1940-03-28 — Page 14

Kitty

2-15. (Released by The Bell Syndicate, Inc.)

Pessimistic Polly says some hus- bands throw their arms around their wives the moment they come in-before she can strike a blow.

COMPANY MEETING

THE CHINA MAIL, MARCH 28, 1940

CHINA PROVIDENT REPORTS GOOD YEAR

DURING THE PAST YEAR, the China Provident and Mortgage Co., Ltd., made a profit, after making pro- vision for contingencies, of $282,657.14, said Mr. S. M. at noon to- Churn, chairman, at the annual meeting day.

Sir! You will recall that in my speech Mr. Churn was supported by Robert Ho Tung, Messrs. N. V. A. at the previous annual general meet- Croucher, J. P. Braga, Li Tse-fong anting I stated that the profit earned in T. B. Wilson, directors, and Mr. R. A. 1938 was exceptional as it had been earned under the extraordinary con- Wickerson, secretary and manager.

ditions ruling throughout that year, The chairman said:- Before proceeding with the business and, of the $556,000 made in 1938, the of the Meeting, it is my painful duty sum of $278,000 had been derived from to have to record officially the death leased, godowns accommodating dis- tressed cargo, thus the profit from our The late of Mr. Paul M. Hodgson.

doubt own properties was $278,000. At the Mr. Hodgson, as you are no aware, was a member of this Board beginning of 1939 all leased godowns, for 14 years in an unbroken line, and except the North Point Yard, had been was only $35,000 in his demise, the Company has been given up and the profit for the year deprived of the services of a wise and from this source resourceful counsellor. May I ask that whilst the earnings on our own pro- you will stand for a moment in silence perties amounted to $279,000. as a mark of your respect to memory?

his

Proceeding, the chairman said:-The profit for the year under review, after making provision for all known con- tingencies, was $283,675.14, equal to 12.83% on issued capital.

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NOVEMBER-RECORD

LOCAL SHARES

enquiries in local share quotations to- Following is the list of changes and

day!

INSURANCES,

Union Ins. $505 b., $510 sa. DOCKS, WHARVES, GODOWNS,

ETC

H.K. and K. Wharves $107, b. China Rights $22 sa.

LANDS, HOTELS & BLDG8.

H.K. Lands $374 s. Humphreys $8 sa.

PUBLIC UTILITIES

H.K. Tramways $174 s... $17.65/,75

sa.

Yaumati Ferries $201⁄2 s. China Lights (Old) $81⁄4 b., $8.30 sa. China Lights (New) $5.40 b. H.K. Electrics $651⁄2 sa. Telephones (Old) $301⁄4 ́s.

INDUSTRIALS

H.K. Ropes $6.65 sa.

STORES, &C.

Dairy Farms (Old) $211⁄2 b., X.D.

$21% sa. XD.

Watsons $10% 8.

MISCELLANEOUS

MISCELLANEOUS

Antamoks Ps. il b. Atoks Ps. 16 sa. Baguio Gold Ps. 211⁄2 sa. Batong Buhay Ps. .011 sa. Benguet Consol. Ps. 5.50 b. Big Wedge Ps. 18 sa.

The year 1939 opened with a mo- derate demand for space, which ex- cept for the set-back at the beginning of the war, improved during the year HK: Govt, 4% Loan 102 sa. until a peak was reached in Novem- ber last, which proved to be a record month for earnings from our own pro- perties in the company's history. Dur- ing the present year our godowns have been full to capacity and the demand for storage space seems likely to con- tinue. We have not been able to rent sufficient godown space to take care of all our clients' demands, but for the accommodation of a few of our old clients we have rented two small go- downs, which will only shew a very moderate profit. Owing to the lack of space we have during January and February this year had to refuse se- veral steamers, but recently we have been able to resume this important phase of our business.

us.

I am pleased to record that our cus- tomers, have avalled themselves to a greater extent of the facilities we of- fer for loans against cargo, stored with:

These loans are invariably, grant- ed with ample margin and are for short terms only. All the loans outstanding as at December 31, 1939, have since been repaid, except one loan which we have renewed:

SINKING FUND

.

Coco Grove Pa. .11 sa. Consol. Mines Ps, .003 sa. Demonstrations Ps. 10 b.

East Mindanao Ps. .0932 b. IX.L. Ps. .38 sa.

Ipo Gold Pa. 09 b. Itogons Ps. 20 sa.

Masbates Ps. 084 sa.. Mind. Mother Lode. Ps. .094 sa. Mine Operation Ps. .09 88. Paracale Gumaus Ps. 18.b. San Mauricio Ps: 73 sa. Surigao Consol. Ps, 18 sa Suyoc Consol. Ps. .12 sa. Syndicate Inv. Ps. .019 b. United Paracales Ps. 24 sa.

LOCAL-DOLLAR

The demand rate on the Hong Kong dollar to-day was 1/2 25/32.

London silver was quoted at 20-1/4

The cross rate London/New York was £-U.S.$402:50 and New York/ London £-U.S.$3.49-3/8.

During the year under review your Board have adopted a definite scheme of depreciation based on a sinkin fund at 3% interest to provide the for spot and 20-5/18 for forward, book value of the land held under seventy five year Crown Leases and all the buildings over the remaining life of the properties. The funds now stand at $47,731.74 and are covered by an investment in Hong Kong Govern- ment 4% Loan Bonds as shewn un-these suggestions will meet with your der the item. "Sinking fund invest-approval. ments" on the assets side of the bal- To all the vacancy caused by the ance sheet.

Furniture and equipment and-motor trucks and motor boat have been ade- quately depreciated.

-

death of Mr. Hodgson we have in- vited Sir Robert H. Kotewall, Kt. C.M.G., L.L.D., to join the board and this appointment requires the confirm- The book value of our investment ation of the shareholders at this meet- in the Sandakan Light and Power Co. Ing.

Resolutions were passed dealing with (1922) Ltd., has been adjusted to mar-

available on the profit ket value in accordance with the terms the balance of my speech at the last annual gen- and loss account as recommended by eral meeting, and the surplus of $276,- the directors, re-electing Mr. J. P. 468.60 transferred to the investment Braga and Sir Robert Ho Tung as fluctuation reserve.

directors, confirming the appointment The Item "Investments $146,157.16" to the board: of Sir Robert Kotewall, represents $116,000 3% Hong Kong and re-appointing Linstead and Davis Government loan bonds and $29,000 and Percy Smith, Seth, and Fleming 4% Hong Kong Government loan auditors at a fee of $1,000 each. bonds. The amount due from sundry debtors at the end of the year $145,993.02 of which $119,052.28, has since been collected.

was

The employees provident funds have, during the year, been vested ir trustees and withdrawn from the com- pany's general assets. The scope of this fund has been enlarged so that it now includes all our permanentem- ployees with three-years' service earn- ing over $50 a month.

THE INSTITUTION

OF ENGINEERS AND SHIPBUILDERS OF HONG KONG

*† 1st Floor, King's Building,

Connaught Road.

FIFTY CENTS DIVIDEND The balance now available for ap- propriation: 18 $357,882.88 made up of

ne

the profit for the year 1989 $283.675,14] ande LECTURE ...

and the amount brought forward from ja des

OBEROI order Entitled:

1988: $74,007-74. Your directors will by. Wing Comdr. A. H. Steel-Perkins, recommend to this meeting that a d vidend of fifty cents per share be paid

$50, absorbing $221,106.50, the surn 000, be transferred to general Reserve, sted to the sum of $15,000 #be dis

Hon 10.direc aler

Inthr:#71:676.88) $1940 LocoLSE.

The History of Chemiani:Warfar

Con