1940-05-01 — Page 9

Daily Press 孖剌西報 All

HONGKONG DAILY PRESS

Finance and Commerce

BALANCE SHEET SHOWS Anglo-Soviet

FINANCIAL STABILITY

Good "Telephone" Year Is Reviewed At Meeting

Reference to the Telephone Amendment Ordinance which came into effect on April 5, in relation to the Hongkong Tele- phone Company's activities was made by Mr. J. Scott Harston, chairman of directors, at the Telephone Company's annual gen- eral meeting yesterday, when he said that the amendments were "necessitated, by the fact that the Company's business had developed more rapidly than, could be foreseen when the original 'Ordinance was framed,

After paying tribute to the efforts of Mr. E. M. Bryden, of Messrs, Lowe Bingham and Matthews, and MI, J. P. Sherry, the Company's manager, in bringing to a successful conclusion dis- cussions of a financial and highly technical nature with the Government, Mr. Scott Harston gave the following brief sum- mary of the principal results achieved:-

The Government will, in flux than ever before, and serious effect, take the place of the Sub-delays in deliveries of materials scriber with the modification that may become inevitable. shareholders will participate on an equal basis with Government after a

dividend at the rate of 12 per cent (without maxima) has been received by them.

The Trunk Telephone Service with Canton, you will recollect, was suspended during 1938. It has not been found possible to resume this service. but the Com

+21 The Company will supply pany is keeping its section of the the Governmerit with 500 lines plant gad equipment in such a free of rental charges--and with state of preparedness as will en- additional lines (If and when re-able us to take immediate steps: quired) subject to a discount on for re-connection so soon as cir- cumstances allow the service to be restored.

standard rates.

(3) The Investments of the Company in respect of the De- preciation and General Reserves

RADIO. TELEPHONE

were revalued as at. August 31, An event of very considerable 1939-the total depreciation aris- importance took place on Aug. 15, ing therefrom being deducted: 1039, when radio telephone com- was established via from General Reserve, and the munications amortisation of the authorised Cable and Wireless Ltd. with capital being placed on a Sinking

Fund basis.

Trade

RUSSIAN „POINTS.

ENUMERATED

LONDON, Apr, 30 (Reuter) - Well-informed quarters state that the Soviet Ambassador, M. Maisky. handed Lord Halifax the Soviet Noe expressing w:llingness to examine the possibilities for nor malisation of Soviet-British trade but denying Britain the right to interfere with Soviet-German trade.

Regarding the question of So- viet, re-exports of British goods to Germany, the Soviet Note stated that Moscow was ready to

open negotiations.

British, opinion is that accep- tance of the Soviet conditions would deny Britain the possibility to lessen Soviet German trade. The Soviet Note was a reply to the British Note which answered the Soviet Government's offer to resume trade parleys.

Chungking and Manila. Unfor- tunately, these services were sus- pended an Authorities after being in opera- instructions from the tion for only two weeks. It will be appreciated that this is doubt- less necessary for Imperial rea- Bons, but-it-is to be regretted that this promising new branch of your business had to be down so soon after its auspicious opening. Here again. I am unable Continued on Page 11

closed

(4) The Company is given the HONGKONG SHARE QUOTATIONS

right to depreciate (where neces-

sary) its Investments other than STOCK EXCHANGE

those made on behalf of its Capl- tal Reserve.

HIGHLY SATISFACTORY -

RESULT Continuing, Mr. Seot Harston said, in part: I feel I can now proceed to the accounts for the year under review, which reflect I would point out. the effect of the provisions of the Telephone Amendment Ordinance 1940. In general, the result presented is.: by comparison, highly satisfac tory, and has made possible the recommendation of your Board that the fina) dividend be tri- creased from 8 per cent to 10 per cent, thus making 14 per cent for the year 1939.

Royalties to the Government are shown in the sum of "$272.-. 551.97 as against $56,995.00 for the previous year. This enhanced contribution to the Public" Re- venue is a very material one, but is one which is especially neces- sary at the present juncturë

FUTURE DEPRECIATION Depreciation allowance 15 $256,- 793,60 as against $521,524.38 for the previous financial period, but in future.. the necessity for pro- viding for depreciation on a scale in excess of normal technical requirements should no longer" exist. I would add, however, that adequate provision in this respect has been made.

