1926-11-08 — Page 2

THE HONGKONG TELEGRAPH,

Cafe Restaurant Parisien COMPANY MEETINGS, to Hongkonk unt

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AREALTY AND TRUST CO;

MONDAY, NOVEMBER 8, 1926.

early next has the Hotel lacked the support

of transient guests to the extent,

month;

I beg to propose that the Report usually to be expected in normal and Balance Sheet and Accounts times, but it has been compelled as presented-be adopted and pass to operate on the basis of ed. When that proposal has been increased costs of almost all com Mr. J. Scott Harston presided at seconded shall be pleased to modities; at the present time, for the annual meeting of the. Hong answer to the best of my ability instance, owing to the com- kong Realty and Trust Company, any questions shareholders may mandeering by military units of Ltd., held in the New Exchango wish to put all means of transportation, coali Building on Saturday morning Seconded by Mr. Cook the report in Peking is now most difficult to when the following directors and as presented was carried

obtain and over 80 only at a very shareholdera, representing 92,425 Proposed by Mr. Crawford and high cost, though we have so far hares, were present, Sir Shou-seconded by Mr. O. Kitchell, as reasonably possible endeavour son Chow, Messrs. W. J. Hawker, Messrs, John Flaming, and B. ed to lay in stocks as suitable who also represented Mr. J H. Lander Lewis were elected opportunities have occurred. Taggart, B. Lander Lawla, P. K directore and Meaars. J. Scott Kwok, E. M. Raymond (directoru) | Haraton, and P., K. Kwok, were C. F. V: Ribeiro (neting secra- Pre-elected directors of the Com-

Large Depreciations.

tary), O. Kitchell, S. CsCook E. panya nyte daarom After writing off depreciation to M. Crawford and A. W. Smith, Mr. A. W. Smith proposed and the extent of Tis. 98,168.50 s (shareholders).

Mr. Crawford seconded that shown in detail in the accounta Mesars. Linatond and Davis bare presented to you, the net profit for clected auditors of the Company at the year to the 30th June, 1926, the same remuneration at before Tls. 6.983.32 which, being added to the balance brought forward Hotel Meeting

from the previous financial year, Presiding at the annual meeting

viz. Tls: $201.55, gives a Profit of the Grand Hotel, des Wagons and Loss Account credit Lits, Ltd, "Mr E M Raymond Ts, 10,184.87.

"We have obtained all the in- formation and explanations, we have required.-Linstead and Davis, Chartered, Accountants, Auditors. Hongkong, 7th Oct.. 1026,"

I venture to think that the Accounts as presented to you... taken in conjunction with the re- marks thereon, appearing in the Report of the Directors, exhibit quite clearly the financial position of the Company as at the 30th June ́ldst.

|

of.

the

Chairman's Speech. The chairman.said: Gentlemen, The Profit and Loss Account for the year ending 30th June, 1926, and the Balance Sheet at that date, accompanied by the Report of the Directors, having been in your hands for several said: days, I proposa with your permis Gentlemen, The Profit and I might point out that the sion to take the whole of them as Loes Account for the year ended market value of the "Investments" read.

on the 80th June, 1926, and shown in the Balance Sheet at the The Auditors' Report is as Balance Sheet at that date, accom 30th June last LE at cost, follows

panied by the Report of the T3 82,438.19 was at that dato "We report that we have Directors, having been in your approximately Tls. 83,470, and at audited the above Balance Sheet hands for several days, I propose the present time approximately with the Books and Vouchers of with your permission to take them Tlá. 86,000: the Company and that in our all as rend

I now beg formally to propose opinion such Balance Sheet is The Report of the Auditors on that the Report and Balanco. Sheet properly drawn up so as to the Balance Sheet at the 30th and Accounts as presented be exhibit a true and correct view June, 1926, is as follows:

adopted and passed, and, that a of the state of the Company's We have audited the above' dividend of three per cent. on the affairs at the 30th June, 1926. Balance Sheet with the booka nominal value of the issued shares according to the best of our and vouchers of the Company of the Company be declared, in information and the explanation We have obtained all the in-respect of the year to the, 30th given to us, and as shown by the formation and explanations wa June, 1926. When that has been Books of the Company.

have required and in our opinion seconded I shall be pleased to the Balance Sheet is. properly answer to the best of my ability. drawn up so as to exhibit a true any questions which shareholders and correct view of the state of may wish to put with reference to the Company's affairs according the report and accounts. to the best of our information Mr. Suckling, seconded and the explanations given to na adoption of the report and and as shown by the books of the Company, Percy Smith, counts which were pat, to the Seth and Fleming, Incorporated meeting and carried, unanimously. Mr. Scott Harston was elected a Accountants, Auditora. Hong«', kong, 4th October, 1928."

director of the Compapy and Mr. The balance ,,of Working Raymond was re-elected a director Account of our Hotel in Peking is, on the proposition of Mr. Smith, for the year under review seconded:by Mr. Burling. USA A Prudent Measure,

approximately Mr. Parsons proposed that Since that date the Directors Ts. 10,000 less than the balance Mesara. Percyn Smith, Seth and have made the Final Call on the Working Account credited to Fleming be re-elected auditors

the Profit and Loss Account at the and Mr. Pepperall second. shares which were then $7.50 paid 30th June, 1925: I feel sure, how- up. I must inform you, however, ever, that in, view of the unsettled that it has been considered neces state of affairs which has unfor- Scott Haraton, W. J. Hawkor, niso present Messrs. J. sary as a prudent measure in the tunately prevalled. In North China representing Mr. J. H. Taggart, F. interests of the

Company to during the year, resulting in prac C. Barry (secretary), A. W. Smith, arrange for the sum of $750,000 to tieally the cessation of tourist W. J. Burling: B. 1. Newman, U be advanced to the Company on traffic to Peking, the result is one M. Omar, P. H. Suckling, C. F. V mortgage. The present mortgage which on the whole shareholders Ribeiro, John Fleming, D. R. of $551,218.50 is due for repay should not regard with dissatis Parsons, E. Pepperall and C. ment on the 30th April next and faction. Furthermore, not only White. in view of the existing financial- state of affairs, that amount could not be met out of the funds of the Company. It has therefore been arranged for the present mortgage to be paid off on due date out of the $750,000 referred to (on account of which the Company has already received $250,000) so that on the 1st May next the indebted- ness of the Company in respect of mortgage will be $750,000, the security being the Exchange Build- ing and the Bungalow property at Repulse Bay. On the 30th April, 1928, the amount is to be reduced by $250,000 to $500,000, the latter .amount then remaining on the security of Exchange Building only for a period of two years, viz, to the 30th April, 1930.

Exchange Building.

To the best of my knowledge and belief the above arrangements. Will, provide for all the financial re- quirements of the Company for the next three and a half years in respect of the properties we have at present.

As mentioned in the report of the Directors, Messrs. Lane Craw- ford, Ltd, opened to the public on the 17th August, 1926, their pre- mises in Exchange Building. Tenants for the office rooms are being obtained gradually, although, as you can well under- stand, the rentals arranged are not as high as would be expected to be received. in normal times.

I regret that Mr. Taggart, the Managing Director of the Com- pany, who personally supervised und took. a great interest in the erection of this building is not present here to-day, but owing to ill health it was necessary for him in June last to be granted leave of 'absence and he is not due to return

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