1925-03-18 — Page 4

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THE HONGEONG DAILY PRESS, WEDNESDAY, MARCH

"MACNOVA WATERPROOF

The "MAGNOVA" is made to our own design of a specially woven cloth and treated with patent proofing process which enables it to withstand the peculiarities of the climate.

It is ent on free and easy yat amart lizen, providing perfect comfort in wear, and overy detail in the making has the closest scrutiny,

น

THE BEST WATERPROOF FOR LOCAL CONDITIONS.

Obtainable Only at

MACKINTOSH

& CO., LTD.

MEN'S WEAR SPECIĀLISTS.

Alexandra Building,

Des Voeux Road.

John Begg

The

Scotch Whisky

that has been supplied to al

the Royal Palaces for 75 years.

By Appo JOHN BEOG LTD, GLAGOW: ut

304, Fachmes. Bu, Londen, K.C.,

.COMPANY MEETING. EWO COTTON MIlls, Ltd. REPORT A MOST DISASTROUS YEAR"...

The fourth ordinary meeting of the shareholders in the Ewo Cotton Mills, Ltd., was held at the Shanghai offices Messrs. Jardine, Matheson, & Co. Ltd. on March 12th. Nr. A. Brooke Smith presiding.

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For the first six months of the year we succeeded in working at a triffing profit, and in July indications pointed to better conditions during the rest of the year, only to be shattered by the Civil War which commenced at the cod of August and continued intermittently until

atly in February,

to

At no time during the period under review was there more than a neagro margin on either yarn or cloth, and the former was generally sukd at a sinart loss. Demand for our specialities was dis The CHAIRMAN said: I regret that the appointing, and we did not work oue its hallest expacity for pessimistic views expressed by me at our machinery

several weeks. last meeting were fully justiñed, and we

Owing to the comparatively high cost have today to consider a most depresso Chinese cotton we were compelled to ing report, the equal of which your con-fall hack upon larger quantities than sulting committee trust it will not usual of Indian descriptions. their misfortune to present to you in future year.

The loss for the past year, was $193.18, which, ther deducting the amount brought forward from the previous account, leaves a debit of $16.401.48.

HIGH COST OF COTTON. Although the world's supply of cotton is being restored by a larger crop in the inited States than we have witnessed for some years, prices still remain high, and unless the American and Indian out- rurus during 1925-6 are. of a satisfactory As you will see from the report it is nature. I fail to see how we can expect The adulteration of Chinese Cottons proposed that the sum of 201,356.25 by tehief in this direction. withrawn from general reserve fund toy mixing inferior grades with good and liquidate the adverse balance and to pro the fraudulent addition of water continues vide for the following further appropria-anabated, and it is surprising that, al- tions which are necessary.

though the Chinese Cotton Willowpers'. Depreciate ikings by 85,000, and Association have made repeated repre- plan and machinery by 8143,900, which sentation to the Peking Government and has the approval of que auditors, while local officials, no steps have been taken the other sums to be written off, viz. to stop these malpractices. 82.803 off water supply. $1,364.26 of forniture and 2000 wit motor-ear, de not call for comment.

CHILD LABOUR COMMISSION. Following up the remarks I made at our

At the moment we have at the credit last meeting regarding child labour, I

1825

KAIPING HOUSEHOLD COAL

In Lots of not less than

ton

Delivered.. to

Peak District tabore Bowen Road), 21.00

per ton. Delivered to Bowen Road

and Lower

Lavals, $20.00

per ton. Delivered to Kowloon,

$10.00

per ton..

Orders should be seen in writing at least 24 hours, bofors

the Cost is requir

ed.

All orders must be ac- companied by

Cash, Cheque, or Compra- dore Order payable 10

The Kailan Mining Ad- Einistration."

THE KAILAN MINING ADMINISTRATION,

Head Office --TLETSIN

DODWELL & CO., LTD Agents, Hongkong,

TO-DAY AND TO-MORROW ONLY.

5.00 p.m. & 9.15 pm..

THE SUMMIT OF MOTION PICTURE ACHIEVEMENT

TAKE A PEG 400,000 and in order that ordinary that your general managers propose to

of wanitzation of dividends Land a sum desire to take this opportunity of stating Romantic “KOENIGSMARK"

07

JOHN BEGG

BLUE CAP

AND

GOLD CAP

נד

DONNELLY

&

WHYTE,

SOLE AGENTS.

TIL 636.

&

CO.,

LTD.

M. Y. SAN

MANUFACTURERS

OF.

PRESERVIS CHOICE SELECTER BEST YOUNG STEM KINDER THIS ICE UP WITH CARE M.Y.SAN &CE MASI IN HONG KONG

BEST PRESERVED

STEM GINGER.

SĮMADE IN MORSKE

LY.SAN&CS!

