1926-05-29 — Page 4

K Crepe rubber soled SHOES.

THE HONGKONG DAILY PRESS; SATURDAY. MAY 29ra, ––– 1976

K Makers have spent two Years in perfecting the crepe rubber soled shoe. Last year they overcame the difficulty of making rubber soles weid Immovably by means of a new and successful method This year they have applied the not-.. skid principle of the motor tyre to K crepe shoes. The circular holes in the outer 1 yer of rubber give a firm suction grip and also help to prevent the tough erupe rubber from spreading.

Buy

"K's" and be satistied

Mackintosh

MEN'S WEAR SPECIALISTS ALEXANDRA BUILDING."

& Co.Ltd

DES VOEUX ROAD

GENERAL ACCIDENT, FIRE & LIFE

By Appointment ASSURANCE CORPORATION, LTD. By Appointment

ACCIDENT

BE PREPARED! AND

SICKNESS ARE

as

INEVITABLE

but why be unprepared when such exceptional terms those embodied in our are being offered

"NEW ORIENT" policy?

WORLD-WIDE

ALL ACCIDENTS COVERED LIBERAL BENEFITS FOR SICKNESS. BENEFITS. NO MEDICAL EXAMINATION,

A.P.B.

妒

"1

Agents:

JAMES H. BACKHOUSE, LTD.

la, CHATEX BOAD (3RD FLOOR).

VITTEL

(VOSGES)

COLD SULPHUR AND BICARBONATE SPRINGS CONTAIN 8G SALTS OF CALCIUS, SODIUM AND MAGEERIUM

CLINICAL INDICATIONS

(Continued):

AbExpecially albuminuria indicating renal irritation;albuminuria

due to gravel; light me inanical and residual albuminuria, Functional albuminuria,

Ubronic alaninous nephritis.

4. Infummatury afecti ne

Habacute or chronic cyrintis

of the winary system: pyelitis, pyelonephritis,

3-Biliary Whix with or without hepatic colie: hepatic celia due to gali

stones;

es: hepatic colic caused by increased consistency of bile, exarch of the biliary.» dacts: gusty hepatic cotice, habitual constipation allied with biliary insafficiency.

Gastric disorders.-Dyspepsia of gouty a «bjecta; sucretory dyspepsia, atonic dyspepsia

7-Intestinal disorders.- Constipation due to insuffiency of the biliary secretion, or of a disithegic or atonic order.

THE FRENCH STORE, TEL. CENT. 794.

ALSO ON SALE

VICHY CELESTIN, EVIAN les BAINS and CONTREXEVILLE WATER

HONGKONG

HOTEL

ROOF GARDEN.

KING'S BIRTHDAY

CELEBRATION

CLOS

SPECIAL DINNER DANCE

Saturday,

5th June,

1926.

DINNER $4 per head

DANCING

FANCY OR

P.M. TO MIDNIGHT.

PENING DRESS OPTIONAL,

TABLES MAY NOW BE RESERVED.

THE HONGKONG & SHANGHAI HOTELS LTD.

COMPANY MEETINGS. -

(Continued from page 2

SECONDER'S SPEECH. Mr. G. M. Yousa seconding said Gentlemen,-it is with a particular sense of personal sorrow that I associate myself with what has been said by Mr. Plummer. in regard to the great loss suffered by the deaths of Mr. P. H. Holyoak and Sir

Paul Chater.

have just listened to. To produce such A fine Balance Sheet when the business of the world especially that connected with China-bas "been so harassed, de notes sound judgment off the part of our General Manager and the Managers at all the cities where the Society is repre

A DIFFICULTY.

And I would like some information as to the amount debited during 1995 to the Tinderwriting Suspense Account for INCREASED CONVENIENCES FOR negotiations with the Government for the

claims appertaining to 1993 and the years before that.

TAXES QUADRUPLED.

PASSENGERS..

TRAMWAYS COMPANY.

I would suggest that, in future years, ANNUAL MEETING OF THE PEAK this information be given in the face of the Balance Sheet, to enable shareholders to fully apareciate our fortunes after every Working Account is closed.

AUDITORS:

At the apnual general meeting of the Peak Tramways Company, Ltd., which Was held at the Hongkong Hotel yester day, reference was made by the Chair. man (Mr. H. Humphreys) to the late Sir Paul Chater, CALG.

