1932-06-09 — Page 7

British weather--SHOWERY

Showers are inevitable and this coat will give you

faithful protection. It is not heavy and can be carried in comfort. The material is a thoroughly proofed Egyptian Cotton, well.. cut and made to our own specification. Lined with the same material-no rubber is introduced.

$55.00

Less 10% cash discount

OTHER QUALITIES FROM $19.50

MACKINTOSH'S LTD

We invite you to come and inspect our wonderful display of UP TO DATE modern furniture and get idea for your,HOME, how to decorate it and make it cosy

We beg to angounce that Messrs.„. KOMOR & KOMOR, Art and Curio Experts, will also exhibit some choice Art pieces suitable to beautify your HOME.

Showroom :-Gloucester Building,

16. Des Voeux Road, C.

Tel. 28377.

Studio:-Tai Ping Building,

16, Queen's Road, C.

Tel. 28326.

ATHENA

IN

GLOUCESTER BUILDING

18, Des Voeux Road, C.

ASSETS

£13,000,000

BY APPOINTMENT

CLAIMS PAID

£40,000,00

GENERAL

ACCIDENT. FIRE & LIFE ASSURANCE CORPN., LTD.

+

All Classe s of

INSURANCE

"WORLD WIDE

ORGANISATION

AGENTS

JAMES H. BACKHOUSE,

1A. CHATER ROAD.."

TEL 21788,

HONG KONG DALY PRESS, THURSDAY, JUNE 9, 1932.

SUCCESSFUL YEAR FOR LANE CRAWFORD'S.

NEW RECC › ESTABLISHED IN WORKING ACCOUNT...

COMPANY AGAIN ON A DIVIDEND PAYING BASIS.

That Messrs. Lane Crawford, Ltd., showed a record profit for last year's working was revealed in a speech by the Hon. Mr. W. EL. Shenton, who presided at, the annual meting of the Com pany yesterday"

The net profit for the year was $27,299,57. Every depart ment of the business was now working at a prof. - A dividend of 30 cents with a bonus of 20 cents was proposed with a pro portionate dividend on the new alraren, while a bonus to nmounting to 18,170.08" was also included,

SUBSTANTIAL STAFF BONUS.

The Chairman said:- "Before proceeding to report on the affairs of the Company, I de sira to record, with feelings of deep regret, the loss we have wasthined by the death of Mr. M. Manuk or April 7. The late Mr. Manak was one of the original Directors, and served the Company continuously since 100

We also suffered a severn loss by the death of Mr. H. E. Scriven, Manager of our Furnishing De partment, who joined the Company in 1901 and gave the firm valuable service.

The report and sintement of ae ecunts for the year ended February 20, 1832, having been'in your hands for the prescribed period. I will, with your permission, take them

ag read.

ataff

maining, 25,000 Shares of the Au thorised Capital. The issue was duly subscribed, and the 8130,000 resulting therefrom "used to repay part of the Second Mortgage on the Company's property, Exchange Building. In September last the Firsts and Second Mortgages on Ex, change Building were readjusted, and the Hong Kong and Shanghai Banking Corporation took over the balance of the Second Mortgage which was previously in favour of the Hong Kong Realty and Trust Co., Ltd. Wo are grateful to our bankers for the assistance they have rendered the Company in this connection. Their action in taking over- mortgage is of substantial benefit to our Company in reduction of the interest payable.

the balance of the second

The total of Sundry Creditors is less this year by some 830,000.

COLONY'S FINANCES

LAST YEAR.

REVENUE EXCEEDS EXPEN- DITURE BY TWO LAHKS.

SOME INTERESTING FIGURES.

The Government report on Ananco for the year 1801 sintes ; —

The revenue for the year amount- ed to 833,140.724 and the Expendi, Jure was $31.160,774. Ravenue there. fore- exceeded Expenditure by 81.985,950.

The approved estimated revenue for the year was 827,488,750 while the revised figure was $31,204,308, an increase of 83,715,000.

The actual revenue therefore ex- ceeded the revised estimate by 81,942.356 of which 8877,000 was duc to Land Sales and 8480,000 to the increased scale of Liquor and To- bacco Dusies imposed in Septembar.

