1937-05-24 — Page 7

14

ANNUAL MEETING OF

LANE, CRAWFORD, LTD.

Intimation Of New Issue

Of Capital Made

SATISFACTORY YEAR

..

Presiding at the annual meeting of shareholders of Lane, Crawford Ltd. held at Exchange Bullding on Saturday, Mr. J. II. Taggant intimated that a new issue of capital to the extent of. $750,000 may be made by the Company. A dividend of six per cent was declared.

,

Addressing the meeting the Chairman said-In submitting for your consideration the Accounts for the year, I find there is little I can add by way of amplification of the information is set forth i the statement presented, other than to point out that the trad- ing period under review has been exceptional in two respects: firstly, due to the virtual stabilisation of exchange rates during the year which simplified the business of replenishing stocks, without disturbing price levels and, a condly, the improvement in pur- ..chasing power and consequent speeding up of Circulation as evil. enced in the increased turnover, which was particularly marked in the latter half of the Company's Anancial year. The beneficial effect of the favourable conditions to which I have made special re- *ference is reflected in the accounts before you, displaying as they.do

a

working prodt of $141:487.05, which figure-excluding the pre- Flous year when the effects of re- organisation upset comparative values has only been exceeded twice covertrig the past twelve years, and on both such occasions I refer to the years 1931 and 1032-pronts were materially en- hanced by favourable movements In exchange; therefore, coupled the fact that the accounts with which we are dealing have not benefitted from any extraneous Items of profit, such as exchange or realisation of assets other than

stocks. I venture to think that you will agree that the figures submit- ted-representing as they do the outcome of merchandising under comparatively normal conditions- can be regarded as satisfactory

HEAVY STOCKS

There is nothing exceptional in the charges to the debit of profit and loss..account, other than the "non-recurring item of $1,502.63 which represents the cost of a small alteration to the store which does not warrant capitalisation.

and when a definite decision has been arrived at in relation to this side of your Company's undertak- tng.

+

Indebtedness to the Bank shows an increase of $135,774.85 as com- pared with the previous year, and is accounted for by the increase in stocks previously referred to, to- gether with the reduction in in- debtness to trade creditors, coupled with capital expenditure amount- to $53,895:56, which has been financed during the year under re- View I am pleased to state that the cash position has materially Improved since the turn of the financial year and at the close of business yesterday, the Company's overdraft-after meeting all .com- mitments to date-stood at the much reduced figure of $282,883.48. CREATION OF GENERAL RESERVE Turning to the balance at credit of profit and loss account in the amount of $207,398.43

you will note that the recommendations of your Board Include-inter alia-the payment of a dividend of 6 per cent. absorbing $45.000.-approxi- mately 50 per cent of the nett pro- Ats earned during the financial year; it is further proposed that a general reserve be created, and a

sum

of $100,000 be appropriated thereto, and that the balance of 582,396.23 be carried to the next, Account: these conservative, mea-. sures have been recommended by your Directors with a view to en- suring a great degree of financial stability, and I trust that they may meet with the approbation of shareholders.

been for

NEW SHARE CAPITAL Before leaving the subject of an- ance, I deem it opportune to draw the attention of shareholders to the fact that the Company is, and has

some years past, severely handicapped by the lack of working capital. with the result that it has perforce been compelled to resort to financing through the medium of its bankers. Whilst Turning to the balance sheet- the facilities extended during a total fixed assets show an increase period of extreme financial stress of $16.233.85-after effecting ad- have been of a generous nature, equate provision in respect of de- nevertheless. It is felt that the preciation as compared with the

time has arrived when it is ob- previous year, such "increase being

viously in the best interests of the occasioned by the debits to the Company and its shareholders that relative headings of the nxed as-consideration be given by your sets, concerned, represented by the expenditure involved on comple tion of the Exchange Building first floor alteration, together with cer- tain necessary additions to turn ture and fttings.

h

HONG KONG DAILY PRESS. MONDAY, MAY 24, 1937.

