1926-05-20 — Page 4

PYJAMAS

FOR RESTFUL SLUMBER.

THE HONGKONG DAILY PRESS, "THURSDAY, MAY 1911, 1926

Mackintosh's Short Skoro and Short Leg Pyjamas are mad on the principle that you do not want to be swathed like a mummy these hot nights; nor do you want your pyjamas to pinck you back to wakefulness every time you strete or turn. They are cut roomy in fit.from a fine hardwearing cloth, light in weight yet absorbent.

NO COLLAR, SHORT SLEEVES and SHORT LEGS in plain White, Blue and Buff.

All sizes from 34 to 46 inches chest measurement.

$6.00 per suit

WE ALLOW 100% DISCOUNT FOR CASH.

MACKINTOSH & CO., LTD.

MENS WEAR SPECIALISTS. Alexandra Building.

Keepe

Des Voeux Road

We can supply all the Ice likely to be required this Summer.

Pass books on application.

THE DAIRY FARM, ICE & COLD STORAGE CO., LTD.

GENERAL ACCIDENT, FIRE & LIFE

By Appointment ASSURANCE CORPORATION, LTD. By Appointment

ACCIDENT

are

BE PREPARED! AND SICKNESS

in our

ARE INEVITABLE bat why be unprepared when suck exceptional terms

as offered those embodied being

*NEW ORIENT" policy? ALL ACCIDENTS COVERED. LIBERAL BENEFITS FOR SICKNESS, WORLD-WIDE BENEFITS. NO MEDICAL EXAMINATION,

A.P.P

Agents:

JAMES H. BACKHOUSE, LTD.

14. CHATER BOAD (3RD FLOOR).

Yours Truly

(REPRESENTING THE ORIENT TOBACCO MANUFACTORY IN HONGKONG AND SOUTH CHINA.)

12

1 you want cigars of the best quality ander the "La Perla Del Oriento",

El Comets Del Uniente" and the "Grandadis" brande, you can rest assured that you'can get them from us

Come and Inspect our store, ur phone C. 1858 for particulars.

22, Dis Your BoÁD (07706ETE TEEZ P. & O. BUILDING)

A.P.E

H.K. DEVELOPMENT AND SAVINGS

LIMITED.

SOCIETY,

LIVELY DISCUSSION AT ANNUAL MEETING.

DIRECTORS, CRITICISED.

There was a lively discussion at the second ordinary general meeting of shareholders ef, the Hongkong Development and Savings Society, Ltd...

at the City Hall yesterday. The attendance numbered over two hundred, many shareholders having to stand at the back of the room.

Heavy losses caused by the strike and consequent depreciation on share securities was reported by the Chairman in his speech, at the end of which Mr. A. Areulli criticised the directors, and called for the The disclosure of the names of those who had not confirmed loans. directors would not disclose the names in public but shareholders were informed they could have the information desired at the close of the sareting on application.

When the adoption of the report and accounts was proposed Mr. Arculli moved as an amendment that the meeting be adjourned and a committee of shareholders appointed to investigate the accounts and the position of the Company. This amendment was criticised by another shareholder as an unheard of, procedure at an annual general meeting. and Mr. Arrull was asked to withdraw it. This, however, he would mot «do, When put to the meeting the amendment was defeated by an over-

whelming majority amid loud applause. Mr Fred Ellis (Maunging Director, of, the Company) presided, and was sup ported by Masers. . E. H. Beavis, Li Yau Tsun, Sum Pak Ming, Leang Yan Pe and Chap San Fung (directors) and Me! E B Raymond (secretary).

Among the shareholders present were Messrs A. H. Rowe, B. Paseo, J. H. Ruttonjee, CC. Stark, F. P. Leafesty, J. H. Jarkson, T. N. Chau, W. Logan, C. L. Shank, C. B. Shank, J: Brook, G. K. Hall Brutton and Dr. F. H. Kew.

