1934-03-14 — Page 21

THE HONGKONG

TELEGRAPH.

WEDNESDAY, MARCH 14, 1934.

HONGKONG ELECTRIC CO. DEVELOPMENT

A FRESH ISSUE OF CAPITAL

HEAVY EXPENDITURE LIKELY

NEXT TWO YEARS

HIGHLY PROSPEROUS YEAR REPORTED

$1,125,000; to pay a cash bonus of $0.50 per share absorbing $225,- 000; to płaco to resorve $500,000; to carry, forward | to next account $101,470.40.

In spite of a difficult year your Directors are pleased to be able once again to present a satis factory balance sheet, and I trust our recommendations .... relativo to |

IN appropriations from the balance standing to the credit of Profit and Loss Account will meet with your approval.

Indicating that heavy expendi- Society of Canton, Ltd.), Fung turo in eoping the station Kong-un, Frank Austin (represent up-to-date is to be anticipated ing A. J. David), W. J. Keswick, within the next year or two, the A. Stevenson, Kwok Kam-hang, B. Hon. Mr. Gordón Mackic, pro- Wong Tape, C. A. L. Rickett, W. the Hongkong Electric Co., Ltd., this morning said it is moro than probable that the Company's unissued capital will have to be called up.

i

་་,,,"

am

loss than last year, a decrease of undertaking such as ours should be rather less than one per cent. on a generous scalo and I om Generating costs are consider pleased to see ample provision is ably less due to decrease in the made under this heading. I cost of coal and to increased pleased also that you have given officiency in the Power Station to some indication of the Directors' which I have already drawn your intention regarding the probable attention.

calling up of the un-issued capital.

The profit on working is slightly. more than last year and you will

GILT-EDGED STOCK.

notice there is little change in the Shareholders look upon this Profit and Loss Account. On the Company's stock as gilt-edged and debit side there has been an in-a sound investment and it is crease in the interest on deposits gratifying to have this view con- The continued⠀⠀ and stondy duc to the large increase firmed by the prosent accounts, annual increase in the units sold in the Deposit Fund. I am glad and to be informed of your confi. must be a source of great satin-to say bad debts show a small de-dent opinion that a steady fnction to all concorned. Another crenso en last year's already small dividend can be maintained even matter calling for favourable com- figure and amount to only 17 per on an increased capital. munt is that the Installation of cent of the gross revenue. modern and up-to-dato machinery has enabled the Power Station to

NETT PROFIT INCREASE. generate nearly 2 million more

The natt profit shows an inercase units with a decrease in the fuel

of $27,070. consumption of no less than 2,550

Turning to the balance sheet, on tons of coal.

the liabilities side consumers' de The figure provided for deposits have increased by $95,876,

It is due to the consorvative policy adopted in the past, that tho Company is in its present strong position and I feel certain that the Interests of, shareholders and consumers are and will continue to be safe-guarded under the pre sent able management. Confident my remarks I wish to record their appreciation of the work of the Staff during the past year.

LAKEROL

ARONCHIAL

PASTILLES

nd Broa

FARIGRENSTRKŠTISKA TARDIK

WEDEN

siding at the annual meeting of H. Choy. F. L. Brown, Chun Seacretition to slightly less than and sundry creditors have in that all shareholders will endorse The World Famous Pastilles

choo. Li Tse-fong, Leung Fattin, allocated for purpose creased by $32,149 as a result of La Kal-wing, 11. R. Forsyth (re- last year. This is duo to the fact the arrival of coal shipments at presenting Messrs. Linstead & that special provision was made the end of December. On the Davis, Chartered Accountants.j

In previous years for the complete writing off of low pressure plant Auditors) and J. M. Jack.

and switchgear. No chango in the usual

generous scalp of de- preciation has been runde.

even

Mr. Mackie added that on the Increased enpital there was every prospect of being able to maintain a steady dividend, but the fact must not be over looked that they were a public utility Company, and their first duty was to their consumers.

The Hon. Mr. Mackle was sup ported by the Hon. Sir Shouson Chow, K., Mr. T. E. Pearce, the Hon. Mr. J. J. Paterson, Mr. J. P. Warren (Directors), and Mr. J. Douglas Butcher (Manager). Shareholders were represented by Mossrs. N. M. Currie, J. H. R. Hance, Law Szg, A. W. Hughes (ropresenting. Union Insurance

TO-DAY

P

EQR-NUL-VITUR

CHAIRMAN'S SPEECH.

The Manager having read the notice convening the meeting, the Chairman said: Gentlemen,—The report and statement of accounts for the year ended December 31st, 1933, have been in your hands for the prescribed period and with your permission I will take them (as read.

FUNDS INVESTED.

assots side, plant has increased by 3242,143, expenditure on the new high prossure boller which is, at the moment, about to be pinced on the general lond of the Power Station.

It will be acon that the buildings You will notice a considerable and plant, headings show only a increase in the amount of invest-amall increase although there has ments.

Your Directors followed the principle of investing the year. The additional outlay have been a heavy expenditure during a portion of idle funds in approved is largely offset by depreciation of local sharca, and a corresponding the oid-plant and bulidings. Increase appears under the head- Sundry debtors have decreased Ing of income from this source. by $61.286 owing to the reduction These funds would otherwise be of the amount in the hands of our lying in the Bank carning a very London representative, and the rate of interest per balance in general consumers' ac- annum, and I think this policy counts. ehould bo extended де found I do not think there are any necessary.

further points in connection with The gross earnings are $44,258 the accounts which cali for com-

ment.

