1922-08-22 — Page 2

NOTICE.

W. S. BAILEY & CO., LTD.

ENGINEERS

&

SHIPBUILDERS, KOWLOON.

HARBOUR REPAIRS Can Flag "*L**

1

Tugs, Barges, Light Draft and

High Speed Vessels and

Motor Craft.

Sale Agents for ("KELVIN MOTORS."

'Phones

K21 K583

Works. Manager..

STEAM LAUNCH FOR SALE.

METALS

of all kinds, especially for ship- Building and engineering works. stock. Best termus. Complete Immediate delivery.

SINGDA & BO.,

(Established A. D. 1880.) WING LUNG T. Phone 515.

PIANO

FOR HIRE

at moderate Prices.

TSANG FOOK PIANO

COMPANY.

94 Wanchai Road.

PHONE 2127.

MASSAGE

HALL.

23, WYNDHAM STREET.

MRS. H. MORITA.

MRS. HAN INOKUCHI.'

Triphon K, 184

No. 21. Ashley Road Kowloon,

Back of Star Theatre. CERUZADENO PXPERT MASSADY,

HAND & FLATRE,

Alan & paringss' gun, AB OR by Derangemen

Miss Tora Inokuchi QUALIFIED MID-WIFE No. 21. Ashley Hond, Kou (on

Back of Star Theatre Telephone No. K 754.

MASSAGE EXPERTS.

HARRY FURUKAWA, AND K. SAKAL 19, WYNDHAM STREET.

GREEN ISLAND CEMENT COMPANY LIMITED.

PORTLAND CEMENT.

To Casks of 375 lbs, net.

In Bazs of 250 lbs. net.

SHEWAN, TOMES & CO.

General Managers.

Hongkong,

MARTIN'S PIOL & STEEL

APIOL & STEEL

After Xmedy for all Irregulwelling Thousands of Ledite always źray » 'bos, Martin's E-the homee, on that a the Brat vign of any Irregularity of lࢠâyetem a timery dose may be ad- Misired. Thenewbe was shemo 7mom- brid them, hence their enormous tale. & Chemise and 10 12

Yangon tha Wozlá, zouk £200ĒJ», MARTIN, Chemiet, Samibämpson, Mag. MARTIN'S

A

PIOL & STEEL

1 for Ladies 1 PILLS

#

NOTICE.

THE HONGKONG

THE TELEPHONE QUESTION.

TUESDAY. AUGUST, 22, 1922,

CHAMBERS OF COMMERCE COMMITTEE'S REPORT.

3. In fixing the value of the for 3. soma 30 odd years Balance Sheet at 31st December, Company's holding in the new It was perhaps not reusianarative,

Company something less than the in the earlier years, due possibly

(Reconstructed). present day sale value of the to their lack of enterprise, until Nominal Capital 75,000 undertaking would be fair as due the advent of the late Manager. ; shares at f1—575,000 consideration should be given to Mr. W. L.... Carter. what the following facts, viz:

great development and pro-Lasued Capital 39,761 sparity took place an the shares at £=m...£39,761. D The existing Company will Directors report for 1917 records. Reserve Fund,

ths greater portion of the presens Add P. & L. b. Through demanding and ac-plant was purchased before the

Committee of the Joint Chambers of at, but refused any information as tol Hill retain its whole interest inabo. remembering that

the business.

en+

1920 .......£52,500

A/c. 1921..

2,500

----------53,000, 0.0

The Hon Colonial Secretary for-have supplied detailed schedules wards us a copy of the report of the showing bow this amount is arrived Commerce appointed to consider the basis on which the schedules From examination the proposed new agreement with were compiled the Chics and Japan Telephone and their agures, wa infer they opting a sterling rate of $10, in War at less than half present

estimated the cost of reconstructing place of an old rate of $100 when prices and, therefore, any Electric Co., Ltd, as follows:

This Comitice was appointed to the present plant at the high prices exchange ruled about 24 in 1905, hanced valus now sought to be P. & L. A/C.-

continuing Company) be held to investigate the terms of the pro- ruling on December 31st, 2011 and the Company last in reduced in-placed upon it should not (in a

come about $66,000 in 1917,

have the affect of increasing rates. osed now agreement between the then revalued this according to the $125,000 in 1918 and $183,000 inkö without losing sight of the | · 1921, 5,476, 14. 0

not Government and The China and age of the plant on the "Sinking(1919. The Company, will

fact that but for the Com- supply working account figures pany's

own mount deducted for depreciation in 1920 and 1921. but it is very

miscalculation larger profits

Japan Telephone and Electric Co., Lich Various papers in connection

Fund" method of depreciation. The

much

$5,568, 1.11. Surplus 1920,

Surplus

Our portrait in at Mr.MICHAEL T. with the telephone negotiations this valuation is much less than that) estimated ther lost $140,000 in would have acoued in. recentj7 per cent. Mort ROONEY, at 65, Granville Avenue, Lang {have been supplied us by the estimated as necessary for the new the latter year owing to the net year owing to their demandingi rega

