1920-10-06 — Page 1

Columbia Baneries

The

Hongkong Telegraph.

(ESTABLISHED 1881)

69251 三拜禮號六月十英港香 WEDNESDAY. OCTOBER 6. 1920.

INDO-CHINA

S.N. MEETING.

MR. JOHNSTONE AND THE CHINA COAST GUILDS.

**WE DO NOT PROPOSE TO BE DICTATED TO."

FIVE NEW SHIPS FOR THE COMPANY.

with

PUTURE PROSPECTS.

ها

日五廿月八

next

SINGLE COFT: 10 CTS.

$36 PER ANNUM.

Fand

Lowa Camp is, we understand, be opened on: 27th Borgenber next, and has been allotted from that data to the 15th December to

Corps.

Company is optional.

the beat of my its own vessels under Particular each call. Such payments, I feel to reply to

In May, 1916, an Adjustment VOLUNTEER CAMP. Average. Your Directors consider sure, will have your approval

ability to any questions which Board was formed in“ Shanghai it advisable therefore to credit: The fact that an agitation for the shareholders desire to sak. to settle a dispute between the Underwriting Account with an increased pay is being supported | Mr. U. Rumjan-Mr. Chair | China Navigation Co. and our

OPENS AT LOWU NEXT adequate premium based on by the two Coast Guilds does not man and gwomen- bave solves, on the one part, and oor

MONTH. re-valuation of the fleet by inde preclude your Directors from oses | listened with

considerable repective floating staffs on the pendant surveyors and on advice again placing on record their pleasure to D unusually in other, and as a result of that given by competent insurance appreciation of the services teresting speech, and on behalf award-which expired on 31st Authorities to eaver possible rendered by the floating staff, and of a large number of shareholders December, claims arising under Partica shareholders will no dught wish I congratulate the Directors creases of pay and other so the Hongkong Volunteer Defence

1919-certain in- lar Average. These claims to be associated with these re the General Managers, and the cessions were given to our have in the past been debited | marks. Difficulties in connection staff on the efficient manner in employees. In 1917, în confurm- to Underwriting Account bat zo with demands put forward by the which they have conducted the ity with the decision arrived at in this connection, it is infer- corresponding premia has been Guilds are unfortunately causing affairs of the Company during the parious year, the payment under whichribe Corps was formed sating to recall that the Ordinance credited thereto and advantage us considerable concern (to these the past year. I have much of pensions was inaugurated. of a good year has been taken to I will refer in a minute or two) pleasure in seconding the adopt You will, I am sures appreciate provides that the Artillery and put this account on a footing | but past services wall rendered can ion of the report and accounta the advisability of

Engineer Companies will be establish- which will better saable it to and should be gratefully acknow~;

The Chairman-As there are ing ·

mobilised for one week and, and to provide

that the Machine Gun Company The thirty-ninth

no questions, I will put the for such outlas, and as nor and the Infantry Battalion will ordinary tory terms, the proceeds being mest future calls. I trust our edged. general meeting of the Indo- dealt with in the accounts now

action in this connection will

resolution, which has been pro mal conditions, following the China Steam Navigation Con- presented. 1 is with much meet with your approval.

posed by myself and seconded by close of the war, were resumed an annual camp with a In view of the need of acquir-

minimum attendance of three pany, Limited, was held at the regret that your Directors have

This concludes what I may call /mít. Rumjahn, to the meating during the year under review. days. The camp for the Reserve etfice of the General Managers, to record the loss of the s." Faning new tonnage and the present

Those

favor? Against? the present occasion was con- Messrs. Jardine. Matheson and sang," which steamer stranded high cost thereof to which I the ordinary routine business of

Carried unanimously.

zidered

opportune by already referred, your the meeting, gentlemen, and I

Four b. Lid, at noon to-day. The Hon. on Hainan Head Reef on the 26th have

Directors to ask your sanction to DOW arrive at the most difficult The Chairman-The Mr. John Johnstone presided May last, subsequently becoming Directors have decided.

the passing of the resolution. And there were also present, total loss. She was a well- your approval, to augment our feature to be dealt with in the {business, gentlemen, is the con, setting aride out of the earnings|

TO-DAY'S EXCHANGE.. Sir Robert Ho Tung. Mr. G. W known and popular vessel usually Building Reserve Fund by the Chairman's annust remarks, tofirmation of the appointment of

Directors.

of the Company a sum of £100,000 Barton.

