1926-01-08 — Page 2

Page

2

JUST ARRIVED.

".. A SHIPMENT OF

TUBORG

Purveyors To

BEER

The Royal Danish Court.

The most popular Danisl

Beer on the Market.

6 doz. pts.

4 doz. qts.

$18 duty paid. $20 duty paid.

1)

Sole Agents:

THE HONGKONG DAILY PRESS, FRIDAY, JANUARY STA, 1926

Qubory

HANDE, PRICH & CO., LTD

Wine and Spirit Merchants,

St. George's Buildings, No. 2 Ice House Street,

TEL CENTRAL No. 135.

HONGKONG,

FIRE SALVAGE.

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DRY-CLEANING SEVICE.

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P. & O. STEAM NAVIGATION.CO. | agreeable to have to come to you pro posing a reduction in the dividend, "bu I feel perfectly tertain you will agree with the board that, in view of the present state of trade and the gloomy prospects ahead of shipping. it is pru dent to conserve our resources rather than to distribute them up to the hilt (Host, hear) Thank you very much, Our objective is, to keep ourselves sound inancially and to carry on our great undertaking through bad times, in the hope that things may improve.

REVIEW OF SHIPPING CONDITIONS.

LORD INCHCAPE'S SPEECH,

The Eighty-fifth · Ordinary! General

~ But i Meeting of the Peninsular and Oriental Steam Navigation Company was held on December 9th at the offices,. 199. Leader ball-street, E.C.

The Right Han. Viscount Inchcape. |G.C.S.I., G.C.M.G., K.C.I.E., the chair- man, presided, and began his addreas by saying

FINANCIAL POSITION.

I have sometimes been accused of not to the company's position. I think people giving sufficient information in regard

are now fairly well satisfied, but I will The past year has been the worst which go a little further than usual to-day. Our Stock Exchange securities are not over- shipping has ever experienced. The re- sults of voyages, with very few excep.valued. The investments in our allied tions, have been disastrous owing to high companies stand at what we paid for running costs, heavy dock and labore them. and despite the bad times, they are, taken as a whole, worth a good charges, combined with a shortago_of cargo in almost every direction, and low deal more than we gave for them, but, rates of freight. Added to the fore as I think you will admit, it is wiser going, the troubles in China have serious not to write them up. It is always a ly affected trade with that country, and mistake to write up the value of your in- the unauthorised strike, of seamea and Yestments till you have realized them. firemen in Australis and South Africa basear, hear,) If you do not adopt this inflicted on us, as on many other ship have to write them down. On the whole policy the day will come when you may owners, gigantic losses.

I think the P. & O. Company is fairly Bound and, despite what, I hope, are passing adversities, I think it will re- main so.

가

THE ACCOUNTS...

་་

The insurance account shows a small increase over last year's figures of £60,197

Our steamers stand in our books at less 19s. 10d. bringing it up to £3,275,279 09, d.. after payment of all claims to Sep-depreciation at 3 per cent. per annum. If than their original cost, after deducting tember 30th, but there is, of course,

we take from their book value some as Hability for losses and refunds." claims for which have not yet been rendered.

yet unappropriated balances of round about £1,000,000; our reserve and contin. The provident good service fund has geney funds, amounting together to been increased by £40,000, bringing it up to £350,000, which is a little in excess of our actuarial liability for pensions. We. consider, and I am confident you will agree, that it is only right to treat the pension fund, which is maintained for those who have served us faithfully, as a first charge on our revenue. (Hear, bent.)

THE FLEET. S

The fleet of the P. & O. Company now numbers 57 vessels, totalling 584,461 tons gross. The average age of the tonnage is about seven years.

2,607,950; and, say, £2,000,000 from our insurance fund (leaving it at £1,978,000, a sum much in excess of what is neces- sary to cover all pending claims and to re-insure current risks) wo have £3,607,950 in band against the book value of our fleet, which is a proviaion for the uncertain future and some con- solation, for what it may be worth, to our stockholders. But I need not point out to you that vessels, even if valued at nominal figures, are no good to their owners if their earnings fall short of their working expenses. This is what we are up against to-day, and what we have to combat.

