1955-08-26 — Page 10

SÍLÉNTBLOC LTD.

FLEXIBLE BEARINGS, FLEXIBLE COUPLINGS, ENGINE MOUNTINGS.

ENGINEERING EQUIPMENT CO., LTD. H.K. & Shanghai Bank Bldg. Tel. 27789

CHINA MAIL

ed-1945.

FRIDAY, AUGUST 26, 1955.

HONGKONG LAND INVESTMENT & AGENCY CO SIDE GLANCES By Galbraith

Shareholder Critical

Of Company's New Issue Proposals

Two resolutions approving the issue of shares, for the re-develop- ment of the site of Jardine's building were passed at an Extraordinary- General Meeting of the Hongkong Land Investment and Agency Co., Ltd, this morning.

A shareholder, Mr J. Hennessy Seth, said he had intended propos ing an amendment to the first resolution offering shareholders one new share for every four held.

Mr Seth added that, unfortunately, the member willing to second his amendment was indisposed and "persons prepared to be associated with opposition to influential boards of directors are hard to find in Hongkong-at short notice, prac tically impossible.”

The Brst resolution was that i

"However, as the property has! 200,000 unissued $25 shares be been purchased at the agreed price offered to shareholders at par. ut $6 million, shareholders must accept the situation to that ex- tent. There remains only how the Jardines to be ability to discharged,

"In the Chairman's statement accompanying the notice con- this meeting, chare- vening holders are informed Jardines have agreed to take up 100,000 shares for cash at the price of $50 per share, plus a $25 per share, a value premium of $35 per share. Bee holders are Stripped of its verbiage share- 100,000 shares in exchange for n portion of Jardine, Matheson & Co.'s property,

The second part of the resolu- tion was that no fractional certi- ficates shall be issued, but that fractions shares

representing shall be sold and the net pro- creds of sale, less the amount of $25 per each share (payable on acceptance) shall be distributed

among share proportionately holders who would otherwise be entitled to such fractions.

was resolution The second that the Directors be authorised to Jardine, to issue and allot Matheson and Co., Ltd., or to their approved nominece 100,000 the un- shares, being part of issued share capital of the Com- pany of $25 each ut s premium

of share,

por-

a!ked

which will bring

in

cash, $6,250,000 in raise the issued capital to 1,250,000 shares, alber- nately.

and

(B.) To Asue 1 share at par to- gether with a premium of per share, making $25 $60 per share, which will bring in $12,500,000 in cash. leaving the issued capital as in A.

"Suggestion 'A' would enable the Company to pay Jardines in cash leaving re-development to be carried out by borrowings,

I prut forwood B most reluctantly, as I am opposed to issuing shares to members at n premium,

In view of the

Board's it dislike for a

can liability, I could co no ether way, short of further in- creasing the capital, to meet the Board's objection.

"In both

the

by

suggestions issued capital would be less than the proposals submitted the Board, and the added a vantage that the capital would be in multiples of 5 instead of 13. Multiples of 13 will prove awkward when further capital issues are

are considered.

"The Issued capital of the Coin $35 per sa Barton, Chair-pany is 1,000,000 fully paid shares of $25 cach, and it is proposed man, presided over the meeting..

to Lue 200,000 shares at par to MR SETI'S STATEMENT

shareholders on the register at Mr J. Hennessy Seth said:

cement that this September 20, next, in the ratio The announcement

S shares of 1 new share for every aud ncquired Company hud

per tion of Jardines property in the held, upon payment of $25 per

and if the Issue city and re-development of the share, site would be proceeded with ardines is approved, the issued Immediately

after completion of capital will be 1,300,000 shares, of which Jardines will hold 100,000 or 1/13th, share in

the net assots of the Company,

"One thirteenth share

the pose on In

worth submit, more than $6,000,000, and that

Alexandra House, was as unex pected as it is disquieting.

"Statements from the Chair at annual general meetings

stressed the need to re-develop net assets. of the Company is,

the Company's

valuable sites, Unica, King's, particularly the

Building group, next on for which, I believe, pre- already been

the list, plans had pared.

