1924-06-18 — Page 2

Page

A REAL DRINK.

"BOARS HEAD BRAND

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A'WORLD-WIDE_REPUTATION.

SOLE AGENTS:

THE HONGKONG DAILY PRESS, WEDNESDAY, JUNE 19TH, 1924

ANDE, PRICE & CO. LTD.,

Tel, Central No. 195.

No. 8, QUEEN'S ROAD CENTRAL,

HONGKONG,

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NIPPON YESEN KAISHA.

A

M

DIVIDEND OF 10 PER CENT BUSINESS IN GOOD CONDITION.

The gular semi-annual general niet- ing of shareholders of the Nippon Yusen Kaisha was held at the ini' general office, on May 20th A 10 per cent, dividend was adopted unanimously. The gross receipts for last term iptalled Yen 2,818,071 again the total expenditures of Yen 80,900,560, showing a balaner of Yen 1,618,211, Adding various accounts ro, this profit, the total receipts amount. l to You,442,96 which was devoted to the reserve fund to the amount of Yen 100,000, the directors" bomises to the amount of Yen 140,000, the dividend to the amount of Yen 2,000,000 and the balane carried forward to the next term to the amount of Yen 349,000. The ratio of dividend was the same as that of the preceding term. The payment of Yen 4,101,900 out of various reserve funds amounting to Yen 10,101,000 for recen struction esituses was also adopted. The firm had an increase of Yen 500,000 in. freight receipts and Yen 100.000 in pas. senger fare income over those of the preceding term,

Mr. S. Kurokawn, vice-president, and Mr. T. Tominaga, directer, whose terms of other were expireil, were re-elected.

The fussuess report for the last tes, as submitted by Mr. Y. Ito, shows, that daring six months beginning from Octa- ber 1st up to the end of March last the firm employed a vessels with an aggres gate of 14,000 tons gross in addition to ten chartered steamers and carried 1,620 tons cargo and 64,000 passen gers. The mile of trips totalled 2,620,000. On the Oriental and near sen services, business suffered a stunning blow by the effects of the earthquake enlamity in Kuanto district bat it was restored, thanks to the close of the anti- Japanse boycutt in China, more exper cially along the River Yangtsze.

GOOD PROFIT IN COTTON.

On the homeward service, reconstruc tion materials increased rapidly and much profit was realized on this line of trade. But passengers remarkably de- ereased save for the regular Nagasaki- Shanghai service. Business was depres ed on the South Ses service but an in- errase was witnessed in passenger traffic. The Hombay outward service abo suffered severely by the earthquake but satisfactory restilts were attained on the homeward trips with the successive shipment of raw cotton from India, though cargo movement was unusually dull at the beginning of last term. |Passenger business dreisased on the ser rive. Business had not yet been restor- ed on the outward Japan-fryn-Calcutta) service but business was prosperous on the homeward service throughout the BOASON on both cargo and passengers. Depression marked the outward London service while booming transportation of reconstruction cargo to Japan was ob served on the homeward trip Freight profit increased but passenger. fares de- creased on the contrary.

As the reunit of the frequent dispatch

of extra steamers on the Liverpool-ser- vice, the firm could attract a fair amount of cargo on the outward trip and busi-

a was active on the homeward trip.

as well with flattering freight results.

Unexpectedly fair results were attain. ed on both the outward and homeward freight services between Japan and Han burg with the brisk shipment of recon struction materials.

SOME DEPRESSION NOTED.

Dull cargo movement in Japan and China ports caused business.depression on the outward trans-Pacific but business was brisk on the homeward trips with almost all incoming ships taxed to their! utmost loading capacity with reconstruc tion, materials consisting of lumber, wheat and steel Steamer freights were maintained high throughout the term

The eastbound New York freight service was.depressed on the outward trip at Grst bur business prospered to- ward the latter part of the season as the cargo movement at intermediate borts f call becape lively. Steamers never had any difficulty to scrape up cargo, as there was rushing shipment of reconstruction materials from American ports to the Far Enit influenced by the exemption of Customs duty in Japan. The company would have realized unprecedented profit should the subsequent adverse exchange situation have not taken place, it is ex- the pected. Dullness prevailed over outward South American service, and freights depressed during the best part of the term but business gradually was restored on the homeward service.

The firm's Calentta-New York, freight service was prosperous on both outward and homeward services and cargo carried between the two parts totalled a fair quantity for which good profit was realiz. ed.

While nothing worthy of particular. mention took place on the outward trip, the homeward Australian service was good with the shipment of wool and wheat and passengers increased also.

The Nippon Yusen Kaisha has now three steamers wider construction and these ships with 17,000 tons gross will bo added to its various freight services shortly.

The President, MY. Ito, took the hair, and, in recommending the adoption of the report, said in part that the world's shipping might be said to have reached the rock lettom of its depression during last year, and although, on the one hand, on decided sign of improve ment was yet apparent, no further ten- tency for the worse was noticeable, on the other, such as has been continually the case during the past few years.

As far as the N.Y.K. was concerned, the President said, the result of opera tion during the term under review show."! ed an appreciable improvement, due in great measure, to the augmentation of freight earnings on inward cargo, con- sequent upon the increased importation of materials for reconstruction and other necessaries. Thus the net profit amount- ed to Yen 1,000,000 odd, as against Yen 1,100,000 for the previous term.

In order, however, to enable the Com- pany lo, maintain the same rate of divid end as before, viz.. 10 per cent, the President stated, the reserve for the qunlization of dividend woull have uned more to be resorted to, and he would propuse that a sum of Yeti 1,500,000 ba drawn therefrom.

"

PENSION FUND 'AUGMENTED.

The President was now in a position to place before the meeting proposal for the disposition of the heavy loss suffered by the Company through the Great Earthquake, a loss amounting to Yen 101.9). Further, the pension fund, which bad considerably diminished, had to be nugmented by Yen 4,000,000, It was now proposed that the two itens, totalling Yen 19,101,900.30. be covered by some of the long-standing reserves, which under existing conditions would not be required for the purposes originally in tended, and which could be suitably utilized at this juncture, without in the least affecting the financial stability of the Company, thus:

An excesss portion of the

Insurance fund. Yen 3, 101,996.20 Mercantile marine schools

..fund

Fund for construction and

repair of offer batilde,

ings

2,000,000,00

3,000,000,00

Yen 10,101,990.00

Touching the dificulty of forecasting the lifting of the shipping depression, from which the whole world has beca suffering so long, and in eminenting the obstacles to recivery, the President em phasized the unsettled condition, poli- tical and financial still prevailing in Europe, despite the oft rimoneed dawn. of returning normality, and he deeply deplored the seemingly ingrained anti- alien policy of America, which was "pas- modically, if hot well-nigh continuously, demonstrated in an active form by legis lative, and other rasures of the most drastic nature,

Before concluding, the President said he wished to express his and his co- Directors' high appreciation of the self- serifice and devation of the Company's staff, asbore and float, in the discharge of their duties.

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