WEDDING BELLS TRAGIC FIRE

-

Naval Officer Weds At Cathedral

LOUGHBOROUGH— MOIR

The wedding between Lleut. H. W. Loughborough, of HM8, Olym-. pus, son of Mr. and Mrs. T. W. Loughborough, and Miss Maureen Austin Moir, daughter of Mr. and Mr. A. C. Meir, of "Cornhill West," Quarry Bay, took place at St. John's Cathedral on Saturday afternoon. The Rev. H. W. Baines officiated at the ceremony while Mr. Lindsay Lafford tendered ap- propriate music at the organ.

The customary arch of swords was provided by the bridegroom's colleagues. Lt. H. S. Mackenzie, of H.M.S. Rainbow, was best man.

CLAIMS FOUR

VICTIMS

Bodies Found Huddled In Cockloft

KOWLOON CITY OUTBREAK

Chan Ah-1, uged 46, widow, Yip Ho. Yip Sau-ying, married women. and Ngan Mak, a boy, were the victims of a tragic fire which oc curred at No. 23 8a Po Road, Kow- loon City, at 350 a.m. on Saturday. Their charred bodies, now lying at the Kowloon Mortuary, burned be- huddled together in the cockloft of Fond" recognition, were discovered the ground floor after the fire had been extinguished.

Misses M. leap and K. Moir, the bride's sister, were the brides-floor which was occupted as a The fire started on the ground maids and uttle Miss M. Hume was the flower-girl.

The bride, who was charmingly attired, was given away by her father.

After the ceremony the bride's parents held a reception at their residence, after which the happy couple left for their honeymoon at Repulse Bay Hotel.

WOMEN

MOTORISTS

But Men Are The Best Drivers

The question as to whether men or women are the best drivers has again been threshed out in Eng land by the Ministry of Transport, who recently published their figures of the result of the driving test.

Out of a total of half a million tested. 22 per cent of men and 30 per cent of women falled.

W.

The verdict therefore appears to be much in favour of the men. One point however does not ap pear to have occurred examiners,

a

to the

Men drink a good deal more than women. Also. men when driving frequently get thirsty and drop into pub., or hotel for a drink. After a few drinks. It 15 questionable whether they' would still prove safer drivers than the women.

It is obvious though, that these men would take their test before, and not after the usual dricka.

more

BETTER ROAD SENSE

A point in favour of men is that they show better road sense, and

consideration for cwhen sober) than de women, and others

that they are better at backing. and parking, and signalling.

Most of the women who failed, did s0 on clutching. and smooth-restarting. such tests 13 de-

or by failing to remember to put the gear in neutral before using the self-starter. The Ministry are of the opinion that small faults such as these are partly due to

Board of Directors to a scheme for increasing the authorised capital and issuing to members, at a time which may be deemed propitious, additional capital to the extent of 75.000 Shares of a par value of $750,000.-such additional capital "nerves" to be utilized for the purpose of reduction" mortgage indebtedness on its cen- tralised property: whilst no finite decision has beer arrived at to proceed with this matter at the moment. It is however, the inten- tion of your Board to submit such recommendation to shareholders in due course.

of the

ma-

In favour of the women Company's torists the Ministry of Trans- port stated that when a woman de- is a good driver she is absolutely

these and the poor driver is very "AI" but that the gap between big. They furthermore consider that the mechanical side of motor- ing is what chiefly bother their .women candidates, but that the mechanical side does not appear to worry most men, and in fact they appear to like it.

Stocks-including goods in tran- sit-amounted to $889,815.27, an increase of $143,291.08 as compared with the preceding year, in which connection it must be borne ta mind-when effecting a compar- Sun-that due allowance must be made for the exceptionally light stocks carried at the end of the previous financial period as the outcome of clearance sales during 1936. and adjustment of stock

Before concluding. I desire values on reorganisation. Whilst place on record an expression of on this subject, it appears op-appreciation to the Staff for their portune to stress that when 18- work and loyal co-operation dur- sessing the value of stocks, it is ing the year which are responsible the policy of your Board to make in the main for the excellence of adequate provision against the the results, as presented. contingency of deterioration and/ or obsolescence.

