1914-07-18 — Page 5

Cattler Falmer & C NAPIER JOHNSTONE'S

The Wine Merchany of the Cast

“SQUARE BOTTLE”

WHISKY. UNVARIED FOR OVER

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THE SAME TO-DAY AS IN 1745.

BEWARE OF IMITATIONS.

SOLE AGENTS IN HONGKONG

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Sir Ernest Shackleton's Route 1,700 miles

across the South Pole from sea to sca.

WRITING to the pro

entrusted with. dan purchasing of the stoices for the forthcoming to perial Trans » Antarctic Expedition, Si Erpest Sheckleton use these

WOLAR.

"The question of the concen trated beef supply is most important-- It must be Bovril."

Men who trus! | a knowledge of ·

their fives to

their food Jake no flaks, and SI Kroest Shackle: kon, pleuning this expedition; witli sa intimate

stores de af ke and, answ..., k recognited the artontiacaly proved value of

·TAR.

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ISO:

1850

COMPANY MEETING,

THE HONGKONG DAILY PRESS. SATURDAY, JULY 18m, 1914.

SHELL TRANSPORT AND TRADING

CO. (LTD.)..

AIR MARCUS SAMUEL REPLIES TO MH,

· CHURCHILL. :

The annual general meeting of the members of the Shell Transport and Trading Company (Limited) was held on June 2nd at Winchester House, Old Broad-atroet, under the presidency of Sir Marcus Samuel, Bt., the chairman of the Company.

The Secretary (Mr. B. A. Smith-Rowse) having read the notice convening the meeting and the auditors' certificate,

The CHAIRMAN, who was cordially greeted," said Ladies and Gentlemen,- Before presenting the balance sheet to you, a duty evolves upon your directors to rebut the statements of Mr. Winston Churchill-Cheer, hear)-made in the House of Commons about this Company and its directors. The first and most serious. is that we have exploited the necessities of the Admiralty, that we are à trist text to the Standard 'Off Company-a trust of such magnitude that Mr. Winston Chur chill has assigned to us a very important position in the oil trade. He has stated that there was "a combination among various companies so close and binding that there was no free market, and he bas implied that the oil trade was controlled by the Standard Oil Company and the Shell Company. If this be so, what is the reason that for the years from 1907 to 1911 not a single con of liquid fuel was pur- chased by the Admiralty from the Shell Company ? In 1912 this Company supplied no more than one-seventh of the oil fuel imported by the Admiralty in that year, and that quantity we supplied at a price which left the Company heavy loss. It was largely in consequence of the very low prices ruling then that production was discouraged and an inevitable reaction occurred 12 months later, 1913 of the total quantity of oil imported by the Admiralty our Company supplied less than one-eighth. The remaining seven eighths were derived from nine separate vendors, not one having the most remote connection nor alliance nor agreement with the Shell Company, nor among themselves, I am sure that when the First Lord realizes these facts he will at once agree that he was completely misinformed when he stated in the House of Commons that there was 'a ring against the Admiralty and that we were concerned in it and that there was no "free market." (Hear, hear.)

In

The argument of Mr. Winston Churchill that because there was not an "open market" it was necessary for the Govern ment to develop oil fields themselves goes by the board when it is remembered that in addition to the nine Companies from whom supplies were drawn in that year the Admiralty have notoriously obtained for 1914 and following years large supplies from Mexico, from the Scottish Shale Oil Producers, and from the Shell Company, whilst they know, too, that supplies are increasing in Trinidad, Sarawak, and Egypt, and that the opening of the Panama Canal will place vast quantities of oil at their disposal.

CAUSE OF THE RISE IN PRICE.

The great rise in the price of which Mr. Winston Churchill complains was, amongst other natural causes, due to the

instead

WM. POWELL, LTD.

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NATURE'S FLOOR-COVERING

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Made of toughest prairie grass, CREX is durability itself.

CREX

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WM. POWELL. LTD. SOLE DISTRIBUTERS.

THE COMPANY AND THE ROYAL DUTCH'..

COMPANY.