Eaton, England, who wriinu s –

~Some rears ago whild touring Iceland

with Hunger's Rutalfirm, Hontracted are kind of at talde skra complaint, which send to the distro: treati menu

Way of Salements and w the Totions, which utter filed 20 she me the light bet. Routh a

org in where i wo mid keverting Manaestor the betonidase the conduct a moms bezand an Alarke's Bad Mixture, but hoped. However, he, kranigale esta vegyeket.

Tottle, when I lega to 1.5.

1 cu adar ledly and one temast the tators until 1 Mind me at twat lewy

Pres

Colonial Secretary's Office; and Mr. Parker Ness, Vice-Chairman of the Company, gave his views on the question at a meeting called for that purpose, but he refused to discuss wering the terms of the licence

1. The existing licence expires and now t skin as perse the winJanuary 3 1530, until when the Company is weder an oblization to from Bad Laga dagen sar. Vide & god and excient tele Sufferers Baar Eczema, Boils, Pingies. Eruptions Rheumatori phone service, with approved and modern appliances at a charge not exceeding to per annum for lines within a radins of, 1 mile from any wowa (exchange.

Bout should rett lotions at can but kive toy stive to be wote w

empla

The tar cease Di Jaen

The dates. Toda

2

and tee that you gi

Debentures £50,000 redeem

allow rate being$13.35 in place of $100. payment in sterling and not in Govern in spite of this fact the Company legal local tender. And yet in 5500 1/1/1930

nens the public will be required to e. They derive considerable maintain an efficient service.

find se per annum Depreciation berfit from an extension of their

though there is a difference fratebise

"

for

on

tioned

issned

Loan from Bankers (secured OD ад to undertaking issue, on demand, the balance of De-

−17BHL 15, 11

106,105, 15, 11.

12,500. 0. 0.

a 0.

beatures £7,500) 30,000. Sundry Creditora.. 8,522. 10. 2 Dividend and

Bonas payable 7,932.

*

0.

1163,080. 10 1.

Company and less than the ance provided for in the

made £23,000 in Hongkong in spite of this over £65,000 has been mont's draft agreement.

Example:

1921. These obligatkus arising paid away in Dividends and home 1114 steel Poles stated to have a[from a disadvantageous exchange taxation during the past 7 years physical tile of 25 years are estimat would be avoided by a return to in addition to £40,000 placed to

d to cost £13,617 and after 10 years a dollar rate equallicg $100 and, Reserve Fund. renewal

£13,760 which|therefore, any additional rate over 1. That an extension of licence Our investigations lead us to these are valued at

works out at less than 11% per an $11.49 (£10 at 2/7) means addi- be offered to the present Company provided they undertake to bring conclusion that the following tes

oam; whereas, under the new ageretional profit to the Company.

their plant up to date and to facts are well established:

2. That rates should be fixed favourable terms from time to time by a Com- in estimated values, Mr. Cole and which enable them to and further mittes appointed by the Govern- Mr. Cook appear to have agreed to employment for much plant which meni or Chambers of Commerce.

rate viz:might otherwise be scrapped. 3. That the following rates for Paid for Goodwill the proposed increased

next five years (subject to of Business & Ex- 151 for business and Su

d. Prices have fallen since the private telephones in plaze of the 1st December, 1921, and still revision by the Committee men-

penditure on Plant above) be brought into show signs of falling considerably

to 1904 Company's claim of $175.00

The Company, however, think the and it is manifestly unfair to ask force from the commencement of Additions 1905 to

the new agreement:- the incrented rates should start forth the public to pay an excessively

Wall or desk telephone. $84, at with (ie before the projected im-high rate of return upon inflated the present time.

On applies- 1st,provements have been started) but values arbitrarily placed on near-

tion by Company to the

Lans Yangise Val- Mr. Cole subsequently to the public. Is obsolete equipment.

