1939-03-27 — Page 11

HONGKONG DAILY PRESS

Finance and Commerce

CHINA PROVIDENT HALF

MILLION PROFIT

iL

Exceptional Increase

In Earnings

Over half a million dollars' profit, double that of the previous year, was reported at the annual general meeting of the China Provident Loan and Mortgage Co., Ltd, håld in the Jacobean Room of the Hongkong Hotel yesterday. Those present were Mr. S. M. Chun (chairman), Messrs, P. M. Hodgson, J. P. Braga, T. B. Wilson and LJ Tse-fong (directors), Mr. R. 4. Wickerson (secretary and manager) and Messra, S. M. Bander, Miss Stella Bander. C. Bond, E. J. M. Churn, H. G. Hunt, Lam Shu-chuen, M. Well and E. Woodhouse.

British

Television

For U.S.

enthusiastic

A British, television company. in the face of world competition, has succeeded in capturing the enormous American market.

Shortly, dapper,

founder Soloman Sagall,

and director of Scophony. Limited, 'of Lendon, will sall for New York complete arrangements tor the formation of a £2,000,000 corporation to bring British tele- vision to the American public.

to

When America introduces tele- vision with the opening of World Fair at the end of

the Aprii, New York kinema audiences will see the first transmissions on British television screens,

"COAST-TO-COAST"

The Chairman said:--The re-

The proposed Dividend of 10 sults achieved during the year per cent, and Bonus of 5 per cent. under review are extremely grati- will absorb, $312.202.41, say 56 per fying, shewing a net profit, after cent, of the" profits earned this making provision for all charges, year. I wish to emphasise that contingencies and Directors' and the Bonus of 6 per cent, is an Auditors' fees, ́of $556,058.50. as extraordinary distribution and to compared with, $236.018.23 earned, stress that shareholders cannot

Many big New York kinemas In 1937, an increase of 135 per expect a like bonus in future years are to be equipped with the 13 the additional profts have system of large-screen televi- been only earned "because of the sien, patented by Mr. This very exceptional increase

Sagall's in earnings is due to "the

extra-exceptional demand for space due company, on which. the Boon- ordinary conditions ruling through- to the disturbed political cordi- Danahar aght was seen at

One tions obtaining during the last London news theatre.. out the year, and it cannot be expected that, with the return to eighteen months or so.

cent,

of our business in other lines..

..

*

FINANCE £50,000 MORE

FOR SECRET

SERVICE

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The new civil estimates for central government and finance. Issued récently... total £2,584,334, a net increase of £112,836

The class covers such a wide va- riety of services as the registration of electors, the Mint, Charity Com- mission, Government hospitality, National Debt Office. Royal Com- missions, Treasury Chest Fund and the Secret Service.

For the Secret Service there 15 provision of £500,000, an increase on 1938 of £50,000.

The estimates disclose exactly how much is to be spent on every phase of central government work.

The items range from the salary of the Prime Minister to that of typists." door-keepers and even housemaids in certain of the Whitehall departments. One of the items under "Office for Parlia mentary counsel" is £20 for, cab. etc.

ZARIST DEBT

PAYMENT

In the foreign bond market announcement that a British trade

would delegation

visit Moscow shortly led to unexpected specula- tion in pre-revolutionary Russian bonds...

of

Some believe the Soviet Govern- willment might recognize the old Czarist debt If the delegation was successful in improving British- Soviet trade relations. It was ad- mitted this speculation was main- ly on long odds, an effort to get in on the ground "foor, and with little to back it up.

"It will only be a matter more normal conditions, earnings I will now deal with the remain- months before transmitters on this scale can be maintaineding item of our proposals "Bonus be in operation from coast to and while we have thus beneated | of Staff $15,000." This sum wil; be} coast," Mr. Sagall said recently. from distressed cargo the same utilised to pay the permanent staff] "We are planning to put home- influences have reduced the size a bonus for their loyal services receivers on the market, too. specific during the year, and I need hardly while certain of อน equipment mention that with the increased is to be used in American trans- volume of business to which I have) mitting stations.” ... The demand for storage space declined during the latter part of

already referred, this proposal 1938 and so far during the current should commend your unqualified: to the or- year also, and therefore as oppor-approval. In addition tunity offers we are closing down dinary bonus, the proposed appro- the leased godown, and yards and priation of $15,000.00 provides for concentrating all cargo to uur own suitable grant to Mr. J. c. properties..

Guterres, our former Secretary and Manager, who after fourteen At the present time we have

years of faithful service is due only the North Point Yard

on for retirement at the end of this lease. Our godowns are reason-

month ably well filled and we continue

of Mr. Guterres to obtain a very fair share of the storage business offering.

In the place your Board has appointed Mr. R. A. Wickerson to be Secretary and Manager to the Company. Mr.

U.S. TO BUILD

SOVIET SHIPS

a

The visit of a Russian naval mission to the United States re- veals the determination of the Soviet Government to bulld formidable navy and to entrust American shipyards with the con- struction of some of the new war- ships..

