1912-08-16 — Page 5

Page

Gelar kamere

RUBBER PLANTATIONS TRUST.

THE RUBBER POSITION REVIEWED.

The third ordinary general meeting of the Rubber Plantations Investment Trust, Limited, was held on the 18th ult., at the Hotel, Cannon-street, London, F., Mr. Charles Arthur Lam- pard (the chairman of the Company) presiding.

NAPIER JOHNSTONES' Contrect

"SQUARE BOTTLE

WHISKY.

UNVARIED FOR OVER

150 YEARS.

THE SAME TO-DAY AS IN

1745.

BEWARE OF IMITATIONS.

BOLE AGENTS IN HONGKONG

LANE, CRAWFORD & Co.,

and from ALL WINH MIROHANTS.

When on the Sick-list

a man's usefulness and enjoyment of life are about nil. He feels

perhaps a burden to himself and a trouble to others. The cheerful- ness natural to him is sadly over- cast by the depression caused by continual indisposition. The sun of Good Health lies behind a black cloud, and before the warm rays esn again rejoics him, that aloud must ho dispersed. If such in your experiance

you should

Take

[62

stopa to onsuPo an immediate return of health and strength. This means that you should put your digestive organs in perfect order-cleanse the liver-regulate. the bowels and kidneye-purity the blood-tone up the nervous system. To effect this thoroughly and completely you should put yourself through a course of that .medicine which has proved of such exceptional value in so many Cases-namely

Beecham's

Pills

Said everywherela boxes, price gjd. (36 pills), 1/1 (56 pills) and 2/9 (168 pill.

鞥水汽力過士

HOME-MADE

MINERAL WATEES

BETTER THAN

FACTORY-MADE.

KNOW

the

The Chairinan in his opening remarks nid Dealing with the balance-sheet in the order in which I have dealt with it in previous years, the first thing that call for attention is the amount appear- ing for shares and debentures in and uption over unissued capital, which stands this year at £741,14) 118. Gd., against £418,559 s. d. 11 shows an increase of £192,593 H. 3d, and that increase is made up, approximately, as follows:--We have, as you all know, formed five of our properties during this year into separate companies, and we have taken in shares in those companies £270,613 rather less than half the capital of the Companies concerned--and in new issues, calls, options exercised, and pur. chure, less sales, we have invested a farther £52,070, which makes up the difference of £329,583. The liability in respect of calls in this year £177,561 78., as against £98,407 68. last year. This liability is one which, of course, is not an immediate liability; it means liability which we have to meet from time! to time if calls on our shares are made, and since the making up of these accounts I may tell you calls have been made and paid to the extent of £51,636 59., and that our liability under this item to clay is £126,925 98.

SALES DURING THE YEAR.

Д

THE HONGKONG DAILY PRESS, FRIDAY, AUGUST 18TH, 1918.

WM.

POWELL LTD.

"SAXONE

FOOT-JOY

FOR GENTLEMEN.

A FIT FOR EVERY FOOT

(EACH PAIR GUARANTEED).

BOOTS

$11.00

Wm. Powell,

BOLE AGENTS,

Red

Seal

JAS.

Rogal

Householû

BUCHANAN & CO.'S

SCOTCH WHISKIES.

THE POPULAR

BLACK

& WHITE

WHISKY

GARNER, QUELCH & Co.,

Tandom

Piebald

SHOES $10,00

Ltd.,

BOLE AGENTS.

TELEPONE 636.

