they're here!
K SHOES
for Spring
Get your's Now at
Mackintosh
MEN'S WEAR SPECIALISTS ALEXANDRA BUILDING.
& Co£
DES VOEUX ROAD
"King George IV"
PRE-WAR
QUALITY
THOROUGH MATURITY
RARE BOUQUET
DELICATE FLAVOUR
OUTSTANDING CHARACTER
UNVARYING
STRENGTH
ABSOLUTE PURITY
Old Scotch Whisky
THE DISTILLERS AGENCY LTD. EDINBURGH Scotland
SOLE AGENTS":
GANDE, PRICE & CO., LTD.
THL G. No: 185.
FONG KONG
WHITEAWAYS
FOR ONE WEEK
BLUE TICKET
SALE
ON
STOCKTAKING REVALUATIONS
Thursday, March 14th
TO
Wednesday, March 20th
HUNDREDS OF BARGAINS". LOOK OUT FOR THE BLUE TICKET.
CALL BARLY
WHITEAWAY, LAIDLAW & CO., LTD.
THE HONG KONG DAILY PRESS, MONDAY, MARCH 18th, 1929.
RIVAL TRAFFIC SERVICES.
THE OTHER SIDE OF THE QUESTION.
HONG KONG & SHANGHAI HOTELS. LTD...
GENERAL MEETING.
SUCCESSFUL WORKING OF PENINSULA HOTEL.
The other side of the question of 'bus versus tram was given at the annual meeting of the Hong Kong & Shanghai Hotels, Ltd; which was held on Saturday morning in the Company's registered offices, Exchange Building. The eulogy by one of the shareholders of the wisdom of the board, and the very detailed report of the Chairman, gave the meeting something of the spirit of a mutual admiration society, and must have been very pleasant bearing to the shareholders present.
The Chairman announced that the patronage accorded to the Peninsula Hotel was very gratifying.
THE REPORT.
The Chairman, Mr. J. Scott, Harston, addressed the meeting as follows:-
yoar.
cial situation does not warrant the distribution of a dividend for the year under review, and approval of the Board's recommendations will have the effect of considerably strengthening the Company's posi tion.
the
pared to subsidias such Companies against a loss on working covering a reasonable period-it being under- stood that in the early stages at ienst a motor bus service would not prove profitable. Despite ali edforts in this direction, no suppert was forthcoming, and it therefore became necessary for this Com- pany to inaugurate its own motor ous and motor car service, and six 'buses were ordered and arrived in the Colony on the 28th January, 1922. In the Arst instance. (in February and March of that year) the Company ran a service from the Hong Kong Hotel to the Race Course and subsequently took up a service to Repulse Bay rid Pokfu- lam. Later, in the year 1923, your Company was in touch with the Government with a view to obtain ing a concession for an extension of their mator "bus service from Happy Valley to Kennedy Town. Little encouragement was received owing to the fact that the Govern ment were of the opinion that the time had net then arrived for the institution of a service of this de Encription.
were
KAIPING COAL
HOME. FACTORY
AND BUNKERS
FOR ALL PURPOSES
POWER HOUSE,
TUGS &
LOCOS
THE KAILAN MINING ADMINISTRATION,
Head Office:-TIENTSIN.
DODWELL & CO., LTD., Agents, Hong Kong,
SECONDER'S SPEECH.
WORLD'S FIRST
U.S. GOVERNMENT'S PROJECT.
SPECIALLY DESIGNED
COMPRESSORS.
Services During the Strike. In 1924-Stubbs Road being then You will observe from the Profit
under construction-your Company and Loss Account for the year 1998
Burnt Out Bite.
approached the Government with a that the balance of working account
Mr. J. E. Joseph said In rising HELIUM FACTORY." amounted to $1,113,867.15 against
With regard to the disposal of view to obtaining permission to
run its buses vid. this road to to second the adoption of the report $1,103,530.43 for 1927-an increase the old Hong Kong Hotel site of $11.307.7%, which I think under (North Block) and No. 16, Des Repulse Bay, and again brought and balance sheet and accounts, as up the subject of the Queen's Road presented, I feel confident in stat- the circumstances may be regarded Vaux Road, your Board gave care as satisfactory, more particularly fui consideration to the matter of route, and whilst the latter suggesing that we have all just listened as during the summer months busi-developing these sites, and Enantion was not entertained (for the with no little satisfaction to the ness both in Hong Kong and est facilities were available for same reason as previously given) interesting review of the past Particularly gratifying is the an- Shanghai fell much below the aver reconstruction purposes, but nevertheless, in the General Strike year's working, from the Chair.
of 1925 the Tramways in couraon. age for that particular time of the view of all the circumstances, your with other services being dislocated nouncement that the Company has
Board decided to dispose of the.
ties and has now, with the comple You will observe also that the property. It was considered that (iz fact there were no trams unsatisfactorily weathered its dificul
ning owing to the Police Authori
Operations at the United States: working profit for the year has on the opening of the Peninsula ties having notified the Tramways tion of the Peninsula Hotel tura-
Government helium plant at Soncy been augmented by the Bim of Hotel, Kowloon, Company Company of the possibility of riots ed the corner so to speak.
