1929-02-18 — Page 4

SPECIAL OFFER OF

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CHAMOIS LEATHER, handsewn in self.

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Usually $9,50

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CAPE LEATHER, in 3 good" shades

of Tan, Handsewn....

All at $5.00 per pair.

THE HONG KONG DAILY PRESS MONDAY, FEBRUARY 18th, 1929.

Mackintosh

MEN'S WEAR SPECIALISTS

"ALEXANDRA BUILDING.

C&L

DES VOEUX ROAD

Five Kings?

Yes-

when the fifth is "KING GEORGE IV."

SOLE AGENTS :'

GANDE, PRICE & CO., LTD.

TEL 0. No. 185.

HONG KONG

WHITEAWAYS

STANDARD VALUES

THE

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COME OF MALLAWAYS STANDARD VALLES.

LADIES'

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THE "KOSIKŁAD.”

These gowne are cat with. ample falness from an excel lent quality

y of Ripple C

Cloth

Colours are Helio, Cherry, Bare with broad reverse and cuffs of con- trasting colours.

STANDARD

VALUE

PRICE

$4.50

LADIES OUTFITTING DEPT.

WHITEAWAY, LAIDLAW & CO., LTD.

HONG KONG

SATURDAY'S COMPANY MEETINGS.

REALTY & TRUST CO., AND BANK OF EAST ASIA.

BIG DIVIDENDS PAID.

Two company meetings were held on Saturday last, the annual meeting of the Hong Kong Realty and Trust Co., Ltd, in the registered office of the Company. Exchange Building, at noon, and the 10th ordinary yearly meeting of the Bank of East Asia, Ltd, at the China Merchants' Club in the China Building at p.m. The Bank of East Asia also held a reception in the Bank premisas which were gaily decorated in 'eslebration of their 10th anniversary.

The Anancial position of both Companies appears from their reports and balance sheets to be very antisfactory, and Mr. J. M.. Alves in seconding the proposal of the report and sécounts of the Realty and Trust Company complimented the directors on the policy they had adopted during the past year. The Realty and Trust Company is paying a final dividend of 30 cents per share and the Bank of East Asia a dividend of $8 and a bonus of 32. per share,

REALTY AND TRUST CO.

DIRECTORS COMPLIMENTED.

Those Present. Supporting the Chairman were the Hon Sir Shou-on Chow, Kt., and Messrs. J. Scott Hatston, P. K The ordinary yearly meeting of Kwok, John Fleming, L. Dunbar shareholders of the Hong Kong and J. E. Baggart (Directors), G. Realty and Trust Co., was held at T. Ribeiro (Acting Secretary), the registered office of the Com- and the following shareholders, re presenting 80,500 shares:-Messrs. pany, Exchange Building, at noon, on Saturday,

4!.

PROPOSED NEW CITIES.

NANKING AND CANTON TO BE RE-BUILT

AMERICAN ARCHITECTS BUSY.

An Ameriena architect and an American engineer of outstanding ability have degan work at Nan king and Canton upon plans for two great sitien-one to be perhaps the most distinctive capital city in the world, the other to be the first great port in China developed by Chinese initiative.

Th: projects were explained in detair by the architect. Henry Killam Murphy to a United Press representative at Peping. Mr. Murphy has just returned to China after several months in Europe studying the newest methods of city planning. For at least a year be expects to ride in Canton and Nanting, directing plans for the two great cities the Chinese leaders hope to build.

The plans are certain to be J. M. Alves, J. T. Bagram, F. Ĉadopted as Hr. Murphy, and his Barty, N. V. A. Croucher, J. E engineering associate, Ernest Paya So Goodrich of New York, have Joseph, O. Kitchell, Li Koon Chun,

Mauricio, E. Sadick, A. W contracts with the Chinese Govern- ment in connection · with "the Smith, P. H. Suckling and Dr. C. M. Henley.

scheme, but how soon they can be executed in another question..

BANK OF EAST ASIA CO.,

A LIMITED.

NETT PROFIT OF $1,930,833.35 ON YEAR'S WORKING.