On the Credit" side, it will be observed that the balance fromm Working Account is higher by $123,501.11, and that receipts under the heading. "Interest Dividends and Exchange" are less by $25,- 172.02 It will be realised, how- ever, that the adjustments made necessary by the Telephone Amendment Ordinance render direct comparison rather difficult,

The increase, however, of $127,- 754.86 in the nett profit carried down after including such adjust- ments, amply demonstrates the eminently successful result of the year's working-----

FINANCIAL STABILITY

I now

come "to the Balance

Sheet, which, I feel sure share- holders

agrce, displays

will

position of such financial stability as must be gratifying to all. The old disabilities imposed by the Telephone Ordinance in its ori ginal form have disappeared with a consequent strengthening in the financial structure, which latter has been the goal aimed at by your Directors for many years.

For example, on reference to the Assets side, it will be observed that Investments which showed a depreciation of $560,468.38 for the year 1938 now show an apprecia- tion of $106,447.49 over toe materially lower market values ruling at the end of 1939,

NEW PLANT ORDERED To augment the capacity of the Automatic Exchange Plant, an order has been placed in London for the requisite plant on highly satisfactory terms, but world con- itions are in a greater state of

Bayer Balleri Salon Youlonl

SHAREBROKERS ASSOCIATION TUESDAY 30.

APRIL.

...Banks

Bayer Bellors Sales Nomin

£31

£12

87:00

6.K. Banke

***

81500

£93!

ap.) £831 Do. (Lou. Reg.) ... £9 7/16 Chartered Banks

Do. (Col.

2931

£931

874

www.

231 Mircantile Bike "A" £128 Mercantile Bka. "Q"

Bank of Earl Asla

7/16

.874

N. C. & B. Banks

Insurances

$230

Canton Insurance ....... Union Insurances

$500

$175 ET. Fico

$175

ܪ܂

$400

85 cts. Underwritern

Shipping

$120 Dougla

311 Steamboats

8100 Indo-China

50 ct.

$230

170 cts

$120 $11

FINANCE

SHIPPING BOOM

IN U.S.

COPPER TRADE WITH SOVIET DROPS WASHINGTON, April 30 (Ret- ter)—Figures issued by the Trea- siny Department show that palted States shipping. has reached the highest total in ten years despitė the Neutrality Act.

Some 1,043 vessels carried 2,582,-- 800 tons of cargo to foreign des- Lination during January and February as compared to 332 ships carrying 3,264.000 tons during the same months of 1939.

United States shipments of cop per to Russia declined abruptly since January, possibly partly owing to fears of seizure as con- traband on the ground that it might be destined for Germany,

March shipments totalled 5,584 tons, and February shipmenta 6.403 tons as Compared with 26,603

cons in January, There were no shipments during the some months of last year.

H.K. STOCK EXCHANGE

Quite a number of Dock Rigats were absorbed at $0.60 fairish Hines of Government Loans, the 4

per cent, at $102 and 33 per cent. at $97 and H. K. Banks rate'

the turnover in an otherwise un- $1510 and $1515 helped to "ace"

interesting market.

BUYERS

H. K. Banks, $1505. Bank of E Asia, $74, Unians Ins. $490. Docks Rts., 38.80. Providens. $. Hotels, $4.38. Realties $4.40. Telephones (New), $10, Lane Crawfords, $8.10. Wm. Powell, $1. Entertainments, $7.15.

SELLERS

Docks Cum. Rts. $22. Providents, $4.35.

Hotels; $41.

Electrica $651

.. SALES

H. K. Banks, $1510/15.

Watsons. Crawfords, $9.10.

