1931-04-01 — Page 6

Tennis Wear

You have to dress cleanly and well to enjoy tennis and its social, opportunities. Yet you need not dress expensively, Good Bannels and blazers, scarves and sweaters can be obtained without undue outlay well prepared

and this we are to demonstrate. Our prices ndicate the reasonableness that can be exercised in your. purchases without sacrifice of quality

Mackintosh's

Registered

DAMP!!

Tine juddles with Co Damp Houses

PUDLO

STUZ BRAND CEMENT WATERPROOFER

Trane Mark

TEMPORARY REMEDIES '

for dampness are never cheap. In a few years, they 'cost more than a really permanent and entirely satisfactory treatment with Portland Cement and

PUDLO Brand Waterproofer.

A booklet, in English or Chinese, describing the uses of 'PUDLO' will be gladly sent on request, by the Sole Agents for HONG KONG and SOUTH CHINA':

DODWELL & CO., LTD.

CANTON.

HONG KONG.

FOOCHOW.

WHITEAWAYS

HONG KONG DAILY PRESS, WEDNESDAY, APRIL 1, 1931.

CHINA PROVIDENT COMPANY'S FUTUREUNION WATER-BOAT

OPTIMISTIC VIEW OF THE BOARD: BIG OVERDRAFT

WIPED OUT.,

LIQUIDATION OF FROZEN LOANS DEVELOPMENT PLANS,

Speaking from the chair, at the annual general meeting of ahareholders of the Chinn Provident Loan and Mortgage Co., Ltd., yesterday, Mr. C. A. da Roza intimated that the liquidation of frozen lonne had been carried to such a stage that, in the opinion of the Board, the Company's affairs have at last been put on a frin standing again.

The proceeds from the new issue, together with the sum realised- from liquidation of loans, have been applied to repayment of the Company's overdraft which a year ago stood at nine lakhs and which has now entirely disappeared..

THE CHAIRMAN'S SPEECH.

Addressing the meeting the Turning to the balance sheet, Chairman said-

gentlemen, your Board is happy to Your Board regret that the Complace before you a statement which pany's main

item of revenue, records a greatly improved position namely, the operation of the go as regards its commitments. Liqui downs and shipping work connected dation of frozen loans have been

COMPANY.

REVIEW OF PAST YEAR'S ACTIVITIES.

INVESTMENTS APPRECIATE.

"The annual general meeting of | the Union Waterboat Company was held yesterday when Mr. J. P. Warren presided. Supporting hiin were:-The Hon. Mr. C. G. S Mackie, Messra, A. van Gelder, T Yamamoto, R. G. Shewan (Consult, ing Committee) and D. E. de Souza (Secrotary), while shareholders pró- sent woro: Mosers. E. Eera, F. Stevenson, A. Shields, C. van Epps, O. Ribeiro and L. G. s

Dodwell..

The Chairman's Speech. Addressing the gathering, Mr. Warron said:-)"

d

After transferring 825,500 from profit and loss account, writing off investiment fluctuation account," to $17,201 towards depreciation of boats and adding $13,500 to insur proportion of insurance on the abco fund to cover the Company's creased value of boats in dollars

845,089.15 for appropriation.

| therewith, shows П considerable carried to such a stage that your falling off during 1930, due to Board is of the opinion that the causes I will mention later, but this Company's affairs have at last turn- reduction was met to a very large ed the corner. extent by economies in working, re- Under lonna, after eliminating duced interest charges, and also by the transfer of 8190,710.82 to revenue obtained from the fore-Property Account, representing then nonunt of the fall in exchange, closed properties in Mongkok and properties at Aberdeen and Mong which, with 84,330.13 brought for: the profit for the year is 841,100,02 Aberdeen taken over from the kok, both of which are revenueward from last year, makes a total mortgagore.

earning the total liquidated is The net result for the year is a nearly $210,000, and, of the bálanes profit of 254,827.10. Competition outstanding under this head at De- was unusually keen, due to the 'cember 31, 1930, viz., 8254,822,74 dearth of large cargoes,, and new (compared with 8072,802.18 in 1991), business proposed to us was cona further sum of $65,000 has been tingent on a cut in rates which realised since the date of the could not be accepted. This com- balance sheet. petition came from what might be described as the free Innee con- cerns, but we managed, neverthe less, to retain the business of our

supporters.

