1940-04-17 — Page 14

WHEN YOU ARE FEEDING

BABY

It's after the birth of a baby that the mother needs Her careful attention most. strength has been severely taxed and when she is feeding the baby she needs extra and easily digested food.

4

Doctors throughout China have recommended Horlicks for years as the ideal food for both expectant and nurs- ing mothers. It is invaluable when the digestive powers are weak. It stimulates faded appetites, and promotes sound sleep and tends to prevent constipation.

JOY-MAKERS JUBILEED with that DARE ing darling

show. world Com and Co Hoppy

EVERYTHINGS OnIce

RENE DARE

ROSCOE KARNS

Tunes! Romancel. EDGAR KENNEDY

Excitement!

LYNNE ROBERTS ERIC LINDEN

RKO RADIO Picture. Directed by Eria C. Kenton. Produced by SOL LESSER. Screen Play by Adrian land & Sherman Lowe.

* TO-MORROW

*

QUEEN'S & ALHAMBRA

(10)

THE CHINA MAIL, APRIL 17, 1940

HONG KONG HOTEL

MISSES TOURISTS

CABLE AND WIRELESS INCREASE DIVIDEND

London, To-day,

- Main features of the Stock Exchange ◄ quiet markets yesterday was a sharp advance in Cable and Wireless ordin-

THE EFFECTS OF THE depreciation of the Chinese Na-ary stock from 81% to 63% on the

tional Currency on receipts from North China estab- lishments was stressed by Mr. J. Scott Harston, chair- man, at the annual meeting of the Hong Kong and Shanghai Hotels to-day.

Mr. Scott Harston was supported by Messra. E. M. Raymond, M. K. Lo, Lawrence Kadoorie, D. C. Edmonston, and J. H. Taggart, directors, and Mr. F. C. Barry, secretary..

After paying a very warm tribute to the late Mr. Edward Osborne, who died last year at Home, and who re- after tired from Hong Kong in 1913 being a resident. of the Colony for 30 years and a director of the company for over 20 years, the chairman said: With regard to the accounts, I re- fer first to the profit and loss account the and the main item brought to credit thereof, namely "Balance

This working account $960,143.91." figure, although by no means unsatis- factory in the light of conditions un- der which trading was conducted dur- ing the period under review, pares unfavourably with the similar item credited at $1,073,691.13 in the accounts for the previous year.

of

com-

thereof had to be made to Hong Kong currency for merger in the general accounts.

With regard to the Astor House Hotel, Shanghai, you will recollect I annual reported to you at our last meeting that the hotel and its con- tents had been leased for a term of three years from the first of January, 1939.

announcement that total distribution for the year was 4 per cent compar- ed with 3% per cent previously.

commodities Among the Armer owing to active covering in- duced by indications of reductions In warehouse stocks,

tin was

are

a

Wall Street was irregular.-Reuter. paratively small increases to buildings and machinery and plant form part Palace of the improvements to the Hotel, Shanghai, effected during the year. The material additions, to furni- ture and fixtures amounting to $222,- 873.46 are the result of the general The hotel in Peiping operated by measures taken during the year in con- our subsidiary company continues to tinuation of our modernization policy show excellent results, and in respect such expenditure having taken place

ended on of its last financial year

in connection with all the establish- June 30, 1939, furnished a record pro- ments in Hong Kong, and the Palace

The items. fit. Here also the severe deprecia- | Hotel in Shanghai. tion of the Chinese National Currency | abundant and varied; with regard to B local establishments you are doubtless deprived the parent company of substantial portion of the benefit in familiar with the many improvements respect of its holding. The item "Divi-effected. From my previous remarks the in connection with the Palace Hotel, dend on investments" shown in

has already profit and loss account gt $20,884.56 | Shanghai, you will have gathered that includes $20,647.06 in respect of the the expenditure there dividend (at the rate of P.$3.00 per borne fruit, but it should be borne in Share) on the company's holding in mind that the prevailing war condi- This drop of some $113,000 in our

the Grand Hotel des Wagons-Lits, tions affecting Hong Kong have un- working result for the year 1939 on the year

Ltd, as against a dividend amounting doubtedly caused postponement of comparison with that for 1938 is, in so far as our Hong Kong to $18,870.87 from the same source fully commensurate return in respect

attri- in 1938. Although a welcome increase of the Hong Kong expenditure. establishments are concerned, butable to conditions connected with is thus shown, it must be pointed out the outbreak of hostilities in Europe that the rates of the dividends declar- in the early part of September lasted in respect of the years ended June 30, 1938, and 1939, were P.$1.25, per year. Prior to August last the revenue

Share, and P.$3.00 per share, derived from transient patronage at our establishments in the Colony had spectively, so that the actual nett in- crease of only some H.K.$1,800.00 ap- been fairly well maintained, although,

pears meagre this being due, as as you are aware, real "tourist" traf- fic had been at a low ebb for a long have already shown, to the deprecia- time due to the disturbed conditions tion in the Chinese National prevailing in China. With the advent rency. of the war in Europe, however, tourist Hong business ceased altogether in Kong, and, moreover, a marked re- duction in the volume of shipping here from Europe and other parts of the world immediately followed. The in the consequent heavy decrease

the number of passenger arrivals in

the Colony affected most adversely volume of business we usually deriv- ed from all classes of transient visi-. tors. Nevertheless I am pleased to be able to state that the volume of local support accorded our various restaur- ants, ball rooms, and cafes in Honig Kong reveals an increased preference during the year 1939 on making com- parison with results for 1938.

