1939-03-30 — Page 13

HONGKONG DAILY PRESS

Finance and Commerce

FINANCE

CHINA'S TRADE WITH BRITAIN

Ambassador's Desire

INCREASED TURNOVERAID FOR TRAMP To "Seize" Sheffield

DESPITE COMPETITION

H.K. Rope Manufacturing

Company's Meeting

"The turnover of rope for last year showed a marked in- crease over that for 1937 and this is reflected in the accounts now before you, which, I think, may be considered satisfactory, In view of the keen competition, with, which" we have had to contend throughout the year," said the Hon. Mr. A, L, Shields, who presided at the fifty-Afth ordinary yearly meeting of the Hongkong Rope Manufacturing Co., Ltd., held at the office of Shewan Tomes and Co. yesterday.

ฟ

SHIPPING

Encouragement To Ship Owners

LONDON, Mar. 29 (Renter) Announcing in the House of Commons yesterday · the nual subsidy of two and three- quarter million sterling for tramp shipping. Mr. Oliver Stanley, President of the Board

of Trade, said that the Gay- ernment also proposed to ask Parliament for £10.000,009- for loans to ship owners over a period of two years for the

building purpose of

and cargo liners. and

tramps

The Chinese Ambassador, Mr. Quo Tal-chi, spoke on the vital need for open trading relations when he addressed the Sheffield Chamber of Commerce on Mar. 15. Referring to his visit to the armament industries of Shefeld, he said that in these days of China's great need he had a feeling jof material envy and a desire to seize the city lock, stock, and barrel, and ship it off to serve his country's needs, but short of an act of aggression more ambitious than any predatory Power had yet attempted, he did not see how he could pull it off.

The Ambassador spoke of the century and a half's trading rela- tions between England and China.

There were present: Hon. Mr. | The usual provisions have been Shields (Chairman), Mr. J. P. made for Depreciation on Build- Braga, Mr. S. T. Williamsonings, etc.. and on Plant (Directors). Messrs. F. J. Tavares Machinery your Board decided to As a further exceptional mea- and said that on the whole those (Secretary), S. C. Lai, H. Dreyer, provide ar additional $30,000.00 sure to increase tonnage, the Gov-relations had been friendly arid would ask Parlament helpful and he could see no signs Kam Wah-kul, J. Dick, A. A. depreciation. The Stocks andernment Botelho. K. P. Bailey and I. W Stores have been valued at cost for £2,000,000 to purchase salt-that they would fall to become in- Shewan (Shareholders),

or under.

"able vessels on the United King-creasingly so

dom Register, which although

"

'CHAIRMAN'S SPEECH

CURRENT PROSPECTS

still a capable service, would be dition. Mr. Stanley also announc- The Chairman said: You will

Now as regards the prospects otherwise sold abroad or

not grant brokened that a

exceeding observe from the Accounts for the for the current year. conditions up.

half a million" sterling annually year ended December 31, 1938. out here, in the East as well as

The latter vessels would only for Aye years would be available which have been before you for those in

the building of Europe do not permit be brought on, in an emergency, to encourage the prescribed period: that after me to say more than that we have but would be maintained in con-trampa and cargo liners, providing for Depreciation and made a good start In spite of the allowing for Directors' and Audi-strong competition and I hope that tors' Fees and Commission to

we shall continue to hold our own General Managers, there remains during the present year. a net Prot of $87,185.16 for the I do not think that there are year under review. This amount. any other items in the accounts added to the balance of $51,275.54 that need special comment, and I brought forward from 1937. makes will therefore propose that the a total at credit of Front and report and accounts as presented Loss Account of $138,460.70 avail-be adopted and passed, and that able for appropriation, which your the amount of $138,460.70 at credit Board recommend be dealt with of Proft and Loss Account be as follows:

| appropriated' as above."

Pay a dividend of 40

cents per share, ab- sorbing

Pay a bonus to stad..

And carry forward to

1939 Account

Mr. J. P. Braga, seconded and the motion was approved.