Overdraft Wiped Out, Investments in the sum of $123,870 are represented entirely by our holding in the Sandakan Light and Power Co., Ltd., in reference to which

It is proposed to deal with same as follows

To pay a dividend of"

81.25 per share on 27,723 shares absorb ing

$34,053.5 To pay n bonus of 25.

cents per share

0,030.75 Carry forward to 1931. 4,114.65

845,009.15

Investments, you will be pleased to ace, have appreciated by 664,472.50, and in addition to: the 825,500 transferred from this ac

int to profit and loss account, a further sum of 861,887.00 has also

bean transferred to reserve fund, in anticipation of requirements in connection with the issue of bonus

shares,

Investment Auctuation account

The Low Dollar.

& note has been inserted Business conditions during the year under review were much bulow the balance sheet giving the normal, and a drop in the revenue market valuation at 8206,712, How compared with 1929 had been anti- far this valuation may be realised cipated by the Board. This expect

when applied to the large block ed reduction which, as a matter of we hold is a matter for conjecture now stands at 868,927.40 which is fact, was not as great as anticipatreluctant to express an opinion.in a high state of efficiency and it

on which the Board is naturally considered a conservative figure.

Your fleet has been maintained The increase in Property Account has now been decided to add to has already been explained, but it same by building another water- remains for me to add that the Diesel Engine, and the latest up-to- boat fitted with a full Gardner Company's godown properties have date pumping equipment. out of revenue. been efficiently maintained entirely

ed, may be attributed to the con- tinued and unprecedented fall in exchange throughout the year, ac companied by the inevitable reduc tion in the purchasing power of the dollar which disorganised business at regular intervals, resulting in n decreased volume of importation of those commodities on which we rely largely for the bulk of our business In both sugar and flour imports, though to a Icaseri extent in the case of the latter article, the Tactor which appears to have been the chief cause of the decrease has been the hand-to-mouth buyir; by both merchant and consumer, which has characterised the rear's trading; as n result of this, the heavy deliveries to buyers made ex-ship, and even ex-lighter alongside our gedowns, have deprived us of earnings in storage!!

The amount of water supplied in The harour was about the same as In July last year, the Board Just year, but our overhead has sought and obtained the, authority naturally gune up as a result of the of the shareholders for an increase fall in the value of the dollar, the in the Company's authorised capital chief items being, salaries, coal, by the creation of 300,000 new paint and fuel oil, and in addition shares of 35 each of which 204,780 to this we had to bear the extra sharce of 82.50 paid up were offered expense of a substitute for our the underwriters of the issue. The home leave. and taken up by shareholders and superintendent who was absent on proceeds of this issue, together with the sum realised from the towards repayment of overdraft liquidation of loans, were applied (animously.

draft with our bankers which a year ago stond almost 20 laklis, but has pow entirely disappeared. The balance sheet before you records a credit balance with our bankers for the first time in several years.

Future Prospects.

The report was seconded by Mr. Yan Epps and was carried un-

Two trust it will meet with your

approval.

report and accounts for the year 1 I now formally, propose that the

1930 as presented to you, and the proposed distribution of profits, We have considered it advisable of 10 cents per share on the fully. namely, the payment of a dividend New Tari On Imports, to show the adjustments made in paid up shares and of 1 cents per The uncertainty which prevailed our Reserve Accounts by including share on partly paid up shares, be as to the date of the application in the published account a state-adopted and passed.

ment in detail in which there is I would nak a shareholder to be of the new Tariff on imports into only the item of underwriting co-good enough to second this pro- China was responsible for the tremission 828,507,73 to which special posal, after which I shall be glad quent exercise of options by con reference need be made. This sum to explain any matter having refer- signees on cargoes-originally in-might quite reasonably have been ence to the reports and accounts tended for this Colony, resulting spread over a number of years, but on which you may desire informa- in shipments being carried on to your Board decided to extinguish tion. the Northern parts; this was parti-the charge completely in the ac

STOCKTAKING THROW-OUTS.cularly noticeable, towards the end counts for 1030. You will remember

250 PAIRS

MEN'S BOOTS AND SHOES.

Stocktaking revealed a lot of odd numbers, sizes, and samples, which we have decided to clear entirely from our stock and are pulling them out TO-DAY at LESS THAN":

HALF PRICE

COME BARLY FOR FIRST CHANCE

082

These Bargains Can Never Be Repeated.

WHITEAWAY, LAIDLAW & CO., LTD.

