1936-08-05 — Page 2

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HONG KONG DAILY PRESS, WEDNESDAY, AUGUST 5, 1936.

THE PEKIN SYNDICATE LTD.

Operations

Of The Chung Fu Administration

GREAT IMPROVEMENT ACHIEVED

London, July 16.

The Ordinary General Meeting of the members of The Pekin Syndicate Limited was held yesterday at Southern House, Cannon Street, London, E.C.

Brigadier-General C. R. Woodroffe, C. M.

C. V. O., the chairman, presided.

The Secretary (Mr. Joseph J. Blackamore) having read the notice convening the meeting and the report of the auditors.

has

Yuan Company's mines from pit head to the railway siding, similar to the one already in use at our own mines.

least 100,000 tons along this rail- way, whereas we were able to sell only about 30,000 tons last year.

LARGE INCREASE IN RAIL

TRANSPORT

During the year under review 994,000 tons were transported by rall, against 547.000 tons in 1934- an increase of 81 per cent. The total sales amounted to 998,170 tons, compared with 769,430 tons the year before, an increase of 30 per cent.

The cost of production has again been reduced without affecting the efficiency of colliery working. The proportion of high-grade coal has also improved, and that of dust re- duced.

Reference has been made in the report to the quality and quantity of the stocks of coal,

The Improvement in sales has

two years allotted for the comple tion of the Special Commissioner's task. If the latter was satisfied that this had been completed be- fore the two years were up, he was to report to the Generalissimo. The two years come to an end in September "next, and it was very important to secure continuity of the present system in some form or other, especially to the interests of our senior Chinese officials.

The solution of this problem was not an easy, one and entailed pro- tracted conversations with the au- thorities. It was clear that the present system was abnormal and exceptional and that there is a considerable party in China who hold the opinion that what has been done up to date is uncon-

stitutional and that the sooner a constitutional and normal method of administration is adopted the better. I never ceased to urge that the present system of Special Com- missioner should be continued for at least Ave years. It had proved to be a success."

After some time it became clear to me that a simple continuation of the present system was out of the question, as the Generalissimo had definitely named two years as the period or reorganization and he felt that, having done this, the

Chung Yuan shareholders would

only been rendered possible by expect in future to have some say

to the management of affairs. corresponding

Improvement

During 1935

In

we

The Chairman, after dealing in detall with the accounts, said: Ladles and gentlemen.-I return ad to this country from a visit to China at the beginning "of June Considerable improvement has and am glad to be able to report been made in the hospital organi- zation to which I referred last that so far as your mines are con- cerned everything is satisfactory | year. 啦 central hospital being and steady

branch transportation. progress

been located in Chiaolso, with

Bath- transported a little under 1,000,000 maintained. -There is complete hospitals at each mirie,

tans. This year 1.300,000 tons have cooperation between the Chinese rooms have been installed, also a

been budgeted for. I believe that and foreign staffs of the Admini-sanatorium for the staff. stration, and the reorganization. A complete organization of the both the Tao-Ching and Fing Han which was well under way at the mines police was effected at the Railways will meet our beginning of 1935. has been practi- beginning of the year New om- ments. It will therefore rest with cally completed. This entailed an cers were appointed, and the dis- the Lung Hai Railway authorities enormous amount of work, and the cipline and bearing of the force as to whether we are able to reach greatest credit is due to every

at the present moment leave little the estimate or not. member of the staff in China, both

to be destred. The present strength Chinese and foreign, for the suc- of the force is 21 officers and 621 cess which has been achieved.

the Nanking Government, but con-

CONTINUITY OF POLICY AASURED

other ranks.

tory..

mob.

CHINA'S NEW POLITICAL..

CONSTITUTION

China is without doubt moving rapidly towards a democratic Gov- require- ernment. In fact, the drafting of

new constitution has been a

Thus continuity of policy was assured, and both Mr. Bell, our general manager, and I felt grati-partment has been most satisfac-with a net loss of $586,212 at De- fed that Mr. 8un, whom we have all learned to admire and esteem. would continue to

represent the Generalissimo At Chjactso. Mr. Bun is a fully qualified mining engineer.

The year was one of continuous effort in the reorganization in ́every branch of the sales depart ment. This is now practically complete,

cember 31. 1934. Of this profit 1386583 has been applied in writ- ing down the value of the coal stocks to the present cost of pro- duction, and the balance-namely. $533,941-towards writing off the

The net sales return from our loss to 1834. main markets showed an upward

have striven to evolve some plan

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EXTENSON OF THE TAO-CHING

KAILWAY

practically completed and will be published towards the end of this year. It was necessary, therefore, If the Lung Hal Ballway will to find some compromise, and -1 henceforward cooperate with us in am grateful to Dr. Wong Wen Hao. the same wholehearted manner, as acting as Secretary-General to the the Ping Han does, I feel that Executive Yuan, and to the Speci- Dr. Wong Wen Hao,, the Special

In previous years the Admini- Commissioner, and his assistant,stration supported 16 educational there will be no difficulty in trans-al Commissioner, Mr. Sun, for the Mr. Y. C. Sun, have worked in com- establishments, which included the porting the 1.300.000 tons of coal sympathette manner in which they

which have been budgeted for, plete harmony with our Agent- Engineering College in Chiaotse.

