1922-01-30 — Page 3

THE HONGKONG TELEGRAPH.

MONDAY, JANUARY 30, 1922.

NOTICE.

A Victrola

Turns Care into

Pleasure

A real Victrola, the in- strument of Caruso, Galli- Curci, Kreisler and Rach- maninoff, gives you music that is truly restful be- cause it is truly great. It will brighten your days and evenings.

We have real Victrolas at a wide range of prices. Ask about our easy terms.

S. MOUTRIE

& CO., LTD.

Sole Victor Distributors.

E. HING & CO.

SHIPBUDILNIG MATERIALS, SHIPCHANDLERS AND

HARDWARE MERCHANTS..

23, WING WOO ST.

CENTRAL

'PHONE NO. 1110.

THE ANDERSON MUSIC CO.

have now

REMOVED

ID

5, BEACONSFIELD ARCADE

Oppaite Tity Hall

DINNER SERVICES. TEA SETS

1703 15 PERSONS)

RUGS

CARPETS & TABLE COVERS

HOP CHEONG

Telephone No. 654.

Complete Horse Facziabgra 50. Queen's Road Central

PINCOUGH SYRUP

A VALUABLE REMEDY FOR ACUTE AND CHRONIC AFFECTIONS OF THE THROAT AND LUNGS, COUGHS, COLDS, ETC. obtained at

COLONIAL DISPENSARY

Tel. 1877.

14. Queen's Road, Central.

BOLE AGENT,

Tel. 1877

DAI NIPPON BREWERY COMPANY

MITSUI BUSSAN KAISHA, LTD..

HONGKONG.

CHINESE ENGINEERING AND MINING CO., LTD.

Sales of . Coal Increased.

The ninth annual ordinary general meeting of the Chinənə Engineering and Mining Co Ltd., was held on 12th. Doc. at Winchester House. Old Broad Street, E. C. Mr. W. F. Turner (the chairman of the company) prasided.

ACEAL

MANUFACTURERS' REPRESENTATIVES

MACHINERY & HARDWARE

OF ALL DESCRIPTIONS

ALL

BRITISH

Anglo-Chinese Engineers Association, Ltd.

Tel. 679 REISS & Co. Show Room

3 Queen's Buildings.

15,16 Connaught Rd.

(REISS BROS., LTD).

The Chairman said: Gentle- men-The distinguishing feature, of the report and accounts for the year ended on June 30 last, which we submit to you today, is that whilst, owing mainly to the fall in the average rate of exchange, thay deal with smaller figures than those of the preced- ing year, the net result is equally satisfactory. For the year ended ¡June 30, 1920, we paid a dividend of 30 per cent, free of income tax, on a share capital of £1,000,- 000. The balance dividend of 12 per cent, which we propose to declare to-day will maks.. with the interim dividend of 10 per cent, paid in May last, a total of 122 per cont, free of income tax, on the increased capital of | £1,400,000," so that we shall be distributing £308,000 in dividends. against £300,000 in the preceding year. It must be borna in mind! that the 400,000 new shares did cot constitute any addition to the working capital of the company. It was merely the capitalisation of profits which had accumulat- ed during past years. The net prost of the Kailan Mining Administration, after providing your own cars to Hautochwang for interest of the 6 per cent and Hanku. from whence the Kailan Bonds, redemption of coal is shipped by bos: to Tientsin. boods for the year, reserve for We were enable to increase our depreciation, and the profit to traffic in this way by a purchase which the Chihli Government is of 200 small cars, from the rail- entitled, was $7,315.445, sainst way which they bad thrown out among the four Powers chiefy net prost of $8.917.456 for of use. The burden of my month-interested in Pacific affairs, under

preceding

This reports, as will have been the new treaty associating the have noticed, has practically always United States of America, Great seen from a later paragraph in been the same, namely, the want Britain, France, and Japan, and the working out of practical condi. the report, is due, not to any of cars and consequent inability falling off in the demand for coal, to keep pace with the demand.tions for a Consortium loan for 80 that constructive but solely to difcutties in regard I: has been my great endeavour Chine to railway transport, and it comto persuade the railway to double activities can be begun under the pares very favourably with the the track between the mices and Plan, are now the main needs in profit of ahour $6,000,000 two Chinwangtao and to purchase the Far East, in the view of years ago. Our share of the pros: sufficient rolling stock to meet Viscount Shibusawa, as expressed amount to 83.850012. We were our demands for transport facilito an interviewer at Washington Viscount Shibusawa lays parti. careful to point out to you at the ties, and I am pleased to say that meeting last year that the profits I have at last been successful incular emphasis on his belief that of that year had been largely inducing the uthorities to carry it is necessary for China to increased by the high rate of out the doubling of the track and establish as soon as possible & sound central goverament banking exchange which had prevailed also the supply of further locomo-

institution, to co-ordinato and throughout the year. The average tives and cars."

