1939-05-29 — Page 15

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HONGKONG DAILY PRESS

Finance and Commerce

ANNUAL MEETING

In

Marked Improvement Is Shown Trading Of Lane, Crawford, Ltd.

Directors' Expenditure Policy On New Bakery Meets With Approval

A MARKED IMPROVEMENT in the trading of the Company for the period under review was mentioned by Mr. P. H. Suck- ling, Chairman of the Board of Directors, in his speech at the no. 17th ordinary yearly meeting of Lane, Crawford, Limited, held

at Exchange Building. Des Voeux Road Central.. on Saturday morning.

In secondms, the adoption of the report and accounts. Mr. J. T. Bagram, on behalf “of shareholders, said that the pollër of the directors in dealing with the expenditure on the Com- pany's new bakery at Stubbs Road would, he had no doubt, com- mend Itself to the shareholders.

Assets of

Our Mortgage indebtedness the Bank has been reduced 350,000 during the past year.

Trade Creditors

to

by

Trade Creditors are showZI at $326,391.36-an increase of 880,14 over last year's figure.

FINANCE

YEN SLUMP Further Weakening

Predicted"

SHANGHAI, Mar 28 (Reu- ter)-The "yen showed a hard- ed. tendency on Saturday morning, buyers__paying- MIL- average of 97 National cents. compared with 95 on Friday morning.

FURTHER SLUMP PREDICTED CHUNGKING, May 28 (Central)

----Commenting on the alump of the Japanese yen in the Shanghal market following a momentary re- covery early this week, financial observers here belleve that ean- tinued weakening of the Japanese $92,-currency will be inevitable as long as inflation of the note issue is This

kept on. is the natural sequence to in creased business, and the ad- ditional liability arises chiefly in connection with the item of goods in transit to which reference hast

already been made."

The Bank overdraft stands at a figure of $483,303.53 compared with $254,401.71 Inst year. I think you will agree that an increase nt only $208,901,82 in this figure is quite satisfactory when it is considered that in addition to the ** Chairman's Speech

Dealing next with the Balance payment of a Dividend absorbing The Chairman, addressing the Sheet, you will see that the Fixed $60,000, a repayment of $50,000 on meeting, sald:-I am pleased to]

the Company total Loan Account? and a Bonus of state that the accounts now sub- $2,673,302.89 compared with $2-over $10.000 to Stad, capital consideration 440,574.11 reported last year. This expenditure amounting to $288,- show a marked improvement in increase is due mainly to expen-13149 has been met during the the trading of the Company for diture of $259.398.93 in connection year. the period under review. It must, with the new Bakery. Further Before concluding, I desire to -however, be remembered that expenditure__upon Fixtures and place on record-an-expression-of- trading conditions were far from Fittings, Cafe Utensils, and Motor appreciation to your Secretaries normal during the year, and that, Vehicles, amounted to $28,732.56. and Accountants, Messrs. Linstead particularly during the first seven In accordance with our usual and Davis, and to your Manager, months, we benefited from the practice, depreciation has been Mr. Brown, and his Staff, in patronage of large number of written of all Fixed Assets with respect of their assiduous efforts China residents temporarily stay- the exception of the new Bakery made in the Company's interests

and Cold Storage Plant, and in throughout the year,

mitted for

your

ing in the Colony,

I feel that

The yen reached a record low against the Chinese dollar- last week when it was quoted at 88 cents. Later it was boosted to 97 cents by large scale purchasings of the Hwa Haing Bank Yester- day, however, the yen again took a long toboganning to 94 with few buyers. At the same time, the ped to 155 against the Chinese Hwa Hsing Bank notes also drop-

dollar,

Financial circles here `put the total amount of Japanese · yen in circulation in Shanghai at the huge figure of

50,000,000-$100,000,008.

The yen. It will be remembered. was quoted in June-July last year at 100 to $130. Early in May this year, it was forced down to parity with the Chinese dollar and very soon after the sharp decline took place.