Although it was only to be ex-Mr. F. 4. Vestal, who is in charge will begin shortly, according to 8074,160.75 in respect of the profit would be in possession of an up-to taking place if the tram service on the sale of the old Hong Kong date 'establishment replete with al)
continued)-this Company preted, perhaps. It was a slight
of the work. This station, located Hotel site (North Block) and No. the. most modern conveniences in a regular service between Blake disappointment to a few of us to about 7 miles west of Amarillo, it, Des Voeux Road, which property offering a superlative degree of Pier and Happy Valley via Queen's hear that the position of the Com will be the only one in the world. was disposed of to the Hong Kong comfort to guests. The financial Road East-thus giving facilities pany does not warrant our Board
The unit consists of nine build- Land Investment & Agency Co.."lockup" in land alone in con to the community in those partic recommending a distribution this Ltd., on the 30th November, 1923, nection with a reconstructed Hotelular districts. Coincidentally with year. Nevertheless the fact shouldings, storage tanks, and equipment remove helium from and I propose to make further re- on the old Hong Kong Hotel site the resumption of the Tramway be borne in mind by all of us who necessary to ference to this subject later. (North Block) would heavily mili-
Referring to the debit side of the tute against the erection of an ervice, a general dislocation of the have the interest and welfare of the natural gas. It will be capable of
*Bus service
on the Kowloon Company really at heart that the producing from 35,000 to 40,000 Profit and Loss Account, you will establishment capable of compari. Peninsula took place, and this result of the working presented cubic feet of helium a day. The Hotel. Company, in one night, transport enabled the large sum of 81,200,000 tremendous amount ot pasturel note that "Mortgage and Bank on with the Peninsula Interest" is considerably lower Moreover the South Block-con- ed the whole of its fleet of busses to be set aside to add to and satis gas required will be appreciated than last year. As my predecessor taining the present Hong Kong to Kowloon, and, within its limita-factorily strengthen our Reserves, when it is realized that only 1 to in the chair explained to you at Hotel appears adequate to cope tions, carried on a service there for Some shareholders are apt at times1 per cent. of it is helium. The of a period of two days-which service to overlook any such achievement raw gas comes from four wells the last Annual General Meeting, with the volume and class during the military occupation of patronage its centralised location may incidentally add was large unaccompanied by a distribution about 19 miles northwest of the
ly instrumental in breaking the of dividend. However, it might be station. Kowloon 'Bas Strike. For these of advantage, more particularly on services your Company received the this occasion, to emphasise to the thanks of the Government, and minds of all the very important again the matter of a regular fact that the acquisition of the
the Peninsula Hotel interest apply. ng to "Construction in Progress, etc.." was debited to Proft and
attracts.
The Peninsula Hotel. It is unnecessary for me to enter inte a lengthy dissertation on the merits of the Peninsula Hotel, as
How It is Made. The method of removal is easily
understood even by the layman. The natural gas liquifies at a tem-
Loss Account, and per centra, the item of Rents" received the benefit of the rental revenue de shareholders and the general. public service through Queen's Road was whole Peninsula Hotel site and theperature of about 300 degrees be-
whereas, on the termination of our gaining arst band information by least with the Military Authorities visiting that establishment. *Re and consequent repeal of work on garding the financial benefits to be the building the relative interest derived from this Hotel, I am was again capitalized." Any ex- pleased to inform you that the planation of the various other items measure of patronage accorded comprising the Profit and Loss "A there is very gratifying and en count would appear to be unneces- dorses the action of your Board in sary-they being. I think, self. embarking, upon a project which explanatory. I would emphasise, gives the Colony az up-to-date however, that depreciation has establishment capable of fulfilling again heep provided for on the requirements of the most exact liberal scale, and that in additioning, and of handling the heavy your properties and equipment volume of transient trafic carried have been well maintained out of by the passenger steamers which,
virtually, berth at its door-way.
revenue.
дом
..
in
by
Government for the reasons Prement and furnishing of this fute helium remains a gas until a much viously given, that is to say, that modern, and splendidly equipped lower temperature is reached.
the Government's considered establishment has been accomplish opinion the time had not arrived toed during a critical period of The helium escapes ni a gas and warrant a service of that descrip- financial depression unprecedented the liquid natural gas is returned in the history of the Colony, fur to ita normal temperature before it. thermore, without recourse to any is led into the ten-inch pipe that calls of additional capital, from takes it into the mains of the Shareholders.
