1925-04-09 — Page 5

Page

ALLCHICAL TRANSFORMATION,

THE HONGKONG DAILY PRESS, THURSDAY, APRIL

HONGKONG ENGINEERING AND

CONSTRUCTION CO., LTD..

M. J. P. BRAGA said:-Mr. Chairman,

that there are some who imagine that this

ד'

Answer.

Govt. Cont.

$1,024,000

1994

7,000

$1,031,000

Private Cont.

#979,000

1,034,000

$3,012,000

Mr. Joan Goula, in seconding, said:

I gave notice last week that I would 3-(a) As the Company did not com Cut Chairman might have dispensed with

ask certain questions at this meeting. Ia mence business until November. 15, the concluging, part or his speech about

The Third Ordinary Yearly. Meeting of answering questions or furnishing ex- planations, as the statemeat, placed. be shareholders of the Hongkong Engineer letter to the Secretary I stated that the figures given are all applicable to the

I would like to make it clear that Iyears 1923 and 1924. fore, as is so full and precise and gives using and Construction Company, Limited, was not submitting my questions in any information, on such a generous scale that

hat was held in the offices of Mesars. Shewan, heckling spirit. I reiterate that assur”, even the meat.carping critic among us cannot surely desire to seek further in- Tomes & Co., St. Georges Building ance. On the other hand, I desire.cer. formation. There are, howech to|

Rome Chater Road yesterday at elevon &tain information and, in view of the fact outstanding features in the which I should like to direct your special for the purpose of receiving the report have been told, for of the Board of Directors and a state- attention. justance, the

news that we are welcom now the actual owners of the Palacement of accounts for the year ended holders. We have also been told that the directors and auditors. Hotel in Shanghai, and not more leaseDecember 31st, 1934, and of electing

lic, far from

being the

the white ele it has been reported to be hus Mr. B. G. Shewan" (Chairman of the had to turn away customers. Then Company presided. Also present were have heard the equally we

welcome news that' How will at no distant the Hon. Sir C. P. Chater, K, CMG, the Peninaula daby open its doors for business. Fin-the Rev. Father L. Robert, Mr. J. Scott ally, we have the gratifying informationHarston (directors); Messrs. J. P. Braga, that when the time arrives for the nor sion has been made for the Catering Des Tai Hang and Li Po thera block to be reconstructed, provi. Coulthart, A. A. Alves, Gain, Fung partment (which, as the Chairman has

aite ties

Company-must put up its shutters and, 30oner or later, go out of business, I (b) The proportion of the 'overhead ex- seek information so as to restore confidenses to works expenditure naturally depends upon the amount of work in ence in the Company. Personally, I do hand. At present it is roughly 10 per not share that pessimistic view, and cent. should be glad to hear that my viaw has

Question:

the endorsement of the Directorate. It 4. How do the amounts of contracts. is to be regretted that, even though the current year compare with the correspon- secured for the first three months of the Company is now in the fourth year of ding periods of the three preceding yearsl its existence, it is not yet placed on and do the Directors anticipate a reason- Chun (share dividend-paying basis. I am aware of the instead of the very heavy losses result- able amount of profit from these contracts us forms an important part of holders), and the Secretary of the Cota-aneviable conditions created for the pre-ing from the tenders previously awarded Just

"told our business) to be carried on without pany, Mr. S. C. Cook, A.S-A.A curtailment.

