1933-01-11 — Page 6

- HỒNG KONG DAILY PRESS, WEDNESDAY, JANUARY 11, 1933.

B. & 0. ANNUAL

THE P.

New Sports Checks CHAIRMAN'S PLAIN WARNING AS TO

Wool Ties

They are woven from fine wool that will stand any amount of hard wear and in every detail of their style and finish they fully live up to Mackintosh's standards.

We have a large selection of these Ties in every sort of sporting check for you to choose from.

$2.50 each

Less 10% discount for cash.

MACKINTOSH'S LTD

MENS WEAR SPECIALISTS

YOUR DRYCLEANING ORDERS

ALL SUITS, COSTUMES AND OVERCOATS" WILL BE RETURNED ON AND AFTER MONDAY, 8th JANUARY.

ON SPECIÁL ENAMELLED WIRE HANGERS.. THIS WILL PREVENT FOLDING WITH POSSIBLE. CREASES WHEN PACKED IN CARDBOARD BOXES. . NO EXTRA CHARGE WILL BE MADE.

THE STEAM LAUNDRY CO.

THE LARGEST DRYCLEANERS AND LAUNDRYMEN, IN THE FAR EAST.

HEAD OFFICE & WORKS. Mongick. Tel. 87032.

KOWLOON HOTEL DEPOT: Tel. 58510.

HONG KONG DEPOT: 80, Queen's Road, Cautral. Tel. 21 79,

PRAR HOTEL DEPOT: T&L 25073.

PENINSULA KOTKE (Vitors on

HONG KONG BOTEL Yhitom

QIQUCESTER BUILDINO (Residents only).... Tel. 18998.

SPECIAL VALETERIA BERTIOK.

No. £. PENINSULA HOTEL ARCADE, "TO), 59081,

No. 256, Nathan_Road' Enwloou, Tal. SRDOS.

No. ®,"Queen's Road, Cantiul. Tel. #1279.

FUTURE PROSPECTS

False Dawn Has Followed False Dawn'

HOW THE DEPRESSION IS BEING MET.

Dimoulties experienced by British shipping in general and the P. and O. Company in particular, were outlined by the Hon. Alex- ander Shaw at the Company's annual meeting. No dividend was pald and the Chairman emphasised the need for full allowance of depreciation in order to effect replacements and to keep the Com pany's ships at the necessary standard for meeting competition. "Many lefters of congratulation, and some complaints had been re- ceived from passengers, and " grouses were also attended to with

care.

11

Another matter referred to with regret was the increases in port dues and Buss Canal changes,

CAREFUL WATCH ON EXPENDITURE

MEETING

Operating Economies.

The position of late has grown worso`rather than better, and the situation has, as you will under- stand, placed, upon the Board a special burden of work, and "ol anxiety. They have made every effort to bring down“. expenditure still further without sacrificing the efficiency of the Fleet or the at- tractiveness of P. & O, vessels " to ¦ passengers and shippers. It would j indeed be a short-sighted policy to curtail the comforts and amenities which a P. & O. passenger enjoya We have not done so on the con- trary we have increased them, At! no time has a passenger got more) for his money in the way of com-, fort, good service, good food and, not least, in the way of wall found and carefully navigated ships, than he doos to-day. You may be in- terested to know that we have novor received more numerous lettera

from passengers congratulating the Company on their ships and on the way they are run than during the last twelve months. This applies not only to the new turbo-electric steamers, the "Strathnaver" and. "Strathaird and to the new tur bine ships the "Corfu" and "Car thage," but to the Fleet generally Of course, there have been a few complaints Each and every ons As is evident by a glance at the of these comes before the Chairman the and the Management, and is looked consolidated Balance Sheet, book value of our investments into with the staff on board the in Shipping Subsidiaries, we have a Committee which sifts particular steater in question; and £10,588,685, is very conservative, and it has to be borne in mind that, the income from the whole group daring these times of depression does not reflect the inherent value of our investment.