MR. ARCULLI'S QUESTIONS. Mr. A. EL ARCULLI: Will the directors give us the names of the persons who have

CHAIRMAN'S SPEECH. The CHAIRMAN Baid: Gentlemen,-Your directors greatly regret to record the loss which the company has suffered in the deaths during the year under re view of the Hon. Mr. C. Montague Ede, Mr. H. A. Cartwright and Mr. Chau Siu Ki

The benefit of their advice and the valuable services they were able to render will be greatly missed..

"Your directors regret that they are unable to present a more favourable re- port. The reason is to be fourd in the financial conditions that have prevailed since June last.

amont A

hct confirmed their loans?

The CHAIRMAN: Your directors do not consider it advisable in the circumstances to disclose the names at this meeting, but will be pleased to give them to any share holder after this meeting.

"

CHARITY FOOTBALL. SOUTH CHINA AND UNITED SERVICES DRAW.

QUARRY BAY. RESIDENTS IN COURT.

AN AMAH A BOY AND A BABY. The football match arranged by Mrs.

CASE DISMISSED. Luard, wife of H.E. the G.O.C., and the

Several European ladies and as many Officials of the Garrison Recreation Club, between teams chosen from the United amahs were interested parties in a esse. Services and the South China Athletic at the Centrnt Magistracy yesterday. Association to assist the funds of the arising out of an alleged assault by a Military Branch of the Ministering Child-Chinese servant girl on Charlie Mae- ren's League was played before a large kenzie, the nine-year old son of Mr. C. attendance on the Cnrrison ground at W. Mackenzie, à foreman of the Taikoo Dockyard, at Stanley Terrace on the Sookuapoo yesterday.

9th inst. The servant girl, who was referred to in Court as a "makee learn

HE. The Governor (Sir Cecil Clement, FC.G.) arrived before the start and the players and officials were presented to him. The Drums of the East Surreys, by permission of the Officers of the Regi ment, played selections on the grocad before the kick off And during the interval

amah," was employed by Mrs. Keown, During the hearing. Mr. R. Lindsell, the Magistrate, had repeatedly

E.

to call the parties to order for irregular

Col. F. S. Montague Bates. C. remarks: C.M.G., acting GO.C, set the tall in The little boy said that the defendant“ motion for South China who were early

An amah employed in Mr. Mackenzie's. house. Who said she was nearby minding the baby at the time, corroborated the bay's evidence.

attacking. Jordan cleared and the Ser-struck him several times on the back. vices raced away and forced a corner, and he had later been very sick. Lau Hing Cheung putting behind in stop ping a shot from Pulford. For a tine the game was kept close to the South China goal and Voller almost opened the score for the Services. When receiving a pass from Charlesworth, he sent in a

have i The boy's father spoke to finding his splendid shot which appeared to beaten Lau. The ball, however, just son sick and in a feverish condition. He cleared the bar. At the interval the score complained to Mr. Keown, but Mr. The second half was evenly cantested, Keown refused to have anything to the forwards on both sides being content with the matter.

Kobik Wa

THE MAJESTY OF THE LAW." to shoot at long range. brought Avery to his knees to stop a shot

Mr. Keown admitted that Mr. Mac and shortly afterwards he was lucky in

shot from Suen Kum Shunkenzie interviewed him, but he was not turning a

A few minutes later, round the post.

sheet was blank.

Mr. ARCULLI asked how shareholders were to know whether the loans were ad-Suen appeared to have the goal a: his very gentle about it. He resented the misted or not. He was at a loss to un nerey, but with only Avery te bent he complainant coming with all the "majesty

issuing & summons. derstand the certifying by the auditors sent the ball wide. No goal had been of the law," and holding out a threat of with the words "without confirmation."scored when the final whistle sounded.

The raffle for the $95 credit card pre- "Supposing we take action to recover the money, what are we to do he consented by Messrs. Ruttonjer & Son, was won by ticket No. 900. The football was cluded.

won by ticket No. 213

The CHAIRMAN: The explantion is that confirmations which had been sent out had not come back at the time the ac counts were being examined. Since then three have come back,

Mr. Beavis: At the present time the interest from borrowers does not cover the bank interest.