&

the result,

J20

year.

ill

AL

CONSORTIUM LOAN

TO CHINA URGED.

Thorough-going

co-operation

stabilise the disordered currency

pon the Federal Reserve Bank aystem of the United States of America.

"We should now proceed as rapidly as posible with the project

NOTICE

MARATHON RACE

FEBRUARY 8th.

RUNNING APPAREL

VESTS.

SHOES.

CORKS.

SHORTS.

SPALDING'S BOOK

ON LONG DISTANCE RUNNING.

PRICE 60 cents.

SPORTS DEPT.

LANE, CRAWFORD & Co.

WRIST WATCHES

WRIST

FIRST CLASS TIMEKEEPERS

ELECTION-SWISS

EXCEPTIONAL

RANGE

FOR SALE AT

POPULAR & HIGHLY GRAURD

THE SINCERE CO., LTD.

"HONGKONG EMPORIUM.“.

for international co-operation iued to Chinese customs and con- the development of China, 100 a basis mutually satis-ditions. This is really the central factory to all Parties."problem in the co-ordination of

THE P. & O. MEETING.

rate for the past year shows a As regards the prospects of the

of the country. Such a bank reduction of about 2s. per dollar current sear Major Nathan and the amount brought to credit writes:"Sales of cost bave been should perform for China, be urges. functions like those of the of our profit and loss account limited only to our transport

great State banks of Englend, therefore works out, including facilities, and therefore, no com- interest in China, at £564721 parison can be made with former France, and Japan, and he sug Interest in Europe is £72,221. Fears as to the possibility of in-gests that to meet Chinese needs, and there are some small items crease If facilities had been avail-9stem there should be modelled which bring up the total to £641,-able for the transport of our coal 469. Expenses in Europe are by rail to Chinwangtao to mee: larger than before as I told you the demand. It can only be said they would be. There is a dons that we were obliged to neglect tion of £5,000 to the Chins Famine or entirely abandan ang atem

connection perhaps we may be Relief Fund, which was reported to develop our overseas market. at the las: meeting: exchange The same condition will apply to

allowed to comment on the seam- amounts to $16.259, and there is a certain extent during the pres-

ing paradox that, while shipping loss of £11.942 on the sale of 5 ent year, but the quieter cos.

travelling to and from Chins and per cent. War Loso. Two ofditions now prevailing in the said Viscount Shibusawa. "This China economic life and develop losses are heavy, yet prog Powers holding important posses-

the Far East &e often experienc these items, amounting to nearly country will endoubtedly have new compset of the four great med"

[ing great difficulty in sacuring £17,000, will not recur. The pet the effect of allowing of a coa-

barths. The demand for passanger balance of profit on the year is siderable increase in our salessions in the Pacific clears away suspicions, and differences should £587,994.

compared with last year.

accommodation is therefore ap- be rapidly adjusted so that wa

parently in excess of the supply, In regard to the Kailan Mining the time of writing, in the first

building of the Orisat. The great

and it may well be imagined as Administration, sales of coal three months of the financial work together for the up

our sales have

Lord Inchcape's Onslaught. to what extent the shipping com- amounted to 3,775,000 tons, a year 1921-22,

need there now is to help China reduction of 235,000 tons com- augmented by a quarter of a

With Lord Inchcape's vigorous Paaies are endeavouring to meet pared with the preceding year. million tons as compared with reorganize her life upon a firm This is not due to any failling off the same period in 1920-21. Al foundation and to release Chinese plea for nationsi economy and it, and thus recoup some of the resources for China and the rest bis denunciation of well-mean-lost revenus aver which they are in the demand for coal. It is though these figures are not

of the world. We must finding idealists in Government De-amenting. It was stated that entirely a question of railway likely to be maintained through-

common policy which will both parements who had launched out the company's fleet now total transport.

our the whole year, there is no reason to expect that our sales command Chinese confidence and [regardless of expense," every sane 565,681 tons "built and ballding,” MAJOR NATHAN'S REPORT.

person will agree. His Lordship. as compared with 566,511 tons in The will not be considerably higher make effective work possible. Major Natban reports:

"In this connection, under pres-presiding at the ordinary general 1920, and when the company gets reduction in sales is due to thao in the year under review."

