1926-07-21 — Page 3

Page

THE UNITED

ASBESTOS ORIENTAL AGENCY, LTD.

Tel, Central 236.

AGENTS FOR

Queen's Buildings,

BRIGG'S BITUMINOUS ENAMELS & SOLUTIONS.

SOLE AGENTS FOR

UNION"

ANTI-CORROSIVE and ANTI-FOULING COMPOSITIONS-

FOR SHIPS BOTTOMS.

ANCHOR BRAND PURE MANILA ROPE.

THE CORDAGE YOU GAN" TRUST.”

MARINE ROPE

- TRANSMISSION

"OF POWER ROPE

CABLE LAID

HAWSERS

WELL DRILLING

CABLES

ESTABLISHED 1854

YNCHAUST

·ROPE

FACTORY

MANILA

BUFES OF ALL SIZES FOR ALL PURPOSES

MADE FROM PURE MANILA ERMT

MANUFACTURED

BY THE MOST MODERŃ

MACHINERY,

STOCKS ON HAND OF ALL SIZES ENQUIBTES SOLICITED..

FACTORIES:-MANILA, "P.I.

HONGKONG-OFFLOE;

KING'S RUILDING.

TELEPHONE ÜENTRAL.3165,

MUSIC

A.P.B.

MERCENARY MARY

AND

STUDENT PRINCE

AT

MOUTRIE'S.

Chater Road.

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ASAHI BEER

SPECIALLY BREWED FOR EXPORT

DAI NIPPON BREWERY CO.

LIMITED.

TOKYO JAPAN

SOLE AGENTS:

vi

ON DIRECT CE.BELOKY

PODOS MARVELLOUS BALM, X.

· PERSPIRATION, BAD ODOURS, AND ALL FOOT

TROUBLAS. ANGLISH PRIOR 3/-

TENDEE AND sore feet

10,QUAI

VANDYCE,ANTWERY

ALL PILARMACIES

MITSUI BUSSAN KAISHA LTD.

HONGKONG

164

HONGKONG DAILY PRESS, WEDNESDAY, JULY 2151,

TAXIS FOR SHANGHAI.

LOCAL COMPANY'S NEW VENTURE.

SHAREHOLDER'S CRITICISM OF DIRECTORS AND MANAGING DIRECTOR

ANNUAL MEETING OF THE

TAXICAB COMPANY.

Mr. Kew referred to an item of 8113,000 add regarding taxicabs. tum was an asset "They had about 50 taxicabs, he said, and sach was there- fore worth about $18,000 An item of $48,000 odd for accessories and spare parts was also criticised by himning ka

Mr. Rows explained that they had to keep a big stock of accessories for the taxis.

Mr. Kaw observing that it was strange that although the cars were loased-oct- that the Company kept them in repair, further complained in regard, to a total sum owed to the Company by sundry debtors. This amounted to over $80,000. He pointed out that $15,781.89, was owed At the third annual meeting of the by the lessons of the cars, whereas only Hongkong and Kowloon Taxicab Clam- 10,000 was deposited by them. He pany, held yesterday, the Chairman (Director in allowing auch large sums_te criticised the action of the Managing

HBirkett) said that the Managing be oved. Director had secured for the Company, s concession from the International and the French Municipalities of Shanghai to run taxis there and the Company proposed to transfer about 30 to Shanghai and to replace them later with other taxis Jor Hongkong.

Mr. J. W. Kew, one of the shareholders, present, criticised the manner in which the directors and committee had carried | out their work, and said that the businesa. appeared to him to be *a one-man show run solely for the benefit of Mr. A. E. Rowe (the Managing Director). He suggested that the business should be wound-up

The CHAIRMAN: If you saw the names not paid, you would be surprised.- of some people who got credit, and had

Mr. Kaw It is not good business to have allowed so much credit. There is the debtors. over $18,000 against Fred Ellis as one of

The CHAIRMAN replied that a number of trucks were sold to this debtor, and panya number of "developments when he could not pay ho gave the Com- shares, - ** -

SUGGESTED WINDING-UP. Mr. Kew replied that the shares were. got worth anything. He also asked if the Company made any profit out of the sale of Buick cars.

Mr. Rowe replied in the affirmative." Continuing, Mr. Kaw said that he waa afraid that the debt of Fred Ellis was Those present at the meeting were Mr. a bad one. He considered the directors H. Birkett (Chairman), Mr. A. H. Rowe to have been very lax in giving credit (Managing Director), Mr. Sum Fak Mingahares; and they had done it with and Mr. T. N. Chau (Directors); Mesara. this, he continued, "the beat course is their eyes open. "If it is going on like F. S. Harrison, A. Nissim, C. A. Fulcher, H. M. Kew, and J. W. Kew.

