1939-03-24 — Page 11

HONGKONG DAILY PRESS

BIG BUILDING PROGRAMME

UNDERTAKEN

HONGKONG & KOWLOON WHARF & GODOWN CO'S ENTERPRISE

Advance In Earnings Revealed At Annual Meeting

* Looking

to the future, your to start a building programme

our

decided of a

Directors have

Course which, in the period of years, will result in the modernisation of the whole ot property and develop it to the best of advantare. "This programme should be completed during the current year at a cost of over $2,000,000," said Mr. D. F. Ländale, in his re- Hong- port, when he presided at the annual meeting of the kong and Kowloon Wharf and Godown Company, Ltd.. held yesterday at the board room of the Jardine, Matheson. Ltd.

Those present were The Hon. ing direct through the Port Mr. S. H. Dodwell. Messrs. D to be placed on storage. Drummond, H. V.

Wilkinson, A.

TARIFF RATES NOT INCREASED

Co..

had

H. Penn, A, H. Compton, J. H. Jessen. F. A. Joseph, TB, WI-

I want to stress the fact that son C. C. Black and the Hon. Mr.

tlie Company's tarik rates M. K. La, (Directors), Major CM.

increased in have not been Mana- Manners (Secretary and

shure ger, and the following

any way since the commence-

the ment of

Sino-Japanese holders: --Messrs. G. V. S. Thomp-| son, G.. Castle, P. M. Hodgson.

hostilities in August 1937. In fran- D, MacKenzie, A. R. Fullerton, A., fact, our storage and

shilpment rates are the same to-day as they were in 1924,

throughout

the

N. MacKenzie, Kwok Hin-wang. J. Hyde and A. Murdoch.

CHAIRMAN'S SPEECH Addressing the meeting the Chairman said:

The carnings for 1938

showed

a marked advance over those for 1937, owing to the greatly. In- creased storage facilities which the Company made available.

In April/May it became ap- parent that we should be hard pressed for space to accommo-

and

past

fifteen years the only la- charges creases made in our have been an increased berth. ing fee charged from the 1st June 1930 to Tessels using the Wharves, and the charge for landing cargo for steamers' account which "was increased br 20% in April 1937 to meet higher operating, costs. Com- pared with other Porta, our charges are still the cheapest in the Far East.

During the year, the total num-" ber of vessels discharging cargo to

half a million dollars to Gen- eral Reserve will in part help to meet this and the balance can be paid for over the next two years or so. There will be, when the accounts are up- proved, a million and à - half dollars in General Reserve.

I should like to assure thare- holders that this question of re- building has been given the very fullest consideration by your Board. "The decision to incur what you may consider heavy expendi- ture is by no means due to over- optimism induced by the favour- able results of the last two years. On the contrary, your Directors réalise full well" that the trading of 1937-1938 has been abnormal and cannot be expected to con- tinue indefinitely. Their decision is based entirely on the fact that so much of our property must be rebuilt and modernished if we are to keep ourselves abreast of the times, competitive with the faci- ulties given at other porta. and able to cope economically and emciently with the future trade of the. Colony.

As you have "been told in the budget address, pler leases expire In 1949. At some time before that date Government contemplates an enquiry into port facilities and a declaration of intention which we naturally hope will be made with- out undue delay. Whatever hap- pens, however, one thing is clear: the Godown Company have their responsibilities to the Port and cannot stand still All your pro perty on which the five wharves abut is on a 999 years' lease;

COMPANY'S CRAFT FULLY EMPLOYED

The Company's 'craft have again been fully employed during the year, and earnings from this department show an increase over 1937 of $95,210.78. The Company continues to ob- tain its fair share of business offering in this direction; the twelve new lighters referred to In the Chairman's speech last year are now in service, and your fleet is being maintained in efficient working condition. A new launch of up-to-date construction has been added to the fleet, and the Accounts show $84,500 on, account this craft.

of

date cargoes coming forward. All godowns in the Colony were congested, and from information avallable as to anticipated ar- rivals it was obvious that the the Company's premises at.. Kow- Port would be unable to accom-con was 1.022 as against 1,255 for modate all the expected bustness 1537. The 1937 figure, however. unless something was done. Your includes a number of vessels which Directors considered it vitally ne- were diverted from Shanghai, and the total tonnage cessary to ensure that the em although