Whether the Nanking Government can find money to carry out these elaborate projects is uncertain, 1

The Chinese Government, show a desire for a new kind of city. Mr. Murphy is responsible for the dis tinctive buildings on the campuses of Yale-in-China, an American uni- versity at Changsha, "for Girling Gollege for Women in Nanking, and for Yenching university in distinctively Chinese and yet em Peping. All of these buildings are body the best modern principles."

Chairman's Speech. Mr. E M. Raymond, who was in the chair, said that the balance sheet and accounts as presented, showed comprehensively the finan- cial position of the company on De- cember 31st, 1928, and in the cir cumstances there was no need to enter into detailed explanation with the exception of one item appearing in the balance sheet under the headingRight of Way and Ease-

The tenth ordinary yearly meeting ments."' This assets," he сод

of the Bank of East Asia, Ltd., was tinued, is accounted for by the held at the China Merchants: Club, fact that, during the year, your 5th floor, China Building, Queen's board effected arrangements where Road Central, at 3 p.m. on Satur by the Company disposed of a small day. The Hon. Sir Shou-son Chow The American experta were en strip of land totalling 34 eq. ft. presided, and there were present gaged last summer in New York and forming a portion of a non-pro- Kan Tung Po, Chan Ching Shek, Murphy first come in contact with Messrs. Li Koon Chun, P. K. Kwok, by Sun Fo and Dr. C. C. W. Mr. ductive cul-de-sac on the north-west Wong Yun Tong (Directors), Kan Sun Fo when the latter was mayor boundary of the Exchange Building Tung Po (Chief Manager), Li The of Canton in 1991, and contemplat- site, the price obtained being at the Kack Sui Lau, Chow Tang Sang, outlet to Canton's trade. Lack of Fong (Manager), Chow Chi Nam, ed construction of a great port as rate of 840 per square foot-subject Li Lan Sang, Ling Man Lai, K. K. funds and recurrent civil wars pr to easements and a restrictive coven-Lee, Li Tung, Mrs. Tang Shau Hing, vented that project from being car ant in respect of development M. LA Tang Shi, Pon Hni Cho, ried out, but Mr. Murphy is con- thereof. The terms of sale includeck Ching Tong, James N. Wong, fident that at least part of the pre- ed an undertaking by the purchas ers that such area be utilized in C. K. Kwok, P. K. Sek conjunction with the remaining por tion retained by this company, for the sole purpose of a mutual right of way and inter alia, reserved. for: this company additional right, of way facilities, over a new lane to be formed at the rear of the ad- joining property.

"of

Final Dividend of 30 Cents Per Share, "The profit for the year under review, including the sum £20,027.66 brought forward from the preceding year and after setting aside $20,705.47 for depreciation, amounts to 8180,545.3 Deducting therefrom the interim dividend de- elared on October 5th, 1998, and amounting to 880,000, a balance of $120,545.93 remains, which your directors recommend be apportion-

ed as follows

To pay a final dividend.

of 30

cents'. per

share 800,000.00 To transfer to genéral reserve in order to bring anch reserve up to $200,000

To carry forward to new

account

49,488.00

-1

11,087.93 and I trust that this allocation will meet with the approval of share- holders.

"From & perusal of the balance sheet, you will observe that not withstanding the payment of the interim dividend to which I have just referred, the mortgage indebt edness of the company has been re- duced, in round figures, by two lakhs during the financial period.

The company's properties, both central and residential, have been well maintained and I am pleased to be able to state that same have beexx fully occupied daring the

Batisfactory Festion

Chairman's Report,

The Chairman, addressing the meeting, said r

"The result of the year's work ing, including 8404,641.59 brought forward from the previous year, shows a nett profit of $1,230,633.31 as compared with $723,329 54 for 1927 This result, I think share holders will agree with me, is highly satisfactory.

sent plans will eventuate.

Mr. Murphy and Mr. Goodrich will work fire in the south, decid- ing upon the site for the proposed struction. Having completed this port, and laying plans for its con part of their isik, they will return to Nanking and start work upon plans for the capital. It is be lieved that these, can be completed within six months so that it will be possible to start work by that time.

