible yet to contract for our full requirements.

It has been customary for some time- for the chairman of this meeting to make reference to the pier leases which are due to expire in 1949. I can only repeat that shareholders will be advised without delay as soon as there is any definite news. Meanwhile the matter has the closest attention of your board.

The company's fleet is kept in first class condition but two of our ferries are 18 years old and two are 14 years old. So long as there is any uncer tainty in regard to pler leases it would, of course, be highly imprudent to build any further.

"We pack what we wish to keep and depart, stopping for her to do a little shopping and does she make a hole in some five-pound notes. We stays in a hotel that night and next morning, take the

Nor- train for chester. We've the deeds to the shop, we're lucky to find this little house cheap and we've been happy ever

since.

"Now let me tell you the truth of the business. I only learnt it the other day when Mr. Voce came up here on a case.

"The bloke with the evening clothes and his missus were proper schemers. Very posh family and all that, but real bad 'uns. They hocked the real jewels with Mr. Oglewren and staged a bur- glary through Mr. Redstone of the imitations. Mr. Redstone's bright young burglars had screwed Mr. Oglewren's place and he was responsible for the jewellery somehow or the other. Any- way, it was a rare mixup. I was lucky enough to get the real stones from the 'fence' and so saved both the pawn- broker and the insurance company a large fortune. I'm not pulling the long bow. I was thunderstruck when Mr. Voce told me how many thousands.

"Of course Mr. Evening-clothes and his missus would have been rumbled in any case. They staged a sucker act, but then these amateur criminals al-

the ways make mistakes. But in meantime, a lot of money would have been paid out and a lot of work would have had to be done. There would have been law-sults and what not.

"But ever since then, I've been on the up-and-up. I've even been to church with the missus, though I don't make it a habit. "I like to ly in of a Sunday and to think of Mr, Redstone down in his little 'flowery' (prison cell) repenting of his guv'nor, he got tan shortly afterwa

"By nippe