1940-04-03 — Page 15

THE CHINA MAIL, APRIL 3, 1940

GREEN ISLAND CEMENT COMPANY IN HAPPY POSITION

“THE COMPANY HAS IN SITU at the present time at Hok Un works over 140,000 tons of limestone, 8,000 tons of coal and 5,000 tons of gypsum, which stocks, taken in conjunction with further supplies due to arrive. should provide adequate resources for the operation of your works at maximum output during an approximate period of two years,” said Mr. J. Scott-Harston at the annual meeting of the Green Island Cement Company, Ltd., this morning.

The chairman said:-

JA CK-THE-JOKER, M.P., TO RETIRE

Jack Jones, "baloved rebel" of the House of Commons, ls:to bid farewell to Westminster because "of ill-health, and failing eyesight..

Mr. Jones, Soolallet M.P. for

E since. Silvertown, London, 1918, has applied for the Chiltern Hundreds.

He is at present in bed at his home In Plaistow, London, E., with a chill.

Mr. Jones, who is alxty-six, has

described а "the been

most chucked-out M.P."

He has been recognized as one of the parliamentary humorists ever since his malden speech,

This began with "Gentle-

men

??

Called to order, he apologised and added he had made a "mis- take in calling them 'gentlemen.""

Mr. Scott-Harston was supported by and I trust that such recommendation will Messrs. T. E. Pearce, A. L. Shields, Lfmeet with the approval of shareholders.

IMPROVED POSITION Tse-fong and J. Taggart, directors, and Turning to the balance sheet, on the as- sets side thereof, I would direct your at- R. Taylor, acting secretary.

tention to the items Stocks in hand, stand- when $1,454,657.00-which figure, I desire to record on behalf of your Boarding at

taken in conjunction with those of sundry an expression of deep regret at the recent

debtors $189,508.29, Investments as at mar- passing of two of the oldest and most res-

ket value on the 31st December, 1939, $319,- pected members of your company's Staff,

production 415.00, together with cash in hand and at who retired on pension during the years

have 1938 and 1939. I refer to the late Mr. Man-credit of current account $99,290.29, makes possible

a total of $2,002,870.67. This last, mention-coats, which latter are perforce materially uel Augusto Figueiredo, who joined the ser-ed figure, less that of sundry creditors on influenced by the factors to which I

faction.

In

December

referred.

commensurate with

HOK UN PLANT Notwithstanding the heavy calls

made

a

Un

GORT'S PRAISE OF SAPPERS

The following appeared in general routine orders issued by Gen. Viscount Gort, the British Commander-in- Chief:

"During a heavy gale and under fcy conditions a ship moored to a quay was in grave danger of breaking loose.

"For an hour a detachment of No. 1 Docks Group, Royal Engineers, con- sisting of Maj. H. W. Ellią, Sgt. Pallett and Sappers James and Williamson, worked with devotion under these in- to the skin tense conditions,' soaked by icy rain and with total disregard of self."

GAS-MASK OVERHAUL

Plans are in preparation for an overhaul of Britain gas-masks. Many of these were issued in September; 1938, and may not have received since then the care they required.

Apart from cases of perished rubber or cracked eyepieces, other faults may the owners have developed without being aware of the fact.

tuarial basis (for the benefit of the depen review decided to inaugurate a deprecia-elsewhere, supported by the vigilant suring the views of shareholders; when I state

dents) the pensions which, in more for- tunate circumstances, would have been paid to the two gentlemen in question.

PROVISION FOR DEPRECIATION

1

of

the profit and loss ac-

at

your that we have listened with no little interest to the lucid and comprehensive survey which in you-Mr. Chairman-have just given us cov- ering the financial position and general ac- Lo

tivities of our undertaking

That this company has been enabled

to

vice of the company on January 1, 1903, in

the contra side of the balance shee, amount- the capacity of accountant, and retired on

Ing to $220,905.38, represents an excess September 30, 1939, after 32 years loyal current assets of $1,835,905.20 over liabilities, service. Mr. Figueiredo unfortunately pass-

maximum output. your plant at Hok ed away on December 20 last. The other or an improvement of $359,659.35 over the upon it, owing to the constant call for

resultant Agure covering similar headings

has been well maintained and continues to member to whom I desire to refer la the for the previous year, thus registering a con- function to the complete satisfaction of your late Mr. Oscar Mirandolindo dos Santos

technical staff; also I am pleased to be able Oliveira, who entered the Company's ser-siderable improvement in the liquid post-

It is proposed to establish a servic- which I venture. to tion of the company,

to state that your manufactured product vice on July 1, 1899, in the capacity of

maintains that high degree of quality which ing organisation throughout the coun- by A.R.P. chief clerk at the Hok Un Works, and after think shareholders will regard with satis-

is actually in excess of the exacting retry, largely furnished 38 years faithful service retired on pen-

