1927-06-01 — Page 8

FIAT 509

ASK ANY FIAT OWNER

THE HONGKONG, TELEGRAPH WEDNESDAY.

~COMPANY MEETINGS,

THE HONGKONG EXCAVATION AND PILE-DRIVING CO.

Kowloon Tong Scheme.

JUNE 1, 1927.

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PHONE CENTRAL No. 1116.

Wing Woo Streat TEL. 52 Cnetral

Mr. D. H. Cooper, Mr. H.M.H. In my speech at last year's an- Namazec, Mr. E. M. Raymond and nual meeting, I mentioned the Mr. J. Scott Harston; also tho burdon under which the Com-secretary, Mr. S. K. Moosa,

After the notlee convening the pany was labouring in connexion The sixth annual general ment with the Kowloon Tong and New meeting had been read the chair ing of shareholders of the Hong-Territories Development Co. Ltd. man said:..

Gontlemen. The report and ac- kong Excavation, Pile Driving and This burdon still exists notwith- Construction Company, Ltd., was standing the fact that the Kow-counts having been in your hands at the loon Tong Project is now re- for sometime past I propose with hold yesterday afternoon

successful your permission to take them, as offices of the Company in Powell's cognized as being a. Building, Mr. B. Montague Ede undertaking." The Kowloon Tong read..

Your Directors, in submitting prosiding. The following direc- Company being a non-capital Com- tors and shareholders wero pre-pany has never Ead sumcient their report, look back upon the sent: Mr. Charles L. Shank, Hon, funds to carry the schemo ahead past year with moderate satisfac- Shank, Mr. Chau Yue-tong, Mr. Li originally planned. To add to difficult times, it was atill a year Yaa-tsua and Mr. Chan Pek- this handicap, many of the sub- of transition and preparation if chuon.

scribers, for one reason or other, not of tangible results. In view The notice convening the meot-have not found it conveniant to of the many changes and renewals ing having been read, the Chair- meet their calls on their houses of old leases concluded during the man suid:The result of the as they become due, and there are period under review, an extensio year's working, I am sure you will instances where houses have been programme of renovations, altern

ations and improvements. was un- agreo, is very gratifying in view practically completed with of the unsettled trade conditions large proportion of the calls re- dertaken towards the latter part Kowloon of the year, more particularly on prevailing during the entire period maining inpaid. The under review. You will notice.Tong Company do not have the the ground floor premises where from the balance sheet that at the funds to carry on the work when the banks are, and a good portion close of the preceding year ending calls "are not paid, so the burden of our revenue is derived from.

. Premises Leased. March 31st, 1926, $808,453.78 was of financing the scheme has been

In October last however, the carried forward after a bonus to thrown upon this Company until staff and dividend of 20 per cent the Company's present commit- late Russo-Asiatic Bank which on the Ordinary Shares had been ments stand at a very high figure. had only recently occupied the I premises vacated by the Banque The Military. Camp. paid. This year's work has proved Batisfactory, and your directors Two other noteworthy projects de L'Indo Chine, after conclud have decided to declare a 10 per completed by the Company during ing a mutually satisfactory ar- cent dividend on the Ordinary the year were the Shamshuipo rangement as well as a long lease, Military Camp and the Tung suddenly closed its doors and for shares.

At the last year's general meet Shan Hotel. The Shamshulpo a time we are without tenants for ing, I pointed out that the large Military Camp was a contract for this important ground floor section dividend recommended at that the construction of 84 bulidings of the building. But soon after- accommodate two battalions wards negotiations with the Ban- time was to be used in payment to of a call of $50 per share on the of troops. Only sixty days was que Franco-Chinoise resulted in partly paid Ordinary Shares, allotted for the completion of this their leasing a portion,-though which was necessary to meet the scheme. Notwithstanding the de- the best part of the vacated pre- obligations of the Company. lay caused by inclement weather mises, and it is with some satis- Your Directors do not feel justi and the necessity of securing lum-faction that your Directors are! fied in recominending such a large ber for the scheme from Shanghai, now able to announce that arran- divided this year as the 10 per all the work was completed in gements have also just been.con- cent dividend recommended will forty-five days from the date of cluded for the remainder of the deplete the Company's cash re-signing the contract, fifteen days vacated premises to be taken over 4 long lease by Messrs. sorve by a sum only alightly less in advance of the time allotted than that caused by the higher by the Government for completion, Caldbeck, Macgregor & Co. Ltd., dividend last year. While the This is probably the largest con- from the 1st of August next-the Company could, no doubt, pay a struction project ever executed in rentals for both sections being higher dividend at the present this Colony in such a short period satisfactory. time, your Directora do not feel of time and it speaks well for the this procedure is advisable due to high efficiency of the Company's the difficulty of analysing future organization. prospects on account of the settled conditions prevailing throughout the country.

The net working profit for the year has amounted to $218,520.01. Of this profit, $88,189.26 has been absorbed in providing for depre- Many other contracts have been ciation in the Company's invest- undertaken by the Company dur- ments, plants, equipments and soing the year, amongst which are forth, reserve for bad and doubt- the formation of twenty-one build- ful debts and overhead charges, ing sites on Inland Lot No. 2,354, which leaves a net profit to the Stubbs Road, the Bowen Roadma Profit and Loss Account of $130,- Rapid Gravity Filter Beds.

un-

on

"!