Committee who must satisfy ation by the Company of the pro The assumed charge of 12% per themselves that the accounts ley Syndicate 3. The present system is to

osed new rates suggested that they annum for interest, or, Dividend, submitted and service caoditious compensation great extent obsolete, making the in

modern bould only start from the comple-varies according to the method of justify them. 850 for 1990; 8108 1906.53,000 trodaction of some more

swicie arriving at the value of the Plant for 1924: $114 for 1925; and Written off system at an early date desirable.ion of the proposed new (Note: Mr. Cole's report of board (possibly two or three year as the following figures show.

hence

The estimated Construction Costi mentions the plant in both

✔ The Lurgany is able with pre-at 31st December. 1921 of the Also the fart 1 changes as obsolete.

Company's Plant is: 2has the system has been changed seat subscriptio

oed return on the money mvested| in Singapore to the Central Battery

Similar Plant but new a the pndertaking. In 1921 with a

Actual cret per Co.'s System and that the Government of

210 rate fequal to $10.50) they mud-£115.958, 26. $327,564 +127 Removals Telephone lines and India hare stipulated-vide Mr.

profit in "Hongkong of 525,00 en ap.a. would be $111,519).

Istogle telephone in the Parker

ib Ness-that

muzseto

said up share Capital of £70,Ter and

Clarke's Blood Mixture |

**Everybody's Blood Purifier."

THERAPION No. THERAPION No. THERAPION No. 3

#

55.1 or Bladder Culverb. Na. 2 for Blood a Dimes. No, Je Carezza Weaknesses, Bold Leafl'bemiste. Price in Eng!and So, Lis. LeClere Med, Un, Haferrock Aved. The Trade Mark word "Therapist on the G591, 4143) Kize:i

PUBLISHED ANNUALLY

THE

2. No provision is made in existing licence for continuing the telephone service alter January

1930.

system may only be installed in

ex-

station

changes of kay than o an: that they have ale insisted on:

Automatic Exchange being in. aded in Bombay at the Company

145

LONDON DIRECTORY and rick).

with Provincial & Foreign Sections. masties prelate on pressure

MANUFACTURERS & DEALERS London and the Pral Towne 43)

ing veral Centres Pene Engad Kingdom

Temand in bet

་་

Tum

4. The Company is prepared to tall a more modern system pro- sided their licence is extended, and the rates increased to allow adequate return on the capital ex- perditare involvent.

MO

rate

Lar, Capital of £izoon,

£42.97

average

2nd,

1021

8320 for 1900.

Extension telephone (interna})} $30; extension telephone (extern- all, according to distance; exten-

1907

.... 24,126. 8. 0.

102,3 0. 7.

126,459. S. 7.

7,500

10.300. 0. 0.

115,958. 3. 7.

sion bell or single switch $6: Land and Buildings 19,209. 1. 7. 241955-private Branch exchange switch-Stores in hand and B'Sheetboards per line capacity, $1.

in transit

Game

Actual cost per Co's B Sheet if bouse 55: from one bouse to Sundry Debtors

Mr. Co, rates another $12: extension telephone Cash depreciated at

93,626, at 26, 3719,008 (125) -

$5; and private branch exchange 839.831)

switchboards per line capacity

Mr. Cook values the present plant less Depreciation) £195,250. at 2,6, $1,562,872 $187,544).

Theat

$1.

4. That the Company should keep their accounts in some form 129 approved by the Rate Fixing

Committee.

24,729. 14. 7. -

159,937. 7. 9.

1,270. 14. 11.

3,320 7. 5.

£165,030. 10. 1.

and asked to see Wa Pei-fu

מס

1. During the past 17 years (first Balance Sheet produced 1905) Company has made $200,000 in Honkong sabject to London Ore Expeners and Depreciation.

CHINESE UNREST Capital in 1966 was 211,201 aul 5,000 was added in 1916 making

5. That the Company should be the present capital 100,761 on which Mr. Cole values the present

Attempt to Murder Wu Pei-Fu. dividend, firee of tax have ten plant less Depreciation) $141.594 left free to adopt any modera and eficient system of tele- 2/6, $1.102.762 12---

Peking. Aug. 21-The North pal ameting to

phones they desire, bot, if theching Star says that three men the $105,000!

