1930-12-16 — Page 5

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THE HONGKONG TELEGRAPH, TUESDAY, DECEMBER 16, 1930.

R.H.K. GOLF CLUB

AFFAIRS..

RECORD SEASON REVIEWED AT ANNUAL MEETING.

1

We met with unexpected diffcul- lies from unauspected springs which involved considerable expenditure on Drainage. Further wo found wo required more land than at first sup- posed and finally in order to give Members the pleasure of being able To play on two full 18 hole courser with a hole rollef course as carly as possible wò did a large amount of Turfing and pushed the work on na

SUBSCRIPTION CHANGE fat pessible.

A very satisfactory position was shown at the annual Heneral meet ing of the Royal Hongkong Golf Club, which was held in the board- room of Messrs. Jardine, Matheson and Co. Ltd., yesterday, under the the chairmanship of Mr. G. 5. Archhutt.

The Chairman sak:---Gentlemen, The report and arcnunts, having been in your hands for the prescribed perfosi. I propose, with your permis: sien, to take them, together with the auditors' report as read.

The results before you constitute, I believe, a reened, curtainly a record for a good number of years.

The profit on working was $23,644.. 06, and the balance of the Profit and Logs account which represents our nett proft after writing off depreeln tion, bad debts, etc., amounts to $13,145,51. This, I think you will nil ugree, is a very satisfactory showing. Turning to the accounts, I propose to draw attention to the chief dire¦ ferences only.

Maintenance Al Happy Valley shows a decrease of over $2,000 as compared with the previous year, but, In the previous year, there was the cost of the minished which wan con- aiderably over $1,500.

Praling shows an increase of just over $2,000 mainly due to extra linen and crockery taken into use.

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The result, I think, fully justifies our efforts. The now holen provide a diversity of piny and open up come beautiful scenery, and I belleve in a few years time the fairways will be as good as those of the older 18 holes and eventually be the best we have,

We have purchased more land than we are at present using, ... tlin Island--if I may so describe -round which the 281, 3rd and last two of the new holes are

jaid out This means that the whole of the within the outer boundation of courses is now Golf Club property.

Jam

our

The next important itein is the Happy Valley club house. Thla progressing repilly and would bo practically completed but for a delay which WILS But of our, or our architects' control. I am glad to say all obstacles have been overenme and early in the New Year we shall have #etab, house, which should provide convenient and ample necommodation. it was out of the question to continue under any circumstances with a matshed club house as I know you win! ngree. If is 'both dangerous and expensive to say nothing I point of view of comfort.

П

The cost. I believe will be some. where closely approximating the sum voted, namely $30,000 in all.

This brings me to the question of (club house necommedation at Pauling, Without wishing to take up your time with a statement of the pros and cons of a new main Club House, or of Upkeep of courses ahawa an in Durmie House and alterations to recuse all youtu. More money

the new Main Club House, I would fins been spent on all the courses, AL like to suggeal that · the Incoming Happy Valley, for example, in re-committee, give the general position making the ters, Deep Water Bay, | their consideration. new tee muls and extra fertilizer. We renily require ከስፖን work on the stream bed nad new modation, the courses justify matsheils on the tees At Fanling thing tutter than we have, there is www hnd to Tubew £1 considerable no question as to the popularity "of amount of water pipes un the add Panling or of the great pleasure 11 course which cust over $1,681

stives to such a large number of Printing and stationery shown people. considerable increase.

The other items on the debit side of the top half of the Working Ac. count, I think, call for nu purticular

cumvent.

So far no receipts are concerneel, subscriptions are uje by nearly $5,000, Locker rent and lodging account, Fanling, both show welcome in-

Men

COM-

This question is one which might well be considered errlamly a little later on in the senson When the general situation is a little elexrer.

Healthy Finance“.

The financial position of the Club is healthy. perhups { can best illustrato its progress by quoting the following figures:

Torning to the lower half of the On the 30th Septensber, 1925, the Warking Accounts, which might be liabilities of the Club to the publle described as nur trading account. were as follows: you will notice that Happy Valley Gond Drog Water Bay boil show 11 inerespond turnover and an increased profit, the, percentage of profit being approximately }heHtv1::་ in buth

yours.

Catering Costs.

Debentures Interes!