The approved estimase of expen- diture for the year was shown as 0,787,865 and the revised estimate amounted to 831,152,500 or 88,974 be- low the actual expenditure.

supplying only the best, quality goods, and our reputation for being thoroughly up to date has been maintained. In this connection our thanks are due to our Buyers in London, Paris, and New York.

I should here like to refer to our Manager and Secretary, Mr. A. W. Borwn. Mr. Brown joined the Company is February 1991, and took up Secretarial duties in 1924. We bave now appointed him the Mav

The nett profit for the year, after making due allowance for depreciation, ie 8927,209,87, which,

I have to inform you that depre.fidence in him has been more than added to the, balance brought for ward from last year, viz; 628,379.88, fciation on the Company's property, justified. We know that the excel. makes the amount of $250,008.45 Exchange Building and 15 Burrows lent work he has put in in the past, available for distribution. This Street, is similar to last year's will be continued in the future. We wmount your Directora propowe should be allocated as follows:-

To General Reserve, $150,000. To Dividend (841,587.39) and Bonus (#37,724.88), 88.312. 20.

In connection with Depreciation: ager of the Company, and our con

To Bonus to Staff, şī8,170.08, To Carry. forward to new count, $10,183, 18.

Total, 8266,866.43..

figure.

Bakery.

il

יד

Bakery and Cold Storage Plant have been written down by n very reasonable amount.

Furniture and Fittings, Restau- rant Utensils, etc. have been de preciated in accordance with the

I that that this proposal will policy of previous years. meet with your approval.

Increase in Working Profit..

Dealing with the accounts:

is with pleasure that I draw a tention to the large inerents in the reault of our working proft as com pared with the previous year. The amount-8240,020.13 is record in the history of the Company, and has been made possible mainly by an appreciable increase in turnover, |coupled with the substantial saving resultant from the taking over of Exchange Building, which we were able to do owing to the assistance we received from on: bankers, the Hong Kong and Shanghai Bank ing Corporation and to whom we tender our appreciations It is gratifying to note that every de partment of our business is working at a profit.

How

The item Proft on Exchange $7,070.37 represents the adjust. ment of sterling accounts current our between our office here and London agents. Last year this item stood at $2,576.18 on the debit side. With regard to "Profit on sale of Investment!" when addressing you last year, I mentioned that our in torest in Messera, Wm. Powell, Ltd.,

The Stocks of the Company, as valued by Management, have been depreciated where necessary.

The Cash position, you will notice, is considerably improved This year we show a credit, balance of 861,033.67 as compared with da overdraft of $224,810.42 last year

Returning to the proposed allocu- tion; I would state that your Direc

torn

consider the placing ol $180,000 to General Reserve a sound policy, as they are of the opinion that it is desirable to augment the Company's reserve whenever pos- sible. As a result of the transfer our General Reserve will stand' at

two lakhe,

congratulate Mr. Brown and his staff on the excellent year's work ing.

"

I now beg to formally propose that the epors and Accounts of the Company for the financial year ended February 29, 1932 (including the apportionment recommended by the Directors as therein indicated) as presented, be adopted, and I shall be obliged if some Share- holder will kindly sound such pro- posal. When this has been done, I shall be please to answer any ques tions Shareholders may wish to ask.

Seconder's Speech.

In seconding the adoption of the

Mr. report

Harston, J. Scott Baid:

"I desire to associate myself with the Chairman's expression of loss regret concerning the severe sustained by the Company by the death of Mr. Manuk end also that of Mr. Scriven. I know both these! gentlemen, and from my personal experience of them, can appreciate to the full what their loss to the Company must mean.

With regard to the Dividend; The proposal this year is to pay 30

"I think the Directors and the cents per Share on old Shures, "and a proportionate sum on new Shares various members of the Company's Staff are to be heartily congratul- Regarding the Bonus of 20 cents ated upon the excellent results ob per Share on old Shares and prtained by the Company during the portionate amount or new Shares; my remarks anent the result of the year's working will explain why your Board are in favour of this additional distribution,

Bonus to Stad.

past financial year, especially in view of the many difficulties they

encounter in

must have had to these far from easy days, and -1 am sure it must be a source of ex- treme gratification to them, as also to the shareholders, that this old The Bonus to Staff, I feel sure, had been disposed of on satisfae will meet with your approval. Our established and well known house tory terms. The profe from the Staff is a particularly hard work has been again placed on a divid end paying basis, thus conclusively sale of this investment is now showing one, and it is to a great extent demonerating that "There's life in the figure $40,222.30.

