1924-03-21 — Page 3

Page

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THE UNITED ASBESTOS ORIENTAL AGENCY. LTD

Tel, Central 230.

SOLE AGENTS FOR HONGKONG.

Address: 2, Queen's Buildings.

JUST RECEIVED

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16, Des Voeux Road Central,

Telephonc

-K711.

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4

Telephone K711.

"LTD.

HEAD OFFICE: No. 92 to 180 Queen's Ecad Central FACTORY: Canton Road, Kowloon.

BRANCHES AT: Manila, Singapore, Shanghai, Canton, China.

The

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THE HONGKONG DAILY PRESS, FRIDAY, MARCH 21st, 1924

COMPANY MEETING. HONGKONG AND WHAMPOA DOCK CO., LTD.

POLICY OF EXPANSION

PROGRESSION.

European staff, and I ennnot close with- nut a word of thanks to him and them for their achievement in producing such a satisfactory statement of accounts," AND during a very severe period of stagna

tion in the shipbuilding industry. With our organization and staff, gentlemen, we can look forward to the future with con

44

With these few remarks I beg to propose the adoption of the reports and accounts, and after they have been seconded. I shall be glad to answer to the heat of my ability, any question that shareholders may, desire to ask.

The Hon. Mr. A. O. LANO, 'in second-

The ordinary yearly meeting of the dece, and I can only hope that the Hongkong and Whampoa Dock Co., Ltd", progressive policy that is being adopted, was held yesterday at noon, in the Com-is in accordance with the wishes of share pany's town othes. Mr. D. G. M. Bernard bolders, presided and there were also present: Sir Paul Chater, CM.G., Mr. J. P. Warren, Mr. H. P. White (Directors) Mr. R. M. Dyer (Chie! Manager). Mr EL Hosis (Secretary), and the follow- ing shareholders: the Hon. Mr. A. O.ing the adoption of the report and Lang, the Hon, Mr. Chau Siu Ki, Messrs. accounts, said:-Mr. Chairman and gen- tlemen-I am sure that we have all Abraham, T. E Pearce, F. M. Ellis, listened with the greatest interest to G. W. Sewell, P. Tastor, Kelly Sayee, Ng the Chairman's speech and to his very Shiu Sau, and I. S. Perry.

clear outline of our past and future The CHAIRMAN in moving the adoption sistent policy of expansion and progres activities, indicating as it does thé enn- of the report and accounts. said:

sion which our Board has adopted in Gentlemen,The Directors' report and the management of our finirs. La statement of accounts having been in your endorsing this policy I am confident that possession for the past two weeks. I will 1 voice the sentiments of all shareholders with your permission take them as read. who have the well-being of our Company The final dividend of five dollars, per at heart. Suitable shipbuilding and re- share which we recommend, along with

pairing facilities are a vital require the interim dividend of four dollars paid mens of this Colony, and the efforts of to you last October, makes for the year our Board to continually improve our 1923, a distribution to shareholders of establishments to cope with its evor- eighteen per cent, on the ordinary sbare growing needs, is further evidence not capital of the Company, which I trust you only of the foresight, but of the public. will consider satisfactory.

spirited policy of our Directors.-(Ap- I need not remind you of the conplause) So long as this policy is adopt- tinued state of extreme depression which I am sure we shall always get reason. still pervades the whole realm of every ably good returns on our properly, oven thing pertaining to shipbuilding and when trade conditions are as bad as they engineering, and I venture to say that are today. I would like to join with our shareholders of this Company are to be chairman in his word of thanks to our cobgratulated on the possession of a pro Chief Manager and his Europeia staff perty, which for the year 1923, gives them who have laboured so conscientionsly in such a good retara. A reference to tho

our interests throughout the year. I am Balance Sheet of any of our contem poraries either at home or abroad for glad to note that good housing neccamo dation is being provided for all of them, the same period, will bear me out. This na good health and personal comfort is. result has only been attained by the essential. With these few remarks it most careful management, combined with the policy your Directors have adopted gives me much plesure to second the for the past considerable number of report and accounts as presented.--(Ap-

plause.) years, of consistently expanding, develop Mr. KELLY SAYCE: I should like to ask ing and writing down the Company' properties, installing the most moderne question. How much is it going to and up-to-date machinery driven by us more for these dock extensio6S, as we have already spent about five electric power, to take the place of million dollars in the last few years? obsolete steam driven plant, pulling down.

The CHAIRMAN: "Which dock old buildings which required a great deal speat on them for upkeep, and replacing them with the very fine structures of steel and reinforced concrete, of which practically all your property consists to-day:

.

な

Mr. SAYCE The dock extensions. We are making Я new dry dock, and how much is that going to cost us, because we have already spent a lot of money.

The CHAIRMAN: Do you mean ordinary dock developments

Mr. SAYCE: Yay.

The CHIE MANAGER! million dollars more.

Abou: six

Mr SAYCE: How are we going to pay back this money in future?

BIG IMPROVEMENTS NECESSARY. At the same time I warn you that a great deal of money requires still to be spent, before we are quite satisfied that few further improvements are necessary.

