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AS YOU LIKE IT' Farbe it from us to tell you what Underwear you should wear. Perhaps you have a liking for. India Gauze-open or pull-over style-you may be a wool-all-the- year-round man, you may find life unbearable in anything but Aertex. It is because we realise this so well that we keep all these Among kinds and many more. them you are sure to find under- wear as you like it.
GAUZE
AERTEX
B. V. D.
$3.00 Each.
247
$3.75 81.75
Cash Discount 10%.
Mackintosh's
The Ruling
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THE HONG KONG DAILY PRESS, THURSDAY,"
HONG KONG AMUSEMENTS, LTD,
SHAREHOLDER'S STRONG PROTEST.
"FILMS WHICH ARE AN INSULT TO THE INTELLIGENCE OF THE PUBLIC.”
JULY 25, 1929.
Mr. Mancini: Another item I beg to query is cash on current account: Why do you carry the enormous supa of $141,004 at presumably 2-per cent. per annum, when investments amounting to $18,500 represent only about 10 per cent. of your reserves ? Mr. Backhouse replied that this amount was only temporarily on the current account. March was the
CHAIRMAN OF DIRECTORS SAYS HE IS best month of the sehr.
NO JUDGE OF FILMS.
The 8th annual general meeting of shareholders of the Hong Kong Amusements, Lie., held yesterday on the stage of the Queen's Theatre, produced a somewhat heated argument between the Chairman of the Board and one of the shareholders.
Mr. C. Mancini, who complained that he could not hear the Chairman clearly, spoke of certain ridiculous films which are ab- solutely an insult to one's' intelligence." The Chairman of Direc tors, Mr. James H. Backhouse, replied that if Mr. Mancini thought anything was wrong with the pictures he should complain to the producers, not to the Hong Keng Amusements, adding Inter "I am no judge of pictures but I am a judge of box office receipts."
CHAIRMAN'S SPEECH.
The Chairman, Mr. James : Backhouse, addressed the meeting as follows: Before proposing the adoption of these accounts, I will give you a few explanations but many will not be necessary con- sidering the result is so satisfac tory. You have noticed, however, that our profit for the year after providing for the usual depreciation Amounts to 100,740.18 which is about 82,000 less than the previous year, which together with the amount brought forward from the previous year amounts to $161,602.02. The legal reterve of 5 per cent. îà being appropriated as usual. We recommend to place 250,000 to general reserve, i.e., $10,000 more than previous year. The bonus to staff is practically the same amount as for the previous year, and is to be distributed at the discrétion of the managing-director, and I am quite sure you will agree that they have deserved this appreciation of their services.
Dividend of $2 On Preferred "
Shares.
ever
"Ridiculous Films,"
Mr. Mancini: Now, Sir, I venture to remark that what- ability might have been displayed by yourselt and the Board of Directors to bring about profits as shown in the balance sheet, we have to thank the public principally for their generous sup port: and you must not overlook their forbearance for some of the appalling films you have thought ft to show at times, even at the "Queen's" Theatre. With things all our own way on this Island, and no competition, there is utterly no reason why you should exhibit cer- tain ridiculous films, which many |ing to $139,330.41. We require our others concur with me in saying are fixed deposits in order to open absolutely an insult to one's intel credits with our bankers for almaligence. Films of this sort should and at this period of the year we
be scrapped and never shown, even have over six months of the summer
if we have to lose by it. I do not in front of us when our returns de
know what process you go through crease very considerably,
to select your pictures, but if those responsible for this business con- tinue to palm off their rubbish end to us, then I may it is high time that you Gentlemen on the Board took cannot do this effectively, then 1 steps to remedy this defect. If you should like to draw your attention to the fact that the high prices you charge for admission, warrant funds being set aside to scrap idiotic and
Talking Pictures,
"
In addition to this your Directors have considered the new and big The installation of this apparatas development of talking pictures, will cost between $30,000 to $40,000 and if we are to give way to the film producers the talking films will cost us from four to five times as much as for silent films notwith-old films. standing the fact that silent films 10 per cent. to 20 per cent. each have been increasing in cost from
year.
must
It is because of this and also the fact that our business has grown out of proportion with the original capital investment that we either build up a yearly reserve to cope with it or come to the share- holders for an increase of capital. The latter is expensive and the pre- sent policy of your directors is favoured especially considering com- petition which is threatened from outside.
