1933-05-03 — Page 17

JUST RECEIVED

A TIMELY SELECTION OF WASHINg frocks

Direct From The

BRITISH INDUSTRIES

FAIR

PAUL RENNET ET CIE

Corner of Nathan and Austin Roads, Kowloon. (Your bus stops at Austin Road).

TENNIS

Bitulac Grass Green Tennis Court

Composition

Eliminates Glare & Eye Strain.

Improves the surface

Can be applied to old or new

HARD COURTS

Let us give

you an estimate.

Stocks carried,

THERE IS A BITULAC PAINT FOR

EVERY PURPOSE.

SHEWAN TOMES & CO.

On

THURSDAY

4th

May

AT

Sole Agents.

ENTERTAINMENT

SPECIAL CHINESE DINNER-DANCE

AT THE Chinese

Restaurant

ROOF GARDEN

HONGKONG HOTEL

+

Reservations

'Phone 30281

T intervals during the evening the

TALENTED AMERICAN CABARET ARTISTES,

SANDS

MARTY

MILDRED

and

DAWN

at

the.

who havo been delighting audiences PENINSULA HOTEL, will appear in an amusing selection of attractive SONG and DANCE Items

THE HONGKONG & SHANGHAI HOTELS, LTD.

THE

HONGKONG TELEGRAPH.

DIRECTORS' FEES QUESTIONED

(Continued from Page 13 proceeds of sale during the past year of obsolete plant written off.

SHAREHOLDERS' LETTER.

are, as you all aware, definitely

WEDNESDAY, MAY 3, 1933.

CHAIRMAN'S REPLY.

The Hon. Mr. J. P. Braga, in reply, sald:

I have listened, an I usually do, to Mr. Gould's remarks at Com- pany meetings with much interest, and feel sorry that I cannot see eye to eye with him in the In- stanco.

For my part, and speaking for myself, I can definitely say that I am not prepared to revert to the lower scale of fees.

mare

MADIC

e-

Joyous Motherhood!

food bring when baby is lovely, What heart-thlils does not mother- healthy and happy! This indeed in the fulfilment of wonian's destiny.

But what heart-ache she suffers

when the little one is alling, puny hold in unhappy when baby Is ill. and backward! And the entire house-

In countless homes. all over the

Baby's Own Tablets are

which

and non-griping corrective for con- a gentle stipation, stomach and bowel troublea generally. The tablets quickly

love craup, colic, convulsions, check diarrhoea and expet worns, whilst valuable, easing the pains with almost during teething they are especially in miraculous speed though they are guaranteed under public analyst's certificate to contain neither opiate

or narcotic.

Safe for the youngest ** mort delicate baby, and an absolute necessity where there are children below the age of seven, Baby's Own parents,

Reference may be permitted at this stage to a joint letter which was addressed by 18 shareholders and received by the Directors on

It is quite true to say that the the 19th April Inst. The signa- Directors' Fees represented three Lories represent a registered hold- per cent, of the Capital of the ing of shares to the extent of Company. This is true because of 8,580 "Old" shared and 40,260 the fact that the Capital of the "New" shares. In other words, a Company is now so small after re- proportion of 8.66% and 10.339 organisation. On the other hand, of the Issued Capital, re- the work of your Directors in the spectively, In the letter the light of its importance and the denirability of paying a divid-time devoted to It is far end out of the profits car than Mr. Gould imagined, I need ried over from 1931 was repre- only mention the purchase of sented to the Directors, Under K.I.L. 2657 at $326,000 to carry ordinary circumstances the Board conviction in the statement that world, children have been mado well, might have seen it to fall in with a far higher capital amount is in-and parents relieved of anxiety, by the suggestion for the payment volved in the, conduct of the busi-Baby's Own Tablets. This splendid of a Dividend. It was with reness of the Company than three Juvenile health-infeguard offern both gret, however, that the Directora lakhs of dollars.

relief and protection from childhood replied to the shareholders that

Prior to 1929, Managing Dire-signs of off colour' they act matters flnenses, Administered at the first they saw no reason for reversing tor's Fees were combined with right before serious developments enn the decision taken at the Board Saluries and Wages. Before that take place. meeting when the final Accounts year I wonder if Mr. Gould would comprise a safe and efficient prescrip