The Secretary having read the notice cervering the meeting,

These are only a few of the things achieved, requirng, as they did,.. most careful forethought, calculations and organising power of the highest order. Gentlemen, we have come to look for these qualities in our Managing.

atter af

course, but I

A maltar

The CHAIRMAN said:-Gentlemen,-The report and accounts have beer in your as hands for some days and, with your per

how

sent Directors, and, far from wishing to the Company: make their difficult position more embar-

Answer. rassing, I hope the answers to my ques

In the first three months of 1933 tions will have the effect of restoring the contracts signed amounted to $30,000 public confidence in, and support of, the for private work and $170,000 los Govern- Company. We have heard a great deal ment work The corresponding figure for to 1994 was $310,000 all private. During the. and **

first three months, of this year the con tracts aigned have amounted to about $40,000 only, but our works in progress, eaclusive of Government contracts, ex- reed $1,000,000.

many of you realise as

mission, we

will dispense with the read about

Ther

hill work he has had to,

up-

combinations

"do exist.

ringa

ing of them now. At our meeting last keep up building and construction costs before year, I referred to certain contracts within Hongkong and there seems little doubt I should he could bring our undertaking to its the Hongkong Government, which were that such rings present position of preeminence, causing losses, and I said thas the dif-imagine, however, that the Hongkong amga chain of the most m PONE

ficulties encountered had been overcame Engineering and Construction Co. is just hotels east of Suez, not, inauthy style and work was proceeding more satis- such a Company as would be a factor

The answer to the second part of this the Gordon Hotels of the Far East. Ifactorily.

towards opposing such rings." If for question is "Yes." There has been no ior one can speak from personal know-

This was true at that time, as we had that reason alone, not to mention the fact appreciable loss on any contract except Jedge, having lived in the Hongkong succeeded, after long and difficult negotia- that it is a local Company with Directors those made with the Government." Hotel for more than a quarter of a centions, in placing upon a proper basis our having large interests in Hongkong, the

Question. tary, and when recall what that Hotel arrangements for the supply of labour Company should look to the Government was at the time Mr. Taggart, took over and materials, and had good reason to and the public for that measure of sup-

- it not a fact that Dr. J. W. 1ts management (between ourselves it hope, that the worst was over. The port to which its enterprise may fairly Noble was absent from the Colony for was no better than a second-rate board-engineer formerly in charge of these con-

lay claim.

the whole, or the greater part, of the ing bouse) and what we are proud to tructs had previously been called upon be-the-proprietors of-to-day. It is not

The Cusin: We are pleased as a period of twelve months in the year nge I see but magical for an explanation of various matters Company to answer any questions share 1941 L-so, what good reason exists for progressive transformation I see

any woader, then connected therewith, and as he could holders put. The Board have nothing to the inclusion of the name of Dr. J. W. that the mere rumour, happily unfound: Kive no satisfactory answers to the ques- hide and the only things we could not Noble among the Board of Directors in ed, as we know, (and I hope we shad! tions put to him, he was dismissed from reply to are questions which might lead the printed annual report récently circu- have oficial reassurance from the chair the Company's service and subsequently to giving information which might be lated to shareholders i

the left the Colony. It was discovered that used against us. on that) of a

迎

than

have

Is it any

Dimplated

in

►

Managing caused so much alarm among & body of shareholders? Gentlemen, the same untalling vision to guide, dur manner and apparently without regard great undertaking, we may look forward to the ultimate outcome of the contracts, to even greater successes in the future and it was ant an easy matter to arrive

stready been achieved. I have much pleasur

at a satisfactory.understanding with the 10 seconding the resolu

parties concerned. Laba put the chair.

As time went on..however, it became The CHAIRMAN: You have placed me apparent that the estimates of our late in an exceedingly delicate position by your remarks 10 reference to myself nection with the contracts above referred engineer upon which the senders in con- However, I wish to thank you for the to were based were made out on far too Kindly spirit in which they were made, and, in answer to your question regard low a basis to lead to anything but ing a change in the Managing Direc severe loss, quite apart from the initial borship, I can only any that it is exceed losses and lespy, the economies we had sagly remote, neither has there been any effected.

the engineer in question had mide com Mr. BEAGA put his questions, which, to- gemitments (without the sanction or know.

gether with the answers given by the

such matter under consideration. muat As soon as we fealised thin, which was ay in this connection that it would re-about the midille of 1521, we placed aur flect very poorly on your Board-bear; case before the Government, and were

sura

$70

Chairman, were as under :-

Question

(a) Seeing that the shares of the Company were over-subscribed and appli cants were not allotted the full number of shares, what necessity was there for the payment of an Underwriting Commis sion 7

(b) To whom was the commission of ,000 paid and when 1

(c) What good reason (if any) exists for the sum of 30,000 being written off the Assets of the Company in the third year of its formation instead of after the

prst year? Answer.