The closing rals of the dollar, en Mr. A. O. Lang employed in the Southern addition of a further £100,000, wit, future prospects.

The very sound financial posi- The Hoa. Mr. Ho Fook-for the purpose mentioned. From demand, to-day was toyd. Directors), Mr. D. V. Steavenson miscellaneous chartering trades bringing the smount now stand- Solicitor to the Company), and her loss is one which, while ing to the credit of this Accountsion the Company finds itself in beg to propose the confirmation the 1st January, 1919, the 20 per

THE WEATHER - to-day is a matter of congratula of the appointment of M:. A.0.can War Bonus was consoli- Mr. E. F. Ancott (Secretary), fortunately attended by no loss of 10 £323.130 176. 6d.

2 p.m. Barometer -—-29.30. Tazo- As called for under our Trustion, in that it enables us to face Lang ass Director of the Com- dated in the pay of the floating Mr. Ho Fook, life, is greatly deplored, especial-

staff. In the early part of 1920perature-77. Humidity :-92. the Hoo. Mr. A. R. Lowe, and ly at a time when the cost of re- Doed, £13,650 First Mortgage the future with a certain degree (pans from 1st April 1920

Deteatures were redeemed during of confidence in the knowledge Mr. MurrayI beg to sacond the Arbitrators Award having Mosers. G. C. Motos, R. H. B. placement is at so high a level.

expired on the 31st December, Hancock, P. C. Potts. C.

the period under review. Further, that we have reserves to fall back tha

The Chairman :-The inviowof the high rate of exchange upon. I would be failing in my

1919-the China Navigation and engine room) of 10 vessels in part. Hamjahn, Lo Man-bic Ho

this Company set about consider I explained that I did not call the Stalkit

the appointment | Ho Tang-sing. J.

ruling daring the early part of duty, however, were 1 not to callfirmation of Ball Irving, N.

Since our last annual meeting 1920, and the favourable position your attention to the reverse side of Mr. A.0. Lag as a Direc-ig what further concessions meeting with a view to going

was of the picture.

could be made to our respective behind their Guilds in any way, the Company from Railton, W. C. Cor aby, Li Yun-your Directors have given con-in which the Company

| staffs. Bearing in mind the as I

that a Casual reference to the ar-1st April, 1920, has been proposed

recognised sun, Ho Kai, S. E. Da Luz, Ho stant and serious attention to the placed thereby, your Directors

fact that any concessions Guild could be of considerable Leung, S. E. Grimstone, L E question of acquiring additional also decided to avail of Clause

Those in favOUT an assail- Mr. Murray. dos Remedios, Yaen Hsag-kin, steamets for the fleet. Prices of 9 of the Trust Deed and give the that we were in

This, in my please signify in the usual way?probability, remain a standing further and say that, properly Ho U-shang, P. M. N. da Silva, labour and material have ad-required six mouths' notice calling able position.

far from being Against? Carried unanimously, charge on the earnings of the run, it could be of considerable H. E. Macdougall, R. J. Paterson, vanced so enormously, however, for the entire redemption of all opinion, is

Company, however badly it might assistance both to this Company D. McMurray, and A. M. dal that our energies in this direction outstanding Debentures amort-the case and it will only be The next business, gentlemen, be doing, and remembering the as well as the men thatzselves, Silva, (shareholders).

bared to be confined to iming to £114.850. It seemed to necessary for me to say that the the re-election of Director.

Mr. Maxon:-beg to propose difficulty we had in paying any but I thought it was evident- mediate requirements only, and them obviously against the Com-present cost of one new Calcutta further tonnage is necessary to pany's interests to continue to steamer is almost as much as the the re-election of 8 Rober: Ho dividend at all in some pre-war judging from the actions of the Director of the years (no dividend on the Defer Guilds-that the Commitise enable us to maintain our position borrow money at 5%, when surplus original paid-up capital of the Tung sa a

red Ordinary Bhares was possible] which, was directing them were on the. Coust. Contracts have funds were available, and you Company to point this remark. Company.

