1934-04-11 — Page 17

THE HONGKONG TELEGRAPH.

SHIPPING COMPANY AND

ARTIFICIAL BOOST OPPOSED

DECLINE IN INDO-CHINA CO. PROFITS LAST YEAR

SMUGGLING PROBLEM

Political insecurity and tariff increases in China were mentioned by the Hon. Mr. J. J. Paterson, at the annual meeting of the Indo-China Steam Navigation Co. to-day, as factors in the decline of the Company's profits during the past year. Reduction of rates, owing to new competition, was also alluded to.

rose

For the third year in succession, as no dividend was declared, the Directors decided to forego their fees.

WEDNESDAY, APRIL 11, 1934.

SILVER OUTLOOK

unabated. So far, the fileted under the Hongkong Incomings be bridged but in prac. Ordinance have not proved tice this does not happen, for the deterrent ind Jt would scem Company gets not even that lesser astonishing how promptly these amount of silver which would koap are paid were it not known that the position constant but the least ahows on balance & de- the dnes are met by the organisa-which tlons responsible for the smuggling. finite loss.

fines in-between gold exponses and silver ARBITRARY

STAFF AND ECONOMY.

DIRECTORS FOREGO FEES.

ARRESTS

KOWLOON RESIDENTS'

COMPLAINT

I have talked of selfishness, . 1 dare say I am selfish too but I try Your Directors are pleased to to look on the position as it report the absence of any major affects China, and therefore you

Considerable inconvenience casualty in the fleet and I feel bure and me. you will wish to associate your-

has been caused to residents in selves with them in paying a

the neighbourhood of Kimberley tribute to the floating staff. It in

Turning to the statement of Rond, Kowloon, by the rather also a pleasure to record again the

high-handed action of the An- loyal co-operation of the staff, accounts you will notice that there In all economy 18 profit, on the working or matters which the closest attention of the Direc-pared with a profit of £97,208.2.4d. lato at hight, without the know-

General

for Managers.

the previous year. After tors and the

19.3d. and Liabilities etc., there lodging them in gaol for dum- munity from pirney though I regret The Company also enjoyed im- providing for depreciation £37,753 edge of their employers, and to say one of its chartered steam remains a debit of £73,636.18.84. ping refuse.

The first intimation employers. cre suffered this fate in a milner To meet this logs it is proposed way since the close of the year. to transfer £75,000 from General

H.M.'s Navy lives up to Ite re- Reserve Account and to carry for have had, of the arrest of their' Smuggling, which increases with each advance inputation of the Silent Service and ward £1.304.1.4d. to the year 1934. servants in many cases has been behind the scenes it continues to Under these circumstances I re-a demand for $10 ball for their

release. the Customs duties, had now become a menace to every give every assistance to British gret it is not possible to pay any shipowner in the Far East, said the Chairman. Deal-shipping on the coast and rivers, dividend. As in the past two

for

Several residents in Lana Build- while I acknowledge our years, the Directors agreed to ing with silver, Mr. Paterson said it was useless to grateful thanks.

forego their fees amounting to ing have suffered in this respect

would As the report of the Directors £1,500 per annum and i boost this commodity unless other commodities

atates the old hulk Me! Nam" was reiterate that these sums are not during the last two or three nights, A general raid seems to have been with it.

sold and replaced by a new pun-held in suspense..

made round. about midnight' and toon-hulk to maintain our landing

Doaling with the balance sheet the offending servants have been and shipping facilitica on the

that Exchange seen Yangtazo at a high state of el- it will be clenty. The Changwo which had Fluctuation Reserve has been intaken to the Police Station without reached the venerable age of 42 creased by £10,664.7.2d. due to the employer being notified.

Floating dollar The result has been that resi UNSETTLED CONDITIONS IN CHINA years, was also disponed of, and conver ion of

replaced to some extent by two Liabilities and assets being taken bulk-oil lightera which were laid at 1/5.3% on 31st December, 1938, dents have had to go to the Police, down last year and delivered re as compared with 1/3 on the same Station the following morning to fairly well supported as far

necently. To complete our receiving day in 1932. £75,000 has been ball out their servants and in volume goes but the year witnessed arrangements for wood oil a small transferred from General Reserve many cases have been compelled to The Chairman suid-Gentlemen, the incursion of newcomers and Pontoon was also contracted for to Revenue Account leaving a get their own morning meals. the report and statement of to maintain our position in these which will be installed shortly at balance in the former account of

The first intimation some resid accounts have been in your hands trades, rates had to be reduced. Chungking.