5.

According to reliable informa-

Russian bonds, totalling about £150,000,000 ($750,000,000) in Lon- don, are quoted at a level price, with the idea of lumping all loans together, if the Soviet revokes its! previous repudiation Czarist debts.

In the early part of February the bonds could be bought at 80 cents. for £100 ($500), At the end of the month the same amount changed hands for $1.80.

HIGHER CARGO

INSURANCES

WASHINGTON, Mar. 25 (Reuter)

The closure of Canton in Octo- ber last has naturally adversely Wickerson has been many years tion, the Soviet Government in- affected our storage and shipping in Tientsin as Secretary and tends to build at least three large business, but we hope that this Manager to the Tientsin Land battleships, a number of cruisers, trade will be restored in the near Investment Co., Ltd., one of the aircraft-carriers and submarines It is omciáhy announced that

oldest and largest local companies in America. of that port,.

future,

It is somewhat disappointing that the facilities which we offer

Proposed by the "Chairman and for loans against the security of seconded by Mr. T. B-Wilson, the merchandise on storage, are not Report and statement of accounts availed of to a greater extent by

were adopted. our customers, and I take this

at the rates

BT

It 18 also reported that Russia has shown great interest American aeroplanes and negotiating for the purchase of

for machinery

aeroplane factories.

new

Rearnament of the Soviet Union

New York underwriters have decided to increase insurance rates on cargoes for Europe..

The new rates will be announced and come into force on Monday.

ANGLO - SOVIET

opportunity to assure them that Proposed by the Chairman and' we are anxious to develop this seconded by Mr, N. V. A. Croucher,

TRADE PARLEYS branch of our business,

the following special resolution 19 being carried through on a

worldwide basis. was passed---

Large orders

MOSCOW, Mar. 26 (Reuter)— Turning to the Balance Sheet I That dividends

have been placed with the British The trade talks between. Mr. R. 8. trust you will agree that it shows hereinafter mentioned be and are and French armament industries, Hudson, Secretary for Overseas a very sound. position, and the hereby declared on the issued and particularly in naval yards and Trade, and M. Mikoyen continued proposed allocationa

the fully paid up Shares in the Com-Russia is also buying from, or

munition factories. Burprisingly, throughout the day, reaching con- balance at Profit and Loss Account pany's Capital in accordance with rather exchanging war material trade relations. The conversations crete discussions on Anglo-Soviet of $150,000.00 to an Equalisation the rights thereto attached,' Le.

with, prospective enemy countries will be continued over

week-end.

from

of Dividends Reserve together with (A) On the 294.789 Consoitdated of $100,000.00 will contribute to the Shares of HK$5 each credited as strength of your Company.

fully paid up on January 1, 1938.

the creation of a General Reserve!

(hereinafter referred to as "A" be the Directors may at their. During the year under review shares) a dividend at 10 per cent.absolute discretion grant an "ex we disposed of the vacant land, per annum together with a Bonus gratia" bonus of not exceeding KIL · 1992 and the loss incurred has been written off from Contin-

of 5 per cent. per annum equal to HK$6 to any one Shareholder in the 'sum gencies Reserve Your Directors Seventy-five each.

of H.K. Dollar Cente order that the consolidation of the Company's Share Capital, as re- had no intention of developing this fand and therefore it was'

(B) On the 147,395 Consolidated quired by the Resolution of the decided to seil at a small loss Shares of R.K.35 each credited as Shareholders passed at the Extra- ordinary General Meeting held, on thus saving in taxes and interest. fully paid up on April 1,1938 (hereinafter referred to as "B"

April 20, 1938, may be inplemented You will observe that we have shares) a Dividend at 10 per cent. commenced a Sinking Fund to per arinum together with a Bonus The Chairman:-I beg to "pro- provide the Book Value of the of 5 per cent per annum equal to pose that the balance now re- Buildings in 25 years.

the sum of HK. Dollar cents maining at the credit of Profit and You will have noted that We 61.875 each.

Lose

Account be dealt with sa have adjusted the Book Value of our 60.45 per cent, interest in the

"And that such dividends be paid follows:-To Pay a Bonus to the Stan at the discretion of the undertaking of The Sandakan Demand at the Registered Light and Power Company to Offices of the Company to the Directors, $15,000.00; To Transfer market value. This has been done Shareholders entitled as under: to Equalisation of Dividends Re- serve, $150,000.00, To Transfer to

די

forthwith.

