1926-03-25 — Page 3

Page

THE HONGKONG DAILY PRESS, THURSDAY:

THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.

Tel: Central 236

SOLE AGENTS FOR

PUDLO

Makes Cement Waterproof

66

FEUSOL"

The Immovable Fire Cement

1, Queen's

ANCHOR BRAND

ildings.

PURE MANILA: ROPE.

* THE CORDAGE YOU CAN TRUST."

MARINE BOPE

TRANSMISSION

OF POWER RUFE

CABLE LAID

HAWSERS

WELL DRILLING

CARLES

ESTABLISHED 1834

YNCHAUSTI

ROPE

RUFES OF ALL SIZES FOR ALL PURPOSES

SHADE FROM

FACTORY

MANILA

PURD MANILA НКУР

MANUFACTURED

BY THE MOST MODERN

KACHINEEY.

STOCKS ON HAND OF ALL SIZES ENQUIRIES SOLICITED.}

FACTORIES :-MANILA, P.I.

KING'S BUILDING TILLPHONE CENTRAL $165.

HONGKONG OFFICE:

THEATRE

ROYAL

(CITY HALL), HONGKONG.

R. B. SALISBURY'S "QUAINTS." (Under the Distinguished Patronage of His Excellency The Governor.)

TO-NIGHT, THURSDAY 25th.

"THE SPORT OF KINGS.” FRIDAY 26th. "THE GHOST TRAIN">

`SATURDAY 27th "THE UNFAIR SEX-".

SATURDAY 27th. Special Matinee at 415 "NO, NO, NANETTE, Book at MOUTRIE'S. Prices $4, $2 and $1. (Limited)

REPULSE BAY HOTEL.

SPECIAL DINNER DANCE.

Thursday, 25th March, 1926.

EUROPEAN ORCHESTRA

"OF 11 ARTISTS

UNDER THE DIRECTION OF

MR. HAROLD WOODLAND

FROM THE 8.5. — “FRANCONIA."

THE HONGKONG AND SHANGHAI HOTELS, LTD.

USE COLGATE'S SHAVING STICKS AND RIBBON

DENTAL CREAM

BOLE AGENTS:

THE HONGKONG TRADING CO.,LTD.

BANK OF CANTON, BUILDING.

HONGKONG,

COMPANY MEETINGS,

HONGKONG ENGINEERING & CONSTRUCTION CO., LTD.

DISASTROUS CONTRACTS WITH HONGKONG GOVERNMENT.

The fourth ordinary yearly meeting of shareholders of the Hongkong Engineer ing & Construction Company, Limited, was held in the offices of Messrs. Shewan, Tomes & Co., St. George's Building, Chater Road, yesterday morning at 11 o'clock, for the purpose of receiving the Report of the Board of Directors and a Statement of Accounts for the year ended December 31st, 1925, and of selecting Directors and Auditors):

|

MARCH 25TH, 1926

We are also about to place on the market, reinforced and plain concrete pipes of various sites made by centrifugal process. These, we can produce at lower prices than the ordinary earthenware pipes, besides which they are stronger and more satisfactory in other respecta and can be put to a great many uses.

I hope I have now made the present situation clear to you, but, if not, I shall be pleased to give you any further information you may desire..

I now propose that the Report and Accounts, as presented, be adopted, and when this has been seconded, I shall be pleased to answer to the best of my ability any questions thereon, that share holders may wish to put. "

The Very Rev. Fathor ROBERT seconded and the report and accounts were adopted.

OTHER BUSINESS.

On the proposition of Mr. J. COULTHART, seconded by Mr. A. W. SMITH, Mr. J. Hobart were re-elected as directors Scott Harston and the Very Rev. Father

Mr. R. G. Shewan (Chairman and Managing Director): presided, and others present were:The Very Rev. Father

Mr. J. P. BRAGA proposed and Mr. LI Robert and Mr. J. Scott Harston (Dire- Tong seconded, that Messrs. Lowe, Bing- tors), Mr. S.-C. Cook, ASAA. (Secreham & Matthews be re-elected as Auditors

as a fee of $800 and this was agreed to: tary), and the following shareholders :-- Messrs. J. Coulthart, J. P. Braga, A. W Smith, AA Alves and Li Tung,

The Secretary having read the notice convening the meeting and also the Auditors Report,

Gentlemen,-You

The CHAIRMAN said will have seen from the Report and Accounts (which have been in your hands for some days and which, with your permission, I propose to take as read), that the results of our year's working have again been very disappointing

This deplorable. state of affaire is entirely due to the disastrous contracts made with the Hongkong Government, in 1923, under circumstances which I explained at our General Meeting of last year..

