1938-07-23 — Page 2

PAGE 2-HONG KONG DAILY PRESS

KIRIN

The

B

E

Choice of

The Multitude

H.

Tel. 20720.

E

Sole Agents

R

HONDA & CO.

10. Johnston Road, Hong Kong.

THE TAIKOO DOCKYARD & ENGINEERING

COMPANY OF HONGKONG, LIMITED.

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

Under Licence From Messrs. Parsons,

BUILDERS OF DIESEL ENGINES

Under Special Licence

7.

From Messrs. Sulzer Bros., Winterthur.

Licensed To Manufacture Lanz Perlit Iron, Specially Suitable For Internal Combustion Engine Working Parts, DOCK & SLIPWAYS.

FOR DOCKING VERY LARGE, AS WELL AS SMALLER VESSELS, ON ANY TIDE.

ཨི༔ཏི

ALL CLASSES OF SHIP, ENGINE AND BOILER

REPAIRS AND EXTENSIVE

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

BUTTERFIELD & SWIRE,

HONG KONG, CHINA & JAPAN.

TEL ADDRESS: "TAIKOODOOR, HONG KONG. TELEPHONE: 80211.

Agents,

CALL FLAG: "NUMERAL ONE!" (YER "PENNANT ANS,"

So much dat is beautiful and romantic awaits you la Austria Vienna-the world's music centre; Salzburg the festival city; the Styrian woodlanda; the beautiful Danube valley: the Lakes of Salzkam mergut and Carinthia; the Tyrol and Vomberg- lands of picturesque peasants and snow capped mountains; and the lovely landscapes of Lower and Upper Austela: Both for Summer Holidays (Golf, Tennis, Swimming, Climbing, etc.) and for Winter Sports, Austria, has become more popular than ever. Come to Austris at any time of the year—you may be max of a klidly "Welcome,

Come to Beautiful Romantic. Austria

Considerable fue reductions now myllable. Acewamy dation can be obtained from 6/6 2 day. Trail with Anzerian, Travellers' Chaqueta-fu comentenga. Veiti for dial winter programme of inclusim. merangements "in" the leading tourist, azunciar, AUSTRIAN STATE TRAVEL BUREMAJ, 119, 3 Strert, London, 3+1, Engimii (20

GENERAL

SHARP CRITICISM BY MR. JOHN

LITTON

Marsman's Balance Sheet

Said "Unhealthy"

Mr. J. L. Litton, a shareholder, severely criticised the balance sheet as "not only unsatisfactory.and unhealthy but most shocking" at the annual meeting of the Marsman Hong Kong China, Ltd., which was held in the Company's offices at the Hong Kong and Shanghai Bank Building this morning.

+

contingent liability for the uncall- ed capital is $85 per share.

Mr. Litton asked more questions, saying: Investments at cost atand at £163,000; how much of that represents investments in Hong Kong?-£16,087 represents Hong Kong investments and there remains £147,000 of which £12,000 ts in the Coco Gro e.

SATURDAY, JULY 23, 1938.

RAIDS IN SHEK

"KU LUNG ST.

HAPPY VALLEY GAMBLING RAID SEQUEL

Hearing Further Adjourned

POLICE APPLY FOR

',

WARRANT

.1|

KOWLOON COURT PROSECUTIONS

Three raids carried out under the direction of Revenue Officer E. T. Warden at Shek Ku Lang... Street on July 14 resulted in the |appearance at the Kowloon Court. before Mr. Barnett yesterday of three alleged oplum and heroin divan keepers.

Chung, Wai, whose divani was at

With regard to the leading pro- ducing mines in which we hav

On account of fresh evidence (invested £40,000, can you tell me

whether all the companies in which produced in connection with the jwe are interested are on & dividend case against Ma Tau-namn, was the time of the raid administering

paying basis-This is shown in charged with permitting his re- the report--they are all on a divi.sidence, No. 20, Shan Kwong Road, to no fewer than 27 smokers, was sentenced to 15 months' imprison dend paying basis.

to be used ana gaming house, a Under fixed asacts the item "Mine further adjournment was granted ment with hard labour.

Yau Hin, who kept a divan at Development expended to date by Mr. Butters at the Central

the same address 32 Shek Ku Läng £10.652", does this amount repre- Court yesterday on the application sert the Company's investment in of Mr. G. 8. Hugh-Jones (for the Street or another floor, received the wolfram mine in the teased defence, who told the Court that sentence of seven months with hard labour. His divan had only and Territories?-It does the Needle he wished to cross-examine

|been harbouring 10 smokers.