PROVISION FOR DEPRECIATION. The CHAIRMAN, addressing the meeting, said:

"You will note that the balance act shows a profit of 840,022.18 as against a loss of $46,180.14 shown in our last baf ance sheet. The profit of $40,022.18- is made "after writing off $50,063.57 for de preciation. This allowance for deprecia-. tion, together with $108,918.45, already written off previously, makes a total of $158,274:02 written off to depreciation in two years and two months trading and by writing of these large amounts to de- preciation it will be soen-that-your-direc tors are still following that bold policy of making ample provisions for deprecia tion which I mentioned to you at our last annual meeting, and I feel aure that such action will meet with the approval of the ahareholders.

TRIBUTE TO MANAGING DIRECTOR

to wind up the business before it be

comes worse. This business seems to be run for the sole. benefit of Mr. Rowe.'

in any of the balance sheets. Before we No working account has been produced

get deeper into the mud, I think it would- be better to wind up. The directors have also conducted the business in a very lax manner.

The CHAIRMAN: You make statements but you don't prove them.

Mr. HARRISON remarked that the shares

from Fred Ellis were hardly good security.

"A ONE-MAN SHOW." Mr."Kw said that the majority of the shareholders were

He poor people. boped that the Shanghai venture would not be carried out. He reiterated that the business of the Company was being carried on in a very lox manner. The Company seemed to him to be a one- man, show. Whether Mr. Rowe consult ed the directors he did not know. He could-not-understand why the should be talking of farming out taxis in Shanghai, when they were not making anything in Hongkong.

"MONEY WASTED. "

"You were told when we last met together that your directors had decided to farm out the Company's taxis to a

Mr. BIRKETT:. There is no money to be. syndicate formed by the drivers the made out of taxis in Hongkong. selves and I have pleasure in informing. KEW: Then we had better wind-up. you that this venture has been eminently successful as by this means your direc Rowe made two trips to Shanghai tors have been able to convert & loss of Company paid. We have no working ac- and one to Haiphong. I suppose the $46,680.14 into a profit of $40,022.18, which I think is very satisfactory, especi count, and we don't know. ally, when we remember the financial difficulties this Colony has undergone and 18 still under-going, nad had these difficul ties not existed our profits would have been very much greater; and here I think we should pay a tribute to your Managing Director, Mr. A. H. Rowe, to whose able management we owe a lot..

SHARES FORFEITED.

Mr. BIRKETT: The trips cost just over $2,000.

Mr. Kew: And in my opinion $9,000 thrown away. "I don't see how anything can come of it.

Referring to the typed working account, Mr. Birkett said the company paid $15,000 in wages in the year under review, "That's not much," he commented.

Mr. KEW: Not when you say it slow. There's only Mr. Rowe and a clerk or two. calls in arrear and that the shareholders. Mr. BIRKETT: We have some workmen

"Last year I made mention of certain

had been called on to pay, with interest

on third call, and that in default of pay.

to pay...

4

Mr. Kew: To look after the new Buicks. ment the shares would be forfeited and I don't think the Buick agency is worth sold in accordance with our Articles of, anything to us. Association Those shareholders who Mr. BIRKETT: We made $20,000-profit failed to respond have had to forfeit on them the year before last, and several their shares, which have been dealt with thousand this year. There are more accordingly, as will be seen by reference Buick cara in the Colony, than any other to the balance sheet.

mike

Mr. Kew: Probably, in Mr. Rowe's

THE SHANGHAI CONCESSION." garage.

Since our last meating cur managing". Continuing, he said: Instead of “send- director has secured for the Company-a-ng-tans to Shanghai, we should be concession, from both the International thinking of replacing some of the rattle and French Municipalities of Shanghai, traps" in town

For The Last Time This Year I

HAROLD LLOYD

THE FRESHMAN

TO-NIGHT ONLY

QUEEN'S

NORMA TALMADGE

IX

WITHIN THE LAW

TO-DAY ONLY.

THE STAR

TO-DAY AT 5.15

9.15

LAURETTE TAYLOR

IN

ONE NIGHT IN ROME

WORLD

SPECIAL ANNOUNCEMENT.

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CITY HALL-

(OHÉ NIGHT ONLY) TUESDAY, 27th JULY, 1928, at 9,18 p.m. Prompt..

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BOOK EARLY. [3793

THE NAVY'S CHOICE

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GRIMINAN

PLYMOUTH GIN

OBTAINABLE EVERYWHERE.

