1936-04-16 — Page 7

WATSON'S DECREASED

PROFIT

Questions

Asked By A Shareholder

The rapid rise in the dollar affecting the export business and the poor returns of the Cantón Aerated Water Factory were rea- sons given for the inability of the Board to recommend payment of a dividend for the past year.

"

Profits for the year were less year, and it had been necessary derable additions to the plant in had to be written off.

These potuits were emphasised at

the Annual General Meeting of Messrs. A. S. Watson and Co., Ltd.. which was held yesterday in the Hong Kong Hotel.

Mr. D. E. Clarke took the. Chair supported by the following direc- Cors: St: Shouson Chow, Mr. J. Scott Harston, Mr. S. T. Willem- son and Mr. J. A. Tarrant (Secre- 1ary).

The following shareholders were also present:

Maasrs. F. M. Ellis, J. D. Hum-. phreys, F. W. Stapleton, Peter Wong. Wong Kin-trol and J. E. Jupp.

The notice convening "the meet- Ing was read by the Secretary after which Mr. Clarke in presenting the report of the year said.

Gentlemen.--The Report and Statement of Accounts together with Auditors' Report having beer. In your hands for the prescribed period, I propose. with your per- mission, to take them as read.

A FURTHER DECLINE The result of the year's trading shows a further declife, and, your Board regret they are unable to recommend the payment of a divi- cend. Profit for the year,

viz., $20,256.33. is less by over $10,000. on the previous year.

The Canton Aerated Wate: Fac tory again had a poor year, the continued rains and floods in the early part of the summer"adversely affecting sales. and the liter

months were comparatively cool. You will no doubt remember that the month of September was the coolest over recorded here by the Royal Observatory.

Our

export business, which is considerable, suffered severely ow- ing to the rapid rise in the value of the Hong Kong Dollar, and in order to keep our connections, we were forced to trade at a very small margin of proat, and in some cases even at a loss. Since the drop in the dollar value, this bust "ness shows a healthy increase and

will, I hope, prove remunerative.

by $10,000 under those of last during the year to make consi- view of the large amounts which

LOSS IN RENTALS

Alexandra Building

The Company hold a lease 'of these premises, of which there are still about 6 years to run before expiry date. Until quite "recently all shops and offices were let; but with the opening of more modern office accommodation in the City.

HONG KONG DAILY PRESS, THURSDAY, APRIL 16, 1936.

BANK TO RE-OPEN

Creditors Of Bank Meet

Creditors of the Bank of Can- ton, Limited met yesterday at the Bank's premises and it was decided that a petition be sent to the Hong Kong Government for permission to resume business at the earliest possible date.

Presiding at the meeting was Dr. Li Shu Fan, at which over 250 creditors were present, together with a number of members and shareholders of the Bank

It is understood that Dr. Li Shu- fan represented aggregate deposits or about $1,280,000, while the Hon. Mr. M. K. Lo, who was also pre- sent, represented the interests of many depositors in America whose total investments in the Bank are over $1,000,000.

"ANOTHER SUCCESS SCORED

"Lovers Leap" Is Grand Entertainment

ณ round

There is no surer way to writing a successful stage play than to limit your characters to half dozen, let love be your theme and sprink'e the dialogue liberally with epigrams or near epigrams. Nine out of 10 will then say "How true to life!" and when nine out of 10 say that, that's a successful stage play.

That the odd 10th person doesn agree simply doesn't matter.

CASES FOR THE

S

SESSIONS

Heavy List For "Monday

Which

The Criminal sessions commences on Monday next have no less than ten cases on

the calendar, including one of murder and another of manslaughter.

The following are the cases list- ed:-

Wong Wing. 41,

unemployta

Stoker, Can Ho, 25. unemployed. Chor Minz. 28, unemployed. Ho Cheur, 28, unemployed, and Ho Hing, 40, unemployed, charged witn the murder of a widow aged about 56 years, on the ground floor of It is with the above ingredients 203. Chuengshawan Road, Sham- that "Lovers Leap" has manufactured.

been shiuro. on the night " of January Produced

at the 31; China Fleet Club by the Hong

Au Chor, driver of larry No. 107, Į „ Kong Amateur Dramatic Company chargerf with manslaughter of Choi lyst night, the pay is a happy Nam at Electric Road on March 13 At the meeting, 203 creditors," I chokee, well within the ability of and, alternatively, dangerous driv- we have lost some of our oldest representing $2,650,000, voted in its small cast, and as a stage play, ing; tenants, and we have not been favour of the resumption of bust-bright and entertaining able, so far, to let the space

because Chan Fal, 45. Heensed hawker. ness and the scheme of armage on the surface It appears a cross-charged with having thrown corro. vacated. This means a consider- ment which was published some section of real life with humans sive fuld over Zip Lin. kept wo- able loss in rentals.

time ago. Only one creditor voted problems and puzzles. On closer man, with intent to burn, malm or against, and he represented a little analysis you find it isn't, but by disfigure her at Pennington Street

that time the Anal curtain fallen and nothing matters them.

over $1,900.

