1934-04-25 — Page 17

GOVERNMENT &

LOCAL CEMENT

THE HONGKONG TELEGRAPH. WEDNESDAY, APRIL 25, 1931

J

LOSS OF £250,000.

I would now like to refer briefly

20 some of the more important items in the Accounts which are before you. It will be observell from the Proft & Loss Account that the loss for the year amounted have to $267,472.14 and that wo transferred from General Reserve aum of $357,052.63 to cover de- the writing down of

PROMISE OF WIDER USE GIVEN TO precintion,

materials. cement and

GREEN ISLAND CO.

MENACE OF JAPANESE COMPETITION

ADVERSE CONDITIONS,

machinery stores. Thla transfer, which Was recommended by our Auditors, was necessary because your Company was unable to meet theee charges from its Working Account. Such transfer, you will note, is reflected in the Balance Sheet.

With regard to the item in the Proft and Loss Account "Loss on Sale of Investments, $3,870.08,** this refers to a loss in exchange Debentures-the Bale us a result of our sale of Shanghat whereof was deemed expedient for Municipal the purpose of reducing our over- draft with the Bank.

General von Seeckt, former loader

of the German Reichswahr, who is

That the Green Island Cement was always of great assistance to Company has been operating your Board, and I am sure I am under extremely adverse condi- voicing your sentimente in wishing tions during the past year was him many happy years in retire emphasised by Mr. J. Scott Hars-ment. ton when presiding at the annual meeting of the Company held at

If you will now turn to the❘ still,in Nanking, where he has been, The Report of your Directors Exchange Building this morning.

it is believed, studying police organi. Supporting the chairman were and Statement of Accounts for the Balance Sheet, you will notice re-

L.financial year ended the 31st Deflected on both sides thereln (nation on behalf of the Nanking

Government. Messra, J. I. Taggart A. Shields, T. E. Pearce, Li Tae-fong cember, 1933, having been in your the "Assets" side in the item for (Directors) and T. C. T. Beck hands for the prescribed period, IDepreciation and the writing down (Asal Secretary). Shareholderswill, with your permission, fellow of. Stocks etc.) the transfer that present were Messrs. C. E. L. Grist, the usual procedure and treat them has been made from General Re-

serve as just mentioned, F. C. Barry, Frank Austin (Atas read.. torney for Messrs. A. J. and A. David), G. HI, Potts, H. J. M. de Figueiredo, A Kitchell, K. C. Mark, F. E. SH¥n, A. C. Greaves and G. C.

Moxon.

MR. SHEWAN'S DEATH.

Chairman

STOCKS WRITTEN DOWN.

Ila hardly necessary for me to

On the, "Assets" side of the say that your Directors greatly de-. plore having to present to you sech Balance Sheet, you will see that the An unfavourable Statement of Ar-item "Stocks nt. Hok Un and

as written down,

counts for the year 1933.

Macao."

now

therefrom. Your Board, realising the effect of this position, opened juegotiations in the middle of last year with a view to disposing of portions of Plant.

your

As Boon

us this became known, enquiries for the Plaat were received from various sources, and negotiations in relation, thereto are still con- b renched without first tinuing. No finality will, how- ever. placing the matter fully before Shareholders in General Meeting.

of In the matter of Expenditure generally, all avenues have been

GOVERNMENT ASSURANCE.

Last year the position in which stands at $1.988,614.10 The writ After the Secretary had read the the Company found itself vis-a-viaing down of such Stocks was deerned notice convening the meeting, the the importation of Cement from prudent owing to the depreciated Bald: Gemleren, Japan was explained from the prices now obtainable for Cement, Befort proceeding with the bust-Chair very fulls. Similar Importa- which, naturally, are reflected in ness of the Meeting, I would like tions continued throughout the the value of the raw materials that to express the Board's deep regret year under review, with the result Ko towards the manufacture at the passing of Mr. Robert Gor- that your Company derived no real auch Cement.

In the Speech from the Chuir explored, and retrenchments, con- don Shewan. Mr. Shewan's firm benefit from the building activities (then known na "Shewan & Co.") which have been proceeding ajuce last year, it was stated in reference sistent with the efficient running Stocks that your Board had of your undertaking, have been took over the management of the all over the Colony Japanese Ce-to

confidence that, despite made all round. material Green Island Cement Company as

It was offered in the market, adverse conditions,

reduction would be effected far back as the year 1895, and it with owing to the low price at every

Your Board have also consider- was almost entirely due to the late being largely used in the cons during the year. In view of the

however, Mr. Shewan's business acumen and tion thereof.

in sagacity in the handling of the pleased to be able to tell you of bad trade experienced by the Camed, from every aspect, ways of in- creasing business and combating pany during the year due, Company's allairn that it attained some notable exceptions to

addition to the severe competition the, very severe competition with the grent measure of prosperity foregoing; I refer to the building from Hapus to the drastic in which we are faced from Japan- you will all remember so well. operations in connection with the

in taxation un foreign in which relation I would like to After 37 years of close connection National Bank Building at the corne

