1924-11-13 — Page 3

Page

THE -KONGKONG DAILY PRESS, THURSDAY, NOVEMBER 1578. 1924

THE UNITED ASBESTOS ORIENTAL AGENCY," LTD."

Tel. Central¬236.:

AGENTS FOR

2. Queen's Buildings.

BRIGG'S BITUMINOUS ENAMELS & SOLUTIONS.

HOLE AGENTS FOR

“UNION

·ANTI-CORROSIVE' and 'ANTI-FOULING COMPOSITIONS

FOR SHIP'S BOTTOMS.

QUEEN'S THEATRE

Nov. 11th to 14th at All Shows.

-30% of Gross Takings at 9.15 p.m... Shows on These 4 Days will be Donated to

EARL HAIG'S FUND

FOR

“EX-SERVICE MEN ".

Showing

A PARAMOUNT SUPERPRODUCTION

"BOUGHT AND PAID FOR"

WITH

}

AGNES AYRES & JACK HOLT.

Come and Enjoy A Good Picture and Help to Swell “EARL HAIG'S FUND."

PRICES OF ADMISSION:

MATINEES:-81.20, $1.00 & 60 Cts. At 9.15 p.m.--$1.50, $1.00 & 60 Cta.

XMAS CIGARS

ΤΟ SEND HOME

THIS IS THE MONTH TO POST YOUR XMAS PRESENTS HOME WE SUPPLY THE BEST BRANDS

14

OF CIGARS AND PAY THE DUTY.

À GOOD CIGAR-THE EVER WELCOME GIFT.

ABAQUERIA FILIPINA

LEADING TOBACCONISTS, OPPOSITE QUEEN'S THEATRE

One copper

for 18 hours light! for18hours

Consider what you save in this way!

PHILIPS SAVELITELAMPS

n

Obtainable at all Electrical Stores, For Wholesale apply to Bola Agents --- HOLLAND CHINA TRADING COMPANY.

COMPANY MEETING. BRITISH BORNEO TIMBER CO.

SOUND FINANCIAL POSITION:

The fourth annual general meeting of the British Borneo Timber Co., Ltd., wa hold, on October 9th, at the registered office of the company, 1-4, Great Tower Street, EC., Mr. H. R. Church (director) presiding.

"

A good old English Custom

*

Keeping the port travelling round the table is an old custom still maintained by a few English clubs-like Kensitas Cigarettes, sir, always «passing round good company.

The soft, mellow-smoking qualities of Kensitas Cigarettes make you want to keep on enjoying them, and the last smoke is as good. as the first, because all Kensitas are "as good as really good cigarettes can be,'

Kensitas

Manufacturova:

the preferred cigarette

Z WIX & SONS LTD 1764 PICCADILLY - LONDON-W. ENG. Rele under DONNELLY & WHYTE Distributors for Hongkon South China QUEENS BUILDINGS. Telephone: Central 634

Jenkyn

Obtainable at Lane, Crawford,

Ltd. Tabaqueria Fulpina. Graeco-Bgyptian

Tobacco tore and all high-class Tobacconists,

At 95 cents

per tin of 50

The Chairman said: Gentlemen,-In the absence of the Chairman, Sir West Ridgeway, who is unfortunately prostrat ed by an attack of influenza, and will be confined to his bed for some days, I will take the chair to-day if I have your per mission. The directors' report and the accounts for the year 1993 have been in your hands for some days, and, if you approve, we will take them as read. I mast, at the outset, explain why the meet- ing has not been held at an earlier date. Mr. W. G. Darby, the masaging director, has paid a further visit to Borges on the company's business, going out in Octo- bor last and returning to England about three months ago. Having been actively engaged in investigating the compaDY E affairs and improving the organisation, be brought home much valuable informa tion, and we were looking forward to his being with us at this meeting and telling the shareholders how he found matters in the East. Unfortunately, however, Mr. Darby was taken seriously ill shortly after his return. We thought that the shareholders would prefer to wait a few weeks in the circumstances, especially as economies which should help us material- there is, I regret to say, no question of in the future. During Mr. Darby's declaring a dividend, and we accordingly visit be thoroughly investigated the postponed the meeting. I am most happy methods of working at the various timber to be able to tell you that Mr. Darby camps, and especially those at Bettotan, making a good recovery, but he is not where we are steam-logging and where yet able to resume work, and in view of

