1932-11-24 — Page 25

SIMONDS

LK STOUT

MILK TOUT

**Good in C、 CALDBECK, MACG.

Sole As

Weather!"

TELL US TO F

A PARCEL OF

R & CO., LTD.,

FOLLOWING TO L

AT ONCE!

WARD

CHRISTMAS PARCEL MAIL F

PER S.S. "PRES. CLEVELAN

will be closed on

FRIDAY, 25th NOVEMBER, at 3

CHINA TEA

S.A.

}

Finest Hankow Tea No. 1, por 5 lb. box Finest Kocmun Tos No. 1, por 5 lb. box Finest Orange Pakos Toa, per 5 lb. box

$11

$13.. $13.50

DRIED STEM GINGER

6 x 1 lb. tins, choicest

Duty and All Charges Paid.

$12.00

Estimate given and arrangement made for other kinds of articles delivered anywhere.

THE SINCERE CO., LTD.

DINNER DANCES

"

on

WEDNESDAYS, FRIDAYS

and SATURDAYS.

9-12.

DICK ADAMSON'S MODERN MUSIC

ORCHESTRA WILL BE IN ATTENDANCE.

AT THE

GLOUCESTER BUILDING

THE HONGKONG TELEGRAPH. THURSDAY, NOVEMBER 24, 1932,

FIRST VEHICULAR

FERRY

LAUNCHED BY MRS: W. T. SOUTHORN

DOCK CEREMONY

A red-letter event in the history of the Colony took place yesterday afternoon when Hongkong's frat vohicular ferry, the Man Kung, Was successfully launched from the slipways of the Hongkong and Whampon Dock Company, Limited.

The ceremony of christening and launching the bont was ably performed by Mrs. W. T. Southorn, wife of the Hen Colonial Secretary.

A mallet was used to sover wiring connected with an electrical devico whell brought the customary bottlo of champagno into contact against tho bown and released the ship. The last upports wero knocked away, and the Man Kung, Hongkong's first vehicular forry, built and engined at a coat of $800,000, wilded smoothly into the water, to the accompaniment of the thing of a string of crackers for luck and excited exclamations from the throng unsembled on the platform and thickly clustered on the falica of her two sister senseln being built on the stuka tenisky,

Afterwards the guests, numbering sume 2, adjourned to the offices where a number of felleitona aproches were mado Aist the customary teasts Fonottrssd with great enthusiasm.

The Hon. Mr. J. P. Warron, Chair- raan of the Book Company, In extend- ing a warm welcome to tliono present, wald:

Mr. and Mrs. Southom, Ladies and Gentlemen. Firstly et mo thank you few hapouting us with your pre- see here to-day.

Mrs. Southorů, on behalf of the Directors and Management of the Hot Whuupon Bock Co, i should like to express to you our | sleep mouse of gratitude for your kind- ness in coming all this way to naslat at the christening of the new vehicular ferry boat Man Kung, a ceremony which you have just performed 80 gracefully and successfully, Nautical

en have the reputation of being superstitious and you have doubtless | heard of their aversion to going to sea on Friday, especially if it should happen to fall on the 13th of the month, and should a hitch occur at the launching of any craft it is always taken as a bad omen and a precursor of fortune, but from the perfect way in which the Man Kung took the water to-day, there should be no doubt ns to her future, thanks to the gulding hand which started her off in life in a proper and fiting manner. (Applause.)

The launching of the first of the three vehicular forties certainly forms an important chapter in the history of Hongkong, and definitely marks one of the outstanding mile stones in the Colony'n progress and development, and the Government is to bo con- gratulated on this new undertaking, providing as will do a regular and up-to-late service for vehicles and passengers.

Old Lighter PARSON,

As an occupant of one of the offices on the waterfront, I look upon the passing of old motor car lighter with nixed feelings. No more will the workers in Queen's Building be able to relieve the monotony of their lives by watching the fate of cars being hoisted on and off the lighter, to say nothing the adventures of the un- fortunate ponies which perforce have to cross the harbour from time to time. (Laughter).

On the other hand we shall have the advantages of a modern and much needed service which will be a great losantt mind! convenience to motorists and Invers of horseflesh,

Mrs, Soutkorn, we all know that you are a very busy woman and we there fore appreciate all the more your pre- sence here to-day, and shall con- elude by thanking you once again for the service you have just rendered to the Yaumati Ferry Co, am the Hong. kong and Whampoa Dock Co.

Ladies and Gentlemen, I would ask you to rise and drink success to the Man Kung coupled with the name of Mys. Southern the gracious sponsor. (Applause).

Colonial Secretary's Reply. The Hun.. Mr. W. T. Southern, in responding said:

Mr. Warren, Ladies and Gentlemen, On my wife's behalf I should like to thank the owners and builders for giving her the privilege of launching" the first of the new vehicular ferry boats this afternoon, thus bringing one step nearer the inauguration of that long desired link between Hongkong ant Kowloon. Motor cars have now become so much n part of our daily life that we feel hist without them and I cannot but think that Hongkong and Kowloon have been drifting fur- ther part since motors became almost universal, for valeas one can afford to have a motor car on each side of the harbour one always has a tendency to be on that side of the harbour on which one's car is. But now we can revise the old song

"A hoat, a Boat, Haste to the ferry And we'll go over and be merry" and in future we shall sing

"A car, a car, Haste to the ferry And we'll go over and be merry.

(Laughter).

You will notice that ferries aro traditionally associated with marri- nient so that we are justified in our optimism as to the advantages to ho gained from an improved ferry ser vice, and with the introduction of the Vehicular Ferry I look for a greater appreciation of Kowloon by Ilongkong and a greater sympathy with long- kong by Kowloon, and for a fuller in terchange of idens between the more conservative mother and her very modern and go-ahead daughter. Mr. Warren made use of the expression By the "all this way" in his remarks, ald of the Man Kung and her sister ships we hope to chance that expres- sion into "this short distance” and ra bring one and· Kowloon into (Continued on Page 12.)

CHINA REALTY COMPANY B% DEBENTURES 8% INTEREST VS 6% INTEREST MEANS ONE THIRD MORE INCOME

The following extracts aro taken from the Chairman's statement at the last annual Shareholders' Meeting, February 29th, 1932. "We feel that the Debenture holder from an investment stand. point, is just as much an interested partner of the Company as the Common Shareholder and is entitled to his just return on his Invest- ment, and by the figures given on the two years' working, I think we have amply proven that we were right that our Debenture holders receive eight per cent. interest instead of six per cent."

"The most successful concerns of the future wit be those who . recognize this principle-that even banks will allocate depositors a part of profits carned on their money over and above current rates of interests. As our balance sheets show quite plainly, the proceeds from the sale of our debentures is not used for the purchase of Real Estate, as we are not speculators, but for investment in first class mortgages, amply secured not only by the value of the property pledged as security, but as a further security, the debentures constitute a first claim on the total assets of the Company. An analysis of the figures involved shows that every debenture has behind it assets equal to three times its value."

"If after caroful consideration of actual facts and figures you are receiving less than 8% upon your investments and/or savings, you are not using judgment but following old customs, believing 5% and 6%

are current rates."

COMPARISON

Mortgage Department, 1930-1931

Amount Commission

-Earned 3122,316

Year

Amount

Market Value of

Property

0% Value loaned

1930. 1931

10,052,040 19,194,867

¥18,662,000 34,075,565

54%

56%

Average Interest rate 9.18% 9.33%

Average Commission % 1.215% 0.765%

Excess Interest over 8% $118,614 255,291

146,825

373,905

3269,141 373,905

Earned above 8% paid to Debenture holders- T643,046

Of the above mortgages, there was assigned to investors:

1930 1931

.

¥6,532,660.00 #13,223,545.00

A lower rate of commission existed in 1931 due to cheap money for the greater part of the year from September, money commenced to tighten up. As it is we earned 1.33% interest in excess of 8% paid on our Debentures, in addition to ¥146,825 commissions. From the above it will be seen that our 8% Debentures are secured by first mortgages on 56.4% of value and backed up with $5,000,000 capital,

The natural laws of economics require an investor to secure the bast return especially upon savings-trust funds--consistent with safety.

The China Realty Company is one of the oldest (established more than 20 years) real estate companies in Shanghai with a steady. successful record back of it.

Capital 5,000,000 fully paid in cash.

Business turnover 1931, T45,632,300 in land and mortgages only, which does not include management of estates, rent collections, insur ance written, trustees for beneficial owners of property and sundry sources of income.

The Company are Realtors, not speculators in Real Estates. The balance shoots as of December 31, 1931 shows:

Assets

Cash

Lands and Buildings at cost

Mortgages on Real Estates held by Company Dec. 31,

1931

Total Debenture issue Dec. 31, 1931

312,341,726.3}

3,351,055.84 1,844,259.1

35,971,200 4,840,700

by which it will be noted that all of the proceeds from Debentures are

invested in Mortgages and 1,131,500 of the Company's capital.

In the past twenty years the Company has negotiated more than one hundred million Taels in mortgages, all of which has been repaid. principal with interest.

CHINA REALTY, CO.

"The Real Estate Market Place of Shanghai.”

70. SZECHUEN ROAD

DOUBLE ENDOWMENTS

$725 a year will produce $10,000 at death or $20,000 at the end of 20 years if you survive. NO MEDICAL EXAMINATION. Other terms on application to

UNDERWRITERS,

LTD.

CHINA LIFE ASSURANCE DEPARTMENT.

Telephone 28121. Hongkong Bank Building.

SHANGHAI

11

YOU WANT TO GET A BEAUTIFUL RUGS PLEASE GO TO VISIT PEKING ART RUG CO. THEY HAVE A LARGER SELECTION. CHARGED AT WHOLE-SALE PRICE. 32, Nathan Road, Kowloon.

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