1939-03-09 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce

H.K. LAND INVESTMENT

& AGENCY CO., LTD.

Questions On Lido Venture At Annual Meeting

Numerous questions pertaining to the working of the company, and, in particular, to conditions at the Lido and bungalows at Repulse Bay, were asked by Mr. N. V. A. Croucher, a shareholder, at the annual general meeting of the Hongkong Realty and Trust Co., Ltd., held in Exchange. Building yesterday.

the total of land, bungalows and the Lido. This may be a little bit out but not to the extent indicated by your figure.

"

The Chairman: I have given you the exact amount as far as the original figure sunk. The balance sheëta show the rest in detail. The rent, buildings, furnishings, plant, machinery, craft and mooring come to my figure.

Continutag, the Chairman wald: With regard to the second question, the Board does not think it is in the best in- terests of the Company that gross revenue figures should be discussed.

Mr. Croucher:

Does that apply

Amongst other things. Mr.¡ improvement on comparison with to the revenue from the bunga- Croucher asked whether the "Re- the preceding year, the increase lowa?

The Chairman: I do not think that any other property owners give such details...

pulse Bay Venture" was making in this respect being $13,000.00 re- The Chairman: To any property money; if so, how was that money flecting generally a further exten- of the Company. disposed of, and when it was in- tion of the patronage accorded the Mr. Croucher: Why is it not in tended to turn the venture into, a Repulse Bay "Lido" and full oc- the best interests of the Company subsidiary company..

cupancy during the year under to disclose the rents? You disclosed Present at the meeting were:-review of the company's adjacent them a few years ago, Mr. J. Fleming (Chairman), the bungalows. Hon. Sir Shouson Chow. Messrs.

ITEMISED EXPENDITURE .. E. M. Raymond, P. K. Kwok, T. E.; Pearce (Directors), Mr. J. H: Tag- As perusal of the Proft and gart (Managing Director), Mr Loss Account will show, itemised INTERESTS OF SHAREHOLDERS F. C. Barry (Secretary). and expenditure remained approximate- Mr. Croucher: Our Company at Messrs. N. V. A. Croucher, J. Kat-ly the same as for 1937 and appears Repulse Bay is entirely different wall, L. Jack, P. H. Suckling. to, call for no comment on my Up to 1936 you had in the balance W. C. Clarke and A. M. d'Eca part; accordingly the revenue in-sheet" the income from bungalows

(Shareholders).

creases I have specially mentioned rent. It was in the Interesta of account generally for the enhanced shareholders then, why is it not to- proat this year.

day?

CHAIRMAN'S SPEECH

" The Chairman saldı----

"Little comment seems to.' be The Chairman: It is not policy "Gentlemen. The profit for the year under review amounted to necessary on items in the balance to publish gross rentals of these

sheet On the asset side, invest-identical bungalows. $94.089.40, which, added to the amount of $62,765.46 brought far-ments, at cost, appear at the same ward from the preceding year, figure as last reported, but the makes the sum of $158.855.88 avali- market value thereof at Decem

the ber 31 last shows a alight im- able for appropriation and recommendations of your, Board in provement over the previous year, this connection is to pay a divi- which is satisfactory considering

FINANCE

H.K. STOCK

EXCHANGE

Quotations remain much the same, but the turnover was only moderate due to the shortness of the session.

BUYERS

Canton Insurance; $220 Union Insurance, $4774, HK. Fire Insurance, $ias HK. & K. Wharves, $119. H.K. Docks (Old), $174. HK, Docks (New), $16.90. Raubs, $81.

HK. Lands, $361, H.K. Tramways, $38.90. Yaumati Ferries (Old), $231. China Lights (Old), $8.80. China Lights (New), $51. HK. Electrics, $58). Macao Electrics, $171. Sundakan Lights, $10.60.- Canton, Ices, $1. Lements, $15.90.

H.K. Ropes, $4 Watsons, $7.90/8. Wing On (HK.), $42. Entertainments $1. Vibro Piling 564.

HK. Govt. 4% Loan 3%pm. Marsmans (HE), 4/11,

SELLERS China Underwriters, $0.56.

SALES

Hongkong Bank, $1400. Bank of East Asia, $851. Union Insurance, $180. Douglases, $854.

H. & S. Hotels, $8.80. Star Ferries, $671/85. China Lights (New), $6.

PHILIPPINE. MINES Antamoks Ps., 43]. Atoks Ps... 364

Mr. Croucher: Not to the profits from the Lido though, "but to the income from shares

to a great extent.

20

The Chairman; That is not 'true and it is not shown on the

account.