Apart from the points I have clent working of the Port was landed in 1938 was only 789,477 maintained and, in order to avoid tons as against 908,908 tons in 1937, already covered, there is little in any cargo actually destined for the average tonnage of cargo per the Accounts calling for comment. Hongkong being diverted to other vessel was higher than that of The volume of business transacted Ports, they took steps to provide 1937, These figures do not include during the year has again called additional storage space.

quantities of tea and other China for continuous extra work on the Produce landed from Coast Forts. part of the Staff; I am pleased to that the The shipping situation in Ameri- say that all demands on them have been efficiently and cheerfully met,

The position was further com- plicated by the fact

Directors to allocate the amounts shown in the Accounts

under "Bonus to Staff."

owners of godowns in Hongkong ca contributed to the decline in and I feel sure Shareholders will which we had occupied on lease, the number of vessels handled, as demanded such inordinately in- from July 1 arrivals of American approve of the decision of your creased rents that we decided it vessels were seriously curtailed, was better to terminate the lease and between October 21 and De- and make our own-arrangements, } cember 2 none of the regular Added to this we also had to give American vessels visited the Port. up other buildings, which had been placed at our disposal for. storage purposes in 1937 as well

EXISTING FACILITIES

INADEQUATE

Adequate depreciation on all: property has been allowed for, and the present book values are, if anything. below the actual value of the respective properties. Having as a large area of leased ground It has been obvious to your on the railway front at Chatham Directors for some time that exist pald an Interim Dividend of $3 per share absorbing $270,000 the Road.

ing godown facilities are inadequate

balance available for appropriation The Company, therefore, Arst to cope with the business of the

is $1,544,785.21 which includes the of all leased an area of land at Port. Some of our buildings are Cosmopolitan Dock

and con- about 50 years old and have passed sum of $249,411,65 brought forward structed on it a temporary godown their economic life; during the from 1937. Your Directors recom- at congestion all godowns were alled mend that this balance be dealt

to accommodate 5,000 tons:

the

thne. arrangements to capacity and it must be under- with as follows:-

- were made with the Dairy Farm, stood that most of "the buildings Ice & Cold Storage Co., Ltd. to rushed up during the emergency lease, the aid Brewery site at Lai-had to be built very rapidly and chikok, and the old building on are more or less of temporary con this property was reconditioned struction. They are being written to store â further 7,000 tons. om. Plans were also put in hand for the construction of a permanent Directors have decided to start a concrete godown with

granite building programme which, in the

Looking to the

future your

..

Pay & Final Dividend of

$7.00 per share Transfer to General Re-

serve A/c

$630,000.00

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The Hillows,

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Transfer to Repairs and

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152,708.09

262,077.12

$1,544,785.21

Before formally proposing the

In these

block walls on our property at course of a period of years, will adoption of the report and K.M.L. 49, the present timber result in the modernisation of the counts, I should like to draw your yard, which would take 12,000

whole of our property and develop special attention to the resigna- Ito the best advantage. The fol- tion of Sir Robert Ho Tung from lowing programme has been decid- the Board last December on ac

tons.

FURTHER ACCOMMODATION

obvious that still further

ac-

commodation will be needed to

In June, however, it became ed upon as essential as a first step count of ill health. Although Sir Robert was only a member of the and has been put in hand

(1) To build a new wharf in place Board for a few years, he has been of No. 3 which it is inadvisable very closely associated with us ever and uneconomic to repair. This since the Company was formed. We will pince all our wharves in shalt, miss his active assistance efficient working condition. (2) To demolish Godowns 16. 17, 18 very much indeed. I should like and.19 and to build on three to wish him a speedy recovery to quarters of this site a modern health and many happy years of six-storied storage godown and retirement, and to thank him for a single storied transit shed all he has done for us. with a capacity of 18.000 tons in excess of the existing 10.000 tons.

cope with the situation, and your Directors therefore purchased the. Lalchikok property from the Dairy Farm, Ice & Cold Storage Co.; Ltd, with its buildings and pler, the com- "and proceeded with

struction of an additional godown' on this site with accommoda- tion for 13,000 tons.