On the liabilities side of the balance sheet

British under the quirements demanded

wardens. They are already trained in slon on December 31, 1938, and, to our

which great regret, passed away on February 12 the only items appearing to call for explan- Standard Specification--a standard

with the name of the inspection and care of gas-masks, ation relate to the adjustments effected in of the current year. The heart-felt sym-

the reserves. In this connection it will be has been synonymous pathy of your board is extended to the wi-noticed that, whereas the general reserve/"Green Island Cement" during the past 50 and will be capable, with their staffs dows and relatives of these two gentlemen, stood at a figure of $1,150,000 in the last years, an achievement only made possible of effecting minor repairs and read-

by the possession of a plant and equip

justments. to which sympathy your board has given published Accounts, 1.e. as at

ment which will bear favourable compari- practical effect by capitalizing on an ac-

31, 1938, your Board during the year under

son with any lay-out of a similar nature

tion reserve by transferring the sum

veillance at all times exercised by the $300,000 from the general reserve to Mechanical and Laboratory Staff. credit of the depreciation reserve so inau-

In the foregoing circumstances, and gurated, thus reducing the general reserve expressing profound appreciation of the un- On reference to the credit side of the pro- to $350,000. Your Board further decided to failing devotion of your manager, Mr. Tay- Al and loss account, it will be observed augment the depreciation reserve by allot-lor, and his staff to the interests of the com- that the balance brought in from working ting thereto from

endorse the proposal of your board to im- beset some seven years ago and, despite account amounted to $637,224.14, as against count for the year 1939, (as already refer pany, I feel confident that shareholders wil surmount the difficulties with which it was

the vicissitudes encountered, to attain a figure of $404,135.64 under the similarred to), a sum of $76.454.-which reserve, plement such expression in a practical man- heading for the preceding year, thus record- therefore, now stands in the accounts

sub-

ner by voting to the Staff a bonus of 15 per the position of financial strength and soll. ing an increase of $233,088.50.

$376,454. Should

cent on their salaries for the year under re- darity, as recorded in your instructive re- sume and evidenced by the accounts with view. On the entra-or debit-side of this ac-mitted for your consideration-all of which

which we are presented, is no mean frt- TRIBUTE TO MR. TAGGART count the figures under the respective head- have been incorporated in the accounts now

bute to the tenacity of purpose and' able ings are, inore or less, self explanatory. I before you-be ratified, general reserve will

I wish to refer to another important mat-management of those to whom the admin- would, however, draw your attention to the stand at a figure of $1,000,000, owing to the

ter in connection with the conduct of your istration of its affairs have been entrusted, fact that this year provision has been made addition of the sum of $150,000 allocated to covering depreciation to the extent of $76,- that account from the profits of the year Company's business, namely, the fact tha covering a protracted period of considerable your Board-pursuant to, and consonant diffioulty, and on behalf of shareholders 1 454 in regard to amortization of the plant, under review.

EFFECT OF ADJUSTMENT

with, the powers vested in it under your desire to congratulate the Board of Direc success that has machinery and floating craft-this being the first occasion whereon reintroduction of this

The effect of the proposed adjustment of Company's Articles of Association-recent-tors on the measure of

is to reduce the nett book ly unanimously appointed Mr. Taggart to attended their efforts, as evidenced by the debit item has appeared in the accounts the reserves since the drastic writing down effected in value of the plant, machinery and floating the post of Managing Director of the com- remarkably fine showing displayed by the which your Board figures now placed before us, which reflect the re-organization of the finances of the craft to $642.934.38, which your Board thinkpany-an appointment

con- consider not only necessary, but also high great credit on those concerned. company undertaken in the year 1934, when, may be regarded as an exceedingly

In this connection I particularly desire to as you will doubtless recollect, the relative servative figure, when compared with the ly desirable from every point of view.

As most, if not all, of the company's associate myself with the well-deserved tri- capital assets were written down by some original capital investment, and the rest- $3,000,000.

dual life values of the relative assets. Whilst shareholders are aware, Mr. Taggart has bute made to Ir. Taggart whose work on our behalf since he joined the Board is After debiting recurring charges, together on this subject I would add that, in view during the past ten years taken very con-

in the welfare of the largely responsible for the sound position with a donation of $2,000.00 to the British of the materially Improved financial post-siderable interest

our company is in to-day. In these abnor War Organization Fund, the balance car- tion of the Company, your Board contem company, and has, in fact, been respon- rled to the credit of profit and loss ap- plates that in future depreciation of these sible, more than any other director, for the mal time when important decisions affect- conduct of its affairs. He also may, I think, ing our company have to be made without propriation account amounts to $551,118.10. particular assets shall again form an" an-

be accorded the credit of having, by his loss of time I feel the Board have been wise - as against $404,815.62 for the previous fin-nual charge on profits, which policy, I have

acumen and business instinct, in electing him managing director. ancial period, and, taken in conjunction no doubt, will meet with the approval of financial

BONUS FOR STAFF with the sum of $124,778.22, brought for shareholders, in view of the fact that under saved the company from the disaster of ward from the previous year, makes avail- the altered financial circumstances of the liquidation, with which it was imminently able for appropriation a total of $675,894.32, company, the inclusion of such a charge in threatened in 1934.