Mr. Hancock:-I beg to second in the years 1910-1911 and 1912. dictating a policy winch. most been entered into with well-known will no doubt fully approve "of The Hie of our feet, as the result

and only 5% in 1913 and 3, in | aventually drive us to the wall, builders at Home for a new and the action taken in this matter. of hard usage during the war.

The Chairman: The re-electhat much consideration had to point this out in a friendly 1914you will perhaps realise and that I thought it advisable up-to-date vessel for our Calcutta

has been considerably shortened

to be given to ways and means. manner to those who wars fast

the Hoa.

CHAIRMAN'S SPEECH.

H.

The Chairman'` said "--Gentle-{ Ing. As the time for which this , meeting was called has passed. I will ask Mr. Antoft to read the notice convening the meeting and The Auditors' Report.

The notice having been read.

Dies.

*150

The was

National of the Trot Scheme, in the case of this Company the Government 10-

reverted to services re-organised.

{

FIVE NEW STEAMERS.

PENSIONS FOR FLOATING STAFF.

now

able to gusge

our

tor of

con-

counts might lead one to think by Mr. Ho Fook and seconded by 50 granted would. iD all assistance to them. I will go

thai.

wsy?

1910

1911

1912

1913

1914

NO.

KIL KIL

con-

Pre-War

to.

of the

and in spite of thorough overhaul tion of Sir Robert Ho Tung as | trade, also two additionalsteamers

for the Coast, whilst a new Lower |

some of the older vessels will Director of the Company has Yangtze River steamer is build- You will observe that a new shortly bave to be sold. Com-been proposed by Mr. Maxon Eventually, however, we decided as interested in the future wal- The Chairman said-Gentle in locally and arrangements Fund has been established called petition is strendy very keen-is and seconded by Mr. Hancock. certain concessions, which, fare of the Company as the while they were of material shareholders themselves. Figures inen. The report and statement) have been made for the construc- the "Floating Staff Pension Fund." ] continually increasing and is Those in favour please signity assistance to the staff--especially | ware supplied in support of my

Against? of accounts have been in your tion of a river steamer for the In this connection, I would ex-being encountered from sources in the usual way.

the married men with families in arguments which, now hands for some days, and, with Ichang-Chungking Line, to asais: plain that since the year 1917 as which have bitberto never oper. Carried unanimously. The next the East-could. we hoped, with deased, briały show that the

meeting your permission, I will, as custo- in the development of the Upper the result of arbitration following ated tonnage on the China Coast. business before the

ordinary luck, be paid annually | average wages per annum during Yangtze mary, take them as read.

trade, which yours strike on the part of the floating Rates, as I have said before, gentlemen, is the re-election of without unduly crippling the the 5 pre-war years 1910 to 1914 The principal feature of the Directors regard as one of great staffs of the China Navigation are, in more directions than Auditors.

Mr. Ho Leung:-1 beg to pED-

Company. In the meantime, inclusive, amounted to £56,593, gear under review, affecting as it promise for the future. All these Co. and Indo-China Co. in 1916, one. already reduced to pre-war

we had received a demand representing 41.55%%% of the ear d, British shipping Com-steamers, it is boped. will be the payment of pensions was levels, whereas running expenses pose the re-election of Mr. A. B. from the Guilds foramengs! ings of the steamers and 70,8 %

it Lowe and Mr. E. A. M. Con- next year.

that when a favourable opport-and

advanced as Auditors for the year 1920 at repairs have

crease of 50 per cent. in salaries. The following are the dividends It will doubtless be of interest unity arose, the Companies would enormously, the price of coala remuneration of $5,000.00.

Mr. Potts beg to second that this demand was & reason-ferred Ordinary Shares for the No figures were produced to show paid by the Company on its De- to you to know that in order to take the necessary steps to secure continues at a very high level and nounced that our vessels would meet the groving needs of the payment of such pensions. permanent increases have had to that.

