1936-01-30 — Page 11

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BRITISH-AMERICAN TOBACCO

Total Sales Exceed Those Of Record Year

London, Jan. 8. tal or £4,500,000 Five per Cent. The Thirty-third Annual GenPreference stock and £6.000.000 eral

British- Meeting of the

Six per cent. American Tobacco Company. Limited, was held yesterday at the registered offices of the company, Westminster House, 7 Millbank, London, S. W

Sir Hugo Cunliffe-Owen, Bart.. the chairman, presided.

The Chairman said:-ladies and gentlemen. With your approval We will take the notice convening the meeting and the report of the directors and nerqunis have been circulated, as read, and the secretary will now read the auditors' certificate.

which

Second Preference stock remains the same, but the isule of Ordinary stock is increased from £23,876,761 to £23,881,781, un addition of £5,000 stock. This is due to the issue of shares under

a resolution passed at a meeting held on June 21, 1926.

Creditors e, subsidiary com- pantes, £2,783,575; associated companies, £1,603,775; and other creditors, £2,965,579, making total of £7,352,939, represents a decrease of £792,146. The greater portion of these balances consists

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HONG KONG DAILY PRESS, THURSDAY, JANUARY 30, 1936.

DEPARTURES

The following

passengers left

yesterday for Shanghai and Northern ports by the Empress of Asia-

SHOP MASTER

CHARGED

Of

Possession Counterfeit Coins

- Miss C. Allen, Mr. Cheung Yan Soo, Mr. P. M. Chiu, Mr. J. Conrad. Dr. J. Croot, Mr. M. Gresley, Mrs. C. M. Hall, Major - A, Herbert, Mr. Alan Johnson, Mr. A. Kelth Before Mr. W. Schoñeld at the Douil, Mr. 8. Kwong. Mrs. Koo Central Magistracy yesterday, Chan Yang Sze, Mr. Eric Lewis, Mr. F. Chiu, manager of a grocery shop Lee. Mr. Lee Chioh Kong. Dr. and at No. 268 Lockhart Read ground Mrs. F. S. Lim, Mr. W. L. Marshall, Egor, was charged with (a) utter- Mr. J. L McPherson, Mr. and Mrs. ing & counterfelt tep-cent pieces F. G. Molloy and child, Dr. Carlos Wanchal on January 8 and (b) Municke, Miss U. S. Municke. Mr. with having in possession at No. G. D. Nicholi, Miss R. Nicolau. 268 Lockhart Road ground floor Paymr, Lieut. R. A. J. Owen, R.N., on January 3, 103 pieces counter- Mrs. 0. Persse, Mr. M. Reader felt ten-cent plecss. Harris, Miss Louise Roumengons, Mr. Robt. H Soper. Mr. G. Tauber, Rey, L. Vircondelet, The Rt Hon Jhr. Wah Mock; Mr. and Mrs. G. I Wison. Mr. C. S. Wang, Miss

M. Wong. Mr. W. W. Wong. Mr. KL. Yung. Mr. W. K. Yung, Mr. Y. K. Yung, and 15 members of

returning to Shanghai.

the current year will be less than the profits for the past year.

Evidence was heard after which the hearing was adjourned.

secuted, while defendant was re- Acting Det. Inspector Carey pro-

Presented by Mr. C. E. R. Sander

Bon

Outlining the facts of the case. Inspector Carey stated that on

Kwai Sang, master of an advertis-

M.C.C. MATCH

DRAWN

Unfortunate Late Declaration

New Plymouth, Jan. 29. The two-day cricket match be- tween the MC.C. and Taranaki ended in a draw with the home team 231 runs in arrears and only one wicket in hand.

earlier declaration would have given the M.C.C. a clear vic- tory. As it happened they stayed on until they had scored 214 for 5 in the second, innings and then declared, leaving the home team to make 370 to win. Hardstaf played an undnished innings for 109.

Taranaki and scored 198 for 9 when closing time arrived. Bax- ter, who took 4 wickets for 14 in the first innings, was again suc- cessful and accounted for Ave

of moneys deposited by your sub- Shanghai Interport Rugby Tenu January 8 in the evening Wong batsmen at the expense of 34 runs, The Assistant Secretary Mr. Esidiary and associated companies A. Blackley) accordingly read the and provision for payment of taxa- certificate of Messrs Deloitte. Įtion due to British, Dominion and fiender, Griths and Co., char-foreign Governments. Employees' iered AccountanES, appended to benevolent tund stands at £114.- the accounts.

