Page
4496
THE HONGKONG DAILY PRESS,
GAELIC
OLD SMUGGLER
CARLAY WHISKY
Smug
A BRAND REGISTERED IN EVERY MARKET OF THE WORLD.
Guaranteed a pure Scotch Whisky composed of the Finest Old High- land Malts and Grains of proved Age and Maturity. #
Gaelic Old Smuggler is the Premier “Scatch" known and appreciated Everywhere.
GANDE, PRICE & CO. LTD. ST. GEORGE'S BUILDING, ICE HOUSE STREET,
HONGKONG."
TEL. CENTRAL 135.
DONT BE
ANNOYED
WITH DUSTY CARPETS
AND RUGS, SEND
THEM TO US
THEY WILL BE
RETURNED”
FRESH AND
CLEAN.
ALL FOR
50-Cra.
PER SQ. YD.
THE STEAM LAUNDRY CO.
HEAD OFFICE & WORKS; Mongkok, Tel. E, 32 HONGKONG. DEPOT: 16, Stanley St, Tel. 6. 1279.
KOWLOON DEPOT: 19, Canton Road. KOWLOON HOTEL DEPOT.
HONGKONG HOTEL (Visitors only),
PEAK HOTEL DEPOT.
Write or Phone for complete Price List.
PERFUMERY
Manufactured by RIGAUD. PARIS.
2008
** AIRE
KMBALSAMADO"
MARY GARDEN."
BORA CAPITORAL **
"DULUR KIA"
"LIKAS RIGAUD "*
Obtainable from
VICENTE ATIENZA & Co., No. 84, NATHAN ED, Kovicos. TEL. 5.1,
Lilas RIGAUD
For the Evening Toilet
“Hazeline Snow
(Trade &tari)
Soothes the skin, making it cool and white. Vanishes completely, leaving a perfect surface for powder.
"Hazeline Rose Frost"
(Trade Mark)
Gives a natural colour to pale checks
HONGKONG AMUSE MENTS, LTD.
ANNUAL MEETING OF SHAREHOLDERS.
י
A DIVIDEND OF PER CENT.
"INDIGNATION AT PRICES OF
ADMISSION.""
The annual meeting of the shareholders of the Hongkong Amusements, Ltd, was held at the Queen's Theatre yesterday, when Mr. James H. Backhouse presided. The Chairman in his speech said that the crisis in June last year-bad material- ly affected the Company's theatres for some time. He further stated that a Low-people-from time to time had publicly expressed their indignation at the prices of admission..." He, however, pointed out that had they charged two cents less per head the Company would have shown a net loss of $5,000.
A dividend of 15 per cent. was approx, ed. Twenty per cent was paid last year STATEMENT OF ACCOUNTS.
WEDNESDAY, AUGUST 11, 1926
have budgetted for a bonus to be paid to Chinese Theatre Staffs, which will not exceed $900. You will, I am cordially approve this recognition of faithful and, arduous service.
sire,
The Chairman then moved the adoption of the report and the statement of no- rouni
Mr. J. M. Nonor seconded, and the thotion was carried unanimously.
DIRECTORS RE-ELECTED.
Mr. H. W. Rur proposed the re-election of Mr. J. M. Noronha, and Mr. Ma Tsai Chiu as directors. He also proposed that Mr. Joseph Gubbay be elected, thus increasing the number of the Board by one. In making the proposition Mr. Ray said that Mr. Ma Taui Chiu was filling the place vacated by Mr. B. Monteith Webb, who bad left the Colony. He also spoke appreciatively of the Directors who had given considerable time and help during the period of the crisis, and in particular mentioned Mr. Backhouse.
The proposed directors were appointed.. The Chairman proposed and Mr. Ost seconded that a dividend of 81,00_per_ share be paid on the Preferred Ordinary Shares (pro rata for the 1925 issue as from date to final payment) and a dividend of 50 cents per share be paid on the Deferred Ordinary Shares. This
carried.
W38
Mr. H. Greenwood, the auditor, was reselected arra fee of $300 per annum.
Those present were Mr. J. H. Back-
hi, H. Ray, R. E. Ost, Ma Tsui
house (Chairman), Messrs. J. M. Noren Chiu (directors), A. Nemazee, H. Pries The statement of accounts presented-to-tley, Mr. H. --Batlez, J. Chan and
other-shareholders the meeting-was-as-under-1-
to
The Net Earnings for the year amount 838,175.23 making" with 216,713.09- brought forward from last year, 853,891.22, which it is recommended to be appropriated as follows:-..
"To place to Legal" Reserve
Fund, in accordance with the Articles of Association...$ 1,958.76
(bringing this Fund to 87,063.57) To pay Commission to Man-
aging Directors...$5,592.47
To-pay-a-Bonus-to-Chinese-
Theatre Staffs
To pay a Dividend of $1.50 per Share on fully paid-up Preferred Ordinary Shares (Pro-rata for the 1995 issue: as from date of final pay."
