1911-03-31 — Page 15

OMPANY MEETING.

GREENFÍSLAND CEMENT.

CO., L.D.

ÄN INVESTIGATIONÝ

"DEMANDED:

THE HONGKONG

1.

TELEGRAPH

FRIDAY

MARCH 31

Foir

24

Messy Showan, Tames-and-Co, working expenses and conimise vory great detail, just to indicato Morel, 1010, and held forth such charge the usual solling commissions have been deducted, so the ono or two paints in which I think glowing prospools, the present sion of 2-1:2 per cent, the same answor, 1910 remuneration there lins been considerable op. tariff in force in the Philippines_ as the previous Agents, Mossrs. was charged by the general timism, which has not been had been in force there for some Arnhold, Karborg and Co., Ld. maungers, nor could it have fustified by results.

thing like five months and there- The total commission on sales at been charged. The_only, cluarg-

OVER OPTIMISM.

fore, that factor, existed when Shanghai last year was very small. es muds against this account are

you made that speech. Thore A special Agent, book-kooper, those shown on the other side of

instance, sir, in your fore it is not surprising that Chinese staff, offices, etc., could the profit and loss account. The unnual specali made to share the shareholders have a feeling. not possibly be provided for any account in which this item of holders on the 3rd April, 1000, I may put it so, of uneasiness in thing approaching the amount, $321,805.05 appears at credit is you said, towards the end this matter, as to who thor the exact figure of which, for the the profit and loss account, to of that specch, We have everything is being done for the roisons already given. I can only which it has been transferred from also taken up the making of con- Lost, and I think it would impart to any sharoholder who the working account, which latter grote blocks for building purposes, be, to the interest of everybody wants to know, after the Mesting account, as you know, is credited to tako tho place of bricks, and that instead of adopting this

with proceeds of all sales and de- we have just finished a godown roport and passing these account bited with all working chargos, for our friends-the-Standard Oil today, this committee, which 1 hesum mentioned is the balance Company, which I think will have suggested, should besppoint- I now propose that the report of what can be done in this way. of that working account.

prove a revelation to most peoplo, ed to go into the mattor not merely with Toforonco to the past, but

FOURTH QUESTION..

munugars convened a nesting of How often lave-the-gonoral the consulting commitivo during

.44

cock, T. F. Hough, A. Keith, N. Case oven 75 per cent, whilo to" usual straightforward mannor, ench of the yours, 1901,1905,1000and accounts, as presented to this Woll sir, to say that you were also-with reference to tho future.

Singapore-one-shipment-lost 6-tas sont in a list of questions. ho-1007, 1908, 1900 and 1010? –

intends to ask ut this meeting.

Tho inswor is 1-

consod for the time-boing, there made all possible economies in is still hope of running the the stiff, and reduced the num- tory at a profit. We all watch bor of unr engiuosers, burners, very closely tho working of So. On the other land, we have this business for the next few commenced the your, with one or mouths, and at the end of the two fairly good contracts,, which | half-year will lay the result will help our local sales, and wo before the Consulting Committed inyo a good contract in the North The annual meeting of the for their decision. If we find to carry out. To make up for the above Company was held ouðatar-

that this loss from breaking competition in our old markets, day in the office of the general can neither be prevented nor we live mide strenuous efforts to Managers, Messrs. Shewan, Tones covered by raising our prices, we push salos in other directions. We and Co. Mr. R. Shewan presid-shall Ivo no option but to slut have considerably increased our od, and there were also down the Works and dismiss the business with the Straits and Java, kont Mr. C. A. Tomes. Si Laul staff. To show you that wo are and wo have also begun a bhisi Chafer, Hon. Mr. 11. Keswick gorating this loss by noss with Vancouver, which wo Dr. J. W. Noblo, Messrs. C. breakogo, Lacy tell you that hope will develop into a regular Klink, J. A. Young, A. Young, somo shipments ta Penang lost as trade with that part of the world. A Temporter, U. D. Hu, Lug ruch as 1 per cent, and in ouo. A shareholder, Mr. Turner, is Shui Wa, Puôn, f. Chi, N. Han- V. Ormucher, Chan dut Wan, Ho Fook, A. H Hewett, PFC. Por cent by breakingo, and three

