1929-06-20 — Page 4

BOWS, WIDE END TIES, OR. TIES AND HANDKERCHIEFS TO MATCH.

TENSILE

FOULARD TIES

RETAIN THEIR SHAPE

A Tensile Tie is made so that

cannot pull out of shape- pull how you will, it would rather be torn to pieces than become twisted...

1

||

We have a large range of Tensile Ties in Foulard and other

Silks.

Mackintosh

MEN'S WEAR SPECIALISTS

ALEXANTIRA BUILDING.

& Co Ltd

THE HONG KONG DAILY PRESS, THURSDAY, JUNE 20, 1929.

THE INDO-CHINA "STEAM NAVIGATION

COMPANY.

LAST YEAR'S DIFFICULTIES REVIEWED AT

SHAREHOLDERS MEETING.

SERIOUS STATE OF NORTH CHINA HARBOURS.

DIVIDENDS BEING PAID.

The Hon, Mr. B. D, F. Beith presided at yesterday's ordinary general meeting of the Indo-China Steam Navigation Company, beld at the offices of the General Monggere, Messrs. Jardine, Matheson & Co., Ltd.

Increased earnings from the Company's steamers were reported despite increased cost of running and other difficulties. Tribute was paid to the services of the British Navy in keeping open the Yangtze trade, and a grave warning given as to the state of North China rivers owing to neglected conservancy.

meeting, the Addressing the Chairman said: Before proceeding with the official businees of the meeting, I desire to express on behalf of the management their deep regret at the death of Mr. H. P. White, who was a member of the Board since 1918.

ties of д

nature, and I sincerely hope that the welcome improvement in our DES VOEUX ROAD|| financial position will eventually prove to be more or less of a per-

The Puling

Preference

"King George IV

The Scotch Whisky of Good Taste"

#

SOLÉ AGENTS:

TEL. No. 188.

GANDE, PRICE & CO. LTD.

THANK

RONG RONG.

GOODNESS ΓΑΜ INSURED!

manent nature.

Steamers Earn More.

scale, and our increased revenue is largely derived from the river ser vices which. in previous years, enjoyed advantages over some of our competitors under other fags whose operations were considerably restricted by political and other

causes.

most, earnestly hoped that shipping companies in China who, in past years, have had to meet a situation of unprecedented difficulty will not ask in vain for the continued co operation of those. who can do so much to ensure a continuance of the present improved protection of Mic and property.

You are well aware, Gentlemen. that it would serve no useful pur pose to even attempt to foretell what the future has in store for us during this year which I may say, however, has not opened too un- favourably. In the light of past experienes of sudden and sensa tional changes of political and com- mercial character in China, ever to voice an" opinion on the com ing march of events would be mere guesswork. It is a comfort to feel. however, that we are in a good position to cope with any even tuality, which may arise, be it for better or worse; we are loyally served by our staff and as a com- pany of long-standing are encour- aged to think we enjoy the con- idence of supporters both foreign and Chinese alike.

The Dividend.

We sympathise with shippers and consignees who have their own pro items to face in maintaining, their business connections during times

of exceptional difficulty, and we ex- tend to them our promise of hearty Co-operation in any matters brought to our notice and in which we are mutually interested.

3

The statement of accounts before you is, I hope, self-explanatory. The transfer of £25,000 from rev enue to special repairs and re- newals reserve is necessitated in order to meet payments for work of more than ordinary nature and in this connection I may say the amount in question is already ear marked.

China's Neglected Rivers. In connection with northern Continuing, Mr. Beith said; The Company for some years past has trades, the Company has, as you are aware, valuable and old-estab had an uphill fight against difficullished services operating from

unusual and complex Hong Kong and Shanghar to Tien

tein. Through causes brought about by the chaos of civil war in the North, important conser- vancy work in the way of dykes, etc., has been allowed to get into such a state of disrepair that silt from tributary feeders is now con

the tinually washing down into

The reduction of our camulative navigational channels of the Haiho, dividend liability од preferred or Tieulsin River, which for any shares from £74,363 10s. Od. to years was safely navigable for ven£14,830 2s, ed. is, we consider, de ela from Tongku to the Tientsin sirable and in the best interests of

the company. Bund to the great benefit of trading conditions of the port. and repre seating as it does the main gate way from Northern China to the Sea. The conditions referred to, and which unfortunately still con- tinue, were such that at times even lighters could only with difficulty operate in the restricted channels, where previously the usual type of consting steamer navigated with safety.

