1958-04-11 — Page 10

CROSSLEY ~BROTHERS LTD.

MARINE, STATIONARY & AUXILIARY MARINE DIESEL ENGINES,

| ENGINEERING EQUIPMENT CON LTI

H.K. & Shanghai Hank Bldg. Tel. 2778o

BIG SWISS

EXPORTS

CHINA MAIL

MANCHESTER GUARDIAN

OPTIMISTIC

TO CHINA ABOUT COTTON TALKS

Geneva, Apr. 11.

@witzerland la exporting mora strategia listed goods

Lo

China than the Soviet

bloc can obtain from any other Western nation.

The latest official export figures show that China bought £152 million worth of goods last year, ranging from precision chronometers, precision in

struments and watches.

China, therefore, became @witzerland's second largest ausiomer Blates.

after the United

Astronomical Instrumenta are in great demand in China+

return, Switzerland Imported only £4.2 million worth of goods.

Yesterday, the United Statos binckilated ® Swiss firm at Zurich-Olaine and Comfor exporting phar. maceutical products bought in the United States. London Express Bervice.

POCKET CARTOON by OSBERT, LANCASTER

"But, Willy darling, I don't see how they're to know- that we're non-residents.

COMMISSIONS RESIGNED

Manchester, Apr. 11. The Manchester Guardian today

7

ex-

pressed some optimism about the possible results of the recent visit to the Far East of Sir Frank Lee, the Permanent Secretary at the Board of Trade, concerning cotton exports to Britain.

FRIDAY, APRIL 11, 1958.

SHEAFFER'S

Skrip

MAKE

SIDE GLANCES

By Galbraith

BOY MISSING

Information Wanted

A five-year-old Chinese boy. Chan Fuk-yu, also known

na

"Bee Chai," left his home in the Shamshulpo district on the afternoon of October 31 last and has not been seen since.

The boy is about three feet

1

CHINA PROVIDENT

A RECORD

PROFIT

The China Provident Loan and Mortgage Co. Ltd made a record profit of $2,366,000 in 1957, and at the annual meeting to- day declared a dividend of $1 and a bonus of 10 cents per share on the old shares and a dividend and bonus of $0.1375 per share on the new shares.

Addresing the meeting, the

Of

Sixty years ago, on February 19, 1899, this Company was In- The first published corporated, balance sheet shows assets $332,000, and the proft for that year of $24,738.

The accounts and steady

report for 1957, which,

All taxation for the year of

1037/8 han been Assessment

paid; the proviskom for 1853/0 15 adequate,

[undy now

StaЛl provident stand at $783,000.

Sir Frank returned to London "But the fact that the Gov-Chairman, Major S. M. Chuth, yesterday.

been willing to said: client has After his mission to long-send no less a person than the kong, India and Pakistan, hu Permanent Secretary the

of will tell the Cotton Board how Board of Trade as Lancashire's he has, fured, the Manchester spokesman in the East may sug- Guardian wild.

gest to them that some change of heart is taking place and that "Though, he has not brought back with him the cut and Its comunatiments to a dried agreement with Honglierlisition of trade-and par- kong for which few people Beularly to exchew restrictions-your permission, I will take us here were hoping. M geeing may not rule out tome means of read, show assets at book value

$26 million and a During the year under review prouûble that his visit has been helping the Lancashire industry," of nearly well worthwhile.

were

Directors'

with

again

D

the Manchester Guardin' com- I proit for the year of $2,300,000. matofne-mented. he

This pront figure is Hongkong ureis au might have been ex- "Nor Indeed would the thes- record for the Company, and a pected

(ruction of the Lancashire willing to

1- suitable finale to the first 00 restrict unconditionally the dustry be alt gun for these years of business

competitors. food of very cheap goods which Is so damaging the foundations of the Lancashire industry.

Willing

"Bu they were apparently willing to consider some limiting agreement If the Indian and Pakistani industries would join in it," this Liberal daily polisted out.

Sir. Frank has seen them too and there is some ground for hope that they will come i

It would be coolish to think that any agreement remotely in the prospect could release Lancashire mills from all their troubles and anxieties.

"But it will be something If they can luck for some check to the rising flood which crode away the threatens to ground they stand on and over- whelm even the most courage ous and

well conceived efforts to meet it with increased ciency and keener selling. Some Surprise

"Though its palmy days are gone its great tradition of ski!! net technical enterprise is still very much alive

"Splating and weaving mills of Lancashire are still the place where new fibres and processes are put to the test on the production scale mid science has #lnost certainly new advances

in store which can only be tried satisfactorily in an efficient in- dustry ruming on a fairly brund base.

|

We now As you are aware. own over 98 per cent of the cupital of

subsidiary our

North Point Wharves, Ltd, and is of interest to note that

We again publish as an an- a state- ex-10-our-accounts ment of this Company's balance sheet combined with that of its | subsidiary, North Point Wharves, Ltd, which we trust you will find of interest.