The Tao-Ching and Ping Han General, and we were very for- An attempt was made to hand tunate in having Dr. Wang with us these schools over to the Provinci- Railways are now worked jointly. with a proviso that strictly separ- for the greater part of the period al Government. Owing to lack of

ate accounts shall be kept and that under review. He has now left the funds this was found to be im-

the security of the holders of the Administration to take up the im- possible, but the number of schools Honan Railway 1905 Gold Bonds Finally we agreed upon a plan,| portant appointment of Secretary-assisted has been reduced, with the General to the Executive Yuan in result that the monthly expendi- will not be affected by this ar- based on the following five points.

ture on éducation now amounts to rangement. I am convinced that which I am glad to tell you Gener- |

this will result in considerable al Chiang Kai Shek has approved, tinues to take a great interest in $7,000, against approximately $17.-economies in the working of the and has issued instructions that it the Adminstration. Mr. Sun, his 000 in 1934.

Tao-Ching line.

should come into effect from Sep- able assistant, was appointed by A land once has been establish-

As the time the Administration tember next: General Chiang Kai Shek to stc-ed. its function being to negotiate was created the market value of 1. There shall be a board of direc- ceed the Doctor as Special Com-with the landowners for the leas coal was considerably higher than ! tars consisting of five members Last year I referred to the possi missioner.

ing of various areas required by it is now, consequently the stocks! and an executive body.

.ble extension of the Tao-Ching the Administration, with native taken over "by the Adminstration 2. Two of the directors to be elect- Railway, I am happy to inform pit owners regarding their opera- from the two partners became ed by the Chung Yuan Company you that an extension in modined tions and disposals of their coal, over-valued, but the Administra- and two by the Fekin Syndicate, form has been commenced, and it and to collect rents. The work tien accounts for 1935 showed a Limited. The chairman will be is hoped that the first portion will done during the year by this de net pront of $920,504 as compared appointed by General Chiang be open for slow trafic before the

KAJ Shek.

end of the year. The Admini- 3. There shall be a general man- stration is lending a compara- ager and an agent-general to tively small amount toward the form the executivé body of the cost of construction. The ad- administration, both of whom vantage to the Administration will will be approved by the chair be that it will move their railhead man of the board of directors. on the Wei River 20 miles farther At the beginning of 1935 the

4. No director of the Chung Yuan) East, and the great difficulties • question of transportation by the

The results of the syndicate's Company or the Pekin Syndicate, which have been met with hitherto Tao-Ching Railway of coal mined

trend during the year, although | subsidiary companies have been Limited, shall be an employee of of transporting coal in barges from the illegal native pits pre-only a slight one, owing to the con- disappointing, but the year was a sented difficulties.

the Chung Fu Joint Mining along the shallowest part of the Representa- tinued world depression and the dimeült one for trade generally in Administration.

river and through a bandit-infest- tions were made, not only to the necessity of reducing prices not China. In Tientsin the tense Jas. The above arrangement shall be ed area will be avoided. At a mo- railway authorities, but also to the only to meet competition, but also panese political situation, with re fixed. temporarily for a period of derate estimate this should mean Provincial and Nanking Govern- for the purpose of regainingsulting partial Japanese boycott. three years.

an additional sale of at least 50,- ments, but it was not until General markets lost during the years of made business very difficult. In Chiang Kai Shek was approached strikes and civil wars.

I am sincerely hoping that Dr. 000 tons of coal per annum. Shanghai the effect of the depres- Wong Wen Hao may be appointed When I addressed you last year I that this transportation was stöp-

elon was and is still evident, and chairman of the board of directors stated that the problem of the ped. He gave instructions that no

IMPROVING PRICES

this has been accentuated by and Mr. Sun reappointed "special Administration was fundamentally coal from the illegal native pits

Actually, at the present time several local factors: firstly, the commissioner, and as the Gener- one of transportation, and that was to be carried by the railway prices are improving, and the net rise in exchange following upon alissimo will continue to take per- the two major factors which we In May last year, however, the

buying polles, sona: interest in our affairs I am had to overcome were, firstly, the trouble recurred. and in spite of return per ton should gradually America's sliver

increase. During the last seven which has resulted in the fall in satisfied as regards the immediate low price of coal, and, secondly, further protests, the railway re-

winter months sales have greatly value of assets generally expressed] tuture.

the high freight rate. Prices are commenced transporting the coal

tending to improve, and the freight Fortunately, after somewhat dim-improved, 937,000 tons having been in foreign currencies-particularly

LIQUIDATION OF THE FU

question la largely solved so far as cult negotiations, it was again disposed of this winter compared noticeable in the case of land.

