1926-12-24 — Page 3

Page

ANCHOR BRAND

PURE MANILA ROPE. "THE CORDAGE YOU CAN TRUST."

MARINE RUPE

TRANSMISSION

OF POWER ROPE

CABLE LAID

HAWBERS

WELL DRILLING

DABLES

THE HONGKONG DAILY PRESS, FRIDAY, DECEMBER 24TH, 1926.

Established 1834

· RUPES OF ALL

YNCHAUST

ROPE

FACTORY

MANILA

SIZES FOR ALL PURPOSES

MADE FROM PURE MANILA

HEMP

+

MANUFACTURED

BY THE MOST MODERN

MACHINERY,

STOCKS ON HAND OF ALL SIZES ENQUIRIES SOLICITED

FACTORIES MANILA, P

KING'S BUILDING, TELEPHONE ORTAL 3165..

HONG KONG OFFICE:

Borsalino

Grand Prix-Paris 1900

ANTICA CASA

FONDATA HEL 1857

FROM THE STOUTEST TERAI TO THE

LIGHTEST FELT

Borsalino Hats

LOOK WELL AND WEAR BETTER

Borsalino, Antica Casa. THE SINCERE CO., LTD.

AGENTS.

A SEASONABLE OPPORTUNITY

TO SAMPLE THE

AP.B.

INCOMPARABLE WINES OF FRANCE.

$20

SEVEN BOTTLES

of the leading French Liquors for TWENTY DOLLARS

$202

Cases containing the following in full size bottles. will be delivered FREE at the purchaser's residence from TO-DAY until the 31ST INSTANT.

2 bottles Otard Brandy. Cherry Brandy. Sparkling Wine. French Vermouth. Liqueur.

The liqueur can be selected from the following: Curacao, Peppermint, Creme de Cacao, Anisette or Cointreau.

THE HIGHEST CLASS BRANDS AT THE LOWEST POSSIBLE PRICES.

Please write or telephone Central 4522-TO-DAY

COMPAGNIE OPTORG,

Prince's Building, Chater Road,

[[ARE]

CHINA LIGHT & POWER

CO., LTD.

CONSUMPTION OF ELECTRICITY IN KOWLOON.

RESULTS IN DECREASE IN REVENUE,

PROSPECTS GOOD FOR PRESENT YEAR.

At the Sth ordinary yearly meeting of shareholders of the China Light and Power Co. (1918), Ltd., held at the Head Office of the Company, St. George's Building, yesterday morning, Mr. J. M. Alves referring to the responsibility of directors said that in his opinion the term "consulting committee" instead of

board of directora was obsolete. The Chairman in his speech to the shareholders referred to the lower con sumption of electricity in Kowloon arising out of the unsettled state of affairs in China. This bad caused a de crease in revenue, and the power load had been greatly diminished. The change in the voltage of current will, cost ap- proximately $200,000 spread over a period of five to six years. The prospects for the present year are good. The Chair man also outlined. proposed reforms in the system.

These Prasant.

Incorrect Ides.

It has come to our knowledge that an iden prevails that this Company paly aska deposits on doubtful accounts from Chinese customers. This is quite incor- rect.

When there is any doubt we re quire guarantees from the would-be cus tomer no matter what his nationality may be. If our Chiness" friends have any such iden, I beg they will disabuse themselves of it as it is emphatically not the case.

With regard to Interest on prepaid calls, this will be made up to 31st Decem ber, and will be paid to shareholders im- mediately after that date

although not very old, are still not quite Our present Articles of Association, equal to present-day requirements, and we are preparing new Articles which will be laid before you for approval in due course.