In our accounts for 1921 we estimated the loss on Government contracts up to 31st December, 1921, at 8310,000.00 and I alid at the last meeting that it was ex- tremely difficult to forecast what the final outcome might be.

The Culina: That is all the business of the meeting, gentlemen, and I am very much obliged to you for your attendance.

LANGKAT COMPANÝ.

RUBBER ESTATE SHOWS PROFIT OF OVER. FIVE LAKHS

shareholders in the Maatschappij tot Mija

The annual general meeting of the

Bosch en Landbouw exploitatie in Lang- kat was held at Shanghai last week at the offices of Mestra. George McBain, Mr. R. 3. F. McBain presiding.

UBEN CINEMA

SUPER

TO-DAY FOR 3 DAYS ONLY,

MONNA

CONTINENTAL PRODUCTION

WITH SPECIAL MUSIC

VANNA"

FOUNDED ON

MAETERLINK'S famous play.

44

SCENES:-VENICE FLORENCE PISA

20,000 PERFORMERS.

THE STAR

TO-DAY TILL SATURDAY,

VICTOR MAULAGLEN

I

THE HUNTED WOMAN."

In his speech, the Chains said In the general balance sheet under the head- ing of liabilities you will notice an ap propriation of Tls. 14,901.65 from reserve against sundry assets. This amount re- presents the loss incurred on realization Watsons of part of the stores lying in Sumatra, and it was to provide for such losses that this reserve was formed.

THE

WORLD

TO-DAY ONLY.

AT ALL BROWS

LEWIS STONE

CYTHEREA.”

-IN VESTMENTS.

WE BUY

Malakofis

Steamboats

Cements (combined) New Engineers Hrong. Banks

Jimaa, Verama Malaka Finds

Electrics.

Ferrier

WE SELL

Hong, Amusementa Lane, Crawfords Trama

No Lot Too Small No Lot Too Large.

Constructions Union Insurances P. & O. Banks. Lenas

Raubs Rembian Tin Sharin

Under Assets the value of our rubber: plantations stands at Tis. 1,139,695.53, 2.3 against "Tis. 1,040,956.08 last year. This HONGKONG SMALL INVESTORS SHARE & REAL ESTATE CO.

ia chiefly owing to rubber in stock and in transit at the end of the financial year valued at Tis. 186,345.15, as against Tis 50,695.59 on October 13th, 1994

During 1925 two of these contracts have been completed, resulting in the lose, shown in the Profit and Loss Account,

Timber "assets increased from Tis: of 882,182.93, and two more were practi

This in- cally finished at the year end, but on the 203.330.91 to Tls. 306,238.19. fifth, which is the Chatham Road Exten-crease is accounted for by purchases of sion, work had to stop owing to labour land and machinery for our timber yard. troubles. In consequence of the strike Shanghai, and also increased stock of with the resultant shortage of labour, timber.

NOTABLE PROFIT. and the higher rates we had to pay, I

am sorry to any losses on these contracts Turning to the general proft and loss have still further increased beyond any account during the past year we have con- thing we could have anticipated, for inverted the debit balance of Tls 83,572.51 point of time alone all the contracts into a credit balance of Tla. 309,545.28 or, should have been finished," with the in other words, we have made a profit on exception of Chatham Road Extension, the year's working of Tis. 423,117,77 after before the cad of 1924,

providing for depreciation as customary, and making a reserve of Ts. 35,000 for income tax. This result, which I think may be considered satisfactory, is due to our rubber estate having had a very suc- cessful year showing preft of Tla 514,162.29.

In the case of one contract, Beacon Hill Catchwater, the exceptionally heavy rainstorm in July last caused a big land slide below Statue Rock which carried away a large section of the completed portion of the catchwater. Under the conditions of our contract we were re The result of the year's working in our quired to make good all this damage, timber business was disappointing, but of being paid for the extra work at the course laat year was a difficult one for original contract rates, but as these were practically all industrial concerns in already much too low, we suffered a Shanghai For more than four months "double loss, as well as loss of time. our business was practically at a stand-

By now the losses on these Government Contracts have risen to more than 8650,000, which amount has been provided for in the accounts. In addition to this, we estimate that there will certainly be a further loss of $100,000 on the Chatham Road Extension if the Govern- ment compel us to complete the work at the original contract rates, and this latter aum must be regarded as an item that may have to be charged in the ac counts for 1926.