HONG KONG

of the year under review, when this. Reservo Account was created every undonyour was made to offecs.lat tire time when the Company's imports into Ching on the basis of finances were reorganised, and it the old tarif.

has naturally been a fluctuating ac Conditions in the flour trade were count since; ns far as can be ascer- no better, for in the majority of tained there will not be any need casce merchants imported sparingly to draw on the Reserve Account merely for the purpose of maintain beyond a sum approximating 870,000 ing particular brands and makes in in further liquidation of loans, thus the market whilst awaiting an im- leaving the eventual balance of the provement in trade generally. As Reserve Account at the substantial 4 consequence, the quantities hand. figure of $600,000... led during the year were consider As to our prospects for the pre- ribly less than those for 1029. sent year, beyond atating that the

In general cargo, imports were first three months have been maintained at the level of the couraging, it is impossible to fore figures for 1920, and in certain east likely storage business, having specialized lines an increase has in mind its close connection with been recorded. Arrangements have exchange, which seems to be the been made for the storage of bond-factor determining the volume and ed cargoes in accordance with freedom of importa, Government requirements, and it is possible that further bended storage space will have to be pro- vided for during the current year to meet the demanded which has increased largely of Inte.

Values of Property.

Shareholder's Enquiry.

Mr. H. J. M. Figuerido second- ed the report, and Mr. Wi- Morley: enquired as to whether the com- pany's godowns could not be rented to bring, in a better return..

The Chairman pointed out that nobody could make a profit from thom, but if business was bad and there was a demand for godowns, the Board would assuredly consideri taking that course. In any case, the Board would consider Mr. Morley's suggestion, though he would point out that in his (the Chairman's), 'specch, he mentioned that plans had already been ad- auced for the conversion of sama of the godowns into Chinese dwell lings, in order to obtain a better return.

The report and accounts, were subsequently unanimously adopted.

Mr. W. Morley proposed, and | Mr, J. A. V. Soares neconded, the Your Board is considering the re-election of Mr. C. A. da Roza development of some of our pro and Mr. N. V. A. Croucher to the. pertica as Chinese dwellings which Directorate, and, on the proposi promises to give a return moretion of the, Chairman, seconded by ⠀ High Taration,

commensurate with the admitted Mr. 6. M. Churn, Mesars. Linstead Expenditure has been kept down values of property at West Point. Davis, and Mesars, Percy Smith. to a minimura, but in regard to The business of loans. on produce Sell and Fleming were re-appoint- rates and taxce, which form a most which, from inck of funds could noted auditors. Important percentage of our work be considered before, will engage Mr. C. A. da Roza presided and ing coats, your Board is of the the attention of the Board this was supported by the Hon. Mr. J. opinion that the assessment now year, and it is expected to capture levied upon us is excessively high, some of the business which now and might be equitably reduced, goes to competitive concerns graat having in mind-the-services which ing this facility some of our godowns do not enjoy.

P. Braga, Messrs. A. L Alves, T.

B. Wilson, S, M. Chum, P. M. Churn, P. M. Hodgson, N, V. A. Croucher and Li Tho Fing (Direc- The dividend which the Directors tors), Mr. D. L King (Secretary), to the same measure as other build propose is small, but it is the first and the following three sharo ings charged "at the same rate, in distribution made in five years, and holdera-Messrs. W. Morley, H. J. particular asto,waterzand." Ponniy va (Continued on scit Column.): "\\M/Figuerido, and J. A. Y. Gouren,

K. M. A.

CERAMIC & REFRACTORY PRODUCT

CLINKER PAVING, BUILDING

& FIRE -BRICKS

STONE

WARE

1008

PIPES & GLAZED TILES

Ask for our lilustrated Catalogue-Compare our Prices and Inspect our wide. Range of Samples THE KAILAN MINING ADMINISTRATION

·1% c/ DODWELL & 00., LTD, Agents, Hong Kong,

YOU WILL WANT A NEW

FROCK FOR EASTER!

We have just received some very charming Frocks for Easter which we would like show you

Beautifully cut and very reasonably priced, they will, we are sure, please you immensely.

..

GRAY'S

YELLOW LANTERN

SHOPS

WATSON'S Corner, Chater Road.

COLD STORAGE

Hall Deb

Security

at 20 Cents Per

Cubic Foot

Per Month,

FURS ARE A LUXURY

CARE FOR THEM

OVER THE SUMMER

For Further

Particulars

Apply

The Dairy Farm, Ice & Cold Storage Co., Ltd.

shun «voriksik, in suidoo