Docks Rts. $8.60,

H. K. Govt. i per cent, Loah, $102.

H. K. Govt. 31 per cent Loan, $97.

MANILA GOLD SHARES

Atoks 169, Antamok 11s, Baguio Gold 18s Batong Buhay 0095s. Big Wedge 1718. Coco. Grove 085. Consolidated Mines 0025b. De- 'monstration 0815. L.XL. 311s. Ipo Gold 08b, Itogon Mining 20b, Masbate Con. 0849. Mine Operations OTAS. North Ga- marines 043b, Paracale Gummaus 16s San Mauricio 61b. Burigao Con. 175. Suyoc Cơn. 124b. United Paracale 211s. Mindanao Mother- lode 0838.

WEDNESDAY, MAY 1, 1940. -PAGE 9

Craven A never affect my

throat-their smoothness is

The largest selling

wonderful!

CRAVEN

SIINIA

REFTES

FLAT POCKET TINS

20 and 50 "TRU»VAC? TINS OF $0.

·PACKETS OF 10-

cork-tipped cigarette in the World.”

FOR YOUR___THROAT'S SAKE SMOKE LONDON MADE BY CARRERAS LTD...

Wholesale Renovation Of

RAUB'S REPORT Commercial Treaties By U.S.

(Prod.)

3100

$80

Indo-Chinam (De)......

76/10jghell

$8.90 Waterboate

$120 зелов $6.90

Docks, Wharves.

Godowns, etc.

$100 E. & K. Warve

$99*

242

Providenta

84.324

Providenie {nox)

$211

88.60

16.60

H.K. Docks C.RTS..! $19.65 H.K. Docks X. Rts.....

do Ats. $57 Shanghai Docks B.

821.78

818.53

$6.70

***

$60

Gold Mining Co.

Mi na

REPORT NO. 558

19/8

$9,75-$10.15

Fine ounces

1601

Pront

....$33,000

$435 $47

$440

19/6 Kailans $9.85 Ratbe

Vanarunia Gold Tide 8 eta Hong Kong Miss...

Lands, Hotels and

Buildings

** #3F

E.K Hotels ww

310 Do, 4% Debenderen

Laode

H.K. Boalhite

...

$103

#70% #370}

$17

B.K. Landa B. $30.75

$16.30 Shanghai

Humphreys ******

Chínssa Estadon

Cotton Mills

Ewo (8.). $230 S'hai Cottons (1)

TAL

$4.85

$36 76

$100

$4.40 $7.50

070

Zoong Sings (5)

Wing On Textiles (8.) Pablo Utilition

$120

Tramwaya

$17,35

||Pank 'Tramas (old)....... |Pank=Trans (wit} -- {Star Fuerior Storm.

388 3254 | Timati Farrina'

Do," (new)

China Lights (0) Chins Lights (New) China Lights Rt.

H.K. Esotrics

Macao Election

***

$250

$173

#251

味道

$7.90 1 $7.00

$4.90

$64.80

ཚོ སྒྱུ རཱབ

$7.90

85,08

88584.80

ses

$20

$112 Handakan Laghm......

$38.80)

Telephones (old}_

199

$10

||Telephones · ̈(new)

Tractions specialajob

$10.30

Tractions (p.

21/0

81 2

*Exidmatalala

$14.80) Cald., Muog. (Ori.) §.

Cald., Mang. (Pr£.) 8.

Canton Los

317

Cessante

Miscellaneou

#5.56 Rope

Dairy Farm.

$1.85

The Hongkong Stock Exchange

yesterday received the following

WASHINGTON, Apr 30 (Reu- Department to undertake cable from the Raub Australian ter)-As he considers the commer-wholesale negotiation for.. деж

CRAVEN

'A'

CA. 524

Oficials declared yesterday that a preliminary survey showed that the commercial treaty tles with most nations are not only out of date, but are museum pieces..

For instance the treaty with Britain dates back to 1815. The State Department will endeavour obtain unconditional most Advance discussions have already favoured nation treatment under Ha has authorised the State been begun with some countries. the new treaties.

cial treaty structure of the United treaties. States to be "antique," Mr. Cordell

SHOE CO.LTD.

HONGKONG SUPPLIES ALL

KINDS OF

FOOTWEAR

Hongkong Baily Press CLASSIFIED

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