ELECTRICITY FOR ENTIRE PROVINCE OF YUNNAN

KUNMING, Mar." 29 (Cen- Yunnan Province claims 2,200,000 tral)-A two-year plan for to 3,000,000, only next to Sze- the expansion of the" Yao chwan's 15,500,000 to 20,700,000 Lung Power Plant operated horse power. Of Yunnan's two by hydraulic power has been to three million horse power, the formulated. When the plan Futu River, which dows into the

olden

Band River, passing has been successfully carried out, the plant will be able to through Kunming's suburbs, claims supply electricity for the en- about two thirds. It is for the purpose of harnessing this en- tire Yunnan province which is now rapidly becoming one ormous amount of power for the of China's industrial centres Industrialization of Yunnan Pro- The plant. with capital vince that the expasion of the Braga and Mr. Williamson, were of $6,000,000, which was esta-Yao. Lung Power Plant is -$138.480.70 | re-elected to the Board of Direcblished with technical help from being pushed.

tors.

German engineers in 1910, has lit

$ 80.000,00

$ 3,945.00

OTHER BUSINESS

Proposed by Mr. 8. C. Lau and $54.515.70 seconded by Mr. W. Dreyer, Mr.

L

Messrs. Percy Smith, Seth and Kunming city and supplied power Fleming and Messrs. Linstead and for its nearby factories for about Davis were re-appointed Auditors 30 years. It will now be expand- for the ensuing year.

ed to meet the demand of the gigantic Industrialisation pro- gramme in the province,

The turnover of rope last year shows a marked increase over that for 1937, and this is reflected in the accounts now laid before you which I thing may be considered satisfactory, in view of the kren competition with which we have U.S. COTTON EXPORT had to contend throughout the year.

I

BETTER PROFIT

SUBSIDY

WASHINGTON, Mär, 29 (Reuter) The profit on working account isThe resolution recently introdu- $45,597.64 better than the previous ced by Senator Walter George for year and the income from rents bidding a cotton export subeldy, was collected is $63.967.70 as compared given the right of way in the US. with. $48,772,85 in 1937-an in Seriate yesterday, but an immediate crease of $15,194:85. This is due

vote was deferred pending the to the Kennedy Town houses hav-developments in the House on the ing been fully occupied since the controversial parity payment ap- month of June, 1938, and provided propriation and the announce- the tenants remain in occupation. ment of Mr Wallace's plan to the full benefit of the additional encourage cotton exports which are rent obtained therefrom will be expected to be dealt with this gained. in the accounts for the week.

current year,

The Factory Buildings at Ma taukok continue in occupation, and we have recently concluded negotiations for an extension of the present lease for a further term of three years.

PROFIT AND LOSS You will have noticed in the Pront and Loss Account a return to tbe authorised amount in Directors' Fees and an increase in Commission to General Managers which is still below that provided by the Company's Articles. In this connection I wish to remind you that in 1935, "owing to` then prevalling conditions, your Direc- tors and "General Managers volun- tarily agreed to reduce their re-. muneration by 50 per cent.. and on reference to subsequent ac- counts it would be seen that no change, had since been made in respect thereto.

These savings together with other economies which your Board effected, have contributed very largely to bring the Company to its position to-day and in view of the increased earnings last year over those of 1937, your Board decided to charge the authorised amount in respect of Directors" Fees and with regard to the General Managers' Commission, this has been increased to three- fourths of the minimum authorised by the Articles of Association,

BONUS FOR STAFF

co-operated

"The staff have also and worked hard to attain the reault now placed before you and I hope that you will approve the bonus recommended by your Board.

When I addressed you this time last year I mentioned that some of cur machines would need re- placing. You will see in the Balance Sheet that we have ex- pended the sum of $49,811.88 on additions to Plant and Machinery. The new machines are now : being Installed and will soon be in operation.

GERMAN GENERATORS The present equipment of the plant consists of five German- made generators. Two of them are capable of generating 900 horse power and the smallest 450 horse power. Together they are 'gen- erating 3,370 horse power.

New generators are on their way from abroad to enlarge the plant and to replace the older ones.

"

Of China's more than 40,000,000 horse power of potential water power, the southwestern provinces has an estimated minimum of 19,250,000 and maximum of 25,- 750,000 horse power, of which

Rubber Statistics (1939)

FRODUCTION

Malaya World

27,892

.77,393

26,754 75,479

July August Beptember 25,831 71,057 October

29.096 74,556 November.... 24,238 69,120 December 25,240 65,722

Total

........ 361,293 898,005

January February March

April

May.