Cement imported into China-this state that the attitude of the local Mr.ner of Ice House Street, the Stock statement now appears to have been Government is a sympathetic one, with the Company, the late Shewan, owing to ill health, re:Exchange and the new

the for the Bank of East Asia, In the to optimistic, but at the time it and they have advised us that in the Board-to signed from great regret of all its Members-construction of which your Comwas made, business did appear to future a proportion of your Com- be brighter, and as there then pany's product ill, be used on all product has been and is be Reeme prospects of it continuing works of a public nature. on the 28th October, 1932,

As 1 pro to be so, the statement referred to I would also like to refer to the ing exclusively used. departure from the Colony on repose to refer to these matters again was in the opinion of your Board. tiroment, at the beginning of this later, I will limit my present confully justified,

that statement month, of Mr. Conrad F. Mendham, ment who had been a Member of your your Company has been operat.

under Mr. ing

adverse extremely year 1024. Board alace the Mendham's technical knowledge conditions.

KEEP

Cool

to

the

the

premises

"AERTEX” THE MOST

HEALTHFUL UNDERWEAR.

"The lille fair The popularity of AER- of good health TEX" the famous and original cellular fabric, grows infinitely

says.

with

Wear each succeeding year.

AERTEX

The

original Collater

UNDERWEAR

UNDERWEAR-

VESTS or DRAWERS

SHIRTS-

1ts perfect hygienic qualities, its cleanliness, have and smoothness, made it the safest Under- Shirting and wear, Pyjama Fabric.

1

from $3.95

DAY or TENNIS STYLES

from $6.75.

PYJAMAS-

DEBT TO VICKERS.

If you will now turn to the "Liabilities", side of the Balance Sheet, you will observe under the heading Share Capital" that a sum of $5,166,401 only, out of a total

thus

Your factory, which has worked intermittently throughout the year under review, has been entirely closed since October last, throwing out of work some 1,500 Chinese werkmen, most of whom have many persons dependent upon them.

During the year under review,

of $6,000,00, had been paid up on no Cement was taken in connection

the 31st December last. And lower with the Shing Mun Valley Dam, I doven

side of the for which your Company obtained on the same

of Cc- Balance Sheet, you will also ob the contract. Deliveries serve that at the end of the year.ment, however, commenced in a We till owed Messrs. Vickers-small way at the beginning of this Armstrongs. Ltd. a sum of $787,- month, and while we are as yet ed-Cement required, your Board ex- 05.78. and it was for the purpose, anware of the total quantity of firstly, of liquidating this indebted- Bess, and, secondly, of reducing our pect that, with the commencement Bank overdraft, that the Call of of this work and the building of the new lead Office for the Hong- $1.75 per share on the partly-paid shaces was made by your Directors kong and Shanghal Banking Cor- in September fast. That Call, forporation, together with the order various raysons, has not been a sue- on our books, your factory will be and because of this, your able to start work again within the Bourd have again approached next two months, Mears. Vickers-Armstrongs Ltd. and have erected in effecting arrangements Kebereby the date for sum mentioned rayment of the ahove the the final instalment due to them) has been extended and the debt itself has been nude payable by instalments spread over the a period of months, but upon

cess.

INTENSIFIED DUMPING.

It is inconceivable that, in these troublesome and dificult times, such an important undertaking as that of your Company (which has assisted so largely in the past in building the public works of the Colony,

docks, wharves. reservoirs

uf the express condition that the whole and So many

prominent debt shall be liquidated by Septem-buildings) should be compelled. her next. In this relation, i would for lack of proper support, to close like to record your Roard's appre down nermanently owing to the ciation of the very sympathic at intensited dumping it is experien- titude displayed by Messrs. Vickers-eing. Your Board, however, have Armstrongs, Ltd

not yet lost faith, and are hopeful that the Company, will, with due support, be enabled to weather the

SHARE CALL APPEAL.

encountered the intensified dump- concern it was before it

of Japanese

nese Cement

From the foregoing remarks, youstorm and become once again the will. I think, sen the necessity for the making of the Call in question, and I would appeal to all Shure- Folders who own partly paid shares in the Company, who have not yet

I feel that I ought not to close this Speech without making refer- work voluntarily under-

done so, to pay the Call immediately, ence to the part in relation

40

that our debt w Messrs. Vickers-Armstrongs, Ltd.-which to the numerous details which have obviously must be paid within the from time to time needed-and extended period--muy be liquidated which I may add are constantly and neeiling--attention in connection possible early

overdraft with

our with the business affairs Bankers reduced. I would also Company. draw auch Shareholders' attention

'MR. TAGGART THANKED. to the fact that, by not paying the

LONG or SHORT SLEEVES

as

from $8.75

our

$2.95

and DRAWERS

SOCKS

Loss 10% Discount for Cash.