CHUNG CORPORATION with 615,000 tons for the cor- values; secondly, the tightness of

the Tao-Ching and Ping Han Rail- stopped, the last shipment being

responding period of last year. Af money due to the flow of silver out Another problem which we have ways are concerned. At first it made on May 22, 1935. In order to portion of the increase may have of the country resulting from the been able to solve the liquida- appeared impossible to persuade deal finally with this difficult ones been due to the exceptionally cold same cause; and, thirdly, the un-Hon of the Fu Chung Corporation the authorities to make any con- tion an agreement has been come weather, but this improvement is certainty of the situation in the Prior to the formation of the pre- cession or to realize that our to whereby the Administration un largely owing to the emciency of Far East due to Japan's continued sent Administration your syndicate Administration Was one of their dertakes to purchase from the na- tive pits a specific quantity of coal the sales department. The gross aggressive policy in the North. It and the Chung Yuan Company best customers. No less than 40 each month, and they, on their value of sales during these months is an unfortunate fact that with were partners in this concern. I per cent of our proceeds of sales the Mexican dollar, stabilized at was to the Fu Chung Corporation went to defray freight charges. part, undertake not to transport was nearly $3,000,000 more than their coal by the railway. So far that for the preceding winter, al-is. 21d against a par value of 2s the each partner sold their coal However, the director of the Ping alsu con- the excessive sterling remittances to this coun- for dispusa!' in the market, the Han Railway, who now though. owing to freight rates we were obliged to try must, in future, be substantially profita being divided between the trols, the Tao-Ching Railway, was pay the net value only showed an reduced.

two partners on the basis of the extremely sympathetic, and under SUBSTANTIAL IMPROVEMENT

It must be remembered that the value of the coal supplied. When his instructions increase of $1,000,000,

2 thorough in- IN FINANCIAL. POSITION For the six months ended June majority of our investments in the present Administration was vestigation of the subject was car- "The accounting system has been 30, 1936, the sales aimounted to ap- China are on a dollar basis, and formed it was laid down in the ried out. The result is that x that steps through" freight rate has been Improved and brought into line proximately 700.000 tons, as com- consequently it may become advis- original agreement

able to consider the possibility of should be taken on soon as post-adopted and the charges for trans- with modern practice, and the Fared with 393,000 tons for

a reorganization, and reduction of ble to liquidate the affairs of the portation over long distances con- scope of "costing" "has been con same period last year.

syndicate's According to the China Year the.

capital. Your corporation, but owing to the un-siderably reduced. I feel sure that siderably widened. The substanti-) al improvement in the financial Book, the average consumption of directors are watching the post settled conditions, nothing had the new scale will not only benent been done. To liquidate the con- the Administration but also the position of the Administration is coal in China is only 0.055 tons per ton closely,

cern by the usual methods would railways, as we shall now be able reflected in the reduction of the caput. This figure compares with

have taken months, probably to transport more coal and open amount due for current expenses, four tons for Great Britain and

The principal objective of my years, and it was clear that in up new markets which had hit- which at December 31, 1935, was U.S.A.. and is only 10 per cent of $148,000 as against $225,000 at De- the Japanese per caput consump- visit to China this year was to as-view of the partners in the cor- herto been inaccessible owing to

tion, so that there would appear certain how it was proposed to poration being identical with those, nearer the coast, to be ample room for expansion continue the Administration of of the Chung Fu Administration,

HONAN FIVE PER CENT provided transportation facilities your mining interests after the the simplest way out of the dim-

GOLD LOAN OF 1905 two-year period of ounce of the culty was for the latter to absorb are available.

Last December the present The supply of rolling stock has Special Commissioner had been the affairs of the corporation, been on the whole quite satisfac- completed." In, September, 1934, This is fair to both partners, and Minister of Railways only a few 2. The installation of another tory, particularly on the Tao-Ching when the situation was critical, I was pleased to find that Dr. days after he had taken up his electrically driven screen.

and Ping Han lines: the only rafl General Chiang Kai Shek inter- Wong Wen Hao and the present office. Informed our general mana- 3. The complete installation of a way that has falled us being the vened and appointed a special special commissioner were in entire ger that he was anxious to ar- new-telephone system throughout Lung Hai, where the lack of trans-Commissioner directly responsible agreement with the suggestion, rive at a settlement of the Honam the area, asid

portation curtailed sales consider- to him, with instructions to carry The Generalissimo has now issued Five per Cent. Gold Loan or 1905 4 The

of an electrical ably. It is estimated that the out the reorganization. Drastic Instructions for this to be done endless ha at the Chung Administration could dispose of at orders were issued, and a period of without delay.

this arrangement has been suc cessful.

cember 31, 1934:

Much electrical work has been carried out, the more important Items being:

1. The erection of a second High-}| tension transmission line.

the

'CHAIRMAN'S VISIT TO CHINA

(Continued on, Page 4)

1h