The sett profit, after providing for depreciation, is $1,884,850.55, and, with the sum of $166,622.04 brought forivard from last ac- nominal count, we have a sum of $2,041, 479.49 for appropriation, and with this we propose:-to pay a divid- end of $2.50 per share absorbing

|

GVCENS

"Their fun King Battle, Prima Games

and Kinz Esër. Jack Dempsey, Refs.

TO-DAY

HE WAS "LADY'S DELIGHT"

and how she fell! Then he went in train- ing But not for he

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PRIMO CARNERA and

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Associate Produto: Hunt Stromberg. Screen play by John Lee Mahla and John Mechań.

AND

From the Story by Fiances Minion.

THE LADY

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In this city you will see the World's Championship Battle between PRIMO CARNERA, Champlon, and MAX BAER, Contander.

The Big .Event of

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·FUTURE OUTLOOK.

Looking to the future, although" thore is every indication of con- siderable expansion in our power load, I do not anticipate any ap preciable increase in lighting for some time to come, and in order to maintain our satisfactory re- aults we must rely for the present more on economical working than on a large increase in revenue. To effect this it is essential that wo

keep

I now formally second the adop tion of the report and accounts for 1932 hs presented to this meet- Ing.

the No questions being asked and the adoption of the report resolution was put to the meeting and statement of accounts was carried unanimously.

OTHER BUSINESS.

Mr. T. E. Pearce and Sir Shouson Chow. Kt.. wore re- elected Directors on the motion of Mr. J.HR. Hance, seconded by Mr. A. Stevenson.

Messrs. Linstead and Davis were. re-elected auditora for the onsuing year at a remuneration of $2,500 on the motion of Mr. Frank Aus- tin, seconded by Mr. B. Wong Tape.

The Chairman:-Dividend war- rants are now ready.

COTTON, WHEAT AND SILVER

THE

!

LATEST NEW YORK QUOTATIONS

our station up-to-date in Messrs. Swan, Culbertson and Frits overy respect, which means scrap-have received the following quotations obsolete plant and replacing on the New York cotton and wheat with the intést machinery.

and silver exchanges for yesterday.

ping

In this connection we anticipate heavy expenditure during the next year or two. We are also commit- ted to the purchase of more land

at North Point which is required March for storage purposes and possible | May Station extension.

July

To meet these heavy charges 1 October think it more than probable that December.

January it will be necessary to call up our

Spot un-issued capital as and when re- quired, and I consider that this is an opportune time to indicate to shareholder, what your Directors. have in mind. Even on an in- croased capital, whilst we may May tosee able to guarantee the gener- September

July ous bonus proposed this year, we have every confidence in being able to maintain a steady dividend. At the same time we never over- Jook the fact that this is a public utility company and that our first May duty is towards our consumers, July who, I trust, appreciate that they are given rates for light and power which compare favourably with those charged elsewhere.

Cotton

Close

Closing

Канде

Mar. 12.

Mar. 13.

1918

1214-12,14

12.29

12.24-12.24

1739

12.35-12.30

12.64 14.51-12.51

12.06.12.03-12.03 12.70 12.00-12.60

12.50 12.45

Chicago WheatTM

Close Closing

Range

Mar. 12.

89

887% 00 Winnipeg Wheat

Mar. 13.

884-8834 88-88 80%-80%

Closo

Closing

Range

Mar. 12.

60%

714

Silver.

*Close

Már. 12.

47.10

47.67

47.00

Mar. 13. 60%-69 70%-70%

Closing

Range

Mar. 13.

47.00-47.05

47.30-17.32 47.06-47.70

It affords me much pleasure to March again refer to the good service May riven by our staff during the past July, year. Our Manager, Mr. Butcher, Total sales for the day: was at home on leave, and a con- iderable portion of his time was occupied in the interests of the Company. Mr. Sorby carried on the work here very entisfactorily during his absence and has now gone on a well-earned holiday.

6,100,000 OzB 3,000,000 oz (244 Contracts) (160 Contracts)

I now beg to propose that the re- port and statement of Accounts for the year ended 31st December, 1933 the adopted. When this has been seconded 1. shall be pleased to answer to the best of my ability any questions you may desire to ask."

SECONDER'S SPEECH.

Mr. A. W. Hughes, In seconding the proposal said:-Mr. Chairman and Gentlemen,--It is a plossúre to be asked to sacand the adoption of a report and statement of accounts such as those presented to share. holders at this meeting, and I offer my congratulations to the Directors, agents and staff on the your's results. The continued in- crense in units sold is a very healthy feature in our business and this factor combined with the high efficiency of the modern plant now installed should enable all Shareholders to vlow the future of the Company with complote con- fidence. I agree ontirely with the suggestion of extending the policy of investing idle funds in cortain local shares and 1 feel the choice of same can be safely left in your hands. I am quite sure that abaro- holders will approve the Board's decision to increnss the cash bonus unid in 1932, which appears fully justined on the consistently good Azures that have been before us in recent years.

Allowance for depreciation in an'

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