148. This consists of the £100,000 allocated at the general meeting held in 1930, plus the balance of the amount of interest received on this money, after charging the payments made to employees..

The Chairman continued-Be- fore I deal with the accounts IL is with much regret that I have to Inform you that since the close of the company's financial year 'Mr. H. H. Neale las resigned from the board of your company, for reu sons of health. Mr. Neale folder the accounting department on the incorporation of your company and in 1910 was appointed C- countant. In 1920 Mr. Neale was elected to the board. The direc- tors regret very much the loss of a valued colleague and I am sure you will all join i wishing him a complete restoration to health. It is not proposed at the present time to All the vacancy crrited Dv the resignation of Mr. Neale,

"BALANCE-SHEET ITEMS As you are aware, it is usual at" our annual meeting to go thrown

The item of reserves for build-

ings and machinery now stands at £700.000, an increase of £25,- 000. Premium on Ordinary stock issued stands at £823,308, an in- crease of £2,500. This increase is due to the premium received on the shares issued. Provision for redemption of coupons now stands at £96,332, an increase of £4,725. Special reserve stands at £1,952. 281, the same as last year. your chairmen have stated in speeches in previous years, this ac- count was created in which to carry profits of a capital nature.

ALLOCATION OF PROFIT

As

This brings me to the last item

The full scores were:- ing agency went to defendant's"

M.C.C. 221 and 214 for 5 declar- shop at Lockhart Road and thereed: Taranaki 56 and 138 for 9 bought a packet of cigarettes for Heuter. which he had to pay 15 cents. He tendered a $10 bill and received change of one $5 note: three $1 notes and $1.85 in subsidiary coins. Wong then took a tram to

the Central district and on the tram

text-cent

BAD COINS

A total of 4 months' hard labour was imposed, upon L1 Km. unem

'DIRECTORS' VISITS ABROAD

During the year under review many of your directors have visit- ed all your important territories and at the present time five of your 18 active directors are abroad | he paid the conductor with cne played, who was convicted by Mr. on the company's business and two of the coins for his ticket. HeQAA. Macfadyen at the Central have just returned from the Far

had no other loose coin in his poc- Magistracy yesterday, when East. As I have said in previous

de- ket then. The conductor refused tendant, was charged with utter- years, I am confident that in much to accept the coin, a

ing a counterfeit coln in On Tal a business as yours it is essential plece, saying that it was bad. Wong Street on January 15, and with that your directors should keep in

tendered another one and was told having in possession 29 counterfeit. close personal touch with those that it was just the same. He ten-cent pieces. territories in which your company produced all his coins, and Was operates abroad. Such contact is

told by the conductor all the not only of great value to the dir-nickel pieces were bad but for the ectors,

but also of

very great allver ones. value to the persons in charge of the territories which they visit,

As you will have seen from the report, Lord Plender, who bas been the company's auditor since its in- ception, has retired froËL that position, and His arm. Messrs. De-- lotte, Plendër, Griffiths and Co.,

PAID WITH SILVER Eventually his fare was paid with a silver coin. He then re- ported at the Central Police Sta- tion concerning the matter, and a Chinese detective brought him to No. 2 Police Station at Wanchai together with the other two to the where an English Inspector went

Defendant admitted the offences but denied that he had any know- ledge that the coins were counter- fet, saying that he had picked them up.

Det-Sergt. C. Bryon prosecuted. It was stated that on the day ir question at about 6.30 p.m. de-. fendant was seen buying a sugar cane for 1 cent. He tendered a ten-cent copper nickel coln which was then suspected to be coun- terfeit. Defendant wAS arrested

the various Rems of the balance-vi.. profit and loss account. The have been appointed in his stead. sheet and make some comments accounts show a net proat for the Now I am glad to be able to say that shop. Arriving at the shop the and as the result of a search, 28 Taking the assets alde year, after deducting all charges this does not mean that your com- | Inspector asked the man behind the more suspected counterfeit coins

thereon.

o; the balance-sheet Brst, you will observe that the item of real estate and buildings at cost less pru- vision for amortization of lease holds. £828,223, shows a net de- crease of £3,582 as compared with last year, due to the provision ra leasehold amortization.