Without attempting to prophesy as to the future, I'belleve the out- look is now somewhat brighter, and The meeting elected Mr. J. M. I hope that next year I may be Wang. Mr. Ho Ching-hol and Mr. able to come before you with an improved report and that the Com- and Messrs. Wu Te-chen (Mayor of Cheung Wing-po special managers pany may resume its almost un- Shanghal), Chu Yun-chi, Chan broken record as a dividend pay-Kam-po, Hu Yuk-pang and Kwok ing concern

Sing as members of Inspection Committee.

.

I do no, think there are any fur- ther matters to which I can usefully refer, and I now formally propose that the Report and Statement of and that the balance at Profit and Accounts as presented be adopted,

Loss Accoun: v12. $72,068.78. be Write of Building In- appropriated as follows:-

provements Transfer to Chinese Staff Superannuation Account

Carry Forward ...

$ 1.238.09.

5,000.00, 65,830.69.

$72,068.78.

duly seconded I shall be pleased After this proposal has been

!

to answer to the best of my ability any questions in connection with the accounts shareholders

may wish to ask.

Mr. F. M. Stapleton seconded the motion.

THE QUESTIONS

loss of each department for each 1. What was the gross profit or

year since 19307

ENGLAND TO HONG KONG

Time For Transit Shortened

than

has

on February 18:

Lau Chun. 52. cargo coolie. DELIGHTFUL TO EXTRME

charged with wounding Tong Hoi,

"Lovers Leap." excluding the maid

56, at 26 Amoy Street on February There are but four characters in 4- who says little more

Chan and "No" at odd times, and the ney of a package containing toma- Turig. 44, unemployed. "Yes" charged with robbing Mrs. W. Pen- plot. moves on accepted lines, start-toes near the Monument, Happy ing slowly and rising to a climax Valley, on March 12; but there is an O. Henry ke last Ylk Shing, 25, unemployed earth act that sends the audience away coolle, charged with laughing instead of just satished.

W

wounding

FURNISHING FABRIC'S

COTTAGE WEAVES

46 Wide

75%

CRETONNES

merely Wong Chuen, 27, pig breeder, at a Furnishing Department

hut in Lung Chung Tsing, 'Kowloon City. cn February 4," with intent to do him grievous bodily harm:

As a stage play, "Lovers' Leap follows all the conventional lines. The four characters, two men anu Li Kau allas Li Tak-hing. 26, two women, are sharply drawn, Mat Yan, altas Mak Shu-yam. 35, distinctive from each other, dialo- and Mak Slu, 28. charged with gue is bright and the action con-possession of four moulds for coun- tains few pitfalls, With

such terfeiting Hong Kong ten-cent things in their favour. the four pieces and possession of 161 coun members of the cast naturally do terrett Hong Kong ten-cent pieces first-rate. London, March 17.

at 575 Reclamation Street, third Greater part of the work falls to floor: Three days ago a direct weekly Helen Prior and Myrtle Brown, the airmail service between this coun- sisters; the elder indecistive and with possession of three mou'ds for Chiu Sang, unemployed, charged try and Hong Kong was begun the younger very self-possessed. making counterfeit

despatched from

Hong London Helen Prior manages dificult Kang ten-cent pieces and 100 coun- every Saturday mornanig is dated piece of near-hysteria in the sec- terfeit coins; and... for delivery in Hong Kong ten days ond act in great style. Myrtle later. The return service leaves Brown has a lot to say and says the Deportation order.

Lun. charged with breach of Hong Kong every Friday, reaching it well... London in teh days. In future, therefore, the time taken to send

Mall

Donald MacAlister's Cedric is bound to make him more popular dis an amateur player although his portrayal of a very diffident young man is a little too studied. The time last act, however, sees his best

The following questions were put a letter to Hong Kong and receive by Mr. F. M. Ells:-

a reply need not be longer than three and a half weeks-a vast im- provement over the best possible by use of surface transport work. only. Letters may also be sent by this service to places in China on payment of a higher postage rate: such letters will receive the bene fit of conveyance by any existing internal airmall services in China.