In November last we entered into

lease of a small piece of cleared land m the vicinity at the Lipper Terminus, which would have suited us admirably for this purpose, hoping that we should have it to assist us with the installing of the new machinery, but after aix months of correspondence we have been informed that this land is required for other purposes and we have been offered farther away and not nearly as suitable.

One very considerable saving which another piece of nucleared land a little

will be elected with the new plant is In the course of his speech, the Chair-hat of water, the cost of which with the old plant amounted to nearly $100 per man also stated that the Government quarter. This will be entirely wiped out. had last year assessed the Company on Although the new machinery is consider ably more complicated, it has many ad- vantages not possessed by the old plant.

It is absolutely clean and much less to take care of almost every possiblo noisy, and it is noted with safety devices contingency: Also one very great adyan- tage is that when the machinery is at rest it is costing nothing. With the ele plant steam had to be kept up all the running

Another point to my mind of great importance is the question of auditors, one of whom is connected as a Director Continuing, Mr. Young said: It is of a Company strenuously competing with this Company. I refer to Messrs. a great pleasure to see so many fellow Linstead & Davis, whose head, Mr. shareholders present, and I feel sure that Bernard Brown, is a Director of the Hongkong Fire Insurance Co., Ltd.. we are all delighted at the Report Now, gentlemen. I have nothing against different footing in respect of taxes, Mr. Brown, but it is surely not good policy that our affairs should be in-hereby practically quadrupling the taxes timately exposed to one of our auditors paid formerly. It was announced that the who is also actively in opposition to this scheme-for the Mount Cameron Tramway Company. The knowledge gained by Mr. Brown as an Auditor may quite was likely to be abandoned.

There were present, Mr. H. Humphreys conceivably be superior to the knowledge of the Directors themselves, and it (Chairman), Messrs., J., Scott Harston, undersirable that he should have this i knowledge in view of his Directorship. Austin, A. S. Gubbay (Directors), in the Hongkong Fire Insurance Co. G. Barp (Secretary), and Mr. W. although I feel certain that no informa vote against tion obtained as Auditor is made use of. Messrs. Linstead & Davis re-election to day, but will limit myself to the above opinion in the certainty that the matter will be duly taken up by the Board..

sented.

The increase of capital in connection with the amalganiation with The Yang taze Association, Ltd, has justified itsail, as proven by figures in the Balance Sheet, and in my opinion there is got anything to worry about in the decreased pre- mium income, for our Chairman's re marks would appear to denote that this

has left an increased protit.

With regard to what has been said about our long-standing friendly inter- course with the Cantonese, we doubtless all regret the present misunderstandings that have risen between us and look for ward to a revival of the friendship and a renewal of business.

I do not propese to

4

CHAIRMAN'S REPLY.

The 'CHAIRMAN: I am afraid that Mr. Alves has been a little rapid for me, and I do not know that I have a full grasp of all the questions. Or perhaps

orby.

cars werd Bot

time even when the

NEW CARS NEARLY READY, Every part of the new pinat 'is' dupli- cated except the actual winding drums, two separate and distinct cables from the Electric Supply Co..which are interchangable in a few seconds, 80 that the possibility of delay to the ser- vice due to a breakdown in the engine house is reduced to a minimum.

There are

LATE, SIR PAUL CHATER.. The CHAIRMAN said:-Gentlemen,The Report and Statement of Accounts and Auditors Report having been in your hands for some days, I will with your permission adopt the usual procedure and take them as read. Before dealing

The new cars are nearing completion, with them, I should like to make some and we hope to put these into servica Considerable work has been entailed rcference to the death of Sir Paul Chater within the next two months. who as you are aware had been on our Board for many years and died yesterday by the substitation of these larger cars. I had better not refer to them as ques-dl of years and honour. I feel sure such as the widening of the cuttings, the tions, Un rather as allusions. If Mr express the feelings of shareholders ns removal of a large number of the side In these days it is no use hiding one's Alves will put any specifc questions well as ourselves when I say that we signal posts to positions farther from the fight under a bushel, and the policy of will be pleased to answer them to the deeply sympathise with Lady Chater and track, the entire rebuilding of the spare expressing the Society's business in foeliest of my ability. Otherwise I must relatives in their bereavement. We de-car shed, and the relaying of the siding. substantial buildings such as have been content myself with, thanking him very ire to place on record our deep apprehending into it. A large amount of this opened at Singapore and Sydney is, I much on the General Manager's behalf ciation of the valuable

he work has been carried out by the Com- venture to say, one of the best forms of for the very kind remarks he has made.rendered to this Company and sorrow at pany's own staff. propaganda and advertisement which

Mr. ALVES: I have no questions. the loss of such a sterling character, can be made use of.