Government insist on any Some sort of control over the Prut capits! works out t

carme to General Wu Pei-fa's Pequivalent of capital put in plus 12 e. If Mesars. Cook and Cole's particular system, we advise that EXPORT MERCHANTS

de strable wolde na seba antarane of the fine wine. Company's operations H

er annum eompound interest Rea Valcations had been based on the they make further independent ramen at Logang three days ago mom the Government and Sub

Hividends paid out.) For a "pable lines of the National Telephone enquiry as to the most suitable. STEAMSHIP LINES

seriters' point of view. This can be

utility investment" 120 Company award both would have 5. That, if the Company do urgent business, stating that they stranged by the prcat Chepans ove the

beer much lower.

not accept these terms, the pres came from the Ministry of War. obtaining or ruminating a majority the Reserves

4. The difference between de.lent licence he allowed to expire for them but when Wa Peil w

This statement obtained a hearing and carfs for. ient Directors and the keeping ward of 266,099 are

and the Government install a Intact. the depreciation used by the Company modern system to be in working approached he said he was too of the wements in Hoogkong whilst shareholders may be considered when making their vulustion and

busy, and dispatched his adjutant all retaining their London stand-exverdinger fortunate. In effect, when compiling their estimates of

order by January 31st, 1930.

7. That, with a view

to the to see the visitors. The adjutant on the plea of forming local future expenditure indicates Government having a direct in knew something of the affairs of A similar control can be obtained Company and taking advantage siderable verevaluation of their terest in the telephone service, the ministry and, proceeding to w.reem-trusting the Company as a[of a virtual monopoly, the Con-plant,

free lines be abolished. and.question them, soon as that the nothing about the THE LONDON TIRECTORY CO., LTD ihmal mastered Compday with alpany are now seeking by a stroke}

The Company have only allow-fusteed of a fixed allowance cover.men knew majl ritg of loval Directors. This of the pen to further increase theed 510.000 depreciation on their ing equivalent lines, a small ministry. This arcused the ad- wobi have saved annually a large value of the undertaking by plant whereas they require over royalty be substituted." jutant's suspicions and, making an at in. Income Tax. Note: Pas- £125,000, representing unrealised 200,000 per annum te enver future 5. That the terms of the new excuse, he left the room and sent ments for Income Taxi Exesss Prodh enhofred values of Flant and depreciation and renewals, which licence be made public, in o der back for a group of armed soldiers and Corporation Tux have Land, on which amount the subleuds one to assume that the plant to prevent a recurrence of such with orders to search the men, a mzot £1,5m pa, during the past [geribers are to be saddled with could only be about 211⁄2 years old. Overcharges as were made by the whereapon a revolver was found on

Company in 1966 and 1907. Profit and Loss Account for 1921, (Reconstructed). Expenses in London including Directors and Auditors Fees, Salaries, Rent and

.

י

DEALERS SEEKING AGENCIES

30

al-r.v

40.

23. Abchurch Lane. London, B.C

England.

BUSINESS ESTABLISHED JUN YEARS.

MEE CHEUNG.

SWATOW TYPHOON PICTURES

FOR SALE

A-MEE CHEONG,

Ice House St.

MING YUEN STUDIO,

14. Beaconsfield Arcade.

Large Selection of Pictures of the SWATOW TYPHOON

Telephone No. 4318.

JAPANESE MASSAGE.

MRS. H. SUGA

ME U. SUGA

No. 11. D'Aguilar Street. 2nd. Flour.

JAPANESE PRIVATE

MASSAGE.

Mrs. USUNOYE c/o MATOUBARA Telephone No. 405.

Apply 2nd Floor

10 Queen's Road, Central.

1.

stars).

are

129 interest and ample all w-

The Company's estimated De The draft agreement polvides forances for Depreciation and Re-

preciation is as follows: The Subscribers the donation of a new local Company serves.

Estimated amount cf Land. take over the Assets and Liabil.therefore quite justified in chame

the contact of the Buildings Plant and Store: ind the present Company where.terising

Part II.

each man.

Later, they were in- daced to confess that they had. ben dispatched by Chang Tso.lia, who had also sent 500 men, armed with revolvers and skilful in the use of that weapon, to strategic points inside the Great Wall to make attempts on the lives of-im portant men in Wa Pei-fu's party.

.$300,00 £397.000 £478,000

.£538.090

Sundry Expenses, .£2,929. 11. Interest

905. 2. Debenture

D Interest 875. Income Tax

.2.037. 0. re-Corporation Profit

1.

0.

These men were posted in Hankow,

0.