I assume, therefore, this scheme is shelved for the pre-

sont.

Shareholders

possible.

amendment to resolu

to

of directors

21-

"It was my Intention to pru-

i new share for on no. offering shareholders old; unfortu considerablynately, the member willing to ne of the reasons I am opposed posed, and persons prepared to second my amendment is indis- be associated with opposition to the issue of 100,000 shares in

the poyment for property.

"The other reason is that these influential boards shares (if issued) have an inex-are hard to find in Hongkong tinguishable share in the profits at short notice, pratically whereas, if re-development is were given nofinanced by borrowings, Interest CHAIRMAN'S REPLY

general ut annual

ecases when the loans are re- meetings the Company's 10-

Replying lo Mr Seth, the be used night Bources

him for his "It is unlikely interest on total Chairman thanked acquire further sites in the Cen- trai district,

emphants borrowings for this re-develop-remacks and said they would be Mr Barton said Mr Seth had being laid upon re-developmentment will be payable in any one put on record

year, and I estimate that with of the Company's properties.

conservative raised a number of points, one Company's "I note from the Chairman's the statement he justifies the pur-policy in distribuing profits, the of which was that he did not chase by expressing the opinion re-development loans will be re- know what the Board's inten the sit is one of the most de-paid after 4 or 5 years. sirable corner sites' in the city. This being so, the terms secured by Jardine. Matheson

indication

great

to

paid..

"11 was

HIS SUGGESTIONS

these considerations & Co. which influenced me to suggest must have been advantageous to the Board:

(A.) To Issue 1 share at par to induce them to dispose of the

4 shares held, for every property.

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To Challenge Validity Of Exemption Order

Mr Li Po-chun, prominent local businessman, brought 56 actions for possession in the Victoria District Court this morning against tenants who had vacated a block of buildings in 92-91 Con- naught Road Central and 185-195 Des Voeux Road Central which were exempted from provisions of the Landlord and Tenant Ordinance,

Mr P. J. Griffiths, representing 17 of the tenants, announced to District Judge Reynolds this morning that he intended to question the validity of the exemption order made by the Governor-in-Council.

He added that Mr F. H. Lose to enquire into this matter. by, representing eight other tenants also intended to argue on similar lines,

TEXTILES RESENTED

Mr. G. E. Marden's Observations

Resentment at the outcry and accusations levelled against the Hong- kong textile industry in the United Kingdom was expressed by Mr G. E. Marden in his printed statement to shareholders this morning at the annual general meeting of the Textile Corporation of Hongkong, Ltd.

Mr Marden said the sponsors of the attacks against Hongkong appeared to overlook Britain's very large favourable balance of trade with Hongkong.

Regret was expressed that it was not possible to recommend pay- ment of a dividend as the cash position of the company did not justify

review has

out

full

to

Under Current Assets stockis show. on increase of two

entirely by. of yarn end

of

one.

The chairman's printed state-sales have been keeping pace |ferred earlier will adjust this ment read:

with our increased production. position, but you will realise the

of Due to the dock strike in the inadvisably The

requesting Your under been a difficult one, partly as a United Kingdom, certain ma additional finance for dividend result of the tightening of imchinery shipments were delayed purposes under existing condi- part restrictions in those Asian and the expansion of our Millions.

Turning to the Accounts, the markets which had provided tho was not completed until May of

outlet for principal

Hong- this

All

new Fixed Assets show an increase year,

the

four million dollars, kong's production.

machinery is now in operation of some It would have been still worse and we are entirely satisfied which reflects the expansion of

tur Mill. but

for substantial purchases with its performance.

