1937-04-16 — Page 11

21

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HONG KONG DAILY PRESS, FRIDAY, APRIL 16, 1937.

FUTURE OF PEAK HOTEL DISCUSSED

(Centinued from Page 2)

The turning point upwards from the long period of depression that We have been through, followed after the fixing of exchange at

It is pleasant to hear that you ƒ and on the other hand he claimed receive with frequency," Returns a right to speak on behalf of the from our Hotel Managers, that "AII shareholders. In the circums→ Accommodation is Full" We trust tances, he felt that quite apart this happy state of affairs may from the fact of the powers in- long continue,

vested la the Board of Directors, should any measure be adopted. this was a special step and they should not interfere with the Board He thought there was a lot in that and knowing the mind of the Chairman and his colleagues on the Board, if there were any questions effecting the share- holders. he felt sure

the Chairman would welcome and in- vite necessary opinions for their guidance and better deliberations,

REORGANISATION EXPENSES You will note that reorganisation expenses totalling $5,037.28 have been written of. This item covers the entire Court. Legal and Ac- countancy Fees, Printing costs, etc. involved in connection with the Reduction of Capial' Scheme which was passed by Shareholders, and approved by the Court, last year.

'Ample provision for depreciation | about` its presont level by the has been made at rates endorsed Chinese Government, and similar by commercial practice on the re-action on the part of the Hong sidual values of the various Assets Kong Government. The. resulte after the application thereto of the of this early became evident in reorganisation measures, and the great improvement of Ex- amounts for the year to $134.742.03.

ports from China. This brought In the document in your hands greater wealth into the country, the Balance Sheet details appear creating a larger. demand for for- much enlarged this year. To pre-eign imports. So China benefited serve. continuity OI record the all round, and this is reflected in provisions of the reorganisation Hong Kong by the very nature of scheme. which

prased by things. The lower exchange is an | attraction for tourists, and induces them to spend more freely when visiting Hong Kong and China. From these conditions our Com- pany directly benefits.

Shareholders on the 27th May, 1936 and approved by the Court on the 30th July last, have been parti- cularised avainst the Items effect- ed.

}

1

NEW HOTEL ON PEAK

that

The Chairman: I think that both you. D. Kew and Mr. Braga,, are not wanting to take anything from the powers of the Directors and you may rely on their discretion to do what is best for the com- pany. The board,' I ́assure you, will give due consideration to any- thing which may be taken of im- portance. Of course, the Directors do not propose, to abbrogate their powers under the Articles of Asso- į clation.

There is little I can usefully add in amplißeation. I would mention that the additions to furniture-and I trust the Directors will find it fixtures, shewn net-$24,729.61- ( possible at an early date to build cover items which have been ac- a modern establishment on the site quired for various Establishments of the old Peak Hotel as I am con-seconded by Mr. J. T. Bagram, the in furtherance of modernisation vinced that if proper economy is measures, and that the sales re-exercised in the building of a new ferred to in connection with the hotel on the Peak, It will prove to same Asset represent the proceeds be a satisfactory investment. There of realisation by private treaty of is a strong demand by a certain certain of the Peak Hotel furniture proportion of residents in Hong on the closure of that Establish- Korg, who are not necessarily here ment.

for any great length of time, to be relieved of the worries and res- ponsibilities of running their own establishment, and who would wel- come a first-class Hotel on the Peak, provided the rates asked are

Referring to the listed Liabilities, you will observe that the special repairs and renewals account suf-

fered depletion during the year to the extent of $15,738.16. This sum was absorbed in requiring and fix-reasonable. ing silencing apparatus for passen- The situation in Shanghal ta ger lifts, meeting the cost of re-still difficult, and it is probable pairs due to such typhoon damage that the contribution "of our sustained In August last as was Shanghal Hotels will not be a not covered by Insurance, and re- substantial one until the existing constructing and embellishing cer- old buildings are replaced with tain suites of rooms at the Penin- more modern and up-to-date ones. sula Hotel and the Repulse Bay At the annual meeting of our Hotel. The last mentioned expen- Company held on May 27 last diture has had the effect of plac-1 year, the re-organization scheme ing the accommodation dealt with was fully discussed, and Anally in the category of "de luxe." A passed by shareholders; as a re demand for this type of accom-sult of which our shares were re- modation had been detected, and duced from $10 to $7.50 each. At 'Its popularity since completion a time when opinion regarding the evidenced by tenancies. at very advisability of the scheme was very lucrative rates, thoroughly justiñes divided. it fell to my lot to ad- our expenditure on it.

vocate the proposed reduction, and among other things. I then stated that:—

BANK ÖVERDRAFT

The Bank Overdraft figure at the 31st December, 1936, you will, I think, agree is negligible, and at $10,398.25 denotes a reduction in our indebtedness under that head- Ing during the year of $279,000.