SAXONE SHOE CO.. LTD.

non-rovenue

non-dividend earning, it must, of course,. Our sales during the year have been vary the proportion of yielding to non- very small; in fact, we have not been yielding; but these are the figures at the sellers, and as justification for that Trust represent an ownership by the noment.. The investments alone of this policy, the holdings of this Trust were

Trust of 17,000 acres of planted land. certified by the brokers of the Company If we add our properties and investments at price which shows a margin over together this year 66 per cent of the book east of £124,150; while yesterday; total amount will be revenue-producing although there have been some salea, and we have had the synthetic scare and the and 44 por vent will still be non-revenue dulness which usually takes place at this producing. Next year, 1913-14, 75 per tline of the year-and for that reason, bearing and 23. per cent.

cent, roughly speaking, will be revenue- possibly, it is rather an unfortunate tims bearing, and when our investments and to hold the meeting of this Trust-our properties are in full bearing, and all the margiu over book cust was £32,007, against £37,000 at the corresponding date capitals paid up, the acreage cost will not of last year, which shows a very distinct exceed £60 an acre, and that is a basis appreciation. It is nothing like what which I am absolutely certain myself is asafn basis-a basis which will always that appreciation should be or will be yield us, on products such as we have, but, still, it is n justification of our policy a very satisfactory revenue.

The other of not selling, and it is also a justification items on the assets side of the balance for what I told you last year-that we regarded the depreciation which had sheet speak for themselves, and require no comment. On the liabilities side the taken place at that time as being in a Brst question is that of our capital. It vers greet measure artificial, and that in

has increased by £28,431, owing to the due course it would be recovered. I am fact that options on 56,602 shares, men quite certain, too, that as the merits of tioned in the last report, have since been these undertakings in which we are most

not exercised. Of these, 45,722 were deeply interested become more clearly exercised until March last, and therefore demonstrated, as they will do, our shares these shares do not rank for the dividend will still further appreciate and our which is about to be declared, but from margin over book cost still further now enwards the whole of the issued increase. Of our investments 63 per cent.

Our issued practically is in rubber, as against 72 per capital will rank puri passu. cont, last year, and 24 per cent. in tea, capital, therefore, is now 1,000,000 shares, against 25 per cent. last year, while 13 60,000 of which are fully paid and 950,000 per cent is in tobacco, coconuts, coffee, are still 10s. paid. rice, cardamoms, and tapioca, against 3 per cent. last year. I would point out

INTEREST AND DIVIDENDS RECEIVED. After outlining the policy of the Board. that, taking tea as an instance, that does the Chauman mid one interest and not mean that our actual holding in ten dividends this year amounted to practi has decreased, but that the proportionate cally £14,000. This is an item which is amount has gone down 1 per cent. Turn- ing to the second item out that side of the going to increase very rapidly during the next two years, for we estimate our balance-sheet, sundry payments on account dividends for this year will not be leas of purchase of properties and expendithan £24,00 and for the following year ture in connection therewith, it shows a not less than £40,000. very considerable decrease, accounted for

partly by what I have told you in regard

stands at £106,672 10s.

THE RUBBER POSITION.

[636

THE DISTRIBUTION OF RUDBER. The drift of the distribution is discles- ed on looking at the American exporta that is, the exports from this country to America. In 1010 we sent 6,500 tons, in 1911 5,300 tons, and in 1912 11,270 tons, which is an inercase of rather over 100 per cent. on our exports of the previous rubber for the ten months of the years year. The American imports of crude

1910-1 and 1911-12 ended April last weze as follow:

For 1911-12 30,640 tons and

for 1910-11 24,454 tons, an increase of 15,186 tons, and an approximate increase in the imports of crude rubber into the States of 60 per cent. Guayule, jelatong decrease, but end waste rubber show the use of crude rubber in the States bas The German enormously increased, figures for January to April show some- thing of the same nature. For the period January to April, 1911, the net imports into Germany were 3,552 tons, and for January to April, 1912, they were 5,519 tons.

Madam

Tie a knot in your handkerchief, before going out, to remind you to order a tin of

Van

Houten's Cocoa

A delicious beverage.

THE STANDARD COCOA OF THE WORLD. CHEAP, BECAUSE A LITTLE

GOES A LONG WAY.

A FOOD FOR THE MUSCLES,

A TONIC FOR THE NERVES.

A DELICACY FOR THE PALATE.

Try it!

TO LET

TO LET.