De considered It may not be effected by Korea in the first six months under the United of place to state again here that States Mutual Security Act it was all imported from Great million dollars which was re- Foreign Operations Administra Britain, most of it being manu- presente almost tion auspices.

factured by Messrs Tweedales finished stacks Faced with the necessity of & Smalley, to which, concern

cloth. expressed our Ending other markets local pro- we have

On the other side, only two

items principal

Clarent ducers turned to Europe and satisfaction,

there

20,700 SPINDLES

Liabilities call for comment →→ Africa, and in particular

of It was necessary was a substantial expansion

re-the Increase in Sundry Creditors, the salts of Hongkong cloth to position als exinanglon of the which mainly represents de machinery amounting to $112 million the United Kingdom.

during the Even taking into account this Mill and much credit is due, to ferred amounts due for plant Increased volume, the Colony's the Mill Manager and his staff as machinery, whilst the offer sales o

to the UK are but a small for

for effecting this major change is a new item representing the traction of Britain's overall cloth with the minimum of interfer day-to-day advances from your

with normal Imports and it is

production. General Managers to which mast disappoint-ence

MIU ing that it has resulted in the Cur

now

has 20,700 have already referred. As 1 outery and accusations which spindles and 165 looms.

this figure has been in have been levelled against

close of the Hongkong including a sugges- they must defer recommending year, but the loan from tion that protective tariffs be the payment of a dividend until

has been reduced by Buch time imposed against the Colony.

as the cash Poulton two hundred thousand dollar.

Dr the Hon S. N. Chan of these attacks of the Company should sponserlook Britain's doing so. Our General' Managers

at the mooting and presided very Large favourable balance of had advanced over two-and-a-

read the Chairman's statement in the absence of Mr G. E. to all those who at our year and this advance has trade with Hongkong and it is half million dollars at the end

gratifying have at heart the welfare of the now been increased to $3,850,000.

The accounts were adopted, the Hon C. E. Blakes and De Colony and its important role in It is hoped that the increased British

trade that in official tempo of sales to which I the Hou S. N. Chau were re quarters no sympathy has been and prejudiced outeries.

The

appear

to

shown with

these shortsighted

PRICES DECLINE Throughout the year yarn and declined steadily cloth prices and it is only recently that prices have shown a tendency to become armer.

Our experience in this re- zub-spect emphasises the need which expressed to you last year of a local yarn exchange which could provide hedging facilities. Members will be pleased to know however that since the close of our year the yarn market has become more active and our

Your Directors regret that since the

Had 9 Packets

Of

Heroine

bonkers

Marden

our

and Messr olected directora Pest, Marwick, Mitchell were re- appointed auditors.

Holders of 475,820 shares were present or represented at the meeting.

on

MR LORD'S VIEWPOINT

London, Aug. 25. The British textile magnate, Mr Cyril Lord, said today in a letter to the London Financial

the Times

casa

against British cotton imports

"No satisfactory business can be built up in this country, until we have a stable home. trade, This state of affairs can never exist until unnecessary Imports. ceuse,

Mr P. A. L. Vine, solicitor for the plaintiff very substantial Mr Li Po-chun, contended the sum of money.

There was a considerable time Mr Grifiths

tho District Court had no jurisdiction

said that

A 52-year-old man asked His lag in the corresponding fall in question of jurisdiction had

the price of raw cotton, which Worship Mr F. X. d'Almada to be gone into before any orders did not materialise until almost take fato consideration his "old were made. Ho submitted that

the end of the period under roage" when he was charged with the Court had power to deckie

time profit possessing vlow, by which

dangerous druge that matter and whether The

Central had virtually dis- without a permit at * | margins Governor-in-Council

exer- Judge Reynolds said he would

had

Magistracy this morning. In appeared. hear these argumenta next Friday cised his statutory power In

He was fined $300. or two contravention of the provisions morning after call-over.

months. of the Ordinance. Ho Three writs

Defendant was Wong Het, of against temnts represented by Miss P. Loseby mitted the Governor-in-Council

no Axed address, He claimed "If we import for re-export were withdrawn with cools for had failed to comply with pro-

the to have been ving in

only and thereby observe our international commitments, out defendants on the application of visions laid down by statute,

Colony for the past 15 years. Mr Vine who said that Miss

protected home trade would The prosecuting offloor told had already given am Loseby

the court that on August 24, spring virility and initiative that these people

accused was seen by two police which would lead to a leap in Japanese are delivering suspletous manner along Th Cheung Stret. They

ped more than 800 million yards an- stopped and searched him, and found nually to our empire markets. that he had in the inner leftWe could very well accommodate pocket of his pongee shirt nine Hongkong and Indian produc- small packets of heroine, Astions to the detriment of Japan in these markets which Japan supplies now. As the posidon is presented at the moment, In- dian and Hongkong, imports

tion was regarding the proposed undertaking redevelopment of the Union/wo King's/York Building

intention to

tion

to

who

resolu-

of

constables to be walking in a exports.. would vacate their premises by APPOINTED TO

October 31.