£60,000, and Building Reserve has days, and with your Return voyages were up to average Turning to the list of the Com- been increased by £1,428.14.11d. enta get of the whereabouts of shareholders will to £118.425.14.11d. through gains their servant in the morning has permission I will, na customary, and competition was not so much pany's fleet,

notice the inclusion of the Help on units sold while Underwriting take them as read.

in evidence. When 1 addressed you from The greatest decline in business Changwo. This is not a new vessel Account has fallen by £10,528.18.-been news of their arrest from this chuir last year 1 expressed occurred on the Yangtze for the merely the renaming of the King-od. due to sundry accidents not

OFFICIAL STATEMENT. and com-wo to satisfy the susceptibilities of recoverable under our Policies and the hope that shareholders would reasons already given gain some

Consolation from the petition there was at ita worst as our Chinese supporters following a new standa at £310,362.3.74. Sund-

Seen by a Telograph representu- I run of bad luck on the Upper fact that our recent losses had in the previous year been

diminishing progressively commented on the senseless rate River. While she was laid up lost creditors in Chinn and London Unfortunately, I am unable to say cutting by people who ought to year the opportunity was taken to shows an Increase to £90,397.9.8d. tive this morning, Mr. R. A. D. reconstrues her stern and to install and practically all this sum has Forrest, Head of the Sanitary De- the same

On this occasion for realize the futility of this policy.

hulks etc.. ence caused. He explained that though 1933 opened under fairly The ladla-Japan Service showed two wood-oil tanks, both of which been paid since the close of the partment, deplered the Inconveni satisfactory conditions It did not a slight Improvement over

show a slight increase of £6.795,- should any of the Sanitary Inspec the have proved successful. Several year. Steamships, as trade between steamors in the service are full these early promises and the previous year

on the "Hsin Changwo" etc., less dumping refuse they should in the year closed with a profit on the these two countries, and at in- the uneconomical level teu 5.5d. due to reconstruction work tors ace any person in the act of

Home-old ake and working of the steamers of £29,termediate parts, revived 836.15.0d. as compared with one of what and with the rise in com- giving the matter thecorn the book value of Units sold while first place ask him for his name £97.208.2.4d, in the previous year.modity prices of Malaya's chief thought. In the meantime the Depreciation has been written off and address. If they have any the charters of the three steamers on the usual basis and amounts to doubt as to the correctness of the £87.753.19.3d Sundry debtora In answers, or if the person refuses The reasons for this decline in exports it is hoped that our fortunes are not far to seck. Straits Government will relax its have referred to from time to time China and London, Agency balan-to give the necessary information

restrictions which were extended."

ces, coal and stures show slight he is detained until a policeman The volume of the trade in China immigration

Hummoned. The offender is declined in comparison with 1931 would assist our deck pacsonger

variations and all the amounts is owing to the Company have been then taken to the Police Station and 1932 due partis perhaps to earnings.

Lor. This Includes and there charged: . world depression, but largely be

atlont, and continues to engage aleamers of £29,830.15.0d. com-thorities in arresting servants |

för

CHAIRMAN'S SPEECIL

KOMO

when

CHINA AND SILVER.

careful

You may expect to hear some-necounted Although there were, and still cause of political insecurity andare, clouds on the political horizon thing about silver and how it £24.617.8.9d, due by the General tariff increase. The past year of the Pacific as well as the usual affects the Company. It is a sub- Manager on 31st December, 1933. has been gloomy and while civil wars within the borders ofject I approach with considerable;

feeling at Home China, these fuiter did not affect hesitation. I think that many per. a better

Kense

yet be reached.

SMUGGLING MENACE.

other servants.

Mr. Forrest pointed out that the Inspectors often found that ser- vants gave wrong names and ad- dresses for the purpose of shield- ing their employers.

in paper

TONNAGE VAlues fall. I feel the bottom of our Far, the actual running of our steamers son's thoughts on silver are selfish,

With regard to depreciation, 1 Eastern depression may

not so much as in recent years and perhaps ay myself open to that

draw your attention to the note in they were permitted to operate inuccusation for people are at very the Auditors' Ieport regarding the comparative peace. while native reasonably to see the question as it

Unable to give a reasonable: ex- SILVER BENEFIT.