Answer.

2-Yes, but Dr. Nuble draws no fees

as a Director during absence, and stil: has a very large share interest in the Company.

Question.

&-Will the Directors conside: the advisability, in the general interests of shareholders, of substituting an absentee Directer by a Director more useful to the Company, preferably with a technical knowledge and experience which might protect shareholders from heavy losses such as the Company, has had to suffer in the past?

Answer.

-The Directors have already had this matter under consideration.

The CHURMAN I hope these replies 1.-(a) The underwriting of the shares will be satisfactory. in mind the magnitude of our un informed that any representations we dertakings f

MI. BEAGA: if they had not made ample desired to make would be considered by offered for public subscription was effect-

I feel very grateful for provisions for continuity, and as Manag-tas Government on the satisfactory comed, as is customary, before the issue of the replies to my questions, which were ng Director I hasten to assure you that pletion of the contracts in question. We the prospectus and the terms were duly more or less exhaustive in character, and

to sever my connection WI expect to finish these particular contracts published in that document.

feel they were justified if only to The Company you have 1 younger within the next few months.

(b) The commission was paid in accord.enlighten the public as to the real value generation coming along ready to carry In order to show the position as clearly ance with paragraph (c) of the prospectus of a Company such as ours I have heard. of this Company ou similar, if not better tors have felt compelled to provide in the 13th November, 1999.

the organisation and management as possible in the accounts, your Direc to the persons referred to therein, on the a great deal from people who say that the Company must go out of business, but am not inclined to share that view. I (c) Items of this description are usually feel that we shall get the public to turn to the meeting and it was auauimously loss on Government contracts to the ex recognised as Assets to be written round and recognise that a Company like.

The CHAIRMAN then put the proposition profit and loss account for an estimated

tent of $310,000. carried.

This represents the Mr. J. T. BAUEAM proposed the apsituation on the 31st December last as off out of the first available profits, but ours with directors having large interests in the circumstances, it was not consider in Hongkong, will go ahead. After read- pointment of the Hon. Mr. O. Mantague nearly as can be estimated. What the Lde be confirmed and that Mr. E. M. Enal outcome of these "contracts will be served by continuing to show the amount the ratio of public contracts to Govern

ed that any good purpose would being your replies to my questions abowing Kaymund be elected to the Directorate. is extremely difficult to forecast, and

Mr. L TOBIAS seconded, and the mo- can only say, at this stage, that I do not it is therefore included in the debit get more of these contracts. We have as a separate item in the balance sheet-ment contracts, I feel sure that we shall tion was carried.

think it can be much worse and may be balance of the profit and loss account. Mr. F. M. ELLIS proposed the re-elec; a little better tion of Messrs. Percy Smith, Seth and I might add in fairness to Mr. Gain,

Question. Fleming, and Messrs. Thompson and Co.,

fines than before.

the newspaper people here in full force and if they will favour us by the publica our Manager. that the engineer to whom (a) What proportion do the defic- tion of the report in extenso we shall of Shanghai,, as auditors, for the enu- I have referred, came to us with satis-iencies of an aggregate of $310,000 bear be able to convince the public that this ing year.

factory festimonials and special qualificato the total amount of the Government company has come to stay. I thank you Mr. H. L. BRIDGEE seconded, and the tions for the work we required of him, contracta, in respect of which this big for the trouble you must have taken and motion was carried,

The CHAIRMAN: This is all the business which was that of estimating for, and loss has been incurred?" of the meeting, gentlemen, and I thank taking full charge of, contracts for public (b) Since when have such deficiences

workk you for your attendance. Dividend war-

been discovered and why were they, or a of previous profit and loss accounts 1.

on application.