Amarillo Gas Company..
tion.
The Talix Villas Route, In 1928, your Company was ap- proached by a large property owner at Pokfulam with a view to in- augurating a regular service to Felix Villas vid the University, and, after consideration. of the matter, such service was inaugurat ed and in fact guaranteed against Toss by the applicant during period of three reare, but I am pleased to state that since the in- ception of this service, the support accorded to it rendered unnecessary any recourse in this connection.
Application Granted,
Heavier Than Air,
The helium is stored or shipped Inspire Us With Confidence."
ander pressure. It is sent to con- Further, it should. also not be
centration points of the army or forgotten, and I feel sure all pre-navy in specially designed tank cars, of which there are only three sent will agree with me, that in all large undertakings, some available. measure of confidence by share holders in the future, together with entire endorsement of far-sighted The Balance Sheet,
Each car consists of three tanks, THE 'BUS SERVICES., Turning to the Balance Sheet,
policy on the part of the Board is both compatible and necessary for two, secured together and to the one pyramided on top of the other you will notice that on the assets
I am pleased to be able to state
ultimate success. We have only to chassis of the car. The drums are aide Land and Buildings " stand in round figures at $18,000,000 that, during the year under review
look back a little into the past to about 40 feet long, with an inside note the wonderfal and amazing diameter of 4 feet. They are cast and on this subject you will be in your Company was successful in terested to bear that the book obtaining & concession for the ex In 1927, this Company again ap strides, more particularly of late, in one piece 2 inches thick and are value of the Company's properties tension of its motor-'bus services proached the Government on the made in the development of motor tested to 3,300 pounds pressure per is considerably below present day through Queen's Road from Tai matter of the Queen's Road Service, traffic, with the coincident rapid
square inch. expansion valuations: to illustrate this, I wil Hang Village to Kennedy Town, particulariy having regard to the growth and
of the
For shipping the gas in smaller cite one instance, viz., the Majestic Although this service was initiated fact that the Company had been in Colony. This faét should sp quantities, steel bottles such as áre Hotel property in Shanghai,the in the beginning of the last quarter receipt of petitions from the re- us with confidence, and give us all value of the lead in respect of this of the year under review, we were sidential Chinese community at every reason to expect that a pro- used for oxygen or acetylene are property appears in the books in not in a position to run a full-time each end of this route requesting gressive policy consonant with the employed. They carry about 160 round figures at $1,000,000 below service until the early part of Janu- the Company to inaugurate some times is the right and proper one cubic feet. The helium, when the figure shewn by the latest ary of the current year. I am such service. In this instance the to adopt and maintain, and one shipped under 2,000 pounds pres- Municipal assessment relating to pleased, however, to be able to Company's request was granted, which will produce in the long run sure is heavier than air. Special that property.
state that this new venture proved and, as I have already mentioned, the most advantageous and pro- compressors designed for helium or The increase you will observe in a success from its inception, and not only has the service in question fitable results and eventuate to the nitrogen are used, the assets figures under the head the measure of support accorded to been inaugurated, but, I am pleased complete satisfaction of all..
This odorless, non-icdammable ings Furniture and Fixtures," it hears eloquent testimony to the to say, it is working satisfactorily
With these comments I have much gas, which is the only practical "Machinery and Plant," "Linen, fact that there was crying need and the support accorded to it has pleasure in seconding the adoption one for use in the big lighter-than- Crockery, Glassware and Plated for what I may term a de luxe" been such as to make it necessary of the report, balance sheet and airships, is also valuable in ware, are due, in the main, to the bus service through the centrul for your Board in the course of accounts.
salvage work where deep sea-divers equipping of the Peninsula Hotel part of the city.
the next few months to materially
are used. Nitrogen, which was for- The only other item appearing to Shareholders will doubtless have increase the number of vehicles on
merly pumped down with the call for comment on the assets side read with interest leading articles the route,
oxygen to the divers, caused a of the Balance Sheet is "Motor and correspondence appearing in
painful, ailment known as the Cars, Coaches and Trucks," which the local Press during the past lew
bends unless the pressure wil iten has increased since the 1927 weeks on this subject, and whilst Board that they are not in a povi It is a matter of regret to your
changed very slowly. When helium period by slightly over two lakhs. I am naturally disinclined to make fion to recommend a distribution
is employed, men may be lowered This augmentation is mainly due to any statement possible of contro in respect of the working of the
· Mr. C. Mancini asked:-"I or raised five times faster in safety, the acquisition of additional motor vergial interpretation, I deem it past year, but I may say, that the should like to inquire if the Hong which was proved during the last. buses for the Queen's Road and requisita to trace in brief the facts Company, appears now to have Kong & Shanghai Hotels are 100 submarine disaster,
relating to the inception and sub-weathered the difficulties of the per cent. actual owners of this new the Balance Sheet, you will observe operated very efficiently I think of the continuous augmentation of shareholders of this company get. N. V. A. Croucher seconded 1
Turning to the liabilities side of sequent growth of the 'bur services past four years, and, as a result Queen's Road 'bus business and busest That is to say: Do the that Land and Buildings Re- may fairly say-by your Garage its Reserves, is in a strong position the full benefit of these profits or motion taat Messrs. Percy Smith, Mr. J. F. Wright proposed and serve has been reduced by an Department,
to-day. With the opening of the does the company merely operate amount of $806,137.54. This repre. §.