Freeisl Liqueurs

[129

Although the gross imports of Germany showed an increase of about 100 tons, the re-exports showed an increase of 350 tons, and think it has all gone in the same direction. The point that these figures make quite clear is that one country believes very strongly indeed in the price of rubber to-day, and that coun-

moment is slightly higher, but that gen try is Amerien, the biggest rubber-using country in the whole world, using getting erally shows the course of the price of on for one-half of the crude rubber of

rubber. I have often been chaffed about the world. English manufacturers think speaking of this rubber growing as a that plantation rubber is coming forward great industry; but it is beginning to from month to month, and therefore there justify itself, because the average value is not the slightest necessity to stock it, of the plantation rubber alone this year except from hand to mouth. They for will not be less, I think, than about get, very likely, that the whole of the £14,000,000 sterling. So it is an industry crop which we estimats to produce will which, at all events, is beginning to not appear in the public sales at all. It justify the name of industry"-(hear, has been sold, a large proportion of it hear)and that industry is only in its for this year, and a very large propor- initial stages. It is going to make Lon- tion has been sold for next year, and don the definite centre for the distribu there would be no difficulty in the com- tion of rubber. It is going to be of im panies practically unking contracts to mense benefit to us in the share of ship-No.12, BEACONSFIELD ARCADE, day for the whole of their first latex, ping, banking, and brokering, as well as which is the only standardised grade, for to dock labourers, and, last, but not least, No. 13, BEACONSFIELD ARCADE, the whole output for 1913, at a very good to shareholders. (Laughter and ap- First Floor. .price.

reverse

CHAPOTEAUT'S

MORRHUOL

A certain percentage we have | plause.) to the first item. To-day the amount I am asked questions with regard to

Rold. We think it wise to do so; but wo are not selling more than a percentage, 6d, against various matters, but before dealing with £26,819 odd last year, or a decrease of them I might just, without detaining

because we feel sure that the figures of £330,146 7. This decrease is made up as you tou long, give a general outlook of follows:In the five new Companies the rubber position, because, naturally, consumption and production justify a very distinctly higher rate for rubber These 6gures which we formed we received back the prosperity of a big undertaking like than that ruling today. £4,601, and we have spent on further this, which has a large amount of capital are just an instance to me that whenever development on properties which we still invested in rubber and in tea, must be anybody thinks one thing the ran £54,545, making up that decrease of governed, to a great extent, by the price happens, and at the end of last year and Why contione purchasing £330,146. I have told you that out of this which is probably going to be realised for the beginning of this year I could and There can be no man to agree with ine about the pos- factory-made Mineral we have invested, in the form of shares, the articles it produces. Waters? Mako your which appear in the item aber, £270pts, no shadow of doubt about tea. The posi-sibility of a good, strong price for rub- 1 said it publicly at the United own Mineral Watera at Adding our properties and other invest tion of ten is exceptionally strong. The ber. home at a cost of 90 centments together, the position this year is annual consumption all over the world Serdang meeting, but I was scoffed at A DOZEN SYPHONE that we have reduced our holdings by is increasing at such a rate that it every nitch; still, I am confident that the Then you

figures of production and consumption quires to meet it not less than an addi water

£7,361. The two items together in 1011tional area of about 20,000 acres a year justify a much higher price for rubber ig pura, and

amounted to £45,376, and the two items The position, therefore, is very strong than at present ruling, and I think if contains no disease gerras. With the

at March 1st last came to £937,814.

Tea does not yield quite the profit that

the English and continental manufac- rubber does and will do for a number of tarers are not careful the Americans are "PRANA!

years; but still, it yields a very good

short, as a rule, before, and they The net result is that at March 31st, return on the capital invested, and it is them to get the short. They have had

