1957-12-17 — Page 10

STREAMLINE FILTERS LTD. FILTERS FOR OIL PURIFICATION

ENGINEERING EQUIPMENT CO/LTD, HK. & Shangkal Bank Bldg. Tel. 27780

PI Inauguration Ceremony To Be Quiet

Manila, Dec. 17.

CHINA MAIL

Batabladed 1849

TUESDAY, DECEMBER 17, 1957.

SHEAFFER'S

NEW HALLMOUNTA

WITH EXC

AVAILABLE AT ALL 8060 STÖNGÜ

STERLING SILVER TIP

15 B A B AL

OTHERS SANDAKAN LIGHT MAKE PROFIT

MIGHT FOLLOW

Amman, Dec. 16.

The Philippines austerity programme | Egyptian Wing Commander

today cancelled what would have been a lavish inaugural ceremony for President Carlos P. Garcia and Vice- President elect Diosdado Macapagal on December 30.

Malacanang Palace announced that the traditional reception i and bull in the evening will be dispensed with in observance of the administration's austerity; policy,

Instead, there will be only 3 simple afternoon reception in the Palace at which Filipi::o

gurats were requested to wear

Exhibition Of Chinese Paintings

the Philippine costume, accord- An exhibition of Chinese

ing to the inauguratio mittee.

Feature

cum-

The committee sold the prin- eipat feature

of the

Occasion would be conservation of the #ation's dollar reserves.

Abdul Munim Abdul Raouf, granted political asylum in Jordan yester day, refused today to say how he escaped because "others might follow in my steps."

Abdul Raouf, who was Identifcd

alc 05

NO FLIGHT OF CAPITAL

FROM INDONESIA

TO THE COLONY

Chinese banking circles here said this morning they knew of no larger scale. "official" transfors of Chinese capital from troubled Indonesia to Hongkong during the past fortnight.

sure that

Bisi vice- marshal, was accompanied to However, they fel! his home today by two mem-soine money belonging 10 bers of the Moslem Brother-Chinese living in Indonesia diễ hood after tulking with Premier and its way to the Colony and Ibrahim Hashem of Jordan unSingapore and perhaps other Foreign Minister Samir Rifai.

The Brotherhood members also Egyptian escopsey 1at

were

it

was presumed paintings by Professor Abdul Rnout is ako a member. When asked how he escaped,

Pau Shiu-shnu and pupils the wing commander laughed of the Lai Ching Arlind said, "that's my secret," College was opened by Lady Grantham at St John's Cathedral Hall this morning.

Pnti

NO COMMENT

on

units

"No dollar would be used for

Although oficials here refused the atte

what action of the guests," the Lady Grantham in declaring to comment comin;ftee stressed.

the exhibition open expressed would be taken about his offer Provident

Gereja Vice appreciation of the work done of his services to Jordan. It is

And

Prof. President efret Moenpagal were į be

be allowed to and Mr Luis believed he will elceted in November, Mr Gaveta Chan, an art teacher, to further four Jordanian military winning by some 800,000 vater

the growth of art in Hongkong, and give lectures, and Mr Macapagal by

about

Lidy Granthium, who has i Haouf said that more than 400,000-United Press,

opened many of the College's 5,000 people were behind barbed Was wire in Egypt since Suez, but presented with horizontal said that did

Hot Include serati of chrysanthemums Jolat-number ly painted by Prof. Pau and 11 miary officers.

The presentation pupils marke by Max Agnes

Petrol Station Robbed

A Chinese.

armed with

knife, robbed the attendant ef

!

hibitions i the past.

Kwok.

Mr Luis Chan gave an outline of the College's history et 30 years.

The Mobligas petrol station at The exhibition, which will last

On the Peak Road, Tsuen Wan,

of $63 contained in the station's cash box at about 8 o'clock 1st night,

HAIG'S

GOLD LABEL

Jon Hai & Caira

Dy ng Haizhod

MANAINEN SCOTLAND,

000

until Friday afternum, consists

a

of arrested Egyptian

The officers, who were com- petent and capable, had been dismissed after the Egyptian revolution, he said.