Mr. Croucher: I understand 'bungalows are let for a rent of between $300 and $400 per month. Will the management tell me if that is so? The Chairman: I am hot pre- dend of forty cents per share, in- the present dormant state of the pared to say so. It is not in "the volving $80.000.00: to transfer to local share market. I believe you best interests of the Company. General Reserve the sum of will agree with me when I state "Mr. Coucher: Yet it was in $50,000.00, bringing such reserve that the present return on these the best interests to tell the share- Mr. Croucher: Here 13 'the up to $380,000.00, and to carry investments can also be regarded holders in 1638!

balance sheet. 'Depreciation $14, forward the remaining balance of with equal satisfaction. On the The Chairman: must refer to 000, "Interest on Bank overdraft," Ilabilities side the overdraft figure the Articles of Association.... A $30.000. That should be debited shows a comparative reduction of regards your third question, the to the Lido. approximately $58,000.00, and hav-total capital cost of the Lido build- The Chairman: That Is a matter ing regard to the dividend paying was $163,286 shown in the 1938 of book-keeping and I do not agree ment of $50,000.00 during the year. balance sheet......There have been with you. this position can Dow be viewed alterations but these have been with some measure of equanimity, normal scale alterations, is

$26.855.88 to the 1939 account,

"It is with pleasure I havṛ to report that the prölt for the year 1938, $94.089.40, showe an increase of approximately $37,000,00 over the profit for antinted 1937. As in the speh from the chair

Was

a year ago, revenue by way of... dividends on investments mate- rially exceeded the previous year's income from that sotros,- an increase of some $26.000.00 being recarded.

"The credit balance of working account also shows a substantial

ابی

'.

Mr. Croucher: The Shareholders to know whether we are pro-want

making a profit on the Lido, The

"As there appear to be no other perly charged, matters to which useful reference To your question as to the bath,bathing sheds have been full and can be made. I now formally pro-ing receipts, I must refer you to the restaurant has been packed pose that from the balance of my answer to Question Two." and according to the Working Ac- $156,355.88 standing at the credit Mr. Croucher: Is the profit go-count you have a profit of $7,000. of Profit and Loss Account ating to the Realty Company or to The question is, where has this December 31, 1938, a dividend of

the Hongkong and Shanghai money gone? Hotels? If so, what proportion to forty cents per share, on 200,000

cách? shares be paid, the sum of $50.000.00 be transferred to General Reserve and the then remaining balance of $28,855.88 be carried forward taj

ADVERTISEMENT the Account for the year 1939.

CHINA AUCTION

ROOMS

PUBLIC AUCTION

I

MUTUAL BENEFIT

#

The Chairman: There is 10- ministration.

Mr. Croucher: What were the administration charges last year? The Chairman: The Hotel Com-

CAPITAL OF. $2,000,000 pany and the Realty Company shall be obliged if some share-think this is fair. As regards your month.

mutually benefit. The. Directors The Chairman: About $1,200, a holder will kindly second

You must remember that Question as to what proportion of this Company has proposal whereupon questions as the overdraft is due to the Com-$2,000,000.

a capital of to the Report and Accounts may be pany's venture at Repulse Bay, I raised.

Mr. P. H. Suckling seconded, sheet. The whole matter is com- must again refer you to the balance whereupon Mr. Croucher rose.

pletely clear to anyone who wishes

such

MR. CROUCHER'S COMMENTS to see it. Your last question is, Mr. Croucher: Mr. Chairman, I

"Is the overdraft interest incurred, The undersigned has received instructions from the owners to addressed a letter to the Board debited to this particular account? sell by Public Auction on TUES- asking certain questions on fivest- My answer is in the negative. DAY, 14th March, 1939, at 11 am.ments "and I received

this meeting.

a reply

Mr. Croucher: I have heard it suggested on à previous oc- casion that our Directors should make the Lido a subsidiary company. The investment part of the business should be sejre- rated but the Board has not seen fit to do this, Will you give me a reason why it should: not be made a subsidiary com- Dany? Is it because it is not returning a profit to waSTENT It?..

Mr Croucher: I maintain that at the Sul Heong Yuen Godown, through the Secretary that these the Repulse Bay Lot as presented Nelson Street, Mongkok, Kowloon, questions would be answered at the balance sheet does not show the undermentioned goods-

You did not answer the true state of affairs. You have which you them as I expected, so I will now sunk in It $598,000 Rivets Manila Ropes- Iron

read out my questions for the bene-jobtained by overdrafts from time Steel Snatch Blocks-Steel

fit of those shareholders present.