As regards the balance sheet I

Plans for the capital at Nanking think there are only a few items already have been semi-officially an thowing important changes that Inounced, being drawn by Chinese

sed comment upon

architects. But apparently Mr. hoth loan and bill accounts. But and may supplant any existing "There were slight increase in Murphy will be given a free band as your Directors have always pur plans. This will not be difficult, as sed a conservative policy in these little or no work has been done et lines of business, I think you will Nanking thus far. Mr. Murphy is agree with me, the rate of increase hopeful that he may be permitted under the circumstances. is very to work slowly enough so that the gratifying. It is, however, the hope new city may be mapped out in of your Directors that with a better detail before work starts.-United prospect of peaceful conditions in | Press. China in the near future greater opportunity for investment will be available for the increased funds entrusted to as by the public.

"The Directors feel that you will endorse their policy in transferring the sum of $300,000 to the general reserve, thus bringing same to a total of $1,500,000.

We have, in accordance with our practice, written off 855,057.0% from Bank premises account; and in addition to the usual deprecis tion of fixture and furniture the Directors are asking your approval to-day to write off a further sum of $49,984.85 thus reducing this ac count to a very low figure of $13,000.

Tas total of cash svailable at call together with the amount of ballics on transit represents about 80 per cent against our liabilities on cur rent and deposit accounts, which is an indication of a sound policy your Directors have adopted. b

Dividend $5 and Bonus $1

that they are able to recommend "The Directors are very glad the payment of a bonus of Be per share which, with the usual dividend of 16, will make a nett return of

per cent on your capitali

In seconding the proposal for the adoption of the report and sccounts, Mr. J. M. Alves congratulated the Board of Directors on the correct policy they had adopted of depre- eidting buildings, etc., last year to the extent of $29,000. Sharehold ers, he added, would no doubt be pleased to note that on top of this they were able to increase the remand on our safe deposit boxes it serve to $200,000. This was very satisfactory indeed

ston,

In order to cope with the de

is the intention of your. Directors to make during the present year, Other Business,

an additional installation of these On the proposal of Mr J. E. boxes in the Head Office and to

by Mr E. build a new safe deposit box Joseph, seconded

yault Mauricio, the Hon. Sir Shou-son at our Kowloon Branch. Chow, Kt, and Mr. J. Scott Har-That the Directors are able to the, retiring Directors, were present such a satisfactory Eccount the of the result achieved in the past unanimously re-elected to Board

yearís, as I am sure you will appre Mr. A. W. Smith then proposed, cinte due to the good work dons and Mr. N. V. A. Croucher second and ability shown by the staff in all ed, that Messrs. Linstead & Davis be re-olected auditors for the ensuing year at a remuneration of The meeting terminated with the announcement by the Chairman that dividend warrants were ready for issue.

$750,

"As the Directors are holding reception to shareholders and clients in celebration of the 10th anniversary of the Bank, I will take this opportunity to mention certain Facts relative to its development. During the past ten years the Bank made A total profit of over 86,800,000, of which, after a sum of $4,600,000 was distributed as divid- end and bonus to shareholders and staff, 81,500,000 was transferred to general reserve, $300,000 was set aside for depreciation, there is a balance of over $400,000 remaining. as undivided profits. The total de- posite" on December 31st, 1928,"was. about $10,500,000 as against about $4,000,000 in 1919. The number of staff was increased from the very small figures of 18 persons in 1919 to about 300 at the present moment. "I now propose that the report be adopted, and that the amount

lows: loss account to be dealt with as fol standing at the credit of proft and

To pay a dividend of 88 per share on 50,000 shares absorbing $300,000; to pay a bonus of $2 per share on 50,000 shares absorbing. $100,000; to transfer to reserve $300,000 to pay a bonus to direc tors, holders of founder shares and the staff #78,806.76;to write off furniture and fixture $18,984.85; to carryforward $101,740.74; a total of $1,230, 633.35: After this has been seconded I will endeavour to answer any question and give any explanation you may desire."

Other Busines

The adoption of the report and | our branches. „In this connection 1 accounts proposed by the Chairman wish particularly to mention the and seconded by Mrz Kwok Bui Lau good work of our Chief Manager was approved unanimously. The who, for the greater part of 1929 only other business was there stared in our most important branch election of Messrs. Pergy Smith, in Shanghai to direct its welfare Seth & Fleming as auditors, on the with most satisfactory results. proposal of Mr. Chau Tung Bang,

(Continued on nezi Voluma). seconded by Mr. Là Lan Sang,

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