49

14

to

COMMITTEES

Mr J. A. Fortune has been

Hit

Foreman With Stick

AB my

defendant could not give satisfactory explantion as to how he came to possess the drugs he was taken back to the police station for questioning.

Defendant had, three previous convictions, for similar offences,

"I can say, it is our present

consented Seven teraryla continue develop-judgment and six of them were allowed to slay until the end of ment of that property as soon as this property has been rebuilt, October rool-free

the he added.

portions they occupy will not be appointed by H.E. the Governor Mr Bunnan Tong

demolished yet.

to be Secretary of the following seconded tho Arst

Six cases where the defen committees, vice Mr A. G. E. said: "I should Like dants were absent were ad-

Fudge, it was announced in the take this opportunity to Journed to next Friday for Government Gazette today: Port A 28-year-old earth coalie was congratulate the Directors and formal proof and substituted Committee, Port Executive Com-ained $50 or seven days by Mr the management upon the sound services was granted in respect mittee, Port Welfare Committee, J. E. Durling at Centrol financial

were also Mercantile Marine position of the Com- of 15 casts which

Assistanco

this morning when Magistracy pany which makes it possible to adjourned to next Friday. Fund Committee, Dangerous he was found guilty of common raise the necestory share capital

Goods Standing Committee

assault. for further property develop COURTS JURISDICTION

It was

also notified that Mr Defendant, Wong Sang, wis ment without throwing too

Representing tenants in 92 K. M. T. Orr ceased to be a heavy a financial burden upon the shareholders.

and 93 Connaught Road Central Member of the Exchange Bundleged to have hit the foreman Two Men Forfeit and 185 Des Voeux Road Cen-Advisory Committee, consequent was working for with a heavy

of the construction company he

tral, Mr Grimth, declared that upon the return to the Colony of stick, causing him an Injuries.

"The proposal to issue one new share at par, for five did sharce when the current market

ho was going to raise the pre- Mr. A. G. Donn. Fiminary point as to the District value stands above $70 per

Court's jurisdiction and that the shore, wil I am sure, be very exemption order had not been welcome to the shareholders of made in accordance with the the Company

Illegally Used

Tram Ticket

For using another

person's

Their

Bail

L

Two balls of $200 each were ordered to be estreated when Wu Yuk-hol, 28, and Yu Fung-

come in to the detriment of Lancashire and they should be switched to the detriment Japan. United Press,

Registry Fees

of

The Marriage Ordinance, Amended by Governor in Coun ell recently, has four additions in the Table of Fees now, Be- cording to the Government Gazette today.

For

The prosecution told the court that on August 24, Leung Shan- tak, foreman of the construction company, dismissed the accused because he was casual worker. hel, 25, charged with attempting

notice of Marriage there As the defendant had an roller to export gold failed to up is now a ton of of $1; for a gadge against

inst complainant, he pear before Mr Hin-shing Lo search of the Marriage Registry Look

this opportunity to hit at Central this morning.

there is now

a fee of $2; and Leung on the arm with a heavy Both, defendants were alleged for a certified copy of any stick. The police and defendant arrested.