to time and the Interest of that

The Chairm : It would be Blocks, Single, Double and Triple

should be debited to your underfoolish and not in the interests of "Dear Sir-As it is somewhat | Sheave Wooden Blocks, Single,

simreholders to try and start a It is not Double and Triple Sheave-5-ton difficult to follow from the balance taking at Repulse Bay. Cyclone Block-Sledge and Ma-sheet as presented what progress from shares to wash out losses in-Bay is only just coming into the sound business to debit income subsidiary Company when Repulse is being made from the Lido ven- Rope and Chain-Iron Shackles-Wire ture, I shall be very much obliged curred at the Lido. You received public eye. It took the Hongkong" Clips, Clamps and Thimbles you will kindly ask your Board between $18,000 and $19,000 from pubile two years to realise that bungalow rent. You debit the de- there was a first-class restaurant Foundation Bolts,

Eye Bolts. to give me the following informa~ \preciation to the income from in-on the beach and they did not Riveting Dolly Bars-Messer tion cliher by letter or at the all-vestments instead of depreciating fully use the facilities there, until Oxy-Acetylene Welding Outfit- nual general meeting of this Com- Horizontal Hand Pump Rex any.

1-What is the total amount of Contractor Pump Connected to Single Cylinder Engine-Com- capital sunk in land, bungalows pound and Simple Geared Hcists and furnishings to December 31, -C. I. Flanges and C. I. Flgd. 1938?

chinist

Hammers Steel

Elbows Copper Tubes-Magnusia 2-What, gross receipts were Covering-Rubber-Covered Cop- received in 1937 and 1938? per Wire-Linseed Oil-Turpen- 3.-What is the total capital cost tine-Coloured Paints Alumi- to date of the Lido building in-

Vehicle, Varnish and cluding alterations?

TRULY

..

the bungalows rent from the work- ing account. Do you agree with me?.

The Chairman: You have just complained that we do not give you sufilelent informa- tlou and you wish to advise us in future to charge deprecia-

1938.

NOW AN ASSET

Mr. Croucher: With conditions ruling during the past year, or two, you could have let any place as Repulse Bay.

、

Chairman. The fact remains that previously they were a liabi- tion against working and showtity and now are a substantial a net figure after working off saset. the depreciation?".

Enamel Paint-Iron Cement and 4-What was the gross amount.

Mr. Croncher: You say we are Quigley Seal-IXION Bolt Stock, received in bathing receipts for Mr. Croucher. The shareholders making" a good profit for depre- Taps and Dies-Asbestos Cement the years 1936, 1937 and 1938. res would welcome seeing the true clating our investments at ove per -Fireclay-Machine Screws and pectively?

state of affairs. The interest is cent.? Nuts-Chain Pipe Vise Tube

5.- the Restaurant making a $30,000 a year on money sunk in the The Chairman: We are satisfied Expanders Faucet and Hose profit? If so what was it in 1936. Repulse Bay venture.

with the returns for 1938, and hope Bibbs-Blue Printing Frame 1937 and 19387

The Chairman was understood that the returns will be increased Steel Window Frames-Wheel What proportion of the over-to say the account went back to during the current year. Barrows-Garlock Sheet Packing draft is due to the Company's ven- 1923 and there was an overdraft

Miscellaneous Tools including ture at Repulse Bay?

Mr. Croucher: Can you give me before the Lido, was started.

any idea when a subsidiary Comi Wrenches, Vise, Files, Saw Blades,

7-Is the overdraft interest in- Mr. Croucher: The Interest pany for the Repulse Bay venture Augers, Drills, etc., etc.

curred debited to this particular charge has increased with the bor-will be started? accomt?"

rowing from the bank and the Pro- The Chairman: I cannot say. The Chairman, after establish fit and Loss Account has bore the My personal" opinion is that the ing that Mr. Croucher was seeking interest during the construction. Information for 1938 and not 1936)

TERMS: Cash on Delivery.

For further particulars and Inspection order &c., please apply

to:

ד'

MR. E. V M. R. DE SOUSA, Auctioneer,

China Auction Rooms, French Bank Building, 1st floor. Hong Kong, 7th March, 1939. --

on the first question as mistakenly CHARGED TO PROFIT

indicated in his letter said the figure was $538,895.

ORIGINAL EXTRACTS

Mr. Croucher: I have taken out original extracte from the balance sheets and I make it $680,000, for

Mr. Croucher then" quoted from the Chairman's speech in 1936 saying that the Lido WAS » "now a working almt.”

The Chairman: The interest. of overdraft has been › charged. to profit as it should be.

time is not ripe at present,

Mr. Croucher: Thank you for answering my questions.

The report and statement of sel counts were then passed.NAMA

The Hon. Bir Shouson Chow and

| Mr. T. E Pearce, retiring directors,

were re-elected...

*~*~ Mesers. Linstead and Devis were Fre-elected auditors.

