1925-02-11 — Page 4

Grey or Fawn with Band and Edge bound contrast colour, as illustrated, in all sizes.

Handing the

Jake

a

John

Begg!

The

Scotch Whisky thse has been supplied to all the Royal Palaces for 75 yea JOHN BIGG LTE, OLRIGOTTI t

Pencharch S, Loodon, EC.

THE HONGKONG DAILY PRESS, WEDNESDAY, FEBRUARY 11TH, 1925

The man who buys Heath Hats

shows sound judgment) and good taste:

Newest styles now showing in Soft Felts, Bowlers and Straw Hats.

HONGKONG AGENTS:

Mackintosh & Co., Ltd.

MEN'S WEAR SPECIALISTS Alexandra Building, Des Voeur Road.

COMPANY MEETING.

HONGKONG LAND INVESTMENT

AND AGENCY CO.

"The 37th Ordinary General Meeting of abareholders of the Hongkong Land In- vestment and Agency Company, Ltd., was held yesterday morning in the Board- room of Messrs. Jardine, Matheson Ca. Mr. B. D. F. Beith presided,

The CHAIRMAN said:-Gentlemen,The report nad statement of accounts, toge ther with the auditor's report, having been in your hands for some days. propose, to follow the usual custom and take them as read.

We propose to pay a final dividend of ա ռու

Bonus of $2.50 per share

absorbing

$1,090.000.00 8,000.00 Pay a bonus to staff of... Place to reserve account... 1,000,000,00 WALLSS Carry forward

$2,901, 1$4,58 and I trust that these propostle wilt mers with your entire approval.

ITALIAN CONVENT SCHOOL. PRIZES PRESENTED BY LADY, SEVERN.

In the presence of a very large gather- ing of scholars, parents nud friends, Lady Severn distributed the prizes at the teallan. Couvent School 28. Caine Road, yesterday evening.

In beg to propose the adoption of

Among those present were Mr. G. No the report and accounts as presented. and after this has been duly seconded, Ornie (Director of Education), Mr. J. shall glad to answer to the best of P. Brugn, Sister Emily (Headmistress), my ability, any questions shareholders the Rev. Father Spada, and Father may wish to put

Mr. DRACON seconded, and said:-- 1 is easy, sir, for any constant share holder to say that be seconds a report like this with pleasure-a report that.. take it for all in all, is the best in the of the Company, for it shows what history an extraordinary stable position at

that has prevailed in the local property market for the past few years. For the

for having kindly contributed to the school prize fund. Aliss Begins Rosario and Miss Delia Tossan have won the dis- tinction of inscription of their names on the Lugard Shield for integrity and un- selfishness.

of

Sports have been held from time to time in the Convent grounds, and, as usual, children from this school have Valley held under the auspices of St taken part at the annual sports at Happy Joseph's College Old Boys" Asociation. The school lost during the year two of its most valued friends. By the death the Very Rev. Father de Maria and later. the satimely demise of the Right Rev. Bishop Fozzoni, the staff and pugila Priar to the presentation of the awards, mourn the loss of two strong supporters of the school's activities. The late a delightful musical programpic

WAY An inspiration to all who WRFO privileged to benefit by remiered by pupils of the school, and Bishop

his sound advice, while bis life-long gave much pleasure to the audience.

The programme given was as under-friend, Father de Maris, had been 1. Planoforte, La Forza del Destino, Manager of the Catholic Schools in Hong-

Robert.

was

The net profit for the year after meet ing all administrative expenses amounts toTM 83,180,207.51 against $1,340,1868.39 last fecks like proving the end of activity } (Verdi), Miss L. Dunn, Master G. Gutierkorg for over twenty-five years and w year. The latter gure you will remem ber included $1,306,253 gain accruing to our Company as a resuit of the amal Samation with the Central Estate Co., Ltd.

rez, Master O. Ozorio.

zoted for his great personal interest in 2 School Operette, Flora's Fauer all that concerns the schools under the Dramatis Personne: Flora, control of the Canossina Sisters in. Hong- Quasi queop of the flowers, Miss ML kong.