CHARMAN moved the adoption of the re There were no questions, and the

by Sir Ronent Ho Trxa. The resolution. port and accounts, which was seconded was carried unanimously,

Consulting Committee and Directors. Mr. J. M. ALVES then said:

от

To my mind, I think, the days of such an anomaly as, a consulting com mittes should be over in this Colony. Members of such a committee should know that according to the local Companies Ordinances, Director means any person occupying the position of director by whatever nami called and includes a general manager, manager, and any per- Mr. R. G. Shewan presided and there on

consulting or advisory were also present:-Sir Robert Ho Tung, committee. Mr. H. P. White, Mr. A. H. Compton, "This may not be known to an ordi-) Mr. C. A. da Rosa (Consulting Com-nary shareholder, who under the mis- mittee), Mr. N. Braga (Secretary), Mr. apprehension world, tend to put all the J. H. Donnithorne (Works Manager) blame of any gross negligence on the and the following shareholders:-Messrs. general manager and exonerate the con J. 31. Alves, A. L. Shields, D. W. Mun-sulting committee, despite the fact that ton, A. A. Botelho, Le Chung "Wan, F. J.

they draw just as much in fees as direc Tavares, A. Stevenson, O. Kitchell, J. tors of other companies with a board of Toppin, Captain R. D. Thomas and

directors. Captain C. B. Riggs..

The Chairman's Review, The CHAIRMAN, addressing the share holders, said:-

The net amount, including $152,479.07 brought forward from last year, available for distribution is 8358,181.40, which we recommend be appropriated as follows:-

To put to credit of Reserve for Special Renewals, Re- pairs, and Change of Voltage

To write of Value of

Crown Leases

To pay a Dividend of 8 per cent, or 40 cauta per share, on 400,000 old shares........

To pay a Dividend of 8 per cent., or 16 cents per share, on 199,350 new shares n

To carry forward to next

year's account

$110,000.00

1,710,00

T

160,000.00

31,896.00

52,075.40

$356, 191.40

The Working Account figures shew a gross profit of $406,639.41, against last year'a gross profit of 8521,626.00, à de- crease of 8115,880.59, or about 22 per cent. The decrease in the revenue is due to lower consumption of electricity in Kowloon arising out of the unsettled state of affairs-in-South China

Reduced Consumption.

Our power load has greatly diminished, principally owing to reduced consump- tion by our largest customers; but I am pleased to say the lighting load has been. maintained, and there is every indication of this load steadily increasing. Our works costs have naturally increased with the lower output.

There has been heavy expenditure on "Capital account, due to the building of two sub-stations with the necessary switchgear equipments, new generator switchboard, four-large power trans- formers, extensions to power station, offices and staff quarters, and cable duct line at Hok Ln station.

Work on the underground mains, ser- vice connections and Yaumati sub-station equipment was somewhat curtailed dur ing the year. Underground mains, were laid in three districts to replace overhead lines involving an expenditude of ap- proximately $30,000.

We have, up to date, laid underground mains to the value written down of 8025,500. The present low tension dis- tribution entails the laying of heavy and costly cables owing to the low voltage, and in order to reduce the future cost we

"Members of consulting committed are perhaps inclined to transfer responsi hility to directors when trouble arises, whereas, if they are known as directors they must accept full responsibility for anything connected with the company. Of course, this is as it should be

"I wish to compliment you. Mt. Chair man, on the decision of the change, which I hope to see materialised as soon as possible.

Other Business, -a

The appointment of Sir Robert Ho Tung as a member of the Consulting Comunittee was confirmed on the proposí tion of Mr. ALVES, seconded by Mr. KITCHELL

The re-election of Messrs. Sir Robert Ho Tung, H. P. White, A. H. Compton, C. A.. da Roza and Lee Hysan to form with the Chairman the Consulting Com- mittee for the ensuing year was proposed by M. ALVES, seconded by Mr. KITCHELL and carried.

On the proposition of Mr. STEAVENSON, seconded by Capt. Thomas, Messrs. Lin- stead and Davis. and Messrs. Lowe, Bingham and Matthews were re-elected auditors at a remuneration of $1,230 each.

The CHAIRM That is all the busi- ness of the meeting gentlemen, I thank your for your attendance. Dividend warrants are now ready.

FINDLATER'S.