He raid that President Gamal Abdel Nasser's methods of

of more than 150 palatings. In-suppressing freedom in Egypt | eluding several cergens, by about surpassed those of any

50 Muderis.

IG

dietstor-United Press.

other

places through the blackmarket.

conditions

to

Unlawfully Boarded Vessel

A news agency reported this morning that Chinese in Sumatra and were transferring capital

to the Colony and property Singapore.

But, one banker said, such a flow of money was so small that Three men who admitted it would have little effect on economic

In-

unlawfully La

boarding donesia.

the Eastern Muse were One banker, whose establish-

convicted by Mr D. L. P. many dealings with

Edwards at (ment has

indonesian

the Marine and both Dutch

Court this morning. conceiris, raid his bank did little or hardly any large scale trans-

Defendants were Weng Seung- fers of capital.

ching, 40, Wour Lai-san, 13, and Ng Man-tak, 47.

He explained that Arsily, the Indonesian Government would certainty uot pennil any exodus of capital from the country and secondly, there was no sul- rient foreign exchonge to meet The transfers.

Constant Flow

The same informant sold that a small but constant flow of Chinese money from Indonesia to Hongkong had been going on for many months.

Overseas Chinese Indonesia had been emetally or unofficially scoding money to their relatives in Hongkong to buy houses and to invest in real estate.

Sub Inspector Ip Chi-chlu, prosecuting, sold that shortly before nec yesterday S1 P.G.D. Nash and a party of police on a routine

But Company Decides

Against Dividend

Sandakan Light and Power Co. (1922) Ltd made a profit of $101,575 in 1957 compared with $99,647 for the previous year, the Chairman, Major S. M. Churn, reported at the an- nual general meeting this morning.

However, owing to certain commitments und negotiations under way it was decided not to recommend a dividend for the year.

The Chairman sold k his speech:

The upward trend in our Enics of electricity continued during the year under review and units produced were an in- crease of some 16 per cent over The the Agures for last year. increase in sales was slightly offset by a more than propor- tionate rise in costs and this is reflected when comparing TOSS pront on Worldng Account at 213,300 with last year's figure of $192,600, an increase of 11.8 per cent only,

Rise In Costs

This rise in costs was in the main the result of additional fuel easts per unit generate. As I stated at our last yearly meeting, it had been hoped to check on board the bring the "Crossley-Premier" Eastern Muse at Buoy No. B11 dierel alternator inte production found defendants to have board-carly in 1957, but due to techni- ed the vessel without permis- cal problems this was not pos ston of the Master of the vessel or the officer ki charge.

The first defendant was fined $100 with the alternative of two weeks imprisonment. The second defendant was cautioned and discharged while the third was fined $50 with the alternative of one week.

A Masterpiece of the

Distiller's Art

Haig

SCOTCH WHISKY

No Finer Whisky Goes into any Bottle,

SOLE DISTRIBUTORS

GANDE, PRICE & CO., LTD.

CHATER ROAD, HONG KONG, TELB: 20130, 30361 & 33248

tiny

negotiate for the acquisition of other electrical installations in the Colony of North Borneo,

The North Borneo Electricity Board are Interested in nequir

our undertaking and, 'at their suggestion, your Directors agreed that

independent valuation of our assets be made in order to serve as a basis for farther negotiations on a take- over price. The cost of this valuation is to be borne equal- ly by the North Borneo Electri- city Board and this Company and it has been agreed that it la undertaken without comunit- ment to its acceptance by either side.

the

It is hoped that atual valuation will be finish en by the end of this month.

Shareholders may rest 03. sured that their Interests will be closely watched and any concrete proposals arising from the valuation circulated to them at the earliest possible moment for their fullest consideration.

In view of these negotiations, therefore, and bearing in minä

existing our

commitments to our bankers art the need to find cash for our tax llobili. sibic wath jast

tles, your Directors have re- June. The accounts before

luctantly decided that it would you today, therefore, do not reflect tho

not be in the best interests of savings, both in fuel and operat-

the Company to recommenda ing costs, which

dividend for may be ex- pected from this valuable pro- duction unit.

