1930-03-20 — Page 2

MARVELLOUS

RECORDING ACHIEVEMENTS”

Columbia

RECORDS

$554-Yeomen of the Guard. Vocil Goms. 9555-Faust.

9508-Lend Me Your Aid.' Francis Russell. 9433-The Sign Post. Roy Henderson. 9412- The Midnight Review. Robt. Fasten. Doris Vage. 9652-One Fine Day.

The Anderson Music Co., Ltd.

To Los Angeles

(Southern California)

Via Honolulu...

VISIT of a few hours or days in

AVISIT a in

California can be arranged by booking on the LASSCO liners, "City of Los Angeles," "City of Honolulu" and "Cal- awaii" from Honolulu over the southern route to Los Angeles. Good connections and the finest of accommodations. Regular through passage fares can be secured in connection with the Dollar Line and N. Y, K. See Dollar Line or N. Y. K. agents for full particulars.

LASSCO

LOS ANGELES STEAMSHIP CO Bishop Street near Pier 9

HONOLULU

36.3

HAWAII

"CAT & BARREL"

The most famous "Old Tom"

Gin in the world.

Insist on seeing this

label when making

your purchases.

Obta nabi 3

all

DON

Stores and from--

ENGI

CALDBECK, MACGREGOR & CO., LTD.

(Incorporated under the Companies Ordinances of Hongkong.)

Ice House Street.

· Prince's Building

Telephone 0.76.

THE HONGKONG TELEGRAPH, THURSDAY, MARCH 20,- 1930.

CHINA PROVIDENT MEETING.

'LOW DOLLAR AND EFFECT ON IMPORTS.

of the substantial amount of $415,000.

Turning to the profit and luss account, gentlemen, you will note that the nett profit for the year, $70,530,19, compares favourably with that for the preceding two years in which our profits were approximately $21,000 and $41,- 000 respectively.

The effect on trade of the drop in the dollar was referred to by Mr. C.A. da Roza, chairman of the

An increase in turnover and China Provident Loan and Mort-nett proft in the shipping depart rage Co., Ltd., in his speech at the ment has offset the temporary de annual meeting of the company crease in nett earnings which was held in Alexandra Building yester recorded in 1928, while both the day afternoon. He said that earn- gross and nett gedown earnings ings were well maintained during show an improvement in the year the first seven months of the year, under review for which the staff but the drop in exchange then is to be complimented, particularly brought about a curtallment in im- in economies effected. ports of staple commodities which

Dollar Trop Effect. was inevitably reflected in the re- venue towards the end of the year.

Interest on mortgage and over- Addressing the meeting, Mr. da draft, though, some $15,000 less Roza said. Following the usual than in the pranqus year, repre practice, 1 propose with your persents no less than 56% per cent of mission, to take the report and as the Company a nett revenue for counts as read.

the year; an excessively heavy load to carry, and one which cau- not show any appreciable redar- tion until local conditions improve sufficiently to enable us to realise the properties mortgaged to the Company. A complete liquidation of loan securities would afford us relief on interest account to the extent of some $48,000, and I am' pleased to inform you that the liquidation since the date of the balance sheet, previously referred to, has contributed some $11,000. to that end.

Your Board has pursued its policy of liquidating loans made by the Company, and has disposed of property to the value of $53,000 while shares have been realised to the extent of $51,500. The sum derived from these transactions were sufficiently in excess of valua- tions to enable us to transfer the sum of $30,992.68 from specific re- serve for loans to general reserve account.

Further reductions in principal indebtedness were effected during

During the first seven months of the year by certain of our debtors, and credit has been taken for loan the year, earnings were well main- interest to the extent of $14,685.13. tained, but the drop in exchange Towards the end of the period since then brought about a curtail- under review your Board deemed ment in imports of staple com- it advisable to institute foreclosure modities which was inevitably re- proceedings in connexion with flected in our revenue towards the Aberdeen, end of the year. No further de- certain property at valued in 1926 at $98,000, and increase in volume of business bas the accounts which are before you, been shown this year so far, and this property has been transferred the Company continues to receive from loans to property account in a good share of the storage busi-

above neas offering. which it appears at the figure.

This transfer represents a large portion of the amount by which the sum involved in loana has been reduced during the year; the ac- count standing at 8672,862.16, or some $273,000 less than at the close of 1928.