The CHAIRMAN :

Na

Mr. ARCULLI: Do our loans include any of our employees or directors --NO.

Could you tell me why our rent has in the year under review? increased from $9,000 last year to 824,000

The CHAIRMAN: The rent is $1,000 per month. In the last balance sheet rent present, balance sheet covers, fifteen vered only three or four months. The mouths.

Can you assure me that the utmost al

MATTERS FOR EXPLANATION.,

Mr. ARGULLI: Could you tell me if Mr. ARCULLI It may be that the other any of the outstanding confirmations con confirmation will never come back.cern officials of the Company 1. How are we to know whether the money. has been properly managed and whether we are in a position to take action for the recovery of the money if such became necessary! If the policy of the directors: Turning to the accounts, the invest-is going to be that nothing is to be dis ments on loan are practically the same closed I propose an amendment that the appeared in our previous neeting be adjourned and that a com balance sheet. These are advances chiefy uittre of shareholders be appointed to on the security of shares. At the time investigate the accounts and the position the advances were made, and at the time of the Company. The accounts are not lavourable in my opinion, and 1 speak of the presentation of the previous re port, the margin of security was consider for other shareholders when I say that we ed, and accepted as satisfactory. Tire fin- consider them very" anfavourable. "There Ter such as the tonsiderable amount out ancial crisis was unexpected, and the con- are other matters to which I would re- sequent depreciation of security could net be provided for. Your directors have standing for interest, also to there being decided to make provision for any prob- no depreciation or furniture. How are able losses, and as you will see from the we to know whether the assets are no less accounts- a reserve of $350,000 has been than the amounts appearing in the ac counts? Again, we do not know on what made for bad and doubtful debts, thus terms the loans were advanced. or who taraing what would have been a trading ther, the borrowers were given full mar profit of 843,425.78 into the loss which ket pipes for shares. These are matters

the balance sheet.. Your directors have no reason to think that which cry aloud for explanation. this low will not, to a great extent, be made good, provided we are in a position to grant time for this purpose.

appears on

You will note that the auditors' re-. port states that certain loans ware at the date of the report without tonfirmation: These are loans which were advanced to persons who are at present out of the Colony, and their confirmation could not be obtained in time for the auditors. Confirmation of there loans will, however be duly received.

"The accounts do not appear to call

Mr. At then asked if any margin was allowed when loans were inade on share eurity!

The CHAIRMAN: At the time there was a proper margin.

lowed on share seenrilies w 80% 7 Sometimes there was a greater margin.

Was the margin ever less I don't think so.

Mr. ARCULLI: That is not a very satis- factory answer

The CHAIRMAN: When the loans were made the margin was never less:

Mr. ARCULLI: I want to press the question about confirmations. Is there anything to show that these loans were actually made f

The CHAIRMAN: Yes, the securities we rercized from them.

There were securities -Yes. Auple-Yes. ample to cover the six loans

Mr. ANCULLIE I should like to move Mr. ARCOLLI: What do you valla pro-an amendment that this meeting be ad- journed and that a committee of share par margin?

bolders be appointed to investigate the affairs and position of the Company.

Mr. A. CURREM seconded the admend ment.

The CHAIRMAN: Up to 20 per cent. Mr. ARCU You paid 80 per cent. on shares?

The CHAIRMAN: Loans were made with margins of 20 per cent. on market values. Some allowed for greater margins.

3. ARCELLI remarked that he did not.

UNHEARD OF PROCEDURE. Dr. F. H. Kew: I think the amand

Nefendant sail that Charlie, who was riding a bicycle, ran over a baby in her charge. He then pulled a baby's hair, and she had to push him away. -

Mr. Mackenzie objected to Mrs. Keown being called as a witness for the defence, as she was in Court when the girl gavet evidence. The objection was overrule.

