HONGKONG DAILY PRESS
FINANCE & GENERAL
BONGKONG & SHANGHAI HOTELS, LTD. VIGOROUS
Million Dollar Profit Mark Exceeded After Six Years
A profit for the year 1938 of $1,073,691.13, the first time over a period of six years that the million mark had been exceeded, was reported at the annual gentral meeting of the Hongkong and Shanghai Hotels Ltd., held in the Company's Registered Br. J. Scott Harston. Offices at Exchange Building yesterday. Chairman of the Board of Directors, presided.
The Directors, recommenda- tion to pay a dividend of 60 cents per share, on 1.193,867 shares, and to pay a bonus of ten per cent. to European staff - was endorsed by shareholders. A tribute to the efforts of Mr. J. H. Taggart, Managing Direc- tor, during the year under re- vieu, and regret at the death of Mr. JP. Bourne, "a very valuable servant," volced by the Chairman, were, echoed by Mr. P. M.. Hodgson In second- ing the proposal for the adop- tion of the report ad.accounts. Those present at the meeting were Mr. 3. Hartson, Chairman), Mr. J. H. Taggart (managing
Suckling General Manager) Mr. F C. Harry (Secretary) and the Following shareholders: Messrs. J. P. Sherry. P. M. Hodgson," T. R. Parsons N. V. A. Croucher. A. J. Edgar. J. H .Potts. Wong Nam- ching. H. Gittins, M. H. Lo, C. C. Blake, S. H. Ross, E. O. Murphy, J. T. Bagram, Fung Kwok-wa, and G. A. Harriman.
The balance sheet contains no items of an exceptional nature ana is indeed self-explanatory. I would
9
I feel that in so doing I will receive your hearty endorsement, and with reference to the Com- pany's staff 1' trust that you will retify your Directors recommen- dation that as a token of appre-
Ciction & bonus of ten per cent, on their salaries shall be voted to them in respect of the year 1938.
MR. J. P. BOURNE
PROTESTS TO JAPAN
INCONVENIENCE OF
NEW REGULATIONS
mea-
LONDON, Mar 15 (Reuter)- Mr. R. A. Butler, Under-Secre- Affairs, in Q tary for Foreign
of the House written reply in Commons yesterday said that no reply had been received by the Before concluding my remarks British Consul-General to the en-. on the accounts, I wish to make special reference to the sad death quiry made regarding the
sures adopted by the Japanese refer, however, to the of Mr. J. P. Bourne-the news of
authorities against the British changes in amounts shown-apart which reached us only a few days Concession in Tientsin, but the from the effect of depreciation-ago. Mr. Bourne had been in the acting Consul-General had inter- In regard to certain listed assets.
service OF your Company ever viewed Gen. Homma, the Jap- The additions to buildings appear since the year 1921. At the outset
Commander, anese Military at the sum of $30,286.69. The he held the position of General Mar. 6, when the whole position portion of this capitalized Superintendent of the Hongkong was reviewed and Gen. Homina expenditure was incurred in res-Hotel and was in charge of the had undertaken to discuss the
alterations to various alterations effected there matter with the Japanese pect of structural
Con- the Palace Hotel, Shanghal, made in the course of the years 1822-sul-General to enable the Con- when reinstatement of the bomb-1924. Later on he rendered yeo-sul General to reply. ing damage was carried out; and man service in connection with
Representations were also made the cost of the extension of the the erection and furnishing of the to the Japanese Government, it is shop premises
in the Peninsula Peninsula Hotel where he remain-understood, by the French and Hotel Arcade accounted for the ed as Manager until the close of
Américan Ambassadors, remainder. The item of "Sales" the year 1930. In 1831 he was
Questioned regarding British
of
niain
FURNITURE AND FIXTURES
on
Directory, Hen, Mr. M. K. Lo and Mr/noted in the building account re-transferred to Pelping as Manager l'action to the introduction of the E. M. Raymond Directors), Mr.P. Hlates to the amount received from and General Superintendent rew Japanese currency regula- the contractor who carried out the your Hotel there (the Grand Hotel tions in North China, Mr. Butler, demolition of the Peak Hotel des Wagons-Lits):
answered: "Appropriate represen- property.