In regard to rubber, will have them again." 1919, our liquid assets had been increased entirely secure. SPARKLET SYPHON by £51.831, made up by now capital there has been a general impression about £99,430, increased disposable profita this year that there was only one course £15,360, increase to our premiums. £477, for rubber to take and that was down- and reduction on investments and pro-wards. At the United Serdang meeting perties £7,584. We have given you in the in 1911 I ventured to take a different

view i report the geographical distribution of with me. My view was formed on keep but I could get no one to agres our investments, but if we add our pro- perties to our investments the geo-ing a very careful track of the consump graphical distribution is as follows tion-a thing I have followed very care. fully indeed. I examined it closely In Ceylon we have 8.07 per cent. to-day before I went into this industry, and as against 6.85 per cert. last year; other possible dangers, too, and came Southern India 11.30 per cent., against

and a dozen Bulbs you can make a dozen Syphons of delicions Mineral Water, and the cost is less than if you buy factory-made Mineral Water. All Chemists and Stores sell

"PRANA' SPARKLET SYPHONS and Bulis,

Price of

SYPHON $2 each. | BULBS 20 cts. per box WHOLESALE PRICE STPHON per doz.

816.00 F.O.B. BULBS per doz. boxes ..... 88.00 F.O.B. KWONG SANG HONG, LTD., WHOLESALE AGENTS,

246 and 249, Des Tonx. Road, Central, HONGKONG.

行發雜

行生廣港香

公司限有

THE NEW FRENOH REMEDY.

1889

THERAPION No. 1 --

GURKS DISCHA BORS, WITHENSEL,WITHOUT INJECTIONS,

THERAPION No. 2

CURED BLOOD FO:BON, RAD EKGE, SEIN ERUPTIONS.

THERAPION No. 3

CERES CHRONIO WBAKKESSZS, DRAINE, LDET VIGOR, ST. SOLD BY LEADIOCHEMISTS. PRICEIN ENGLAND. WI

A OURE

PRODE EXCLES!

HAVERSTOCK RD-HAMESTEAD, LONDON FOR YOU TRINEW DRICKE (ZASTELEGS) FORM OF KLASY TO TAKS

SAFE AND LASTING CURE. SEE THAT TRADE MARIEP WORD "THERATION IS ON BRIT, GOVT STAMPAFFIXED TO ALL GENIKE PACKETU. * INSIST ON HAVING THERAPION,

THERAPION

THE LIQUID ASSETS.

to the conclusion that there were no 8.23 per cent.; in Malaya 19.86 per cent., dangers, and that is why I went into this not entirely on my own ac-

WORLD'S PRODUCTION AND CONSUMPTION.

Reviewing the world's production and the world's consumption during the noxt year you can get at it fairly well now, mouths, and it is only necessary to because we have got the figures of ten estimate the figures for May and June it discloses a consumption by America of 47,640 tons, by the United Kingdom of about 15,000 tons, Germany 15,000 tons, France 10,000 tons, Russia 7,000 tons, Belgium 1,500 tons, and other countries 7,000 tons. It discloses a consumption there of crude rubber of between 103,000

against 11.36 per cent,; in Sumatra 46.45 | industry from a national point of view and 104,000 tons. If we turn to the pos

por cent.. against 49.01 per cent., and count;

in Java 91.20 per cent., against 23.89 per I advocated that the English people sible

cent.

On those figures it shows that we should put their money into rubber, be- most auction, allowing for it on the 1

THE COMPANY'S INVESTMENTS.

scale, we can get pretty close South

5,000 tons;

have a slight reduction in our holdings cause it was a trade in which previously to what is going to be the result.

Sumaira and Java. That is due, of this country had not shared, and I beliey America's total production will be about course, to the formation of these Comed there was a magnificent opening which 39,000 tons; plantation, putting it at a panies in which a large interest has been would do as good individually, and do very high rate, 28,000 tons; Africa, 15,000 taken by others.

(Hear, hear.) tons; Central America, us good as a country. Turning to the figures, the English im Assam, Rangoon, Borneo, etc., 2,500 tons; ports for the last three years ended Jane and other sources, 1,000 tons. That dis

The We estimate, on the basis of our buld last amounted, for 1910, 5,124 tons; for closes a production of 91,000 tons. ings up to March 31st last year, that 1911, 23,369 tons; and for 1912, 25,718 stocks at the end of June showed a de- These were the gross imports. crease of some 4,000 tons compared with about 56 per cent. of our investments tons.