"A TWIN-BICYCLE." Mrs. Keown said that the boy obstruct- ed the servant girl, with his bicycle, and the shouted to her from the verandah to push him ever. She saw the boy smack hair. The amah and the baby were wedged against a seat by the bicycle,

Mr. Mackenzie (interprosing): It must in the amah, and pulling the baby's

have been a twin bicycle that could do

Mrs. Mackenzie laughed, and was re- Mr. Keown buked by the Magistrate.

was similary rebuked a few minutes

later.

Mrs. Morrison, called by the defend, said that she saw the boy fall from. bis bicycle.

Both parties appeared to have many more witnesses, when the Magistrate intimated that it was unnecessary to call fresh evidence. He said that he did not find the charge of assault substantiated and dismissed the summons.

H.K.C.C. TENNIS TOURNAMENT. LIVELY MIXED DOUBLES. DUNBAR WINS FINAL OF HANDICAP SINGLES.

Chief interest yesterday centred in the semi-final of the Mixed Doubles between Mr. and Mrs. Tottenham (owe 30) and Mr. and Mrs. E. Grimble (owe 3/6). The match was played on the Stand Court and provided the spectators with as much The ladies showed up prominently ani

for further comment, except that the pro-consider this very satisfactory, and still ment proposed is most extraordinary. I exciting tennis as any match could, ».

fit and loss nucount is for a period of pressed for the adiourament of the meet-have never heard of such a thing. Isolten engaged each other in driving duels 13 months instead of the usual 12 months. ing and for the disclosure of the names.

SCHEME IN ABEYANCE.

NOT POLITIC.

the things

there any precedent for such a procefrom the base line. Mrs. Grimble ap- dure, such a proceeding as to adjourn peared the stronger player of the two an annual general meeting is unheard of. Indics and beat Tottenham at the net.

many times in the second set. Mr. C. E. II. HEAVIS: There is not the (Applause)

Mr. and Mrs. Tottenham were down With regard to the development

Mr. B. Pasco: I wish to associate my- scheme at Jardine's Lookout, Inland Lot | smallest objection to shareholders being No. 453, which was intended to be taken given the position of things in the Comself with Dr. Kew's remark. The adop 25 in the first set, but by forceful net up under the Government 40 years' lease any. You have made an application for tion of the report and accounts has been play, ably supported up by Mrs. Totten nade up the arrears aud scored the first scheme, only nine applications for build the rames of the persons whose confirma proposed, and seconded. We should get ham from the base line, Tottenham soon

on with the business. ing on that site have been finally confirm- tions have not been received? 3r. ARCELLI: That is one of

Mr. HALL BRUTION: The directors set for his aide at 8-8.

In the second Bet Mrs Grimble, was ed out of about 2,000 applications which

have promised Mr. Arculli the informa: were originally received. Your directors T should like to know.

Mr. BEAVIS: I am voicing the opinion tion he wishes for. I do not see what driving with great force and often put have given their earnest attention to this matter, and have decided that it would of the Directors when I say it does not useful purpose the amendment would Tottenham out of position. Mrs Totter- her the loss shots with dexterity, but many of be in the best interests of the shareholders appear advisable at this meeting to dis serve. (Loud applause.) We all sym- ham received her opponent's difficu to leave this project in abeyance until close the names of the particular persons. pathise with each other on such time as the financial position will If any advantage could be obtained in sustained but the only thing we can do returns were killed by Grimble who have improved, when the matter will disclosure, they would he disclosed. If is to face the position. Things are likely was playing well at the again be taken up and negotiations with any shareholders wishes to ascertain those to improve in time. For heaven's sake Grimbles were often applauded for bril-

servedly won, the Government in connection with the names, he has a perfect right to do so, give the Company a chance and we shall liant play in this set which they de

but the directors do not consider it po probably wipe off the loss. With regard to Inland Lot No. 2453 litie to give them at this meeting. and extension No. 9320 Wong Nei Cheong Road, I am in a position to inform you that after extensive negotiation, amend ed plans have been duly passed, and on receipt of these plans from our architects, we shall be in a position to proceed, and the plans will be submitted to the sp- plicants concerned for their approval and acceptance.

scheme will be renewed.