Economy In All Directicas.
When this Company was under its former management, some ex- pensive films used to be shown, and the public supported as to the for admission, with the result that extent. of paying increased prices
a packed house was invariably the order of the day, but, Sir, your aim now seems to be one of economy due to the fact that the majority of in every direction. Perhaps this is
the shares are in the hands of the Directors, and therefore the greater the economy, the greater your own profit, under the conditions which These, I think; are all the ex-you Gentlemen on the Board are planations of the balance sheet you now operating as holders of the will require.
greater number of shares.
Mr. Ray's Resignation.
Mr. J. S. Gubbay (Board of Direc-
It is also proposed to declare a dividend of per share on pre-mention and that is Mr. Ray's remark that most of the shares are A further matter, however, I must tors): You are wrong in that re- ferred ordinary shares which means
in the hands of the directors.
8 per share on deferred ordinary signation which took place during shares, according to the Memoran the past year. He severed his con- Mr. Mancini: Is that so If you dum of Association, plus a bonus onnection with this company in Octo- bave so much money to throw about, all shares of 50 cents which really quite sure the best wishes of went in the quality of some of your ber lash owing to ill-health and I respectfully suggest an improve- means a return of 25 per cent, on both the directors and shareholders orchestras, and better pictures all the preferred ordinary shares. This now leaves a balance of 847,115.01 80 with Mr. Ray in any new enter-round. If you are prepared to pay to be carried forward to the credit Frise he may take up in more the price, there should be no reason of the next account, or roughly healthy parts of the world. As you why you cannot accomplish this end. $4,000, less than the previous figure. founders of the company, which was know, Mr. Ray wae one of the
started upon a very small scale and shareholders he has given all his best to the
Directors' Commission. Turning now to proft and loss account you will notice an item
cannot hear.
put.
The Chairman then proposed the adoption of the report and accounts.
SECONDER'S SPEECH.
What is a Poor Film? The Chairman: How are you going to judge a picture whether it is good or bada
regularly patronise your show "and Mr. Mancini: I go by those who their remarks. I have seen many people leave the theatre in disgust during the showing of some of the
fima.
The Chairman: If you think there is anything wrong with the pictures you must complain to the producers not to the Hong Kong Amusements. Why do people continue to patronise us if the pictures are as bad as you say If we please 80 per cent. of our patrons we are satisfied.
Mr. Mancini said that the reason why the box office receipts were. good was because there was no cm. cinema would be built on the pre- petition. He had heard that a new sent site of the Yee Sang Fat stere, and it might prove to be a strong. competition if the Hong Kong Amusements, Ltd., did not have better pictures.
Directors Commission." This was tion of the report and accounts as I Dow beg to propose the adop- described in this manner by our presented and after this has been auditors. I do not think they oughtaly seconded I shall be glad to an- to allow such a description to pass swer, to the best of my ability, any as it gives an impression that your questions shareholders may wish to ordinary directors are receiving commission. These commission con- sist of managing directors' commis- sion allotted to them under the usual terms of their arrangements with the company. Since the end of October we have only had one managing director.- This has thrown In rising to seecnd the report and more work upon the chairman, and adoption of accounts for the year your directors, in consideration of ending March 31, 1929, Mr.