merchants faced unheavals and affects not perhaps their own in- allocation of part of the Reserve crises with their interests but those of their Cor Accounts in further capital de

of the fleet. Perbags planation as to the pussession of two low monetary

pigeans, Hau Hep-loi was charged China bus benefitted by silver, but

customary stoicism. Indeed, if porations, or State, or country. For precistion nt the same time:

digress, allowed to

I example it is logical that Nevada you will recollect that at the before Mr. Macfadyen this morning political instability is having a may be dire and fucreasing effect. This should like to compliment them on should want higher silver, it is fiftieth ordinary general meeting with unlawful possession. Detective- and recuperative telleve that State's second Indus of the Company held on 17th June, Sergeant A. Meltobbie stated that the

wrapped up 1931, I referred to this matter, pigeons were purchasing power of the individual powers in times of adversity. Fory, and the protagonist of a great I said then about reducing ned, the defendant admitted stealing and high taxation destroy the their courage

our foreign Shippers silver-producing Corporation has and with China's domestic them an

formati Ferry Wharf. The owner could trade on which we so largely de- offer the Company's thanks for been very Foluble on what is often bunk values to realizable values then, fecuta erate outside the Yau-

called the rehabilitation of the bus even more force to-day. pend. There is no doubt, however, their continued support.

white metal, a florid phrase which putting it in a nutshell, the value at be traced.

s Lonnage

fallen more of tho immense commercial

1 deplore. I feel myself that it is of possibilities of this country whilch are recognised not only by the At our last annual meeting useless to boost silver unless other rapidly thin can be dealt with by To bring our present Government of China but by referred to the helpful spirit of commodities go along with it for ordinary accepted methods of tuese Governments anxious to co-operation shown by the local must remind my listeners that writing oil.

the while sliver is a currency to China book values down to the level of seek new markets for their own Government in introducing

drastic measures and though your productions, and with the will on Importation and Exportation Or-and Hongkong it is a commodity to the existing market would call for 1932. under which the rest of the world. ixth sides to tap these resources dinance, the outlook can be hopeful. eceding enld be taken against the I think specifically that if ailver Directors decided it was advisable During the year under review owners unmanifested cargo, goes up without its confreves, then to do nothing in 1921, they are. shipowners found the chartering This is another word for smug- business in China will be made now giving this important ques- market # diffcull and exacting gling which has increased with very difficult indeed. For China istion Further consideration,

I do not think there is anything Merchants in the rice and each advance in Chinese Cuatoms not a wealthy country, perhaps more

accurately her wealth is frozen. more in the accounts to be com d trades to China land to face duties until today it is a me She must depend on her exports for muted upon and I now beg to pro-

shipowner in the the unfavourable plastre exchange facing every and new levies by the Nanking Far East. I am not aware how her prosperity and while these

pase the following resolution:- depletes The have not been good I fancy they that the Report and Statement Government to encourage domestic far

soncagling

The country, but it are a great deal better than they trading which should ultimately a venues

would hate een at a two shilling be to the benefit of the Communimui be very coà iderabf.

Reponsible Companies are doing dollar. And on China's prosperity Yangtze and Constal Services,

thefe utmost to control this evil one drend. their aleners but until Chium is The Company's position in this, tackle the culprits apparently the higher silver goes From Northern La Southern prepared to

were dheet saureling will on the more easily can the difference ports our regular linex

une.

NEWCOMERS' CHALLENGE,

of

01

Ro

LOOK

FIRSTNIGHTERS!

"THE FIRST MRS. FRASER"

TO-NIGHT

9.15 t

CHINA FLEET CLUB THEATRE

ALL SEATS BOOKABLE

AT ANDERSON'S.

of Accounts as presented be adopt- ed including the transfer of £75,000 from Genural Reserve Ac- epunt to Revenue Account and that the sum of £1,364.1.4d, be carried forward to next year."

As soon as this resolution has been seconded I will do my best to many answer any questions you wish to ask.

t

The Hon. Mr. Gordon Mackie seconded the resolution which was carried.

TANTRUMS!

than useless

to try

There are several ways of dealing with Inntrunts in a child, several wrong ways but only one right way.

It is worse repressive turasurce, for the condition is more than anything a nervous one, Punishment, or even aternness, will only serve to intensify the child's nervous tension. The retiring director, Sir Robert even sometimes a little petting will Ho Tung, was re-elected on the do more to quieten the child-and motion of Mr. W. Brackenridge then, of course, Reconded by Mr. N. L, H, Railton.

OTHER BUSINESS.

BABY'S OWN TABLETS.*

Mr. John Fleming and Mr. A.

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and

Directora supporting Mr. Pater

They quickly relieve infantilo in- son were Hon. Mr. C. G. Mackle

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