1926-06-23 — Page 5

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CANADIAN

VIA-

CANADA.

NATIONAL RAILWAYS

THE CANADIAN NATIONAL RAILWAYS largest railway in North America, offere every comfort and convenience to travellers We will be pleased to furnish rates and going to England.

illustrated booklets on request.

Asiatic Bldg. Queen's Road C.

C.N.R.

Telephone

C.2004..

"NY CARLSBERG" BEER.

THE FINEST DANISH BEER.

Price per dozen pints $3.00 duty paid.

Sole Distributore.

CALDBECK, MACGREGOR & Co., Ltd.

THE MODERN LIGHT IS. ELECTRIC

healthiest, most convenient LIGHT

"ELECTRIC-

ELECTRICITY has created the modern Art of Illumination. It offers you more light without glare as well as increasing your convenience and safery, ELECTRICITY, used with fittings and shades of modern design offers the greatest light-value obtain able and is adaptable to any purpose of use or beauty.

Use Electric Light in your porch, cellar, cupboards and on dark stairs, for your safety and comfort. It can be switched on or uf in a moment from anywhere convenient.

The China Light & Power Co. (1918), Ltd.

SHOWROOM: 62, Nathan Road, Kowloon. Telephone No. K. 677.

BLANESTLES W

THE HONGKONG TELEGRAPH

THE PURCHASE OF SHARES.

POINTS FOR ESPECIAL ATTENTION.

The following is che of a series cf very interesting and Instruc- tivo articles written by Mr. Novi Truman, A.d for the Financial Nowe, and published in their "Small Investors' Guide."

WEDNESDAY, JUNE 23, 1926.

PROHIBITION.

SYNTHETIC BEER WITH A,

**"KICK="

Washington, June 22... A majority of the Judiciary Committee of the Senate has favourably recommended the pas sage of a bill giving further power to prohibitionists. On the contrary the minority scathingly opposes the bill as "A challenge to every civilised nation which will shock the nations of the world."

It is asserted the bill would authorise the United States to search, any vessel on the high seas and confiscate vessels found carrying liquor intended for "In- troduction into the United States.

K

MOTOR NOTES.

Kalo adview Mittere

Klaran Hand & Electric Hom Krauter Pliers

· Laose Electrical Accarsorión: Laminated Shim Stock" Lamps & Lamp Bulbs

Morris Cars & Trucks Monogram Radiator Caps Matchless Motorcycles

Nestafoot Oil Nickel Babbit Non-Skid Chaine. Nuts and

Gcepsë Nipples

Onyx Radiator Ornaments Oil Cape, Ganges and Gins Ornaments and Mascots

('Preat-O-Lito Batteries & Parts

Perfect Circle Piston Rings Polishes for Matal & Body

Prospective Investors should examine the company's profit and loss accounts for the past few years. If they are available. Un- fortunately the larger companies and combines rarely publish more than a highly summarized revenue account which reveals little to the reader, who must do the best he can with such information, as is to hand. The points to consider

The Treasury Department is as regards the profits and losses of former years are whether the grappling with the problem pre- profits have increased steadily, or sented by the Socialist legislator have dropped during the period, La Guardia, who yesterday demon- ar whether no general tendency is strated before the Government shown and the profits and losses delegation and other interested bave varied considerably and have been irregular. The two latter onlookers how to make baer cases will make the intending marketable synthetically by, the investor chary of placing his simple process of pouring malt money with the company.. A use-extract Into, "near beer" where- ful guide is given in the percentage upon the mixture foamed up. It which the gross profit on the trad- is declared by experts who have ing account bears to the total tasted pre-prohibition beer there sales. In an established business is also a distinct kick." The tions of a Berlin family henceforth over a number of years, since the alcoholic content is nearly three directors will keep to their margin per cent--Reuter's American Ser-saries on the same day, The wed- of gross profit the same.

this will usually remain constant

Sundry Debtora.

turnover

vica.

CHINESE FINANCES.

FLOODING THE COUNTRY WITH PAPER DOLLARS.

The net profits may, of course, increase yearly, but that will be due to increased sales, rather than increased profits on a which has not grown larger. This percentage of gross profit on turn- over will be about the same for all manufacturers in one type of

Shanghai, June 22. business, though it will vary in

One of the worst features of different trades: Another rather similar point la to see whether militarism in recent months has the total of sundry debtors in the been the flooding of the count balance sheet is proportionate to wish millions of paper dollars by the sales made. If His unduly the militarists in various pr high there may be somethingvinces. These notes are now often wrong, and the probability is that mang bad and doubtful debts will worth only about a quarter of eventante from: the balance sheet their face value but soldiers are paid with this figure shown. The profit and loss frequently account will tell us whether pro- money, and therefore force .mar- rer depreciation is being written chants and shopkeepers to accet off-porishing assets. if this is not them at face value, thus causing done the day will come for these untold hardship' notably in the assets to be renowed entirely, and a heavy charge will fall on the provinces of Chibli and Shantung. coy and reduce. profits, un-It is reported from Peking, that' less a reserve has been created for numerous, shops have gone bank, this contingency.

rupt and the poorer classes, ar suffering severely. The Chambre of Commerce yesterday petitioned Chang Tso-lin, Wu Pei-fu, Yen and the Shantung Governor Chang Tsung-chang, who is the worst offender, urging remedial mea- sures.-Reuter.