The net prodt for the year amounted to $220,064.39, - which added to the balance brought for- ward from

last year, (after the small, reorganisation deduction) $339,261.11-provides

"the" reconstruction proposed. given only fair trading condi- tions in the near future. should' bring the time nearer when the Company, we hope, may be placed again upon a Dividend- paying basis."

After going carefully into the proposed scheme, those were my considered opinions, but I confess. amount I did not expect that a dividend. $559,326.50 available for appro- 'however small, would be forth- priation.

coming in less than a year's time.

תן

BETTER RESULTS

Your Board recommends that $298,466.75 be utilised to pay a dividend of twenty-five cents per

For many years I have been a share on 1,193,867 Shares, and resident in one or other of our that the balance then remaining Hotels, and have always taken a $280,858.75-be carried forward to particular. Interest in the Com- new account. Your Directors ap-pany's affairs. Apart from the preciate that the carrying into improved general conditions' al- effect of their recommendation in-ready referred to, the better re- volves ptillaing from the previousĮ sulte shown by the present Ac- carry forward some $78,000, being counts are due very largely to the the amount by which the actual stern economies exercised with re- profit for the year fails short of gard to salaries, and the general the amount of the proposed divi- | running of the business. The most dend. They are of opinion, how-careful supervision has been exer- ever, in view of the ascertained im- cised by our Managing Director, proved earnings for the greater and his staff; and our gratitude part of the first quarter of this is due to them for all they have year coupled with a rapid accumu- done. lation of the cash resources of the Company now being experienced. that such a step could properly be Laken having regard to the in- terests alike of the Company and of its Shareholders.

I have pleasure in seconding the Proposal that the Report of the Directors and the Accounts for the. financial year ended 31st Dec. 1836, as presented be adopted.

DR. KEW'S OBSERVATION I now formally propose that the Report of the Directors, and the Dr. F. H. Kew remarked that in Accounts for the financial year Mr. Austin's speech was contained ended 31st December, 1936, as pre- a suggestion to build a new hotel sented be adopted, and that the on the Peak. He felt that in the balance of $559,325.50 standing to event of the Directors taking such the credit of Profit and Loss Ac- count be appropriated as follows:- To pay

a dividend of 25 cents per Share on

a step a meeting of the share- holders should be called before they go on such aʼachome,

The Chairman: The Directors

1,103,867 Bhares. $298,466.75 have power under Articles to deal

TO carry forward to

New Account

| with this and other matters and 280,858.75 11 your suggestion is that the Directors should give up these, $559,325,50 powers it is something, of course. they could not agree to." "The mat- ter of the Peak Hotel, as I have previously mentioned in my speech. is still under consideration and there is still nothing defnite.

SECONDER'S SPEECH Mr. Frank Austin, seconding the resolution for the adoption of the |report and accounts, sald:--

Dr. Kew: The Directors may have have powers but surely consider

You, Sir, have given very full details regarding the accounts; and there is very little for me to add.. ing the number of shareholders

It is gratifying to khow that the patronage extended to our hotels in Hong Kong is so much greater that during the previous year; also that this increase shows accelera- tion during the first few months of 1937.

they should have a voice or they might be asked whether feasible.

Mr. J. P. Braga said he thought that like most questions there were two sides to the picture, Dr. Kew was quite within his richte

... OTHER BUSINESS › On the proposal of Mr. M. H. LO, appointment of Mr. Lawrence Ka- doorie to the Board of Directors was confirmed, and the re-election of Mr. J. Scott Harston to the Board was carried unanimously. "On the proposal of Mr. N. V. A Croucher, seconded by Mr. H. Olt tins, Messrs. Percy Smith., Beth and Fleming, were re-appointed auditors and the payment of $3,000

for extra work done last year was

sanctioned.

THOSE PRESENT Present at the meeting were.~ Mr. Lawrence Kadoorie (Chair- mau), Sir Robert Ho Tung, Hon. Mr. M. K. Lo, Mr. J. Scott Harston, and Mr. J. H. Taggart (Managing Directors), Mr. P. H 8Buckling (Manager), Mr. F. C. Barry' (Se- cretary), Dr. F. H. Kew, Messrs. N. V. A. Croucher, J. T. Bagram, M. H. Lo, J. P. Braga, Frank Aus- tin, A. M. L Soares, H. Gittins, G. A. Harriman, C. C. Blake, E. Abra-. ham and A. G. Plovanell! (Share- holders).

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