others over 55 per cent. Grits, Chan Chen, If. A. D'Essor, The stock on hand at Deep A.G, Cordon, Capt. W. E. Clarke, Water Bay, suffors too from Messrs, LauChan, Tsui Sui Woon, deterioration, as it is diflion to Tong Lai Chica; La Sal Reap such fingile goods from H. Hanouk, Hon. Mr. H. . Po becoming chipped and otherwise lock, Mossra, A. Turner, A. Rodger, mugandling, and much J. B. Sayer, DR Moss, Com. of what was first class stock when Beckwith, N., Messrs. R. C. cimo, aut of the kiln, has to Edwards, F. Smythe, Capt. Wilde, be relegated to the second class Mosen it. W. Horn Dr. H. undors, list when we make up our brokens T. Hornby, H. Godgo, the end of the your. Wo quits A. Harris, Hastings, Ronder recognise at the presont nos Harris, Hon. Mr. E. Osborne, disastrous showing must seem to MOSSI RS. Percy AE. Grifin,you good and afferent rosor for F. S. Perry, O. Arculli, A. K.stopping, but we know, what a Aroullio-Cheung-Shiu--6--6--

number of difficultios one aftor tho Moxon, H. Skott, J. R. Austin, other our Manager at Deep Wator which havo lately been circulated last year, and no knotty questions has already boon dealt with by was a fire, the loss arising out of tond, as somebody lias suggested Bryer, J. W. Leo Jones, Potts, A. Kouting, J. Robertson (socrotary), and others,

The Secretary rol the notice convoning the meeting.

y has had to confond with and surmont, and we only ask you how to live patience for a little longer and give us another clanco of pulling the business round bo- The Chairaiti:~Gentlo-

fore you decide that it is hopeless, men, as the Ileport and Accounts Our own dispuitment is very have been in your hands for soineken, because we felt at the bogia- days past, we will, with your por mission, follow the usual custom and take-they-as-read

To savo timo I will read them nud answorthom seriutim:

present General Managers of the 1. What romanoration have the freen Island Content Co, revived for one year since they have been

The answer is: um sorry 1

but this is no criterion as wo

I

concreto, blook business........

oral Manager

The Chairman: I shall be plons-

A FIRE LOSS. to hear any questions.

The Chairman: That was 50, PERTINENT QUESTIONS, | Mr. Pollock, the loss was in con Mr, A. Couisland asked the folnection with a fire.!

Hon. Mr. Pollock: Yes, there lowing question: I think the point

Mr. Turnor, but why was Ching it. Yuo, piece goods dealer, given coment on credit when the custom in Shanghai is cash on delivery?

neeling, be adopted and passed, optimistic in that matter is to put Two or three times each your shall be glad to answer any ques-sir, when the accounts for that and when that has been seconded: the thing vory mildly, because,

by-oireulars, as that can be done frequently consult the Committoo tions from shareholders to the best year, 1909, came to be looked into

of my ability.

wo seo put down as an item of at once, whereas fimo is lost in Dr. Noble (who appeared very blocks department. $18,000 odd Will you second thus, Dr. Noble? loss on working of the concrete calling a special Meeting Formich astonished at the request and the Hip On Company's claim printed Concral Managers? instance, when Ching Cute default and after noticeable hesitation): for damage caused by fire, and ed, this information was passed I have pleasure in seconding the legal exponsos. $10,000 odd, and cantant, gire the exact particulars found to the Commitico, at once,

the report and understand the claim of the Hip Mr. Turner wants, but I will obtained, and also passed round decounts as proposed by the Gon- On was in connection with the

and Mr. Slade's opinion was adoption of do tho host 1 tin. I am not quibbling, gentlenion, for there Intor on. In the oarly struggling is in mystery about the Gen-lays of the company, woaded oral Managers commission, but the business has been entirely frequent meetings of Committee, fact, we are mixious to refute of a routine nature of late years. the preposterous statomonts

No special expenditure was unde on this subject, and we are much obliged to Mr. Turner for giving us this opportunity of doing so. (Hour, hear.) The average nonal cominission darned by the tieneral Managers since 1896, when wo took over the manage: ment of the Company, is $36,630. I would willingly toll you what to exact figures are for last year, nad I a am quito, realy to give them in confidence to Mr. Turner after the mesting, but I cannot coumission is 2.1.2 per cont, on the sales, and if I give you the figures I shall be practically telling everyone, one competitors

too for discussion...