The annual meeting of the Fro- which we have. now placed under prietors, of the Feninsular and the heading of our other Invest Oriental Steam Navigation Comments. pany, held at the Company's Offices, 122, Londenhall Street, London, on Wednesday, December 7, 1939 with The Hon. Alexander Shaw, in

the Chair.

The Chairman said:- No interim dividend was paid this year on the Deferred Stock and the Board are unable now to recommend any final dividend in respect of it.

Depreciation.

saggestions and criticisms at, ro attendance and co-operation of the gular weekly meetings with the Marine and Engineer. Superinten denta "and the Superintending Purser.

Increased Port and Canal Dues. Recent experience in the Shipping world, as well as in other spheres | I must here say a word on the As regards increases in expendi- of business, has shown the undesir-subject of depreciation. It is point ture the only large items are in able results which attend the coned out in the Report that the Com Port dues and Suez Canal dues tinued payment of dividends which pany's ships stand in the books at Port dues have increased by over are not justified by earnings. In a figure somewhat below that which £31,000, partly on account of the bad times there comes a juncture would have been arrived at on the greater tonnage employed and part- when the choice has to be made be basis of a depreciation of B perly because the fall in the value of tween the easy path of distributions cent, per annum on the initial costarling has increased our sterling to stockholders which cold, prudence

expenses, abroad. The increase in does not justify, and the thorny preciation can we lay up the funds dues is serious and amounts to Clearly only by providing for de dur expenditure on Suez Canal and uphill bath of further drastic economy in operation and restraint necessary for building new vessels over £133,000 as compared with last in dividend policy: The Board has when these are required in order year. This increase, is caused by deliberately chosen the latter road. to maintain our services. That is the decline in the value of sterling You will. I know, realise that it elementary. But what is not so since this country went off the Gold is far from pleasant to have to ask generally realised is that vessels are Standard, for it has to be remens- the Deferred Stock-holders to forego fore the War, for not only are in gold francs. But even after pro

much more expensive now than bebered that Suez Canal dues are paid, their dividend this year. But I am confident that they will support the building costs higher and Board of viding for these two largely increas Board in the determination to hus Trade 1equirements more stringent, ed items, which are matters entirely band resources in the present cald,but the ships themselves have to

(Continued on Page T.) mitous state of Shipping, and so be larger and more luxurious in will assist to maintain the strengt order to face the intense competi of this great undertaking and the tion of today. To build a security of their own investment.

vessel which will not meet competi tion is to throw away money on a ship which will not be a real earn- ing asset.

A Consolidated Balance Sheet,

new

In past years suggestions have been made from various quarters If in the days of shipping pros that the P. & O. Company's ac-perity which are now long past we counts should be presented in a had divided profite up to the hilt fuller form than hitherto, The we should not have been able to Board have this year placed the provide for the necessary renewals accounts before you in more detail to the P. & O. Fleet, and conse than ever before in the history of quently our position to-day would the Company. I trust th yqu ap- have been very different. I nest. prove of that step.

frankly say that unless our earnings are very much increased next year' it will be necessary to draw upon our reserves to provide for, deprecia tion.

The Accounta,

The Accounts before you have been audited by Lord Plender and Mr. Kilpatrick.

As regards Billa Payable, which stand at £1,499,000 as compared

Shipping's Continued DepressİON.

British Shipping is still in the trough of a depression which is the

with £1,300,000 Inet year, I should most profound and the most pro-WITH EVERY $5.00 explain that between the dates From time to time in, recent years longed that has ever afflicted it. of the two Balance Sheets two new there have been indications which vessels have been delivered and have

largely had to be financed in the pointed to better conditions; but year under review. This involved the improvement longed for has not considerable cash payment, and come. False dawn has followed the balance was met by Bills. In false dawn; Last year when the the circumstances I think you will National Government was formed, agree that the amount of our Bills there was again a brightening of the horizon and a betterment was expected which the stern facts of tween the dates of this and of the the world-position rendered impos-

sible.