I am pleased to be able to re- port, however, that the results for the first quarter of the cur rent financial year show 30 encouraging improvement over the similar period last year, the average cost of fuel per unit generated having dropped 13.5 per cent whilst sales of elec tricity continue to rise,

31.5

The net pront for the year under review was $101,575 compared with $99,647 for the previous year; an increase of some $1,000. When making this comparison, however, it should be borne in mind that the 1055/50 accounts had the bene- At of an adjustment in de- preciation charges of $15,000: this was due to the write-buck of previous over-depreciation resulting from the extension in August 1956 of the concession and land lease by 10 years to 1070, thus permitting the He of certain new assets to be similarly extended for de- preciation purposes.

Turning to the Balance Sheet, you will note that stores have increased by some $25,800 over last year's #gure of $164,400. This, I am glad to say, is only a temporary increase representing the cost of materials ordered for various urgent repair jobs and extensions to our distribu- tiori system, which have now been carried out The item sundry debtors end debit balances madly represents con- sumers' accounts for Juno 1957, since collected. The reserve' là considered adequate.

Liabilities

On the liabilities side there is a welcome reduction in the bank overdraft of $67,500 and in sun- dry creditors of 504,400. In' accordance with our arrangement with our bankers, the overdraft must be reduced to $100,000 by the end of this year.'

You will also note that a pro- vision of $35,000 for taxation appears for the first time. In the past we have been able to offset our immediate post-war losses against our liability for North Borneo taxation. These losses, however, have now been fully utilised and we shall have to pay

tax on the prolis, for the year under review at the very high | rate of 40 per cent, the current tax on company's profits in North Bornco,

I do not think the accounts cóll for any further ecenmen! except, as you will doubtless have already noted, no provision has been made for the payment of a dividend, Before enfòrging on this point, I would like to say a few words on events which have been tuicing place in Son- dakan since our last meeting.

Two Suspects Detained

The Foilce have detained two men on suspicion of theft.

A fountain pen stolen from a pedestrian in Queen's Road Central, near Willer Simnel, shortly after 3 D.. yesterday,

A sum of money stolen from the pocket of w Chiners at the Yaumail Theatre, Public Square Bizcet, at about 10 o'clock last night.

Junk Attacked

the year ended The

June 30, 1057. That the re- sults achieved justify a dividend cannot be gainsaid, but it is considered that this would be a most inopportune time to bur- den the Company with further loans, as would ise necessary i a distribution were to be made.

Congratulations

Finally, I am pleased to re- porl that once again, despite the demands made upon it, the plant has operated continuously with a minimum of shutdowns, most of which being the result of ex- ternal causes such a falling trees. The staff at all grades have worked extremely well and are to be congratulated the results attained.

Woman Injured By Cyclist

A

Off

Colony

Macao, Dec, 17. Chinese woman owner was slightly injured and 600

dollars Hongkong worth of cargo was lost overboard when a junk was attacked with small arms by an unidentified boat last Sunday about half way between Hong- kong and Macao, usually reliable sources reported today on the Junk's return from the British Colony. The sources said the · attack, belleved made by pirates, occurred near Tai-0.

No other details were so far available.

This was the second altack on a cargo-carrying junk be- tween Hongkong and Macao within a week.

Last Thursday the British- registered 42-ton freighter World Number One was fired on with small arms by two un- identified motor junks near an 40-year - vid Chinese island group outside British ter- woman, Chung Hop, living atritorial waters but managed to No. 273, Tai Nam Sireet, second evade its attackers after return- door, was knocked down unding the fire with carbines.- seriously injured by a cyclist in Reuter. Yen Chow Street, near Fuk Wing Street, at about 7.15 p.m. yesterday.

The Injured woman was sent to Kowicon Hospital for treat

mont.

SIDE GLANCES

IRAS

CARDDA

The glass covers of the rear lamps of a private car parked in Ship Strees, Wanchal, stolen on Sunday night.

By Galbraith

BİRYNDAY CS

11-13

"Do you have a get well card that suggests sho's not

as sick, as sho' thinks: the ̈is?"

were

In January of this year corporation called the North Ilornoo Electricity Board war established by the North Borneo Government, with powers to ncquire the existing electrical

Printed and published by Paran Pusate for and on installations owned by that behalf of South China Morning Post Limited at. 1-3 Wyndham Government and niso to Street, City of Victoris in the Colony of. Hongkong.