"Repairs and Renewals show due to their efforts that we are able in the old dog yet" and justifying an increase this year, owing to ex- to present such as excellent report. the well known adage" An old dog penditure made necessary hy Te

I think, Gentlemen, that satisfac for a hard road."

arranging the store.

You will notice that the item torily explains the accounts before "Bad and Doubtful Debts ** does f you. not appear in the Profit and Loss:

Account this year, the reason be

Other BusineES,

On the proposal of Mr. Li Te During the year, the lay-out of fong, arconded by Mr. S. T. But ing that all debts written off had the Main Store was altered, and in, Mr. J. P. Warren was alondy been reserved for in full the Mezzanine Floor extended in in previous years.

The amount 8050.18 for New order to provide necessary extra Issue Expenses, covers Solicitors' space. The alterations have proved Fees, etc., in connection with the very satisfactory, allowing more issue of the balance of the Com pany's Share Capital which was room for displaying goods to the offered to members during the year best advantage, and the increased under review

I propose to deal with "Depre- pace undoubtedly provides better ciation "when referring to Balance shopping comfort, Sheet items.

Balance Sheet.

Turning to the Balance Sheet: As already mentioned, your Dires tors decided to increase the Capital of the Company by issuing the re

The continual Buctuation of ex change rates during the year in volved repeated adjustment of sell. ing prices, but I am pleased to say that we were able to maintain very We Have competitive quotations strictly adhered to the principle of ~~~(Continued on next column.)

-oleated-a-director_of_the_firm_

The re-election of Messrs. Lin- stead and Davis an auditors at a remuneration of 81,750, was propos ed by Mr. A. Nissim and seconded by Mr. O. F. Ribeiro, sen.

WATO:-

The Hon. Mr. W. E.-L. Shenton. was in the chair, being supported by Mr. B. J. Davies, Mr. A. B Stewart (Directors), and Mr. A. W, Brown (Manager and Secretary):

Shareholders present Messrs, A. Nimim, D. M. Goodall, E. J. Ainslie, D. K. Khoras, J Scott-Haraton, S. T. Butlin, Hampton, O. F. Ribeiro, sea, O. F. Ribeiro, iun.. T. Eban, Thail Chanatong, Tsang Fuk-yu, and Sau Shiu-chuen.

DO

NOT PAY

A CENT

UNTIL OUR SUITS FIT YOU PERFECTLY THAT IS WHY

WE SAY

OUR MAXIM IS PERFECT CUT AND

BEAUTIFUL FINISH

SUITS

MADE TO ORDER

SAIGON LINEN

SUIT $15.00 To $20,00

WHITE DRILL

POPLIN

SUIT $12.00

SUIT $18.00 To $25.00

...

“PONGEE (TUSSORE SILK) BUIT $20.00 To $30.00

PALM BEACH

SUIT $20.00 To $30,00

HARIRAM'S

61, NATHAN ROAD, KOWLOON.

What!

TEL. 56845.

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Distributors.

PEMF-PENCIL-KEINAKTA-QARAP

LTD..

GLOUCESTER BUILDING

(THE HONGKONG LAND INVESTMENT CO., LTD.)

Hongkong's Fashionable. Rendezvous

Old English

Bar Overlooking

the Harbour

MORNING COFFEE AND AFTERNOON TEA SERVED IN THE AIRY "LOUNGE ON 8th FLOOR

SPACIOUS DINING ROOM OPEN TO THE GENERAL ALL MEALS. DELIGHTFULLY COOL PUBLIC FOR DISTINCTIVE APPOINTMENTS.

Single Rooms, Double Roonis and

Suites, all

with Private Bathrooms by the day or month.. With or without Board.

Entertain Your Friends

in the cool of the Evening on the Gloucester Terrace far above the City's Heatand Noise.

Tel. 98129.

--- Cable Addreas 1! GLOUCESTER.".

P. L NEWMAN,

Manager.