The reproach that we might suffer from. a foreign alliance would possibly have held good if it were with a country having conflicting interests with Great Britain and having a feet requiring large supplies of liquid fuel. Neither of these conditions applies to Holland, and it has not been the feast of the difficulties of your directors that the censures directed against this Company have been based upon the fact that they were in alliance with the Royal Dutch Company. We have not only never denied, but we are proud. of the association (Hear, hear:) It fins promoted good feeling between the two. nations, and this will progress unless it is disturbed by unwise, ungenerous, and misleading misrepresentations. Most fortunately, Mr. Deterding and his Dutch colleagues are broadminded men, and they have not resented the attitude which has been taken. But on the contrary, they bave given, and I am quite sure will continue to give, every help that they possibly can to the British Admiralty if they will frankly state what it is they require and give us time and opportunity for providing it.

[619

MOUTRIE PIANCS

are BACKED

GUARANTEE

for FIVE YEARS.

PRICES FROM $385

EASY TERMS. CAN BE ARRANGED.

EXCLUSIVE DISTRIBUTORS:

S. Moutrie & Co., Ltd.

NOTICE TO KOWLOON RESIDENTS

Eon le dally at the following Stores...

ĮXTRA COPIES Press ? aro

KOWLOON BOOK STALL, Ferry Wharf Memes, HUNG CHEONG, Haiphong Road

INDO CHINA PORTLAND CEMENT COMPANY, LE

FAMOUS

DRAGON

BRAND

CEMENT

HEMEN

ALWAYS IN STOCK

HIGH

QUALITY BUILDING

CEMENT

Apply to F. BOFFIETTI & Co., 14, Des Voeux Road Central, let Floor, Telephons 289.

Summer Excursions

TO

JAPAN

BY THE STEAMERS OF

CANADIAN PACIFIC S.S. LINE. PACIFIC MAIL S.S. CO.

TOYO KISEN KAISHA.

see total production for 1913 GOING AND RETURNING WITHIN PERIOD 1 JUNE-3187 OCT.

cur

I am only too glad to chronicle that since the Admiralty realized their needs, since equal opportunity was given to this Company with their competitors, a totally different spirit has prevailed, and it was therefore astonishing to us to hear that, under the pretext that there prospective demands of the Admiralty and that we were parties to the ring,"

was a ring against the Admiralty, being concealed

of being announced as early as possible. (Hear it was thought necessary to take a step hear. The imports of bil by the new to Government practice and to Admiralty in 1913 were no less than 150 involve public funds in a commercial adventure. In the tale that I shall per cent. in excess of those in 1912. With presently have to unfold to you in con- such a large and sudden increase in

nection with your own business, you will demand the wonder is that the Admiralty had not to pay still higher prices, and that they did not proves the elasticity of the oil market. The Admiralty, if they wished to secure supplies, made the grave mistake of supporting one Company only →(hear, hear)—and of keeping at arm's length this Company, whom the First Lord has honoured by describig as a power in the oil world. The specification prepared for liquid fuel for the Admiralty was of a character which excluded many sources of oil from supplying it. With the growth of the requirements of the Admiralty for liquid fuel it became neccesary to obtain larger supplies, and then, and then only, was this Company approached. We cannot betray Admiralty secrets, and, urless Mr. Winston Churchill releases us, we may not disclose the actual figures at which we have sold to the Admiralty, even for refuting the accusa tion, which we deeply regret, that we are only courteous “at a price.

"AN INVITATION TO THE ADHIRALTY: ME. CHURCHILL'S SNEER.

amounted to 4,000,000 tons. The small quantity which the Admiralty took from us is a bagatolle compared with this, and your interests are therefore financially independent of prejudices and attacks even by a Government Department. But we would express the hope that, with the clucidation of the facts which we have placed before you, the prejudice which has existed against this Company may be dispelled. Under no circumstances whatever will your directors and man- agers-British or Dutch-resent to the JOINT SCHEDULE OF SAILINGS TO AND FROM JAPAN PORTS.

RATES FROM HONGKONG : NAGASAKI $120.00. KOBE $135.00, YOKOHAMA $150.00.

the British Empire the injury of grievances which we have had against individuals. In spite of what has occurred, such service, advice, or assist- ane as we can possibly render to the Admiralty will be freely, willingly, disinterestedly, and always at their disposal if they choose to avail them. selves of it. (Cheers.)

Tickets are interchangeable for return by any ateamer of above-named Companies and inslade Rail between Japan Ports of call if desired.