Plant, machinery, rurniture and fittings at cost or under, £504,092, shows a net decrease of £14,265. This decrease is mainly due to writing off of certain obsolete in- chinery. Goodw1, trade marke and patents remain at the same

and expenses and providing for in- come-tax, of 5,489,170, an in crease of £16,189, which, under

present condition. I trust you will End satisfactory.

Last year we carried forward a balance of £2,209.642 18 9d. To this must be added the profits for the year as previously mentioned, £5,489.170 16s. 2d, less the divi- dend on the Five per cent, Pre- ference stock of £225,000; on the

the company.

THE DIVIDEND

|

any will not have the benefit of counter who admitted that he was Lora Plender's personal aspervision Chan Chiu and he was the man of the company's accounts nor who gave the change to the com- that we shall lose the benefit of his plainant. Permission was asked personal advice, but Lord Plender that the drawer of the counter be thought it would be more satisfac-searched and this was granted by tory 1 his firm, rather than him- defendant. In two small baskets self, were the official auditors" to and a card-board box were ten- cent pieces put separately, nickel with nickel and silver with silver. Some were suspected "to be, coun- Six per cent. Becond Preference adoption of the report and ba- I now beg formally to move the

terfelts. The cockloft was search- stock of £360,000; and the Your in-lance-sheet for the year ended terfelt coins were found. All the ed and some more suspected coun- terim dividends paid on the Or-September 30, 1933. Including the dinary stock for the year, amount payment on January 17 instant of was told that the

colns were seized, and the Police ing to £3,946,543 10s.. leaving a

coins in the a final dividend of 8d. per £1, at cockloft belonged to a disposable balance of £3,147,289 stock upon

man. Lip 75. 11d., out of which the directors stock, free of United Kingdom in-

the issued Ordinary Kam, this man was also found recommend the distribution

and with defendant were arrested. January 17

come-tax. I may also mention The Man Liu Kam, was charg- of a final dividend that the director have declared for (free of United Kingdom Income- the year 1935-36 an interim divi- felt ten-cent pieces at the same ed with possession of 200 counter- tax) on the issued Ordinary stock dend of 10d. per £1 of stock, free address but this of 8d. per £1 of stock, amounting of United Kingdom income-tax, beard at yesterday's sitting as the to £789,302 Os. 8d., leaving £2,- also payable on January 17, so that 357,877 7s, 3d., to be carried for-

charges against defendant, Chan ward.

the Ordinary stockholders will re-Chiu, were taken separately.. ceive on that date is. 6d. per £1 of stock.

case Was not

figure as last year--viz, £200 000 and, in view of the great value of the company's trade marks, the directors remain of the ophion that this item should appear on the balance-sheet, even fly at the nominal value of £200 000

INVESTMENTS IN SUBSIDIARY & ASSOCIATED COMPAÑIES. Investment in subsidiary rom- panies at cost of under, amount to £24.349.376, and loans to and current accounts with subsidiary

J. Tetley, Assistant Govern- companies amount to £3,362,401,

ment Analyst gave evidence. The making a total of £27,711,777, and

Mr. W. P. Stericker (one of the coins were given to him by Inspec- these show a decrease of £138,028 This amount I do not think will solutich, and, after the Chairman

£739,022. | deputy chairmen) seconded the re-tor Carey to analyse. Some of as against the same items in ever be called up. One of the had replied to some questions, it last year's balance-sheet. Invest-companies in respect of which

was carried unanimously,

The only other item I need re- fer to ls the note with regard to a contingent lability of

ments in shares, however, show an there is a contingent ilablilty is increase of £4,025,702 and loans Tobacco Insurance Company, Ltd.

THE DIRECTORATE and current accounts show a de-

That company's financial year

The Chairman-Messrs. William crdase of £4,163,731. This altera-

ended on December 31 and I Francis Alexander, George Cooper, tion is mainly due to reorganizing the finances of one of your foreign the company has again had a very

am glad to be able to tell you that Samuel Jordan Gillchrest, William George Matton, William Morris, subsidiary companies.

sutlefactory year, and I need hard-and Montague Law Whishaw, hav- Investments in associated comfy remild you that, in the eventing retired from the board in ac- panies, at cost or under, -amount of any of you having insurance to cordance with the articles of asso-

place (other than life insurance) Tobacco Insurance Company will be very glad to be given an oppor- tunity to quote for such business.

