1937-04-01 — Page 6

1887. GOLDEN JUBILEE YEAR 1937

Around the World

FETY years ago the first

Manufacturers Life policy was written. Since that day

the Company has extended its operations until now it has Branch Offices and Agencies throughout the world.

***

will they feel towards the

Company.

Their Life Insurance has

brought peace of mind to the present, given stability to the future and ensured indepen dence in old age, Greatest benefit of all-they know their dependents are protected against economic hardships which so often follow un- timely death. Established 1887

The policyholders who con. stituce the world-wide Manu facturers Life family dwell far apart; they differ in language and customs; but they are united in the confident good

THE

MANUFACTURERS LIFE

HEAD OFFICE

INSURANCE COMPANY

TORONTO, CANADA

"CHIEF OFFICE FOR SOUTH CHINA

Shell House-Hong Kong-Tel. 20601. BRANCH MANAGER—E; J. R. MITCHELL ACTING MANAGER: W. SHARP

CANTON OFFICE: R. K. BATCHELOR-DISTRICT MANAGER

11, Taiping Road," Canton. Tal. 15372 SWATOW General Agenta: Mesars, Carr Raasay & Son Lul. Special Representative: C. R. W. Thomaan. MACAO 7. J. Noronha.

First Church of Christ, Scientist, Hong Kong

ANNOUNCES A

FREE LECTURE

ON

CHRISTIAN SCIENCE

IT

FRANK BELL, C.S.B.

TAPET

Member of the Boarit of Lectureship of The Mother Church, The First Church of Christ, Scientist, in Boston, Massachusetts, IN THE

Y. M. C. A., KOWLOON

Ashley Road Entrance

ON

Thursday, 1st April, 1887 at 6 pm.

The Pubile is cordially invited to attend.

TAKE

DEPS

1.P. 771.

For COUGHS, COLDS, INFLUENZA,

SORE THROAT, BRONCHITIS etc.

Chemists and midişine dealers everywhers sell' Prýo

If your face wears a frown

and the spleen

.keeps you down

Send fora

4

Carlsberg

Sole Agents:

THE EAST ASIATIC Co., Ltd.

Tel. 33266.

Queen's Building.

HONG KONG DAILY PRESS, THURSDAY, APRIL 1, 1937.

COMPANY

MEETINGS

GREEN ISLAND CEMENT COMPANY PROGRESS

Product Still Denied Entry Into South China"

SALE OF MACAO PLANT

Presiding at the 48th ordinary annual meeting of shareholders of the Green Island Cement Company Limited, held at the Com- pany's offices, Exchange Building, yesterday, Mr. J. H. Taggart, Chairman of the Board of Directors, said that it was regretted that notwithstanding the change of Government In South Chios, permit regulations had not been rescinded and the Company's cement was, therefore, still denied entry into South Chinn.

"Nevertheless," continued the Chairman, "your Board is hope- ful that, with the administration now In power, acceleration in public works, coupled with industrial development generally, will soon lead to a removal of restrictions and permit of our revert- ing to those markets from which our product has been excluded for the past few years."

SPEECH BY CHAIRMAN The Chairman said:- On turning to the accounts you balance will observe that the standing at credit of Profit and Loss, after making the usual pro- vision for Directors' and Auditors' fees, the Company's donation to the King George

.

I now have pleasure in tormally proposing the adoption of the re- port and accounts for the financial year ended 31st. December, 1936, as presented.

The proposal was seconded by Mr. B. Wong Tape and carried unanimously.

OTHER BUSINESS

Sharp Protest By

British Authorities

London, Mar. 30.

despite this the Stanholm was A protest has been addressed by brought into Gibraltar where, on the British naval authorities to further examination, her papers and cargo proved to be in order the Spanish insurgent naval com-

and she Buttered a delay of 24 mand regarding the three cases of interference with, British shipping. hours in consequence. contrary to international Law or The British protest, which re-,

saed in the cases of the Menin Ridge and Stanholm, recalls the scrúpulous execution of the mea- sures which the British Govern- ment has taken prevent the carriage of war material in British ships, and claims that" apart from legal considerations, this leaves no practical grounds to justify the ac- tion of the insurgent authortles in the cases cited. British Wireless

On the proposal of Mr. A. Hul-to the assurances given by Gener-quired an explanation to be furni al Franco's naval representatives ton. Potts, seconded by Mr. Ein reply, to former British repres- Abraham,

Messrs. J. H. Taggart ontations, and J. Scott Karston, were re- elected directors.

n

ACTION NOT JUSTIFIED

London, March 30.

