1927-03-31 — Page 4

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THREE LOCAL COMPANY MEETINGS.

THE CEMENT COMPANY.

LOSSES DUE TO DEPRESSION OF BUSINESS.

"CLOSING DOWN" ADVOCATED AT DEEP WATER BAY WORKS.

SHAREHOLDER'S SEARCHING QUESTIONS,

At the 38th ordinary general meeting of the Green Island Cement Company. Ltd., held at the officers of the Company, St. George's Building, yesterday, Mr. N. V. A. Croucher advocated the closing down of the Deep Water Bay Works, in the course of a series of important questions put to the Chairman of the meeting. The loss in the year's working. including depreciation, of $92,005 was attributed to depression of business throughout the year. The Chairman was hopeful as to the prospects for the present year, and stated that the Aalbrog Kilns were being replaced by a medern factory at Maçao. The ground had been cleared at Hck En in readiness for the installation of the latest Rotary Kilns as soon as funds were available.

14 Years, No Profi Mr. Croucher: But in 14 years we have made nothing..

The Chairman: If there had been the same demand as there was in 1993 we should be making a prost. However, this whole matter is al- ready receiving the consideration of the Directors.

The Macão Extension. Mr. Croucher: It is reported that the two mechanical grate kilas now erected at Macão were first erected at Hok Un. Is this so-Yes, upon arrival in Hong Kong the two kilas were erected at h Hok Un, but they have since been transferred to Macao where they were waiting re-erection.

How much was expended on them from the time they were ordered, shipped and erected at Hbk Unt- The cost of the two kilns erected at Hok Un. and since delivered at Macao was 9126,000.

Why were they dismantled 1-To allow for the demolition of the Aniborg Kilas.

Mr. R. G. Shewan was in the altogether too costly undertaking. ! chair, and there were also present: On the other hand we are glad to -Messrs. C. F. Mendham, J. Scott say that the Government have with. Harsten, Allan Cameron, C. A. da drawn their objection to our rel Roza (Directors), Allan Keith maining at Hok Un-so long as we (Secretary), A. L. Shields, J. T. eliminate the smoke and dust

Mr. Croucher: What was the con- Bagram, N. V. A. Croucher, J. nuisance and this we can do as it tract time for erecting the kilns at Macao? Is it true that the con- Coulthart, M. A. Figueiredo, M. has already been successfully car Fernandez, Tong Hok Ting. O. ried out by a Cement Works situat-tractors took double that time and that owing to faulty construction Kitchell, A Kitchell, D. L. Kinged right in the middle of the city of of the new works at scan, further expenditure was incurred in re and P. M. N. da Silva (Share Glasgow.

building same or part of same? Did the

contain holders),

penalty clause for non-completion. The final cost of these kilos is said

made up to be 8711,000 odd. How is this

Rainstorm Damage,

contract

The Final Cost.

any

Chairman's Speach.

I much regret that our Deep Addressing the meeting, the 1 Water Bay Works show such a CHAIRMAN said:-It is with great heavy loss for the year, but the de. regret that your Directors have to mund for the articles manufactured lay before you such a poor report, there has been practically nit. Tho

The Chairman: There was no but I eaid this time last year that Brick Kila is, however, now turn-contract time as we did the work ing out Bricks at a cost should en- ourselves superintended by Messrs. I hardly dared to speak of our prospects at that time.

able us to compete when the build- The loss for the year after allowing trade recovers from its present ing 846,117.92 for depreciation stagnation. We also as you will amounts to $82,905.57 and after de notice from the accounts; suffered ducting the

833,342.88 serious losses there both from the brought forward from 1995, there is a debit balance of 800,502.05 which your directors recommend should be carried forward.

Sum

of

Cause of Loss.

The cause of this lows is wholly

depression due to

of business throughout the year, our sales be-

NEW MODEL VICTROLA

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S. Moutrie & Co., Ltd.

CHINA LIGHT AND POWER CO.

YESTERDAY'S EXTRAORDI NARY GENERAL MEETING.

NEW ARTICLES OF ASSOCIA TION ADOPTED.