ALL SIZES IN STOCK

In addition to "Aertex" we have also a large assortment .of India Gauze, Liste Thread, Art Silk Net, Wool, "B.V.D.,". Meridian, etc. They are all at now low prices-from $1,75.

WM. POWELL, LTD.

THE GENTLEMEN'S HOUSE 9. Queen's Road Central.

of the

Call which is due to the Company, Owing to the concatenation of they are seriously interfering with circumstances

shareholders who

ahar

attendant

upon

the Company's prospects of re those affairs during the past fiuan- covery and are thua meting out cial year, Mr. Taggart's labours unfait treatment to their fellow-

were very considerably increased. have already As

an example thereof, I would Up to the present, your cite the fact that in order to as Board have dealt vers Patiently certain and test the exact "bed- with the situation, but, should the rock" position, Air. Taggart care- Call not be paid immediately, they fully dissected the Company's Accounts, must, in the interests of Share Balance Sheet and haldera as a whole, take the neces-and thereafter prepared sary stops to enforce payment Special Memorandum in regard thorcof.

thereto for the consideration of the Board a piece of work which necessarily occupied many hours. of his time.

CUT PRICES.

ro-

Business covering the year, 1933 was, as you will have observed When I add that the whole of from the Accounts before you, the abova work was performed by most unsatisfactory.. To obtain Mr. Taggart without any any share of the business offering, muneration other than his cus- we were forced to cut our prices tomary fees as one of the Com- Shareholders to such an extent that little or no pany's Directors, profit accrued to the Company will reallgo (as do the Board) that

MYSTERY MONSTER

CAPTURED

GIANT WOMBAT IN ZOO

The mystery monster which has been terrifying the inhabitants of Victoria, Gippsland.

hins beon captured.

It is neither a llon nor a dingo, nora pasther as reported. It is n peculiar a glant wombat with Halt which left huge footprints quite different from the rest of the species. A constable on wire. less patrol made the capture and: his "find" now rests safely in the Melbourne zoo.

The P. and O. .. Somali is duoj here from Shanghai at 7p.m. to- BIGITOW.

especial thanks are due Taggart therefor.

DEPLETED STAFF.

to Mr.

In conclusion, I would like to record the thanks of the Board- and I am sure of all Shareholdera -to the members of our greatly depleted Staff, who, despite the manifold dilleulties arising, have

RAIN!!

WEAR A “ZARAMAC" LIGHTWEIGHT

A ZAMBRENE PRODUCTION

BRITISH AND BEST

continued to discharge their BERNARDS' OF HARWICH

duties with zeal and efficiency.

There being no further matters to which I can usefully refer. I now beg to formally propose that the Report and Accounts for the financial year ended the 31st De- cember, 1933, na presented, be adopted, and that the recommen- dation of your Directors that the sum of $273,647.77 be carried for- ward to the credit of the current year be- nccepted, and I shall be much obliged if some Shareholder will kindly second that proposal whereupon questions as to the and Accounta may be raised. Reports

Mr. Frank Austin seconded the adoption of the report and state- ment of accounts which, on being put to the meeting were carried unanimously.

MR. POTTS'S QUESTION,

Mr. G. H. Potts: In your re- marks you contended that the Government are now taking a lot of our cement for public workin. As a matter of fact I notice that Japancao cement slabs are being put down in front of the Stock Exchange although in the build- ing itself Green Island Cement is used.

The Chairman: I can only suy in answer to what you have said Mr. Potts think that the state- ment that the Government is sympathetic is warranted by the facts known to me. With regard to the concluding remark you mude, of course, I am personally without information on the sub- ject.

St. George's Bldg.

Tel, 28365.

Chater Road..

Hong Kong

PASSION

PLAY OBERAMMERGAU

COOK'S SERVICE

ALL THE WAY

£12-10-6

5 DAYS TRIP. From LONDON &

RETURN

INCLUDING TRAVEL TICKET, HOTEL, SEAT AT PLAY G COURIER FOR ENTIRE JOURNEY.

ALSO ARRANGEMENTS FROM MEDITERRANEAN PORT VIA TO OBERAMMERGAU DESTINATION.

Apply to

Mr. Potta: I would like to know THOS. COOK & SON, LTD.

much cement has how

already been used in the Shing Mun Val-

ley?

The Chairman: With regard to the dam itself understand 171 tons had been delivered to-day That is the dam only, not the channels.

Mr. C. E. La Grist proposed and Mr. H. J. M. de Figueiredo second- ed the re-election of Mr. J. Scott Hurston and Mr. J. H. Taggart to the Board of Directors.

On the motion of Mr. F. C.

Mr. by

A. Burry, seconded Kitchell, Messrs. Linstead and Davis and Messrs. Lowe, Bingham and

Matthews were re-elected auditors.

QUEEN'S BUILDING.

HONG KONG

OTARD'S

ESTADO 1705

THE BRANDY WITH A PEDIGREE

JOIN THE Kayser

PROCESSION

BARE LEGS

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-'AT ALL THE BETTER SHOPS

*TRADE MARK