SWINDNOW

HEAD OFFICE, No 1 to 100 Queen's Road Central FACTORY: Canton Road, Kowloon. BRANCHED AT Manila, Singapore, Shanghai Canton China

WHITEAWAY'S STANDARD

VALUES

THE BEST VALUE FOR THE LOWEST PRICES

The

TURCO

BATH GOWN

66

THE

"TURCO "

BATH GOWN

Good

Strong Bath Gowns well made from washing Turkish Towelling in a good variety of striped and duck design in various colors finished with girdle and buttons.

STANDARD

VALUE

PRICE

$12.50 BACH

WHUTAWAY. LAIDLAW & CO. LTD.,

20, DES VŒUX ROAD, HONGKONG.

shareholders may receive some return it support the recommendations of the Child

THE OUTLOOK..

is recommended that $207,000 be taken Labour Commission at the next meeting from this fund to pay the usual dividend of ratepayers. on preference shares at the rate of 8 per cent per annum, absorbing 872.000, and a dividend of $0.23 per share on the ordi nary shares, requiring &225,000.

BUILDING TP RESERVES.

With regard to the outlook, I cannot de better than repeat the remarks I made a year ago that: "I am not optimistic about the near future, but given pence and good order in the land and reason- ably cheap cotton. I have not a doubt in my mind that the cotton mill industry. will again flourish."

With your permission, I will now briefly review the causes, as they appear to me, why industry has laboured under such difficult and sometimes impossible condi- tions during the past two years.

It is in times such as the present that the advantage of our policy, in the past of building up reserves is seen, and ! aui sure that it is a matter of gratifiention to all of us that, in spite of a most dis astrous year from the point of view, not only of cotton mills, but of most traders, we are able to pay a dividend of 5 per eent on the ordinary shares and still The primary evil is undoubtedly the maintain our company in a very sound continued state of chaos throughout financial position.

If the withdrawal recommended "have pretty well the whole of Ching, and wa well pay a tribute to the courage yoit approval the general reserve fund pertinacity of the Chinese merchants, will stand at $2.000.000, while the equal who, despite innumerable drawbacks in ization of dividends fund will be reduced the shape of illegal taxation, handitry to 80,000. We shall also have $500,000 and civil warfare, continue to trade. at dit of cotton fnctuations account. Their inducement to do so is probably During the year we spent $11,915.1 on large profits a transactions which go special repairs and renewals, and on through without great diBculty, and December 31st the amount at credit of which probably more than make an for this fund was reduced to Tls, 20,743.24 losses on goods that may be held up for which must necessarily restrict our was stolen or lost. This, of CURTSE, penditure, but I am afraid it will be obviously retards the steady growth of abolitely essential to spend more that trade because the consumer has to pay that sum during 1625 in order to keep a high price for his requirements, and in our machinery up to date.

turn resulta in what I would term over- production.

Additions to uildings, and plant and machinery have been made where we can'

The boom years of 1918 to 1921 natur- sidered it expedient, and although the ally fed to large auditions to spindles outlook is discouraging it is the aim of and looms in China and production out- your general managers to adopt improve stripped consumption with the unfortu ments and additions which appear to the ante outcome that manufacturers are desimble for the future prosperity of the

company

frequently willing to accept nen-paying prices in order to keep their mills at work.

THE OVER-PRODUCTION BOGEY,

Stocks..of cottoh at December 31st were taken in ab cost in accordance with our usual practice-our holdings of Indians

1 do not wish you to go away with the and Americans showed a potential loss of about $100,000 "when we closed our idea that there are really too many aceminta, hut your consulting committee spindles and looms in China-the appar did not consider it necessary to make any cat over-production will no doubt be adjustment by withdrawing a similar sum equalized directly China enjoys peace, from our cotton fuctuations account and if the government would take steps However, should the result at the end of, to foster the industry by reducing taxa. the present year he disappointing it may tian, I predict that more mails will be he suggested that & transfer be effected projected without delay. from this reserve.

Recently Cotton has advanced and one prospective loss has been reduced.com kiderably.

Stocks of manufactured goods, which were unsold on December 31st have prae tically all been disposed of at slightly more than inventory figures,

It is estimated that the amount at credit of Chinese superannuation fund is ample to cover all known liabilities.

increase

of

DEBTS DUE BY CHINA. Debts due by the Chinese (overnment stand at $106.711.77, an 84,140, which is represented by in terest $13,628.29 les payments aggregat. ing $7,344.53 by the Government during the year.

One of the outstanding features of the trade of Shanghai during the past year has been the increase in the export of locally made yara and cloth to the Straits, India and even as far as Egypt and Tar key-needless to remark this has been a relief to those mills who cater for the export trade.