All this gave us 40,000 tons of additional storage space and the large increase in earrings over 1937. shown in the accounts," is this due to this factor; had space not been available the Company would have been com- pelled to shut out a large quanti- ty of Hongkong cargo, and would have been unable to accept the large volume of new business offering.

hosti- The commencement lities in South China, last October contributed further to the con gestion in the godowns: large quantities of cargo normally mor-

of

I now beg to propose the adop- tion of the report and statement

I

The storage godowns will em- of accounts as presented, and when body the latest fire-resisting

been seconded has faculties and will be built in nc. this cordance with the latest modern shall be pleased to answer to the practice, which should prove at best of my ability any questions tractive to storers.

that Shareholders may wish to ask.

(3) To build, modern coolle quarters

in Canton Roud to provide ac commodation for approximately 1,200 coolles of the Company'a staff.

(4) To provide more efficient pas senger facilities at No. 1 Wharf PROGRAMME TO COST $2,000,000

This programme should be completed during the current year at a cost of over $2,000) 000; the proposed transfer of

SECONDER'S SPEECH. Seconding the report, and "ac- count. Mr. Paul M. Hodgson said:

I would like to express on behalf of the shareholders our apprecia- tion of the able manner in which the Directors have coped with, the various dimeult situations › that have arisen during the year under.

(Continued on Back Parn).

66, Nathan Road Kowloon.

FRIDAY, MARCH 24, 1939.-PAGE 11'

M

PUBLIC AUCTION.

TUE

HE Undersigned have reosivad.

instructions

TO SELL BY

PUBLIC AUCTION

OX

FRIDAY. the 24th MARCH, 1949

Commencing at 2.30 p.m.

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

A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE,

Comprising:-

Teak Bedstead, Divans, Ward- robes, Dressing Tables, Chests of Drawers. Dining Tables, Dinner Waggon, Sideboard, Chairs, Deaks, Typewriter Tables, Glass and Filing Cabinets, Medicine Chests, Gramo- phones. and Records. Electric Lamps and Heaters, Porcelain," Glass, Brass and Aluminium Ware,] Pictures, Clocks, Ornaments, Car- pets, Rugs, etc., etc.

A FEW PIECES OF BLACKWOOD

FURNITURE

and

1 Cash Register

1 Portable Typewriter "Under-

wood"

1 "Smith" Typewriter

1 Croquet Set in Box

1 Ashwood Eed Room Suite

3 Chesterfield Suites "

|LAMMERTS' AUCTIONS

PUBLIC AUCTION.

THE Undersigned have received

Instructions from the Omolal Receiver, Supreme Court

to sell by

PUBLIC AUCTION

on

TUESDAY, the 28th MARCH, 1939

Commencing at 11 a.m.

At No. 68 Belchers Street

THE STOCK-IN-TRADE, FURNITURE AND FIXTURES.

of, the Kwong Kam Loong Chan, in bankruptcy"

니

to be sold in One Lot

(The Stock consists of Teak Logs and Teak Planks, etc.)

Inspection orders may be had from the Undersigned.

On VIEW from SATURDAY, the 25th MARCH, 1039

Terms: As Customery.

LAMMERT BROS..

AUCTIONEERS.

On VIEW from THURSDAY,

the 23rd MARCH, 1339.

TERMS:-Cash on Delivery

LAMMERT BROS..

AUCTIONEERS.

Engraving is the hall mark

of

VISITING CARDS.

If you wish to create

a

good

use

impression our cards

of high

Quality.

PUBLIC AUCTION.

THE Undersigned have received

instructions

to sell by

PUBLIC AUCTION

от

WEDNESDAY, the 29th MARCH,

1939 :

Commencing at 10.30 a.m.

At No. 11A, Carnarvon Road. Kowloon. (Top floor).

A QUANTITY OF VALUABLE HOUSEHOLD TURNITVEE

One Electric Refrigerator "Gibson"

On VIEW from TUESDAY,

the 28th, MARCH 1938.

One Radio Gramophone

and

Terms: Cash on Delivery,

LAMMERT BROS.

AUCTIONEERS.

Mr. J. Cartwright.

18. Blirty Portsm

we Specialise

Samples available

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90. Marth Ragholds

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B. Green

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PHONE - CENTRAL 1785.

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