costs is legitimate which your board recommends be allocat- arriving at production ed as follows:-

and advisable under the ethic principles of orthodox accountancy,

་

To pay a dividend of $1 per share

on 195,494 shares:

To pay a bonus of $0.75 per share

oon, 193,494. shares:

up

to

To Transfer to general reserve ac-

count, bringing, same $1,000,000: To distribute a bonus to staff: ... To carry forward to the financial

year. 1940:

Total:

the appropriations

mome

It must be a further source of consider. able satisfaction to learn that our plant at working at maximum During practically the whole of the pastHok Un has been 10 years, and more especially since 1934, capacity during the past year, and that Mr. Taggart has kept in constant daily nothwithstanding the difficulties encounter-

.$195,494.00 ↑

Turning to the investments and exchange touch with our, most efficient manager, Mr.ed, resultant, upon prevailing world wide fluctuation reserve, it will be noted that in Taylor-who is also our present acting ae conditions, arrangements have been effect- 140,620.50 conforming to the purpose for which such cretary-in regard to the innumerable de-ed to ensure an adequate supply of raw ma- the terial to our factory, thus making possible reserve was created, this account has been tails connected with the business of utilised as an adjusting medium against company, such as the surveillance of cur- continuity of output against any contingency Whilst dealing with this 150,000.00 the fluctuation in market values of the in-rent expenses, the making of contracts for likely to arise.

of the company. In conse- the supply of raw materials and the main aspect of our activities it is but fitting that 17,397.00 vested funds

quence our investments are included intenance of the Plant and equipment. Fur- those responsible for the maintenance

and 160,382.82 the asseta &t a figure which represents the thermore, Mr. Taggart has periodically pre- our plant and equipment should receive some

Co-Directors tangible recognition of their efforts, market values thereof ruling af December|pared and circulated to his

responsibilities devolving .$075,894.32 31, 1939, thus affording a truer conception tabulated Statements containing minute de- the additional

the circumstances. I feel of the liquid position, at the cluse of the talls of account in reference to turnover, upon them. In

confident that shareholders will be in ac financial year.

salcs, etc.

The whole of the foregoing has been un-cord with me in supporting the recommen- dertaken by Mr. Taggart voluntarily and dation covering the payment of a bonus to without any remuneration other than that the Staff, whose energies and loyalty received by him as an ordinary director of the interests of the company have contri--

materially to the results the company-which latter position thebuted so Board propose, as a matter of common which we are to-day presented.

The appointment of Mr. A. Morse equity, to rectify very shortly.

Studious Sue allows that a fund

vledge, is an asset if it pe to the fore when need

RAW MATERIAL STOCKS

1

of

It will be observed from the figure $1,454,657.09, at credit of the heading re- lating thereto, that a substantial increase during the year has been effected in the stocks of raw 'material' on hand at your Hok Un Works. This is in conformity with the policy of your Board to maintain sup. plies at a volume capable of meeting, as | far' as· possible, any emergency which may arisc. In this connection, reviewing con- tracts already entered upon and those in of prospect, it will doubtless be a source satisfaction to shareholders to learn that the company has "in situ" at the present time at Hok Uu Works over 140.000 tons of limestone; 8,000 tons of coal and 5,000 tons of gypsum, which stocks, taken in con junction with further supplies due to arrive under contracts recently entered into, should provide adequate resources for the opera tion of your works at maximum output' dur `ing an approximate period of two years. It will be appreciated, however, that prices

covering maritime tonnage in particular, have advanced considerably, and owing to the prevalent Hostilities in Europe, there appears Uttle prospect of any "amelioration' of these conditions; rather is it indicated that higher figures may be anticipated. Ind dealing with this aspect vis-a-vis produc tion costs, I may say that it has been the policy of your. Directors in the past; and one to which they propose to conform in the future, to endeavour to maintain retail prions at as low a levél as fa`reasonably

of

to

with

29

In recording these facts I desire to ex-director was confirmed, and Messrs. Shields press on behalf of the Board and myself, and Scott-Harston were re-elected directors, and also as I consider I may fairly do while Linstead and Davis and Lowe, Bing- on behalf of the Shareholders, our deep ap-ham and Matthews were re-elected auditors preciation of all that Mr. Taggart has done for the year at $1,000 uach. in the above ·regard.

-SECONDER'S SPEECH

A rickshaw coolla, Sze Chi-sau, was treat- Mr, N. V. A. Croucher, in seconding the Fed at the Queen Mary Hospital yesterday adoption of the report and accounts, said: after being knocked down

car in

I have every confidence that I am voic Arsenal Street.

SINCE 1855

"FALCONER" WATCHES

of all raw material. together with rates HAVE SET

HAVE SET A STANDARD FOR THE EAST

to our specification by one of the best known Swiss fac-

tahes, have: all

the lates horological Improvements that make for durability and time kasping.

Starion In Chaux de Fonda, these.”

GEORGE FALCONER & CO., LTD.

EDDEA:STREET.

TELEPHONE 22143.

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