1938-12-22 — Page 11

HONGKONG DAILY PRESS

#

Finance and Commerce

OVER MILLION DOLLARS

PROFIT FOR YEAR

China Light And Power

Annual Meeting

A profit for the year ended September 30, 1938, of $1,063,020,58 was reported by the Chairman Mr. J. P. Braga, O.B.E.. at the 20th annual general meeting of the China. Light and Power Co. Ltd., held yesterday, when a dividend of 50 cents per share on the "Old" shares and proportionate amounts on the 1938-issue shares were ap- proved by the shareholders.

An extraordinary general meeting was held immediately after. when a resolution that "the authorised capital of the company be increased to $15.000.000 by the creation of 1.000.000 new shares of the nominal value of $5 ench and that such new shares be issued at such time or times and on such terms and conditions as the Direc- tors in their absolute discretion shall see fit" was unanimously passed.

S'HAI DOLLAR APPRECIATES

Large Turnover Reported

There was a sharp fall in

the exchange rate for Shang- hal Jollars yesterday, the figure falling from 1791 at the opening to 175 at 11.30 am.

Interviewed by the Hongkong "Daily Press." C local bulilor broker sald —

The Shanghai dollar rate has remained steady with very little change for a few days but the market suddenly took B turn when buyers appeared on the. market.

Rates ruling ni 1794 in the morning fell steadily and at 11.30

Those present at the meeting are about to derive. 1 allude to a.m. the quotation was 175. were:-Mr. J. P. Braga, O.BE., Mr. the bullding, and equipping of the the meantime Shanghal sterling which opened at 8 11/32d rose to Lawrence Kadoorie. Hon. Mr. M. new Power Station. "

This steadiness Was K. Lo. Mr.

"It is not quite time for the pre-18 13/32d. A. Raymond (Direc- tors), Mr. D. W. Munton Mana- sentation of an outline description | attributed to rumours from Shang- wall deЛuitely ger. Mr. L N. Murray Deputy of your latent, asset; we await a hat that Britain Manager), Mr. Noel Braga (Secre- more opportune moment in the give further support to Chinese tury and the following share-near future. But sufficient work currency and this, not unnaturally, holders:--

has been accomplished on the new has caused local and Shanghai Miss Stella Bander and Messrs. Power Station for us to assure you speculators taking a flutter in the J. A. Alvares, S. M. Bander. John that upon its early completion you market. V. Braga. W. J. Brown, F. C. Clemo, will possess a property of con- Chua Seng-choo, Fong Fulson, J. siderable value, and Kowloon and M. Jack. Horace Kadoorie. Kung the New Territories will be served Cheong, P. Y. Kwan, Kwok Kam- by a power house of adequate size hang. Lo Pak-hon, Lo Wan-kwan, equipped, in a manner to meet whether the

ments for some time to come.

It has been reported that a few. millon Shanghal dollars changed hands within half-an-hour, and predict while it is difficult to

Shanghai dollar

K. C. Mark. J. Martins, G. Remolently all reasonable require-will continue to strengthen. busi Murray, C. M. da Silva, FL Silva. A. J. V. Smith, M, M. de V. Soares. R. Stock, Wong Kit-wan. and Wong Hai Chaw (Share- holders).

CHAIRMAN'S SPEECH

The Chairman said:--"Gentle- men a year of unprecedented ac- tivity in Kowloon and its hinter- land marks the period of steward-

MILLION DOLLAR PROFIT

In a year of abnormal con- ditions and much difficulty. the profit of $1,063,020.50 (against $952,104.54 for the previous corresponding period) might be regarded with" cer- tain satisfaction.

This result was achieved after

ness people will probably find it extremely difficult to decide whe- ther they should cover Shanghal exchange for their commitments."

SILVER MARKETS

LONDON SILVER

London, Dec. 20, Silver-Spéculators sold "for"

ship a report on which the Direc provision had been made for ade-ward." Business, smuli. Märket tors have to render to you to-day.quate depreciation, as shown in

R

Spot......... Forward

20-1/8d. 19-1/2d.

-Reuter.