Barring thest unfortunate contracts!

for the very satisfactory answers.

The CHAIRMAN: I thank you for your remarks and I can assure you, that we rants are now ready and may be had with the Government we have no reason/Portion thereof, not allocated to the debit are doing our best to make good our losses. We are glad to have the criticism Those present were: Mr. J. H. Taggart to feel discouraged. The other work we (e) Doek the sum of $310,000 represent. and the support of a man like Mr. Bragt. (Chairman) The Hon. Sir Paul Chater, now have in hand promises, on the whole, the full amount of tho deficiencies, or are it in all to the good of the Company the Hon. Mr. P. H.

Holyoak

to yield satisfactory profits and had we

The Chairman then put to the meeting Scott Harston Hawker (assistant | we could have shown a fair return on last attaching to the Government Contracts in

ston, Mr. M. Kaymood not to carry this dead weight of losses, there any further contingent liabilities that he should come here and criticise. (directors,) Mr.

the motion for the adoption of the report question?"

and accounts for the year 1924 which were carried unanimously.

Kobert,

Rev.

year's business. L. Our Frunki piling system, (which, I may say in passing and notwithstanding what you may have read in the lost papers, was the pioneer of this kind of piling in the Colony), promises to be

(d) What steps have the Directors taken, or contemplate taking, to protect the Company from suffering in future the berry losses whach, presumably, must be attributed to past inefficiency or incon

1 Bartholom acting retary)

Fung Tat Hang, A. W. Sinith, J.. P. Bourne, J. E. Mackenzie, 4. T. Bagram, Lau Shig

Omar,

Tave. T

Chi Gould. Foon Lai Fung, H. N. Chou, Yi Ping Ip Chor profitable source of income, for it has petence!

Wing

Ko given satisfaction wherever it has been adopted in preference to ordinary piling.

Lam

H

H. Brown, Long He, Fred Ellis,

Нірв

1. A. Tobias, H. 8. Bennett, F. M.

Tag Chi Hing, We feel that there is a good future be

Answer.

On the proposition of Mr. COULIBART, seconded by Mr. Aaves, the appointment. of the Rev. Father Robert as a director was confirmed, and Dr. W. J. Noble and the Hon. Sir Paul Chater, who offered themselves for re-election were re-ap- pointed as directors.

2-(a) The deficiencies represent near

one-third of the total estimated value Mr. BEAGA moved and Mr. Gain second- W. E. Van Cox, J. G. Sinclair,,, O. of which no other mathad, of „canerėte value of each contract can only be deter-Bingham and Matthews as the auditors

Chao Yat Fung, RL Tung Shan, Dr. C. M. piling partakes.

fore it, as the system has special merits of all Government contracts. The actual ed the re-election of Mesars. Lowe,

M. J.

Chan

R. Parsons, O. R.. Benson, has been ordered and is on the way out taken.

POLICE COURT- ITEMS.

piling.

the books. None of the other contracts

THE NAVY LEAGUE. HONGKONG'S CONTRIBUTION TO

THE OVERSEAS RELIEF FUND.

Mr. L. M. Whyte, Hen. Secretary and Navy League, has received the following letter from the Navy League Head Office in reference to the contribution sent by Hongkong towards the Overseas Relief Fund, as a result of the Flag Day and Concert held on Nelson Day 1994

Additional machinery mined when the final measurements are at the same fee as last year, namely,

$800... This was carried.. GP. Lammert, P. M. N. da Silva, H. from Europe and, as working costs have (b) That "question I have already dealt There being no further business, the Birkett, A. A. Alves, E. Abraham. H. E. been reduced, we are now in a position with to some extent but I will add that meeting then concluded. Ellis, Tang, Hung Kai Ng Siu Sau, W. to tender on a competitive basis with any in the case of the first contract which J. Carroll, and A. G. W. Ogilvie. The other system of total number of shares represented was

As to our prospecta in general, I feel was started in the Spring of 1923 there 23,330.