Baby's Own Tablets for 1932 were considered, not to be surprised to learn that the tion devisecī by a highly qualified declare a dividend in respect of Managing. Director drew $18,000 meilical practitioner of special ex- the year 1932. It was after con per annum for 1924, the

perience in children's ailments. They siderable deliberation and much amount for 1925, and $12,000 for are pleasant taste and appearance,

that thought

which removes the difficulties Directors 1926, that is, a total of $48,000 often attend medicine time. your reached the conclusion that it in three years. For the past three

inadvisable would be

to recom- years, your Managing Director mend a dividend. We hope that drew $2.979.38, $4,716.77 And for the reasons and in the circum- $9,000, respectively, or a total of stances that I am about to state $16.720.15 against $48,000. The you will agree that the decision

amount represented in the is a correct one expecially since wo counts of $2,000 for Managing should otherwise be placed under Director's Fees was in reality half the necessity of making an early as much as the Managing Director Call on the New Issue shares. We

was paid in 1924 and 1925. Since 1929 the Managing Director's committeed to the expenditure of

salary is shown as a separate item $600,000 in the Company's under-in the Profit and Loss A/e. If the taking to comply with the Govers-

19:29. had ment requirements in relation to practice, previous to KIL 2567. Levelling and site been followed in the presentation Tablets should be kept handy by all formating the first stage of the of the 19:2 ecounts, there would scheme is progressing satifactori have appeared the sum of $8,060 By. Both in point of time and cost for Directors Fees, the Managing

Director's salary being merged The money would have been forth- The Engineers estimate has not been exceeded. It should not he in "Salaries and Wages

coming from certain Directors and dillent for you to realise that the

their friends had the shareholders Company must be in a position to i can assure Mr. Gould that the failed to authorise the capital in- control sufficient resources in order office of Managing Director is no trease," to carry out the scheme to a nesinceure, neither is that of the ur

WOULD RETIRE. cessf conclusion.

dinary Directors, whose duties are Supporting the Chairman, Mr. LAND SCHEME.

not lightly taken and whose re-J. Srott Harston said that he did Besides the development of thesponsibilities are onerovys. The not think the Directors of the large area of over 30 acres com- | Managing · Director's is л full-Company were overpaid. He had prised within K.1.1.. 2567, the Com-time job. 1 doubt if shareholders done_far more work on behalf of pany has to incur shortly a further in general would consider that the the Company than he was being expenditure in the renewal of its follice is an overpaid one. Ja 1928, paid for, and if the Shareholdera Patent Rights for the operation 1929 and 1920 his salary was only did not like it, they could have his nf Frank piles; the rights expire $250 a month salary that Is Feat on the Board of Directora at the end of June next, and your much less than that drawn by back, Directors have given notice of the junior clerk in most commercial Company's Intention 10 rene houses. them. Another pending

capital Expenditure will be necessary fob lowing upon the removal of the Companya workshops and depot on K.L.L. 624 on Chatham Road. The owners have sold this property and the Company was quite recently served with notice

to quit and deliver possession of the land be Fore long. Our present plan is to utilise a portion of K.İ.L. 2567 under development and fronting Directors, a statement to

Before I leave the subject Prince Edward load whereon to holders will bear repetition,

Directors and Shareholders pre- erect the workshops and garage.

sent at the meeting Included:-- This is only a temporary measure certain comments by Mr, Gould at Mr. J. Scott Harston. Mr. Lo was a reply by the Chairman to Hon. Mr. J. P. Braga (Chairman), permissible under the Special

Shiu, Conditions of Sale of K.I.L. 2667, meeting of shareholders on the Cheun

Mr. B. Alves and sooner or later, we shall have 10th August last year. On that (Secretary), Mr. A. R. F. Raven.. to look around for suitable land Before the Company entered upon Mr. H. M. Turner.

occasion the Chairman said: (General Works Manager), and for the Company's workshops and its big development scheme, eer- depot. There CAN be 110 two

Gould,. Shareholders-Mr. J. without tain Directors, opinions, I think, that the in-

12111* M. A. Figueiredo, Mr. H. J. M. tenure of

thought for extru lensed Becurity of

remuneration, ground is not altogether satis offered to provide their personal Figueiresto. Mr. M. H. Lo, Mr. Yeung Yau, Miss M. C. Braga, factory. besides being costly with guarantees in the each removal. We must, there overdraft being required from the Mr. H. Braga, Mr. A. H. Basto, Mr. W. A. fore, anticipate the time when the Company's bankers,... There was Mr. J. M. M. Alves,

Zimnicgn, Mr. Choa Po-min, Mr. more economical course will be voluntary remission on the park. Stuart-Smith, Mr. H. Lo, Mr. to purchase the Company's own of certain Directors and their land for erecting its workshops friends of a substantial amount by 1, K. Lo, Mr. A. M. Bragn, Mr. and contingent buildings neces-way of Underwriting Commission. Chau Kru Moon, Mr. A. A. Alves, sary for the proper conduct of the A large sum of money had to be Mr. A. R. Sequeira, Mr. J. M. Company's business.