STAG'S HEAD BRAND

BRITISH

LAGER BEER

VERY LIGHT"" $19.50 PER CASE OF

6 DOZEN PINTS.

Or $3.50 per dozen including

"duty delivered to your

residence.

SOLE AGENTS→→

applied to the Government in April last GILMAN & Co., LTD.,

year for permission to raise the pressure of our supply to 350 volts for power pur- poses and 200 volts for lighting, which was granted us in October,

Cost of Change.

-The change to the higher pressure is necessary owing to the increased' demand on our system. The conversion to the higher pressure will cost the Company approximately 8300,000, spread over period of 5 to 8 years; but in spite of the heavy outlay the change will involve, there will be an eventual saving to the Company, inasmuch as the existing cables will carry more power and considerably lower the cost of laying further mains when the demand on the system exceeds ita present carrying capacity.

In addition to this, we estimate our Capital Expenditure for the current year for plant and equipment for sub-stations and for supplying the Kowloon Docks, the Peninsula Hotel and other customers, at about $250,000. 201

The question of continuing the Show room is having our serious attention, but as conditions are shewing signs of improvement, we think it would be ad- visable to wait a little longer before coming to a decison..

Hongkong Bank Building. Tel 0 280.

PREPAID "WANTED".

ADVERTISEMENTS.

TLET-STOWFORD No. 2′′ 46, Rooms, Five Bath Rooms, Kitchen, Servants ROAD, Three Stories, Six Quarters, Recently Repaired and Renovated. -Apply DEACONS, PRINCES BUILDING,

[216

HOUSE of FIAR. Fer 10 Months Trond TO LET-Fally Furnished: E-roomed Manca 5rx. Flush System. Garden. Moderate Rental-Apply Box No. 217, of Hongkong. Daily Press

[217

I regret that we cannot recommend 'n higher Dividend than Eight per cent,OR SALE Curlins of Wolfbridge but considering the falling off in de- 28 Months Old. Registered Kennel No. 12067, Pedigree Alestian Wolfhound (DOG). mand, we are glad we are able to pay Arrived in Hong Kong November 1925, and has as much as that. For the present year kept in perfect condition throughout the hot our prospects are good, as our sales for season. Owner Going Bore Box No. 18, October, November and December show c/o Hongkong Daily Preu

a considerable increase.

DE

You will notice that the Accounts are stated in a more extended form than previously and will, we hope, give you a clearer grasp of the financial position of the Company.

FOR

[218

SALE A Few Old Chinese PICTURES Apply Box 219, c/o Hongkong Daily Press,

[219

Start the Holidays TO-NIGHT with a visit to THE QUEEN'S

And when you get there, Try and make up your mind Which is the funnier-

yd or Brother Charlie ! Think of Charlie's best work, Where it be in "The Kid" "The Gold Rush" or ""Shoulder Arms,"

and then ask yourself if

SYD CHAPLIN

does not run him close in

THE MAN ON THE

BOX?

IT IS EVEN FUNNIER THAN "CHARLEY'S AUNT,"

DOUGLAS FAIRBANKS

THE

There are

N

THIEF OF BAGDAD

2.30, 5 p.m. 7.15 & 9.20

WORLD

2- BIG ATTRACTIONS

TO-NIGHT AT

THE

STAR

DICK NORTON

and his

GLOBE-TROTTERS

IN

New Songs. Scenes and Dances

AND

ALICE TERRY

IN

THE GREAT DIVIDE

KOWLOON HOTEL

TEL. NOS.

K. 608; 609.

KOWLOON.

A FIRST CLASS HOTEL

CABLE ADDRESS:

KOWLOTEL,

HONGKONG.

With a wonderful view of the Harbour and Peak, Three minutes from the Ferry and Station, Six stories of modern Rooms and Bathrooms Under the Personal supervison of an

Experienced European Manager.

Excellent Cuisine.

Daily Rates from $5. Monthly from. $120.

Recently renovated throughout,

WILPER

Manager.