are being made to the In that capacity be devoted tations himself whole-heartedly to the Japanese Government, but I am Company's Interests and was res- unable to make a detailed state- ponsible for many of the improvement at present." ments there. Under his pegis that hotel was, as far as possible, kept up to date. Mr. Bourne was a man of a genial temperament, popular with all the
and Company's employees
its guests. He had been in 1-health fra considerable period, but had
CHAIRMAN'S, SPEECH
In his speech, the Chaimman sak:-
Additions to Furniture and amounted Fixtures" for the year
to $198,416.50, The items includ- ed under this head are copious, and their allocation is spread and very over all establishments both here and in Shanghai; the "furnish- Lings" for the new guest accom
modalion bullt at the Palace
VIGOROUS LANGUAGE Heater learns that the Bri-
And tish, French
American Toyko regarding nates to currency and
other
trade restrictions, were couched
11
in vigorous language,
It is understood that business
re-
Gentlemen-In submitting for Hotel, Shanghai, and the provi-bravely carried on with his duties came to a standstill on the first your consideration the accounts sion of new carpets for our three until he was finally compelled today of the introduction of the enter hospital where he passed new regulations, and many „Jap- for last year your Board feel that Hongkong Establishments con- the trading results therein depleted stitute the major portion of such away on the 5th instant. By his enese concede the inconvenience death the Company has suffered and virtual impossible of the can rightly be viewed with satisfac- expenditure. All such installa
a very great loss. So far as we situation. tion. The balance of working tions, I would state, have been
know Mr. Bourne possessed no toj made
No official reports of the re- account--$1.073.691.13 brought
in. furtherance of nu immediate relatives here to whom sulting effects of the new. the credit of the profit and loss modernization policy.
we can convey our sympathy. For gulations have been received, account, compares with $888,232.76
we have but it is believed that the mili for 1937 and incidentally shows for Turning to the "Liabilities" side ourselves we feel that
the new the first time over a period of six of the balance sheet, the "Repairs been deprived of a sterling char-tary, who forced
suffered acter and a very valuable servant rangement through, will have to years that this item has exceeded and Renewals" account the million mark. "All departments depletion during the year by at a time when we can afford abandon their position sooner or of our organization have contribut $85.002.49, which sum was expend-to lose him.
ed upon our
various establish- ed a quota to the attainment of
ments in fulfilment of the purpose matters to
There appearing to be no further this figure.
which I can usefully MINING IN NORTH for which the repairs and re- refer. I now beg formally to pro- With regard to Hongkong Esta-newals account was created. Steps pose that the report and accoufita
YUNNAN blishments, the resident accom- have been taken, throughout the For the financial year ended on
KUNMING, Mar 15 (Central). The modation thereat did not expert- year to carry out major renovation December 31, 1938, as presented North Yunnan Mining Corporation, ence last year the" heary strain and maintenance work to buildings be adopted, and that the balance recently organised with a capital of. encountered during the year 1937, and contents where necessary. $1.154.327.55 standing to the $2,000,000 equally appropriated by various credit of profit and loss account the National Resources Commission were produced in our various "grill establishments new departments be appropriated as follows:-
but marked Increases in earnings'an, also
rooms and cafes.
SHANGHAI PROPERTIES
to install in
of
and accommodation of a type now expected by hotel patrons. I can To Pay a Dividend assure you that this policy has
60 cents per share on
니
1.193.867 Shares .......$716.320.20
to European Staff ...
*O
to Carry Forward New Account
As to the Shanghal properties, I been thoroughly justiñed by re- am pleased to state that the Palace suits, and has proved 21 impor-To Transfer to Repairs Hotel, upon completion of the rein- tant factor in "producing the er-
and Renewals· AC- statement work, there, quickly re- hanced earnings it has been my Count sumed its popular status in the pleasure to report to you, I feel To Payment of Bonus Northern Port and produces a confident that you will endorse satisfactory income. The Astor the recommendation of your House Hotel femained in occupa-Directors that out of the balance tion by the Japanese Y.M.C.A. until of proft" and loss account placed "December 31 last and" rental before you to-day for allocation, payments were made by that Asso- the amount recommended by your elation to the Company' during Board be voted to the credit or the year, sufficient in amount to this "Repairs зла Renewals" eever what may be termed land- account. lord's outgoings. L.c. Shanghai Municipal Council Land Tax, in-1 surance and certain repairs and renewals. As from the commence- ment of the current year, however. the Astor House Hotel and Its con- lents have been leased to another) party for a term of three years at a rental which will produce a rea- sonable return to the Company upon the assets 'utilized...
The hotel in Peiping operated by cur subsidiary Company again showed excellent results for its fast financial year which ended on'į June, 30 1038, und mude a divi-¡ dend distribution In respect of that period, thus constituting a substantial increase over distribu Mons occurring during recent years.