1921

1922

1923

1924

1925

1926

Depr. and

£20,791

6.892

£24,300

6.07%

$26,350

5.52€

£29,350

5.46%

£31.150

+5.11%

532,707

5.07%

the Shareholders of the China Telephone Company as "g=&-p-

ing." and Japan Telephone and Electric . Ltd, will receive shares and Debentures in the new Company

We have carefully examined all

.£609.300 equivalent to the revaluation of their the foregoing facts and, allowing

.£615,300 ant and other Assets

for the great disadvantage due to

Replacements Two valuations, one made by Mr.the absence of the two expert quired to justify 3130 rate: 9. D. Cole, A.M.I.E.E., Manager of valuers whom we were unable to he Shanghai Mutual Telephone Co.. examine, and to the handicap) Lik, on behalf of the Government, arising from the fact that the and one by the Company's Consult Company either could not, or ng Engineer. Mr. W. W. Cook. would not, disclose the Residuary MINST., CLE, M. LEE., have been values and rates of depreciation empired, our considered opinion submitted for this purpose.

6. Mr. Unle's valuation is based on is:

and

1,176. 5. 0.

Tax Dividend at 10 per cent. on 39,761 shares',

3,976. 2. Bonus at 10 per cent,,

OL 39,761 shares.. 3,976. 2. Reserve Fund trans-

5. The Company's valuation fer contains a larger sum for Land P. & L. Surplus trans-

Pao Ting-fu, Loyang. Peking and Tientsin. The three men executed.-Reuter.

WET"

Shangbai, Aug. 21-The Com- mander of the 4th sub-division ef the Fenztien forte. Tsai Ping-poor. rantinied with 1,000 odd soldiers but failed in his attempt to kill Chang Teo-lin.

Chang Tso-siang has requested 2,500. 0. 0. Chang Tao-lin to send large forces

5,476 14.

into the interior to attack "Wu Pei-fo

Chang Tso-lin bas instructed 24,751. 16. 8. Han Lan-chun to order Japanese

ammunitions to

$1,000,000,

the value of

Sun Wen has demanded the res toration of the 8th year Law Protec.

and Kowloon ....£60,028. 18. tion Parliament before he will

|

replacement values supplied by The 1. The only ground

up and Buildings than is necessary fer China and Japan Telephone and which the present agreement with for the operations of a telephone Electric Company, which he states the Company should be amended service of this magnitude.. to be liberal, and capable of reduse-and extended is the advisability Daddell Street

for providing

continu- tion in view of a fall in prices. Ele of

6579 sq. ft. @ considers that 210507 Pservice" and progres! 865

427 535-6–346 £52,154. $111,591, Land

Buildings ive development of the telephone41/2 Peak --- 60,000 2020 and Stores £10,214) repre system.

Kowlcon L 2. The propseed new Company 549, 6656 sq. ft. pts the present palus of the under- taking sold by one owner to another, will in effect be the old Company with presumably an extension of oder a new name, and urless & licence and powers, to increase large number of shares is lagued locally, the old Company will re- tain the complete control of the The Company's valuation of new Company. As a matter of

6. The subscription rates set £79.67 (Plant £195,039. Laod and fact. in 1921 the Sterling' income forth in the Schedule attached to Buildings £65,114 and Stores £19,- at new rates would have aucunted 214) is, we understand, their idea of to £120,000 and, if the proposed

rates)

7.

Subscriptions.

7,500

Ren- tals Fr.fit on Sales, etc., in Hongkong

Leas Working Ex-

33,290

4,150

penses, Mainten-

ance and General

(Cost Price

£20,566) 8520,915

£65,114

Expenses Charges

and

Part III.

tair value for the undertakinginer rates had been agreed to, so We make the following recom. transferred from one owner to an-farge an increased income weald mendations, bearing in mind that other as a going concern, (with pre- have resulted as to necessitate the Company bare maintained a mably an extension of licence and pittle, if any, new capital being telephone service, perhaps neither powers to increase rates). They required.

very efficient, nor, up-to-date, but

join hands with Tso Kun and Wa' Pei-fo and abandon his privileges of candidature for the Presidency. It is said that Sun favours an ́ 36,977, 18. 2. expeditionary force raised in the North for the purpose of attack-

Kwing-ming-Teun. 23,051, 01.ing: Chan Refund CA Excess"

Wan Yat-po. Prefit Duty in 1,683.-12. 0. Surplus. on Rexiisa-

ton of Investments. 11, 4. *.

ZATEL 188

Get a VICTROLA

and chase theil care aray MOUTRIES