WHITEAWAY'S is extremely moderate. It has, of

GREAT

WINTER SALE

STARTS

TO-DAY

ENTIRE STOCK INCLUDED

COME EARLY

FOR

BEST BARGAINS

FFEAWAY, LAIDLAW & CO., LTD.

coursa, risen to a higher figure be

last Balance Sheet: I may add that to-day it is considérably amal-

Shipping is pre-eminently a world

ler than the amount shown on the trade. Even if it were possible, Balance Sheet at September 20 which it is not to secure a pros before you.

sperous Great Britain in the midst The Reserve for redemption of of an impoverished world, British Debenture Stock is composed of shipping would still remain de- Gilt Edged investments and al- presed. Taktythe P&O Com- though there, is no obligation whate, Pany alone. Wakdepend for our ever to ear-mark and keep separate revenue upon the prosperity not this amount the Directors have only of Great Britain, but of In- thought it well to continue the dia, of Australia, of Ceylon, of the practice of doing so, and håve In | Straits. and of China; and each of creased the fund by transferring to these countries in turn - depends it £110,000 which mainly arose front upon the ability of many other the profit on the sale of certain in countries to trade with it to their vestments held in that account. As mutual advantage, The P. & O you will observe from the Profit Company, with its associated con and Loss Account, the profit from porns, circles the globe. A businças sales of investments was £98,009: 24 - such as that, must depend for ́s od, and that if how it was dealt return of prosperity, not upon the with. I may say, in parenthesis. recovery of this or that industry that the Board” bars by, po, maana - in one country of another, but upon | lost sight of the questionTM-of-- the fe pecovery of the world as a wholj conversion of the 3. per cant and † from the maladjustments, and dis 34 por cont.” Debentures to a Block locations which are the aftermath bearing & lower rate of interest, of war Those AT8

Will observe

油

.com

whioll compared wit

the last Balance

your troubles

(our-in-

are ink Look at the figurER.

dit up throughout--th

£13,054,070,"khion included intergäive miltiem.

not Barely shipping. I should az a hair. plain that we have not realised and, ifteen million*

idiary cont

of our holdings compatica c that the deardage sioned by a re- items in the Balk last year's'"' Balance interests were anaku

croft SablidiaT

of the bertalu Fana grethe

Bridade

root of

1930)

per

sea, carrying

PURCHASE WE ARE GIVING A PACKET OF SILK-NOT LESS THAN

A YARD.

KAILAN MINING ADMINISTRATION

-HOUSEHOLD COAL

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

Peak Distriot (above Bowen Rond) ...$20.

Bowen Road and Lower Levels

Pokfulum

Repulse Bay and Shek 0

Kowloon

..818.

$20.

...$25.

...$16.

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

DODWELL & CO., LTD, Agente.

Hoarse?

Nothing Serious, but-

well, a warning that your throat needs attention

If your throat is inclined to be weak, if you are liable to get hoarse after one cigarette too many, or after prolonged talking, you will find "Allenburys" Glycerine and Black Currant Pastilles a boon. Made only from the fresh juice of ripe black currants and pure glycerine, they are manufactured according to an old French recipe of the House Keep a tin handy. They quickly relieve and soothe the throat and clear the voice, and they are as luscious as they are effective. They contain no harmful drugs, so they may be used ...as frequently as necessary with absolute safety.

Your Chemic stocks them.

Allenburys

"Allen & Hanburyva Ltd.

Glycerine

PASTILLES

AP.B.

SALE

DO NOT MISS THESE WONDERFUL

BARGAINS

Prices never lower

Quality never higher!

BECAUSE OF THE PREVAILING GENERAL TRADE DEPRESSION

Also the approaching CHINESE NEW YEAR SE

requiring ready canh

SEASON

We have decided to sacrifice our stock of choles ailks, including

A LARGE SELECTION OF THE LATEST PATTERNS ut

Come

CROWN SILK STORE

STREET