Account,

in order to throw the Balance (1) As to Shareholders holding General Reserve, $100,000.00; To Sheet into truer perspective, "A" and/or "B" Consolidated

Carry forward" to" 1939 In March last the final step in Shares ONLY, auch dividend beruby $71.650.09. our reconstruction scheme was declared shall be payable wholly taken when the call of $1.75 per in cash

This was seconded by Mr. Li share was made on the New Shares. (2) As to Shareholders holding Tee-fong and passed unanimously. The funds so obtained together “A” and/or "B". Consolidated Messrs. P. M. Hodgson and N. V. with our cash balances were used, Shares AND ALSO one unconsoli- į A. Croucher were re-elected direc- to liquidate the loan of 1500,000.00, dated share of HK.$2.50 fully paid tors on the proposal of Mr. §. M.. and also the bank overdraft of up (which has not been consoli-Bander, seconded by Mr. M. Wellj; *$332,728.02.

dated inasmuch as only two such and Messra. Linstead and 'Davia

RESOLUTION PASSED

I would now ask you to turn to shares can be consolidated? into and Messrs Percy Smith, Beth and the Directors Report and the one Consolidated share) as fol- Flending were re-elected auditors Dividend Resolution. I would ex-lows:-a) H.K.43 (or where the on the proposal of Mr. R. A. plain that we have found difaculty Shareholder. Is owner of both "A" Wickerson, seconded by Mr E, E. in arranging for the complete and "B" Consolidated shares then M. Churn. consolidation of individual share- HK$68) of the total dividend holdings. as some shareholders payable, shall be applied by the have removed from their regis- Company on behalf of the Share- Following the annual meeting, tered addresses and failed to holder in the purchase from 8. M. an extraordinary general meeting notify the Company, or have not Churri, Esq. (as Trustee for the passed the following resolution on replied to our repeated requesta Shareholders concerned of such themption of the chairman to regularise their holdings. In Fractional Certificates for one half seconded by Mr. P. M. Hodgson: order therefore, to complete the of an "A"""and/or "B". Consolidated "That the Articles contained in consolidation in practice, we are Share as may be required to per- the printed document submitted Droposing that power be taken in mit the anal consolidation of the to the Meeting and for the pur the dividend resolution sanction-Shareholder's holding, and the pose of identification subscribed ing the capitalisation of up to $8balance of the dividend hereby by the chairman thereof be ap- of the dividend, due to any share- declared shall be payable in cash. proved and adopted as the Articles holder as may be necessary to (3) Provided that in case of of Association of the Company in effect the anat consolidation of Bhareholders under (2) above en- substitution for and to the exclu» his holding of the Company's titled, to a dividend less than sion of all the existing Articles Shares.

HK$3 (or HK$8 as the taxe may thereof,"

MONDAY, MARCH 27, 1939. -PAGE 11

HONGKONG SOCIETY FOR THE PROTECTION OF CHILDREN

*

under the distinguished patronage

of

H.E. SIR GEOFFRY NORTHCOTE, K.0.M.G.

AND

LADY NORTHCOTE

The ANNUAL BALL

"will be held at

PENINSULA HOTEL

ON

FRIDAY, APRIL 14

AT 9.30 P.M.

Tickets $4.00 each including Supper

Tables can be reserved at Hongkong Hotel or Peninsula Hotel.

Shumchun Rural Welfare Centre

We need Rice and Vegetable Seeds

Fertiliser Farm Implements-Animals

for the Refugee Farmers to return to

THE GOOD EARTH

Please send all monetary donations to:

Hox. Treasurer: Mr. J. M. Tan, Cọ Wang Tan & Co.,

Alexandra Buildings,

Des Voeux Road,

Hong Kong.

All contributions in kind to:

Hon. Secretary: Mr. K. S. Lo

C/o Eu Tong Sen Ltd., 109, Queen's Road,

Hong Kong

**

Tel. 21988.

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LAMMERTS AUCTIONS

PUBLIC AUCTION.

E Underaigned have received

Instructions. from the, Official Recelver, Supreme Court

to sell by

PUBLIC AUCTION

on

TUESDAY, the 28th MARCH, 1939

Commencing at 11 aim.

At. No. 58 Belchers Street

THE STOCK-IN-TRADE, FURNITURE AND FIXTURES

of the Kwong Kam Loong Chan, In bankruptcy

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, 1939

Terms: As Customery.

LAMMERT BROS...

AUCTIONEERS,

PUBLIC AUCTION.

THE Undersigned have received

instructions

to sell by

PUBLIC - AUCTION

on.

WEDNESDAY, the 29th MARCH, 1939

Commencing at 10.30 a.m.'

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

A QUANTITY OF VALUABLE- HOUSEHOLD FURNITVEZ

One Radio Gramophone

and

One Electric Refrigerator "Gibson

On VIEW from TUESDAY; the 28th, MARCH, 1939.

Terms? Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS.

PUBLIC AUCTION.

THE Undersigned have received

instructions

TO SELL BY

PUBLIC AUCTION

OM

FRIDAY, the 31st MARCH 1939

Commencing at 5.15 p.m.

At their Bales Room, No. 2 Cor- naught Road, Central (Room No. 205, 2nd Floor),

A VALUABLE COLLECTION OF POSTAGE STAMPS

On VIEW from THURSDAY, the 30th, MARCH, 1939.

TERMS:-"Cam

Delivery

LAMMERT BROS.

AUCTIONEERS.