Sundry Creditore

Total

Its liquid assets Accounts receivnbie StockM

Fanling shows an increased turn while over but a drop in profit, the per-follows: rentage dropped from 50% to 40%. This is owing to the increased cost of food. Dinners have been raised

to $2 but this incrense took pines in October, and therefore does not affect the necounts thier review; no other incerases have taken pånce,

With regard to wines and cigars.

War Loug Carb

Total..

$70,000 870

$70,875

$11.007

$81,972

were

$ 9.417

4,760

10.000

28,621

$50,788

An excess of Linbilities cover assets of

our charges have not been raised 8525,18.

much as the buying prices have fal- i On the 30th September, 1930, TE 11. The percentage of profit is

good. Happy Valley shows a fall ofsition was as follows:

fram 75% to 6055, Deep Water Bay shows a slight Incrense, Fanting

shows a drop of from 665% to 544,

tur profit at Fanting is lower on ne eunt of transport and cost of ice.

Debentures & Interest $2,840 Sundry Creditore

9.240

Total

$33,080

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While all the above percentages of While it jouid assets were as follows: proßt appear to be high, what have to hear in mind in considering the profits earned is that the aviat cast to the Club is greater than apparent from the accounts. The neit profit is not so high, as wages are not apportioned and other Remd which appear in the top half of the neeount should be apportioned be tween the top half and the lower half. Is not practicable to do this how- ever, bat members can Pest td

an excess of Assets over liabilities of $8.25-1---- total improvement of $3,438 after practically paying for our new Canitse,

We are, of center, committed for the Happy Valley Club House and

that the retual cost of meals, etc.,rangements for whatever financing

to the Club is carefully cadenlsted.

Clubs, bails and sundries show in creased trading Anastastory

Iror.

Turning to the Profit and Loss Ac- count. I think you will all agree that the ball daubtful debts arrount shows a remarkable position. We hnel to write off only $20.45 during

is Breessory have been made,

We propose to repay our debentures entirely and work for the

present nnoverdraft in current account. This is for two reasons, first it is chenper--wr pay only for metual needs with a debenture issue you are com- mitted to pay interest on the whole amount issued whether you need the money or not, and we have forul Turning new to the Balance Sheet,urselves from time to time with des Futures on which to pay interest and! I should like to draw partieniny at- fention to the position of the liquide on fixed deposit earning less. aysets and liabilities. Our abilities br the public are as follow> Debentures and Accrued

the year.

Interest .... Sundry Creditors

while our liquid assets are:

Stocks Arenunts receivable Cash

The conel reason is that the pre- sent debentures have interest coupons Inttached which cover up to 1932 only, 1 redleein We propose. therefore, $23,8 10.26 $ 0,240,01

them entirely after the six months" notice required).

$33.08.20

$40,811.03 $117.00

$ 3,176.75

$41,335.73

which shows a surplus of quid

Karts over llabilities of $8,255,44.

The position on the 30th September, 1929, was an excess of assets over Habilitles of $4,098,80, so that there is actually an improvement in the year in the position of our quid asacis of $3,000.04. This is in spite of payments made in respect of the now course, and also the ran awal of. water pipes on the old course, and I think you will agree with me in position on which the Club, is to be congratulated.

Question of Subscription.

The question of our subscription forms an important resolution which I shall move shortly, and I should like, to explain the necessity for it briefly.

It has hitherto been customary to approve the $7 subacription for full membership and the other subscrip tions every two years. To avoid thin procedure we propose to ask you to pass the resolution Axing the sub- scription as set out. This does not deprive members of the right to ank for a reduction or revision at any tine that it does anve the necessity of phasing resolutions on the subject every two years.

In this connexion would like to remind you of the benefits received from, your subscriptions. We believe our members get extraordinarily good value for their money. Your com- A Perind of Activity.

mittee always has in mind economy Last This year has been one of consider consistent with good value.

year was a difeult one owing to the able, activity so far as the Club is concerned. The new 9 holes which drop in exchange and consequent rise in cost of foodstuffs and liquid re- were sanctioned at the last annual general meeting have been comploted freshment. By purchasing a large and opened for play many months stock of the latter we had to raise the Very little. This earlier than had been anticipated. price of drinks

The cost has been greater than polley of forward buying enabled us to to avoid raising prices unduly but we estimated and to date amounta $24,037.85. There is a further sum shall have to do so shortly unless the of $1,400 to be paid plus the cost of something happens to the dollar. laying on water to the greens and The price of meals remains

same an before except for dinner, Lees, possibly $9,000, the work on

(Continued on Page 8.) which has now been commenced.

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