Passengers may go and/or return vIA MANILA without additional charge by steamers calling at that Port so indicated in schedule of sailings shown below,

The Steamers operated by the Companies named are the largest fastest and most luxurlons on the Const.

YoonAMA

LOVE

FROM JAPAN.

Kose Nada HoKoKon LEAVE LEAVE. ARKITE

TO JAPAN.NE

Новакова

STBANKE

NAGAFARI *ÄKEITH

08-2223

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Koan

YOKOHAMA

ABRIVA

PAERITA

5. OF INDIA

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27: July

July

July 13 July‡ | KOREA

July

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Aug.

Aug.

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CHIYO MARU

+

E. OF ABIA

37

2 Aug.

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MANCHURIA

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P

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Eejit.

Baha"AZHONGUTZERNA I

TENYO MARU NILE

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NIPPON MARU MONTEAGLE

Kept MONGOLIA

E. OF INDIA

BHINTO HARU

PERSIA

E. OF ASIA.

OF JAPAN.

"

KOREA

18 10

Bent.

1 Sept.

↑ Beturning tis Manila,

Going via Mala Steamers proceeding via Manila do not call at Shanghai,

PROVISION FOR DEPRECIATION; In the brief summary which was issued with the report, the item to which I wish to direct your attention is the fact that the Anglo-Saxon Petroleum Company (Limited) and the Bataafsche Petroleum Maatschappij bave set aside for deprecia

*-osaaa-**

ཙི ཀླི བ ར ར དེ བ འགྲོ ར བ ད ད པ པའི པ དད ང

[630

TO LET

TO LET.

IN ALEXANDRA

IN

BUILDINGS, VERY CONVENIENT OFFICES

And ROOMS. Apply

SECRETARY,

A. S. WATSON & CO., LTD. [923

Hongkong, 9th July, 1914,

TO LET

DALATS, "WILD DELL," No. 147, Warehai Road, newly built, each Flat with 3 Booms, Kitcher, Bathroom and Servants' Quartére,

THE NEUK," No. 63, Penk Apply to

BANG KED

Care of COMPRADORE DEPARTMENT,

HONGKONG AND SHANGHAI BANKING CORPORATION. Hongkong, 9th July, 1914.

TO LET.

[924

NO. 7. STEWART TERRACE, PEAK, thoroughly renovated and in good order. No. 9. BEACONSFIELD ARCADE, Shop. ECOMS in Queen's Road Central No. 55, ELGIN TERRACE, newly painted and colourwashed.

No. 19, SHELLEY STREET. Apply to

INSTEAD & DAVIS, 8rd Floor, Alexandra Buildings. Hongkong, 25th June, 1914.

(65

TO LET.

3 ROOMS, suitable for Offices, on the Ground Floor of Bello Buildings, 81, Wyndham Apply to

Street.

P. A. XAVIER, Care of Hongkong Printing Press. Hongkong, 11th July, 1914.

(930

QUEEN'S BUILDING.

10 LET, the Bouth-West portion of the FIRST FLOOR, ing Treasury German Bank, on Ground Toor, lato in occupation of the

Apply to

THE HONGKONG LAND INVEST- MENT & AGENCY Co., LTD. Hongkong, 17th June, 1914.

1898

TO LET

CHOP, No. 12, Queen's Road Central.

OFFICES on 1st Floor of 13 and 14, Queen's Road Central,

⠀⠀ Apply to—

CHRISTOPHER WILLSON, Hongkong, 17th Jane, 1914.

18, Bank Buildings.

TO LET

[57

FACUE-BOOMED HOUSE in Salisbury

Avenue, Kowloon. Cheap rental,

SHOP with GODOWN attacked, Nathan Road, Kowloon. Kowloon Marine Eot No. 48, with Wharf,

FLAT in Nathan Road, Kowloop.

Apply to

HUMPHREYS ESTATE & FINANCE

Co. LTD. Alexandra Buildings. Hongkong, 10th May, 1914.