Next, taking the balance-sheet we must find out whether any de- beature holders or creditors have to be repaid in the near future, and; If so, whether the company is in a position to do so. Can the loans be renewed or must they be repaid? Will a repayment cripple the company and affect its divid-' ends? If the company were to be wound up, would the assets be sufficient to discharge the liabili ties? All these points should be gone into. 4

Share Market.

Goodwill.

Goodwill, on the assets side of! the balance-sheet, may not be worth the value declared. It should be, and usually is, priced at Are the shares readily transfer-cost only in reputable concerns. There are cases, however, where able? It may some day be necesgoodwill can properly be valued sary to sell, and some shares do not command a ready market. Anat more than its mere cash cost. These instances will include, the answer to this can be found by reputation of a trade name, or the consulting the market prices dur possession among the board of ing the past years in the Stock Ex-directors of a person of excep., change tables. If the price tional business acumen. mains constant, or tends to in-

Preliminary expenses-those in- crease, there should be little to

Or

fear. Again, there are certaincurred in forming a company-are kinds of share-property against generally written off in two which the public has a prejudice.three years, and reference to pre Such shares may be perfectly good vious revenue accounts will show and yield splendid returns, and whether this is being done or not. yet may not be easy to sell. An If not, the preliminary expenses owner of churches in Bolshevik should not be included in an esti-

mate of the company's assets. Russia would not find: & ready

allowed Depreciation must be demand for his properties as places of worship, to-day, nor för in the case of patents, which would, I imagine, à considerable rapidly expire, and in respect of theatre proprietor in Cromwell's stock, which is generally priced at time be able to dispose of his in- cost or market value, whichever is terests to advantage under the lower..

Puritan Commonwealth. A sec- A balance of profit and loss ne- tion of the investing public discount on the assets side means that likes brewery shares, and though the account stands in debit and re- this class ls too small to affect presents an accumulation of losses. prices, it is typical of a fashion, or Some are apt to think that when a principle, which, when adopted the profit and loss account is upon Inrgely, can seriously affect the the assets side it represents pro- market.

fits, but the reverse is the case.

FRECKLES AND HIS FRIENDS

Boy' I LIKE GEOGRAPHY

IT TEACHES US ALL ABOUT

TH WORLD AN HOW IT'S MADE AN EVERYTHING

LIKE THAT!

DOES IT TELL YOU HOW OCEANS ARE MADE TOO?

YES-WHY JUST THINK -

ALL THESE FIELDS USED TO BE UNDER TA' SEA AND FISH WERE SWIMMING RICHT AERS WHERE

WE'RE STANDIN'!

RIGHT HERE? G'WAN!! ‚I, DON'T BELIEVE THAT I DONY!!!

The Hongkong Hotel Garagé- Sales and Acccesories Queen's Read Central Tol. 0.4750

Service and J'arte

Stubbs Road

Tel. 0.4602

Berlin, May 1-Three genera

will celebrate wedding anniver-

ding of Hildegardo Hasse to Erich Graf has been solemnized as part of the festivities attending the twenty-fifth anniversary of her parents, Mr. and Mrs. George Hasse, and the golden anniversary of her grandparents, Mr. and Mrs. Horman Hupe.

Vacuum

Tins of

50. Alwaysi fresh.

Ready Proof

'@

BATHING CAPS THAT LAST

We are now showing this year's designs-

In reliable Bathing Caps and Shoes,

To be obtained from

THE COLONIAL DISPENSARY

Queen's Road,

-Practical Gift to your Boy or Girl

AN EDUCATIONAL ENDOWMENT

If you are interested in giving your Child a sound education, ask about this Policy.

The earlier you effect the Policy, the lower the Premium. Plan your child's future

NOW

full particulars from ASSURANCE DEPARTMENT

י י,

HINA UNDERWRITERS, LTD.

Telephone: C.1122.

St. George's Bldg.

Made in London by

Ardath Tobacco Co. Ltd.

THREE DOTS

VIRGINIA

CIGARETTES

ARDATH-LONDON

"Made in

both Standard and

Magnum

sizes from

purė Virginia Tobacco.

THREE DOTS

VIRGINIA CIGARETTES

OH YES THEY DID YES

THEY DID!!

WHATS AMATTER WITH YOU? YOU JUST SAID FISAA

DIDNT SWIM KERG AN' NOWY SAY WISY DID =E WHAT MADE YOU CHANGE

YER

MIND SO

QUICK

LIKE?

BECAUSE HERE'S A EMPTY"

SARDINE CAN!!

By Blosser

ALL SAFE

WITH

LACTOGEN

The Natural Milk Food.

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