FIFTH QUESTION........... 7. With reference to the itome in the accounts, "bad debts writ ten off, Ching Yue(estimated loss) $51,130,04;. Hruco Peobles and Co., Lt, $5,710.31," will the general managers explain what the position of those parties, is and on what ground they dobit those amounts to the Company? Will the general, puusagers also themselves and their firm in Shanghai with any and if so what remuneration and commission in resport of the transaction result

The Chairman: I am not aware thint is the custom

Mr. Cousland: Was any security given

Tho Chairman: No. AN INVESTIGATION CALLED Foit.

The Chairmin: The con tractor's matshods caught fire.

Hon. Mr. Pollook. Was not that in consequence of tho work conerato blocks on the other side?,

મ

I think, sir, if I may say it, that OBJECTS OF THE INQUIRY.- that would strongthen the hands of the general managers, and it round. It may be that as a result, would create a better feeling all of that onquiry.othing.vary.dras.. tie can be recommended by way of shango-I don't know. On the other hand it may be that uno valuable suggestions may bo mado with rogard to the work- ing in the future, and with regard Bat I think nobody on live my to economios generally all round. doubt that if such an enquiry is held that it certainly will not

to me, to deprose shares on tho market and create a feeling of un- ossiness but on the other hand it will tend to create and inspiro confidouco. If a committee of

shareholders goes into these mat- tore, if they find that things are The Chairman: Some sparks being run on what appear to be from an engine caused the, fire, fairly economic and sound lines I was not a result of making the and that there are good hopes and concrete blocks at all.

prospects for the future, well, all Hon. Mr. Pollock: I under-the better for the Company, and stand the engine was working in all the better for everyone who in in any way connected with the block business.

bably aware, I myself on a com- paratively small holder of shares in this Company, but I have been approached on this matter by poo

stand that even in the matter of

Hon Mr. Pollock. I under-ple to whom, I am sorry to say, this the concrete blocks, they havo not, and it is on their behalf, loss of any final divideud repro- sants a very serious and important

The Chairman: No, in counce tion with the building of the godowns, for the Standard Oil Company.

ning of the your that wo had over come all our difficulties for we had succeeded in greatly improving The profit on sales of Coment, the quality of our pipes, and had ot, lass Interest on overdraft at increased the output and wore the Bink, is $281,145.78, and | obtaining better prices and new make them public, as our only state whether they have credited Chairman and gentlenion,I bog|counoction with the conoroto Company Sir, as you ore pro- after delicting Depreciation at outlois and markets in the Straits His por sent, there would in or for our wares. Everything still dinary times be $100,552 points to better times and condi- available for appropriation, ortions if we can avoid this heavy say a dividend of 40 cents-pqr|| loss from braukage, and we must included, what our sales are,, nnding in these bad debts? share. Unfortunately on this oc- therefore study the situation care-I am sure no shareholder who The answer is:-

fully and if some remody cai-has the interest of the Company The grounds are that no not be found before we sacrifice at heart will wish me to-disclose Plant standing at nearly two the details of the Company's lakhs of dollars in our books.. business to the goueral public.

POSITION OF ACCOUNTS,- | (Applause.)".

Froin the Accounts laid before paid, abworbing $60,000), leaving you, you will seo that as we pro-

casion we have had to provide 856,841.25 for Bad Dabt, and $20,085.00 for loss on the Deep Water Bay Pipe factory, so that our et profit is reduced to 880,015,40, out of which a divi- dend of 15cents per share las bocn

La bílnues of $20,1145.40 to bo car-

ried forward.

NO BUSINESS.