SHANGILAI CLAIMS
UNACCEPTED
From the chair last year re- ference was made to the Company's claim for damages arising out of the hostilities in Shanghal. Assessment thereof, and Jodgment with the
proper authorities, duly made by our Shanghai agents, but, as you are prob- ably aware, nothing has yet eventuated towards the ac- ́ceptance of liability in respect
of that type of claim.
was
I would, however,
mention, is that connection that the net result shown in the accounts be-
The incidence of exchange fle you, has been computed after
inter.
1.".
and the Yunnan Provincial Goy- |ernment, will soon embark on ita
ambitious mining projCEL
In the initial stage the copper and other mines at Tungchwan, |Lohsuch, Szemin and Mowlu will be expibited. Machinery has al- 85,002.49ady been shipped to these places by the French Indo-China route. 35,444.42 Work will be started as soon as
the machinery is installed.
317,560.44
$1,154,327,55
JAPANESE TEXTILES IN MANILA MARKET
MANILA, Mar. 15 (Int)-Japan- and I shall be obliged if some ese competition, handicapped for shareholder will kindly second many months by the war in China, such proposal, whereupon ques-apparently is again becoming a tions as to the report and accounts significant factor in the Philippine may be raised.
market for cotton textiles.
.."
OTHER BUSINESS
For the second consecutive month, there was a marked in- crcase in arrivals from Japan in
The proposal was seconded by January, amounting to 2,953,451
Mr. F. M. Hodgson, and carried square metres, which is 523,049 ur.animously.
square metres above December and
the highest total since February Sir Robert Ho Tung, retiring last year, says the Bulletin. Director. was unaulinously re- It is believed that most of the elected to the Board.
arrivals from Japan are being dis- Messrs. Percy Smith, Seth andtributed through Japanese retail Fleming were re-elected Auditors. establishments throughout the Is- and shareholders' sanction for the lands For a time the refusal of payment to them of $3,300 in Chinese merchants to handle Jap respect of extra services rendered anese goods was a big handicap to by them last year was granted, 1 sales.
however, deprived this Company's making full provision for the WEATHER REPORT profit and loss account of any sub losses which constitute the claim stantial beneft in respect of its referred to.
holding, for the relative. Peiping||
dollar sum received shrank on con- At this juncture I desire to re- version, as you will see from the cord
an
" expression of sincere
HONGKONG ROYAL
OBSERVATORY"
10a.m. March 15."
accounts before, you, from, P$29,-appreciation of the good work | 250.00 to HK. $18,870.87. which re-done by the Company's Staffs in Barometer (at sea level). 30.09 ins.
Temperature 62°F. cords an increase of $800.00 only Hongkong and Shanghat, and its Humidity, 75 per cent. over the previous year's Income agents in Shanghai as also in the wind Direction, East. from that source,
NET HOTELS PROFIT The net profit earned by the Hongkong & Shanghai Hotels, Ltd.. during the year under re- view amounting to $810,607.08 represents an improved result of $170.420,02 in comparison with the figure reported for 1937, and on adding thereto the sum of $343,120,47 brought forward from the previous year, a balance of $1,154,327.55" is provided for appropriation. Other Items Included in the profit and loss account do not seem to require comment from
case of the stam and agents of our) subsidiary company in Pelping, all of whom have continuously idirected assiduous efforts to the interests of the Company in times of exceptional difficulty in which 69 F. relation (though I make reference Rainfall for 24 hrs. ending-10th Sat
to-day, 0.01 in.
Wind Force (Beaufort), 1. Temperature; maximum yesterday.
65 F. Temperature; maximum last night, Fri
BONG KONG TIDE TABLE
Month.
Date of
LOW WATER,
Height.
From 18 to 22 Mar. 1938
HIGH WATER.
Borg
Hong
Kong
Kong
Standard
Standard
Tirat.
Time
b. m
h. m.
Thor, 16 08 25 144
00 32 2 2
1830 18:0
11.49 141
1.7
08 44
$6
01 28
IP 92
61
19 63 12.8
18
0869
4 95
02 ca 18
2005
'6 3
1340
Sun.
18
09 16 2041
02 34 6'414 22
3 0
Mon. 20
0028 5. 4 03 06
Tnes. 21
Wed ??
21 15 0844
14.89
16 12.6
Ga 35
18
10 a.m. Mar. 16.
21 50 .1002 32 87
68 16 0 16.0
16 39 29
0404
19
16 17
Wind Force (Beaufort), 3.