The Report and Accounts were then adopted.

I feel confident that we can look for ward to a continued increase in the re-

sults of the working of the Society, and I heartily endorse everything that has been said by the Chairman with reference

OTHER BUSINESS.

services

INCREASED TAXATION.

INCREASED CONVENIENCES,

Perhaps a few words on the improve ments incorporated in the new cars would not be out of place at this juncture. The seating capacity has been increased from

to the ability and discrimination of the and Mr. T. G. Weall were re-elected therefore, that on this occasion we are second and 32 first class in the old cars.

General Manager and Staff in conduct ing the business,

I have much pleasure in seconding the Report and Accounts,

ONE GUIDING HAND.

Directors.

As you are aware during practically On the proposition of Sir HENRY the whole of the period under review, POLLOCK, seconded by Professor C. A conditions have been very unsettled and

42 passengers to 55, ie, 18 third class FIDDLETON SMITH, Mr. J. A Fluxmer the traffic receipts in consequence show a

falling off of 814,240.44. We regret. and 37 first class, as against 5 third, unable to recommend the distribution of The whole of the first class portion will be in one enclosed compartment, having any bonus.

a central aisle with entrances and exists at either end. Conveniently placed near" respectively with the names of the inter- mediate Stations. Passengers will mere- ly have to press the appropriate push un entering, to insure the car stopping at the desired statio

Mr. G. GRIMBLE: Notwithstanding what Mr. Alves has said, I propose that Messrs. Lowe, Bingham and Matthews. and Messrs. Linstead and Davis, be re- of $2,000 ench.

Last year the Government assessed us on a different looting in respect of taxes.

Mr. J. M. ALVER said: Mr. CHAIR-elected as auditors at the remuneration, hey now assess us on the basis of each sent will be our bell-pushes marked

profits, practically quadrupling the taxes Mr. W. A. HANNIBAL seconded, and the we paid formerly, which accounts for the Farge increase under the heading of motion was carried unanimously.

The CHAIRMAN: That is all the busi-Rates, Crown Rent and Fire Insurance.

A POPULAR FALLACY. Dess of the meeting, gentlemen. Divid- end warrants are now ready and can

MAN-1 have listened to your speech with great interest and generally wish to sup- port the statements made by Mr. Young in seconding the adoption of the report and accounts. I am in agreement with most of bis rerüarks, but I desire to em- phasize one particular point which has not been sufficiently stressed upon, and Secretarial Office.

be obtained on application at the cis: $3,000 which still appears in the

Mr. J. A. Plummer presided and was supported by the Hon. Mr. A. O. Lang, Mr. W. L. Pattenden and Mr. T. G. Weall (Directors) and Mr. Paul Lauder (General Manager).

"

In addition to this we have designed As regards the Mount Cameron item, rearrangement of the brake gear which will allow of the brakes and sigual gear books, we shall, unless the Government being operated from either end of the guaranteeing a dividend for a certain be stationed at the front of the car and By this arrange- period of years, abandon the scheme of will, therefore have an unobstructed view new tram and write off the above of the track and station irrespective of amount. We have unhappy recollections the direction of the car.

the early days of this Compary. From ment we hope to obviate a defect which

that is, the prosperity of the Society is,CHINA FIRE INSURANCE CO., LTD., prepared to help us in the way of car, so that the brakesman will always in my opinion, sclely the result of ons guiding hand. In the nature of things, undertakings large or small rise or fall by the efforts of one person, and, un- orthodox as it may seem to you, it is my firm belief that the larger the undertak ing the greater its probability of success, where its destinies and broad questions

CHAIRMAN'S SPEECH.