It is with grant regret that after tho high hopes. expressed this time last year, have to come bofore you on this occasion with such a poor result of the past year's working. As you all know the prospects of business which were very bright at the beginning of the year, were soon clouded over. Money became very tight, und wo had to lace the failure of ur largest contractor at Shanghai,

nised

You

2. With referonoa to paragraph of Article eleven of the Articles sit our last Meeting, woof Association, which providen spont little or nothing on Capital that (in addition to 5,000 dollars Account, nor do we contemplate per annum for offico expenses) the any, more additions to Plant or remuneration of the General Machinery, Walce provided for Managers shall consist of a "com- Depreciation, as required by the mission of 1.2 per cont. on the Articles of Association, to tho ex-gross proceeds of all salos made by tont of $114,593317, and this tho General Managers on bohuff amount has gono in reduction of of the Company, and on all monies the Overdraft at our Bankers received by themother than mouies which has been brought down to paid in respect of cails on share $527,057.27 on 31st Doc. st. holders," will the General Man Interest, $12,198.72, still fonus a gora state what interpretation has heavy charge against our profits, been put by them on the words," on but that will be lower this year all monies received by them othor and will naturally fall us our over-than-anonics paid in respect of

The answer is:No interpreta

|

proved tlio succoss that vas anticipated.

Hon. Mr. E. Pollock said: Mr. to move an amendment to your motion that the report and ac- counts be now passed and I will band it in. The amendmout, sir, which 1, move is: That i com- mittee consisting of Dr. Noble and Mr. Cousland, with power to Agonts will guarantoo bad bobis add to their number, and with for a more selling commission power to employ, at the Com- of 21.2 per cont, but to put pany's expense, such legal and

niore than on my own, that I think tho point beyond n doubt we other assistanco as

may bo

it would be satisfactory that such took Counsel's opinion, which is necessary, be hereby appointed,

DWINDLING DIVIDEND,

an enquiry as I suggest should bo here on the table for your inspecto investigate the affairs and books Continuing, tho Hon. Mr. hold. I think it will tend to clear Lion. The answer to the second of the Company, and to Toport Pollock said: For the your 1008 up things all round, and we shall part of the question and commis thereon to the shareholders. wo roceived an interim dividend start perhaps, I hopo so, as a ro- mou in resport of the transactions Sir, I think you must be well of 10 cents por share, and a finni gult of the enquiry, with batter resulting in those bad debts? is aware that the recent report is dividend of 50 cotits, por share, hopes for the futuro, with a firm No. In the ordinary course the viewed with considerable dis and for the year 1 wo received belief in the Company and its mission in their secount ales, but of this Company. If you accept per share, and a final dividend of tone all round. (Loud applause). Shanghai Agonts charged com-satisfaction by the aliaroholders an interim dividend of 35 cents workings, and with a brighter this was written back by the this proposal of mine, the result10 cents for share. And you,

A KNOTTY POINT OF general managers after the loss of course will not be that the ro- sir, addressed general meeting however, fairly earned, and ludo for all time, but simply that year, and there again one has to

PROCEDURE. occurred. The commission was, port and accounts will be_reject of shareholders in March of last another firm beon agents thoro we hiero will be a postponement point out the fact that you hold do not suppose we could have of the adoption of the re- put to us somewhat bright and recovered the amount.

port and accounts until some rosy prospects, which certainly enquiry has boen made into the have not hoon justified by the affairs of the Company and its result of the past year's working: books, Sir Inced hardly say because we have received an that in bringing forward this interim dividend of 15 couts only

forthcoming by way of a

"

SIXTH QUESTION.

Chairman and gentloinen: In Hon. Mr. E. Osborno Mr. seconding the amendment which has been proposed

The Chairman: Pardon mo Mr. Osborne, I cannot accept this resolution. I may say at once that as an amendinont. It is a special.

tion to this, and the demand for will/also be loss on the writtention, no notico whatever. It would will the general managers stato motion, I um netuated by absolnte- and thoro is.nothing apparently do not intend to oppose this for

1

managers decided, in view of the

any comunission.

SEVENTI QUESTION.

final

dividend. What you said, sir,a minuto, but this is a resolution on the 10th March last year by

moro in other markets, such as Estructed. Bruce- Poobles and Co.. | Bingham & Matthews if ho pro- dusting losses from gains, liave we should like some enquiry with those for the your 1910, yoit report and accounts be postponed.

will find that in 1909 the balance but not for ever.