· [690

A RECORD BALANCE SHEET: DIVIDEND 35 PER CENT. Ladies and Gentlemen, Never has it. been my privilege to submit to you such But since the accusation has been made, we invite the Admiralty to disclose the a balance-sheet as I now have the pleasure f.o.b. price at which we sold to them, and of putting before you for the year ended. December 31st, 1913. After providing a at the same time to state the price paid sum of £14,021 28 6. for depreciation to others for supplies bought at the same on investments (we never take credit, as moment. My colleague, Mr. Deterding against this item, for appreciation on resents as deeply as I do the insinuations securities already written down); after made against this Company that we have debiting to profit and loss not only the been courteous to the Admiralty only at entire expenses on the new issue of a price." Mr. Winston Churchill himself, Preference and Ordinary capital amount- in his speech in the House, acknowlodged ing to £5,202 38. 3d., but the entire how much he was indebted to Mr. stamp duty on increase of capital of Deterding, and consequently to the Com- £12,500, we are still able to carry to the pany, for what had been done for the balance sheet £1,800,259 138. 4d. (Cheors.) Admiralty, It is to be regretted that in I must refer a moment to the figures the report of the debate Mr. Deterding's on the liabilities side of the balance-

one. Upon the declaration of the British name, which was mentioned by Mr. sheet You will find that during the

Admiralty that they had decided to use Churchill, was accidentally omitted." current year £500,000 (very largely

liquid fuel on a large scale in view of its We next come to a sneer by Mr. Winston derived from premium on new shares)

overwhelming advantages (so constantly Churchill which is unworthy of him. He has been added to the reserve, ran

demonstrated to them by this Company stated that if the Government did not this item to £3,900,000. conclude the purchase of the Persian Oil amount of the carry forward this year

by taking their engineers on Shell boats and imparting to them all the knowledge Fields, the Shell Company would have is shown as £326,564 (s. 7d, it is in

we had obtained), hopes were raised high bought them, and under some high-sound reality £18,398 4s more, because you will tion for the year £1,218,000, this making

favour" would at length prevail. (Hear, ing patriotic name would have registered see that in the appropriation statement with that set aside from the inception that the policy of a fair field and no another Company. His sneer applied, we have given the full amount of the of those companies in 1907, £5,508,000, of

second interim dividend actually paid out 56 per cent of the original capitaliza-hear) Under this stimulating influence, no doubt, to the fact that the Company to the shareholders. It must be borne in tion (Cheers) Nor is this all Every determined effort was made by all the in which the Shell Company and the Royal Dutch Company are the sole share mind, however, that there stands at the voice is y comu bay in which we have a producers to furnish the Admiralty with credit of dividend account the amount of is financed on the same sound lines such a supply of liquid fuel as would holders is called the Anglo-Saxon £16,899 45. as shown in the balance-sheet, Each provides its own depreciation. warrant them in continuing in their Petroleum Company. There is no other which will be brought into effect in the Whilst I am on the question of the enlightened policy of increasing the units foreign element in the Anglo-Saxon 1914 accounts. The dividend of $5 per resources of the company, you must have in the fiect to burn oil, for we are con Petroleum Company, whilst it is agreed that in those of our Companies which gent. for the year, which is paid free of observed, with the pleasure that it has vinced that a coal-fired Beet cannot income-tax is payable upon £4,017,610, given your directors, the fact that the survive against one oil driven. Great operate in British territories the majority Preference dividend has been paid Bataafsche insurance fund has been success has attended our efforts, which of the directors shall be British subjects. on the full capital of £2,000,000, both raised during the year by a sum of no were devoted (in so far as prospects of The Dutch sources of supply now produce being materially larger sume than in the less than £200,000, and that it now stands success existed) to the development of fields all over the world, especially 1,300,000 tons of petroleum annually previous year In Becurities invested at £700,000 page

including British territory or places No We have never done a greater service in outside the business in bills receivable, securing a supply of liquid fuel for the Navy than when-we realized the potentialias of the Dutch East Indies. (Hesr, hear.)

Whilst the

FORTUNATE. -AND "LOST INTERESTING YEAR

fixed deposits with bankers, and cash at bankers, on current Recount, and at short notic, we had in hand at the close of The year under review has been not the year £2,100,000 of liquid resources.

only a fortunato but a most interesting.

under British jurisdiction.

(Continued on page 6.)

TO LET

ICE in Hotel Mansions. From 1st Apptember nort

next.

HENRY HUMPHREYS, Alexandrs Buildinga..

1916

Hongkong, 6th July, 1914.

TO LET

TO. 5, "ORMEBY TERRACE," Kowloon

Apply to

SPANISH DOMINICAN PROCURATION. Hongkong. 10th July, 1914.