At

extraordinary general

W. S. Bailey & Co. The estimated meeting of the China Light and time for the completion of the Power Company (1918), Ltd., held Rotary Grate Kilas at Macao was

at the registered office of the Con- 18 months, but owing to numerous delays in the material coming for-pany, St. George's Building, yester- ward, local conditions, etc., it was day afternoon, new regulations, were two years before they were finally approved as the Articles of Associa completed. The only adjustments tion of the Company in substitation made after the buildings were com- pleted amounted to two or three for and to the exclusion of all exist- thousand dollars. The final cost of the completed plant was 8743,017.58. ing Articles thereof.

rainstorm of July last and the typhoon of September..

Interest for the year bas been a drain upon our resources due to the fact that after paying the dividend for 1925, our overdraft increased to nearly 8 lakhs, but this was reperiod under review!

The Chairman Mr. Haywood, duced at the end of last year to

who used to be in charge of our

Mr. Croucher: Ens a new post, namely that of a sub-manager at Macao, been created during the

A further extraordinary genera!' meeting, for the purpose of confirm ing the resolution passed yesterday... is to be held on Thursday, April

ing a little more than half of what lakhs through it being unnecessary Singapore Agency, has been sent to glat, at 11.30 s.m.

they were in 1925. On the same basis of cost we would have made

Mr. R. G. Shewan (Chairman). to purchase raw material during Macao to take charge of the office the year, and should similar con- there, so as to leave the Superinten-presided, and there were also "pro» ditions continue we expect the over-dent more time to supervise the sent Sir Robert Ho Tung, Mr. C. A. more than half the profit we made draft will be liquidated during the the raucher: Have we no expert

in 1995, but the increased cost of production, due to the lower out- put, practically wiped this out. At

Macao we had to face expenses which brought us no return as, owing to lack of trade, the factory there ceased working in February 1926. On the other hand we cut down the staff and reduced expenses as far as we could, but this, of course, went a very little way as against the greatly increased cost of production.

current year.

Sundry creditors standing in the accounts at 848,217,82 have since been practically all paid.

Investments at 8714,656 remain untouched.

Value of stocks of Baw materials

at Hok Un are reduced by about 4 lakhs, no Limestone having been purchased last year.

The stock of Limestone which is now about 124,000 tons was checked by Messrs. Palmer & Turner dur ing 1926, but I am pleased to re port that their computation of the stock showed that our estimate was

conservative one.

A Summary.

To sum up and make the position quite clear to you we have first of

Mr.

of the factory.

of our own to do this

The Chairman, this supervision. manage ment, staff are experte at the work. Mr. Crotcher: Why should W. S. Bailey & Co. do this work then?

The Chairman: Our experts were busy with other work and the ap pointment of an extra man needed.

Mr. Croucher: When times were an appointment prosperous, such was not considered necessary. Why should it be so now

Was

The Chairman: The plant at Macdo bas been increased on a much bigger scale.

Directors' Visits to Deep Water Bay.

4-

Mr. Croucher: It is your opinion all finished with the old Aalborg, that expenses should be cut down. Kilns, Secondly we are replacing The Chairman: That is a matter these by a modern factory at of opinion.

acao, and thirdly we have clear- Mr. Croucher: How often, dur- ed the ground at Hok Un.in reading the period under review, have ness for the installation of the the directors personally inspected latest Rotary Kilns 23 BOON as the works at Macao, Deep Water funds become available.

Bay and. Hek Un?

Mr. Croucher's Questions.

Mr. Croucher: What Capital outlay is represented in the pre-manager. perty and Works, at Deep Water December

On The Chairman i 31st, 1926, 9250,655.13.

Mr. Croucher: How much has

.

da Roza nd Mr. A. H. Complon

(members of the Consulting Com mittee), Mr. W. E. I Shenton (speitor), Mr. Noel Braga (Secre- tary), and the following share-

Keith, F. J. Tavares, Tae Tsan Tai, holders: Messrs J. M. Alves, Allan A. L. Shields, D. W. Muston and Capt. R. D. Thomas.

The Secretary read the notice convening the meeting.

+1

3. The representative of Shewan, Tomes & Co. to be ex-officia Director and, subject to the approval of the Directors, Chairman of the Company (Article 89).