6. With reference to the item and trade for the rest of the year | draft is lowered. Not only shall calls on shareholders?"

in the accounts, "loss loss or sales was bad and depressed all round. we have loss to pay for Interest The building trade was no excep-but. Depreciation at 6 por cent.

of bricks, pipes, olc., $29,063.00,” what remuneration they have mado y no personal motive or any faol our particular commodity foll off dosyn value of the Plant, ele. On seem from the clause that we are for themselves out of the sale of ing against the general-managers,

and not an amendment. necordingly. Very little building the whole, therefore, we need not legally entitled to chargo a com such bricks, pipes, eto.? I prose, that they, like every Was undertaken in this Colony take ton gloomy a view of the mission on all monies collect. The mister is no commission body to Wearon dars likely to Juppen, was: "I think will call it a resolution,

body eleo, will welcome investiga way of a forecast of what was-Hon Mr. Osborne, Well sir, I and we had no largo contracts future, ns, if wo einot increase, in addition to our commission

The Chairman: You cannot sneh as we formerly had for work our profits, our expenses, and on siles. That may be so, but suoration whatever. Won may be dissatisfied, either with we are quite justified in anti-

that we have never curonly say

the accounts were being made up or without good grounds, with cipating that our next profit and second the resolution, when thoro on the New Ducks here, so that charges, such as the foregoing ront of taking advantage of at the end of the your, the general certain matters in connection loss account will show a large is already a motion before the locally the year was a very poorwill be considerably reduced, and

lave never it, and that wa one, and our miles foll off to a very we shall not, I hope, live to charged but one commission only, unfavourable result, not to chargely do not propose, sir, in addross no reason to suppose that our

with the Company, and I certain-balance for appropriation as I see meeting.

Ilon. Mr. Pollook Oliair "great extent.

Isco anch... losses agnia -EFFECT OF COMPÉTITION. | for Bad Debts, You will notice vi, on the proceeds of all coment

ing this meeting, to pass judg-sales will show any falling off, man, I think it was perfectly clear.. ment upon the general managers, quite the contrary. Woil, sir, I thought I said that it was an We' suffered too in our prices that we have had to meet heavy solid. (Applaus.) If any sharo-

holder doubts this statement, I ***7. How much empital has been POINTS OF ENQUIRY, 2 that was an anticipation which amendment. You ask that there- fromtheemmpetition of the coment losses on this account. Our claim factories at Canton mid Haiphong on Bruce Poblesand Co., Ltd. was uppy to furnish him with laid out by the general managersWe are simply in the question, vas very wide indeed of the port and accounts be adopted. a certificate to this offnet from the on the Deep Water Bay Works myself and the shareholders who balance of working account of committoo boappointed. That murk, Becauso il you compare the Now I move as an amendment that but we felt the competition of for $9,735,247 Against this wo

Auditors, or from Messrs. Lowe, since 19007 Wint profit, de re with me in this matter, that sales of cement for the your 1009, moans that the adoption of the cement from the latter place still hold ung Debenturo in the recon-

fers it.

the strellders made out of that be made with reference to those those of Slunghai, Bangkok and T. for £170, and Scrip for 617 the Philippines. In those places shares of £1 cash, fully paid, but. Is the Company dobited with expenditure since that date?! affairs, bad debts written off•

The answer is

of working account, sales off The Chairman That they all prices wore Tocklessly reduced-in as the latter seem to be of quite commission (in widition to thứ

with reference to the working of figures at which there wasno profit a nominal value wo have thought 2 1.2 per cont. on the gross prosary, as all the information asked also, I think, it will como within