- Debt Fully Paid.

Our late General Managers fur- ther reduced their debt during the year, and it is moat satisfactory to have to report that during the last few days, this account has been paid off in full.

Your Board will continue to avail itself of every opportunity of disposing of further securities for the reduction of our overdraft at the bank

I have already referred to the increase in our property account by the sum of 898,000. A further sum of approximately $34,000 has been placed to this account, repre- senting expenditure on improve- ments and additions to our go- downs, in particular to our Kenne dy Town property where it was considered advisable to increase Our storage capacity and conse- quent earning power.

Your Board has also approved the construction. of two small some single-storey godowns on

to

vacant land fa the same district, meet the demand for spesial storage accommodation connected with our Shipping business.

Sundry debtora, though slightly higher than at the close of 1928, have been reduced considerably early in the current year, and now stand at approximately $35,000.

General reserve account has re- ceived a further credit during the year in the sum of $11,950.93, which represents dividends declar ed by this Company for the years 1921 to 1924. These, belag un- claimed have been forfeited for the benefit of the Company. Genar- a! reserve account now stands at $123,517.08 and is, in the opinion of your Fond, more than suffi:inl to mect any contingencies that may arise.

Overdraft Reduced.

I am pleased to report that our overdraft was reduced during the year by the sum of $250,000 and that a further reduction of $165,- 000 has been effected since the date of the balance sheet, making a total reduction since we last met

Your godowne, gentlemen, have been kept in an excellent state of repair, and all expenditure incur red in this connexion has been met out of revenue.

Since the report of the directors was issued, Mr, J.H. Taggart has been invited to a seat on the Board.

(Continued on Page 11.)

KAYSER

SLIPPER-HEEL

HOSIERY

In this era of fashion elegance hosiery assumes new importazes. The glimpse one catches of it'nesth the new trailing evening creations and the longer afternoon frocks must be fascinating. It should be rich in tex- the clear and fine.. color should complement the cos

the ankle should appear

ture

tume...

trim and slender. “Slipper-Heel" hosiery is exactly right for this mode, For sale at the better stores.

*Trademark Reg.

ASER

“IT'S AS EXQUISITE and FRESH

AS DEW-DRENCHED HEDGE-ROW VIOLETS"

the subtle fragrance of Old England's

caught and held captive in a peerless soap.

daintiest flower

Milady of the beautiful skin loves Erasmic's rich, gentle läther. For it comforts and refreshes as it cleanses and withal, imparts its own delicate, alluring perfume to the skin.

"

Wherever finer toiletries are for sale you'll find Erasmic,

WU PEERLESS

ERASMIC

THE DAINTY SOAP

ERASMIC PERFUMERS

LONDON

All Chemists and Stores have Erasmic Toilet Specialities.

LOWE A. C SET R588W

THE CANTON TBADING

5th Floor China Building.

Just arrived, inspection cordially invited.

$130 per est including Loowe EB 71 loudspeaker. Give splendid reproduction, also gramophone repro- duction:

ASSOCIATION LTD.

CARL SCHROTER, Manager.

STOCK-TAKING SALE NOW ON

Rolande

Pedder Building. 3rd Floor.

Sarrault

Tel: C. 2252,

Gets you well

and keeps you wall that is the object @l SCOTT'S Emmalalam which heals, nourishes and strengthens.. - YouT doctor: Kodus Ask for

SCOTT'S Emulsion

The protector of life

SALESMAN ŞAM

G&a,GU22,1'VE LOOKED SO MUCH DURING OUR INVENTORY, MY EYES ACHE LIKE HECK!

TELEPHONE |

Вости

PUBLIC PHONE

OUT SOP AWDER

G/WAN OVER. TO TH OCULISTS - MEBBEYA NEED NEW GLASSES!

COLLEGIATE

ONLY

$1000

A Cinch for Sam

NOW THEN FIRST OF ALL WE'LL TEST YOUR EYES”—

DR.I. STRANE. LICENSED OPTICIAN-

IF YOU CAN READ THIS

AA BB You Can'T

HELD

SEE? PLESSES

NOW, CAN YA MAKE THAT OUT?

OUT

By Small

SURE THING",

DOG

THERE YA. ARE