The ships concerned are, first the Menin Ridge, which a week Messrs. Linstead and Davis and

ago was ordered to heave to and Messrs Lowe, Bingham and Mat

had a shot fred across her bows thews, were re-elected auditors at

by a Spanish trawler five miles a remuneration of $1.000-each, n

from Almiina Point, while on the proposal of Mr. P. H. Suckling

voyage from Barry to Oran; second seconded by Mr. M. A. Figueiredo.

the Stanholm, which on the same Present at the meeting were:--

day was, when outside: territorial Mr. J. H. Taggart (Chairman), Sir

waters, ordered to heave to and. Robert Ho Tung, Messrs: A L later escorted to Gibraltar by the Shields. Li Tse-long, T. E. Pearce. Spanish warship, Commandante It is understood that the British J. Scott Harston (Directors), Mr. | Dato, and third, the Springwear, Commander-in-Chief in the Medi- T. C. T. Beck (Secretary), Messrs which carly in March, on repre-terranean Sea has been instructed A. Hutton Potts, B. Wong Tape, Esentations from inaugent quarters to lodge a protest with the Spanish Abraham, P. H. Suckling, M. A that she Was carrying

authorities war insurgent naya! Figueiredo, Fung Kwok Wa and

material, was diverted into Gibral-Cadiz regarding the recent stop- F. E. Silva (shareholders).

tar and suffered twelve days delay ping of three British vessels. while her hold was' cleared with The British note points out that the result that the allegations such action is contrary to inter- were proved unfounded. The case national law, since the rights of of the Stanholm called particular- į Insurgent warships in such cases ly, for protest because as the re- are confined by international prac- of the charges by the tice to Interrogation by signat Algeciras authorities, that she only. was intending to load war material It is stated that British Govern- at Casablanca, her loading was ment is doing Its utmost to see supervised by a British Consul In- that legislation prohibiting the spector of Customs and a Lloyds carriage of war material in British agent, and it was established that only general cargo was taken on board.

China Entertainment And Land Investment Co.

month in respect of maintenance, your Board decided to take the necessary steps for the sale of the

The seventh annual general plant and, buildings, which even- tually realised the sum of $101.- meeting of the China Entertain 795.79, such sale being conditional ment and Land Investment Com- upon the alte being cleared before pany. Limited was held at the the 31st. May. 1937. In the cir-Company's offices, King's Theatre emorial cumstances of the action taken, it building yesterday morning, the

is anticipated that it will be possi ble to hand back the property to the Lessors before. the 30th June, 1937, in the terms of the lease ander which such property is held by your Company.

Fund, and writing of inoperative plant at Hok Un, amounts to $44.- 438.90 for the year under review. Adding

of $22,552.27. the St

year brought forward from the 1935, there remains the sum of $66,989.17, out of which your. Di- rectors recommend that $4,583.17

EXPORT BUSINESS PROGRESS

I am pleased to be able to report

be appropriated to General Re-continued progress during the year serve, bringing that Account up to under review; more particularly is around figure of $950.000.00, and this reflected in our export busi- that the balance of $82,406.00 then remaining at credit of Profit and Loss be carried forward to next

year's Account.

ness, wherein a decided improve ment in recorded. fi regretted however, that, notwithstanding the change of Government in South In dealing with the figures it is China, permit regulations have not necessary for me to draw attention been rescinded and our cement is. to the fact that depreciation has therefore, still denied entry into not been provided for in the ac- South China. Nevertheless, your counts as presented, in which re- Board is hopeful that, with the ad- sation, and by way of explanation, 1 ministration now in power, accele- I would add that it is still the ration in public works, coupled opinion of your Board that, having with industrial development gen- regard to the severe writing down erally, will soon lead to a removal of the Company's assets in the of restrictions and permit of our scheme of reorganization under-reverting to those markets from taken in 1934. further depreciation whic our product has been ex- 15 unnecessary at the present time, cluded for the past few years. particularly having regard to the

BUILDING CURTAILED fact that the general reserve now

Building operations in Hong stands at the figure of $950,000 and consequently bears a 93 per cent. Kong have been somewhat curtail- ratio on the contra declining as-ed throughout the year 1936 and sets, as represented by plant at $851,026.93, and floating craft at $168,301.43.

Hon. Sir Shou-son Chow presiding.

The Chairman said:-

You will notice from the balance of working account, as shown in the pront and loss account, that

there is an increase of 30 per cent, in Theatre' earnings as compared

sult

ships 19 scrupulously observed. Thus, the action taken by the in- surgents in unjustified.

