1932-03-16 — Page 6

Light-weight

WATERPROOFS

An

easy fitting light weight waterproof cut on generous lines, storm collar and lined shoulders.

over

Details of make and finish are given more than usual attention in the manufac- ture thus providing the of weatherproof

acme

coats.

$19.50 each

Less 10% cash discount.

MACKINTOSH'S TD

HERE OUT EAST

you have to be so much more particular about details.

Even at home it is always safer to use an antiseptic soap. Here, of course, it is essential. But besides this antiseptic value. Calvert's Carbolic Toilet Soap is so delightfully refreshing and as pure as the most delicate complexion could desire.

CALVERT'S LITOL TOILET SOAP

WHITEAWAY'S

A TENNIS SHOE BARGAIN

SPECIAL OFFER

IN.

BRITISH MADE TENNIS SHOES.

MEN'S IMPROVED FLEXIBLE SPORTS SHOE

WHITEAWAYS STANDARD MALUE -

..:

A good quality white canvas with strong diamond pattern white rubber soles Oxford style. Good fitting. A useful Shoe for Tennis, Deck, Beach and all Sports.

Children's sizes 4 to 10

$3.50 pair

11 to 2

Ladies' size

3 to 6

Men's size

6 to 10

$3.95 pair $4,50 pair $4.95 pair

Really Splendid Value

WHITEAWAY, LAIDLAW & CO., LTD.

HONG KONG DAILY PRESS. WEDNESDAY, MARCH 16, 1932.

HONG KONG, CANTON AND MACAO STEAMBOAT CO., LTD.

UNFAVOURABLE CONDITIONS IN 1931: NO DIVIDEND FOR LAST YEAR.

SIR ROBERT HO TUNG'S REFERENCE TO SUI TAI

VENEZIA COLLISION,

!!!

Sir Robert Ho4ung, bocupied the chair at the annual general, meeting of the Hong Kong, Canton and Macao. Steamboat Com pany, Ltd., held at the offers of the Company yesterday and "in making reference. the Sui Tai-Venezia pilision which occurred over the week-ond, he said:-

You will have seen in the local newspapers reports of a regrettable collision that took place in the afternoon of Saturday' last between the Company's steamer Sui Tai, whìch was on her way back to Hong Kong, and the B.8, Venezia proceeding to Macao. Both visuals suffered damage, but have since returned safely to this port No one regrets more than your Directors do the loss of lives attending that accident, and I am sure you will wish me to extond to the relatives and friends of the deceased tho. deep sympathy of this Company in their bercaveman't,”

12

ADVERSE EXCHANGE CONDITIONS.

OBITUARY.

1.

CAPT. A PATRIDGE.

OVER 40 YEARS IN CHINA.

News has been received in the Colony of the death at Yakow of Capt. A. Patridge, formerly, of the China Navigation Company, and senior pilot on the Liao River kinos, The deceased was 67 years

1903.

of age and death was due, it is -believed, to heart failure Capt. Patridge was very well-liked by all who knew him and by his doath shipping cireles in Hongkongs Shanghai and the China Coast has suffered a great loss,

Captain Patridge only recently retamed to his duties after a three months' holiday in Shanghai and Hongkong. When he left here he seemed to be in his usual health, although he had latterly suffered from blood pressure... He leaves a widow and daughter, who are at present in Shanghai, as well na a son with the Imperial Chetnicals In- dustries, Ltd in Chungking and The Chairman said: The profit quoted at below 11d. to the dollar. another in the service of the Hong- on working for the period under Since the bulk of the Company's long and Shanghai Bank at one of review, including income from in- expenditure, at, that time, was their Malayan branches. The ut- vestments, ronts and transfer feve, more or less measured in terms of most sympathy will be felt with amounts to $180,553.07 to which has £ s. d., it will not be difficult for them in their bereavement. been added the sum of 850,000 you to realise how great was the Captain Patridge came out to ransferred from the Equalisation shrinkago in net revenue which is the East about 1890 and joined of Dividend Fund and $108,016.03 received in a large proportion in Messrs. Butterfield and Swire. Be transferred from the Insurance and a depreciated silver currency when achieved rapid propotion and be Underwriting Account making a the bulk of the expenditure, had to osme master of the ms. Chinking, total of 8400,509, which, as stated be reckoned on a gold basis. Ito holding several other com- in the report before you, it is pro-was reasonable to expect, therefore, mands during his service with the posed subject to your approval, that net carnings would be cansi- abould be utilised towards the cost derably affected. I am, however, of Repairs, Directors and Audi- pleased to be able to state that the tors, Fees, Interest on Overdraft, gross earnings on both the Canton special and ordinary Dep-coiation and Macao services show an im of Steameru, Wharvos and Furni,provement over those of 1930 to an ture and to increase the amount extent of over 880,000 which should standing in the Special Repairs I think, be considered satisfactory

Fund.

Company

an amount of 3139.827.23 paid for repairs to steamers and wharves. This amount is much higher than usual and is explained by the fact that between April and June last, The second neverse factor I have the local dock 'companies, equally just alluded to is the cogiale one affected by exchange and trade con. These various transfers have of the depreciated Canton Car-ditions, found it necessary to make abled a sum of $43,050.84 to be carried forward to the cradit of "cy. A considerable part of the a general increase in their charges.

money collected on Company's ves- These increases ranged between 80- Profit and Loss account for thesels for passage and freight, ato, per cont, for material (steel, de.) current year..

ls in Canton ming. At the begin and 20 per cent, for labour, result. In further explanation of the ning of the year under review, ex-ing in an average increase in all special transfers and depreciations, change was round about 130 cents ordinary docking bills, of, between

4

I would mention that although to the dollar while at the end of 25 and 30 per cent. In addition to steamers have been well written the year it was about 140... this heavy increase three of the down in the past and are, at the

Disbursemente, hainly pwing to Company's vessels had to undergo moment, standing at very conserva-

Exchange factors, were higher in special repairs for Load Line Cor tive figaros, your Directors consi) dered that owing to the continual 1931 hr those for 1830,, thus retificate, entailing burdensome con

Bulting in the decreased net carn-sequential charges. uneentain trend of trade and other

¡ings of steamers, etc., the main conditions generally, that addition.

items of which are the following:- al depreciation would be advisable.

