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CHINA PROVIDENT AND TUG. MERGER.
(TO TUS EDITOR OF TA# " HONGKONG DALILY PRESS."},
SIR-We shall be much obliged if you will kindly insert the following in your valuable columns
There will be a meeting of shareholders: of the China Provident Loan and More gaga Co., Ltd., on the 10th inst, to con- firm the proposed amalgamation of the aborg two ectapanies, ajt
LOCAL RACING MUTES.
The Theale Plate (1 mile), chabsinthii,
It may be safely said that whatever profits the Tug & Lighter Company, Limited, may have made since their last SELECTIONS FOR OPENING DAY race, does nat look likely to attract morÒ
report are due to the support given them by the Chinn Providents during the abnormal period of the strike" when The lighterago was exceptionally high. Provident Company can do well without the Tugs, but the latter cannot do wel without the support of the Frovidenta.
Regarding the China Providegts, the earnings have ever been on a rise siner ita existence. It is a
prosperous and growing concern. Moreover the business of the company is, as every one knows, exceptionally good this year. The earn- ings of the Tugs cannot therefore com pare with the Providents. Surely the cannot be placed on the same footing.
CGood will.
We agree that the amalgamation is mutually advantageous to the parties con cerned because the Hongkong Tag and. Lighter Co, Ltd., Berds the support of The Hongkong Tag & Lighter Company the China Provident Loan and Mortgage Limited, is only a year old and they have Co., Ltd, in order to make it a success to do a lot before they gain the goodwill whereas the latter owing to the increased volume of business the company is hand-of the public. But the China Provident ling needs it present the "service of a
Loan & Mortgage Company, Limited is fleet of Lighters which are provided by The business that they have, bas been approaching its 90 years of existence..
companies now, therefore, become inter dependent, and it is only natural that the amalgamation is proposed, and we hope it will be affected...
the former.
AT HAPPY. VALGEY..
[BY AROUS]
The second half of the racing seas opens at Happy Valley this afternoon, the first event starting at 3-13
The grass course was available yester
day morning and was well patronised by the majority of owners
Fiekis to-day, ou the average, will be
1
small but on Monday more ponies are ex< pected to face the startor..
Anithe time of: writing, it appenas
doubtful whether, Chicago, Gipsy Lowy Blotting Paper, Dictator Dahlin. or Tad- worth will go to the post before Mon. day..
I was told last night that neither of
than Saligia (Mr. Pollock), ¡Distator - Dahlia (Mr. Brodie), and Baby Eyes (Mr. Stanton) unfess he runs in the
Saligia appears certain to win... Aggregate Stakes.
the waighte
The Beckhampton Handicap B? (1 miles) promises another big fekka. Duka.
of Frisco (Mr. Nemaze), Jamba (Mr. Pollock), Beldorary Star (Mr. Boyle) Saracen (Mr. Davies), Uncle A Kr Brodie); Langsat (Mr. Pollock), Mowgli (Cdr. Thompson), Quab (Mr. Stan- ton)."
"Samen has disappointed me so often that I am chary about selecting him
that the connections of Jambu, are sweet. again, especially if my aurmise is correct.
on their chances. However, I feel con.. fident that Saracen will not prove an
The interests of the two hailt up by the efforts and many years the Parrot." ponies would be allowed other disappointment even if beaten
But the prms of the amalgamation, as set forth in the circular issued by the General Managers of the China Pro vident Loan and Mortgage Co. Ltd on the bath of September, are not fair Fand equitable to the China Provident, We want no advnatages and certainly" nu disadvantages. Particularly, we feel that the China Provident of which we are shareholders should-in no way be under
mined,
"
The proposals in respect of the amal gamation are:-
(1) That The China Provident Loan and Mortgage shall allot three of the $10 shares of the Company in respect of five of the 26 paid up shares of the Tug and Lighters (2) That the shares thus, allotted shall rank for Dividend and Bonus from the first day of January 126, not
1925.
This amounts to valuing the share of the flongkong Tug & Lighter Company, Limited, at par with that of the China Provident Loan & Mortgage Company. Limited, from the first January, 1995,
In order that shareholders may form an- opinion as to the equitableness of the terms let us refer to the latest Balance Sheets of the two companies in respect | of the following points:
J
(A) The financial standing of the two
companies.
(B) The earning capacity of the two
companies.
(C) The goodwill of the two companies. A.→The Financift Standing of the two. Companies,
The balance sheet of the Tug & Lighter at March 31st, 1925, shows :
(1) That they made a Loss amounting
to $23.746.88.
•
+
(2) That they had no reservs.