The primary cause of our better results is to be found in the in creased earnings of the steamers as reflected in the Revenue Account where it will be noted the credit balance of steamers' working, is 195,186 19s. 3d as against £8,490 15s. Id, in 1927.

I have now to propose that the report and statement of accounts,

presented, be adopted, that £23,009 be transferred to special repairs and renewals account, that a dividend of six shillings per share on the cumulative preferred shares for each of the years 1924 and 1825 be paid, that the sum of £13,113.165. 7d. be carried forward ib next year's acerunt, and that the dividend on shares on the Hong Kong register be paid at the rate of old. per dollar, being the

At last year's meeting the ever- increasing cost of operating the feet, and the heavy inroads which have to be made into our resources to maintain vessels-many of ad vanced age to the high standard of upkeep now demanded, was re- ferred to and although every effort has been exerted, during the state of where, under present con year under review, to keep our ditions in China, conservancy work runting costs down to a minimum./-invaluable to all, irremective at velegraphic transfer rate of ex-

abic.

I mention this as a striking in

out under most As soon as this resolution has. sible schemes for more economi tifically carried working. I regret that generally dieult conditions and over a long been seconded I thall be pleased speaking the difficulties in many period of years, "is now being to reply, to the best of my ability, to any questions shareholders may cares have been found insurmount seriously jeopardized and may even. in fact be entirely sacrificed,

wish to.ask. through the seeming impossibility of the Chinese authorities to cope with the unsatisfactory situation prevailing in the vital areas of the water-shed over which they, and they alone, have administrative

As regards trade conditions in China during 1928 the position may he adequately summed up in the phrase "that there is little change to report." It may per haps be said, however, that the power. tense political situations created

The Yungtingho & Menace. from time to time throughout 1997 were last year not to frequent or

Apropos of what has just been disturbing to trade, which would

recently seem to be temporarily adjusting said, the position was itself to the chronic and unwelcogently summed up in the Tien-

tsin, Press as follows:- come features, of outside interfer- ence and influence.

"

On the Yangiszą.

As regards the Yangtrze-especi ally on the Upper and Middie River -throughout the entire period under review, political unrest, dis- turbed conditions of trading and transport, due either to hostilities between Chinese military factions

or

the inauguration of various forms of irregular taxation and fines, was the order of the day.

1 would here take the opportu aity of expressing our appreciation of the good work performed by all Company's employees associated with our Yangtze organisation, both afloat and on shore. They had, in the performance of their duties, continuously to contend with situations calling for tact, initiative, and everlasting patience, and the company accords them their sincere thanks.

"

A Question: Coal from Jardins,

Matheson.**

Mr. A. H. White seconded and Captain Laurenson asked: What if any, was the loss incurred by the Indo-China S.N. Co., Ltd., in 1928, by the procedure of the company ordering coal for steamer account from Mears, Jardinc, Matheson & Co., Ltd., instead of contracting for supplies direct from pithead

The chairman replied:-I is, "The Yungtingho, in its pre-perhaps, desirable to mention that. sent state, constitutes a "continu- under section No. 158 of the articles ous menace to tens of thousands of association, the directors are not of square miles of agricultural bound to reply to questions of the land. The strengthening of the pature asked. Captain Laurenson dykes will protect the threatened has, however, previously kindly areas, and the new settling basin given me notice of same and I have will i due course, add nearly pleasure in replying as follows to 200,000 mou of cultivable land to his questions.-- the resources of the Province. Moreover, the restoration of the navigability of the Haiho is a

(2).-Mesara. Jardine, Matheson master of vital importance to the whole hinterland Tientsin is the Co., Ltd, on behalf of the Indo natural outlet and inlet for a China 8.N. Co., Ltd., as custom- population of between fifty and ary, concluded specific contracts for 1928 with suppliers. Prices to sixty millione, and it would be difficult to calculate the loss that the company trimmed into bunk- would ensue from the perpetua-ers were suumitted and approved tion of a state of affairs under by the directors." which zo vessel drawing upwards of seven feet can reach the Bund."