Mr. J.-L. Litton said that although the company was organized primarily for the purpose of investigating, securing and working mines in the Colony and the leased territory, as well as in China, it seemed from the halance sheet that the management had been con- centrating in speculation on metals to the extent of €212,000 against an overdraft for the same amount, resulting in a loss of about £60. 000.

Mr. J. H. Marsman presided and jganised primarily for the purpose

securing of investigating, In addressing the meeting said:-

DEVELOPMENT WORK

TRADING LOSS

the

new, witness and that he had not been given the opportunity to do

a police

So Ning, keeper of a divan åt 20 Shek Ku Lung Street, harbouring 10 smokers, at the time of the raid,

The activities of the Company working mines in the Colony of Hill property. have been adversely affected by the Hong Kong and the Leased Terrt-! outbreak of hostilities between tory as well as in China and to If so, can you give any reason so at the previous hearing.

The new witness was China and Japan and the world-act as consulting and supervising why no reference is made ther wide depression which set in since engineers, etc." But looking at the in the report or in the balance Interpreter, who produced copies received a sentence of 15 months

Balance Sheet it seems that the sheet concerning the working of lot translations of documents which with hard labour. the Company's formation.

The total number of heroin pills management has been concentrat this mine, particularly whether the the police had seized in a cabinet A scheme was evolved under ing in the speculation of Metals to venture has been profitable or where checkers "chips and money seized in the three ralds was 811. which studies of development work the extent of £212.000 against an otherwise?-There was a pront of were also kept.

£5,000 from the mine, which pro- The documents included

bills PEN SNATCHED in South China were to be under-overdraft for the same amount, re

Mr. P.G. Tate appeared as com- a commission through sulting in a loss of about £80,000 fits were taken up in the trading addressed to Ma Tau-nam, some taken by

($1,000,000) as On April 30 It account.

of them personal, others address-plainant before Mr. Edwards at four committees of experts for

In the proft and loss accounted to the family in general.

the Central Court yesterday, when power, mining, industry and agri seemed that the object of the Com-

Among the documents war an unemployed. Char." Wah-hing, culture. The principles underlying pay was not for the purpose of trading loss stands at £7,354. Is

looking for metals, but to specu-that a further loss on metals? It cash book which contained several was charged with stealing a foun- the scheme received the support of

late in metals. Before the ac-is not a further loss. It is the only leading British and Chinese off- cials and the Banks signified their counts are passed by this meeting, loss sustained up to date. willingness to co-operate in the matter of providing the anance for any individual project, which thorough study showed" would be revenue-producing. Work in this connection steadily progressed; studies were made of, and in some cases, tenders submitted for various works among which I might men- tion a hydro-electric scheme, an investigation of electrical distribu" tion and another of the mining

resources of South China.

THE MINING SIDE

30.

items of the eash accounts "to tain Ben Sentence of three watchman on the roof. 815 on months imprisonment was Im- various dates in June and July.

posed

The charge, against Ma Tau- nam was the sequel of the raid on No. 20 Shan Kwong Road by the

I would like to ask whether any The motion concerning the re- metals have been sold since April port and accounts was then put to the meeting, and it was carried un- animously."

On the proposal of Mr. Dank-police. werth, seconded by the Hon. Mr. 8.

Mr. John Whyatt, Grown Coun-

The Chairman: Yes. I explain

not only ed the whole situation. about metals but everything, to you yesterday but you then did not tell H. Dodwell, Messrs. Robert de Vossel appeared to conduct the

LOOK me that the balance sheet was and T. B. Wilson were re-elected prosecution. shocking.

Directors. Mr. B. W. Mason was Yesterday Mr. H. W. E. Heath. OUT

Mr. Litton:

I did not use the appointed a Director on the pro- A.B.P., was recalled and he stated word shocking. that is true, but I posal of Mr. Wilson, seconded by that during the rald he found a FOR would like all shareholders to know Mr. de Vos.

revolver and some ammunitions. what you have explained to me.

CONTINGENT LIABILITY

On the mining side of the Com- The Chairman: The shareholders pary's activities an item of impor-know as much as what I have ex- tance is represented by an invest plained to you yesterday. The ment of approximately £28,000 in condition of the Company Is a Dutch company formed in Am-healthy and the investments well sterdam under the name of N. V. protected.

་

Proposed by Mr. Litton, seconded the owner of which was Ma Tau- by Mr. J. W. Hanson, Messrs. Lowe. nam. The ownership of the Bingham and Matthews were re-weapon was further proved by elected auditors.