2-What was the net profit or loss of each department for each year since 1930"

3-If there are any losing de- partments what steps have been taken to retrench or close them down?

4. Are any of those departments which have proved unprofitable

still being carried on? If so, whichgers. The ways and means how ones, and why?

THE BALANCE SHEET Turning to the Balance Sheet it will be noticed that an amount of $275,000.00. has been transferred from General Reserve for the pur- pose of writing down the values of certain Fixed Assets, namely Aerated Water Plant and Ma- chinery, Motor Transport and Floating Equipment, and Furniture Fittings etc. The largest portion of this amount, viz. $250,000.00. has been applied to reduce the book value 01 Aerated Water Plant 2nd Machinery. While generous amounts have been written on yearly for depreciation, and sub- stantial sums apen in maintain- ing the Plant in first class-condi- tion. It has been necessary and obligatory to make very consider abie additions during the past, few years, especially to our Canton Factory, Our Aerated Water Fac-holders?

5.Is it a fact that the Com- pany is the Lessee of the whole of Alexandre Buildings? If so what is the duration of the lease and rent. and what amount thereof is paid by the sub-tenants?

6. What is the reason for the increase of $530 in Director's fees? 7.-What was the amount of the General Managers remuneration for 1935? Why is this item not disclosed annually in the report and accounts circulated to share

1935

OBITUARY

Mr. Edward Mow Fung

SMITH-WRIGHT GREAT "To E. G. Smith-Wright, producer as well, falls the "fat" part, not because he has the Lon's share of

The many friends of Mr. Edward the stage as a matter of fact, he Mow Fung will learn with deep hasn't but because, although in regret of his death which an "unsympathetic role, the action place suddenly yesterday" at 3 brightens whenever he appeary ac p.m. at his residence in the New Roger and most of the bright dia- Territories.

ever, would require careful const-Ingue comes in his lines. deration.

the whole of Alexandra Building, 5.--The Company is the leases of As stated in my speech, there are about SIX

years of the

present lease yet to run. We do not con- sider it in the interests of the Com- pany or of shareholders to give information as to rentals.

6.There is no increase in Dir- ectors fees There directors, who in accordance with are three

the Company's Articles of Asso tories are among the finest, and 8-Do the General Managers, by annum, totalling $4,500. It has oc- clation, receive $1,500. each per position, receive curred during the last 2 years that

indirectly any

a Director has resigned and his benefits, other than the ordinary remuneration granted by the mem-

Beat has not been immediately fill- ed hence the variation in the re- orandum or Articles of Associa-muneration,

lon?

7.The remuneration of the Gen-

virtue of their

It has been our policy to maintain installations replete with the most either directly or up to date machinery and equip ment with a view to cope with possible expansion of business. Un- fortunately, conditions which we are at present experiencing, arc re- 9. How and by whom are the eral Managers is disclosed and flected in decreased business gen- general purchases of the Company stated in the annual report sud erally, especially in the depart-made, and what commission, if balance sheet and Profits and Loss ment under review: consequently any. are paid by the Company?"

our installations are not working to anything like full capacity, and at Canton where the season is only of about six months duration, their plant is idle for half the year. Your General Managers and Direc- tors considered it a good policy

to write down the book value of the Plant to an amount commen-

THE ANSWERS

Replying to Mr. El questions

"en bloc". the Chairman said:

Nos. 1 and 2.-We consider it in- advisable in the interests of the Company or shareholders to give

the information asked for

account of the Company. The General Managers receive no re- muneration in respect of the Com- pany's financial year ended 31st October, 1935.

8.-No, they do not.

Mr. Smith-Wright has an easy

producer, has made a good job of manney that suits his role, and as

the comedy.

took

The late Mr. Mow Fung who had been connected with Messta.

many years was mis Der A Wing & Co., far, a good usual seit yesterday and attended office in June Weller is the mild. She the morning. Apparently he was "dces thing in particular and not feeling none too well in the does it very wel”—(“ĦB"). course of the day. He went home

and died shortly after 3 p.m.

The late Mr. Mow Fung, was 52 years of age and hailed

from Victoria, Australia. He was iden- tified with several Clubs and his death will be greatly missed by his wide circle of friends especially those who had often indulged with him in shooting and fishing, which were the deceased's favou- rite, past times.

