1932-04-01 — Page 6

"SNAP"

Ideal for sports or general wear"

REGE

from

Priced $16.50 Less 10 cash discount

A new range in "Snap" hats. This adaptable brim model is made of fine quality/fur felt and is obtainable in Brown, Buff and Grey shades.

HENRY HEATH

Obtainable from

MACKINTOSH'S LTD

MEN'SWEAR SPECIALISTS.

CIGARETTES-

VIRBAMA

CIGARETTESA

GODFREY PHILLIPS, LIMITED

LONDON ENGLAND.

-that those who try.. never wish to put by

Agents ---John D. HUTCHISON & Co.

50's in TINS

WHITEAWAY'S

FOR

TABLE LINENS SPECIAL LINE

50 Dozen

IN

TABLE NAPKINS

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

REVISED

$4.50% doz

BETTER

VALDE

IMPOSSIBLE

PRICE

FIRST FLOOR SHOWROOMS

WHITEAWAY, LAIDLAW & CO., LTD.

COMPANY MEETINGS

H.K. & WHAMPOA DOCK CO., LTD.

NO DIVIDEND DECLARED.

W

Mr. J. E. Warron prosidød, at the annual meeting of the Hong Kong and Whampoa Deck Co., Ltd. which was held yesterday and in his speech from the Chair" remark ed that it was a matter of grent regres that the Company had found Fit impossible to declare a dividend

since 1924.

GREEN ISLAND CEMENT CO., LTD.

A DECIDED IMPROVEMENT.

MY CAT dạ Roza presided at the annual meeting of the Green Island Cement Co., Ltd. yesterday, and in addressing the gathering stated inter alia that:-

The result of the year's working D profit of 8328,429.12 after - Chairman's Speech.

providing for depreciation in the Addressing the gathering, Mr., sum of $122,494.23 and paying for Warren said:-"

extraordinary and non-current The gross profit. is 873,000 leka than last year, the difference being charges for re-conditioning contain mainly due to Auctuating exchange' of our old assets. This, I ará and shortage of work on account pleased to say, is a very decided of worldwide economic conditions.

9took in - hand Amounts provenant, upon the figures for to $2,132,131.50

against 1030. 1-8 82,205,091.98 at the end of 1930 and is valued wall below, the present. market price.

Business during the year under review, in particular towards the

The overdraft is about 350.000 latter part of the period, was fair more than in the previous year and

of the completion of No. 1 Dock and

is mainly accounted for by the cosy satisfactory and although sales. in Malaya have decreased slightly recently, due to the incidence of the rise in exchange, our trade" in South Chine is showing a satisfac

lack of revenun

"

Interest charges are 850.000 more than in 1930 and the whole of same this year has been charged to work. ing. the extension to No. 1 Docktory expansion. In this connection, being now completed.

After bringing in $200,000 from reserve and writing off deprecia tion on Buildings and Plant, there is a balance at credit of profit and Joss of $5,40888. which with $150,292.08 brought forward from last year, leaves $155,887,98 to be carried forward to next account.

Depreciation Amounts to $130,360.87

I think it should be mentioned that, in spite of the stimulation which has been, given to our busi neas by events in China, we feel fairly condent that we shall bà able to hold the additional busi ness in South China, obtained dur.

as against 8143618.50ing the past year, and is considered ample,

Vessel Construction. "

You will observe on the debiv side of the Profit and Loss. Account

PRIL 1 1932.

BANK REPORT

NATIONAL COM & SAVINGS

BANK

The import of the directors of the National Commercial & Savings Bank, Ltd, for, the yen 1931,. statos :--

The profit for the your aftor deducting Salary, Rent and all Expenses is....................... 8418,200:70 Out of this amount,

8163,830.39 has been appropriated for Bad: and Doubtful Debts and Furniture, and Fixtures and Station- ery, etc. having a balance of The Directors proposn to deal with this amount na tollows--

To pay a dividend of 7 per pont, on the paid-up Capital To p a bonus to Directors, Promotors, Founders and Staff.....

To Carry Forward

£59,700.23

180,044.32

10,471.78 38,043.28 9284,501.383

RACE FIXTURES.

MACAO RACES PUT BACK

A FORTNIGHT.

FANLING MEETING

CANCELLED.

According to an advertisement in

Your plant and buildings are in a sum of $2,170.33 under the hand-another column, the Extra Rach excellent order and the upkeep ofing Repairs to damage by Meeting of the Macao Jockey Club, which was originally Sxed for April

same has been paid out of revenue.

has now been postponed until April 17.