Mr A. Klusmän resigned from

The Board un leaving the Colony, Major Churn concluded.

Protest

Mr J. Hennessy Seth (repre- ng Pilset Investments, Ltd) Aaid: "As representative of the holder of a very few shares,

the combined profit of both lo protest against the pay- companies, excluding dividendsant to members of the Board of $65,100 underwriting com- and the slure of prot. ap-

mission on the new lasue. in- the minority pleable to

terest, was $3,100,588.

Our subsidiaries aguin

operated profitably, and while the Sandakan Company was unable to make any cash dis-

bution due to

its require Training in technology is stillments for capital outlay, our Beckied by the Commonwealth bankers were

agreeable countries and found here.

year to relax the restriction on North Point Wharves, and the

Not Sentimental

this

dividend was increased from 50 Those ane not sentimental ceats to 75 cents per share. considerations; they are those of foresight and prudence.

"The modest kind of voluntary agreement which Sir Frank has been discussing may be to the effl-advantage of all parties in the long run not excluding the the customer,"

Manchester Guardian added.---Reuter,

"It may caused some surprise That the Commonwealth -x- porters should be willing even to consider putting on the brakes when things are going so much their way. But they may see it as prudent unless their own position deteriorates and drives

CHINESE CLUB OFFICIALS

Major L. Goldman of the He- Borve of Officers and Pilot Oliver M. W. Ramsey of the HKAAF of the Royal Hongkong them into still greater efforts to Defence Force, have been per-expand.

I might be to their ultimate mitted by 11E the Governor to

to risk their resign their corrunissions, ne-advantage not cording 10 the Guvemman position by pushing the British Meeting of the Their resigna. Govermanent into reluctant inter- held yesterday,

fur fur metals fiore became effective on April vention.

elected:

. Gazette today

2 and March 23 respectively.

This has been so and quite properly rejected.

Ship'n Shore

floral-stripe

broadcloth blouse...

leaf-collar

Ship'n Store

Lovely as a summer day! Rows of tiny tulips and stripes... satin-woven in nature colors on white combed cotton. The perfect setting for Ship'n Shore's wide notched collar, big pearl buttons. A lark to sutis! Sizes 30 to 38. Come see our wonderful new Ship'n Shore collection!

TO-DAY AT-

Paquerette's

160 Des Voeux Road.

(of course)

Tel. 21-157

Printed and published by PETER PLUMBLY for and behalf of Bouth China Morning Post Limited of 1-3 Wyndham

Btreet, City of Victoria in the Colony of Hongkong.

Full Capacity

The year under review was a successful year, and we were able to take advantage of most of the opportunities offering.

The godowns and harbour and land transport worked in full capacity, and the cold store returned a satisfactory profit..

Storage Fales

well were Tanintained and turnover was better, resulting in an increased storage income of over 30 per vert,

WW

In handling the quantity of ciugo

Jo, Some emall damage cannot be avoided. In 19857 we

these small settled

AL the Annual General claims for a total of $1,140,

Chinese Club I have again the pleasure in to shareholders' the following commending 103871959 were attention the excellent and con- scientious service from the staff which

Chairman, Mr Mok Hing-both ashere and afloat,

centributes BA much to tho

wing: Vice-Chaimau, Mr Tong Man-tin; on. Secretary, Me Tong Shuk-pui; Hon. Treasurer, Mr Lui Chun-wah; Commillee, Mr Chan Koon-pak, Mr Yip Chan-yuk, Mr Ng Wal-tal. Mr Ko Fook-iu, Mr Wong Chu-ling, Mr K. P. Tsui and Mr Ya Kim 1100.

SOLDIER

INJURED

A British soldier, Corpora! James Lowe, sustolled serlous

This

payment does not appear as a separate item in the published statement of accounts, and 1 am not criticising its treatment, but

do criticise the payment.

"It is within the knowledge of the Board that another company Issued new capitat amounting to $9,200,000 a few months earlier, without its Board considering t

try to enter into an under-

writing agreement, and it cannot Le contended that there was any material change In Anancial conditions In Hongkong between April and August last year.

"At a press interview relating to the new Issue, you were reported 10 have said rat funds were available ample

to

(1) བྱི《། ཧ༧)

2.14

TM NIEUS PILDI,

HEA Berria, Ind

"I never can figure out where they are--late breakfast,' coffee break. or early lunch!"!