June last year, and the total visible were yielding a return in 1911-12 and 44] The exports in 1910 were 13,052 tons, in per cent. of them were as yet in the 1911 13,385 tons, and in 1912 18,542 tone, supply of rubber is 9,000 tons, and 2,200 development stage. For 1912-13 we cuti- leaving the net imports for 1910 12,072 tons of that stock is held by a syndicate mate that about 71 per cent. to 72 per tons, for 1911 9,984 tons, and for 1912 in Pard for the higher prices which, if These bgures show a very they hold on, they will probably get. cont. will be giving.as a return and that 7,170 tons. 20 per cent. will not. Of course, these great shortage left in this country for The general course of rubber from 1907 gures I give you about the percentages home manufacturers of rubber this year, to 1912 has been as follows: In 1907-8. at the time of the American crisis, the of investments giving a returti must of and that, while the imports were very necessity vary in accordance with our distinctly ahead of the importa for the operations. If we sell any of our invest corresponding period of the two previous ments which are dividend-carning and sears, a much smaller amount of that rubber was retained in this country for invest the proceeds in things which are

its own purposes.

average price was 3s. 10d, per pound; in 1908-9 it was 44. 10jd.; in 1909-10 8s, lid. in 1910-11, 68. 4fd.; and this year up to date the average price has been 4. 74d. The averago price ruling at the

Saperior to Emulsions or Cod Liver oil.

Each tiny Morrbuol capsule re- presents the medicinal value of a tesspoonful of pil.

Recommanded at the Paris Aca demy of Medicine, for loss of appetite and flesh, to patients with consumptive tendencies

Sold in bottlas of 100 Capanier. Hold by all Chemistr.

TO LET

TO LET.

113-6

ARGE SUBSTANTIALLY - BUILA ↑ GODOWN, tasted on Water Front, East Foint.

For further particolare apply Property Office, JARDINE, MATHESON & CO., LTD. Hongkong, 15th August, 1912. 1995

TO LET.

HOP with GODOWN sitached, Nathan

Road, Kowloon.

KOWLOON MARINE LOT No. 48 with WHARF,

Apply to

HUMPHREYS ESTATE & FINANCE

Co. LTD., Alexandre Buildinga Hongkong, 15th August, 1912.

ON AND FLOOD No. & PIDDER STREET,

ONE-ROOMED OFFICE. Apply Property Office,

JARDINE, MATHESON & Co., Lrn. 1733 Hongkong, 23rd May, 1912.

TO LET.

“THE CASTLE," Castle Road, 9 Rooms, from 1st September, 1912, thoroughly repaired, painted and colourwashed,

LARGE BOOMS, Central Position, Chesp Rent.

1 SMALL GODOWN in Duddell Street (Godown D).

"ROGATE" Austin Rosd, Kowloan, from 1st April.

For Sale, "HARTING and ROGATE" on part of Kowloon Inland Lot No. 1154% Apply to LINSTEAD & DAV19,

3rd Floor, Alexeodro Building a. [122 Hong kong, 5th August, 1912

OFFICES

Apply

TO LET.

in King's BUILDING

THE HONGKONG LAND INVEST-

MENT AND AGENCY Co., LTD.

[121 Hongkong, let-Angust, 1912.

TO BE LET.

CHOPS AND

ALEXANDRA

Apply

OFFICES, IN BUILDINGS.

A. S. WATSON & Co., LTD.,

Alexandra Buildings.

Hongkong, 22nd May, 1912,

TO LET.

[123

ON SHAMEER, BETTISH CONCERSION, NIX ROOMS and LARGE OFFICES, recently in occupation of Standard Of Best business situation.

Apply to

T. E. GRIFFITH, Canton.

Canton, 3rd August, 1912.

'G'

TO LET,

[966

** M REENMOUNT," situated at 13, BONHAM ROAD. Newly renovated and comfortable for a suitable Residence, Nice View of the Harbour and Adjacent Islands Reasonable Rent.

Apply

[869

No. 4, RIPON TERRACE,

Bonham Road. Hongkong, 10th August, 1912.

980