In view of the difficult conditions

of loading and discharging in the Haiho River, and the uncertainty The regrettable dangers and risks of the outlook, permanent arrange on the Upper River occasioned by ments have been made to lease, for indiscriminate rifle.fire from the the time being, wharves at Tong Ku banks this also referred to last which will allow of vessels discharg year-were unfortunately presenting their cargoes into temporary throughout 1928, and I would again godowns and to save very consider appeal to the authorities responsible able delay.

to take, at the earliest possible moment, such steps at will lead to the elimination of a state of affairs well-nigh intolerable,

Navy Keops Trade Going.

New Yangtze Steamer. Although badly wanted to hold together our pivotal trades ac new tunnage except such tuga

und

(1)-No loss was incurred by the Indo-China S.N. Co., Ltd., by the procedure mentioned.

(3).-Messrs. Jardine, Matheson

& Co., Ltd., in the above connection received a fixed remuneration for their services in terms of agree ment with the company.

(4). The suggested procedure of the company contracting for sup plies direct from pithead is im practicable.

The chairman's motion was then put to the meeting and carried unanimously.

Other Business, Other business transacted by the meeting comprised:-

Confirmation of appointment of Mr. A. H. White and Mr. M. T. Johnson directors-proposed by Mr. A. Piercy, seconded by Mr...

The Company appreciates that lighters as were essential to meet Ho Leung.

Re-election of retiring directors- Mr. A. H. White and Mr. M. T. Johnson)-proposed by Mr. P. Tod, seconded by Mr. Lo Man-hin

our urgent river requirements bas we have much to the thankful for been acquired. In order, however, in the way of valuable resistance to maintain our valuable Yangtze from the Royal Navy, and it was connections your directors are now. only due to an effective convoy considering the placing of an order

Re-election of the auditors, Mr.. system devised and maintained by for a new Middle River steamer to Naval units, that trade on some replace the Changwo and Kiang. John Fleming and Mr. A. Ritchie, sections of the Yangtze River wanwo, the former having passed the Lowe, Bingham, and Matthews, at chartered accountants, of Mears.. kept open. There is yet much te age of economic running, and the

4 remuneration of 85,000-proposed be achieved, however, and a per- latter getting well on in years.

be

by Mr. R. E. Macdougall, second- manent improvement" cannot

It is satisfactory to be able to ed by Mr. N. L. H. Railton. looked for until responsible Chinese

Dividend warrants will be ready authorities co-operate whole-beart. mention that the fleet has been free edly with foreign Fowers to deal of major casualties and our thanks

Mr. B. D. F. Beith was supported effectively with this serious menace are due to the members of the staff,

K. to life and trade before it goes both afloat and ashore, who have by Mr. A. H. White and Mr.

contributed to this satisfactory Johnson (directors), Mr. R. from bad to worse.

Sutherland, O.B.E., and the Hon. Turning to more general matters, state of affairs.

Piracies of a serious nature are Mr. W. E. L. Shenton (of Deacons, THE GENERAL ACCIDENT FIRE AND LIFE ASSURANCE CORP., LTD. the volume of business moving on

our regular coast and southern lines still in evidence in these waters and solicitors for the company). Share- was, if anything, of an increasing although the incidents have been holdere present were Captain T. T. nature, due no doubt to a more fewer, shipping companies would be Laurenson, D.5.C., Messra W. J. settled water of affairs in Kwang-uniae to all themselves into a Stokes, Ha Leung, A. M. de Silve tung and Kwangsi.; Freights gener-state of false security. Assistance A Percy M. IL Ny-LE aily, however, as mentioned in the to a certain extent has been afford. Railton, P. Tod, and B. E. report, were, of necessity, on a low ed from outside sources and it is Macdougall.