HONGKONG

SHAREBROKERS'

"ASSOCIATION

Volame of Business Transacted on Wednesday, March 8

No. of

STOCK

Shares Price Trams (April delivery) 600 $17.25 Star Ferries

100 87,85 Watsons

500 6.00

Atoks

THURSDAY, MARCH 9, 1939.-PAGE 11

PUBLIC AUCTION. LAMMERTS AUCTIONS

THE

THE Undèrsigned have received

Instructions

to sell, by

11

PUBLIC AUCTION

Philippine Gold Mining Quotations

归

Wednesday: Mar. 8.

Antamoks

44

38

Baguio Gold

FRIDAY, the 10th MARCH, 1939

Commencing at 5.15 p.m.

20+

Benguet Consol.

13.90

Coed Grove

444

Demonstrations

12

EX L

67

Paracale Gumaus

15

San Mauricio

2.00

Sugoc Consol,

United Paracales.......

21 €8

Market. Comment. Quist.

Buguto Cold Ps.; .264

Benguet Consolidated Ps, 13.80 Coco Grove Pa., .44 Demonstrations Ps., .12 IXL P., .87

San Mauricio Ps. 2.15. Suyoc Ps., 21

United Paracales. Ps., 68.

At their Sales Room, No. 3, Con- naught Road, Central (Room No. 365, Second Floor).

A VALUABLE COLLECTION OF

.POSTAGE STAMPS

On VIEW from THURSDAY, the 9th MARCH, 1939.

TERMS: Cash on Delivery.

LAMMERT BROS..

„AUCTIONEERS..

KIRIN

The

B

E

E

Choice of

The Multitude

Sole Agents.

R

H. HONDA & CO.

Tel. 20720.

am

40, Johnston Road, Hong Kong,

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PAINTS, ENAMIKS, -

VARNISHES & SPRAY LACQUERE

DURABLE & ECONOMICAL

KAMERACTURED OF

THE NATIONAL LACQUER & PAINT PRODUCTS CO. LTD.

KING'S ROAD, HONG KONG, TEL 31601-2.

..

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You'll enjoy its smooth, gliding swiftness, over she shortest route of longest electrification...its luxurious accommodations ond friendly service.....its sumptuous meale... Its inviting beds ...the fresimess of is air conditioned equipment,

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BRIC MARSHALL, Ayook

J. 1. CALKINS, General Agenć.

'8. F. RANDALE

THE MILWAUKEE ROAD

PUBLIC AUCTION.

THE Undersigned have received

instructions,

TO SELL BY

PUBLIC AUCTION

ON

THURSDAY, the 9th MARCH, 1939

Commencing at 11.00 am.

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

AQUANTITY OF VALUABLE HOUSEHOLD FURNITURE

· and

3 Showcase

Cabin Trunks

1 Case Zinc Chromate Thinner

Paint

1 Box containing Blow Torch, Calipers, Paint Brushes, Filters, Files and other used Tools of : Trade

TERMS --Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS,

|PUBLIC AUCTION.

THE Undersigned have received

instructionE

to sell by

PUBLIC AUCTION

Ox

TUESDAY, the 14th MARCH, 1939.

Commencing at 2.30 p.m.

"At their Sales Room, No. 2 Con- naught Road, Central, ., Ground Floor.

A QUANTITY OF VALUABLE" HOUSEHOLD FURNITURE,

Comprising

Hatstands, Divans, Wardrobes, Dressing Tables, Chests of Drawers. Dining Tables, Chairs, Bideboards, Dinner Waggon, Desks, Typewriter Tables, Filing Cabinets; "Glass Cabinets, Bookcases, Rugs, Carpets and Runners, Electric Heaters, Lamps, Cookers and Bollers, Radios, · Gramophones and Records; Cutlery," Aluminium, Brass, Porcelain and Glass Ware, Filters, Wash Basins, Cameras, Binoculars. Ornaments, Magazines, Cooking Utensils, etc.. etc.

معلم

"A FEW PIECES OF BLACKWOOD FURNITURE

and

3 Chesterfield Suites

1 Ashwood Bed Room Buite

1 Grand Father Clock

1 Upright

Collard">

Piano "Collard and

1- Cooking Stove. "Dover"

Typewriter "Idear"

1 Geyser

1 Electric Refrigerator "Westing-

house"

1 Electric Refrigerator "Electrolux

Ltd."

O VIEW from MONDAY, the 13th.MARCH, 1939.

Terms: Cash on Delivery.

LAMMERT BROS.,

AUCTIONKERS,

What do

you want?

It there is anything you want to tu sell, try,

Classified" advert merin the Hons Long Dally Press

25 words $1.00 prepaid

insertions.