(3) That no depreciation was written, off in respect of the lighters and 2 steam tugs, the aundry equip
nents and office furniture." The, Balance Sheet of the 'China Proti- dent Loan & Mortgage Company, Limit- ed, at December" Cist, 1924, shows:
That the reserve of the company now stands.at. $900,000.
(2) That depreciation has heen · fully
"provided for.
(3) That the Company on the 31st
December, 1924, owned property to the value of 83,881,000, which is being used practically to its fullest extent. It should be noted that the "property: mentioned comprises the following:
3. Blocks of main godowns at West Point which, as far as can be traced from the balance sheets available, have been owned by the company since 1900. The cost price thereof is only $4-143,560. There were a few other blocks of godowns at West Point probably
of the Directors and the. General
has
to start to-day as their owner had failed
to have them, put through the mallein. och Alf may upset all calculations," Lestr 1. doubt whether the Calonint though not included in my three.
Should Saracen win earlier in the. Veterinary Surgeon will go to the length afternoon, he is not likely to be saddled of preventing their being sent to the post, for this event Incidentally he has no
class, of his past perfor though he is quite within his rights in right in B doing so.. Ignorance of the Law, is no
excuse,
of hand labour of the management and the staff, and the position that they now attain has been the result of the fore- sight. Managers and the goodwill of the cus tomers which they have secured during the last 29 years. Surely in the matter of goodwill the Tug Company is no equal to the Providents. Looking from the above angles and considering the reserve
Provident Company which, the accumulated the appreciation in the value of their assets, the good hasiness they are doing the goodwill which they have gained and the prestige and business standing of the company which we can be proud of, we do not see why we should malgamate with the Tug and Lighter on the inequitable terms as proposed in the circulam. We cannot see why we should undermine ourselves by ranking our shares at par with the Tugs, and sharing the profits of the Company equally with them from the 1st January, 1925, when up to the 31st March, 1995, they lost the sum of over $2,000. The reasons given for accepting the terms appear to be this as he has won races this season following
(1) The China Provident needs a fleet of lighters badly. But why should we accept such inequitable terms Can't we charter them from the Tug Company If not, can't we hire them from some other com- panies, or use junks in the mean time until we build a fleet ourselves to compete with them?
As, however, the. ponies in question have been on the race-course daily since the day after their, arrival, to ban them now would savour too much of lock ing the stable door, after the steeds have escaped.. Both ponies, underwent, the test last evening, I am informed.
Keen followers of racing are warned not to follow the weights in the race-book as in many instances they are incorrect. of The Critic should read 152 lbs.
In the Wokingham Stakes the wright
Jo the Theule Plate, the import of Uncle Chick should be 183. lbs, not 160
For the St. Leger (on Monday) all the weights.in.the book are incat They should read: Grey Mora, Chicago, Grey Knight, Heauty Dahlia, Beldorney Star each 158 lbs., Jambu, Unels. Aff and Saligin so far have earned 151 lbs. each, while Saracenia impost should read 146.
In the event of any of the Inst four winning: to-dag, they will Base to cry an extra 3 lim. (for each win) in the St Leger..
It is probably true to state that not a single pony is yet at the top of his form; consequently punters are advised to act with, caution..
Below will be found the situation as I
WHAT MAY START. -
|
(e) The second reason given is that if the China Provident is to build the Bame feet of tug and lighters they will have to pay much more. But that is only problematical. It can' be said that if the Tug and Lighter | view it.. Company were to sell their tugs and lighters now they would not fetch
In the first event, the Reading Band half the price they are unking. One can Blass, the following will prob thing that cannot he understood is ably compose the field: Valiant (Mr. by we should put.an appreciative Doyle), Satisfaction Dahlia (Mr. da value on the tugs and lighters, and Roza), Grey Streak (Mr. Follock), Two nothing on our boklings of property Pairs (Mr. Brofe), Nugget (Mr. Logau), which are much the sounder. We Hailsham (Lt.Cdr. Thompson), Uncle are of opinion therefore that the Fam or Uncle Gusengel terms for the proposed amalganiş- tion should be reconsidered on look no further tor the winner. I under- Jambu is sent to the post, I shall basis fair both to the China Previ stand, however, that his trainer considera dent Loan & Mortgage Company,him capable of winning the Beckhampton Limited, and the Tug & Lighters Class handicap. This might point. by a committee or the auditors who to Valiant being the owner's choice, but will have to go thoroughly into the Grey Streak, if he is in the mood to do actual worth of the two companies...his best is probably the stable's hope and It appears that'n proportion of two (no investment" each way should prove Providents to five Tugs with the remunerative. Hailsham, on his second provision that the now shares shall to Jambu at the May meeting, is participate in the profits of the deserving of support but is unlikely company only from the 1st January to prove speedy enough if Grey Streak 1326. is more equitable.
gives of his best. Yours Laithfully...