This question is hardly necos the Deep Water Bay works and cement was 850-1,000 odd, and not be passed. is a negative. to anyone, and we wore at last it safer to write their value off, ceous) in respect of coment sold for has been carefully set out the scope of the matter,

for this past year it has fallen to Hon. Mr. Pollock; No, I don't 8321,800nda. Tint, sir, is a very forced to decline to meet quotations and if any dividend is ever paid by or through Mossrs. Showan

say that People, present heard which would have left an actual on, then we shall be so much to Tomos & Co. in Shanghit and in each annual statement of a reference to the works at Green Bonetleing like 50 per cent of what I said. I am not proposing loss. In the Philippines our trade the good. In regard to the exti-Singapore? If so, at what rate is Lained by referring to them works over at Hok Un.. Wo do less than 60 por cent, a vory

counts, and can easily be ob- Inland near Macao, and the bigot 50 per cent, but something never be paseod

like 60 per conto, that the report and accounts shall - was also adversely affected by theated loss of $51,130.94 by Ching och commission calculated?——

When we took the works over, the not, sir, moroly, ask to look into considerable drop. discriminating duties, placed on Yud at Shanghai, whose failure is cemont other that American, and so well known to you all certainly The answer At Singapore Machinery was obsolete, and the

the accounts purely witli reference.

THE PHILIPPINE DUTIES. from all those causes our trial one can bo nachod to our the Company has its own Agont, whole Factory had to be practically to the past, but we also naturally sales there also show a large ro- Shanghai Agent, for a secina to unil Messrs. Showan, Tomos & Co. remodeled and rebuilt. During have an eye towards the future. Well now, sir, you put forward duction. In fact, we suffered have been universally trusted, d nko no charge. At Shanglini the last ten years the total Capital Sir, Think, there is a general in this report as a reason for the more or loss from overdone.com-regarded there as 'very desirable Moura. Shown, Tomes & Co. spent thoro kas been, roughly feelin among the shareholders, somewhat disastrous-for the don mo. The appointment of the petition in all our bost markets,

customer to have in ono'n books, charge the usual selling com- $250,000. The answer to the thaf, I may be permitted to time being-state of affairs, am-

committed to ouquire would in from all we can learn, thochanres mission of 2 1-2 per cent. the second part is not profit of day soin quite a friendly manner, ongst other matters as oxcusing volvo an ijbutment of the DEEP WATER BAY. of reducing this heavy loss soon enme as the provicus Agents, $14,343.

you have been too optimistio in it, you put forward the question question whether the report and The loss on the Deep Water remoto, but, of course, wo shall Mosara Arnhold; Karborg & Co.,

EIGHTH QUESTION your past forecasta. Nobody of discriminating duties imposed accounts, be passed, I cannot: is also most re-sond in our claim against any did. The commission of 8. With regard to the item in disputes that optimism is a very in the Philippine Islandain favour understand other view, grotlab 6, and a wo thought nota which may be rented by the sales at Shanghai last your wall the account: "Salos of coment good thing. Nobody wants to of the home product. Well, sir, que day on w This was likely to contino, we liquidator. As for the prospects very small; A special agent, 8321,895,05, will the general see the igeneral managers of the whit I desire to point out is that. – vroulil' not homitato to recommend for the current your, it is impost-book-keeper, Chinero staff, offices, managera nta to what remuneration Company going, about with long those discriminating duties,

voling against thems closing in Warks at once, but blo to spork positively, for, so de, could not possibly be provided they have unde for themselves faces as if the company worse go least the tariff in the Philippine out of order, Mr. Pollock

Hon. Mr. Pollockz we nie not yet sure that such auch doponds upon the compati- for anything approaching to in concoction will the sale of that ing to rack and ruin, but there lelands, came into force in the drastic, step.d this is necessary, we may meet with. We amount, the exact figure of which, comout ?

is a feeling that you, have carly days of October, 1909, viously an eme 015 doil of this loja was Trivo, ob course, reduced our out for the reasons already givon, I The answer is:——

11 may say 80 100

months Tro skago, in shipments on put by burning fewer kilne and can only impart toany shareholder The item referred to is plainly in the past and pork

accounts a wanga and during discharge, running, this grinding milla on who wants to know after tlie icet,stated as balando

ereforented te We Tavə alsa

gocount "La, the pro

100 perm

don't want to go into

with

in March of 1010, whan you

The Chairman Pardon me, we Farb-bore to pass the report and accounts at this meeting. You

are voting against it.

Hon. Mr. Pollock; You will bar

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