"In view of the position every effort has been made to keep down expenses The office of the Company has been changed, thereby effecting a reduction in rent, and your directors, including my self, have waived payment of fees during the period under review."

net. The

The struggle continued in the final set which eventually went to the Grimbles at 7-5

The winners meet O. C. Womack and ars. E. R.. Childe (owe 1/6) in the Final Dunbar (ser was much too clever for Handicap Singles. "B" and Moncrief (rec." 15.2) in the final of the

to-morrow.

won

in

a great handicap against Dunbar who. repeatedly put him out of position.

scores of yesterday's games are appended

The CHAIRMAN: In view of the feeling. Mr. Arcull, will you withdraw your Mr. ABCLL: My point is thia oliject very seriously to the passing of admendment?

Mr. ARCULLII regret that I cannot these accounts when the shareholders are

The amendment has been entirely in the dark. The shareholders withdraw. are not satisfied. There are many things seconded and should be put to the vote. The CHAIRMAN: I do not think if is which require explanation. There are big items of expenditure which we should in order at this meeting, but as it has like to know something about. This is been pressed Till put it to the vote. primarily a building Company and pa The amendment was then put to the straight. sets. The latter was very im far as I ran see nothing has been done meeting, five voting for it and an over-pressive, but found his weight and sizo or very little. The Company seems to whelming majority against it.

The declaration that the amendment bave concentrated on loan businesY.

"Let the shareholders Know," he ex- was lost was greeted with sustained ap claimed. Take them into your con- plause.

The resolution was then put to the 6dence, and we shall see what can be done after that,"

Mr. BEAVIS: It is a little diffent to meeting and passed with four dissen proceed on any concrete form. About the

On the proposition of Mr. A. H. HOWE, disclosure of the names of the outstand- ing confirmations, the directors do not consider it politic to disclose names at seconded by Mr. H. RETTORI, Mr. C. E. this meeting Apart from that you have H. Beavis and Mr. Bom Pak Ming ware directors for the ensuing Mr. G. K. HALL BRUTTON seconded and been generalising. We must have specific re-elected said that while everyone regretted the questions if we are to answer specifically, year.

Messrs. Percy Smith, Seth and Fleming Mr. ARCULLI: I asked the directors a loss, this was not the only Company which had suffered a loss on the year's work particular question and failing to get an were re-elected auditors of the Company The for the current year on the probosition ing. It was difficult to see how the direc-answer, I am left to generalise. tors could have foreseen the dificulties phrase "not politic covers a lot of of Mr. W. Tags (who included in his which had arisen. "We must take our ground. Does the interest the Company motion that the remuneration should be chance and trust to lack," he concluded. geta from its borrowers cover the interest the same as last year) seconded by.

This concluded the business of the "sad hope that securities will rise. we have to pay to the bank on our over-J. H. JACKBOR. The speaker's conclusion was received drafti

meeting. with loud applause.

The CHAIRMAN then proposed that the report and accounts as presented be adopted, and said that when the proposal had been seconded he would be pleased to answer any questions shareholders might

wish to ask

(Continued on next Column)."

tient.

OTHER BUSINESS.

Mr.

HANDICAP SINGLES" "A.”—(Grð round). S. E. Green (owe 15.3) beat F. A. Red-. mond (owe 15) 11-8, 1-0, 6-4; (acmi-final) Major W. B. Stevenson (owe 2/6) heat Forster (owe 16) 6-1, 6-

HANDICAP SINGLES B."-(Final) WI

E. Dunbar (scr.) beat R. L. Moncrieff (rec..

MIXED DOUBLES (Semi-final) 15.2) 6-1, 6-3, 6-1.. Grimble and Mrs. Grimble (owe 3/6) beat B. E. Tottenham and Mrs. Tottenham

TO-DAY. (owe 30) 6-8, 6-3, 7-5

Up to the time of writing only can is between 8. E. Green (owe 15.3) and G. W. Sewell (owe 15) in the semi-ang match had been arranged for to-day which

of the Handicap Singles AD