Wages of Crewe ...... 835,705.68 This special writing down com-

'Coal' mends ilaolf as a policy tending to reduce considerably the heavy an- nual burden of deprecialion,

Depreciation,

* Keen Competition, During the year under review the

and

KMA

QERAMIC & REGRACIORY PRODUCT

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THE KAILAN MININGTM ADMINISTRATION DODWELL & CO., LTD., Agenta, Hong Kong

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Perfection in the Glass DRY & OLD TOM

ALWAYS ASK FOR

13,678,43 Company has had the usual keen PHILLIPS'. GÖLD FLAKE. Tonnage & Light Dues. 17,808.03 opposition by both steamers To further explain these increages railway.

I would mention that included in During the course of the year, wages was the sum

the adverse factors. I have just de- of $20,742.98 paid on account of Exchange Comtailed to you have been carefully From the accounts before you, you will notice that wharves and Ponsation to officers for the first studied by your Directors. By the half of 1831 as against 89,312.31 end of June various changes had moorings have been depreciated by paid during the corresponding been affected having for their ob 838,300 and office furniture by period of the previous year, a $2,500—a total of 840,800—while the Profit and Loss account shows only the sum of 830,800 as having been

I now come to the question of previously supplied by the Marconi appropriated. This difference of coal. The increase in coal is ac- Company on sterling wages, were $10,000 is necounted for by the fact counted for by the fact that the replaced by local operators who, I that a sum equal to this amount Company had to pay a higher price am pleased to say, have given every was taken from the Special Repairs Last year than in 1930. It is a

Batisfaction. These local operators

Price of Goal.

""

ject the minimising of the exchange lnfluence on the Company's dis bursementa Wireless operators,

Fund in order to assist in the fur-matter of common knowledge that are paid in the currency of the Co- ther writting down of Wharf values, the principal source of supply of lony and the saving, thus effected ete. which had been increased dur- coal from North China to the South will be reflected in the working for ing recent years by the capitalisa China market was seriously dis- 1832, tion of certain special repairs.

The adverso fadtors operating against a profitable working of the Company's business during 1981 are

The salaries of officers on Com-

located for a part of last year, go much so that this question of cont Pany's vessels, which were practical supply greatly exercised the minds fly on a sterling basis, also received of your Directors for the best part in the main six in number. They of the Summer months. may be briefly summarised in the interruptions in normal sup-

attention and new conditions of In fact, service were brought inte force on

July 1 last up

The imperative nosessity for the

(1) the low value of the Hongplies became so bad at one stage change was fally explained to your

Kong dollar;

heavy deprecision in Canton CUTTADCY;

(3) increased cost of coal: (4) doubling of harbour Light

Duce;

(5) higher cost of repairs and dock

ing charges; and lastly (6) Keen. competition.

that purchase had to be made from sources other than your Company's contractors. But, thanksbo; the efforts of the later as soon as con: ditions permitted, "regular"

ar and nor mal deliveries wore resumed,1

The inorease in the Light Duss on Shipping as from January |1031, addeď to the difficulties and Ender each of the heads of higher hardship of the shipping trade st expenditure I will proceed to fura time of unprecedented depres nish you with what your Director'ssion. The Company has had to consider to be satisfactory explana pay in such dues in 1981 practical ly double the amount paid in pre vious years:

tions

Results of Low Bxchange.

In the first place, I need not on- Another item appearing in the Iarge on the question of low Ex-Ascounts calling for special com

Company's employees who rendify appreciated the Company's attitudë! The change was effecto it, the most friendly manner possible. I think you will ngres that this friendly Joooperation between Company's employees and its Executive, is all for the good of both parties."

Omcers Provident Fund,

In final reference to conditions of service for offers, I would men tion that a petition was received from them requcating that & Pro vident Fund be inaugurated in re- placement of their interest in the Flowing Staff. Pension Fund. This |

change. The year fodi opened with (ments is the fred of me arvern fod greguese was Zavar yery "camofar a

o Readily declining Hong Kong tors: I have plluded to.

dollar until at one period it was

(Continhed, ön next column,).

ntion and your Direc

(Continued on Page 10)

IO CIGA

GODEREY PHILLIPS

GOLDE FLAKE

CIGARETTES

Noas Genuine unless.. Boaring The Signature,

יוד

Godfrey Millips! Sons

HONEY DEW

Because the makers' name Godfrey Phillips is a guarantee of purity, uniformity and the highest smoking value obtainable anywhere..

John D. HUTCHISON & CO. HONG

KONG

First Church of Christ, Scientist,

HONG KONG

ANNOUNCES AMAZ

FREE LECTURE

ON

AN

SCIENCE

Christian Science :

Mankind's Great Need

Albert F. GILMORE, C.S.B.

BOSTON, MASSACHUSETTS. Ye Member of the Board of Lectureship of The Mother Church, The First Church of Christ, Scientist in Boston, Massachusetts,

Roof Garden, Hong Kong Hotel Monday Evening at 5.45, 21st March, 1932

Public is cordially invi