It will therefore be seen that our ultimate total losses on these contracte are estimated at the enormous, sunr. of 8850,000 at the very least.

still In addition to this, owing to the strike, our big floor cutting machine was carried on to Hongkong, with the result that it was not installed until nearly the end of our financial year. Our overhead charges would have been much the same if our sales. had been considerably more. The sales amounted to only Tis. 36,509,10 for the year, whilst for the first four mouths of the present financial year the business actually closed has considerably exceeded the above-mentioned figure, and business is now on a sound commercial our manager is of the opinion that the bazi

TEL. 4830,

COMPANY REPORT.

“EQUITABLE "EASTERN BANKING CORPORATION, NEW YORK;

An official statement issued by this Corporation (which has a branch in Hongkong at 6, Queen's-Road Central, and whose Head Office is 37, Wall Street, New-York) shows the Condition at the close of business, December 31st, 1925, an follows PA

ASSETS.

Cash-on hand and în bank: #2,229,774.67 Bullion on hand and in

transit

Due from foreign banks... Items in transit... Loans and discounts Other assets. Customers' liability on ae

ceptances (less, anti- cipations).

LIABILITIM.

Capital Surplus. Undivided profits Dividend payable January

33th, 1928 Reserves for taxes, etc.... Unearned discount Deposits. Due to foreign banks Other liabilities. Acceptances (leas in port

folio)

10, Des Voeux Boat,

-(125

HONGKONG STOCK EXCHANGE,

CLOSING QUOTATIONS.

Bagong Bank.,

Lando

$1,055 nom.

MARCH 24TH, 1896.

"2125 nom. £91 nom.

-Do Chartered Bank... Mercantile Bank, A. & B... £80 buy.

Da,

P.&O. Bank East Asia Bank. Canton las

Insurace

China Underwriters.

China Insurance

......£13 buy, ...£91 nom. $79 bay.

$620 bay.

24. 145 mom.

.344) nom.

2,185,789.41 Yangtare Insurance 1,589,726.5 Zauros en 985 nom

833,775.10

Chica Fire Insurance Hongkong Fire Insurance, 3570 buy. Douglases

3,276,35.91

611,738.10

... 8180 buy..

buy

E.K., O. & M. Steamboats...24 buy. Hongkong Tugri

4,255,887.87 Indo-China (Pred.).

Do.. (Da£); $14,878,635.34 Shell Transports

Star Ferren

Waterbosts

$2,000,000.00 Oriental Navigahona,

500,000.co China Bugars 627,239.84

40,000.00

Malabon Bugars Banguste Kailan Mining Ad..

35,294.13 Langkat (combined)

7,415.57

(single)

LORDE

2,850,839:61plorati 2,555,140.87 Baube

629,801.08 Trans Mints

Uzsl Caspiana 4,730,981.04 EK & K Wharfa.

HE&W. Docks

-$14,678,685.34 Honghews.

INSECT BITE DEATH.

SEAMAN'S EMPLOYERS HELD RESPONSIBLE.

Now Enginearings...

8. Hotels Hongkong Lands Honghung Realty's (a.p.).

(Lp.)

With regard to oil we have not any Our application to the Government for depth of the well when we last received definite information as to prospects. The some relief in respect of these tremendous information from the B.P.M. was 2,244 ft. losses is still under consideration, and I but they intend to go deeper than we did cannot say more than that we trust to and I believe they do not expect any oil the Government's sense of justice and until a depth of about 3,000 ft is reached. fairness to make us substantial com Two more locations for drilling are under pensation for our losses. 11, however, preparation, which I think points to the such relief be not forthcoming we shall fact that they are not unhopeful of find have to re-consider our position as ring oil eventually. A geological examina gards the Chatham Road Extension con- tion of another one of the concessions is was held by Judge Leigh at the Man- |,Shanghai Cottons (old) tract and the further losses it will patail: also contemplated, and is expected to be chester County Court last month, when Amrciementa

From our books, which are open to the started in a short time.

he awarded Nora Robinson, the widow of Cann Lace Government's inspection, it can easily

the victim, £334

Cemaata (comb

be seen that the Government will obtain

that

That the British and Colonial Steamship wo Cotton

Baral Lands .. Company were liable in the case of a sen-Orientale man who died from the bite of mosquitoes

it was stated that Robinson was bitten while the ship was moored at Ghent, and he died after the vessel bad arrived in the Manchester Ship Canal, a fortnight after- "wards."