I can still speak encouragingly. We have, was a deficiency at the end of that year. Reference to the Directors' Beport for of course, to wipe off this deficit of the half-year ended 31st December, 1923, $182,000 odd before the Company can

reach a dividend paying basis, will show that the value of the contract possibly afternoon, before Mr. J. R. Wood, the in view, and with careful management, were started until the latter part of 1923 At the Central Magistracy yesterday but with the other woik now in hand and in question had been written down in four men and one women charged in con- and the exercise of the strictest economy, and the fact that expenditure was in Treasurer of the Hongkong Branch of the nection with the armed robbery which I do not think it will be so very long was perpetrated at the residence of Mr. before our accounts begin to show excess of income during the early stages JM. d'Almada Remedios, Peace Avenue, balance on the right side. I said last of these works was a normal state of Ho Mun Tin on March 7th, when $500 year that we were then in better shape affairs which is the experience of all con-

tractors. in cash and jewellery valued at $11,000, than six months previously, and I can was taken, again appeared. Three of the say now that we are still better organized (e) The sum of $310,000 is only an esti- men were discharged; while the other to-day for all kinds of construction work, mate.. There are contingent liabilities was committed for trial at the Criminal and, in particular, for our speciality, upon all contracts until final completion. Sessions, on a charge of being concerned which is reinforced concrete construction (d) Stepa have already been taken, as in the arthed robbery. The woman was of all descriptions. Our plant, machinery, indicated in my previous remarks.. also committed for trial at the Criminal motor trucks, etc., are all in good condi Bessions, on a charge of receiving stolen tion and have been adequately, written.

3-(a) If it be not prejudicial to the property.

down in the books.

I now propose that the report and Company's interest, will the Directors Two Chinese seaman employed on the accounts, as presented, be adopted, and state the respective total amounts of Government launch Fictoria, were charg-when this has been seconded I shall be Government and private contracts secur- nd before Mr. En W. Hamilton at the pleased to answer to the best of my ed for each of the following years: 1922, Kowloon Magistracy yesterday with ability any questions thereon, that share-193, 1947 having rensted a search by three Chinese holders may wish to pat,

(b) What is the proportion of the over. detectives in Waterloo Street on Tues- Mr FUNO TAT HANG seconded the pro-head expenses to the value of the con- * A., WENTMORLAND WOOD, Condo, B gay. Each was fined 310 or 14, dags. ; posal

Itracts 7.

Question.

Ia continuation of my letter of Decem ber ath last, I took the opportunity of bringing to the notice of my Execu "Aive Committee at their last meeting. the donation of £500 which had been received from your Branch in aid of the Overseas Relief Fund.

I am directed by my Committee to express their very, sincere and "grateful "thanks for this handsome donation and, to send their good wishes to your Branch-I Dear Sir, Yours faith-

am, fúlly,"

Generd) Secretary,"

1925

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NEW STOCKS HAVE ARRIVED

SELECT YOUR REQUIREMENTS NOW.

LANE, CRAWFORD, LTD.

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TELEPHONE C. 9217.

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9218

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4387

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„PAKTA.

THE MEANDERINGS OF MONTY

GENERAL OUTLOOK——THE NEAR EAST. YOU KNOW WHAT I MEAN

POLITICS.

ANDERSON'S.

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Telephone C.-3116.

NEW CONSIGNMENT OF

BECTIVE BOOTS & SHOES

FOR MEN

THE SECRET OF BECTIVE

SUCCESS

"BECTIVE'S" are made in Britain to fit the British foot to please the British taste, to meet every requirement for "good form and GOOD WEAR.

BOLT AGENTS (47

Wm.POWELLLtd

HONG KONG HOTEL BUILDINGS, PEDDEN BET.