It is internod that the meeting

During the year we constructed typhoon: Hok Un Works": this is eight email vessels mostly motor the only item of an extraordinary driven, which have proved satis- factory to their respective owners.nature and does not mean that we There were no very extensive re are not insured against this risk, pair jobs, but we dry-docked over [but, represents sumas spent in of the Fanling Club, which has been 000,000 tons of shipping, which con- sidering the times is fairly antis pairs below the franchise stipulat-fixed for April 17, has been can-

ed by the underwriters.

factory:

We have recently contracted for some new construction work which will help to keep some of our ship. buildery employed in 1832, but en- quiries for new work, particularly of any importance, are few and far between, and the competition for them is considerable.

Earning Power Weak,

+

re-

Exchange Reserve. Tarning to the Balance Sheet, you will notice that the Reserve for the New Works at Hok Un, which has been a familiar item in our "Balance Sheet for many years, has now disappeared. It has been the means of retaining in the Com

It is a matter of great regret to your directors that it has been im possible to declare a dividend since the year 1924, but some of you, ifpany a part of the profits earned YOU have perused the Balance in the past, and as the necessity Sheets of similar companies in ather parts of the world, will, I am sure, not be too pessimistic of the future of your Company.

During the past year it became apparent that our earning power was not strong enough to cover our ovurhend and certain economies were put into force which have re lected themselves in the last quar ter's working.

of its application towards the cost of the New Plant does not arise, the amount thereof, namely, $500,000, has now been transferred to the General Reserve, which will now stand at 81,000,000. This sum will, in' future, be available for general purposes as circumstances may re

further quire, as will

100,000, should you agree to the

also

celled.

The postponement of the Macao races, it is understood, is due to the outbreak of micningitis at that Fort, it being considered advisable, from the medial point of view, not to hold a race meeting under pre- ent conditions. It is learned that there were no fewer than 45 deaths. from this disease during "the last

week.

mantlement and its replacement by a third modem unit,, similar to the two units recently installed, will no doubt have the full considera- tion of your Board.

I will now formally propose that the Report of the Directors and. the Accounts for the year ended December 31, 1931, as presented, le

Even these were not considered sufficient and further cuts have been made in Sterling Salaries allocation of profits proposed by adopted and that the appropria which, together with the previous reductions, should reduce the over your Board. In addition to the tions recommended by your Direc head by approximately $250,000 per eleven lakhs of dors, just re-

tors, namely, This of course has meant conferred to, we have another amount siderable sucrifices on the part of 7, 842,578.50 under Exchange Re- our Sterling Salaried European serve, which sum has been specific. Staff, and while regretting that we ally earmarked towards the reduc.

annum.

are not in a position to pay £

dividend, your Directors trust that tion of the cost of the New Plant, Shareholders will redline that the and will be so applied at a later best is being done to keep this date. Company on its fect as a going

concern on an economic basis with-

out impairing its efficiency.

A

#}

The New Plant.

The year under review ham, benn Expenditure on the New Plant a most anxious and disastrous one has, to the date of the Balance for most trading, and industrial Sheet, amounted to $2,374,457,14, concerns, "and probably none have and this large sum, as also

im- been harder hit than Shipping, portant amounts on other assets, Shinbuilding and Docking Com- have been met out of pur resources

except to the extent of the over

panies.

To pay a dividend of 45. cents per shere on the Old Shares

To pay 'n dividend of 0" cente per share op the. Now Shares

To place to General Re-

Berve

To place to Reserve for

Staff Passages

To carry forward to New

Account

$180,000.00

$1,000.00

100,000.00

10,000.00

09,843.38

8413,843.88

be carried into "effect.

Seconded by Mr. E. M. Raymond the report and accounts were carri The report and account's were draft with our Bankers, Whilsted unanimoudy, " seconded by the Hon. Mr. J. J. ôn this subject," I would mention Paterson and was carried unani, that the Plant, actually started pro mously.

Other Business.

On the proposal of Mr. F. Aug tin, acended by Mr. Wong Ping sun, Sir Robert Ho Tung and Mr. W. H. Bell were re-elected Direc tors for the ensuing year,

Other BualnesS.

ducing Cernent, on October 9 last year, and was taken over by us

On the proposal of Mr. F. C. from the Contractors on January 22, 1982. As the Plant was actual. Barry, seconded by Mr. Frank ly' producing in October last, your Austin, Mears. Li Tao-fong, and Bourd deemed it advisable to coin F. Mondham were re-elected mence allowing for depreciation as trom that date, such depreciation Directors for the ensuing year",

Moara Linkoad and Davis, and.