Court Turns Down Murderer's Appeal

The Full Court this morning dismissed an appeal against conviction by Leung Kwai-wing, 44- year-old textile worker, who was found guilty of the murder of his alleged mistress and sen- tenced to death on March 3 at the Criminal Sessions.

Chan Fuk-yu

tall and spenks both the Punti

and Toshan dialects,

the

The police are appealing to the public for information s to the whereabouts chilld. Any person having such information is asked to bon- tact the Divisional Detectivo Shamshulpo Polico Inspector, Station (Telephone No. 58121 Extension 562)' or make a re- port at any police station.

Naturalisation Granted

The Government Gazette to

day announced that the have been following. granted naturalisation:

certificates

of

Mr Ko Kat-fan, taller, 206 Lockhart Road, ground floor, Miss Myth-sieri Sung, known as Sung, nurse; Maulda Ly

Hospital; Mrs Eva Gotfried nee Czwern, 48B Kadoorie Avenue, 1D Hillview Apartment; Mr merchant, no-Wong Tsong-mow

George Lee, known as Lea

of the

The body of the women Board the Court was

was Ah-kwan, was found on a sca- opinion that there shore at Tsun Wan on Noven-ground for allowing the ber 25 last year, The Crown's peal. case wns that Leung attacked

917 Prince Edward Road; Mr

from the company's bankers," but indicated the Board pre- ferred to raise new capital to finance capital expenditure.

As to Mr Shurlack's appilet. Soon-mow, known as Lee Chu- "1 submit, Sir, payment members

her with a chopper and then tion regarding the Jury's re- tiul, known as Lee Tung-fong, of the Board of

commendallon, Mr Justice merchant, 15 King Wah Road, Ming- $65,100 was an unnecessary ex-pushed her into the sea.

merchant, The Full Court comprised the Gould sald the Trial Judge (Me ground floor; Mr Bac

ค Stafford pense, and having regard to

Rord; Mr Yee Ching-Ung, passed on the recomm- your statement that funds were Acting Chief Justice, Mr Jus- Justice A. D. Scholes) will shao, available from bankers.

tice T. J. Gould, and the Senler have it

Pulsne Judge, Mr Justice C. W. mendation to the Governor, and Bicward, 374 South Bay Road;

Erle Benda, would

mercantile SCC there

that the matter was no concern Mr was 10

Recce. danger of expansion being held

of the Full Court.

assistant, 10. Observatory Court, Tang Ho-yan, Hod up for want of funds.

1st floor: Mr Mr Terence Shurlock, In-

known as Francis Tang Ho-yan, the issue not been fully sub-structed by Messrs Deacon, re- pcribed,, recourse could be had

Mr

known as Francis Tang, senior presented the appellant.

Homantin health Inspector, 37 W. A. Blair-Kerr.

Street, 4th floor.

to our bonkers."

Chairman's Reply

The Chalt

the

W

Counsel, appeared

Senlor

for

Crown

the Crown.

Framed Grounds

Rehearsal

Units of the Royal Navy. Army, Royal Air Force' and

Royal Hongkong Defence Force

took part in a rehearsal for the

His Excellency the Governor

replied that Company's continued success. it had been necessary for The Bourd feel that we are board to underwrite the now reaping the benefit of the issue to ensure its success. As Mr Shurlock told the Court forthcoming Queen's Birthday long yours preparation and

a result, the Company was able that the appellant himself had Farade in Gusculgae Road this the conservative and progressive to plan expansion three months framed the grounds policy of the post-war years.

at appeal, morning. ahead. Six lighters had been whleh were: (1) that he had share for every four

The new issue of une new completed and the new godown been falsely accused and (2)

and the Service Commandem old was would be ready by the end of that he was wrongly convicted.

were represented at the saluting very well received

the this month, and other expansion

perused having shareholders. The funds 50 work was going on.

records carefully, and having base by their aldes-de-camp. raised have already been well

The Chairman sold their Com-consulted his colleagues, Mr employed in enlarging our pany's bruc fleet of steel lighters, replacing issue of 35 whereas that of the the conclusion that there was no was a premium Shurlock said, he had come to tracks and financing the con- other company

month.