4. The General Managers' re- Inuneration is to be calculated or, the balance at the credit of the Company's working no- count for each financial year before charging the account with any depreciation or Gen- cral Managers' Commission, "and does not include the pro- vision of clerks or an office (for which a sum of $5,000 per

· Ann has been previously charged) (Article 54).

B. The Consulting Committee cease to exist, and in place thereof a Board of Directora will be appointed (Articles 87 - to 110).

of the

6. The remuneration

Directors is to be $10,000 per annum to be divided between them as the Directors shall determine (Article 02).

7. Provision is made for the ap

pointment, if required, of a Managing Director (Article 114)..

8. The powers of control harelo- fore exercised by the General Managers will devolve upon the Board of Directors (Arti- cles 119 and 119).

9. Documents requiring the Seal of the Company and Cheques thall be signed by two Direc tors and counter-signed by the General Managers or by some ather persons appointed by. the Directors (Article 120). 10. Directors will annually write off depreciation from the assets of the Company (Arti- clo 123).

11. Restriction is placed on the déclaration of dividends (Arti- cle 127).

12. Dividends unclaimed for more than five years may be forfeit- ed to the Company (Article 137).

powers

13. Special Arbitration

are given (Article 161). 14. Indemnity to Directors, etc.

(Articles 162 and 163).

Chairman's Speech. It was, as you are aware, a bad year all round, but I think the

The CHAIEKAN, addressing the prospects for the present year are

meeting, said: As indicated in the more hopeful. At Hok Un we can

notice which has just been read by do nothing to improve conditions until we can obtain fresh capital

the Company's Secretary, this meet- ing has been convened for the pur. and erect modern Rotary Kilns,

pose of considering and, if thought

I do not think there is anything but at Macas we shall soon have the

fit, aproving the draft new Articles farther with which I need deal at benefit of the two new Grate Kilos

this meeting, but if any share- which are just being completed,

ol Association of the Company.

With regard to the draft New holder would like to ask any ques and later on of two more which are

should explain that it tion or seek any explanation,I shall now at Macao waiting erection.

Articles, has been decided to do away with be pleased to endeavour to answer So we hope in time to have 4 new Grate Kilns working steadily at

a Consulting Committee and to co such questions and give such ex- Macao and capable of turning out I do not think I have any further The Chairman: All three works stitute a Board of Directors in the planation to the best of my ability.

As no questions are asked or ex- 23,000 easks of Cement per month remarks to make and I therefore have been personally inspected by place thereof. To effect this, it is

alter the existing planation" sought, I shall assume instead of the 0,000 casks turned out beg to propose the adoption of the one or more of the directors during necessary to previously. This will help us to Report and Accounts as presented the past year.

Articles to provide for the requisite that you approve of the draft new I Mr. Croucher: The Manager of power to do so and to make cer Articles as presented, and will there. carry on and to meet any increased and when this has been seconded demand until the day comes when shall be pleased to answer to the the Hok Un Works has recently retain changes therein which are ren- upon propose the Resolution regard. we may be able to carry out our in- best of my ability any questions turned from Home leave. By dered necessary consequent upon ing the same which is set out in tention to build and equip a first that shareholders may wish to put. whom were his duties performed the constitution of a Directorate. the notice convening this meeting. class factory at Hok Un. Exchange

during his absence?

Your Consulting Committee con-

There were no questions. has handicapped our export buzi-

The Chairman: By Mr. Pooleysider that, as this alteration must who wa thea assistant works be made for the reason already The CHAIRMAN: There being no ness, but it is now more in our favour and if this continues it will

stated, a favourable opportunity questions or desire for explanation, help us to regain our old markets

Mr. Croucher: Where is Mr. presented itself of bringing the pre- cow beg to propose the following Extraordinary abroad. With a lower exchange Bar?

Pooley now What salary does he

sent Articles right up to date: Our Resolution as and a revival in the local building

draw When does his agreement Solicitors have therefore, in con-Resolution, namely:- trade, we should certainly be able

expire Will it be renewed on sultation with your General Map- That the regulations contained to lay before you a

very different

expiry i

in the printed document submitted report this time next year, hut time

agers, prepared new Articles for the Company, which uve the approval to the meeting and, for the pur alone can prove whether these hopes

England He was given six months of your Consulting Committed. If pose of identification subscribed are justified. But in the past year

pay to cancel his agreement and the new Articles are approved, they by the Chairman thereof be ap for this sum is working as our will be in line with the general and you will easily understand that it

proved and adopted as the "Arti- technical adviser at Home until was not possible to sell cement or

cles of Association of the Com- bricks or anything else to local con-

next September when his agreement asual form of Articles now adopted

pany in substitution for and to tractors who assured us that they

expires. It is cot intended to renew by Companies in this Colony.

the exclusion of all existing had not a single contract on hand."

Prints of the existing Articles and Mr. Pooley's agreement, but it is

Articles thereof. # New Factory Site.

our prezent intention to re-engage of the draft new Articles have, as him when we are ready to erect the indicated in the notice convening and I shall be glad if some share- At the Hok Un Factory the old

new plant at Hok Un.

this meeting, been open for inspec-holder will kindly second that.. Aalborg Kilns have been demolish

Sir ROBERT Ho TUNG seconded, Mr. Croucher: Thank you, Mr. tion by shareholders at the Com ed and the site is being prepared

Chairman.

pany's Registered Office, and there and the resolution was carried un for new Rotary Kilns which we

Mr. J. Scerr HARSTON seconded are also copies of both the existing animously. must install as soon as capital is Mr. Croucher: It is the feeling

The CHAIRMAN: Gentlemen, that obtainable. In regard to this you of the shareholders that this branch the adoption of the report and ac and the draft new Articles on this will notice that we have transferred of our business should be closed counts, and there being no further table which, if any shareholder de concludes the business, for which this meeting was convened, and I the sum of 8240,474.85 from the down, and in view of the fact that questions, the resolution was put to sires, he may inspect.

The suggested new Articles of thank you for your attendance. As Reserve for New Plant to build the recent reports of this Com-the ring and

Association are similar to the old you are aware, the notice convening. down, after allowing for sales of Deep Water Bay is losing money,

subject to clerical alterations and this meeting also convenes a Second ald machinery, etc., the present old will the directors please give this the proposition of Mr. rephrasing and to the following Extraordinary General Meeting for the purpose of receiving a report plant Hok Un to, 8186,384.79. natter their early and earnest con- BAORAK, neended by Mr. Falterations of substance, viz ;---

1. Certificates of title have to be of the proceedings at this meeting, This figure is a conservative one for sideration with a view to closing SANDEZ, Mr. J. Scott Harston and

signed by two Directors and and of confirming, if thought it, as although the plant is very old, the down this part of the Company's Mr. Allen Cameron were re-elected

to the Board of Directors. buildings are in good condition and operations

counter-signed by the General a Special Resolution the Resolution of Mr.

passed as an The Chairman: This is a very On the proposition will be required when the new plant

Extraordinary

which is erected.

serious question. quite under- COULTILART, Seconded by Mr. O.

son appointed for that pur- You will also notice that we have stand your feeling but to acceed to KITCHELL, Memrs. Linstead and

pose by the Directors (Article Second Meeting will, as indicated in the notice, be held here on Thurs- transferred from the Reserve for this we should have to dislocate the Davis, and Messrs. Lowe, Bingham New. Planta further sum of whole organisation and when an and Matthews were re-elected as 834,523.15, to write off the pre- improvement comes in the market auditors, at a remuneration of liminary expenses for the proposed it would many months to train a $760 each.

This concluded the business of the® brick now plant at Tsun Wan, this pro- new staff. Our fine new

meeting. position, now being considered an Hins, again, would be ruined.

been expended on those works dur-The Chairman: Mr. Pooley is in ing the last 14 years 7

The Chairman: 8197,019.34

and machinery and buildings

What has been the nett outcome of those works during this period of fourteen years-a profit or 2 lass 7-A profit of 851,041.02.

$0.392.50 on land.

That is very small, is it got That is a matter of opinion. Times have been very bad recently. |***

Close Down?

unaniinously

ings and machinery, thus writing pany's yearly working show that carried. Other Easiness.

༣

Un

Manager or some other per.which has just Resolution,

•

11).

•

17

The Diactors may refuse to day, the st April next at 11.30 register

a transfer without ah, and I thall be glad f you will assigning any reason therefor kindly attend same

(Article 36)

«Contiqued on page 5.)..