The CHAIRMAN: Well, we are hoping This year we will have to consider the erection of a new iron red steel foundry, to pay some of it out of profits, and capable of producing steel castings of if it is cheaper to borrow money at a any weight required in shipbuilding. The reasonable rate of interest,, we shall do. present foundry in a very old building, so rather than get more capital. It is and the plant is natiquated, and it is to the interests of shareholders.

Yes, but even now it no longer a suitable unit of our Kow- Mr. SATCE: loon establishment. The site for the new would be cheaper: Under the item of one is on ground purchased two years interest," we spent last year $132.673- ago, immediately behind the engine shop. about 20 per cent. of our gross earrings, This ground had to be levelled, but. is and, of course, in years to come interest now about ready, to receive the new will be a grea: burden to us. I do not building.

think we can go on spending like this if we are to have no new ships.

THE 1,200 FEET DRY DOCK.

The CHAIRMAN: Is it your idea that we should not develop ?

The lengthering and widening of our No. 3 dock at Kowloon to enable it to

Mr. SAYOE: No, but I say that there take the ordinary modern coast steamer, should be the greatest "of economy, be- will have to be undertaken at an early cause interest will be a great burden opportunity. This dock is now too small to us in the future. to be employed advantageously. The The CHAIRMAN = 4ar development levelling of the hill at the back of our which is carried on is made with due Kowloon properties, to form a site for regard to the future work of the Dock. the proposed 1,200 feet, dry dock, will and we have to keep abreast of the be completed in about twelve months times.

money than we are earning. Last year we spent upon sundry creditors an in- crense of 81,763,000 more than in 1990-

time. Probably before that time your Mr. SAYCE: We are spending more Directors will have made arrangements to start work on this dock, which is most essential not only for the further pros perity of your Company, but for the Colony of Hongkong.

MONEY FOR THE SCHEME-

521.

The CHAIRMAN: Are you objecting ta these payments!

Mr. SAYCE: No, I am not objecting. I am only saying that we are spending

OTHER BUSINESS. – 1

Arrangements will be made in the meantime to borrow the money for those improvements, on the most favourable more money than we are earning. That terms possible, so that the main burden is all.

There were no more questions, and the of it will not fall on the shareholders. Some of you may think us optimistic, report and statement of accounts were particularly at the present time, in pro- thereupon adopted unanimously. ceeding with these improvements, but your Board bate now, as they always

On the motion of the Hon. Mr. CHAU have in the past history of the Company, Sie K1, seconded by Mr. E. M. RAYMOND, the greatest confidence in the future of the re-election of Sir Paul Chater and the shipbuilding and ship repairing Mr. H. P. White as Directors was dustries of Hongkong, and as it has been proved in the past, so it will in the future, that it is only by keeping thoroughly up-to-date in every particular, that we can hope to reap the advantage when opportunities arise

Turning to the accounts you will pote we have again allowed a large margin for depreciation. All your plant, build ings, loose tools and floating plant, even the most modern, will then stand at a much written down value in your books.

CONSTECCTION DURING THE YEAR,

animously carried.

Thd confirmation of Mr. J. P. Warren as a Director in the place of Mr. T. G. Weall was carried on the motion of Mr. ASAHAM, scooaded by Mr. I. 8. PERRY.

On the motion of Mr. T. E. "PEARCE, seccaded by Mr. G. W, Saws, Mr. H Percy Smith and the Hon. Mr. A. R. Lowe, were appointed anditors to the Company at a remuneration of $1,500

per annum,

This was all the business before the The ships we constructed during the meeting, the Chairman announcing that: year have given every satisfaction to dividend warrants would be ready for their respective owners, and although issue this morning. the margin of profit on them was very

small, they kept our skilled men employ HONGKONG SHARE MARKET

ed, and our name sa shipbuilders before the ship owning public, which is about as much as one can expect these days.

A new block of houses is in course of construction for the foreign staff at Kow- loon, and when two other blocks harg been erected, they will all be very well housed indeed.

We are extremely fortunate in having, as our Chief Manager, Mr. R. M. Dyor.

Applause.) Since he took charge of: the Company there has been steady pro gress, and it is due to his foresight. ability and energy that the organization has been brought up to the present state of efficiency, which enables it to compete in quality of workmanship and price, with any dockyard in the world.-(Ap plaase.) He is supported by un able

8280. & R.,

22167 b.

CLOSING QUOTATIONS

MARCH 20TH, 1994. Hongkong and Shanghai

Banks

$1,150 in. $943 $0. Union Insurances "Star" Ferries

$85 b. China Sagara Kowloon Wharves

Dock's Wham DOS New Engineeringt... Hongkong Lands Ewo Cottons Hongkong Ropes Dairy Farma Watronis Hongkong TramE

120

Tis. 11'b ..#324 Bu

...8241 b.

CAN I WEAR THIS AGAIN

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MAY WE SERVE YOU?

THE STEAM LAUNDRY C

HEAD OFFICE and WORES: YAUMATI Tel X 32. HONGKONG DEPOT:14, Banley Street, Tel C 1,379.

62, Praya East

KOWLOON DEPOT: 19, Canton Road. CANTON: 19, Sharki Cositesi, Esat. KOWLOON HOTEL DEFOT.

•

Writs or Phone for PRICE-LIST.

"

MATSUMURA.

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DEALER IN

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