Most of the premises are now let satisfactorily on fairly long. lenses, the results of which Early in March, the Company should appear in next year's completed the Tung Shan Hotel, working and so, barring the un- which is an

eight-storey reinforseen or unexpected, the income forced concrete structure building of the company should from now faced with granite and Shanghai on enable the payment of a fair

dividend to shareholders. plaster.

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near

Should however the condition of the money market improve in the meantime and we shall be able to obtain a mortgage loan on the ol basis, then much better results be expected in the future,

1 do not think, gentlemen, there Since the close of our year, the, Company has been successful is anything else that calls for comment or explanation from me Your Directors have recom-In securing several major can so I now beg to propose the adop- mended a 12 per cent bonus of the tracks, including the construction of the report and accounts, year's salary to all members of tion of the New Wong Noi

480.76.

Bonus to Staff.

Directors Re-elected.

the permanent staff. On behalf of Chong Nullah and also other After this has been seconded and the Directors, management and contracts of smuller magnitudo, passed I will be pleased to answer to the best of my ability any carried the shareholders, I wish to thank which, if successfully

out, should ensure another very question that shareholders may All members of the staff for their very diligent services and hard close of our next fiscal period.

favourable balance sheet at the wish to put to me. work which have brought about

I think I have now touched all the excellent results obtained. the points on which you require Much closer application is re-information and

I now beg to quired from members of our

propose that the Report and Ac- staff than from most companies counts

as presented he adopted due to the fact that our work usu- and passed. When this has been ally continues

throughout the seconded, I shall be pleased to whole year, in many cases week- answer any questions from share ends and holidays being included, holders to the best of my ability without any interruption except

On the proposition of Mr. S. M. There being no questions, the the Chinese New Year. It is Chairman moved the adoption of Churn, seconded by Mr. H.M.II. these addtional services by the the Report and Accounts, Mr. Nemazee, Messrs. Percy Smith, Staff which make for success, and Chan Pek-chuen seconded, and Seth and Fleming were unani- which are especially appreciated the resolution was carried unanimously re-elected auditors. by the Company.

mously.

After a dividend of 10 per cent.

Dividend. and the bonus to staff are paid,

The Hon. Mr. R. H. Kotewall there will be $78,680.76 to be car moved that a dividend of 10 per ried forward, which, when added cent. for the year ended March to the profit brought forward last 31 be declared and be payable at year, makes the total sum carried yesterday's date, Mr. Chau Yue- forward this year amount .to

long seconded, and the resolution $385,134.54.

was carried unanimously.

During the period under review,

In accordance with Article 93, the Company's piling operations of the Articles of Association" of under the Raymond System have the Company, all the. Directors continued to be satisfactory. The retired, and the following were most important piling project unanimously elected to the Board undertaken during the year was for the ensuing year: Mr. B. that in connexion with the new Montague Ede, Mr. Charles L. Sasscon Building in Shanghai Shank, Mr. Li-Yau-tsun, fr. Chan where 1600-62 Composite Ray-Per-chuen, Hon Mr. R. H. Kote- mond Piles were driven to sup wall, Mr. Carl B. Shank, and Mr. port the structure. As this is to Chau Yue-tong.

be one of the largest and heaviest Mr. Chau Yue-tong proposed buildings in Shanghai, the archi- and Mr. C. L. Shank seconded the tects for the project, gaye much above resolution, thought to the particular piling Messrs. Lowe, Bingham and that should be used. After much Matthews. were re-elected Audi consideration had been given to tors of the Company on the various piling systems, the Ray motion of Mr. C. B. Shank, second- mond Pile was chosen. as being ed by Mr. Chau Yue-tong the best pile to carry the enormous Mr C. L. Shank moved that 12 loads in question. The virtue of per cent of salaries. be paid as this system was so apparent to bonus to the permanent staff. Se- the architects that only ordinary conded by Mr. Chan Pek-chuen, i preliminary tests were required, the motion was carried unani- and now that the work is commously.

DIFFICULT TIMES.

pleted, the architects are more This concluded the business of than ever, convinced that they the meeting. made the correct selection of piling for this exceptionally heavy structure. Incidentally, the total cost of the Raymond. Piling for this project proved to be consi- derably lower than the total cost.

Prince's Building and Länd Co., Ltd.

of the increased number of wood The fourth ordinary general" piles that would have been neces- meeting of shareholders in the sary had wood piles been used. Prince's Bullding and Land Co., Other piling contracts under-Ltd., was held at the Company's taken during the year have proved registered oflees, Prince's Build- as equally successful as our Shang- Ing yesterday afternoon. Mr. J. E hal operutid and it is only to Joseph presided, and other direc- bo expected that the popularity of tors present were Sir Robert 11a the Raymond system of piling Tung, Mr. S. S. Perry, and Mr. throughout the Far East will W.EL. Shenton. Shareholders steadily increase.

present were Mr. S. M. Churn,

Mr. J. Scott Harston "seconded and the proposition was carried unanimously,

Mr. E. M. Raymond proposed that Sir Robert Ho Tung and Mr. S. S. Perry be re-elected to the Board of Directors. This was seconded by Mr. D. H. Cooper and was carried unanimously

In announcing that that con- cluded the business, the chairman thanked those present for their at- tendance.

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