GROWTH OF SALES

to £3,983,665, and loans to and current accounts with associated companies amount to £1,547,872, making a total of £5,511,637, and these show a decrease of £382,139 as against the same items in last year's balance-sheet. This de-

The world exchanges are still in a chaotic state but, as crease is partly accounted for by

told you the repayment of

last year, I thought there Icana. The

some slight improvement towards small reduction in respect of shares and bonds is accounted for the end of that year, and I am glad

by the payment off of terlalu ie duction in the capital of another company. Other investments,

Was

to say that this has been mala- ta'ned. As you know, after our record year in 1929, the world de-

ciation of the company, I will now ask a stockholder to propose their

re-election;

Mr. R. H. G. Brooker.-Mr. Chairman, ladles and gentlemen, I have, much pleasure, to propose "That Messrs. W. F. Alexander, G. Cooper, S. J. Giflchrest, W. G. Mat- ton, W. Morris, and M. L. Whishaw be re-elected directors of the com-

any until meeting to be held for the year the annual general

ending Beptember 30, 1938.”:

Mr. R. T. B. Behrether seconded

them were, however, genuine. Fur- ther witness stated that the coun- terfelt coins were very good coun- terfelts, although the colour“ · Was not quite the same as the genuine ones, and the weight of the form- er was less

The case was then adjoumed.

TRIBUTE TO LORD PLENDER A vote of thanks was also passed to Lard Plender for his services as auditor to the company:

"Lord Plender, acknowledging the vote of thanks, said:-Mr. Chair- Iman, ladles and gentlemen, I, have served this company con- tinuously for 32 years and you can realize that it is with no little re- gret that. I retirs. from the 'sudi- torship. Though the appointment of my firm in my place is a change, It is, I hope, in name only, as my interest in the company, whose fortunes. I have followed over, so 'many years, will not be removed The Chairman-I will now sak or lessened. I shall still take a a stockholder, to propose the re- personal concern in its affairs and appointment of Mesars. Deloitte, give my time to it as I have done Plender, Griffiths and Co, as audi- in the past, unless absence from ters of the company for the pre-England or other unpreventable sent year...

£194,839, show a decrease of £78,-pression hit us and everyone else. the resolution and it was unani-

Our sales and profits were serious-mously approved. ly affected. Since that time, our sales now are considerably in ex- cess of our record year.

+

420, due to realization.

Stocks

of igaf, manufactured goods, and materials, at cost or under, now stand at £3,945,881, art increase of £457,050. Sundry

While we are doing a larger debtors less provision for doubtful volume of business, we do not debts, and short loan deposita make the same ratio of profit per (2213,000) stand at £1,553,206, 1,000 cigarettes, and consequently Mr. R. W. Waldron-Mr. Chair, which shows a decrease of £146,- while our profits continue to climb, man. ladies and gentlemen, I 306 Tals decrease is mainly ac- they do not climb in proportion have much pleasure to propose: counted for by the reduction in to the sales, as the business as a "That Messrs. Deloitte. Plender outstanding short loans which last whole is done on a considerably Graiths and Co. be re-elected au- year stood at £2470,000, Cash at smaller margin of profit, and ditors of the company for the pre- bankers, in transit, and at callthough this is:iri some ways a pity sent year." £7,718,568, as compared with £8,- there is, in my judgment, the com- Mr. H. Bcott Evans seconded the 037,383 under this heading, last pensation that it renders our busi-resolution and it was passed year, shows a decrease of $318,815,ness sounder and less open to at animously.

CAPITAL POSITION":

Turning to the Habilities side of the balance sheet: the issued capi

A

Lack. Taking everything into con- A cordial vote of thanks was sideration I see no reason to sup- passed to the chairman, directors, pose that the company's profits for and statt.

causes at the time of the audit' render it imposible. I have been associated with the company from ita inception; and it had been, an honour to act as its auditor and to see its growth expand, and success achieved. Few trading enterprises ean show such a remarkable re cord over so long and so eventful

a period I thank the har

holderi for appointing my firm so-

day as auditors.:(Applause)

The proceedings then - tennin-

ated

were found on his person. All the colas were later declared to be counterfeit.

Decide aright-

SAY

"BLACK

& WHITE"

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