1941-04-16 — Page 8

HONG KONG

HOTEL

MAC'S CAFE

MEET AND

EAT HERE

The Business Man's Favourite Rendezvous

$1.75 TIFFINS D'HOTE TABLE GRILL SPECIALITIES A LA CARTE

COU

OUNTER & BAR SNACK Quick Snacks and Refreshments

ON SALE AT MAC'S COUNTER Finest Assortiment of Home-Made Pastries & Cakes. Chocolates in fancy boxes. ORDERS TAKEN FOR WEDDING CAKES AND CAKES FOR EVERY OCCASION

HONG KONG

HOTEL

THE HONG KONG & SHANGHAI HOTELS, LTD,

THE CHINA MAIL, APRIL 16, 1941

Hotel Profits Fall

Three Lakhs

By

THE INEVITABLE SHARP DROP in the tran- sient traveller trade and the effect of the Hong Kong evacuation order upon the hotel business were mentioned to shareholders at the annual meeting of Hong Kong and Shanghai Hotels, Limited, held this morning, Mr. E. M. Raymond presiding.

A slump in profits by over three lakhs was re- corded in the accounts and the Chairman said he was unable to hold out high prospects for the future, although local patronage of the company's facilities was well maintained.

W

in

121

SURVIVORS

OF BRITISH SHIP LANDED

Nineteen

survivors

of the crew of a Bri- tish steamer were landed in Pernam- buco yesterday from a Brazilian steamer which picked them up on Sunday.

The British vessel is reported to have been torpedoed --Reuter.

The Chairman also paid tribute at the last two Annual Meetings to Mr. J. H. Taggart, who recently of your Company to report upon retired from the office of Manag the adverse effect upon the earn- ing Director.

ings of your Hong Kong Estab- The Chairman sakf

lishments brought about, Arstly, Before I proceed to review the by the Sino-Japanese conflict, and a further dis- affairs of your Company. I have subsequently, by

due to to report with much regret the advantage encountered retirement as from the end of the big reduction in shipping ar- February last of Mr. J H. Tag rivals in the Colony experienced

of post

War gart, OBE, from the

outcome of the Managing Director.

Europe win a buk of bransjent tre- The state of Mi Taggart's health patrouge in entisequence.

have had given prave cause for concernį gret I

to report an maine. for a conexderable tune. An im-diate and severe further drop in Hotei movement thereof did not even- our receipts from letting

whirh followed You will doubtless expect me to compelled, accommodation luate he was finally

Order under medical advice, to make the Evacuation

referred | remark upon future prospects, In recovery Tip to date a

in that respect I am glad to be able speedy arrangements to leave the tra

that our

the to state

Hotels in our revenue has Colony and in the circumstances, | that branch of

(1)- but not eventuated and at the your Board had no option

North have been doing business to during the first ment a prospect of improvement' full capacity

current year, but quarter of the is not appavent.

as you are aware the offset of ex- change deterioration has worsen→ of the year. ed since the turn of

Moreover, in the North as well as in Hong Kong, operative costs are souring rapidly and cannot tirely be passed on to patrons un- With der prevailing conditions.

Hong Kong Establish-

from asments, business

passenger arrivals in the Colony is sparse, and although we are deriving satisfactory turnover

Restaurants

Lodge'

plugs will help maintain the performance of your morris and get the utmost from your petrol

LODGE

LODE

Agents STORES DEPOT.

PLUGS

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DODWELL & CO., LTD.

5 RUSSELL ST.

TEL. 25957

WANG MAN FAREWELL

SHOT DEAD

Six armed Chinese invaded the hospital this morning and killed him on the spot.--Reuter.

LUNCH

to accept his resignation with ex- treme regret.