Peninsula Hotel heavy capital pay- sents the accretion credited to that
Felix Villas routes,
►
In 1918,
NO DIVIDEND.
The chaman-On behalf of the Board and, if I may say so, on behalf of the shareholders, I thank Mr. Joseph for is kindly remarks and speech.
Profts from Buses.
"I
be re-elected auditors to the company at an in-* creased fee of 83,000 per annum to cover a cumulative monthly audit.
Carried ananimously!:
account on révaluation from time In the year 1918, one of the enter.ments cease and the Cash revenue wholly, or in part, for the real Seth & Fleming
on a part profit, or to time of the remaining portion off prises your, Company had in hand of the Company being considerable, Ders Marine Lot. No. 7, ie, site of the was the construction of the Repulse a material reduction in the in-emuneration basis!
The chairman:-The answer to old Hong Kong Hotel North Block, Bay Hotel, at which time the motor debtedness to our Bankers should which on sale of that property be roads of the Island were very Consequently I have every hope entirely for the benefit of this com- not be a matter of great difficulty. that is that the service is operated
Those Pident. came transferable to the realisa limited, and in fact the "round-the- tion account. Should shareholders island" road was then still under that the Company will revers to pany and the shareholders of the
Supporting the chairman were:- Mr. M. Raymond, Mr. John approve of the recommendations of construction-it not being possible dividend distributing basis in the company
Mr. Mancini :-Docs that mean Fleming, Sir Elly Kadoorie, the Board the Construction and to motor further than Little Hong near future. Development Reserve will stand Kong on one side of the Island and. I now formally propose that the that the shareholders own 100 per 5.B/E., Com, Leg Hou, (direc at $1,000,000 and the "General" Shaukiwan on the other. The open report of the directors and the cent
tors), Me, J. H. Taggart (managing Reserve at $3,000,000, which figures ing of this road to traffic synchron. accounts for the financial year
The chairman:I think the an AS.A.4. (general manager), Mr. director), Mr. P. H. Bäckling, have been, for the purpose of ised with the opening of the Re- caded Deember 31st, 1925, 45 PTC-
swer I have given should cover that. F. C. Barry (secretary). lucidity, incorporated in the ac pulse Bay Hotel and it became.sented, be adopted, and that the Mr. Mancini:-Thank you. .counts.
imperative for this Company to following appropriatione recom There was no other question and Loans Secured by Mortgages and some regular means of transit mended by your Directors, as in the chairman's motion was put to shew a reduction of some four Lakhs in order to meet the public demand corporated in the Balance Sheet, the meeting and carried unanimous vis-a-vis the previous year-auch for cheap and expeditious transport be carried into effect, namely: ly,
Reserve General reduction being due to the income between the City and the South Transfer to
Other Business. from sale of property, less pay side of the Island. In these cir- 81,000,000; Transfer to Construc- ments towards the completion of cumstances, your Managing Direction and Development Reserve the Peninsula Hotel
tor approached the local concerns 8200,000; Carry forward to next items calling for explanation, and business, but I regret to say he obliged if a shareholder will kind
There appear to be no further engaged in that particular class of account 8173,510.47; and I shall be I trust that shareholders will ap-received very slight encouragement second such proposal, whereupon prove of the uppropriations recom- not withstanding the fact that your questions as to the report and ac, mended by the Board: The man-Company was at that time pre counts may be raised
The following shareholders were were present: Mrs. J. H. Taggart, the Hon. Mr. WE. L. Shenton, Messrs. Arthur Brearley, N. V. A. Croucher, W. E. Van Eps, J. E The Hon. Mr. W. E. L. Shenton Lee Coon, C. Manim, P. 1. New Joseph, O. Kitchell, P. K. Kwok, proposed and Mr. J. M. Alves man, E. O. Odell, T. R. Parsone, seconded a motion for the re-election. C. A da Roza, Kelly Bayce, H. E. John Fleming to the Board-Car- der Steen, J. Wrights of My Allan Canteron and H. Scrived, A. W. Smith, W. C-Van
Birkett
Abraham, Horace Kadoorie and J. M. ATver,
ried nháinously.
(Continued on next Goluma).
H
No comments yet.
Private notes are available after approval.