KANSU TO HAVE PROVINCIAL BANK

LANCHOW, May 27 (Central)—

You will note from the Profit view of the Auditors' qualification in so doing I will receive your Freparations are completed for " and Loss Account that the work-in that regard. I think it ex-hearty endorsement, and I trust

ing. Profit for the year amounted pedient to make specific reference

to this.

to $248,6847.48 compared with $184,- 528.95 shewn in the last account. Directors' Becommendation This increase of $82,113.52 is sole-

Your Directors recommend jan ly attributable to improved turn-appropriation of $50,000 from the over, and all Departments con-balance of Profit and Loss Account tributed a satisfactory quota to

to write down the figure of cost the attainment of the improved of the new Bakery Plant, etc. and figures.

their reasons for this recommen- dation are as follows:-"

New Bakery

that you will ratify your Direc tors' recommendation by voting a Bonus on the salaries of the Staff

in tangible recognition of their loyal co-operation.

There appearing to be no rur- ther matters to which I can use- fully refer. I now beg formally to propose that the Report of your Directors and Accounts" for the financial year ended on February The sale of the Burrows Street

Firstly, complying with an in-28, 1939, 33 presented, be adopted, property was completed when our tention indicated from the Chair and that the balance of $255,242,75 new Bazery at Stubbs Road com- Rast year, considerable expenditure standing to the credit of Proat menced to operate and the trans- has been incurred in connection and Loss Account be appropriated action resulted in a profit of with alteration to the premises as follows: - $1,694.77. " which your Directors to ensure that all possible arrange-

Transfer to General" considered satisfactory in view of ments were effected... In the in-

Reserve. the fact that costly repairs would terests of public health, for the

Payment of a Divi- have had to be undertaken to manufacture of our products under

dend of 8%. render the building At for con- the most hygienic conditions

Depreciation pt. New tinued occupation,

possible. Your Directors con-

Bakery Plant, &c. In accordance with Article 125 sider that expenditure in this

Payment "of a Bonus the Company's Articles of category should not be regarded

to Staff Association, unclaimed dividends in the same light as expenditure declared in respect of the year on the plant and fittings, and ended February 28, 1932, amount-they are of the opinion that it ing to 385.31 have been written should be written off as soon as

possible.

of

back.

་

Transfer

to Start Passages and Contingencies Ac- count.

$50,000.00

60,000,00

50,000.00

9.857.91

4,429.32

Carry forward to next

account.

20,955.53

$255,242,75

The chirge debited to Pront Secondly, although, the Bakery and Loss Account may be con- Department was transferred to the sidered normal, but I would like new premises at the end of to explain the increase in Diree-August; the plant as a complete tors' Fees. Under the new Articles installation was not in full opera-and I shall be obliged some of Association which were adopted tion till late in the year and prior Shareholder will kindly second

· last year, each Director is now to that time could not be regard such proposal, whereupon. ques- paid $1,000 per annum, insteaded as working an a normal re- of a fee assessed on the number venue earning basis.

tlons as to the Report and Ac- counts may be raised.

Excellent Results

of meetings attended for which Further, your Board are of the the old Articles provided,

opinion that a conservative policy Repairs and Renewals in the should be pursued whereby the the report and accounts, Mr. J. T. In seconding the adoption of amount of 31,761.50 mainly repre-newly installed plant and equip Bagram said: It is gratifying to sent expenditure upon our Cafe. ment be written down to a no-learn of the improvement in the

minal value well within the tenure company's trading during of the Company's lease of the year, and, on behalf of share- premises.

holders, I wish to congratulate alf concerned on the excellent results

יי

Year's Trading

the

Low Ratto The amount $7.182.56 written off in respect of Bad Debts, s some $2,500 higher than last year. This provision, however, repre- The year's trading having re-achieved, and in view of this I sents a low ratio to the turnover sulted in a satisfactory profit, feel sure shareholders will endorse involved, and may be considered your Directors feel that their the payment of the bonus to the small when taking into account recommendation *Covering an staff as an appreciation of their the nature and extent of the Com-appropriation of $50,000 this year, work. pany's business.