A stay of execution pending appeal was

Do China Buses China Lights (combined)

these Waterworks and Roads at over half The estimate for the year was slightly a million dollars less than their actual exceeded. As you will remember from the cost and we cannot believe that a British circular which was sent out in the middle Government would take advantage of of August last, we are now selling to the their contractors to such an extent as General Rubber Company of New York the whole of our production in Latex On the other hand we have, I am will be quite satisfactory. During the

form and we think that the arrangement granted, pleased to say, made fair profits in other year 300 acres of rubber have been brought directions, 8112,068 in 1924 and 8162,600 into bearing and our visiting agent alsof

SHANGHAI-RUBBER DIVIDENDS, in 1925 so that on striking a balance reports very satisfactory progress on the at 31st December last, our loss is reduced rabber extensions. He says that the foli- that their Shanghai office has cabled the HK. Ropes (combined).

Messrs. Benjamin & Potts inform us HK to some $130,000. It is entirely due to age of the trees on the Estate and their following final dividends:-- these profits that suficient working general appearance is better than he can capital has remained to keep the business ever remember. going

prospects are most promis

China Providental Construction Dairy Farma Der A Wing (p) an Hongkong Electric Macão Electrics

Development

Butes 15 cents., making 25' cents for the

year. T

Hongkong Talen Dominions 40 cents, making 83 cents for Hongkong,Tam

· Imus Orkwfordi Mackintosha.

Da

sinceros.

Do

the year.

Taipings 10 cents, making 20 cents for

the year.

Repahe final dividend of 10 cents, mak

ing 25 cents for the year.

The tapping has been, conristently good and no undue liberties Apart from there, Government Con have been taken with the trees. The addi- tracta, obr business has been sound, for tional areas that are being developed con our profit from other work last year is stitute a safeguard for the fature and the equivalent to some 18% on our capital fact that we have s perfected organiza- which would have enabled us to pay tion means that the areas will be brought you a moderate dividend, but all has to the bearing stage very economically, been swallowed up by the Government and be Contracts.

In connection with our department for The question of the commission pay I think you will probably agree with me foundations by the Franki Piling Process able to the manager and staff on the rub that there was something extra due to (which process continues to give complete her profite has caused some anxiety of those who have worked hard on rubber satisfaction everywhere), we have donete, as your directors feel that you will estates and earned little more than a vary a fair turnover with satisfactory profits. to point out, however, that we are pay put a limit on their earnings in the regard the amount as excessive. I wish modest salary, and if steps are taken to We are now making arrangements to introduce this system of foundationing at the same rate as all the other com fature, shareholders will have no cause for piling to Architects and Engineers in Panies in Sumatra This high rate was complaint. It is my opinion that some- Shanghai, where, owing to the dificult greed upon when times were bad and I thing of this sort must be done as it is nature of the sub-soil, we consider there suppose it was not then anticipated that only natural that shareholders in other should be a much greater Eeld for Frank such large sums might become payable Companies will feel the same way about Piling than in Hongkong

(Oontinued as foot of next Column,) the matter as we do.

Taxia Duiffed Albe Watsons (al

Wm. Powells

nom.

$38 nom

#40 hom 88/6 bar

88/6 bay. $69 sol ..$15 nom, $250 nom

$39 nom „$1.80 nom.

42/8 buy

Tis 28 bay

TI. 11 buy Tls. 5 sol. 241. 7 noon,

.81% buy,

buy 130 sel, 1997.

$82 nom Tis. 160 buy.

100 buy buy:& th

buy

buy

TU: 9.40 nom

Tla, 54 sek.

buy,

16 buy, $12-nom.

190 zon

202.

buy

a. 10

nom.

$16 Kiom.:

$114.uol. $8.10 nm,

nom.

59 sol, 57

дом.

eta, nom.

410); morn.

bay,

buy

$10 pom,

Singapore Tra

baybay

The total output of the Kailan Minin Administration's mines for the ending March 6th amounted to 49.9 tone, and the sales to 48,042 tons..