Another dieulty" we continue to con- tend with is dear cotton, but in the past milis have managed to realize profits when raw material was higher than at present, and while anything that helps to reduce costs to consumers must necessarily assist manufacturers, I think we'ean look upon this trouble as a secondary one.

The immediate outlook is not encourag- ing and until the Peking Government succeeds in establishing soine measure of control over the provinces, do not look for a healthy state of trade,

I alluded to this item in my speech last year, and it is to be regrested that, while no effort in spared by us or our Legation to obtain payment, the Chinese, Government fails to liquidate this out standing debt like many other of a similar

nature

Our expenditure in interest during the year was $54,103:47 against a credit of 820,850.94 in 192-clearly showing that

"SURVIVAL OF THE FITTEST.” All I can say to you is that we know stocks of yarn and cloth in the chief consuming districts are smaller than they have been for several years, and it is reasonable to expect sudden, spurts of activity, as we have experienced in the our products went into consumption last three weeks, followed by periods of slowly, and, unfortunately, frequently at great dullness, and it seems to me that. a loss. In this connection our position so far as mills are concerned, it will be a will of course be weakened by the with case of the survival of the fittest drawal of nearly three lakhs to par

dividends.

In closing my remarks on the recounts

I desire to record the regret of the con-

pulling committee as their inability to pro

SOLDIER FIGHTS SHARK.

15

A sergeant of the 31st American In

vide a bonus for the staff at the mill fantry, reputed to be one of the best

In spite of its teutonic name Koenigsmark," the finest purely romantic film ever screened, is a French creation. Based on a story of one of the finest writers of modern romantic.. fiction, Pierre Benoit, produced with all the finesse and deftness of touch, of which the French producers are masters, and sup- ported by an excellent cast, it's a perfect example, of the romantic school..

The story revolves around Princess Aurore Tumene-there could be no romance without a Princess-and R. Vignerte, a young Frenchman engaged as tutor of her ward. The scene is laid in the Grand Duchy of Lautenbourg, in which we may easily recognize any of the two lozen principalities abounding in Europe before the mur There are guards and gloony halls. jewelled | women and courtly gentlemen, splendid receptions and dazzling Court functions. How the woman of the story saves the man she loves, rises above intrigues and hatreds, and in doing so saves her people from war with all its horrors-all this is por- trayed with consummate artistry and never erring tastao.

STARTING FRIDAY NEXT. FANDOM'S FAIREST FAVOURITE .

(6

MARY PHILBIN in THE GAIETY GIRL

ALSO.

JACK DEMPSEY in "FIGHT & WIN"

(1st Series)...

WORLD THEATRE.

JUST ARRIVED.

FRESH SUPPLIES OF HUNTLEY & PALMERS

PEEK FREAN

JACOB'S

FANOY ASSORTED

BISCUITS.

THE SINCERE CO., LTD.

VINEMA NOTES.

QUEEN'S THEATRE. Katherine MacDonald, known inter-

us 4 special recognition of their services swimmers in the U.S. Army, had an ex-nationally The American Beauty," during a "very trying period.

NO LABOUR TROUBLES.

"

5 pm in the new side street of the Queen's Theatre, when he will be banged in mid-air and

excapo.

citing adventure with a bark on March plays a dual role in her latest pictare, Crowded

THE CORONET, congregations.

The Little Church around

have been 11th at a point upproximately forty The Beautiful Liar," an Associated First the ruin at

No longer is there any At all our mills short time was sparfect distant from the Elks Club, states National stiraction, which is showing, at the Corner."

the Manila Times. medically resorted to from July until

The uriny man entered the water and the Queen's Theatre for an engagement need to preach on the time-worn theme.

to-day.

"Why Churches Fail" for the moral of November owing to paucity of demand for our products. At the latter end, struck out when he was attacked by the four days, star will be offered in "The Little Church around the Corner"

A special attraction

little church in every November we again reverted to full time sex tiger at a distance of only forty feet addition to the fall picture programme is that there is which it is hoped we may be able to the first twinge of pain occasioned by a ralian handed manipulator and magi- holds the attention of this

from shore. Turning on his back after in the person of Murray the young Aus- person's heart. The picture is one that Short time, needless to remark, is a four inch gaah in his right leg inflicted can array is known best as the "man tion" from beginning to end. Yet it in hardship on the work people, and for that by the marine monster the sergeant they cannot hang and will to-night far from the preachy" stuff of which reason is only adopted by us when the grasped two of the shark's fios and man-present this sensational act which has some pictures with an alleged moral are situation becomes really acute. I am glad aged to kick himself loose from bis startled the andiences of four Continents. Slied. It is a sane, sensibly hajoam to say that we have been fortunate in assailant, and swan sahore

The pahlic are invited to witness a free story, with a series of startling incident escaping trouble with our labour during ceeded to the military hospital where his performanes given by Murray to-day at and a still biore startling climax. the year under review.

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continue.

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