Mr. Kew: That's the old boycott slogan Bad business I don't see how taxi business is affected. Before the com- this. Company should be put on a proper CITY CLUB IN A COINERS' DEN. mittee puts its foot into it any further,

to run taxis there, and your directors Mr. BinxETT: We have enough efficient. propose to transfer about 50 of our pre- cars in the Colony and the farmers owe sent taxis to Shanghai and to replace s money because they can't do the busi them later with other taxis for Hongkong.ness.

"By referring to the report of your directors you will note that instead of paying a dividend this year your directors thought it best to carry forward the totel amount of the profit against the debit balance brought forward from last year and Icel sure that this action of your }, directors will meet with the approval of all the shareholders

The Chairman then moved the adoption of the report and balance sheet.

Mr Nissin seconded.

MR. KEW'S CRITICISM.

Mr Kew asked where the taxis for Shanghai were coming from 1

Mr. Rowe replied that they had them. in Hongkong. He further stated that after the taxis were sent North, there would be sufficient left in Hongkong... Mr Kaw also drow attention to aD item in the balance sheet, regarding cashion covers, drivers' uniforms, valued at 93,434.48, which had been written off He asked where the cushions and uni- forms were at present.

Mr. Kowe replied that they were still in the possession of the Company,

THE BETTER WAY.

Ar Serif Mr. Kew We have never used them, and still we write off such a large sum. It would have been better to give them away to charity. There is a further item for furniture and fittings, a total of 86,639. I it not a very big sum for furniture. T

Mr. Rowe replied that the furniture and fittings were in the Hongkong and Kowloon offices. The amount put down in the balance sheet was what was actu ally paid for the furniture. The Com- pany had also workshops,

Dasis.

PLACES.

The resolution was then put to the QUEER UNDERGROUND MEETING meeting and carried, Mr. Kew not voting. Mr. Birkett and Mr. T. N. Chau were re elected to the Board of Directors, on the proposition of Mr. FULCHER, seconded by Mr Niss

The auditors, Messrs Lowe, Bingham & Matthews, were re-elected?

EXCHANGE RATES.

[BRITINE WIRELESS SERVICE

RUORY, "July 19th

2231 2101

*Paris

Brussels Amsterdam Berlin Copenhagen Vienna Helsingfors Lisbon.

New York

12. 10g

A CELLAR CABIN

410

£6,000,000 FOR A SON.

WIDOW WHO MARRIED HUSBAND'S NEPHEW.

The will of Mra Arabella D. Hunting ton, who after the death of her husband, Me Coils P Huntington, the railway builder, married his nephew, Henry, disposes of an estate of £7,000,000, of which £8,000,000 goes to her son Archer Milton Huntington

Besides immensely valuable art col Jections, she left a collection of pearls,. part of which are assessed at more than £250,000.

An old London City inn, in a tiny, narrow passage, in the shades of Old "Newgate, which was once the rendezvous? of coiners, highwaymen, and cut-throate, is now the meeting place of scores of City men, who talk about their deala.

The Newgate Club," as it is appro priately called, bas just been opened, primarily for men engaged in the textile trades. It is "unusual as its sister- clubs the Merchant Adventurers and the Crypt Club, and has heavy oakon tables, City church. The old walls and arch- standing on old eighteen-gallon barrels. ways are in their original state.

Every room in the Newgate Club Still further east, in old Crutched has a history, sinister and dark, of the Friars, where shipping offices abound, 2.33/64

bad old days, During the excavation and the skippers who sail the Bevon 458 workden came cross an old forge, and Seas reunite after months of voyaging 2/104

all the paraphernalia of a coiners trade round the world, is the "Merchant Ad 1/11.9/32 An old rusty brazier stands in the open venturers' Club, It is deep down in a 4.80.7/18

fireplace, and on the cold winter days basement underneath shipping offices, 25.117 the City men who owe allegiance to the and is like the saloon of one of the old 1441

Newgate Club will sit round the crack sailing ships 18.10

ling logs.

90.43

18.35

:34421

193

Buenos Aires Shanghai Yokohama.

Geneva Manila. Stockholm Olso Prague Madrid Rio

22.17 -10st

20.901

Bombay

Bilvar (forward)

-1/6.31/32

2/2 204 20.13/10.

Hongkong Silver (spot)

→ VANISHED CHURCH

A little farther east, in Cannon-street

It has portholes a ship's bell to toll: the watch, a ship's compara, and the wheel of a large vessel which will sail the seas no more. Its old oaken beams"

is the Crypt Club," where bankers and were once the walls sud storm-lashed stockbrokers meet. It is hidden away in decks of wooden sailing ships. Nearly the basement of a City building, and every man belonging to the Merchant was formerly the crypt of a vanished

Adventurers Club 5 has a tale of adven 10ontinued on scat column.) ture to relate: