1927-05-16 — Page 4

K Plus Fittings

*Plus Foura for the Feet" is a phrase which stands for a new principło

in K ako sitting-a principle which has given to the K wearer that perfect tehn and shapely fit which before belonged only to aboes "mala to meaнiro."

By combining two fittings in Dao shoo-a 4 fitting heel part with a 5 titting fore-part, for instance-yon ensure a close clip to the ankle, together with perfect comfort for the toen,

Aak the K Agent to test your foot with K. Pin« filting shoes, and remember that, if yours is not a Plas-fitting foot, there are still available the various standard K fittings.

NEW STOCK IN ALL SIZES HONG KONG AGENTS.

MACKINTOSH

& CO., LTD.

MEN'S WEAR SPECIALISTS

Alexandra Building.

Des Voeux Road.

DAIRY FARM NEWS.

NOW AVAILABLE

DUNSTYLE CHEESE

(Farm Made)

FLAVOUR AND QUALITY UNRIVALLED

80 Cents per lb.

THE DAIRY FARM, ICE & COLD STORAGE CO., LTD.

WE ARE NOW

Now

SHOWING

Our New Arrivals of

MANILA AND BANGKOK

STRAW HATS

Very suitable for present Spring Wear.

These Hats are in all the Latest Shapes and Shades, and are

Priced from $6.

Fresh Stocks will Arrive Every Week.

THE HONG KONG DAILY PRESS, MONDAY, MAY 16th, 1927.

SWATOW LACE CO., LTD.

21, Queen's Road (Next H. K. H. Garage).

[A P.D.[

WHITEAWAYS.

CHINA PROVIDENT.

FUTURE PROSPECTS.

POLICY OF COMPANY OUTLINED,

At the thirtieth ordinary annual meeting of the China Provident Loup and Mortgage Co., Ltd., held at the office of the Company, St. George's Building, "on Satur- day, reference was made to the adverse effect of political troubles in China on the godown revenues, There had, it was stated, been a falhug off of more than 50 per cent. from source of revenue.

Mr. C. A. da Roza presided, and also present were Sir Robert Io Tang and Messrs. W. E. L. Shen- ton, A. A. Alves, T. B. Wilson, CB. Brooke and R. G. Shewan (Director), D. L. King (Manager), the following shareholders being present: L. E. Butteres, A. Braun, J. T. Choy, W. S. Morley, J. C. Sousa, A. Keating, J. M. Alves, A. Keith, M. A. Figueiredo, F. J. Tavares, W. C. Lee, A.M. Thorn hill, H. H. Cleland. The Toan Tai, A. L. Shields, G. Sequeira, S. H Ross, J. H. de Figueiredo, N. V. A. Croucher, A. McKirdy, F. M. Crawford, S. A. Lopes, T. Arnott, J. Simmons, Wong Kwong Tin and P. E. Barker.

Chairman's Review.

The CHAINMAN, addressing the mecting, said: I regret there has been a falling off of more than so per cent. in the revenue from the godowns in 1920 as compared with 1325, but the profite during the year under review have not suffered any diminution from the "Lighterage side of the business as was the case 1923-A a profit was oured in this department. Large profits were not anticipated, and this de.

The overdraft with our Bankers has increased only to a mnall extent relatively.

Sundry, creditors $116,333.20 at December 31st, 1928, have heen very substantially paid off,

The Assets.

As to the assets, gentlemen, pre- perty Recount except to record cer lain payments we made the greater portion of which were in the nature

THE WEEK'S CINEMAS,

**SPANGLES" AT THE QUEEN'S.

fRY OUR FILM CRITIC.]

** Spangies” which is showing at the Qur'a to-day is, as the name | of improvements amounting to suggests, a cir.us story. The circus $45,417.20, o adjustament has been always conjur. s up a picture of orvative figures determined by ex-gaiety and we feel it is a pity that necessary to the extremely can colour, taoyiment, and light hearted pert valuation last year.

The curtia shakl have adopted the tragic couples in dealing with it of inte. Apart from that, the glimps which this ibu affords of life behind the scenes is interesting. the mixture of bohemian confusion with the inlubitions and tabons of suburbin is convincingly realistic. although it strips much of the glamour from the Spangles.

Investments stand at the same figure; we have not even had the benefit of the nominal stock ex change quotations in order to arrive at values in so far as the bulk of nur investments is concerned, and it has therefore been impossible to make any adjustment.

Loan accounts are shown under various heads as was the case last roari

the total amounts to 23,593,11 against which specific reserves have been provided to the extent of $1,420,235.52 leaving a sum of 81.004,357.ag which, as far as can he foreseen, is in the opinion of your Board good.

The cireus iconp includes clowns, lanchata riders, a parade of all the nations, children, a fat, and ‘a bearded Edy, dwarfs and giants. We met them all wandering almut behind the scenes. There is a page of snarling lions, a large herd of elephants, Zebras and platy of The circumstance which attended ebald ponies. But none of these the creation of the majority of the performers ar animals play any loan accounts now in our books are part which bears upon, the story, dealt with in an exhaustive manner with the exception of the elephant in the report of the Investigation | Sultana, and none of them appeara Cominitter, and it is unnecessary in an actual performance in the degrefore to refer to them again. hig ring. This ring is so admir- Loans against security of property ally staged that one regris the are comparatively satisfactory as a move that it is not made the scene whole, and it is probable than when of a performance. There is, it is local property values improve, true, a Chariot race, but though realisation in full, or at any rate it is fairly exciting, it is not within the reduced figure deter-sufficiently big in presentation to mined by the reserve might be have the thrill of similar scenes in

"Messalina ** ** Ben Hur,' anticipated. I might add that aub stantial sums have been collected from the Hong Kong and Territorial Estates, Ltd., since the date of the balance sheet.

The position in the case of lonns the security of shares is, however, extremely unsatisfactory, Receipts of interest during the year under review have been negligible in comparison with the capital in- volved. I think it is evident that even were local ahare values to rise

Marion Nixon plays the UK part very charmingly and PAL O'Malley is the hero. O Malley takes his profession very seriously and ia training his three baby daughters to follow in hig—footsteps. They are.. taught to study poses and facial expression before a looking glass, and to act small scenes with Pat directing and their mother turning the camera. Ever their name re chosen with a view to futifr Box

WHAT'S ON THIS WEEK.

partment has been worked for the convenience of our clients as a feeder to our main business which as you know is the storage of cargo to a level anywhere near those pre-ffice receipts.

The decrease in the earnings in the godowns was, of course, due to vailing before the afrike and boycott the political troubles in China, and 1995, the suma derived from perhaps more so to the strike and liquidation of these securities are boycott of everything British, and not likely to meet the balances out in particular against Hong Kong ficient reserve has been allowed for. standing in our books, but a suf- Loans under sundry security are comparatively small, and the re- serve provided would appear to be ample.

In the conditions obtaining during the greater part of 1926, it was not a matter for surprise that cargo distributed from Hong Kong went past the Colony to Shanghai; we have not figures showing the diminution of this important tran- shipment trade, but our records of sugar and flour handled show an adverse circamistances, the godowns enormous decrease. Despite these earned a lair profit as you will have seen from the statement submitted to you.

The Mortgage and Loan action

earned $249,385.26, but of this aun

interest earned the collection of

extremely doubtful, has not been taken into the accounts

On the other side of the account, by far the most important item is the charge for interest in the sum of $221,413,08 with which the Com- pany has been burdened. I will not

There is, however, an important balance of well over s lakhs of dol lars under loans without security against which a reserve of about

the debt of Mr. Tong Hok Ting in 57,000 has been provided; the principal account under this head is

respect of which a substantial offer of settlement has Весн

Queen's.

and Wednesday: "The Auction To-day "Spangles." Tuesday Block." A small town story with Charles Bay and Eleanor Boardman. Thursday to Saturday: Blue

beards Eighth Wife featuring Gloria Swanson as

French girl who marries an American multi- millionaire. Also the second lesson in the Charleston will be given dur ing these days.

World.

"

λ

To-day: "Thy Name is Woman," made Raymond Navarro in love story through Messrs. Shewan, Tomes & with the Spanish Pyrenees as a Co., under conditions which have setting. Tuesday and Wednesday: been disclosed you. the amount of $135,831.77, being tions relate to the future manage- Saturday: "Forbidden Paradise,

The condi-The Ice Flood." Thursday to

which appears to your Board asof the Company which have been, Rocque, Adolphe Menjou and Pau- nent and also the compradoreship Ruritanian story with Rod le as you know, referred to a poll to line Stark, supporting Pola Negri, decision of the shareholders, hut be taken in a few days, not for the

Star. merely for the guidance of the cdnesday Tracked in the "Snow Today: Paris." Tuesday and Directors us to the wishes of the

featuring the great dog majority of the capital on these im Country portant points. Your Directors have star in Tin Tin. Wilbur Players attempt to allocate this amount

Thursday not changed their opinion that if a 9.15. the two departaments of your busi- the offer maintained should in the How Baxter Butted In."

to Saturday: An ess, nor will it serve any useful

Wilbur interests of the Company be accept- enjoyable fight comedy. purpose to do so, although ap-ed, and in that event the reserve Players at 9.15. proximate results might be obtain- just referred to will be almost ed with a great deal of trouble.

wholly available for transfer to the! The Reserves.

general reserve. Gentlemen, at the last annual meeting of the Company, in deal; ing with the proposed Reserves of 82,351,915.00, I moved an unend. ment which was duly accepted by you that the reserves should be increased to $2,683,111.30. 1 regret your Board has considered it neces- sary to further sugment the reserve for bad and doubtful loans by the sum of $293,423.13.

After making these transfers, and written off in 1925 on property account, depreciation

invest ments, and reserves on the various

|NEW SUMMER HOSE & HELMETS,] taking into consideration the sums

MEN'S SUMMER WEIGHT

GOLF HOSE Light Weight Wool Khaki Hose with turnover tops, All Sizes,

Price: $2.00 pair,

Medium Weight Mercerised Cotton Khaki Hose. All Bires.

Price: $2.50 pair.

In Liale Thread and Fine Wool.

New Smart Designs Fancy · Checks, etc.

Price: $250 to $6.50 pair.

RELIABLE SUNPROOF

HELMETS

PITH-Specially made by our own firm in Calcutta. Va:ious Shapes: $4.50 to 86.95.

CORK HELMETS

TRESS, TOWNENDS or HAWKES:

$11.50 to $16.50.

WHITEAWAY, LAIDLAW & CO., LTD.

HONG KONG.

on

All hed debts relating to ship- ping and storage prior to 1928 have been written off and the balance of sundry debtors of 807,157.30 is con sidered good, since the end of the financial year this figure has been reduced to approximately $0,300.

Reduction Of Capital. Gentlemen, whilst your Board has been as careful in computing the promble loss on your assets, the figuree must necessarily remain a question of opinion, but to meet the ponsibility of any further loss, your Board decided to increase the gen

the sooner its interests are confined to storage of cargo the better it will be for all concerned.

Gentlemen, you will want to hear something of the prospects of this year. As regards the loan section, the position has been explained to you-the policy of your Directors must necessarily be to liquidate without undue sacrifices. Until this

is done interest on our debts will

continue to be a heavy charge on our earnings, In regard to the business has recently godowns, shown u marked improvement which that space has been none too plenti- we hope will continue; I might say classes of loans, the deficit isral reserve to $730,437.61; this ful-in fact it may be necessary for $2.991,236 equivalent to half the fically earmarked and is consequent.

reserve you will notice is not speci- us to find temporary accommodation issued capital, or $5 per share. I

ly available towards any contingency mand for storage

near our central godowns if the de- wish, however, to draw your atten-

space should tion that this adjustment leaves the

which might arise. Company with a General Reserve of $736,137.61 irrespective of the reserves which have been specific

ally earmarked.

a.

Turning to the balance sheet,

The balance sheet at December tion.

st

Ar

Two

KAIPING COAL

FOR ALL PURPOSES

HOME,

FACTORY

AND'. BUNKERS

FOWER HOUSE,

TUGS &

LOCOS

THE KAILAN MINING ADMINISTRATION,

I

Head Office: TIENTSIN.

DODWELL & CO., LTD., Agents, Hong Kong.

Rolande Arealt

FOR EVERYTHING CHIC.

22, Queen's Road Central.

Telephone C. 2422.

[A.P.B.]

After a warm and tiring day-there-is

nothing so refreshing as

OUR TOILET EAU DE COLOGNE.

Very Special Offer $1.25 per large bottle.

Look in at

THE QUEEN'S DISPENSARY,

(Next to Whiteaway, Laidlaw),

22, DES VOEUX ROAD CENTRAL.

Tel. No. C. 192.

FIONE DIVINA

[A.P.B.]

PERFUMSE

MANUFACTURED BY

RIGAUD, PARIS.

"FLORE DIVINA"

EXCELLENT SCENT.

PRICE: 50 Cts. per bottle-

OUTAINABLE FROM

VICENTE ATIENZA & CO.

AGENTS.

No. 54, NATHAN ROAD, KOWLOON,

TEL. E 155.

Lubricoats SOCONY MOTOR OIL

ST. PETER'S Y.M.C.

RAPID GROWTH OF ACTIVITIES.

FATALISM.

CAPTAIN'S COMMENT AT FALMOUTH INQUEST.

"Native' sailors and firemen are. they say: I am dying," stated a peculiar people. If they are hurt Captain Calderrell, of the steamer Clan Macintyre, at, the inquest.ut Falmouth last month on the body of the Abdul Mohobut, the ship's Berang.

The reserves, gentlemen, do not grow. Our godowns have been wall at present go beyond the realms of maintained, but improvements and alterations have had of necessity to paper, but they become real as soon as the capital is written down to be postponed in view of the Com the extent of the deficit which us blocks of our godowns, including the

pany's financial position. gentlemen, and referring Brat of all you have been told is equivalent to largest, have been let to the Mili- | 5 per share. You have already on your attention to the exchange ré- a previous occasion accepted the serve of $113,987.10; this is merely principle of a reduction of capital, a fair return for these tiges; we book balance which has already and it is the intention of your Board rather expected a higher return, but we were glad to have been able to

A'bough St. Peter's Young been partially wiped off, and will to carry out this scheme sometime

meet the Military Authorities. be completely utilised as soon as this year by convening the neces

Men's Club, has not been in exis I shall be obliged if one of you, tende for a very considerable time, our liability to the Standard Oil sary ancotings preliminary to

gentlemen, will second the adoption its activities have grown with Co., has been liquidated.

application to the Court for sanc

of the report and accounts after mushroom like rapidity. 31st, 1825, recorded the mortgages merely a formal act, and unfort

The reduction in the capital, in which I shall be pleased to answer

Growth in membership has like: any questions you may 'care to ask. on the Company's property

wise been rapid and there are now 81,005,598.79 and in addition there nately will not place the Company Mr. F. M. CRAWFORD seconded, several hundred names on the re- was shown separately the debt of on a sound business hasis unless it and the report and accounts were gister. That the club has proved $1,036,311.08 to the Standard Oil is followed by the receipt of new passed a con,

popular has been fully proved by Company..

Other Business,

the large attendance at various All mortgages (other capital in cash, to relieve the Com-

On the proposition of Mr. BARKER, functions held during the past win-

The next item on the season's pro- than those on property under lien any at least in part from its heavy

liabilities. There is no prospect

ter, and especially during the past gramme is the moonlight piene to to our Bankers) are now01.22 from fresh capital being available in the pointment of Measta. A. J. Alves few weeks. Lately, in addition to be held this evening.

seconded by Mr. CLELAND, the ap the one sum of $1,828,901.22

For this a which you will notice that the Com- present state of affairs in Hone and T. B. Wilson to the Board of the monthly debates, the Club has launch leaves Queen's Pier at 8.30 pany has applied funds as released Kong, and we are therefore left with Directors was. confirmed.

branched out in other directions. p.m., but members must bring their to us towards a reduction of the the only resouren of liquefying as On the proposition of Mr. J. M.

Last week the members held a sue- own refreshments. It is hoped to on mortgages. The account se best as might be the important Aves, sccunded by Mr. KEITH, Sir cessful whist drive at the Cathedral continue these picnics thoughout reduced was the balance due to the sum frozen in loans. This course Robert Ho Tung and Mr. C. B. Hall, and followed it up the next the warm weather. Standard Oil Company, and, al is more or less forced on tis, and is Brooke (retiring. Directors) were ful dance, which was well attended. House, 84, Bonliam Road, the last evening with a similarly sticcers- To-morrow evening at the Club though not appertaining to the in our opinion the only possible way re-elected. period under review, I am glad to reconstructing the Company. On the proposition of Mr. ChAw-The successes are largely due to the debate of the season takes place. say that since the date of the The Company in so far as ita PORP, Seconded by Mr. CROUCHER, efforts of Mr. George Zimmern, the The subject chosen for discuselon to balance sheet this debt has been godown business is concerned can Messrs. Linston & Davis

indefatigable Hon. Secretary, who "That modern fashions in dress further reduced to $500,000 being earn good profits in normal times, Mesars. Percy Smith, Beth & Fiem- has done much to make the Club are better than those of our grand- about half the figure it stood a year it has the support of old clients, and ing were re-elected auditors at (Continued at fout of nest solumn.) 9.30.

what it is to-day.

parts.!! The debate begins t

dobt

BLO.

of

(Continued on next column).

remuneration of $1,000 each.

and