June

Total

Malaya World' 40,024 77.398 32,459 82,568 35,972 83,528 27,513 89,897 29,481 65,282 37,793 66,925

203,242. 465,578

STOCK

Mayala

UB.A.

Uni, K'dom

World*

January

80,465

269,078

61,914

385,274

February

85,431

288,883

71,333

411,828

March April May June July

99,287

299,137

76,453

432,136

78,433

301,438

62,573

429,465

79,627

299,720

87,055

431,339

86,717

294,492

62,144

436,277

91,752

284,914

95,061

430,938

84,685

277,483

99.428

.423,284

83,872

*276,631

97,966

83,312

249,937

93,092

414,477 402,607

80,110

254,318

" 89,010

78,747

245,413

86,680

378,751 361,847

August September October November December

*-Stocks at UA.A. 'United Kin gdom, Singapore, and Penang,

United

USA. Kdom World July 32,200** 8,712 71,200 August 38,170 8,403 75,600 Bept. 37,823 9,425, 78,900 October": "04,333 7,747 81,300 Nov.: 46,048 4,103 84,100 Dec.

45,315 7,324 89,700

Total 411,242 103,094 811,300

United UBA K'dom World January 29,429 11,155 65,500 February 23,858. 4,957 57,200 March 30,487 10,737 69,100

April

27,984 8,508 77,400

May June

28,947 9,953 82,300 30,629 8,980 79,000

Total 171,344 56,290.430,500

..:(1938)

Basic Quotas

602,000 540,000 82,500

45%

70% 80% 270,900 :381.200 421,400 243,000 **324,000 378,000

37,125

13,000

5,350

49,500 7,800

87,750 9,100

Burma

(0,250.

4,163

5,850

16.475

N. Borneo

18,500

(7,425

9,900

·11,550

Sarawak Blam

32,000

14,400

19,200

22,400

40,000

18,000

24,000

28,000

Total

1,835,250-

600,863

801,150 934.675

Maya Dutch E. Indles Ceylon.. India

Dow

THURSDAY, MARCH 30, 1939 -PAGE 11

SE PAINTRA ENAMELS, UN TA

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DURABLE V ECONOSTICTAL

MANUFACTURED ON PA

THE NATIONAL LACQUER & PAINT PRODUCTS CO. LTD.

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Charity Ball

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as

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Place:

Time:

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Tickets can be obtained at

Hong Kong Hotel Roof Garden

Hong Kong Chinese Women's Soldiers Relief Association

Tables can be reserved at The H. K. Hotel

LAMMERTS' AUCTIONS:

PUBLIC AUCTION.

THE

Undersigned have received Įnstructions

TO SELL BY

PUBLIC AUCTION

Ox

THURSDAY, the 30th MARCH, 1939

Commencing at 11.00 a.m.

At their Sales Room, No. 2 Con- Ground

naught Road, Central. Floor.

A QUANTITY OF MISCEL- LANEOUS GOODS

Comprising:-

Khaki Coats Trousers, Shorts, Breeches, Helmets, Greatcoats, Shoes, Boots, Caps, Drab Hosetops, Empty Cartridge Cases, etc., etc.

also

10 Pieces Square Iron Bars

.1 Bale Paper

1 Reel Paper

1 Keg Iron Nails

1 Drum Carbide.

3 Pieces Building Slabs

9 Bolts Ninghħat Cord

4 Crates Baths with Fittings

1 Enamel Bath

4. Cases Iron Wood Screws

1 Case Steel Filce

and

1 "Westinghouse" Refrigerator

TERMS:----Cash on Delivery,

LAMMERT BROS..

AUCTIONEERS.

PUBLIC AUCTION.

THE Undersigned have received

instructions

TO SELL BY

PUBLIC AUCTION

ON

«FRIDAY, the 31sť MARCH, 1939 -

Commencing at 5.15 p.m.

At their Bales Room, No. 2 Con- (Room No.

naught Road, Central.

205, 2nd Floor).

A VALUABLE COLLECTION OF POSTAGE STAMPS

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

TERMS:--Cash on Delivery,

LAMMERT BROS...

AUCTIONEERS.

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