TRIP TO THE SOUTH SEAS

Local Residents' Experiences

il

The late Mr. Mow Fung leaves a widow, a brother, Mr. F. C. Mow Fung, three sisters, Miss R. Mow Mrs. Parksou and MTB.

just been completed by three of Lyons besides many nephews and

A trip to the South Seas has. Fung. our local residents.

comprising Mr. "Jimmy" Kotwall, whom the deepest sympathy, Is The party nieces to mourn his loss and to ex-Sergt. Major Willis, and Capt. extended to them in their sad Talbot returned yesterday on the bereavement. Hal Yang.

was

able to land and were entertained

The funeral will pass the Univer Describing the voyage we are alty corner, Pokfulam Road, at 5 told that the tip out was rather o'clock to-day for the Protestant controlled by the General Mana- experience of being thrown out of

boisterous and that one of 8. All purchases are made or

the! Christian Cemetery at Pokfulam. officers of the steamer had the

other than those provided for by blow, real tropical weather gers no commissions are paid his bunk. "However, after the

time was had by all.

resident on Ocean Island. Native One of the main occupations of and one of the party describes dancing and music was provided the voyage was the shooting of them as being equal to any that day makers. Another experience was their witnessing of a burial.

surate with their present produc- ment has been for the last two the Company's Articles of Asso-experienced and a very pleasant by, Dr. and Mrs. Stevens, who are

tive value.

The same applies in a lesser degree to the other fixed assets, which have been similarly treated. After making this trans-

Nos. 3 and 4-The drug depart

years unremunerative; keen com- petition exists in the various drug and departmental stores of the Colony. Economies in expenses

have been effected and further economies are under 'consideration.

ciation.

There being no further questions. the motion that the report and

the meeting and carried unanim- ously.

fer, the General Reserve will stand and charges in this department Accounts be adopted was put to sharks and porpoises by the holi has been depicted on the silver

at $400,000.00,

are less by $31.427.08. smaller turnover.

For

2.

screen:

These two islands incidently are at sea. One of the Chinese cadets among the richest in the whole pneumonia and did not recover and having a cantilever en- on board was taken ill with world for phosphates, one of the The unfortunate young man was trance. accorded a burial at sea.

Stacks in Trade show a decrease of $79,673.00. and Sundry Debtors The year under review showed a

OTHER BUSINESS due to a distinct improvement on the pre- The Chairman proposed the re- vious year in spite of difficult trad-election of Messrr. J. Scott Hars- Whilst maintaining the utmost ing conditions accentuated by the ton, 8. T. Williamson and Sir Bhon- efficiency, considerable economies eccentricities of the dollar. have been effected; the amount these reasons we do not contem seconded by Mr. F. M. Ellis.

500 Chow as Directors. This was

It was a wonderful trip and one saved in various charges and ex- plate closing down that department. The re-election of Mesata. C. Nauru and Ocean islands. These greatest of regrets for the party. Two of the lalands visited were which came to an end with the penses being approximately 156,- Should any department persistent Bernard Brown and 8. Butlin as islands are very dfmeat to ap- The Hal Yang is 000.00. for the year under reviewly show a definite loss, that course Auditors was proposed by Mr. prosch in view of the high surf steamer, p

& Douglas Further economies are being ef- would naturally commend itself to E Jupp and seconded by Mr. J. D. which thrashes the coast. Here fected during the current year. your Directors and General Mang- Humphreys.

+ Captain Talbot is at present they were again fortunate in being staying at the Hong Kong Hotel.

W

yd.

31

Wide

yd.

LANE,CRAWFORD, LTD.

66

A. D. C.

LOVERS'

LEAP"

APRIL 16th, 17th, 18th.

BOOKING AT ANDERSON'S.

THE TAIKOO DOCKYARD & ENGINEERING

"

COMPANY OF HONGKONG, LIMITED.

ናነ

BUILDERS OF ALL CLASSES OF SHIPS. BUILDERS OF RECIPROCATING STEAM ENGINES, BUILDERS OF MARINE AND LAND BOILERS. BUILDERS OF TURBINE MACHINERY

Under License From Messrs Parsons. BUILDERS OF DIESEL ENGINES

Under Special License

From Messrs. Sulzer Bros., Winterthur. Licensed To Manufacture Lanz Perfit Iron, Specially Suitable For Internal Combustion Engine Working Parts.

DOCK & SLIPWAYS.

FOR DOCKING VERY LARGE AS WELL AS SMALLER VESSELS,

ON ANY TIDE.

ALL CLASSES OF SHIP, ENGINE AND BOILER REPAIRS AND EXTENSIVE

WELDING, BOTH ELECTRICAL AND OXY- ACETYLENE SKILFULLY AND PROMPTLY CARRIED OUT.

BUTTERFIELD & SWIRE, Agents,

HONG KONG, CHINA & JAPAN.

TEL ADDRESS: "TAMOODOCE," HONG KONG, TELNYAGS: 80211.

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