..

in furtherance of such a policy. The policy of the directors. in cannot but commend itself to dealing with the expenditure on shareholders.****

our new bakery will, I have no Stocks, including Stocks in doubt, commend Itself to the

ADVERTISEMENT transit of $123,938.41 ampant to shareholders. The complete ma

PUBLIC AUCTION

instructions

$812,83244-an increase of $103, dernization of this important de- 926,27 over last year. The Increase partment of our business, em- 18 brought about mainly by the bodying up-to-date methods of volume of foodstuffs in transit at production in the most hygienic the turn of the year to fail conditions, will undoubtedly re- orders on hand. I can assure bound to the benefit of the com-

Other Business

y

THE understand have received holders that stocks are in first class condition and that adequate. provizion has been made against On the proposal of Mr. W. L the contingency of deterioration. McKenzie, seconded by Mr. F. W. This year, Sundry Debtors Stapleton, Mr. 8. T. Williamson amount to $220,038.40, an increase was re-elected to the Board of of $35,492.45-over that item in the Directors.

to sell on

TUESDAY, the 30th MAY, 1939

Commencing at 11 am.

יו

In Godown No. 51 of the Hong

Co., Ltd., Kowloon

last account, which is the direct result. of increased business. "

The re-election of Messrs. Lowe, Bingham and Matthews BS

Kong & Kowloon Wharf & Godown. Bad Debts which have been #1200 for the ensuing year was written off, and can assure you proposed by Mr. FC. Barry and that the reserve for Doubtful seconded by Mr. H. W. Randall, Debts, retained at a figure of 310,000 may be considered ad- equatë "

I have already made reference auditors at a remuneration of

115 Bale New Gunny Bags

Terms Cash on Delivery.

For further particulars &

&c.,

ap-

ply to:

CHINA AUCTION ROOMS,

French Bank Building

1st Floor.

Hong Kong, 24th May. 1939.

________Those Present

the formal inauguration of the Kansu Provincial Bank here on June 1 next. The new bank is to Bureau, with the approval of the qucceed the Kansu Monetary

Ministry of Finance.

Present at the meeting were Mr. On the Liabilities side of the P. H. Suckling (Chairman), Messrs. Balance Sheet, the General Re R. A. Dastur, 8. T. Williamson. serve now stands at $150,000 and DO Edmondston and E. M. Ray- the Star Passages and Contingen-mond (Directors), Mr. A. W. Brown cles Account at $15,570.68, It (Manager) and the following effect is given to the relative ap shareholders: Messrs. FW, Staple- propriations your Directors recom-ton. FC Barry W L McKenzie, mend, these Reserves will become E, O. Murphy, Bagram, H. W $200,000 and $30,000 respectively. Randall and A. Sommerfelt.

HUNAN TEA" EXPORT CHANGSHA, May 27 (Central)— The Eunane Provincial Tea Board reports bumper crops, this spring in various parts of the Province. More than 130,000 boxes of red tea valued at $3,000,000 have al- ready been exported.

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MONDAY, MAY 29, 1939.-PAGE 11

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LAMMERTS' AUCTIONS|

PUBLIC AUCTION.

HE Undersigned have received

instructions

to sell by.

PUBLIC AUCTION

on

TUESDAY, the 30th MAY, 1939

Commencing at 11.00 mm.

#

At No. 2, "Aberinor Court” ·

May Road

A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE,

also

One Upright Piano by Montzie

and

One 11-Tube "Philco" Radio Gramophone

On VIEW from MONDAY, the 29th MAY, 1939

LAMMERT BROS.

AUCTIONEERS,

PUBLIC AUCTION.

THE Undersigned have received

instructions

to sell by

PUBLIC AUCTION

WEDNESDAY, the 31st MAX, 1939

Commencing at 1100 am.

At No. 21, Lydemün Building, Kowloon

A QUANTITY OF VALUABLE HOUR.HOLD FURNITURE

On VIEW from TUESDAY, the 30th MAY. -1939

Terms: Cash on Delivery:

LAMMERT BROS..

AUCTIONEERS."

PUBLIC AUCTION.

Underdened have received instructions

to voli by

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WEDNESDAY; the 31st MAY, 1935

Commencing at 5:15 pm

At their Bales Boom, No. 2, Con- naught. Boad, Central (Room No. 205, 2nd Floor).

A VALUABLE COLLECTION OF „POSTAGE STAMPS

VIEW from TUESDAY, the 30th MAY, 1939

KIT STREET, W.,

•TEMS: Cash on Delivery.

LAMMERT BROS.

AUCTIONEERS.

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THE HONGKONG DAILY PRESS

Marina House, 3rd Floor, 15-19, Queens Road Central.

What do

you want?

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