The amount we have bad to spend in restoring the fleet has been enormous, The prices exacted by the builder, havé, BANCUARDING OF INDUSTRIES ACT. been far in excess of those prevailing There are two sides to every question, before the war. There was nothing for and far be it from me to dogmatize, but it, however, but to replace the vessels I am very much afraid that if we do sunk by enemy action and to build in not check the progress of the Safeguard- replacement of obsolete ships. We haveing of Industries Act we shall before long our mail contract to full; we have our find ourselves a protectionist country, passenger and cargo services to main-shutting out the imports for which we tain, and we were obliged to put the pay, and can only pay, by our exports feet into a position to carry out these and our services. As Sir Hugh Bell obligations and to enable us to hold the rightly said the other day, if we do not trades we have served for so many years, buy we cannot sell, and I entirely agree Our immediate post-war building pro- with him when he says that if an in gramme has been accomplished, but industry is unable to support itself or to the face of most discouraging conditions, We must, however, go on replenishing the fleet as the ships get older, but in the meantime we have had to call a halt. as we cannot face present prices, no matter, what the consequences may be.

ALL NEW VESSELS IN COMMISSION.

carry on without aid from the general taxpayer, it is better to let the industry xo. It is bolstered-up by a subsidy, At the expense of the taxpayers, that can only be a temporary palliative and its last condition will become worse than its first.

These small Islands are entirely dif All the new vessels, with the excep-ferent from a country like America, which tion of the Rajutana, are now in comis to a large extent economically inde mission. The Caledonia, Soudan, Sardinia, pendeat; and, in ray humble judgment, Sicilia, and Nore have been sold to be it is better in this country to leave in- broken up. They did good service industry alone to work out its own salva- their day; but their day is past. They tión and allow the Government, as part- stood, for the most part, at merely ners, to take a share in the profits by nominal figures in the company's books, means of taxation, with no responsibility and the difference between the figures at for the losses. which they stood and the sums which

DOMINION TARIFT3.

they realized bas helped to reduce theIt is a common ery that we ought to develop trade with our 'Dominions, and

valuation of the rest of the fleet.

Of the new steamers, the coltan, in this I agree, but look at what is hap Maloja Moldavia, Mongolia, Razzaak,pening in India. India is an agricultural Ranpura, Rauchi, Bawalpindi, Chitral, dountry with huge potentialities. The Comorin, and Cathay have all made disposition there, however, is to shut out round voyages and are proving favourites all manufactured goods by a tarifi wall, with the travelling public. A telegram un by subsidies. The latest proposal is I received the other day from the, pas to put an import duty on British coal. sengers on board the Rawalpindi on her maiden voyage will interest you. The telegram was a wireless, sent from the ship the day before her arrival in Bom- bay, and read as follows:-

"Passengers Rawalpindi desire to ex- press to you and the directors their ap- preciation of fine ship and untiring efforts

•

Take again the case of Australia. While the total population increas ed from 3,773,000 in 1901 to 5,435,000 in 1921, the

percentage

of primary producers diminished in the samo 20 years from 32 to 25, while that of industrial workers rose from 26 to 31. In the same period the total number

of Captain Redhead and ship's company of workers in primary production rose to ensure comfort." (Hear, hear.) An-from 533,107 to 598,805, but of industrial other telegram from Bombay said that workers the increase was from. 196,166 to the Hanchi's maiden passage to the East 723,580. In the four years of the new had been most successful.

census period which have elapsed since The new vessels are all oil burners and 1021 it is a safe assumption that the per- their machinery, sea-going qualities, and trial workers has continued to decline, centage of primary producers to indus speed are proving satisfactory. When with a corresponding increase in the working costs are brought down and trade numbers of urban dwellers, as compared ravives they should show good accounts with those engaged in country occupa of themselves; but meantime, I am afraid tons. These figures are highly signi many of their voyages will result in debit ficant and mean that the immigrants balances.

which Australia is attracting are not all being attached to, or retained on, the millions of acres awaiting development, but are, in increasing numbers, being put into industries in the towns, which, more and more, are being protected against imports.

