1932-03-25 — Page 8

K SHOE WEEK ·

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for brighter, days

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KS FOR SUMMER.

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,

F

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"

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HONG KONG DEPOT

00, QUEEN'S ROAD O TEL 21279.

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WHITEAWAY'S

FOR

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"50 Dozen

IN

TABLE

NAPKINS

PRICE

$4.50

White Damash Table Napkins, English manufactures. Excellent wearing and washing quality. Size 20 inches square.

REVISED

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BETTER

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WHITEAWAY, LAIDLAW & CO., LTD.

HONG KONG DAILY PRESS FRIDAY, MARCH 25, 1932.

CHINA PROVIDENT LOAN & MORTGAGE

COMPANY, LIMITED.

SUBSTANTIAL INCREASE IN PROFITS REPORTED AT ANNUAL MEETING.

GRATUITY TO RETIRING GODOWN MANAGER: FAITHFUL, SERVICES APPRECIATED.

A substantial increase in the proât of the Company was ro. 1 ported at the manual general meeting of the China Provident Loan & Mortgage Company. Ltd., which was held in Exchange Building yesterday. Mr. C. A. da Roza was in the chair and in his address to the gathering, he reviewed a very good year. Other directors present were Sir Robert Ho Tung, Messrs, A. L. Alves, T. B. Wilson, S., M. Churn, P. M. Hodgson, Li Tso Feng and the Hon. Mr. J. P. Braga. Others present included Mens. D. L. King (Secretary), C, F. Mendham, Lan Chu Chuen, H. J. M. Figned' A, HL Canal, J. Kri Hing, F. I do Silva, E X. A. da Silva, B. A. Pronks, G. A. Harriman and Yeung You,

FUTURE PROSPECTS REVIEWED.

Addressing the meeting the Chair, man said: -Your Board is pleased to be able to report to you à sub stantial improvement in the net proft earned by the Company durį ing the year under review, the figure 820,384.43 comparing very favourably with that recorded for the previous year; the increase being approximately 80 per cent.

The largest factor contributing to this improvement is the saving effected by the elimination of in- terest on overdraft, an item which has hitherto, beca an exceedingly heavy load on our working, but im- proved storage earnings and fur ther economics in the administra tion of the Company have assisted us in showing an increase in the Frofit on Godowns and Shipping work.

ן

The prinsipa) decrease in revenue which calls for comment is that of Lona laverest, which provided but $4,236 in 1921 compared with 811,200 in the previous year. This decrease was to be expected, in view of the continuance of your Board's policy relative, to the liqui dation of old loan accounts, but towards the close of the year your Directors have sanctioned curtain small short term loans against the Accurity of cargoes stored in the godowns and against the security of approved shares. The possibili Lies in this section of our business are proinising, but actual business negotiated to date has been limited by the liberal margins, demanded by the Company.

Retiring Godown Manager: At the dose of the year 1930, Mr. L. E. Guterres, the Company's Go down. Manager, resigned from the Company's employ, and the Board of Directors voted to him a retire ing gratuity of $10,000 feeling con." fident that shareholders would ap prove of their desire to record the appreciation of the most faithful and devoted services rendered to the Company by Mr. Guterres for

so many years.

which in my speech last year, I intimated would have to be written off to General Reserve before, our old loan accounts could be com- pletely cleared from our booka...

K. M. A.

CERAMIO & REFRACTORY PRODUCT

HAPPY

VALLEY

MURDER

MR. GEO. FUNG SHOT "IN VILLAGE ROAD.

CLINKER PAYING, BUILDING

& FIRE. -BRICKS

**

Police Recover Automatic "From Scene of Crime.

The point where a number of roads meet in Village Rond dis- trict, near the Yang Wo Nursing. Home, was the scene of "n shooting fatality shortly after 8.30 p.m. last night when Mr. George Fung, & very popular member of the Ohi nese younger wet was shot from behind by an unknown assailant who ran down one of the many laues in that vicinity after com mitting his dastartly crime.

}}

Up to a late hour details of the tragedy were not available, but a Daily Pre representative who was on the scene shortly after the shooting took pince gathered the nows that Mr. Fung was walking along Village Road in company with Mise Fay Li believed to be Chinese cinema the well-known

stor

at about 8.30 p.m. when a Chinese man, garbed in a long Turning to the Balance Sheet, I

poas, walked up from behind and devis to draw your attention to Bred a shot almost point blank at the continued improvement in the

Mr. Fung. It is understood, that the couple wore arm-in-arm, and Company's position as "revented by although the lady noticed, it was the statement before you. Lonestated, someone coming from be have been reduced by some $78,000 hind, they did not pay any parti in ao far as the old accounting that he was just an ordinary cular attention to the man, think

conearned, but the botal Águre shown in the accounts $294,508.044

is higher than that at December 31, 1930, due to the inclusion of advances made during the year to which a reference has been made earlier.

The amount 80 employed at December 31, 1931, was $146,000 of which $5,000 has been, repaid to the Company since the date of the accounts, and the balance is amply secured for repayment in the course of the next few months. Interest on all accounts has been paid to date.

Bandakan Light and Power Co. The increase of 40,000 in laveat. monts records the absorption of certain shares in the Sandakan Light & Power Co., Ltd, which shares were formerly held by the old Company as, security for an

loan account.