Assured before embarking upm Braga, Mr. F. L Silva, Mr. A. C. CONSTITUENTS' CONFIDENCE. the land and balding scheme.Greaves, Mr. P. M. Silva,

In order to inspire constituenta' confidence when fendering for Contracts which may involve more or less large sums of money, the policy of conserving the Com- pany's resource is one which the Directora consider should com- mend itself to shareholdera ap- proval. For this and the other reasons that I have just stated your Directors hope that share- holders will not press their desire for the payment of a dividend out of the balance carried forward Your from the Company's proft, Board is of the opinion that any step to force an issue on this point in inimical to the best interests of the Company.

I will now propose that the Re- port and Statement of Accounta for 1932 as presented, be adopted and passed. After this has been seconded I shall be glad to answer any relevant questions share- holders may nak.

SHAREHOLDERS' PROTEST. Mr. J. Gould, addressing the Shareholders, said that although he intended to vote for the deci Bion of the Directors not to pay a dividend, he felt critical of the present state of affairs. The Directors' fees represented three per cent. of the enpital of the Com- pany, and this amount, he con- sidered, was much higher than it should be.

He was strongly of the opinion that the Directors should revort Lta tha fren svhich_they_hajl_drawn

NO SINECURE.

"That has been my altitude during the ten years I have been Director of this Company," Mr. Scott Haraton concluded.

The report and accounts were

It was in 1929 that shareholders were clamouring to Equidate the Company, To-day a very few of them are insisting on a dividend. adapted. On the 22nd October of that year' Mr. J. Scott Harston and Mr. the present Managing Director Lo Cheung-ahiu were unanimous. was invited to a seat on the Boardly re-elected to the Board of in his own right. He asaunted Directors for the ensuing year. the duties of Managing Director Meyers Lowe. Bingham, and on the 6th January, 1936.

Matthews were re-appointed Audi- of tors.

hare-

It

event of

71

You may have to wait for a now car but.... .... you can afford TODAY the better engine. performance that a set of New Champions

will bring General Distributors: DODGE & SEYMOUR (CHINA) LTD. Shanghai, Hongkong, Harbin.

CHAMPION

spark plugs

Whitta's

This now-shaped caro brings QUICKER ACCELERATION

DRIVE YOURSELF SERVICE

We supply the Car.

You Drive Yourself

'PHONE WHITTA'S DRIVE YOURSELF SERVICE and we will have a car at the Ferry to meet you. 'Phone 56720,

If you cannot drivo, wo will toach you." Carage 364-366, Portland Street, Kowloon.

BRITISH EMPIRE FAIR

MAY 24-27, 1933.

In view of the decision to oroct a large pavilion opposite the Peninsula Hotel to accommodate the large number of exhibitors, the final date for making applications for space has been extended to May 1st next. No applications will be considered unless received by that date.

Apply to:

The Hon. Mr. J. P. BRAGA,

Chung Tin Bullding.

ION

Jimmy's

EAT AT JIMMY'S

"Where's

The MENTHOLATUN

?"

KITCHEN D'AGUILAREST, S

That's the first thought of thousands of people when they cut, burn or bruise themselves.

Experience has taught them that MENTHO LATUM quickly relieves the pain, soothes the injured parts and speeds healing.

MENTHOLATUM should be kept handy in every home, workshop, garage, school, or in any place where accidents occur almost daily.

Many cameras take snapshots➡

CONTAX

takes pictures

Outstanding features of the CONTAX:

1. All metal focal plane' shutter up to 1/1000 sec.

2. Minutely accurate range finder with large-4 inch--

optical basis.

3. Loading as easy as with ordinary rollfilm cameras, 4. No rewinding when using Contax film.

5. All sensitive parts Included in the body of the camera, Full particulars from fir `class photo-dealers and the

ZEISS-IKON AGENTS CARLOWITZ & CO. 4, Queen's Road.

ZEISS

IKON