Accused had one previous con- viction or simply larceny.

document

were called to have attempted to export 80 ordinance $red by the

told the court that on August New Director

"It 19 particularly gratifying provisions of the Landlord and Ternant Ordinance and wns to remind ourselves that the therefore null and void. Company's financial poalition is

Mr Vine declared that

this not based upon any unfair ex-

attempt to merely ploitation

of the shortage of

delay an inevitable order. Mr accommodation in the Colony but

Grifiths was asking the Court monthly tram ticket, Li X, 21, has been achieved through t

to go behind the Governor's of 18 Tong Shiu Street, was policy of moderate charges 'com= = bhied with sound business prac

order which the Court had no oned $50 by Mr J. E. During Court this morning. tics and good management."

jurisdiction to do because it at Central,

Henry Kwan

tram inspector, would mean 'impugning the Goyemor's order, and that could 25; be boarded a West-bound only be done by some sort of

trum to carry out a routing prerogative writ and before the

ticket Inspection, He found the order was gazetted.

accused to be acting: In Mr Vine said the Court should suspicious manner, and later he not allow dia.. procedure to be discovered that he had been used to attempt to delay the using a monthly tram ticket exercise of a legal right. The met to another persons. He exemption ceder required

we

that arrested defendant and report the building be demolished ed him to the police, within three months of the Which gazetting of the order was on Juria": 24. Demolition Miss Tolllü, who is also' known as Sally Werton, left her September 24 Although the therefore had fo begin by home in Bury, Surat, on Aus Building Authority had power 9 and flow with an aunt to Noo,

Blonde Missing

London, Aug. 25. Scotland Yard have asked French and Italian police to trace Jennifer Clare Tollitt, 42- year-old blande fun and friend of Stirling Moss, British motor racing ace, who disappeared about a fortnight go in Europa

t

New Vice-Contul

Of Marketing

trels of goldench on board the

is now a fee of as Szechuan, alongside Kowloon $2, with an additional fee, of 31 Wharf and Godown, West Point, where the applicaton comes by

post from without the Colony. yesterday.

LECTURE ON JAPAN

AGREEMENT. IN SIGHT

Professor Fritz Machlup, Pro-

(Contioned from Page 1) fessor of Economics of Johna Hopkins University, Baltimore, Tunisia, have they not been Mr W. V. Dickinson has beenÜää, will give a public lecture, tearned? Is a new" Dien "Blen sppointed Registrar of Coon Japan this afternoon at 5.30 Phu or new; massacres neces operatives ind Director of in the staff common room of the eary to at last open its eyear Marketing, vice Mr. J. Cates, Hongkong University, We pounced in the Govern Professor Machlup is spending love France and Morocco. ∞ accope the mont Gazette today.

a few days in the Colony after 100 much

destruction of the hasbeen conducting an American study Marshal Lyautey. You have Mr. Cater

work of appointed Assistant Secretary, seminar in Japan Colonial Secretariat.

The lecture will be under the taken in the name of our roup It was also announced that Menuplots of the Economies and without consulting HE. the Governor tas re- Lee Sim-man has been appointed Society of the Honglong Uni-position which forever com

-. pronilace

the French position in it was stated today. Two days to extend this period by a month confeed My Themes W. Devi Probation Officer and Mr Peter veraity later she went to visit friends was clear from the order that Jr. as Vice Consul for the United Teng Pei-ft, Assistant Probe

Mogowhile, National Social in Italy and her family, have not it was directed these buildings States of Amerion at Hongkong, Hon Officer under the Juvenile

A_OFFICIAL JP Republican (RS) President, M. heard from her since.

should come down at the. He wins dhaouceed in the Govern- Offenders Ordinance. Sally, as she is usually andied; earliest possible moment was last seen leaving Nice hair over onnolding mentorent Gazebo today. This re- The warrants of HE. the mal fácia a Lani provvedonal okk Governoted appointing Mary Printed and published by WILLIAM ALICK GRINHAM for Less, wouring a blue linam mitt been erected and demolition

Instructions from

· Dodge and A.F.H. Contar and on behalf of South China Morning Post Limited at 1-3 and carrying alight coloured many engaged, they were bank.

Slate for the to be specùng Bragistrates have Wyndham Street, City of Victoria, in the Colony of Hongkong.. sultone,--Chies Mail:Speciale di marking time which was obstitigi

dag been revoked; it was announced

MODE ELITE

'Queen's · Road,

Tal: 24052

ו

H.B.. the Governor, has, apa Jacques: Chinbars-Delings, planiemi.

Apational executive pointed Mr P.-V. Dodge to be a to Justice of the Peace for the Colony, it was announced in the the North Antoan, Wundior Government Casette today wishel Untia