SHAREHOLDERS. Hongkong, October 1st, 1925.
U.S. STEAMER FIRED ON
CHUNGKING
not so well situated which were | ATTACK ON “CHI CHUEN *** NEAR bought by the company' for $419,433.86, nt apparently nearly the same time which were sold in 1921 at a profit of 8876,753.75 October 1st. publishes the following:-
The 3.-C. Daly News of Thursday, The remaining blocks of godownr in question at West Point now According, to advices recived in Shang- owned by the company should hai on Monday Chinese soldiers have have up to now at least appre-fired upon the America str. Chi Chuca, ciated a 100 per cent. or more which plies between Chungking and with the improvements and deve- Suifu Although a bare ontline of the lopments made thereon.
י,
In selecting Satisfaction Dablia as the third choice, I am taking a chance on his når breaking down." Valiant Dahlia, I faney, has lost his speed but, with Mr. Doyle in the saddle, is certain to have a big following.
Tadworth (Mr. Namazce) may also be among the runagers.
The Wokingham Stakes (6 furlongs) is the second event and may attract Saracen (Mr. Davies), Langsat (Mr. Pollock), Arabian Parrot (Mr. da Roza), Uncle Gussengel (Mr. Brodie), Bolly (Lt.Cdr. Thompson), New York (Mr. Doyle), Teashop (Mr. Logan). Shanghai, has been going
Arabian Parrot, since his return from
great gans
on to make him gallop. For third place
either. Solly or New York are quite lik I have selected Uncle Gusengel, but
-to beat him.
mances.
The last race of the day is the Beck- hampton Handicap A class, whịch should prove attractive to Grey Knight (Mr. Pollock), Loch Rannach (Lt.Cdr. Thompsu), King Emperor (Mr. Brodie). Uncle Chick (Mr. Doyle), Beauty Dablin (Mr. Davies), Satisfaction Dahlin (Mr.) da Roza).
Uncle Chick is the best, on the bookc of form.
Below will be found a summary of my selections for to-day :--
SELECTIONS FOR TO-DAY.; :
For this afternoon's events, the follow- ing may prove profitable investments backing the first-named each way and the second and third choices for places ---
ני
READING HANDICAP Grey Streak :: Hailsham Satisfaction. Dahlia
WOKINGHAM STAKES, Arabian Parrotu Saracen
Unele Gusengėla ..............
READING HANDICAP, *Rothesay
Gymp
Beauty Dahlia
12
In absence of Blotting Paper.
THE AGGREGATE STAKES.
Grey Morn
Gypsy Love The Critics.
TRE POLO (9CURRY, Nugget Koh-I-Noor Dick
Saligia
THEALE. FLAIES.
Dictator Dahlin
Baby Es
BECKHAMPTON HÄNDIGÀP. Saracen
Jamby:
Beldorney Star
BECHHAMPTON HANDICAP !!
Uncle Chick
Beauty Dahlia
Gry Knight
SUBSCRIPTION GRIFFINS_
The sa Lee Sang wrived in port se terday afternoon with 8 subscription griffing anil three of Mr. Dynasty's ponies on board (Spotted Sand, King of the Plains, King of the Fores),
The sub-griffins, whose selection hom chiefly, falien upon the shoulders of Mesars F. B. Marshall, W. G. Pirin and S. W. Pratt, of Shanghai, are a cedit. to their sponsors, and fally up to the standard of the first consigninenk
There was a good gathering at the H.K.C. Stables, at Causeway Bay, when the ponies were drawn for in the presence of Col Hall Brutton, M. L Birkett (Stewards) and Mr. R. Pater son (Clerk of the. Course). The numbers were drawn by: MrsT. E. Pearce and Mrs. Grin, with the following remalt:- No, Colour
Draxar. 0(8) dk gr. g. Mr. D; G. M. Bernard
road
Sie Paul Chater ch. z. (blazy
and star) My H. Penn
Mrs Hartford
ic
11
12
Iron gr.8-
13
dk, chi g
A H. Beth
ch. m
Hrx D. G., M. Bernard)
15
gr. (Ben
•
16
biton) chuga
AE. E. Alves & Co. M. HM Nemszer
The Reading Handicap "A" Class 14 comes third on the list, but the co- position of the field is a difficult task.
in training and on more than one occa sion has taken, command of his rider. He attack is at hand it would see that is looked upon by most as a moral" to 2. Property known a 31...this onslaught is of a more severe nature win. Saracen, however, can be depended.