a

In connection with the company's activities in North China during the year 1939,-the operation of the Pa- ince Hotel for that period affords a very pleasing result. Although that establishment has constituted a popu- lar rendezvous in Shanghai over long period, it has during 1939 (stimu- lated by various improvements made to guest accommodation and to public rooms during the year) achieved re- sults of a record standard. Unfortun- deterioration In ately, the further the exchange value of Shanghai cur- rency which occurred last year, offset to a material extent the advantage of conversion increased earrings when

INDO-CHINA

STEAM NAVIGATION COMPANY, LTD.

OPERATING SERVICES FOR CARGO and PASSENGERS

TO-SWATOW, SHANGHAI, TSINGTAO, CHEFOO and TIENTSIN

KOBE and OSAKA

SINGAPORE, PENANG and CALCUTTA

SANDAKAN, HAIPHONG

All steamers berth alongside the Roosevelt Terminal in the......... French Concession at Shanghal, where pas. A-mongers, and cargo are landed.

For Further Particulars Please Apply

JARDINE, MATHESON

& CO., LTD.

GENERAL MANAGERS. TELEPHONE- 30311.

re-

I

Cur-

Other items in the profit and loss account are normal and do not ap- pear to require comment from me with the exception of "Bad and Doubtful sum of Debts Written Off" in the

charge is some | $22.323.58—which

$6,600.00 in excess of the like provi- for the slon made in the accounts previous year.

Such excess is attributable to the reserve it is deemed prudent to make to cover the outstanding ac- counts of German patrons, for, al- though it would appear that in the majority of cases the debtors owned assets sufficient to clear the whole of their indebtedness, the liquida- tors of estates concerned advise that the Custodian of Enemy Property has Intimated that a settlement of claims must await the arrangements to be made on the conclusion of hostilities.

The net profit earned over the fin- ancial year 1939 is $683,558.16, a drop of some $127.000 when compared with the net result for 1938-and on bring ing forward the sum of $317,560.44 carried over from the 1938 Accounts an amount of $1,001,118.60 is avail- able for appropriation.

Passing to the balance sheet and dealing with the assets side, I would In refer to the augmentation shown respect of certain assets,

Jinst a PTE

The com-

|

Turning to the liabilities side, you will note that the conversion of the

from ex- Shanghai accounts on merger neces- sitated an appropriation

$48.- change fluctuation account of

rate 099.27, owing to the exchange having slumped from 173 to 310 dur- ing the course of the year.

at The liability to trade creditors

than

the $394,036.08 is $87,000 less Ilability under that heading at the end of 1938.-

At the end of 1939 the company was to the in overdraft with the bank extent of $311,291.23 whereas at the end of the previous year there were funds with the Bank amounting to some $200,000, This changed position is due to the financing of the dividend declared last year amounting to $716,- 320.20, the capital additions, the ac quisition of the extra stocks, and the reduction in the amount due to sun- dry trade creditors.

Although it is difficult to forecast future prospects, during the first quar- ter of the current year our hotels in the North have been doing business to full capacity, but, as you know, the has offset of exchange deterioration worsened. since the turn of last year. Hong Kong establishments have deriv- im- ed from passenger arrivals an proved business over that for the last but the quarter of the year 1939, volume falls far short of the standard to be expected in the first quarter. in normal times.

At this juncture I desire to record an expression of sincere appreciation of the good work done by the staffs in Hong Kong, Shanghai and Peiping including the company's agents in the Northern Cities, and especially includ- ing Mr. Suckling, our General Man- ager, who was, in charge of the Com- pany's interests during the absence of our Managing Director, Mr. Taggart, have last Summer, all of whom

them- throughout the year devoted selves assiduously to the interests of the company in times of exceptional difficulty. Í have no doubt that you will ratify your Directors' recommen- dation by voting a bonus of ten per cent on their salaries in tangible re- cognition of their loyal co-operation.

During the year Mr. A. Morse of the Hong Kong and Shanghal Bank- Ing Corporation was invited to a seat on the board and your directors are much, Indebted to him for the able quality of his assistance in their de- liberations. He has recently been com- pelled to severe his association with us due to his transfer to a London appointment, and his colleague, Mr: D. C. Edmonston, has accepted your board's invitation to the vacant seat. It is my great pleasure to extend wel- come to Mr. Edmonston to-day-and to express the wish that it will be our good fortune to be able to count upon his competent help over a long term.

The report and accounts were up- proved unanimously.

The appointments of Messrs. Morse and Edmonston to the directors' board were confirmed and Mr. E. M. Ray- mond was re-elected a director..

Messrs. Pergy Smith, Seth and Fleming were reselected auditors; a payment of $8,800 for extra-services: -performed by them last year ... being.

also sanctioned: