1932-03-15 — Page 19

STEMBOAT CO'S 'METING.

ADVERE FACTORS

LAST YEAR.

SIR ROBERT HO TUNG REVIEWS PSITION.

· HIGHER ÖSTS.

THE

HONGKONG

COMPANY;

TELEGRAPH. TUESDAY, MARCH 15, 1932.

Canton coins. At the beginning of H.K. & N.T. FERRY ANOTHER MILLIONAIRE the year under review, exchange was round about 180 cents to thei dollar while at the end of the year It was about 140.

Disbursements, muinly owing to exchange factors, were higher in 1931 than those for 1930 thus re- sulting in the decreased net earn- ings of steamers, etc. The main items of which are the following: Wages of crows, $35,705.65; conl, $13,678.43; tonnage & light dues, $17,808.03.

Increased Coal Cont.

REVISION OF FARES DESIRED.

AMR-

(Continued from Page 1.): tionised photography and greatly Increased its vogue amonX tours all over the world. annual general meeting of the Mr. Li Yau-taun presided at the

Early Struggle. The development of the business Hongkong and New Territories was attended by many difficulties." Ferry Co., Ltd.. this afternoon.

The factory being supported by Menara. Li

was burnt down, money was scarce and it was not Sheung-ming. The Yat-cho, Li Ka

easy to get the right kind of chun and Li Ka-ngok (Directors) materials. But thanks to Eastman'a and Mr. H. Lowcock (Secretary), gifts as an organiser and a sales- To further explain these in- Shareholders present were Messrs. man the venture made rapid pro- creases I would mention that There were many decrae fuc-

cluded. In wagen was the sum of lok, Pun Sin-keo, Tao Heo-yuen £200,000 a year. Then came the in-Cheung Yue On-tong, LI Ching-Kre

By 1895 it was earning close un lora operating agniunt proftable $20,742.96 paid on account of Ex- and Kim Keo." working of the Compay's busi- change Compensation to officers for ues during the pantar, de-

Addressing

the shareholders, cinematograph whoso onormous de- the first half of 1931 as against the Chairman, eald the nett loss mand for films opened up now vistas clared Sir Robert Tung $9,312.31 paid during the corres- (Chairman) at the annun

for the year,

after writing off for the Kodak Co. As early as provious from launches, junks, etc. $21,000 feet per annum. Heneral | ponding period of the

1913 it was making over 200,000,- meeting of the Hongkong. anton year. and Macao Steamboat Co.Ltd.

084.00, Luen Yick Company's I now come to the question of shares $2,617.10, and after this morning. These include the coul. The increase in conl in, ac-viding for Directors and Auditor's and its subsidiary concerns had pro. By 1020 the profits of the Kodak depreciation of Hongkong and counted for by the fact that the fees and all expenses, amounts to reached the huge figure of £4,500,- Canton currency, Increased cos of Company had to pay a higher price $360.31. It was because the Go-000. cont and higher cost of repaira hd last year than in 1930. It is a vernment wanted to improve the docking charges,

Battle With Authorities. matter of common knowledge that | Bervice and increase the tra- Meanwhile Eastman had been

pose, with your consent, to follow Nich so that this question of coal part of last year, so

as read.

Sir Robert said:-Gentlemon: the principal source of supply of Me, that it offered to us, without engaged in a battle with the aut The your hands for some days, pro-vented for tor Statements having been in China market was seriously dis-service, at an antal fee of $2,400. enforcing the law against trusts Our Company at unco net to work and restraint of trade. He de to improve the service, and we

fended his policy of buying up

fares charged by our predecessors in that by improved processes and successful in this connexion. The ing to the Kodak's operations show- for the run to Tai O were 65 cents mass production he had benefitted cents per bend for 2nd class, per head for 1st class, and 40 the consumer.

We reduced these fares to 40 cents and 20 cents respectively.

the usual custom of taking them ply greatly exercised the minds are glad to say that we have been competing firms and patents relat

of

When our Company was formed of exchange was very low, with to take over the service, the rate

the result that prices for oil fuel, engine oll, coal, etc., were very tha high. The two new ferry vessels that we had built for ur was blac based on this low rate of exchange.

the Government requested us to To add to the heavy expenditure,

run an oxtra trip dally to Tal 0. The night clearance fee was also raised to $30 a month. The fish trade also fell off, and we lost the we can get the receipts from that source. Unless allow us to raise our fares and Government to charges slightly and to cancel the extra trip daily to Tai O, we are afraid that there is little prospect of a profit this year,

In 1928, he gave a demonstration of five colour cinema Ølms for home exhibition. The process was de- vised for amatours, but promised to The films are covered with minute supersede black and white films.

corrugations through which the various colours are filtered.

Lifelong Bachelor. Eastman, who never married, lived in a huge house at Rochester and was a great benefactor. Hin view was that it was best for a man to dispose of his fortune while he was still alive so that he might see the Hood he was doing with it. That being so, he distributed the bulk of his wealth, his benefactions amounting to about £15,000,000.

The profit on warking for the of summer months.

our Directors for the best part period under review, including the terruptions in normal sup income from

In fact Investments, renta and transfer fees, amounts to

plies came so bad at one atage $100,663.07 to which has been

that plechase had to be made from added the sum of $50,000 trans-

sources other than ferred f

your Cora- from the Equalization of pany's tractors. Dividend

But, thanks Fund and $196,015.93 to the effects of the initer, as noon transferred from the Insurance as conditiole permitted, regular and and Underwriting Account mak-normal deliveries were resumed. ing a total of $406,560 which, as stated in the report before you,

Bigge Light Dues. in proponed subject to your ap

The increase the light dues on proval, should be utilised towards shipping

from the cast of repairs, Directors and 18

January 1931, ded Auditors' fees, interest on over-

difficulties and rdship of tho the draft, Aecial and ordinary de shipping trade at time of un- preciation of steamers,

wharves precedented jlepsion. Τα and furniture and to increase the Company has had to pay in such amount standing in the Special dues in 1981 practically doubly Repairs Fund.

the amount paid in These various transfers have Another item appearing in the preus years, enabled a sum of $43,050.84 to be accounts calling for spent com

To Hochester University, for carried forward in the credit of mount in the fifth of the verse

which he provided a theatre, ho Proff and Loss Recount for the factors I have alluded to. It in- current year.

gave over £6,000,000, including volves an amount of $139.27.23

£1,100,000 for a medical school, Writing Down Policy.

pastd for repnirs to ateamers and

while £2,400,000 was devoted to the whurves. This amount ja In further explanation of the higher than usual

fourtiation and endowment of the special transfera

and is

Eastman School of Music. and deprecia-plained by the fact that betweek tions, I would mention that April and June Inat, the local

The Hampton and Tuskegee In- Negroes received The Chairman's motion for the stitutes for though steamers have been well Dock Companies, equally affected adoption of the report and ne-3,100,000 and the Boston Institute written down in the past and are, by exchange and trade conditions, counts was seconded by Mr. Li of Technology £2,000,000. He took at the moment, atanding at very found it necessary conservative figures, your Dire general increase in their charges.

to make a Strung-ming and adopted.

a great interest in dentistry as tors considered that owing to the

On the motion of the Chairman, affecting the health of the expect- cantinual uncertain trend of trade

Repair Coats Rise, «

seconded by Mr. The Yat-cho, Mr. ant mother and her child. and other conditions

LIT was reappointed auditor at

Gifts to generally.

"England. that additional

These Increases ranged between

a remuneration of depreciation 60 per cent, for material (atoul

$50, Would be advisable. special writing down commenda etc.) and 20 per cent. for labour, count.

terms, of the itself as a policy tending to reduce all ordinary docking bills of beoineers salaries is deducted and. resulting in an average incronse Provident Fund, 5 per cent. of the considerably the heavy annual bur den of depreciation.

In together with similar amount From the accounts before you,

addition to this heavy increase

use contributed by the Company, paid you will notice that wharves and three of the Company's

into a special Fund Account with moorings have been depreciated by had to undergo special repairs for the Bank. All officers now serv. $38,300 and office furniture by burdensome consequential charges,nounced their rights and interest

load

entailing ing, with one exception, have re-

the Company has had the usual

During the year under review in the Pension Fund, keon opposition by both steamers and railway.

Adverse Enetors.

Thin

tween 25 and 30

per

line certificates,

by the Marconi

cent.

vessels

less operators, mon ater-

Our auditor, Mr. Li Tung, re- tires but offers himself for re- election.

Under

$2,600 a total of $40,800-while the Profit & Loss Account shows

. Marine Insurance, only the sum of $30,800, as having been appropriated. This difference

At the annual meeting held last year, I mentioned that with the of $10,000 is accounted for by the

During the course of the year amended fact that a sum equal

form of insurance of to this the adverse factors I have just steamers, an amount of appro- amount was taken from the Spe- detailed to you have been care ximately $17,000, would be saved cial Repairs Fund in order to as fully studied by your Directors. in premium during the course of afst In the further writing down By the end of June various the year. I regret that this an- of wharf values, etc. which had been changes had been effected having ticipated saving was not brought increased during recent years by for their object the minimising about, owing to adverse Exchange. the capitalization of certain spe-of the exchange influence on the In March Inst, owing to the acute cial repairs.

Company's dishuraements. Wire-drop In the dollar value your supplied Directors considered that the time had come when the insured The adverse factors operatingling wares, were replaced by local values of steamers in relation to against a profitable working of operators who, I am pleased to say, value and cost of the Company's business daring have

replacements given every satisfaction had to undergo revision. After 1931 are in the main six in num-These local operators are paid in very careful consideration, the ber. They may be bricily sun- the currency of the Colony and Directors decided to increase the marised in:~~(1) the low value of the saving thas effected will be amounts covered by the sum of the Hongkong dollar; (2) heavy do reflected in the working for 1932. over $100,000, which together with preciation in Canton currency; (3)

War Cover effected during the increased cost of cost; (4) doubl

middle of the year, resulted in insurance premium and Company's adjustments being slightly in excess of the Agures 1930. You will, however, I think, agree that this revision was advis able and necessary.

OfBeers' Salarics.

sudurics of officers

WIN

on

Sterling Contracts.

for

of

ing of harbour Light Dues; (6) The higher cost of repairs and docking Company's vessels, which were charges; and lastly (6) keen compractically on a sterling basis, also petition.

received attention and new Con- Under each of the heads of ditions of service were brought higher expenditure I will proceed into force on July 1st, last. to furnish you with what your

The imperative

necessity for the Directors, consider to be satisfac- change

fully

explained to -You will notice that, on Decem- Lory explanations.

your Company's employees who ber 31st, the Company had In the first place, I need not en-attitude. The change was effected $90,9848.19 on account of out-

readily appreciated the Company's

Я contingent fability large on the question of low ex- change.

The year 1931 opened in the most friendly manner pos- standing sterling exchange with a steadily declining Hongkong that this friendly co-operation be- during the early part of last year

sible.

I think you will

agree tracts. These contracts were made dollar until at une period it was quoted at below 11d. to the dollar. tween Company's employees and in order to cover the Company's Since the bulk of the Company's its Executive, is all for the good sterling commitments and partly to expenditure,

of both parties. In final refer- offset the amount payable on ac nt that time, was more or less measured in terms of ence to conditions of service for count of sterling salaries. With

officers, I would mention that

act revenue which

Earnings Affected.

a

con.

In 1917 he established a dental clinic at Rochester, while in 1927 he presented £300,000 to the Royal for a dental, Free Hospital, London, tonsil and adenoid clinic, a condi- tion being that funds should be provided to maintain it. Rame re- ceived a gift for a similar purpose. In May 1929, he gave £40,000 to Oxford University for the salary and expenses of an Eastman visit- ing professorship to be held by an American increasing the amount to 200,000 in 1930..

RADIO BROADCAST

TO-DAY'S PROGRAMME OF

RECORDED MUSIC.

5.00-8.00 p.m. European Pro- gramme of Victor and H ́M. V. Ra corde.

5.00-5.27 p.m. Orchestral, Raymond Overture (Thomas arr,

Godtroy).

In a Persian Market (Ketelboy).

Band of II. M. Coldstream Goards, 0.1440. Sweetheart (Straums). Gipsy Love (Lehar),

International Concert Orch. C1402. Zampa-Overture (Berold arr.

Godfrey).

Band of H. M. Coldstream

Guards. C1421 5.27-5.40 pm. Organ Solos. Fantasia in E (Salot-Saens).

Dr. Harold Darko. C1880, Organ Paraphrase on "Love's Old

Sweet Song" (Molloy arr. Mealo). (a) Morning Dew (b) The Old Oak

Troo (Power).

Arthur Mealo. C1420. 5.40-0.20 p.m. A Conceri. Song-Angel's Berenade (Millard-

Braga).

Song-Fiddle and I (Weatherly-

Goodave).

Hulda Lashanska (Soprano). 1649. Violoncello Solo-InternezES

(Vivaldi).

Violoncello Solo-Solo-Berensta

Napoletana (Sgamball).

Pablo Casals. 1642. Song-Mah Lindy Lou (Strickland), Song-Gwing to Hebb'n (Wood-

Walle).

John Charles Thomas (Baritone). 1544. Fiano Solo-Spinning Song (Wagner-Lat}.

Ignace Jan Paderewski. 1549. Song-Ninna-Manna (Benelli). Song-Gitana (Langas),

Tito Schipa (Tenor). 1682. Guitar Solo-Preludlo (Torroba).

Andres Segovin.” 1487, 6.20-7.08 p.m.

Banical Comedy and Talkie Tunes. Clowns in Clover-Selection.. The New Mayfair Orchestra.

lit the Dock-Selection.

C1450.

Savoy Orpheana. C1408. Veronique-Vocal Gems (Messager).

Light Opera Company, C1084, The Girl Friend-Selection.

C1400.

Savoy Orpheans. The Vagabond King-Selection.

Savoy Havana Band. C1333. The Arcadians-Vocal Gema

(Monckton).

Light Opera Company. C1884, 7.00 nm. Stock Quotations, Mail Notice, etc.

7.08.7.35 p.m.

Casse-Noisette (Nutcracker) Suite

(Tchaikovsky).

Played by the Philadelphia Symphony Orchestra conducted by Leopold Stokowaki. DIZ14-D1216. 7.35-8.00 p.m.

Ballado in F Major (Chopin Op. 38), Alfred Cartot 7334. Ballade In A Flat Major

(Chopin Op. 47).

Alfred Cortot. 7335. Ballade in F Minor (Chopin Op. 52),

-Alfred Cortot 7830. 8.00 p.ta. Local Time and Weather

Report. splendidly

The School of Music at Roches- ter, a beautiful and equipped building, Includes a hall where weekly concerts are given by fine symphony orchestra, a theatre. for the operatic school and cinema theatre where good music There are 1,600 Is played by 籍 picked orchestra. music students and for the women dormitories are provided. Cinema organists are trained with the aid of a Alm accompaniment. screen to enable them to practise

When Eastman reached the age of 70, he retired from the 'presi- dency of the Kodak Co. and parted with the bulk of the shares he held In worth many million dollars, to his employees and to charities. Although he had started work at 14, he was a cultured man, devoted to music and pictures and fond of beautiful gardens and fine build- ings. Field sports and travel were his recreations. Reuter and I.D.S.

ed report and statement of accounts as presented ha adopted and passed. After this has been seconded, I will endeavour to answer any ques- tlons which shareholders may wish to ask.

Suf Tal-Venezia Collision. Referring to the recent collision between the Company's steamer Sul Tol and the Venezia, Sir Ro- bert said that no-one regretted more than the directors, the loss of life that attended the accident.

Mr.

£. s. and d., it will not be difficult petition was received from them the adjustment of salaries to the shrinkage in how great a requesting that a Provident Fund silver basis, etc., in June last and I extended to the relatives and is received in a large proportion in

be inaugurated in replacement of improvement in exchange, the bulk friends of the deceased, the deep- eat sympathy of the Company in their interest in the Floating of the contracts remained unused. a dopreciated allver currency when Staff-Pension-Fund. The request These contracts are now in course the bereavement "the bulk of the expenditure had to

"The proposal for the adoption of was given very careful attention of cancellation and the resulting bo reckoned on a gold busio.

and your Directors Anally agreed loss, if any, will be debited against the report and statement of nc-

counts was reconded by to open a Provident Fund as from Investment Fluctuation Account. the end of June last. As several I have spoken at It was reasonable

some length N. V. A. Croucher, and carried un- to expect, officers had put in a number of in therefore, that net earnings would years services towards qualifying Company's trading during the past

comprehensive review of the animously.

Messrs. J. P. Braga and C. A. be considerably affected. I am, for

for pension, it

conaldored year. Your Directors regret that however, pleased to be able to stata only fair and reasonable to give their stewardship has not permitt that the gross earnings on both them some allowance for their ed of a dividend being recommend- tho Canton and Масло services voluntary concellation show in Improvement over those interests in this fund, of 1980 lo an extent of over $10,000,

WAH

Provident Fund,

of their ed to shareholders; but I can să- sure you that no efforts will be relaxed towards attaining that de- sired end.

da Roza were re-elected directors and Mesara. Linstead & Davis and Mossrs. Lowe, Bingham & Mat- thews re-appointed audifors

Ho Tung, (Chairman), Hon. Mr. Those present were:-Sir Robert

J. P. Braga, Messrs M. K. Lo, C. A. da Roza, A. E. Quin, Li-Tze-fong, (Directors.) Mr. G.. E. Ellams (Secretary), and Mesara M. II. Lo, but should I have omitted reference M. Fernandez, N. Y. A. Croucher, to any subject, you would like to Mr. Hung Taze-yeo, Wei Tat, Luk

Nothing further occurs to me of Interest to you requiring comment,

which should. I think, be consider ed satisfactory.

A grant of 5 per cent of salaries The second adverse factor I have received up to January 1st, 1980. just alluded to in the cognate one was there are paid into the Pro- of the depreciated Canton currency.vident Fund as a starting grant. A considerable part of the monoy This grant amounted to $30,690 have some elucidation I shall be Pak-te, Kwan Yau-kwong, Lal collected on Company's vessels for 86 and was charged against glad to furnish what Information Fong, She Chun-egun, Chan parunge and freight, etc., is in the Investment fluctuation ac·· I can. I now move that the print (shareholders.)

8.05-11.30 p.m. Ko Shing Theatre Relay,

10.30 p.m. Rugby Mid-day Press, 11.30 p.m. Close Down.

All records in the above European programmes are kindly supplied by Messrs. Moutrie and Co.

MR. DONALD FORBES MARRIED.

QUIET WEDDING AT PEAK CHURCH.

In the presence of a few in- timate friends, the wedding took place quietly at the Peak Church yesterday afternoon of Mies Gweneth Charters Tait, daughter of Mr. and Mrs. Churles Tait, of Melbourne, Australia, and Mr. Donald Forbes, of the Bank line, son of Mr. and Mrs. David Forbes, of Arbroath, Scotland.

The bride, who was given 'away by Mr. Charles C. Neison, was in a dress of apple green crepe romaine, trimmed with stone mar- tin fur, and a velvet clocho hat of two shades of apple graen to mitch. Her corage was of shad. ed pink carnations.

The bride's mother was dresas: in a wine-coloured crepo-georgette frock trimmed with Chantilly lace. with a wine-coloured hat to inatch."} Her bouquet was of shaded 'sweet pean.

The ceremony was performed by the Rov. G. T. Waldegrave, Cap Bundred officiating as "best ma", while Mrs. Sverre Borg was Mut- ron of Honour.

The reception was held at the residence of Mr. and Mrs." Berg, and later the nowly-wed couple left, for 'Fanling..

At the Boldiers' and 'Sailors" Home A debato fa being. haldi to-morrow (Wednesday) evening commencing at 8.30 p.m. on the mo tion that machinery is raining 'clvi: lization. A hearty welcome la ex tended to all,

The Empress óf from "Shanghaiṣat.

We have received a

New Shipment of "VAN HEUSEN

Semi-Stiff Collars & Shirts:

They are now showing in new shapes at reduced prices..

"Van Heusen" Shirts with collars attached In White, Blue and Biscuit. Guaranteed Unshrinkable and most economical in wear.

Call and let us show them to you.

WM. POWELL LTD. Specialists in Gentlemen's Wear. 10, ICE HOUSE STREET,

ARTS & CRAFTS LTD.

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“MAC'S" CAFE

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· COMING SHORTLY TO THE KING'S. “

WI Rogers

CORSAY