Energy Acumen

Hong

the

Palace Hotel

pro-

previous

With regard to our Establish-

various

en-

it

from

and

our Ball

ani. however, pleased to be able to state ut a review Mr Taggart has applied very the volume of local support ac- during the year. to our strenuous work in the service of corded your Company over a period of various Restaurants, Ball Rooms thirty-four years, our records - and Cafes in Hong Kong scribe his arrival in Hong Kong vides a more cheerful aspect, such as June, 1907, when he took up business having been riamtan ed | regard to a post with the Hong Kong Hotell at the same gratifying level Co, Ltd., which Company at that pertained during time operated the

Kong year Hotel only. The subsequentl widening (>1 the scope of thei

Rooms, in the absence of a larger Company's activities which took :

volume of "Lodging" Revenue thes place involving pioneer work and

in merger with other Corporations, ments in North China, the opera-final results of our operations

tion of {}} Palace Hotel in the Colony at the present level of thus gradually converting the Or-

business can be but meagre. Our ganisation to its present size, was Shanghai has again provided

The Garage satisfactory result.

Department, always by highly to large extent impelled

a his energy, acumen and judgment, substantial progress made during steady and satisfactory contributor to general results, is experiencing His constant exercise of those, the year in the improvement work qualities, which he possesses to planned to guests' accommodation many difficulties as a result of the en further stimulated business and Wor Units manufactured by our an outstanding degree, bas

the last Principals in England cannot be abled your Compatty to produce the result achieved for

accounting period surpasses pre- obtained, and have been unob- highly satisfactory results as

AL- well as to weather successfully vious records set for that Hotel, tainable for many months. certam periods of adversity which Unioriunately, as you know, the though ear and truck units suf- have been met, and he has more, Shangha, currency suffered a fur-flement to completely full know over wrought much tor the -

ther collapse during 1940, a fac-demands can be obtamed from the Tor which offset to a material manufacturers of the American- provement of Hotel operation in the Far East generally. Although extent the ads antage of increased product we represent we are bar- many Corporations registered in earnings when conversion thereof red from acquiring them by the

came to be made into Hong Kong | local import restrictions. the Colony owe him a debt of

merger 113 the gratitude mn respect of the able currency for aristaner he has

to general accounts. rendered

them, your Company has always The Astor House Hotel Lets-

had first elam upon his qualities

of direction and your Board re-ancy arrangement, previously re- worked smoothly gard the enforced relinquishment | ported

upon,

a

At this juncture I desire to re- cd an expression of sincere ap- preciation of the work carried out by the Members of the Stuffs of the Company in Hong Kong, All have Shanghai and Peiping. worked in the Company's inter- ests unremittingly in a very dif- The Hotel in Peiping operated | ficult period, and in a manner his speedy return to good health, by our Subsidiary Company en-tending to the enhancement of the

of his office as a severe loss to during the year, and a satisfac-

income accrued therefrom, the Company 1 express the un-tory amus Wish of the Directors for

feel

in Company's reputation.

of ap-

a sentiment with which 1 sure you will be in entire accord joyed still higher earnings

In an endeavour to express respect of its last financial year

ended on the 30th June, 1940. I beg formally to propose that recognition of Mr. Taggart's very than those reported in respect of the Report and Accounts be adopt- valuable service to the Company

previous years, Again, however. ed, and that the balance of $665.-- aver the past 34 years, your Direc-

cur-810.20 standing to the credit tors unanimously decided to vote the factor of depreciated

ac-Profit and Loss Account be him a retiring allowance of $50,- rency curtailed the bencft 000, and I feel confident their cruing to the parent Company,propriated as follows:-A Dividend and the Dividend we received of twenty-five cents per share action meets with your approval

brought to credit in the Profit $298.466 75- Retiring allowance to as fitting in the circumstances.

and Loss Account under the head- Mr. J. H. Taggart 0.B.E. $50,- forward to 1941 New Managing Directoring of "Dividend on investments" 000.00 Carry

at $25.297.30 represents an in- Account $317.343.45.

of approximately $5,000 only over the previous

The Board has appointed P. H. Suckling to the post

past

Mr. Crease

of

year's

The resolution was seconded by Mr. M. H. Lo, and carried unani- mously.