1889 to 1802 we paid no dividend and it has sometimes in the past been a source was not until 1896 that we were able to tot annoyance to passengers who have The CHAIRMAN said: Gentlemen,The pay a dividend of over 7 per cent. There been left on intermediate stations after of policy are confided to he hands of & Working Account for the year 1924 shows is a popular fallacy in Hongkong that the they have signalled for the car to stop,

The although while I am on this subject, capable single person; and in this the l

should like to point out that in many of Lainn Insurance Society of Canton has balance of $715,003.75 to be dealt with. Peak made the Peak Tramwey. heen fortunate in the past, and if I may Your Directors recommend that this opposite is the case. The Peak Tram these cases it is due to passengers not balance be appropriated as follows: way has made the Peak and by so doing giving sufcient warning for the car to

Dividend of 80 and Bonus

has put millions of dollars into of 85 per share on 20,000

coffers of the Hongkong Government, & stop. To avoid damage to the plant and shares

fact that the Government, on occasion rope it has been necessary to instruct the There were very engine drivers that, except in cases of To be carried forward to

might bear in mind. Underwriting Suspense

few houses and ro hotels at the Peak teal emergency, they are not to stop the cars with undue haste, and that if the Account

438,063.75 when the line first opened.

signal bell rings too late for them to stop in the ordinary way they are to ignore

say so, in the present; and I hope even to a greater degree in the future, if the Recounts now.

Сте before you

any criterion. As a large single shareholder, and representative of a still larger share holder closely related to me, I feel that our interests are very ably looked after by the present General Manager in the person of Mr. Paul Lauder.

8280,000.00

The Balance at credit of the 1923, Account is $904,610.30.

It gives your Directors much pleasure to be able to present to you in Annual Report showing the Company to be in such a strong position..

.at

IMPROVEMENTS.

the

of the traffic.

We propose to write $10,000 off per manent way. Since the formation of the it.

One half of the old plant, which by the Whilst commending the policy of dis

Company this item has always been tributing only the income from invest

merged with machinery and plant. In way, has been running for 38 years, was ments which, I notice, as regards the

future we propose to keep the two dis demolished over two months ago and sold tinct to enable us to write down machi as scrap to make room for part of the working for the year 1924 was exceeded

You will notice from the Working nery and plant year by year is should new machinery and since then we have to the extent of some £20,000.00, I would arge the view that when the result of Accounts that the actual nett premium be done. The appropriation above re- been entirely dependent on one engine the working for 1925, is better known at shows a decrease in comparison with last ferred to, will, with previous, appropria- and boiler, which have, during this time, this time next year, the distribution to ear. This was anticipated, however, tions, write off the value of the old required constant attention and repair" shareholders might be enlarged moderate and represents the consequence of the machinery and plant from the Company's ing, all of which has had to be done during the night hours when the trams. ly, a little further, say to the extent of curtailment of business, the results of books in tato

were not running. a further bonus of 5/- per share, which our Management justify the liability.

It is imperative that we change over incurred. would cost about £34.000.00, extra.

During the past twelve months & con- In connection with the dividends, It is anticipated that the balance of there is a point in the accounts which 1925 Working Account will show a satis siderable number of improvements have to the new machinery at the earliest been carried out for the better accom possible moment to avoid having to sus- pend the service. The Superintendent no doubt is readily explainable. If you factory result. will refer to the working account for I may mention that the figures through-modation and comfort of presengers,

amongst which I might mention add change over will cause any interruption 19 you will find the cost of the interim out the Accounts are affected by Ex. both at the upper and lower termini, informs me that he does not expect the dividend at the rate of 24/- at £161,004; change The Sterling rate taken

Our Articles of Association require for 1995 the cost is given in the report 31st December, 1995, being 9/4.3/8 as tional and improved lavatory accommo-

dation at both termini, a heated wait-revising and bringing up to-date but this corresponding rate at 31st at £162,000.00 which is certainly the cor- against rect figure. I have not the Balance Sheet December, 1924, of 2/3.3/4. This, of ing room, at the Upper Station (which matter will be dealt with at the Extra- a drop in the dollar was apparently much appreciated during ordinary General Meeting which will be. at 31st December, 1024, before me from course, means

far as this the last cold weather), and an enlarged subsequently convened. which to ascertain the change in the equivalent of all Sterling

waiting space with better seating ar The Auditors have asked for increased blued capital which, no doubt took year's Accounts are concerned.

As I have already stated, the balance rangements at the Lover Terminus,

annum cach. We think this is reason- place.