NEW YORK SILVER

steady. In the afternoon, the It has been a year not entirely the Profit and Loss Account, to market was very quiet. free from care and anklety the extent of $545.875.31. Nor originating from "external events must we be tempted to review the near and far: near, because of the achievements of the past year confilet in the territory of neigh-except in spirit of subdued bours residing at the very optimism. The attendant cir- threshold of our doors; and fat, cumstances during the year were from events of world-wide, exceptional; they were not in the momentous importance of great

nature of a continuous normal interest to Hongkong.

growth of your undertaking such as we have been accustomed to in the past.

New York. Dec. 20. Official Price, 43-34.-Reuter..

BOMBAY SILVER

Bombay, Dec. 20. Market-Steady. Oftake 25 bars

Indian Mint Silver

51-03 51-02 Jan. 16 Settlement . 50-01 50-01

"Your Company has continued to pursue the polley of, extension and enlargement decided upon

"Against the year's improved three years ago. In the carrying earnings must be set the increased out of that plan. It is true. money working expenditure. To indicate has been asked for--and subscrib-to you how large such expenditure Feb. 14 Settlement 50-15 ed-to help the Company realise a has been it suffices to mention scheme the benefits of which you that, as compared with the pre-

LIGHTING AN EXHIBITION

Glasgow Empire Show Facts

During the six months that the Empire Exhibition at Glasgow was open the light- · inr of the 175 acres сап- sumed about 14.000.000 units of electricity. Many towns of about 30,000 Inhabitants - use less than this in a year,

vious financial year. the total quantity of coal consumed in 1937/38, increased by 35 per cent.. the cost per ton being higher by 36 per cent., making an Increase In expenditure on coal of 84 per cent.

NEW TERRITORIES

Ready.......

50-15 -Reuter,

FINANCE

THURSDAY, DECEMBER 22, 1938.-PAGE 11

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REVIEW OF BRITISH SHIPPING INDUSTRY

The review of the present position of British shipping as

to world trade, which formed an

T. Russell Cairns presidential ad- Coast Institution of Engineers and attention to a number of features which satisfactory,

"The ubiquitous character of an industry. and its relation your undertaking will be realised important section of Major

the North-East when mention is made of the fact dress to that our high tension lines erected Shipbuilders recently drew at suitable points in the New Ter- cannot be regarded ritories take a supply of electricity

as far out as the frontier road, right on the British border.

As Major Cairns pointed out, proportion of laid-up shipping. the best evidence of the state of and in the Tyne alone the num

the industry was afforded by the ber of vessels laid up had in

creased from four In August, 1937,

"On, the Sha Tau Kok side, re- cently dislocated by Sino-Japanese JAPANESE CEMENT hostilities, a service was given to

Statistics concerning outstanc-certain Chinese domestic premises

ing lighting installations at the ex- hibition carried out by the General Electric Co., Ltd.. of England, make interesting reading.

The Bloodlighting of avenues and

trees, for instance. consumed. 180,

17

(Continued on Page 13)

AID FOR "LANCS COTTON

London. Dec. 21.

would

be

FOR SINGAPORE

41 elve months later.

The year 1937 was one of the best that shipowners had enjoy-

ed for a long time, and yet it re- presented no more than a normal

Controversy Roused level of prosperity.

By Decision

ALS

of

The Chamber

Shipping freight index. based on, the con ditions of 1929 us 100, reached

upon

Mr. S. Q. Wong, the well-known 172.22 in September. 1937, bat by

has written 000 units-sufficient to keep three Mr. Oliver Stanley. President Singapore Chinese, Dillion 60 watt lamps burning for of the Board of Trade. stated in to the Chinese Chamber of Com-the end of the year it had drop- merce Informing them that' helped to 118.78, and in no month of an hour. Cascades and fountains, the House of Commons Jester-

1938 had. It attained to the 'seek, renomination will not Illuminated from underneath in day that he hoped it changing colours, used 53,000 units, possible early in the New Year their representative on the Mund- basic level of 100.

AT DISADVANTAGE while the Tower of Empire. ato complete the drafting of the

cipal Commission.