N

SUNDRY DEBTS

Sundry debtors stand at a figure óf. $171,578.44, or some $4.342.89 higher than last year, and. whilst it is deemed expedient to retain the Reserve against bad and doubtful debts at $10,000.—it will be observed, on reference to the profit and loss account, that the actual bad debts amounted to $3,820.48 only. thus constituting a negligible amount vis-a-vis the turnover,

written

off

On the Habilities sides the only item calling for comment is under the additional heading "Reserve for New Bakery Plant" amounting to $9,091.12, which amount is re

to

I now propose formally that the report and accounts be adopted.

SECONDER'S SPEECH Mr. J. T. Bagram, seconding the motion, said he felt he expressed the opinion of shareholders in stating that they were very grat)- fled with the outcome of the year's working and the resumption of a distribution of profits in the form of dividend.

"In regard to the matter of in-

CHARCOAL MURDER

CASE

Petition To Be Considered

On Wednesday

It is probable that the fate of Chiu Yuk-fal, young P.W.D. draughtsman condemned to death for the murder of a woman, will be known on Wednesday wheri HE. the Governor-in-Council will

creasing the capital of the Com-consider the appeal for clemency pany. I agree it is obvious that the Bent to the Colonial Secretary by present capital is insufficient, and

the jury, also the public petition, we are prepared to leave it to

which has been signed by over Directors to deal with this in the

2,500 names. best interests of shareholders,” he added.

present: Mr. R. A.

Mr. E. M. Raymond was re- were also presented by the proft in ex-elected to the Board of Directors. Dastur, Mr. D. C. Edmonston and change arising from the sale of and Messrs. Lowe, Bingham and Mr. S. T. Williamson, Mr. A. W. sterling which we had contracted Matthews were re-appointed audi-Brown (Manager). to take up at a favourable rate in tors, order to Enance the purchase of

new machinery for, the bakery;

the matter of modernisation of the bakery is still under consideration by your Board, therefore the ro serve created will be utilised as

The chairman announced that dividend warrants could be had on

THOSE PRESENT

application.

Mr. J. H. Taggart was in the Chair and the following Directors

Chinese grocery store. When tekis of the shop made their escape through the main door, as a result of which it was left open, the fire, being fanned by the wind. Imme- leading to the upper floors of both diately enveloped the staircase Nos. 21 and 23. and swiftly In- volved both buildings.

It is believed that the victima were suffocated in their sleep for there were signs suggestive of their having "attempted to

escape from the premises.

The inmates of the upper floors, numbering over 40 were panic- strikened and were on the verge of jumping after having discovered that their only way of escape to the street was cut of.

An elder- ly man who kept his head managed to quieten them after he had mug- gested that they could escape by ascending to the roof and descend- building. Thus over 40 lives were Ing the staircase of the adjoining

saved.

After the alarm had been re- ceived. fire appliances from sta- tions on the mainland had the disturbance under control within half an hour.

There was no mention of mis- omclais or to fire brigade officers, ing persons in the burning to police

and the tragedy was only dis- after the fire. covered, in the course of a search.

URBAN COUNCIL

MEETING

Questions On Rabies

To Be Asked

Quetsions on rabies, the muzzling order and the requirements re- garding the inoculation

GARRARD

BRITISH

CLOCKS

8- Day WESTMINSTER

CHIMES

14-Day STRIKING

.8 - Day "

CLOCKS

LEVER TIMEPIECES

11

Much time and meticulous care is taken in the construction of every Garrard Clock that leaves the factory. Every completed timepiece must conform to the very high standard of Garrard efficency and reliability that is why they appear to cost a little more than the average clock but your 'Garrard' will be striking many, years after the cheaper clock has struck for the last time.

HANDSOME MODERN CASES of OAK, MAHOGANY

& WALNUT

New Models Now being displayed.

LANE CRAWFORD • LTD.

The House of Quality & Service

15225252525252525252525252

FUNERAL OF

MISS I. REIS

Death After Long Illness

The funeral of Miss Innocencia. Rets; aged 49, who passed away on Saturday at the St. Francis Hos- pital after a long liness, took

at the of dogs place yesterday

Roman Catholic Cemetery. The Rev. Fr Grampa officiated at the grave- side.

are to be asked by the Hon. Dr. Li Shu-fan at the meeting of the Urban Council to-morrow after noon.

Dr. Li Shu-fan will ask: When was the last case of hu- man and/or animal rables report- ed?