Maximum temperature, 85 F. Minimum temperature, 59 F. Rainfall, nil
to him last) I particularly desire Total rainfall since January 1st, to point out that the eminently satisfactory results to
which 1
2.73 ins
have referred are in very great Against an average of, 3.90 Ins. measure due to the foresight and Sunrise to-morrow, 6.33 a.m.. energy of your Company's Manag- Sunrise to-mohrow, 6.33 a.m. ing Director, who, though suffer-
|ing from ill-health during a con- Barometer (at seo level), 29.99 ins,
aiderable portion of the period Temperature, 62 F. under review, has not spared him- Hamidity, 77 per cent. self in safeguarding the Com- Wind Direction, "East. pany's interests.
This amazing new tire stops your car, quicker, safer than you ever stopped before. Sec us for a demonstration,
Tas riw
THURSDAY, MARCH 16, 1939. -PAGE IT
GOODRICH LIFESAVER TREAD
has never ending spiral
bare that act like windshield wipers, sweep water right and left, force it out through deep grooves and make
a dry track wbich rubber can grip.
Goodrich SAFETY Silvertown
14
Bank of China Bldg.
Sole Importers for Chine and Hongkong :
CARLOWITZ & CO.
Tel. 31285.
"༔་
Local Distributora :
KA FOONG TIRE CO."
131, Hennessy Road,
Tel. 94140.
LAMMERTS' AUCTIONS
|PUBLIC_AUCTION.
THE Undersigned have received
instructions
TO SELL BY
PUBLIC AUCTION
ON
THURSDAY, the 16th MARCH, 1939
Commencing at 2.30 pm.
At their Sales Room, No. 35 Hankow Road, Kowloon.
A QUANTITY OF VALUABLE CURIOS
Comprising :-
Old Porcelain. Pottery and Bronzes, Ivory, Jade. Agate, Corne- lan, Amber, Crystal and Quartz Ornaments, Chinese Hand Paint- ings. Pictures, Embroidery, Carved" Lacquer Screens and Table Screens. etc.. etc.
On VIEW from WEDNESDAY...
the 15th MARCH, 1939.
TERMS:-Cash on Delivery
LAMMERT BROS..
AUCTIONEERS.
索可用耐油漆片駝駱
PAINTS, ENAMELS,
VARNISHES & SPRAY LACQUERE
PUBLIC AUCTION.
DURABLE & ECONOMICAL
MANUFACTURED BY
THE NATIONAL LACOUER & PAINT PRODUCTS CO., LTD.
KINGS ROAD, HONG KONG, TEL 31601-2 品出司公限有油
THE
AE
FOR SALE
KING GEORGE IV” WHISKY
Nou refillable QUARTS $5.00 per bottle Flask
Finsk
PINTS $2.95 PINTS $1.65 Obtainable at
21
HUNG CHEONG
Tel. 57108.
+
STYLE COMFORT=
66, Nathan Road. Kowloon.
JAEGER
Ladies and gentlemen, let us in- troduce Jaeger's latest knitwear range--most reasonable in price! There are Ladies' Jumpers, Car- digans and Swim Suits, in charm- tug new fashions. Men's Pullovers, Cardigans and Swim Suits for leisure hours. A particular virtue of Jaeger is, of course, the famous wool that keeps you cool in hot weather and snug in cold. Ladies
(let us whisper it) you look even younger in Jaeger-so do see the
range at once
JAEGER IS
OBTAINABLE
IN EVERY
FIRST - CLASS STORE
JAEGER HOUSE, 204-808, Regent Street, London, Wil, Bagiand
HE Undersigned have received
Instructions
to sell by
PUBLIC AUCTION
OX
FRIDAY, the 17th MARCH. 1939.
Commencing at 10,30 am,
At their Sales Room, No. 2., Con- naught Road, Central (Room No.
205, 2nd Floor).
200 Pairs Gentlemen's Shoes and
and Boots
210 Alberts
60 Lockets
8 Wristlet Watches
1 Shawl "
1 Teacloth and 6 Serviettes
also
A Quantity of Wines and Beer-
(Small Lots)
Terms: Cash on Delivery.
LAMMERT BROS.,
"AUCTIONEERS.
SERVICE TO READERS
THE HONG KONG DAILY PRESS, LTD., and the HONG KONG WEEKLY PRESS, through their London Office, at 53 FLEET STREET, E. C. 4; Tel- 3137, are prepared to give Bubscribers and Visitors advice regarding accommoda- tion available, motoring faci lities, suitable shopping centres, etc.
If, when at home, they will call or telephone to the above address, they will receive the › utmost assistance and the latest available information on all subjects of enquiry will be placed at their disposal.
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