The resolation approving thest circumstances, it is essential meeting of the Peninsular and delivery of the large mail steamers internal troubles which occurred in the latter part of the last report and accounts was carried to have socce provision for ac Oriental Steam Navigation Com- now under construction,

counting for all money advanced pany, was certainly outspoken in situation will be materially hu- financial year and the beginning unanimously.

On the motion of the Chair-and making certain that it is used his views of public expenditure, proved.

As to remedies for the depres- of this, which affected the Transportion of coal for nearly man, seconded by Mr. Edmond for the constructive economic and his statements deriveze

cilitar laser Davis, Mr. Felicien Cattier, Col. purposes for which it is intended, ditional importance when it is re-ston, so far as shipping is con- months,

as assurance for the making ofmembered that he is a member of cerned, Lord Inchcape said that the railway and H. Micklem, and. Mr. W. F. movements of troops decreasing Turner, the retiring directors, say loan. This point and the the Government Economy Com-wages in British ships were still Brangement of adequate security mittee, presided over by Sir Eric much beyond what shipowners the number of cars available for were re-elected, and on the motion and guarantee of payments are, Geddes. He referred to the mat can afford to pay, and in con- of Mr. Sledge seconded by Mr. of course, two most important tiplication of Ministries in land-sequence 650 British ships; of The actual carrying capacity Dixon; the auditors, Lease considerations in connection with ing the nation in enormous ex- 1117,092 tons, are laid up in the of the railway has not been great. Annan, Dexter and Company furnishing funds for the develop-penditure," and declared that "the United Kingdom and probably

ment of China. ly increased, the supply of trucks

country is getting filled up with 28 much outside the Kingdom. Further, I should like to urge functionariss who are fattening The net profits of the company and locomotive having been

strongly one more point. The on the people.”

for the year amounted to $623 531, practically stationary during that

lack of a proper balance between period. At the present time con-

These are vigorous words, and compared with $710,430 in 1920, ditions are still unsatisfactory.

the values of currency notes in it is to be hoped that due regard and the dividend is maintained although there is an improve-

the various provinces of China will be paid to the warning which at the usual rate of 12 per cent, sad the fluctuations of exchange they convey. A strong land is free of income tax, the equivalent ment on our experience in the early part of the financial year

point to the necessity of establish- necessary if the serious industrial of approximately 17% per cent, ucder review. Towards the end A Christiania message says:—ing & currency system on a gold and shipping depression through less tax, but this time unaccom of the financial year a great im- According to a wireless nessage basis. Until this is done constant which the country is passing is to panied by any bonus which the provement was noticeable, largely received here from Moscow the changes in the market rate on be arrested, and Lord Inchcape is shareholders had come to ragard" due to the use by the Pekingbodies of Tessem and Knudsen, silver will make a stable currency to be congratulated on exhibiting as normal. Lord Inchcape oo¤~ for China impossible What the courage to express his concluded with an optimistic note, Mukden Railway of cars belong" who left Captain Amundsen's ex- ing to the Peking-Hankow line, pedition in October 1918, have China needs is a central govern victions, however unpleasant they expressing the opinion that the and for a short period we were been found by a Russian expediment back, like that of any other may be in some quarters. The common senss of the country able to move by rail an average tion prospecting for coal, near nation, with a sound financial company, said his Lordship, had, would come to the rescue in the of about 15,000 tons per day. As the mouth of the Yenisei. Cap-system and a series of branches in common with nearly all in matter of reducing expenditure a result of a trafic conference tain Otto Sverdrup believes that throughout the provinces, like the dustrial, undertakings, had between the various lines the the bodies were probably found regional banks under the Ameri- wretched year. "Some of our supply of these cars has been near. Cape Wild, where he had can Federal Reserve pisk Your cargo ships we have had to lay much reduced and the average made a depot in 1915, and he sup- system might serra as an up, but our mail and passenger at the present moment may be poses that Tessem and Kuudsen cellent example for guidance in steamers we have been compelled Glasgow Corporation has de-, said to be about 12,000 tons per were looking for this depot, which working out the details of a to run in order to maintain cided to purchase the Coatbridg day, including a traffic of about may have been destroyed through banking system, applicable to the our services, althoughest ex- and Airdre dinely) at E COME 11,000 to 1,500 tons per day carried lack of protection,

- special needs of China and adapt Itremely henry, loss," "In this) of £32,500/

ference OB

the coal traffic.

were reappointed.

GENERAL NEWS.

AMUNDSEN'S MISSING MEN,

L'and C. Express.

- GLASGOW'S THAMWAY

PURCHASES