Mr. Wong, who is a well-known ¦ Apart from the restrictions" im- subject of the most impressive Lancashire Cotton Enabling Bill, floodlighting and coloured - when those concerned would have Singapore business man, is direc-posed by various countries minations, used nearly 28,000 units: an opportunity of expressing their tor of several local companies, the flow of overseas trade, Brition including the Malaya Tribune ships were at a disadvantage by GIGANTIC BUL

considered views.

comparison with their chief com- If the Government was then Press, Limited.

His letter follows a controversy petitors in many respects, nota- satisfied that a. substantial majority of the industry was

In among Singapore Chinese regard- bly in the rates of wages paid, safeguards amenities favour of the decisions, it was the Ing the Municipal decision to buy and in the

summarised in Government's desire to pass the Japanese brand of cement for and

the term "social services." These, BIU into law this session-Reuter. the next six months.

At the last meeting of the Major Cairns declared, were far

If the electricity bill for current consumed in the lighting of the were presented on the basis of ad a unit, it would amount

exhibition

to £43,750;

On an average, 60 3.0.6. mes- sages a day, were broadcast by means the public address

of equipment to people attending the exhibition. The t.arismission of these appeals was carried out from 2 microphone tower. A staff of engineers and arinouncers, worked

.

various

BIG RUBBER FIRE Commission Mr. 8. B. Tan pro- and away superior to those of

IN SINGAPORE

Loss Estimated At $400,000

tested against this declalon. since other maritime nations, notwith- when it has been widely discussed. standing allegations.periodically The president of the Commis- made about the conditions Öb- the meeting that slon, Mr. W. "Bartley, stated attaining in British ships, but ná- the Japanese turally they added to the cost of Turning to a consi- brand cement tender was 186 per operation. cent. lower than the cheapest deration of international British tender.

Major Cairns remarked upon one effect of artificial regulation "of trade, namely, that an expansion or contraction of trade in one of the great

at eight racks of elaborate" equip- ! ment in a special control room at Loss estimated at about $400,000 the base of the Tower of Empire, was caused by a fire which almost and the system involved 15 micro-completely destroyed a rubber fac- phone points and 130,loudspeakerstory recently at Paya Lebar-road surance Co., Ltd, for amounts of in various parts of the grounds. owned by Tai Thong--and Com- $400,000, on the rubber and $30,000

on the buildings. Apart from urgent calls, such as pany.

trade,

any countries was less readily reflected in others.

In practically every European

police messages and appeals: for The stock of rubber at factory, An attap house close to the main lost children, the station relayéd | amounting to 11,000 plculs and factory building was set ailght by country, as well as in Canada and band programmes,

gramophone valued at $400.000, was destroyed the heat of the blaze, but magni- the United States, "there, appear- musle and speeches by notabilities, and the buildings also completely ficent work by the Fire Brigade ed to be a decline in exports, It gave its own time signal and gutted,

prevented the spread of the out-but there had picked up certain wireless pro- The loss is ly covered by in-break to the numerous attan and expansion grammes..

surance with Lae Queensland In-other buildings in the vicinity.

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LAMMERTS' AUCTIONS

PUBLIC AUCTION.

#E

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instructions

to sell by

PUBLIC AUCTION

on

THURSDAY, the 22nd DECEMBER, 1938.

Commencing at 2.30 p.m.

At their Sales Room, No. 2. Connaught Road, Central

* (Rosin No. 265, 2nd Floor).

A QUANTITY OF SILK

EMBROIDERIES.

LACES AND LINEN

On VIEW from WEDNESDAY, the 21st DECEMBER, 1938.

W

Terms: Cash on Delivery.

LAMMERT BROS...

AUCTIONEERS.

PUBLIC AUCTION.

THE Undersigned have received

instructions

to sell by

PUBLIC AUCTION

FRIDAY, the 23rd DECEMBER,

- 3938,

Commencing at 2.30 p.m.

At their Bales Room, No. 35, Hankow Road, Kowloon.

A QUANTITY OF TOYS AND XMAS CRACKERS

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