Other Business

us

Dr. Que Tai-chi, Chinese Am- Managing Director in succession figure. CHANG YANG-YI, AC- basador to Britain, yesterday gave to Mr. Taggart. Mr. Suckling has COUNTANT OF WANG CHING- a farewell luncheon in honour of been employed with the Com -

Profits Tax WEI'S FEDERAL RESERVE | Mr. John Winant, U.S. Ambassa-

pany for the past eighteen years BANK, WAS SHOT DEAD THIS dor to Britain,

Referring to items listed to the MORNING IN THE FRENCH Other guests included Lord and and is thoroughly conversant with

all branches of the Company's debit of the Profit and Loss Ac-

Mr. S. H. Ross proposed the CONCESSION IN SHANGHAI. Lady Lylton, Lord Cecil, Sir business. Не has worked in count, Corporations Profit Tax confirmation of Mr. P. H. Suckling

He was preparing to leave the Alexander Cadogan, British Un-

Mr. makes its first appearance therein as Managing Director and the re- Chinese hospital where he

had der-Secretary of Foreign Affairs, very close association with

Taggart during the

cight in the sum of $19,935 and is an election of Mr. L. Kadoorie been an inmate for the past Lady Cadogan, Mr. Herschel John- month, recovering from a wound son, of the U.S. Embassy, Sir Hugo years and is, in the opinion of apportionment of the assessment Director, and this was seconded by

the Board, qualified to All the covering the nine months of the | Mr. C. M. Hall. sustained at the hands of ter.

Cunliffe-Owen, Lady Cunliffe-

our fiscal period which fell in position. rorists.

Owen, Dr. Adams and Dr. Lind-

With regard to the Accounts last financial year. The debit in The re-election of Messrs. Per- say, of Oxford University, Mr.

submitted for your consideration respect of $10,000 donated to the cy Smith, Seth and Fleming us H. G. Weils, Professor and Mrs. to-day, you will observe that the South China Morning Post Bom- Auditors and the payment of an Laski and Mr. Kingsley Martin,

the ber Fund is, I feel sure, unani- | extra sce of $3,300-for extra ser- Editor of the "New Statesman & primary source of credit to

Profit and Loss Account. repre- mously approved by you. I do vices performed during last year · Nation," Central News.

sented by the item "Balance of not think there are other items was proposed by Mr. V. C. La- Working Account,” appears at in the Profit and Loss Account | brum and seconded by Mr. C. C. $619,787.88. This figure is some upon which I need comment. The Blake. Both proposals were car- $340,000 less than the amount of nett profit earned last year is ried unanimously. Sentence of two months' hard the credit under that heading for $329,863.00 (compared with $683,- and labour was imposed by Mr. G. T. the previous year, and it reflects 558.16 for the year 1939)

Those present included: Mr. E. thereto the sum of (SPECIAL TO "CHINA MAIL") Lowry at the Central Magistracya diminution in earnings in Hong adding

M. Raymond (Chairman) the Hon. Following an interview between this morning on Lei Ching-kel, 10. Kong attributable to the Evacua- $335,947.20 brought forward from Mr. M. K. Lo, Mr. D. C. Edmond- General Wavell and the Egyptian unemployed, for snatching tion measures effected by Gov- the previous account a

ston, Sir Robert Ho Tung, Kt, Mr. for Lawrence

Kadoorie Prime Minister, it was reported handbag from Miss E. Remedios ernment in July last year, cou- of $665,810.20 is provided

(directors) from Cairo yesterday that the of No. 0 Humphrey's Avenue, pled with the correlative restric-appropriation.

Mr. P. H. Suckling (managing Egyptian Minister of Finance had It was stated that Miss Remellons now in force in relation to. The Overdraft position with our director) Mesars, S. H. Ross, M. announced that the Public Custodios was walking near Star Ferry obtaining permits for entry to Bankers approximately the H. Io, C. C. Blake, H. Gittins, C. dian has been appointed to take Wharf in Connaught Road Cen- the Colony.

same as shown last year, the Dl- M. Hall. Lo Yuk Tong, A. M. charge of the properties of Bul- tral, when defendant snatched her

vidend declared last year and the d'Eca, V. C.. Labrum. D. W, Vas- garian, Rumanian and Hungarian handbag from behind.

capital expenditure Incurred dur- wani, J. P. Sherry, (shareholders) ing 1940 having been met out of Mr. E. O. Murphy (Acting Secre- working revenue surplus.

tary).

CAIRO TAKES ACTION

subjects. Service.

SNATCHER GAOLED

:

Adverse Effect

International News Detective Sergeant W. Summers | It has unfortunately been the

prosecuted,.......

i task of the Chairman presiding

is

balance

1

4