Mr. Mancini: You must admit this decided that a part of the or-N. M. Currie said:-1 would that some of your pictures are an dinary commissions paid to manag-first of all like to take this opportu-insult to one's intelligence. ing directors should be paid to the nity of complimenting the directors The Chairman: I am no judge chairman as consideration for the on the very successful year's work- extra work done. The total amount ing, which enables them to place of pictures, but I am a judge of box
office receipts. of commissions are practically the such a satisfactory statement before same us for the previous year.
their shareholders." In view of the Mr. C. Mancini: Mr. Chairman,- fact that, since the last annual Will you please speek louder, I general meeting, the number of troops stationed in Hong Kong has Turning now to the balance sheet, been seriously depleted, it is gratis continued the Chairman, you willing to observe that the results for notice in the various reserves an the year just completed so closely amount of $114,556.01. Sundry resemble those for the previous year, creditors amount to $159,538.41, the and I think that these results can larger part of which is for films be taken as a criterion of the pro- and film rights and these practical-gress which the Hang Kong Amuse-open a theatre in Hong Kong you ly all represent accounts for films. ments, Ltd.,,continue to make. The chief item in the assets to bring
While, in view of the somewhat cannot claim that we have the mono- It a new company can give before your notice is our stock of substantial profit again obtained poly. filme and film rights. This amount during last year, we would all have better films we shall certainly have ed to over $300,000 the previous naturally been better pleased with to face competition. I am afraid we can do nothing better for you year whereas by the end of March a slightly increased dividend, I Inst we have reduced them to think I am voicing the sentiments than we are doing. $200,000, most of which consist of of the shareholders in stating that new films and the remainder write the conservative policy which the ten down to a very conservative directors have decided on is to be estimate of their value. We were thoroughly recommended, and no very fortunate last year in securing doubt they have ether ideas in mind very good outlets for our film. This for which this excess profit will be year the position is not quite as utilised, and which I feel sure will good except that there is a move eventually benefit the existing share ment on foot for a film exchange holders at a subsequent date. company to be formed in conjunc- I have now much pleasure in tion with other theatres. If this seconding the adoption of the report eventuates the financing of films will and accounts for the year ending be taken off our shoulders thus March 31, 1993, as presented allowing us to use this money for
the extensions of more theatres in¦ SHAREHOLDER'S PROTEST. different cities in China and im-
moment,"
Sundry debtors are more than last year but since then a large portion of this has been recovered;
The Chairman: If anybody can
Mr. Mancini said that he had sounded a note of warning and
would leave it at that.
The report and accounts were adopted on the proposal of the Chairman seconded by Mr. N. M
Currie.
the Chairman remarked that the In putting the motion to the vote, Directors held the same number of that the Company was not under a shares as they held previously, aud
new management.
Other Busine53.
On the proposal of Mr. Gubhay and seconded by Mr. Li In Cheong, Messrs. J. M. Noronha and Lo Shun Wan were re-elected directors.
Proposed by Mr. Mancini and seconded by Mr. J. E. Noronha, jan., Messrs. Linstead & Davis were re- clected auditors of the Company at a yearly remuneration of ESDC.
Those Fresant.
provements to our various existing Mr. C. Mancini said that he had theatres, also enabling us to use this one or two questions to put He money profitably instead of having had not been able to hear the it tied up in films as at the present Chairman's remarks clearly, and possibly some of his questions might already have been dealt with.
"You have," said Mr. Mancini, an item in your profit and loss Cast on current account, on fixed account of $13,777.12 representing deposit and in hand amounted to directors' commission. This repre- Mr. James H. Backbone (Chair- 2209,248.44 on March 31. This was sents almost 10 per cent. of the man), Méaire, Lo Kan, "J • Noronha, due to getting in cash for our film working profit, which seems to me Ma Tsui Chiu, Lo Shun Wan, J. S stock and so reducing inme. Also, decidedly excessive."
Gubbay and Lee Iu Cheung (Board
;
because these accounts are made unt In reply, the Chairman re-read of Directors). Also the following at the end at our season and that portion of his speech which shareholders: Messrs. C. Mancini, although this amount they seem deelt rith-that-question (It_ap__N__ Currie, Ho.Ki, C. M Healey. Targe it is really not so. We have pear under the Croy heading J E Noronha, jr., and Charter
creditors and bills payable amount Directors' Commission.")
Rosselet (Secretury).
!
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