The Chairman:-It has been able one, and certainly half the five years mentioned: released during the months of shippers from the Yangtze, and Owing to abnormal conditions be granted to both our European

| number of Captains whom I myself February and March 1919. Many from the North generally. for brought about by the war, your and native staffs to meet the proposed by Mr. Bo Lemng and of the company's Ŝteamers were at

of living. The seconded by Mr. Fotts that Mr. interviewed in Hongkong did not more adequate storage accom-Directors decided to wait until higher cost st time running on Government modation at Canton, and to avoid such time as our steamers were average person scarcely perhaps 4. R. Lowe and Mr. E. A. M. know that this demand had been put forward by their own Guild account in distant waters and increasing delay in the discbarge released from Government con-realises the cost of operating Williams be re-elected Auditors That was the position in Juus of after their return to the Chics of the Company's vessels at the trol, and the various services tonnage nowadays, and whilst at a reconneration of $5,000.00.

this year...

You will therefore see that with oast, extensive overhauls were latter port, your General Man re-organised before doing any-we are in a better position to Those in favour please signify in

Usnal We bold our own with competitors, the necessary before they were in a

Against?

Now, gentlemen, we had by wages averaging in agers, as & firm, were successful thing in this connection. n condition to resume regular in acquiring a very suitable pro-re

it is only right to point out that Carried unanimously.

this time taken out figures which years. £65,593 per sunum, and The Chairman Gentlemen- proved to us that not only were

freights ruling on a very low employment in these waters. The perry formerly owned by the position with greater accuracy the increased cost of building period of re-conditioning occupied Hamburg-Amerika Line at Can- and in due course I shall bring (which must be undertaken if we that concludes the ordinary routine our men being extremely well level, the Company was able to a considerable time, and it was ton situated in a very convenient forward a resolution to set side desire to retain our position as a business of the meeting except to paid at the time, but that as a pay but very poor returns to Kas notil well into the Autumn position and consisting of a steel a sum of £100,000 out of this British Company on the Chins state that, owing to a delay on Company we had, in the matter of barebolders. The wages during just the year 1919 amounted to s that permal conditions were wharf and two large godowns of year's earnings to provide the Coast) coupled with the added the telegraph Lizes and failure salaries and concessions, high as £248,788, sdded to which and the various $5,000 tons capacity each. This necessary aucleus of this Fund.cost of standing charges and the to get a reply from London about reached the end of our there were various Vadditional

property has been leased to the Your Directors are of opinion certainty-to judge from present agreeing to the register, the issu- tether. It is true that were we Speaking generally, the freight Company from 1st January last that this sum will be sufficient to conditions of lean years, ifing of dividend warrants is not assured of earnings continuing is concessions as pensions, sitaation on the China Coast and bas already resulted in a meet the payments of such not in 1920, in the near future, for the moment possible. We definitely on the basis of the Home leave and passages,

| bringing the total », up daring 1919 was satisfactory great saving of demurrage. The pensions as fall due under this randers the position extremely hope to be in a position to issus last three years, which, in our especially

in opinion, is quite impossible, warnings of the tenders and North advantages offered to shippers head for some time to come, but dificultand indicates thatreserves them, if not to-morrow, the

course of day or 10. could probably pay still higher 63.6% of the nets result to where there was a good lemand and consignees alike were immedit is probable that a certain will shortly be required to keep the for space. Southern business iately availed of and are highly amount will have to be allocated us going

another wages and still give a satisfactory the Company. In other words, cowever, was adversely affected appreciated, so much so that the to this account annually. En- Finally, gentlemen. I must matter of considerable importance | return to shareholders, but best-

y the restricted exports of rice property has already been de- quiries are now being made of fezpress regret that it has to you, as shareholders, which I ing in mind the fact that we hope the increase in the amount paid from Indo-China ports and Sism, veloped by the addition of extra actuaries as to what this amount not beet possible to present the wish to bring to your notice at this to keep the flag Bying in the less to and on account of the dating and which I will years which are bound to follow, staff in 1919 over the average nd the outlook was not improv godowns, bringing the storage will have to be based on, the ages accounts earlier this year. Certain meeting

when, towards the end of the capacity up to 27,000 tons, whilst and number of men employed, so matters in connection with the endeavour to explain as briefly as and being of opinion that with the pre-war years mentioned, amounts concessions we were about toto no less than £199,507 par ear, 1975 was received that the ample room is still left for further that the Company may be in a requisition of our vessels by the possible. Siamese rice crop was an entire extensions if justified at a later better position to decide what Government are still outstanding

grant, our staff had little or annum. An advance statement” failure, resulting in the total period.

yearly provision should be made, and the

compected OFFICERS AND EXGINEERS”

nothing to complain of, your of the concessions the two Came robibition of rice shipments

The establishment of this Fand therewith are therefore not closed

GUILDS.