It will be the sincere wish of all that Garlaër; Juanita Jane, From Sunny Spain; Miss L. Williams: Peter Pipps, the educational work of this Convent An Orange Vendor, Miss M. Dancaberg which has been carried on with so muchi M. Chau Mother Hubbard, Doggie's for sixty-five years in the Colony, may Telli Mec, A Chinese School Girl, Miss zeal on the part of the good Sisters, now delight, Miss L Gubbay; Hocus Pocus, develop each year more for the bereft A Travelling Conjuror, Miss D. Leonard of those who seek sound education with and Chorus of 16 girls.

good moral training under the guidance 3. Pianoforte, Grand Galop Chromati- of the Sisters of Charity, whose devotion

Horley.

ten years of its existence the Com-Bazar, pany operated on a capital of two and a bait millions and for the past at on one of five millions. I might meation here that in last assets are very conservatively put as year's accounts this profit was not in-eleven millions, while from fust to last which the its shareholders will have had some six- cluded in the balance on Managing Directors' fees were reckoned, teen million dollars distributed to them, and for this reason the latter's commis if the dividend and bonus now proposed, sion for the present year exceeds that of is approved, as it doubtless will be, 1993, although the actual profits earned being the most generous in the history

That is a record Company. of the TAKE A PEG by the Company are less.

As regards the proft and loss account. may justly feel proud, and on which renta are slightly higher, and interest

we should

congratulate him as heartily bas improved by about $250,000 as the

as we may congratulate ourselves. beg to second the motion from the chair. result of the larger amount advanced on

THE CHURMAN asked whether there mortgages.--

were any questions.

or

JOHN BEGG

BLUE CAP

AND

GOLD CAP

DONNELLY

&

WHYTE,

TEL. 636.

{

of

denial for the greater glory of God. (Applause.)

which our senior Managing Directoque, (Liszt), Miss E. McNeill, Mias C-to the young is such an example, of self- 4. Recitation. The Humorous Quack (Leopold Wagner). Miss E. Thomas.

& Pianoforte, Caprice Na. 2 (Mordels scha Bartholdy), Miss P. Hynes,

6. Vocal Band, Charus of 31 girls,

SCHOOL REPORT,

:

T. KELLY SAYCE:-I should like to

The school report was read by Mr. J. ask one or two questions regarding the balance sheet. Cap you please tell me,

P. Braga who said:-The Rev. Mother or the shareholders here, how do

tell you arrive at the amount of $333,603.06 has assigned me the duty of reading on Managing Directors

Fees for 1941 this occasion the Headmistress Report on the Convent School for the lass year. What is the rate of commission and or

do. what account

that I undertake the duty with much pleasure, they charge

not only because of the fact that all any amount? Is it on general sales or on children have been pupils of this school, the interest or rent

but also that the year 1924 is distinguish ed by the school's markedl success in the Hongkong University examinations and has been most satisfatoreily reported on by the Inspector of English Schools.

you to

The proft on the sale of investments and properties must be regarded in a different light to the regularly earned income of the Company as such gains are non-recurrent, and mean that the revenue from such sources will either cease or decrease. It would, therefore, be very detrimental to the interests of the Cou pany to consider distributing by way of dividend and bonuses the whole of this money, as it would seriously affect the

THE CHAIRMAN:-1 reter future carning capacity of the Company, Article 08 B in the Articles of Associa and I think you will agree that it is very tion, which reads as follows:-" In ad- dition to his remuneration mentioned desirable for Company like ours to maintain as far as possible an even rate in Article 03 A, each of the permanent of dividend, and when the result jasti- and managing directers and/or manug- directors shall be entitled to a com- fies it to increase the return to share mission of 93.36 per cent, on the net holders by payment of a bonus. This is the policy that your Directors have fol- profits of the Company for each cur- which such net profits lowed. Up to, and including the year rent year in 1915, we paid regular dividend of $7 autount to $7 per cent. on the paid-up capital, and to a commission of 85 per per share, equivalent to 7 per cent. on