Without wishing to criticise the pro- sheet shows a very strong position and which, together with with the widened remuneration, viz. from $150 to $250 per nosed adjustments as between the Reserve you will notice, gentlemen, the total exit, makes for greater ease in handling able in view of the fees paid by other

the traffic at rush hours and conduces to Fund and the Re-Insurance Fund, but Aasets are now over $8,450,000.

The Re-insurance Fund and Under the comfort of both incerning and Companies for similar work and we have only for enlightment, I would ask the

confirmation. reason why the proposed transfer is writing Suspense Accounts show a satis- going passengers. In addition to all this granted the increase subject to your" I have no further remarks to make a shelter over the steps at May Road factory increase, limited only to £78,000.00. May I sug

Gentlemen but after the accounts have I am sure you will have noted with Station is in course of erection, gest that the,, transfer be increased to

been seconded I shall be pleased to answer QUICK WORK, £178,000.00 raising the sterling Reserve pleasure that the dividend and the bonus

any questiona to the best of my ability. Fund to £400,000.00. The Re-Insurance this year have been increased by the

The new electrical haulage machinery. I now propose that the Report and State.. Fund will then stand at about 2 lakhs sum of 82 ench.. of pounds which should he ample capital

I now move that the Directors' Report arrived at the end of March, and by to finance risks against that Fund. This and Statement of Accounts, as presented, doing a considerable amount of nightment of Accounts as presented be pass appears to me all the stronger when he adopted and when this has been work and by working through every Mr. W. MORLEY seconded, and the pro- viewed from the standpoint, that in what seconded, I shall be pleased to answer week end it was possible to have position was carried unanimously.

partial trial yesterday the results of any question that may be put.

A GARAGE FOR THE GOVERNOR. ever manner risks, may he regarded or

Mr. W. MORLEY aaked the whereabouts Mr. G. 3. AncaEUTT seconded, and the which were satisfactory. It will give you allocated by the management, the insurer will look to all the assets of the society Directors Report and Statement of Asome idea of the amount of work that in satisfaction of claims The fund is counts, as presented, were passed un-bas been done in the short space of two of the pieces of land which they desired to lease from the Government for the apparently of a fluctuating nature, and Animously.

election of a workshop,

whether or not it covers profite the share- holders are now in the dark.

'UNDERWRITING SUSPENSE

ACCOUNT.

¦

OTHER BUSINESS.

On the proposition of Mr. A. Souza FELT, seconded by Mr. V. R. V. RIBEIRO, Mr. J. A. Plummer and Mr. T. G. Weall were re-elected Directors.

moaths, when I tell you that one small item of the work of installation was the laying of over one and a hall miles of electric cable inside the engine house alone,

"

The CHAIRMAN said that it was at the function of Lagard Road and the Peak Road. He understood that it was in Owing to the increased size of the tended to erect a garage for H.E. the. plant, it has been necessary to utilise Governor there. Another fund of a fluctuating nature On the proposition of Mr. AE. S. every foot of available space at the The CHAIRMAN proposed that the retir. which moves more less mysteriously un-ALVES, seconded by Mt. F. H. FARNE, Upper Terminus, including that which ing directors, Mr. J. Scott Harston, Hon. lessanalysed and compared with pre Messra Lowe, Bingham, and Matthews, was formerly & repair shop. The lack of Mr. A. O Lang, Mr. R. Mein Austin Mr. G. BAPP seconded, and the pro- vious Balance Sheets is the Underwriting and Mesara Linstead and Davis were a suitable workshop on the site has con- and Mr. A. B. Gubbay be re-elected.. Suspense Account to which balances of re-elected auditors as a remunestiron of siderably added to the dificulties and

cost of installing the new machinery, position was carried... Working Accounts are transferred after 8750 each.

On the proposition of Mr. W. MORLEY, the lapse of a complete year, as with the The CHAIRMAN: That is all the business inasmuch as even the smallest piece of case of the accounts for 1924 being cons of the meeting, gentlemen. I am very work which has entailed the use of a seconded by Mr. RAPP, it was unanimous- dered to-day. Presumably claims, aris much obliged to you for your attendance, lathe or other machine has had to bely agreed to increase the remuneration of ing out of the working for 1924 and prior Dividend warrants are ready and may sent away to be done by an outside Messrs. Linstead & Davis, the auditors,

from $150 to $250 per annum. years, will be debited to this account; be had on application.

firm