The confirmation of the election being shown in the Balance Sheet of Mr. Lawrence Kadoorie and Mr. Felix A. Joseph to the Board of in the sum of $43,370.51. The next Messrs. Lowe, Bingham and Mat instalment of our debt of £125,000 Directors, was proposed by Mr. Luto Messrs Chan Bui-ling and seconded by Mr.Ltd., will fall dus in. February, the proposal of Mr. N. VA. Crou thewa, ware re-elected Auditors. on Vickers Armstrongs, Lo! Koon-hang.

Messrs. Lowe, Bingham, and Mat. 1988, and the balance at regular chor, Asconded by Mr. J. A. B thews, and MessT, Percy Smith, intervals thereafter. Before lea Bilva,. Beth and Fleming were re-elected in the subject of the New Plant, Auditors on the proposal of Mr. I would like to draw your atten- N. A Groucher, seconded by Mr.. tion to the fact that the Cement Shum Hip-tong.

produced therefrom amply passei the 131 British Standard Speci- fication for Portland "Cement, which specifiention is very much stricter in every way than its pre- deceaROTA

Those Present.. Supporting the Chairman were the Hon. Mr. J. J. Paterson, Messra. Alan | Cameron," A.: H. White, W. H Boll, F. A. Joseph (Directors). R. M. Dyer (Chief,

Hok Up Plant Manager) and E. L. Horie (Secre- tary).

With regard to the Old Plant at Shareholdera prezent were Messrs. Hok Un, manufacture of Cement Frank Austin, Shum Hiptong, therefrom will be continued as Wong Ping sun, Le Koon-hang. long as the present demand exista, Chan Bu-king NVA Croucher after which the question of its die and Fun Hut-cho.

Oqulinued an next column.)

These Present.

"Supporting the Chairmen were Messrs. J. H. Taggart, J. Scott Harston, Li Ter-fong, A. C. She van and C. F. Mendham (Direc tors), and Allan Keith (Secretary). Shareholder present were H. A de Figueiredo, Ghiu Ho-ping, Frank Austia, K. W. Wong, E. M. Raymond, A/C, Barry, H. J. M. de Figueiredo, N. V. A. Croucher, J. A, B. Silva, F. M. Ellis, P. E. in, Poung Yan, Leung You-cheng, Liang Man-i, G. A. Harriman, A. Zimmern, AH, Carroll, and FE Silva.

KAILAN MINING ADMINISTRATION

HOUSEHOLD COAL

Supplies may be obtained at the following prices delivered in quantities of not less than half a ton

Peak District (above Bowen Road)

1893.

Bowen Road and Lower Levels

.821.

Pokfulum

$28.

Bepulse Bay and Shek O

.$28.

Kowloon

.819.

All prices are per metric ton and deliveries will be made in this unit.

DODWELL & CO., LTD., Agenta.

TO/ OWNERS

OF

BRITISH BABY AUSTINS

INDIA OF INCHINNAN

NOW OFFER

SUPER NON SKID TYRES

AND

THERMO-TITE

KNURLED BLACK TUBES

HEATPROOF ACEPROOF

INDIA TIRES

KPROOF EARPROOF

CHAFEPROOF

THE BEST THE WORLD CAN BRODUCE

MADE IN SCOTLAND

W. R. LOXLEY & Co.

HONG KONG

TEL. 22285

HOLLOWAY'S

London

GINSK

REID WRIGHT & HOLLOWAY (distillers) Lid.

7-8 IDOL LANE: LONDON, E.C. 3.

Perfection in the Glass DRY & OLD TOM

EXCHANGE RATES.

[BLITIAN WIRELESS SERVICE,]

Paris New York

Montreal

Brussels Geneva "Amsterdam" 4 Milan Berlin' Stockholm Copenhage

Onla

Vienna

Athens

Prague

32 nom

127

Helsingfors

213

Madrid

404

Rugby, March 30.

Lisbon

1004

057

3.70

Bucharest

B3B.

Rio

20.95€

10 7/16--

Buenos Aires Montevideo

20 nom.

*0,32

1724

13.75

180

18 20/32

Shanghai

Bombay

Hong Kong Yokohama te

Silver Capot)"

Silver (forward)

1/3.11/16

7.18/10