Assurances are requested that tions were communicated to the there shall be no recurrences of Algeciras naval authorities but such incidents. -Reuter

The findings of these investiga-

"Perverseness Of The India Policy"

with those of last year, which is an indication of a general im- provement in business conditions in the Colony. As I stated last year, we were up against very keen competition from theatres showing Chinese films which had so im-

New Delhi, Mar. 30. Party objects, and the giving of Proved that they attracter a large

guarantees that these " Official circles take the view formal number of the Chinese cinema- going public, and the same remarki

powers will not be used, especially may also apply to the many that the statement of Mahatma

asked for in certain provinces. popular Chinese threatrical plays. Gandhi, issued yesterday, in which

The events of the last few days, This competition has not abated I he attacked the British policy in

however, have made it abundant- during the year ander review, and India, saying it amounted to "rulety plain that there can be no ques- the fact that we have shown an in- by the sword" since it fouted the ton of any assurance or under- crease in theatre earnings in spite wishes of the majority, does not standing with regard to the exer- of this factor cannot but be re-advance matters... Nor does his

cising by Governors of the obliga garded as satisfactory. .: statement dispose of the situation tiona imposed upon them, by the

Coming to our shops and offices, as disclosed in conversations which India Act and instructions. I am glad to report that these are have taken place between the all fully occupied, and the rent various provincial Governors and receipts for the year show an in- Congress leaders: who were invited crease of over 14 per cent. over to assist in the formation of those of 1935.

ministries, it is felt.

In the expenditure account we have been able to make a further your Company continues to ex-reduction of 15 per cent., as com- pared with that of the previous perience keen competition from the sale of foreign cements at very year. In addition the number of low prices. In this connection it

Continged Page 11

op CASH IMPROVEMENT.

is interesting to note from statistics Turning to the balance sheet I available that no less than 82,584 would "draw your attention to the tons of Cement of foreign origin continued improvement in the have been imported into "the Co- cash position of the Company and lony during the year 1936. of which to the fact that during the year 61,000 tons came from Japan and from French Indo- the credit balance with our Bank- 20,000 tons

ers has been increased to over China.

three lakhs. In this connection I In spite of this, the sale of your would add, incidentally, that your Company's.. product during 1936 Company has been enabled to ac- amounted to 59,000 tons and I am cumulate these funds notwith- pleased to be able to state that standing the fact that heavy com- at the present time we are enabled mitments have been met through- to keep two kilns in operation at out the year in respect of limestone Hok Un Works, and it is reason- -deliveries obtained pursuant to the ably anticipated that it will be policy of "your Board to augment necessary to maintain this rate of the reserves of raw material from. of production for some months to time to time, as and when market come. conditions so warrant.

As previously mentioned,

It is gratifying to be able to re- the cord the steadily increasing de-

general reserve now stands at mand from our-export markets.

$950,000 the main items contribut- ing to the Increase during the

Therefore, taken in conjunction with the important defence pro-

financial period being the pro- grammes which are to be under-

ceeds from the sale of Shares in the name of defaulting Share-

taken both here and Malaya, it would appear reasonable to anti-

holders. representing $12.084.10, cipate the continuance of the pre-

together with the profit accruing sent demand for your Company's over and above book, values on the product. and in view of the more résulta of recent sale of the Macao Plant, $8,602.25; encouraging and the proposed appropriation of months, I venture to think that $4,583.17 from Proft and Loss Ac- we can look forward to a greater count, which latter amount is sub- measure of prosperity in the fu- ject to the approval of this Meet-i ture.

ing.

At the same time your Board is Shareholders will doubtless re- of the opinion that, notwithstand- collect that in the speech from the ing the improvement in the results chair last year I made mention of as presented for the year ander the fact that there appeared to be review, as compared with the the previous year, Uttle hope of conditions improving figures for

in Macao, and foreshadowed the shareholders will support the pru- necessity for your Board to give dent policy of conserving the fu consideration to the permanent ancial resources of the Company, closing of our undertaking in that rather than recommending a divi- Colony,

dend distribution at this Juncture. particularly in view of the vicial- SALE OF MAÇAO PLANT

tudes of the past few years and In this relation, and in the ab- the difficulties which -your under- serice of amelioration of the situa-taking has had to surmount tion as then perceptible; your Before closing I would refer. Directors, after careful examina with a deep sense of regret, to the tion of all possibilities, arrived at death of the late Secretary of the the conclusion that the extent of Company, Mr. Allan Keith, and I the business of your Company la desire to record the Board's ap- Macao was insufficient to enable preciation of the loyal and efficient that factory to continue "opera services rendered by Mr, Keith to tions, on a profitable basis, and the Company covering the lengthy having in mind the heavy charges period of years during which he which were being incurred each was associated therewith.

Mr. Erinivasa Sastri, comment-

ing on the "breakdown of negotia- tions, alluded to what he termed the perverseness of the British Government's India policy," which,

It is pointed out there is TO he declared, "could only be mea- connection whatever between the sured when the outbreak of the question of how far it may or may next World War showed the ex- not be necessary in practice for tent to which the loyalty of the Governors to use their special people had been alienated.--.

powers, to which

the Congress, Reuter

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