The cent, ou such net profits for each current the paid-out value of the shares.

in which they amount to 810 per SOLE AGENTS. dividend for subsequent years until Seal

cent. ст upwards on the paid-up 192 has been as follows:-

capital The figure for this year is 1919-Dividend $8 and bonus $5-$13 arrived at by taking the balance of the profit and loss account as 83,183,237,51 13 per cert on par value. 1000-Dividend $8 and bones 86-314and adding to that 9353,093.06, which

makes

83,506,900.00, and if you take ten 14 per cent on par value. 1921-Dividend $5 and bonus 99-818 per cent. of that you get the gure in

question, namely, 8333,093.06.

Mr. SAYCH. What are the Directors' ideas in building up auch a of 87,200,000 to the Reserve a profit Our properties are worth, I believe, about 20 per cent, on par value.

four times their book value and know- and this year your Directors" are re

ing very

well that our reclamation rights contending a dividend and bonus which in Waichai will bring us another three shows a return of 26 per cent. on the or four millions in the next three or

years i The

JUST ARRIVED,

FRESH JUPPLIES OF

HUNTLEY & PALMERS

PEEK FREAN

JACOB'S

FANUY ASSORTED

BISCUITS.

THE SINCERE CO., LTD.

LAST

OF

WEEK

WHITEAWAY'S

SALE

FEBRUARY 9th to 14th"

ALL ODDMENTS MUST BE CLEARED.

DOLLAR DAY

ON

MONDAY, FEBRUARY 9th THOUSANDS OF BARGAINS.

DO NOT MISS THESE.

TERMS STRICTLY - CASH.

WHITEAWAY, LAIDŁAW & CO., LTD.,

HONGKONG.

18 per cent. on par value. -Dividend $10 and bonus $8-$18-

18 per cent...on par value.

1923-Dividend $3 and bonus $2-$5

Lady Severn then distributed the prizes as under:

Scholarshias-Lugard Scholarship for the years 1925-1920, Misa Carolina Maher: Lady Ho Tung Scholarships. for 'Good Conduct and Application for the year 1994, Miss Carmela Remedios and Miss Estelita Xavier.

Class: Matriculation. Kwok Yik Ming (Honours-Distinction in English-Govern- ment Scholarship), 1st prize; Florence Tsz-ba Wong (dist. in English and his- tory), 2nd prize.

Senior Local Certificates and Prizes.-- Aurelia Geng (dist. in Spanish), 1st prize; Elizabeth Thomas (dist. in history), and prize: Kimy Barretto, Marjorie Warnes, Iris Warnes, Regina Rosario, Carmela Remedios, Celestina Xavier, Emily Lopes, Nyra Gutierrez, Queenie Julynn, Agnes Dillon

The staff was reported to be adequate according to Code requirements and to

Junior Local Certificates and Prizes.- have been strengthened, since 1923 The

Alves (dist. in needlework), 2nd prize, discipline as usual is excellent, the aver Mary Hui (1st prize), Marie Machado age attendance was 446; the highest en- rolment was attained in the, mouth of Rosie Rumjahn (dist. in Biblical know- March, when the pupils on the register ledge). Josephine Stoppa (dist. in needle- numbered 310. Nature study drawing in work). Thelma May (dist in needlework), conjunction with object lessons was intro- Ines Franco (dist. in needlework), dubed with good results. Writing. col- Estelita Savier (dist in needlework), loquial, recitation and reading were very e Pung Chiu (dist. in needlework), Lai good in all classes. The Kindergarten Gun Dick (dist. in ceedlework), Maria classes continue to be skilfully conducted Lopes, Gertie Choa. Angeline Choa, Mary and the children are happy and intelli-Kotewall, Eileen Leonard, Remigia Cless a Prizes: Carolina Maher (1st Martin, who kindly examined the needle. gently interested in their work. Mrs. de Elarte, Olga King. Doris Dillon. work is all classes, was impressed with prize), Tulia Barretto (2nd prize), Cissy by the girls. The (for reading and recitation), Henrietta Fand when the work done b