Assuming that there are no fur. ther cases reported, when will be the probable date of repealing the muzzling order?

The deceased is survived by her brothers and alsters, Mrs. J. Castilho, Mr. F. Rels, who is now in Manila, Mr. J. M. Reis, Mrs. J.

to Souza, whom the deepest sympathy is extended.

Those present were:

at the funeral

How long is the present mux-

Mr. J. Castlina, Mr. and Mrs. J. ling order in force?

(a) Is there any record of the. R. Tavares, Mr. A. Laurel, Mr. M. Reis, Mrs. J. Souza. Mr. number of permits issued, permit-A. Delgado, Mr. E. Nuttall, Mr. and ting the movement of dogs across Mrs. F. Sequeira. Mr. and Mrs. J. the harbour?

(b) If there is, what is the total number during the last year?

HARBOUR PERMITS

is it a fact that:

(a) No permit is issued to any ane to take a dog across the har- hour, unless it is first inoculated by an authorized veterinary SWI- con?

(h) Most of such inoculations are performed by the Colonial Veterin- ary Surgeons at the "Government

offices?

c) A stipulated fee is charged? If the answers to (V) (a) (b) and (c) are in the affirmative: (a) What is the fee charged? (b) Who is the eventual res plent of the fee?

(c) If the fee is not paid into the Colonial Treasury, then, in view prepared to withdraw the privi- of the anomaly, is the Government lege granted to those conducting private practice within Govern-

ment offices? ·

« GOVERNMENT SALARIES Is it a fact, that the Govern- ment Veterinary Surgeons are re- reiving salaries in full? private veterinary surgeons prat- What is the number, if any, of

ticing in the Colony?

Remedios, Mr. Gomes, Mrs. E. Castro, Mr. J. Remedios, Mr. S. E. Bouza, Mr. and Mrs. Baptista, Mr. and Mrs. C.. Silva, and many others.

•

Floral tributes went sent by the following:-Mr. and Mrs. F. Reis and family, Mr. and Mrs. Jose Rele and family. Mano and family. Mr. and Mrs. H. Xavier and family, Mr. and Mrs. F. F. Laurel and family, Staff of H. E, and Shang- hal Bank (Kowloon).. T

NEW COMMODORE"-

ARRIVES

Captain Edward Bernard Cornish

WATCH &

CLOCK

SECTION

·Ground Floor.

A GLASS OF

KIRIN BEER

A

Tel. 28151.

NECESSARY REFRESHMENT WHEN GOOD COMPANIONS MEET.

'SOLE' AGENTS 1

H. HONDA & CO.

TEL. 20720.

40, JOHNSTON ROAD HONG KONG.

Remember that the time which is so dangerous to Winter Clothing -if stored away without thought of protection is almost here.

HERE THEY STOP! Prot

Dicken, O.BE, D.B.C., RN., the new Commodore, who arrived by the Bue Funnel liner Aeneas to relieve THE SIGN OFÀ Rear-Admiral C. G. Sedgwick '(re- tired), Commodre-in-Charge of Hong Kong, who will be leaving the Colony next Friday by the R.M.S. Empresa of Russia.

Captain Dicken was welcomed at the Holt's Where by Lieut. Comdr. N. de G. Waymouth, Flag-Liez- were Mr. W. L. Mackenzie, Mr. W. oculating dogs, and the

Among the shareholders present In view of the simplicity of in- tenant to Rear-Admiral Sedgwick, Robertson, Mr. F. W. Stapleton, continual prevalence of rabies, Chancellor of the University of almost and Bir William Hornell, Vice- Mr, A, M. d'Eca, Mr. J. T. Bagram, state any good reason why quali Hong Kong, with whom the new. Mr. E. J. Ainslie, Lt-Col. H. B. L. fed medical practitioners of good Commodore will stay for a few Dowbiggin, Mr. F. C. Barry, Mr. H. standing should not be authorized | days until he moves into Admiralty R. Forsyth.

to perform inoculations,”

House.

PROTECTION

ZORIC Dryclean all Winter Cloth- ing before putting away and feel assured they are not only thoroughly Clean and Odourless but positively. Dry, which is so essential before storing.

ZORIC

CENT CLLANING SYSTEat

THE STEAM LAUNDRY