THE DIVIDEND.

I indicated a year ago that unless things improved we might be obliged to reduce our dividend and I greatly regret that this has proved to be the case. In the spring, when we paid the interim dividend of 6 per cent., we fally expect. DEPENDENCE ON FOREIGN MARKETH. ed to be able to give a final dividend at the same rate, but in this we have been and the Dominions to manufacture all It appears to be the aim of both India grievously disappointed.

We have spared, and are sparing, ao this reason Great Britain cannot rely, they require and to import nothing. For "effort, to economize in all directions. We as many people suggest she should do, on have an economy committee at work and Empire trade. As the Dominions develop are loyally backed up by our shore staff their industries they will, I am afraid, and agents at home and abroad and by offer smaller markets for British our captains, officers, engineers, and pur factures,

тали. sers; but the results of the past. year. coupled with the losses of the first three, foreign markets. We may for a time We cannot escape our dependence on months of the financial year now open later up certain industries by import cd compel us to face the inevitable and duties, which the consumers among our to reduce our final dividend to 4 per people will have to pay. There will also cent., making with the interim dividend be increased prices for our home manu paid in March, 10 per cent for the year facturere, but the population of these I can hold out little hope of a higher islands cannot consume all the products dividend for the year upon which we of our factories. Even if they could, have just embarked It is only by the where are they to get the money to pay help of our investments and by drawing for themt Certainly not, from the Land on our reserves, built up in better times, or from our climate. The only mineral that we are able to make the distribution we have worth talking about is coel; for last year which we propose to-day.and in that we have competitors who are We are determined to exercise pruable, at the present cost of raising it in dence in these troublous daya. It is, as this country, to undersell us.” I am sure you will realize, anything but

(Continued on page 9.).

GREEN ISLAND CEMENT CO., LTD.

Best Portland Cement.

SHEWAN, TOMES & CO.

GENERAL MANAGERS,

HONGKONG.

CHINA PROVIDENT LOAN & MORTGAGE

COMPANY, LTD.

Advances made on Landed Property, Goods, etc

Trustees of Estates, Executors of Wills, etc.

Warehousing of Goods of all Description.

For Terms and Particulars

Telephone: C. 781.

Apply at the Head-Office-

"St. George's" Building.

Telegraphic Address: “RELYAT.'

B5

THE HONGKONG TUG & LIGHTER Co., Ltd.

Single packages and small consignments received

and delivered by Motor Lighter.

Motor Boat and Launches available for Conveying Passengers and Baggage to and from Steam- ers in Harbour.

Stevedorage and Lighterage Work undertaken. Tugs and Lighters available at all hours.

For tarms and particulars apply at

VELKÉ JEST

HEAD OFFICE-ST, GEORGE'S BUILDING,

Hand Offos-Central 781;

Chinese Branch Offles-Östral 4885.

Hight, Bunday or Holiday

Ring up Kowloon 622.

110

HONGKONG & TERRITORIAL ESTATES, LTD.

(Property Owners, Estate Agents, Land Valuers, etc.)

WILL UNDERTAKE THE

Development and Improvement of Landed Property and attend to all Branches Real Estate Business.

TELEPHONE 0.781.

For terms and particulars

Apply at the Head-Office,

4

St. George's" Building.

Telegraphic Address: “ESTATES.”

ASAHI BEER

SPECIALLY BREWED, FOR EXPORT

DAL NIPPON BREWERY CO.

LIMITED.

TOKYO JAPANI

SOLE AGENTS:

MITSUI BUSSANRKAISHA LTD.,

HONGKONG.