960.00
RE-ORGANISING SHARES.
THE NECESSITY TO HAVE A
BIG RESERVE.
Following the annual meeting of the shareholders of the Hongkong Amuse- ments, Ltd., yesterday the report - of which appears in another column, an extraordinary meeting was held.
Mr. J. H. Backhouse presided. . The meeting was for the purpose of approving a resolution for the re-organis- ing the shares of the Company,
Mr. Lo Kan, who had only arrived late that morning. from Shanghai by the
ment) ....................................................................... 16,968. 49 Empress" boat, did not agree with the
To pay a Dividend of $0.50 per Share on Deferred Or dinary Shares
4,000.00
To carry forward to Credit
of Next Account
26,423.51
SCOPE OF BUSINESS INCREASED.
The CHAIRMAN Commenting on the year's. work anid:
Gentlemen, you have had the report of your Directors and the Statement of › Accounts before you for some seven or eight days. I therefore have formally to move that the Report and Statement of Accounts as presented, be received, ap. proved and adopted. If my remarks last year were short, this year they will be shorter still.
I can afford to be so very brief because on this occasion there-appear to be no explanations necessary or desirable ex- cept perhaps in one or two directions The year's work under review, viz., 1025-26, has seen a great increase in the scope of our business. Our plans, as briefly intimated to you at our annual meeting last year, have fructifed, result ing in the acquisition of the Queen's and World Theatres during the year. The Queen's Theatre was taken over by your Company from August 1st, 1925, and the World Theatre was acquired from the Hongkong Government during the latter part of September, 1925, and to date, both theatres have been working very satisize torily. Owing to the close proximity to the Queen's, the Coronet Theatre-our former popular "Little House "was closed on our taking over the Colony's Premier Cinema House,
EFFECT OF THE CRISIS. The Boycott and crisis which com- menced in June of last year has caused considerable anxiety in the commercial sphere of this colony. The facts are too well known to all and it is needlets for me to make any comment except perhaps in connection with the effect on our chain of theatres. The situation naturally hit our Chinese theatres vory seriously, name ly, the Grand Theatre at Wanchai, the New Taiyat Theatre at Yaumati and the Cheong Lok Theatre at Saiwan ho, which are situated in the heart of industrial and labouring districts. Fortunately, however, the effect did not continue for long and after a few months, conditions returned to a more or less normal state..
proposed change.
The meeting had therefore to be ad journed.
THE RESOLUTTON.
The resolution was as under :
"That the 8,000 Deferred Ordinary Shares of $5 each nad the 16,000 Pre- ferred Ordinary shares of $10 each in the Company he "re-organised and cou- solidated into one class of 20,000 shares of $10 each to be called ordinary shares. and to rank as regarda dividend and capital pari pusan and each share to confer one vote sad that the Com pany's Memorandum and Artilees be altered accordingly."
THE EXPLANATION, Explaining the resolution the CHAIRMAN
GREEN ISLAND CEMENT CO. LTD.
Best
Portland Cement.
SHEWAN, TOMES & CO.
Where
GENERAL MANAGERS,
HONGKONG.
Jaba
Portuguese, English
and
Dutch in turn Struggled for Mastery, has been since the 16th century, a Magnet attracting from Europe all who sought Trade, Adventure or Gain.
To-day it is rapidly becoming known as one of the Gems of the Pacific The Pearl of the Orient and attracts Tourists and Visitors from all parts of the world.
To those seeking relief from the oppressive and trying local sum- mer, there is no place which holds forth such a pleasing prospect of complete change of surroundings, of secenery and of climate.
Big Game shooting
8 days to Batavia, a short journey then takes the traveller to the Highlands, where all the trials of beat "and" humidity are forgotten in a temperate climate unsurpassed in any tropical country.»
Wonderful ancient Temples
Motor tours through magnificent scenery
Dolce far niente, for those who prefer it, in
I
Hill resorts like Sindanglaja or Tosari, where
Fires in the evening will be appreciated.