Directors agree that, come what Panies were about to grant to the during the year 1920. You will

is. Four Directors consider, ato final point. We are, however,

may, a halt must be called to the deeg was made (these concessions aus appreciate "that with ton-

highly desirable step to take, already well advanced with the Gentlemen.-I lake it that most rising cost of fixed charges, other were eventually granted in August this year) and the meeting termin age gradually becoming more Turning to the report and state- and one which will doubtless be 1920 accounts and there is every shareholders present to-day sza wise there would be really ated, hope, and have every pleatiful, a decline in Southernment of accounts, you will observe viewed with satisfaction by our prospect of holding our next sware that the Company is again serious prospect of our being reason to think, in the under- chartering rates took place, and that the amount standing to the employees afloat.

annual meeting before the close faced with the prospect of trouble forced out of business altogether standing on the men's part that I regret to say fretghts in several credit of our Underwriting Shareholders will doubtless of the half year.

in the ranks of our floating staff, From information at my disad stated the case fairly as directions have already reached Account has been considerably azain observe with satisfaction I now have pleasure, gentlemen, caused by demands put forward posal, it appeared to me that the well from their point of view as a pre-war level. On the regular increased. The r sual premia has the farther increased amounts in proposing the following resolu- by the Guilds for a further in- Guilds policy was being dictated, from yout lines. however. satisfactory bean credited in connection with shown in the balance sheet | tion *-*-*-*

crease of pay. The whole ques: not with a view to harmonious 1ill now read "to you the support was offering, although the line taken by the Company against "Investments" which That the Report and State- tion is in the opinion of the working with the Companies, cigantar giting noticed the rates were naturally not against Total Loss and/or Con- now total £2,121,365 168 20. The ment of Accounts as presented, Board of Directon not only of nor with the slightest regard pussaldus, atinted to c maintained at the abnormal structive Total Loss etc. and the sum of £379,710 179. 4d. has been including the Transfer of £100,- vital interest to our shareholders to tha future continuanosested on 15th August, levels ruling during the year sum of £108.612 bas also been added to this account during the 000 to Floating Staf Pension themselves, but also of consider of this Company, but with the sole

added, plus £40,000 from Revenue year under review and you will, Fund, £100,000 to Building Re-able importance to the general object of Immediate gain on the clad iplles (bereto, “as, As mentioned by ray prade Account The reasons for 1 am sure, approve of the steps serve, 240,000 to Underwriting public, as it affects, and seriously part of those who had little or opinion, they cantem our conté cessor at last year's meeting these extra additions are taken by your Directors to avail Account, also the payment of so, the future of local company nothing to lose, with no thought to that coO your Directors considered it in that with the present high of the high rates of exchange Final Dividend of Three Shillings of mich value to British trade in for to-morrow or for British then that of the interests of the Company to coat of repairs the loss ruling by converting our silver (34) on the Preferred, and £2 108, the East. At the risk of weary prestige in the East. It appeared themse Hake advantage of the high prices of a steamer or series of accidents revenue, as it became available, Dd. on the Deferred Shares being you, therefore, I take this to me advisable, therefore, to hair

Jaling for old tonnage by dispos, to our vessels would amount to so and investing as much of our adopted, and that sum of opportunity of making a state- endeavour to explain to the met th Ang of two of the Company's large a gure that the balance at surplus money as possible," In £3,099 28. 5d. h curled forwardment of the position, which Trust whom I could reach in Hongkong. steamers the Suisang and credit of Underwriting Account good sterling securities.. to: next year#sonough. – The will be of interhat not only the positions which tats Company. awing to would probably be wiped out Applications from various Dividend on Shares on the Hong Jon, skehareholders, but also was gradually, being forced Fro

Hion altogether. As you are aware, Marme Charities have again bean kong - Ragha

Fadhlig whờ, in that by these contingid demandi the muda wad, and during 191941

1918.

in

THE ACCOUNTS.

socotanto

There is however,