This might be your Car and with you in it! Insure against Accidenta

with

-For-information.apply.

J. H. BACKHOUSE, LTD.

TEL. No. 1733.

14. CHATER Roan.""

to day.

The Best

Dance Tunes Ever!!

That's what you'll say when you've listened to a few of these new Victor dance records for June. They've all just the kind of "it" you like. Some Eot "it" are fast and peppy: Some are slow and rhythmics Some are just plain low-down mean! Whatever type of dance music you like you'll be able to find it on these snappy new Victor records. And be sure you notice the orchestrus!.

. The ones you They're all the very best in the game. read about! Play some of these records and you'll be con.... vinced that they know, their stuff.. We would be glad to play for you whatever of the selections especially attract you. Come in and let us do this!

With a Song in My Heart-Fox Trot Vocal Refrain Yours Sincerely-Fox Trot Vocal Refrain,

LED REISMAN AND HIS ORCHESTRA No. 2193, 10-inch Walking with Susic Fox Trot With Vocal Refreia That's You, Baby-Fox Trot (from "Fox Movietone

Follics of 1929) Fith Focal Refrain

:

CEORCE OLSEN AND HIS MÉG No. 21921, 10-inch

The Wedding of the Painted Doll-Fox Trot (from

Metro-Goldwyn-Mayer picture, "Broadway Melody") I'm Ka-razy for You--For Trot With Vocal Refrain

HORACE HEIDT AND HIS ORCHESTRA No. 1937, 10-inch

Breakaway-Fox Trot With Vocal Refrain

Big City Blues-Fox Trot (from "Fax Movizione

"Follics of 1929") With Vocal Refrain

A

GEORGE OLSEN AND HIS MUSIC No. 21961, 10-inch Underneath the Russian Moon-Waltz Vocal Refrein The One That I Love Loves Me For Trot Vocal Refrain RUDT VALLÉE AND HIS CONNECTICUT YANKEES

Na 21963, 10-inch

I Kis Your Hand, Madame-Fox Trot Vocal Refrain Josephita-Fox Trot (from Metro-Goldwyn-Mayer picture, Tide of Empire" With Vocal Refrain

LEO REISMAN AND HIS ORCHESTRA No. 21920, 10-inch,

Bye and Bye Sweetheart-Waltz With Vocal Refrein My Time is Your Time For Trot With Vocal Refrain

RUDY YALLÉE AND HIS CONNECTICUT YANKKES

No. 21924, 10-inch Pagan Love Song-Waltz (from the Metro-Goldwyn- Mayer picture, "The Pagan") With Vocal Refrain

THE TROUBADOURS The One Cirl-Fox Trot With Vocal Refrain

NAT SHILERET AND THE VICTOR ORCHESTRA.

No. 21931, 10-inch

I Get the Blues When It Rains-For Trot Focal Refrain The Things That Were Made for Love-For Trot

NAT SHILKRET AND THE VICTOR ORCHESTRA

No. 21943, 10-inch

Mean to Mo-Fox Trot With Vocal Refrain That's What I Call Heaven-Fox Trot

With Focal Refrain LEO REISKAR AND 219 OncZEITRA

No. 21941, 10-inch

S. Moutrie & Co., Ltd.

(Victor "Distributors) Chater Road.

Conklin

Pens, Pencils, Sets NEVER FAIL TO GIVE Satisfactory Writing Service.

Sole Agents :

THE WING ON CO., LTD.

REPULSE BAY HOTEL.

DINNER DANCES

Commencing on MONDAY NEXT, the 24TH JUNE, 1929, Dinner Dances will be held on the following Evenings Each Week until Further Notice-

MONDAY.

TUESDAY. THURSDAY. SATURDAY.

Every Sunday, Tea Dance: 4.80 to 6.30.

THE HONGKONG & SHANGHAI HOTELS LTD