Variation

by

But

the

Could said the

SERIOUSLY struction of 30,000-ton capacity Mr Seth was at par.

referred to by point in putting any argument before the Fall Court in support godown at North Point, which Prominent members of the of the appeal. will come into operation in this Stock Exchange had also given

Their oplaton that the new issue Mr Shurlock pointed out, might Juve been received however, that the Jury had made unfavourably unless the Bourda recommendation for mercy. In underwrote it, the Chairman the circumstances; he said, he injuries when the private car From the appropriations ac- said. Moreover, the banks did proposed on appellant's behalf in which he was travelling ran; count you will note that to the not like to give long-term loans to ask the Court to pass the. recommendation on to the Lilo a Tamp-post ti Nutrin balance brought forward from for capital expenditure. Road, near Kimberley Road, 1950 has been added the profit' The Chairman then proposed Governor so that His Excellency shortly after 5 o'clock this rented on the sale of motor that the Directors' report, ac- could exercise his prerogative in and balance shicet for the matter on behalf of Her morring

vehicles, premium on shares and counts

for 1957, Corporal Lowe has been ad- the proft

totalling the year ended December 31, Majesty the Queen. miited

Giving the Court's decision, to hospital for treat $4,090,857, After making the 1957, es presented, be adopted, ment.

usual transfers to reserves, writ-and that the balance available Mr Justice ing now issue expenses and for appropriation, $3,632,367, bo Court had studied the evidence, providing for taxation, your dealt with as recommended by the summing-up and tho Directors recommend that $310, the Directors, namely:

To pay a dividend of $1 no defect in them. 870 be transferred to capital re-

of 10 The appellant, the Judge con- serve and $707,285 be trans per share, and a bonus

per share on the old 1inued, had been convicted on ferred to general reserve, bring- cents

the clearest posible evidence, ing these

reserves up to $3% shares absorbing $1,430,982; pay the million and $3 millon re-la dividend and bonus on speclively; the usual bonus be new shares at 30.1375 per share paid, to the Staff, a dividend of $44,750; pay a bonus to the staff $1 and a bonus of 10 cents per at the discretion of the Directors share, be declared on the old $236,628; carry forward to next shares and pro rala thereot on account $1,020,081.

and $1,020,001 the new shares, carried forward to next account, Turning to the, balance sheet, the variation in fixed assets is due to the completion of Godown No. 53 in January, 1957,

February Surplus Up

T-

The Government finan- olal statement for February this year reveals that

for the успис

month totailed $50,385,554.53.and expenditure, $37,917,130.80. The surplus for February, therefore, amounted to $12,400,417.07.

Tho zme statement which was published in the Government Gazette today, stated that the total revenue from April 1, 1957, to February 28, 1958, stood at $539,301,175.92 which exceeded, tha, estimate for 1057-58 of $507.482,00u.

The general

rovonlig balance as at February 23, tetailed $434,835,417.07.

and

new motor vehicles and lighters purchased during the year.

rezervo..

Great Satisfaction

IC.

cord of the trial, and could find

I was also interested in the re- mark from the Chair that the combined proft earned by this Company

Point and North

Lid Wharves,

excluding dividends, was over three mil- Ilon dollars. In a few years, when the overdraft

more

13

Seconding the Chairman's proposal, Mr C. E. Peacock salt: liquidated and all restrictions on

The results achieved must be dividends lifted, we shall,

36

a source of great satisfaction to the Chairman puts it, "reap the the Board and to the sharehold- benefit of the long years of pre-

The market value of shares iners, and reflect the conservative paration" even more than we our subsidiaries appreciated by yet progressivo policy pursued by are today. $327,000 in 1957, and this the Company in the past yeară.

Mr Major S. M. Churn and Amount has been transferred to I have long been Interested in N. V. A. Croucher were re- the Investment fluctuation the progress of North Point elected Directors (proposed by Wharves, Ltd. Despites the early R. B. Anderton, seconded by Mr The provision for possible troubles over requisitioning for Lam King-lak).i Tossos from typhoons, marine the Military, has always Menses Peat, Marwick, Mit- accidents and depreciation of operated profitably, and I take chell and Co. were re-appointed Investments new aggregale $33% 11 as a sign of confidence that auditory at a fee of $7,500 million.

E. J. M. our bankers have eased the re- (proposed by Mr Appropriations to the sinking steletion on the dividend distri- Churn, seconded by Mr Trung funds have been winde in full, butlon this year.

Hung-Him).

PS

MORE LOCAL NEWS ON PAGE 8

Joan's Happy Wishes

I love to dance better than anything. And next best I'd love name new dance shoes. Bo pleaze bring, me pair of Capezios on my birthday. They're what the famous-danitera wear, you know.

Joan

The

Happiest alft

If you' bring, me a GIFT VOUCHER from Mode Ellte, l'il plęk up my own cance Shore,

MODE ELITE

Kayamally ido. 22, Queen's:Ad, C. Tel. 34962 HONGKONG. Ocean View Court, 27, Chatham Ad. Vi fral, #7489 KOWLOON