S.AM 180 and pier, M.L. 181 that some of those in the past, Prob and 182, R.P.M. Lots 177, 178ably several hundred shots were fired Section A,M.L. 179 which were and, it is thought possible that shella hought by the company in 199. may also have been used. According to In the same year, the company the report, one Chinese was hit. bought piece of property in What occasioned the attack is not Kennedy Town known as S.ALL known, though the Chinese in this 006 for 8275,318, which was sold | vicinity are stated to have an antipathy Presumably the following will atare: in the year 1923 at a profit of against river boats, which as they speed Rothesay (Lt.Cdr. Thompson), Uncle No. 9 is undoubtedly the ugly duckling $246,792 30 an appreciation in through the heavy current, churn the Albert (Mr. Doyle), Persian Farrot (Mr. of the Lanch and has arrived with an evili value of nearly 100 per cent. It water, so that they assert their smaller da Roza), Gymp (Mr. Brodie), Beauty reputation as his original number was 6 should be borne in mind that the boats are in danger of being upset or Dahlia (Mr. Daviess and possibly Chicago He should have arrived with the Jast Kennedy Town property was not mun. On the other hand there exists (Mr. Pollock). developed to anything like the the potential danger from leaderless Though Rothesay has been at the game his box while being shipped! He may let, but is alleged to Bave jumped out of same extent as those which are troops of defeated artice in Szechuan. now under, review. It would be
so long and is mid to be getting cun- live to surprise his many detractors, therefore exceedingly conserva- received here,
When the first wireless messages were ning, I have picked him to win in the Nos. 16, 14, 13 and 11 found, munca tive to estimate the holdings of authorities ordered the U.S.S. Palos to start to-day,
American Dayal abeener of Blotting Paper, who may not faveur.. the company at 50 per cent. above the scene to escort the Chi Chuen back to cost price after taking into con Chungking. (** sideration the great improve- ments made and the important It is understood that Mr. Lansing developments which the company Hoyt, of the local company, and Mr. bas given to all their holdings,
| C. R. Cox, the Ichang agent, are leaving B-The Earning Capacity of the two..
as soon as possible for up-river ports. Companies
The Tug & Lighter has up to the Bist March, 1990, made a loss of $22,748 85 This does hot speak very favourably for them. To this the following causes may be attributed:
the
TYPHOON WARHINGS.
The American Consulate General re- ceived the following typhoon warning by (1) The local Godowa Companies, and cable from the Manila Observatory at many other big local concerns have 2.50 m yesterday:-Typhoon in about their own lighters and tugs.
116 deg. Long. E. 160 deg. Lat. N., mor (2) The very keen competition of native ing NAZ
junka
The following messenge was received (3) The Chinese merchants, have not at 19.15 p. yesterday:Cyclone or Leen educated to the use of such typhoon W. of Northern Lazon, more lighters as these which are cons than 100 miles distant, recurving north structed by the Tug Company The Castward Typhoon in about 143 deg. majority of them have yearly con Long. 08, deg. La N, direction as tracts with owners of nativo funks known,
Uncle Albert has one smart perfor- mance to his credit over this distance,
THE COLONY'S WATER. but was amiss quite recently and is not yet at his best. Gymp is sure to rua The water return for September shows
the Island that the storage on well.
For the Aggregate Stakes, it is useless was 1,801,000,000 gallons, as against to try and find anything to beat Grey 1,011,000,000 gallons in September, 1981 Morn. If he is not sent to the post, an and the consumption was 256,000,000 interesting race might be seen. In nam-gallons as against 281,000,000 gallons/in ing two to fill second and third place, I the same period last yr Ist month am nauming that the money will not there was a full supply in all rider maine be allowed to go begging Boyoad district Gypsy Love, The Critic and Baby Eyes,In Kowloon the storage was 432,000,000 nons of the others are likely to fince the gallons in the Kowloon Gravitation starter unless it be Jambu or Beauty Reservoir and the Shek Li Pui Reservoir. Dablis, either of which might start under The latter had not been completed certain contingencies. It is, of course, september, 1024, when the storage in thi posible Chicago may be sent here, in Kowloon Gravitation Reservoir alonet which case he is bound to run second was 374,000,000 gallons. Last month the The Polo Scurry should provide the consumption was 73,300,000 gallons) na biggest feld of the day. In selecting against 75.250,000 gallons in the same Nugget, to win I have chosen the month last year
welsher of the bunch, but my "three should provide the winner,
The Government Analyst reports the quality of the water as satisfactory
No comments yet.
Private notes are available after approval.