With regard to the item $70,056.73 Sundry Debtors the outstanding Storage and Generi Charges em- bodied in this figure Eavo been re- duced since the date of the accounts to approximately: $11,000 which is satisfactory.

The addition to Property Account is brought about by the adjustment of boundaries of our Kowloon, pro- perties, consequent upon the issue of Crown leases, while the book value of our pier opposite Marine Lot No. 180 at $6,000 has been writing off to General Reserve account.

Under Liabilities, you will noto the absence of Bank Overdraft for the Brut, time for many years and I wish to state that the Mortgages shown at $19,000 fall due for re- payment early next year, when liquidation wil be arranged. The effect of this will be to relieve the Company of a further burden on its working account, which for the year under review carried a charge of $53,040...

The cash respurces of the Com. many, shown at the close of the lest year to be $80,558. have sub- stantially creased since that date, and are now ample to meet the dividend payment which will be proposed to your in" que course.

In the course of my remasks at our, last annual meeting, 1 referred to the growing practice amongst importers of making deliverica of cargo ex stentner or ex lighter and its effect on our storage revenue. The influences which encouraged this practice. nuinely, the disturbed conditions in Chine and wide fluo taasions in exchange, were very much. i evidence in 1831, but des pite these, it is satisfactory to note that the actual "quantity of sugar stored in our godowns during the year shows a substantial increase over the quantities recorded for the

Property at West Point, two previous years; in flour im porte, however, the volume stored. While there do not tippear to me shows a slight decrease over the to be any further items in the ac frures for the two previous years counts which call for special com- but information lends is to believement. I would Eke to refer to my. that this reduction is in proportion remarks at last year's meeting, to the quantity importel filo the Colony.

when it was intimated that your Board was considering the advis ability of developing certain of the Company's properties at West Point with a view to securing an proved return one capital in- vested.

Im-

Clearances were generally good until the closing month of the year, when stocks began to increase in godowna, but the current year has shown sigas of improvement in this respect.

Your Board has given this ques- Recrints of general cargoes show- tion the most engeful consideration ed distinct improvement also, and and attention during the year, and we anticipate increased business they have decided that such de resulting from the revised rernivelopment as was then contemplated tions governing the storage of dut is not practicable, due to certalin able goods in Hong Kong which resticions attaching to the proper- regulations will become effective ties in the event of their employ- on July 1, this year.

mont, as dwelling houses; nor is it commendable from a financial as- Bonded Warehouses,

pect, owing to the considerable aren While touching on the subject, I of valuable land which it would be would Eke to explain the item of necessary to devote to unproduc- $100,000 shown on the Balance tive property because of the onerous Sheet this refers to our obliga-regulations as to open spaces re- tions to the Hong Kong Govern- quired by the Public Health and ment as general bonded warehouse beenetes, and represents the che posit made by the Company with the Government in accordance with the requirements of the relative Ordinance, and as a guarantee of these obliantions.

If you will now turn' to General Reeve Account, you will note that

Building Ordinance,

The proporties which were con- sidered in this project have, how. ever, proved far more productive during this last year, and continue to be very fully occupied on a profitable basis,

Future Prospects.

sum of $493 has been de It in both diffeull and unwise to bited to that account and is raldi, I attempt to form the folre prose red to an loans on property, pects of the Company, bearing in This represents the balance of an mind that our principal revanie old one accognit, the security for depends so vitally upon the candi which was disposed of Buring the Itions which prevail from time to year and is a portion of the amount, (Continued on Page 10:) **

pedestrian.

C

The murderen certainly made no mistake in his aim, for so true did he shoot that the bullet entered from the back, pierced the heart and almost went out through bis chest:

Just about the time the shooting: took place, Dr. S. C. Ho, the well- known local medical practitioner was leaving the Young Wo Nursing. Home after attending a case there and his attention was attracted by the report of a gum followed by the The blowing of police whistles. doctor hurried to the place from where the report came and he inally got to a house in the vicinity where the lady had taken Mr. Fung, Serious though his injury was, Mr. Fung managed to walk to the house before he collapsed. Just before he did so, however, he told Dr. Ho that he had been shot from behind but when asked whe ther he saw the man who did it, he answered in the negative.

Dr. Ho then took Mr. Fung to

the Young Wo Nursing Horne in his car but despite all that medical aid could do for him, he succumbed his injury about twenty minutes after he was shot.

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3000

The Police were

on the sad news. He was the son of Mr., scene and with Chief Detective In. Fung Shui Wa, a much respected

old resident of the Colony, and to- spector Reynolds in charge they the latter gentleman and his three carried out, a thorough search in other sons, the deep sympathy-of the vicinity when they rogovered an, their many friendy will be extend- automatic pistol from which one ad.

shot had been discharged.

Mr. George Fung had a very large circle of friends who will be greatly shocked to learn of this

ow Gate Food

EDMANTS AND

BURA, SURAST, Logana

GOLD FLYERB. APOMET NAYDİ LING GOLD #TOM CALCUTTA, 143

Just before midnight the Police visited the scene again but so far no motive can be offered for the crime.

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SOLE AGENTS

A. S. WATSON & CO., LTD.

EST. 1841

Ask for the Cow & Gate Booklet "Motherhood,