we expect to obtain the largest produc- the time that has elapsed we have thougt tion for some time to come. He found it best to hold the meeting now without that, whereas at other centres the hand- awaiting his return to business.

logging was being conducted with effi- ciency and economy, the results antici The Chairman's remarks at the general at Bettetan were not being realised. The pated from the steam-logging operations mecting last year prepared you in some Bettotan district was originally chosen measure for an unsatisfactory result from on account of its water communication our operations for the year 1923, and the with Sandakan, and consequent low cost misgivings he then had have unfortunate of transport, but experience has shown ly been justified. During the year the that the success of steam-logging is production of timber was increased to the dependent upon the plant being concen- extent of about 168,000 cubic feet, and its trated upon areas in which there are more cost was slightly reduced as compared trees to the acre than we had available with that of the preceding year, but this in those worked last year. The jungle reduction in cost has been more than railway is accordingly being extended counterbalanced by a falling off in selling into an area where the stands of timber prices. The small profit we made oa are about 50 per cent. greater. The first working account has been swallowed up section was completed several months

TEX YEAR'S WORKING.

by the heavy depreciation we have con-ago. During the removal of the logging. sidered it prudent to write of, and we plant to the new area thero was a tem- closed the year with a balance of £8,119 porary decrease in the output, but since on the wrong side of the profit and loss then the steam-lodging units have been account. The main cause of the falling able to be concentrated upon large stands off in profits was the political situation in of timber, the output is being steadily South China, which indirectly resulted increased, and the jungle costä are being in a curtailment of our exports to that reduced. country, as well as in our having to dis pose of much of our own sawn timber

JUTURE PROSPECTS,

** uaremunerative rates. The lower Our latest information from Hongkong prices ruling throughout the Far East for is that the South China market is vary logs and sawn timber not only, affected fully stocked, and that prices are low. our sales, but also necessitated a coa. This has resulted in congestion of stocks, siderable writing down of the values of and shipments of rough timber have bad some of our stocks, and those of you who to be curtailed. Clearances have beent are acquainted with trading conditions in spmewhat batter lately, but there does not the Far East will realise how damaging appear to be much likelihood of any real has been the long-drawn-out political and improvement until the civil war is ter- industrial unrest. The demand for tim-pinated.

"

ber in Boraco also declined, owing to It is satisfactory to be able to report adverse local trading conditions. On the that the shipments of timber to the other hand, I am glad to say we were United Kingdom are being maintained. able to increase considerably our ship-and it is not too much to hope that, when ments to England. The engineering industria! conditions in this country be works, which have contributed to the come more settled, the demand for our profite in past years, made a loss during timber will further increase. 1923, and, until trade conditions

we can only hope that the rear! OR!

THE ACCOUNTS.

It is quite impossible for me to fore

of the works and reduction of expendi-cast the immediate prospects of the com- ture effected during the managing direcPaay, and you will realise that we can tor's recent visit to Borneo will enable caly carry on business under great dif us to maintain our experienced technical ficulties during the political disturbances staff and trained workmen without making in the Far East, which is one of pur any actual loss.

most important markets. I may mention, however, that the production of timber from all camps during July and August The capital expenditure incurred dur of this year shows steady improvement, ing the year amounted to £6,430, of which and, as anticipated, the cost of produc more than half was expended upon jungle tion of the rough timber was reduced. railways and the balance upon the saw This, in its turn, will bring out a reduc mills and box-making plant. This ex- tion in the out-turn costs at the saw- penditure has improved the productive mills. We are now fully equipped and capacity of our undertaking, although, as organised to take advantage of any re a matter of fact, our capital assets stand sumption of activity in the timber and in the books at 7,590 less than they did engineering industries, and this will be a year previously, as we have written off hastened, not only by more settled con- £14,020 for depreciation. This is a very ditions in the Far East, but also by a heavy charge upon our profits, but, as general revival in the trade of the world. was explained last year, it has to be borne in view of the increases in our Before concluding I must refer to the capital expenditure. I think, however, fact that Mr. W. D. Jupp has recently that this charge has now pretty well retired, after spending about thirty years reached its maximum. The stocks of tim-in Borneo in the service of our pre- her, materials and stores, as appearing deceasers and latterly as manager of our in the balance sheet, amounted to £36, 445, company He has served us faithfully as compared with £31,884 a year ago, and and well, and I am sorry that Mr. the sundry debtors and debit balances Darby, who was general manager of this amounted to £38,186, as compared with business for many years, is not here to £41,03 On the other side of the bal speak of the assistance rendered to him sace sheet the liabilities, including a bank by. Mr. Jupp.

|-

loan, amounted to a total of £28,703, as I now propose the resolution: "That compared with £30,230 at the end of the the report of the directors and statement previous year. At the end of 1922 our of accounts, as submitted to this meet- cash and investments in War Loaning, be adopted." I will nak Sir John amounted to £32,971, of which 28,000 was Howett to second the motion, after which afterwards distributed as dividend for I shall be prepared to answer, to the best that year, leaving a balance of £43,271, of my ability, any questions which may which, as you will see by the balance arise upon it. sheet, has been reduced to 241,097. The present balance sheet" shows that the aasota (exclusive of the fixed assets) the resolution, which, in the absence of exceed the liabilities to the extent of questions, was carried nem com. £87,748. The financial position, therefore, is sound, although we earned no profit last year.

Sir John P. Hewett, G.C.8.I., seconded

NOTICE.

THE HONGKONG AND KOWLOON WHARF AND GODOWN COMPANY, LIMITED,

it

NOTICE IS HEREBY GIVEN that the undermentioned Cargo at present stored in this Company's Godown at Kowloon and West Point will be SOLD by PUBLIO AUCTION unless Cleared on or before the 25th NOVEMBER, 1934, and/or the Charge in respect thereof Paid-

Lor STORER' NAM 2589 Chan Sin Pak 4167

72-40 Obaz George

D38978

C15161 Li Bheen Fan 015162

094181/2 Astor Houes Hotel D33803 Bank of Canton D38904

D97315

D99107

D99908 E10133

E12719 L. E. & Hedge D78227 Kahara Trading Co. Del 586 Hongkong Mercantile

Ca. Ltd.

HELD TO ORDEL OF DATY STORED

CARGO March, 1918 60 cs. Antimony One May,

40 cz.

#

Bank of Canton May.

1919 1,496 baga

July. Bept., 1912

974 bags

Dec..

31

I caso Silvered Platos

Ian Plate Glass

Wine June, 1919 160 pos. Iron Plates

150 pcs.

F

J

20

D97611 Hastings Hodge & Co.

International

Banking Corp Ang.,

1918

cs. Brandy

Bank of Canin June,

1919

"

Sept.,

17 cz.

April,

1900

2 ca. Whisky

10 es. Winox

1923

20 cm, Champagne

May,

1920

pkgs. Carbide

Oct

3 cks. Ammonia

E36230

D83301 Union Engineering Co., Ltd. E36052 Vasquez. Currens & Co. **, South China Trading Co.

Canton

Nov.

1 crate Stoves

Hongkong & Shanghai Bank Sept.

Oct.

***

El1681

Extreme Orient Trading Co. +39446 Kokwando Co.

Aug.

March, 1993 toes. Pill

1.39700 Chins Mining and Metal

Co., Ltd:

April,

June,

E49682

E39796

E39799 +39836

E37308 Universal Import and

Export Co.

Bangus Indus Jane, wielle de Chine

E37309

E27372

E37373

E11211

EU213 E11214

E36855 Banqua Industrielle de ..China

F+96356

E36370/2 China Specie Bank E36691/2

F36693/5

E36594 E36608

Hongkong, 10th November, 1924.

Dow

19 bris. Clay Pigeons "2 cks Chlorate of

Potash

1921 14 cm. Brandy Simple

12 cm. Medicines

13 pkgs.Chemicala 14 ca. Ohemical

Apparatza 10.cs. Chemicals

1 ca Documents

72 cm. Mineral Waters

108 orta.

7 cm. Clocks

49. Brandy

C

16 es Champagas

1 cá

5 ca. Brandy

625 zails Wire Rods 627 coil

1920 129 pkge. Sulphur Black

23 pkgs. Aniline Dyestu

40 pkg. Bulphur Black

25 pkg. AnilineDyestuf

3 pkgs.

W. 8. BROWN, Secretary

CHUN HING MOTOR BUS COMPANY.

1467

The following List is the Time Table of our Service from LAI CHI Kox to Un Lore and Vice Yars.

From 6 AM to 6 P.M.

Every 1 Hour Service

The 'Busca will Bun ovary Hour Daily.

UN LONG SERVICE.

From UN LONG to SHEUNG BHUL

From 6 AM to 6 P.M.

Every 40 min. Service

From LAI CHI KO

La Mor Sou OHUEN WAN CHAI WAX Kox SUN. CHANG

BUX CHANG

CRING LOOK TOU Tư Law Expe Soo Koo MUK. CASTLE PRAK

to Lux Mor Sou

CHUEN WAN CHAI WAN. Kor SUN Ostade: BUM CHANG CHING LENG Tou Túi Lư trong Soo Koor Mux GASTEN PRAK Sux Hoor

"

10 Minta.

HEAD OFFICE at 685-639, SHANGHAI STREET. TEL. Krow 1070.

TRIBUTE TO MANAGING-DIRECTOR. Sir John Howett proposed the re alection of Mr. W. G. Darby as a direc 'ORGANISATION IMPROVEMENTS.

tor of the company, and expressed deep You doubtless desire to know what regret at that gentleman's absence. Mr. steps are being taken to meet the changed Darby, he said, under present conditions market conditions. We cannot-hope to a really the backbone of the company. effect sales at higher prices than these He had paid two visits to North Borneo ruling in the markets in which our timber since the formation of the company, and is distributed, but we are directing our bad gone in great detail into the work- efforts towards still further reducing the ing of the business. The real cause of working expenses in all departments, and his illness was probably that he overtaxed was no other market to which they could more especially reducing the first cost of his strength. He (the speaker) had had send it. At present, owing to the stats the timber. This was one of the main the opportunity of talking to Mr. Darby of Southern China. it was almost impos objects of the managing director's recent since his return, and what had troubled sible for their basins to be carried on, visit to Borneo, and, although the results that gentleman tremendously had been and this, no doubt, had affected Mr of his self-denying labours are not reflect the state of affairs in China. They de- Darby. He was murn the company could ed in the accounts now before you, it is pended on the Hongkong market for the not have a better managing director, and olear that much has been done in im- sale of their low-grade timber. There he had great gonfisienes in proposing his proving the organisation and effecting Continued at jost of nant column. ) re-election.

[1402

which was passed unanimously

The Chairman seconded the motion

don & Co., were re-appointed, and a vote The auditors, Messrs. Mann, Judd, Gor of thanks was accorded to the manager. and staff in the East and to the agents in Boraco and Hongkong.

A vote of thanks to the chairman and directors concluded the proceeding