RE the Hongkong Demée (for drawing). the systematic excellence and usefulness Wong. Certificates of Merit. Olgaz Azeder

Class Prizes: Annie The (ist prize). school's successex University was a special feature is the

Certificates of school year 1921. The results were: Esther Ng (2nd prize), Hercia Silva, Lily passes in the Matriculation Examinations, Cheung, Lily Gubbay one with honours and distinction in Eng Merit: Carmen Silva (for general pro- lish, namely Miss Kwok Ying Ming, ho gress), Agnes Phisolabuter (for general Class -Prizes: Conchita Milian (1st the sum of 81,560,000 is required, where. as nett receipts, from rentals, interes question has been fully dealt with in Government Scholarship; the other Misa

Both(2nd prize), Mafalda Geng, Lily Ho. cfc. total only $737,079.26, a difference try speech. With regard to the second Florence Tsz-ha Wong, passed with dis- prize), Delia Tossas and Lucy Tossan of nearly 8522,000 representing nearly part of the question, about the potential tinction in English and bistory. 50 per cent of the gaih shown on sales profits you referred to, it will be dealt candidates have taken n course at the Certificates of Merit: Olive Obacarrate of properties 81,874.683.20. Bearing in with when the day arrives Undoubtedly Local University in the Faculty of Arts. gui (for English), May de la Sala (for More and more are the Chinese becom-English), Alice Carvalho (for history and mind the fact that on the sale of a pro- your Directors will give prudent reasons

Class 3-Prizes: Katie Tse (1st prize), perty only 25-30 per cent. is collected as they always have done in the pasting alive to the necessity of female educa- geography).

tion along Western lines, and the marked in cash, the balance remaining on mert (Hear, hear.)

Mr. SAYCE: Do you get commission success of Chinese girls in this School, Lily Tam and Gertie Wong (2nd prize), gages, you will do doubt agree that your Directors are making you the largest on all loans and mortgages? If so, do may be regarded as a very satisfactory Cissy Leong, Nancy Tan, Conchita Tam return possible consistent with safeguard you think it is fair for us to leave the evidence that the Italian Convent takes Certificates of Merit: Cecilia Remedios ing the Company's position, and at the money earning about eight per cent. on its place among the contributory factors (for English); Jessie To (for arithmetic same time looking to the future. In this mortgages and allowing the Managing towards the advancement of Western and geography). Rosie Chan (for arith- Class 7-Prizes: Mary Cheung and connection I may mention tha; no sales Directors to reap a good harvest every education among the Chinese in Hong-metic and geography). of property have been effected since last year while we shareholders have to beg kong. The progress of the young lady August, nor does the present state of the for a better bonus when we have made undergraduates in the University will be Cissy Tse (lat prize), Vincencia Tom (2nd watched with keen interest by all inter. prize). Marin de Ceo de Lacerda, Mary Property market suggest that the Com. good profit like last year-1924 1

The CHAIRMAN : I think that "your eated in the Convent School. Twelve Ng, Certificates of Merit: Julia Earner pany will fad this a material source of profe during the current twelve months, first question is:Are the Managing-tudents passed the Senior Examinations (for English), Mary Smith (for general a factor which must not be lost sight of Directors, entitled to commission on in Miss Elizabeth Thomas, with distinction proficiency), Evelyng Olies (for geo

terest and mortgages." Is that your first in history and Miss Aurelia Geng, with graphy) in considering the question of bonus.