Inspector Hopkins, who is in charge of the arms licence depart- ment.,

<3

FORGED PASSAGE

TICKET

After further arguments between Crown Counsel and Mr. Hugh. Appearing on remand at the Jones, the hearing was adjourned Marsman's Algemeene Exploratie Mr. Litton: May I ask what is Central Court yesterday on atil July 27 at 2.15 p.m. Maatschappij for the purpose of the amount of the contingent lla-charge of uttering a forged com- Prior to the commencement of investigating and exploring mining tillity in respect of uncalled capt-plimentary passage ticket of the the hearing yesterday. the police possibilities in the Dutch East tal on shares purchased and what Sze Yap Shipping Company, two applied for a warrant for the ar- Indies, Malaya and French Indo- kind of shares?

unemployed men, Cheung, Wo and rest of one of the person's who China.

Ma San, were convicted and sen- failed to appear to answer the tenced to two months' and three charge of gambling. months' imprisonment, respective-į Mr. Whyatt said the police were ly. Mr: Q. Y. Kwan appeared to interested in, the person, whose conduct the prosecution, and De- real name was Wong Yat-poh, but rective Sergeant J. Hunter was In who informed the police that he charge of the case:

was called Lam Foo.

i.

The Chairman called upon Mr. BIG ADVANCE

G C. Dankwerth, retired Director, An advance of £120,000 at 7 per to answer the question, and the cent. Interest was made to Coco Matter said; we have subscribed Grove Inc, on the security of two 3,000 shares at $100 each in the dredgers then under construction, Organic Fertilizers, of which $5 per Tth the guarantee of Marsman share has been paid up," and the and Co. Inc. as additional security. Eventually. an arrangement was completed whereby this loan was converted into shares at 50 cen tavos per share the guarantee ol Marsman, and Co., mentioned spove remaining in force, such guarantee

cover, reimbursement of the capital invested at 50 centavos a share plus à minimum dividend of 7 per ceat per annum.

A loan was also made to the Itogon Mining Company of £40. 000 bearing interest at 7 per cent. based on usual bank terms with, the additional provision of a Marsman and Co. Inc. guarantee.

PHILIPPINE ACTIVITIES Additionally, about £20.000 was invested in leading producing mines stock in the Philippines. Advantage was taken to average tiese holdings by a further invest ment of £20,000 on a lower market making a total investment of ap- proximately £40.000.

WAR OFFICE LIST Following negotiations completed in London, I am happy to say that i your Company has been placed on the War Office List of Contractors, The management of the Vibro Piling Co. Ltd., was taken over with a financial interest in the Company and in addition to work in Hong Kong demonstrations are being given in Manila, where the outlook for this type of foundation, is pro- mising.

„About the middle of the year, we took over Concrete Products Ltd. in Hong Kong. This subsidary has shown steady advance.

In conclusion, I venture to think that the foregoing resume shows that inspite of the disturbance caused by hostilites which tem- porarily put an end to many of the projects we had in view when the Company was formed, contacts have been made during the past year which will prove of consider- able value when peace, is restored.

SHAREHOLDER'S QUESTIONS The Chairman then proposed the adoption of the report and acı counts, but before the motion could be put to the vote, Mr. Liiton saldy" Your remarks regarding the ac Hvities of "the Company are very interesting, Hut I still think that the Balance Sheet as presened to us today, is not only unsatisfactory and unhealthy but most shocking, In your report: to shareholders you stated: "Tour Company wAR-OF-

F

OUR

HALL

MARK

which stands for the BEST

ኒነ

In Hotal Service.

If you are "guided by

ECONOMY

and yet want COMFORTABLE. ACCOMMODATION And-

A GOOD TABLE Stay at

REX HOTEL

THORNYCROFT

"STURDY"

CLASS

76-77, Bra Busah Road,

Phone 2600," SINGAPORE

314-Ton (7,840/8,960 lbs.) CHASSIS

Forward - Control Types "ZE/TC4” & “ZE/TC4

FURTHER TYPES

RANGE FROM

2 TONS 8 TONS

RIGID 6-WHEELED MOTOR VEHICLES 5-7 TONS

JOHN I THORNYCROFT & Co., LIMITED.

ST. GEORGE'S BUILDING, 1ST FLOOR ALSO

Compression Ignition (Diesel) Marine Engines

RANGES FKOM-

THORNYCROFT

stands for Satisfaction

9. BHP. TO 145 BHP.

SHORT

FOR FURTHER PARTICULARS

APPLY TO OUR.

HONG KONG OFFICE.

TEL. 2236