The magnificent vessels of the Java-China-Japan Line sail said: Following on various discussions direct to Batavia, or to Sourabaya via Macassar, and give the which your Board had had in regard to the A shares making the "A" and traveller the added charm of a sea voyage through Calm and "B" shares and the General Managers' Tropic Seas under Ideal Conditions. class with the interests of the Company, which your Beard has looked on as a very sqrious matter, a definite offer has been made to the Company by the holders of the Deferred Shares offering to exchange the whole of their issue for Preferred Ordinary Shares at the rate of 24 “A”” Shares for 17"B" Shares: Of course, the important point was, what is value for the Deferred Shares? Several people have been.consulted on the matter including the Company's auditor and, after very comprehensive and careful con- sideration the above proportion was agreed upon. In accordance with the Companya Articles of Association and in the event of larger dividends being declared in future years (which we have etery reason to believe they will) the percentage value of these Deferred Shares declared then these 85 shares, although- regard to the Preferred Ordinary in being only half the value of "B" shares. creases rapidly. On the other hand in the received a dividend of $1 share, which rent of reorganisation or winding up it was 90 per cent. If a dividend of 30 per specifically stated in our Articles of cent was declared the $5 shares would Association that these shares rank on an get $2, which was 40 per cent., against absolute equality with the "B" shares a share dividend of 30 per cent. in the distribution of assets. Under If there was ever a reorganisation by the Article 74, the holder of 75 per cent. of Company the "A" shares would have à the A shares has a right of offering vote equal to the "B" shares. the whole issue of these shares to the Company.-
S.S.TJISONDARI" August 12th. S.S. "TJIMANOEK" August 20th.
The Return Fare to Batavia from Hongkond is $300. Full particulars of trips in Java and through the Dutch East Indies from
JAVA-CHINA-JAPÁN LINE
YORK BUILDINGS, 1st Floor.
Tel. 0. 1574.
FINDLATER'S
[L.P.B.]
STAG'S HEAD BRAND
BRITISH
When it came to decided the dividend, LAGER BEER
"
further commented the Chairman, it was Considerable arguments may be attain impossible to cut down the dividend of ed in relation to the differences between the holders of "A" shares, who were these two isanes and after due considera- the people making the money, to suck tion and taking everything into account an extent as to affect adversely their the Board considers that an exchange at value: It stood to reason they were not the rate of 24 "A" shares for 17 B' going to work all the year and get nothing shares is very justifiable and the con- for it. solidation of the two classes of shares is They must remember, said the Chair- indisputably in the interests of the comman, that their Articles of Association Or puny
dated from a time when the Company was a very small one and certain restric- tions were put on what the directors could do in order that the founders of the Com- pany should reap the effect of any benefit when the Company was on its feet.
The CHAIRMAN then proposed that the resolution be approved.
Mr. "Oar seconded and said that it would be to the interest of the company to have all the shares on one basis.
PREMIUM “TOO HIGH." -
RESERVE TOO SMALL.
HOPE FOR FUTURE. "Owing to considerably increased ex- penditure and overhead consequent upon our taking over two of the Colony's largest theatres your Directors regret that they are unable to repeat the pre- vious year's dividend of 20 per cent. but they are recommending a dividend of 15 per cent. which, I feel sure, in view of the Company's increased overhead and the troublous period which we have all experienced, will be a source of gratifica tion to you just as surely as it is to them, especially as we are able to carry forward an amount of some 828,000 The CHAIRMAN : Can we take it that nearly 60 per cent above last year's Mr. Stevens is prepared to vote for his to be remedied to-day or not it cerstinly figure. We have every reason to hope that the immediate future will yield even better results.
SMALL MARGIN TO WORK ON
Mr. Lo Kax said that Mr. Stevens in
The result of restrictions in the Articles Shanghai, for whom he was acting as been working on a reserve of $7,000-an 'was that for four years the Company had proxy, was opposed to the resolution. He amount which could be and actually had was of opinion that the "A shares were been lost in week, further commented at too high a premium.
own shares to be cut down by 50 per cent. }
He further stated that Mr. Stevens held 2,000 "A" shares and he did not think that be would express the opinion that A few people have, from time to time Mr. RAY said that he had a letter from
the price of his shares was too high. publicly expressed their indignation at our prices of admission and, as a matter. Stevens in which the latter complain of interest, I would point out that aged of the price being too little and ex proximately 2 million people visited all Preased the opinion that he ought to get our theatres in a year and if we had more.. charged 2 cents less per head for ad- mission we would show a net loss of some 85,000 instead of a net earning of near- ly $40,000 a fact which clearly indicates the very small margin on which your All Rights Kandived | Company is working. As last year, wo}
Both in glass pots
All Chemists, and Stores
BURROUGHS WELLCOME & CO., LONDON
the Chairman. Whether the matter was
some means would have to be found for would have to be remedied somehow;
possible to carry on as they had been making the reserve greater. It was in- doing in the past with directors giving their own personal guarantees on an over- The Chairman asked for any share draft and paying $50 for doing so.
older's view on the matter but none was forthcoming. He added that they seemed to be no further as to the views of those
The CHAIRMAN said that the opposed to this resolution
Mr. Lo Kan: proposed an amendment shares were far more privileged than the to the resolution that the meeting should Eshares which made their value con- be adjourned in order that he might place siderably more than half B. For in- ideas before the meeting which he had stance, if a dividend of 20 per cent was had no time for considering."
(Continued on next ́column.)
The amendment was carried:
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$129
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APIOL & STEEL Suteandcertain for all Female complaints, Every lady should keep a box in the house
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