question

distinction in Spanish. Sevcoteen stud- The total amount advanced on mart

Mr. SAYCZ: Yes, that is my first ques eats passed the Junior Examinations, seven of them obtaining distinction in gary is now 310,845,730.11 against last tion. year 9.255,258.11, an increase of approxi The CHAIRMAN Naturally, as interest needlework and one in Biblical know- mately $2,500,000, and against this asset on mortgages is the same as rentals and ledge. Scholarships-Miss Carolina Maher

End Year-Prizes.--Susan Ng and. Amy we have deemed it. prudent to increase goes into the profit and less account en is the winner of the Lugard Scholarship reserve account by 81,003,000. The ad which the Managing-Directors' fees and for the years 1925-1923 Miss Carmela Chan (1st prize), Amy Lai and Annie vantages of carrying forward a sub-reckoned.

Remedios and Miss Estelita Xavier are Fung (and prize), Lizzis Koo, Elsic Chow, stantial sum to next year in place of Mr. SAYCE: If we make enough to the winners of Lady Ho Tung Scholar- Maisy Au, Annie Leung. Certificates, aliceating the money to special account keep us going on mortgages at eight per ships for good conduct and application. Jane Yue, Lily Tean. is obvions, and calls for no particular cent, and we are paying so very large Bir Tobert Ho Tung and Mr. Choa Fo explanation

par Value of the shares. To satisfy this four AIRMAN: The first part of your was also successful in obtaining the progress), Rosa Shek (for arithmetic).

Directors" fera, I do not think there is

Class 6.-Prizes: Amy Chiu (1st prize), Jessie Ho, Natalia Tai, Erminia Xavier..

Special Classes for Chinese-1st Year- Lens Mux (1st prize), Flera, Lee (20 prize), Ivy Fung.

ard Year-Prizes, Flora Ching (Ist prize), Agnes Luk (2nd prize), Agnes Teui, Rosie Wong, Mary Teui

Infants ClassClass 9: Marie Albers, Marian Wong. Alma To, Beatrice, Ozorio, Alice Sequeira. Claas 10: Kathleen McKenzie, W. Sanderson, R. 11. G. da Earner, Ivy Wong, Irene Dick, Thelma Class 10 Alice Silva, A. J. C. Bocha, E. E. Osmand, Gonzales, Rose Yeung, Constance Ho, F. G. Agabeg, J. Baptista, F. C, Hall, Norah Didsbury. C. L. Oliphant, J. Arnold, A. Wilcox, Ricci, Irene Botelho, Laidy Remedios, J. M. F. da Silva, C. Savard Remedios, Delcie Silva, Maria Remedios,

Masio Prizes.-Carmen Chacarzategui, F. H. Crapnell, B. W. Tape, T. G. Weall,

Mr. C. 6. Gubbay and Father Robert Carroll, C. Gordon emazce, W..J.

Sien must also be thankfully remembered I have gone into this matter "somewhat very much left for us because of the com-

(Continued on next «Column).. fully as a few weeks ago your Directors mission paid to Directors according to received a letter signed by a number of the Articles of Association. I do not shareholders, which suggested that the think we are making much by keeping whole of the profits made by sales of money out at eight per cent.

The CHAIRMAN: What is your idea of property this year should be distributed as a bonus. The sum of $2,500,000 was a dividend then? mentioned as being available, whereas Mr. SAYCE: I have no idea I am the actual figure, as already mentioned only. asking questions, Sir: is 81,874,083.20. The letter received also The CHATEMAN: If do shareholder has made mention of the Praya East Re any further questions, I will put the re C. A. Peel, H. J. M. Stevenson, A. Mill, Delis Tossan, Alice Carvalho, Lily Gub A Keith, J. H. Gittins, G. d'Almada, bay, Olive Chacarrategui, Cissy Loongs clamation Rights held by the Company solution to the meeting.

The resolution as being marketable at $1,000,000. Doubt-

then passed unani.J. M. Aives, Lau Hin Man, A. H. Potts, Carman Xavier was

Painting Cissy Horley, Daisy Ching E. Eyre, O. 1. Ellis, less the signatories of this letter failed mousty.

P. Tester, Katic Te to appreciate the fact that a large por

Portuguese-Hedwiges Silva (for good tion of the Company's Reclamation, were: reclected Directors, and Mesars. H. A. Rogers, WR Wilkinson, Chau Drawing Prize-Cissy Horley, Rights in the Eastern District had been Perty Smith, Seth & Fleming and Siu Ki. O, Kitchell, Chau Taun Nin disposed of, and to catinate the present Mears. Linstead & Davis were re-elected F. R. Deacon, 1. Bagram, B. C. conduct and application), Christina Jorge After a short address by the Rev. day value of our remaining lots at auditors, at remuneration of $760 Randall, Wong Pai Cho, J. W. Kew, Ng (for attendance).

Siu Sau, E. B. C. Hornell, D. W. 34,000,000 is very far from the mark, each. and would require a sale figure of some- The CHAITAN then closed the meeting, Murray, N. Croucher, Ho Leung, E. B. Father Spada, little Miss Alma: May, in thing in the neighbourhood of $18 per announcing that dividend warrants would Clarks, F. Hibeiro, G. A. Carvalho, F. a pretty speech, returned thanks to Lady square foot.

be obtainable at the Company's office Lanrie, E. M. Pereira, L Rocha, C. J. Severn for presenting the prizes and la A. Ribeiro, W. E. LA Shenton, Kwai Waithe company for honouring their school Turning to the balance-sheet, you will to-day.

Those prezent were: The Hon. Sir Paul Chaw, G. G. Wood, M. T. Johnson, J. prize day with their presence. She then notice debentures of 81,500,000 taken over From the Central State have disappear Chater, Sir Robert Ho Tung, Father LW. Humphreys, J. Gould, Fing King brought the proceedings to a close by ed. These were paid off on May 30th Robert, Mr.. H. P. White, Mr. A. H. Han, A. V. Apear, A. Nissim, H. MH presenting n bandsome bouquet to Lady. last, in accordance with the terms of the Compton (Directors), Mr. WEL Nemazee, Lee Ping Beep, TN MacSevera Sale Agreement on Prince's Buildings, Shepton (Solicitor), Mr. L. 8. Greenhill Reynolds, F. M. Ellis, H. O. Odell, M.

A sequel to the seizure of six rifes, r the sum being advanced by this Com (Secretary) and the following share 3 Razack, A. C. Kennedy, W. Bracken- pany on the security of, & mortgage on holders:-Messrs E. Sadick. J. H bridge, G. Y. O. Osmund, W. BM revolvers and several thousand rounds the latter Building, expiring in March, Tiggart, E-Raymond, Kelly Sayce, H. Railton. M Hedderson, F. P. Williams, of ammunition by Revenue Officers on Birkett, R. M. Austin, W Galloway, G. I. Gompertz, D. Lyon, J Puncheon, board the Shing On, on Sunday night, The item "accounts payable" is con- B. J. Lacon. T. A. Simon. A. B. White, J. 31. Pollock, W. A. Cornell, A. Mur took place at the Central Magistracy A M. da Silva, D: A. Ribeiro, J. K dock, C. H. Aucott, D. V. Stevenson, yesterday, when a man was charged be siderably higher thar last year, as re- Shaw, H. E. Hollands, HAW. Bird, O. F. S, Cassidy O. F. Ribeiro, R. Mehille fore Mr. N. L. Smith, with being in presented by the Company's cash posi-Eager, R. E. Ost, 8: Courtney Cask, R. Smith, R. E. McDongall, W. B, Cornaby possession of these arras. On tion. The mortgage granted on Prince's. N. da Silva, J. F. Wright, W. W. D. J. Purves, F. H. Pentverous, W. Jplication of the Chief Revenue Offerr

the defendant was remanded. Buildingas, referred to above, approx (Continued on next Column).

Hawker, and M. A. Remedion. mately accounts for the difference.

1026.

the

• ap