1935-04-24 — Page 19

CONSTRUCTION CO. OUTLOOK

MODEL RESIDENCES

PROMISED

MORE CAPITAL

:

NEEDED

At the thirteenth annual general meeting of the Hongkong En- gineering & Construction Co.. Ltd., helt at noon to-day, at the offices of Mesars. Lowe, Bingham & Matthews the Chairman (the Hon. Mr. J. P. Braga) stated with regard to the development of the Company's property at Kowloon Inland Lot 2657, that work ha sufficiently advanced to enable large portion of the area to be built on before the end of the year. A small loss duc to lesser work in other directions and the keener competition encountered. was shown in the accounts.

The Chairman suit:-Before wo commence with the formal part of the business, I denire, un behalf of my fellow-Directors, to express our keen sense of regret at the death of our late colleague, Mr. Lo Cheung-sktu, which took place on the 30th June of last year. Mr. Lo's death in a real loss to ourselves for the great, por sonal Interest he took in the Company and for the assistance he rendereit since his appointment to the Diree-.

His wile business experiener torate. nn his long association with the activities of this Colony rendered his advice of grent value irl our deliberations

The report and accounts for the year ended 31st December, 1984, have been in your hands for the required period. I assume you will not med, that they be read.

YEAR'S LOSS

THE

HONGKONG TELEGRAPH.

WEDNESDAY,

APRIL

24,

1935.

LONDON STOCK EXCHANGE

GIBIOC

A view of modern Army mationuvres in Bangkok, showing tanks on the advance with an escort of military

.

U.S. MAY RAISE SILVER PRICE

(Continued from Page 1) ditions cannot continue for a longed period of time.

pra

"Further, co-operation is only beneficial If It is undertaken with: some definite object in view. Aim- less eo-operation has become use- less, and it is becnake it, is im- possible for China in present cir- cumstances to arrive at any work-} able polley that one cannot but reel that "we go we know not whither.'

WHAT IS NEEDED

The Directors regret that the Prolit and Loss Account, after charging $8,703 for normal depreciation and after providing for firectors', and Auditors' fees, results in a loss of $20,087.02. The reasons for this nd- verse balance are, we regret to say, less burvinas and annlated keenness of competition, which was felt more intensely last year than ever before. That businesa uffering should be Jean is explainable by the conditions generally obtainable in the Colony, white metal automatically protect

הן

That competition should be kerner also explainable in that with less work to go rouni, concerns in the same line of business as

ours are willing to accept prices that in normal times might not be lookel nt.

"it would obviously be all to the good if, through such operation, exchange were to ad- vance to a level of parity with silver. With our small store of the|

ed from further ravages, the com- manity could once again breathe! freely. But so long as it appears! to be America's policy, to seek evenį higher prices for silver, such an objective becomes impossible of

The Intensity of this competition į attainment, bas reached a stage that, in a certain

"For the moment, and as long as department of one business, prices which have been obtained in the past there is no renewal of silver ship-! cannot now be hoped for, and comments, exchange may be said to boi petitive rates have been cut down to muintained at an artificial level by such a level as to render impracticable a system of management which is any reasonable profit Indeed, in actually non-existent. How long regard to certain contravis. your Board decided that rather than sake can this state of affairs continue?"

unde risku, even when we were in: vited to tender, we decided not to

-Reuter

LONDON ADVANCE

submit any tenders at all, when wel Silver prices in London ad. rentised the hopelessness of profitable vanced 1.7/10d, yesterday, raising competition in certain circunstances the spot quotation to 325 and the forward rate to 32, he highest

DRASTIC DEPRECIATION

A feature of the accounts submitted point touched sines" November, to you will be found in the substantial

1925. amounts written off under various

heads. These amounts have been] Priena-rose_in generál specula.. written off the balance at credit of tive buying and amull offerings. Profit & Loss Account to which has The market elused uncertain.

bren added General Reserve Account.

It was after very careful considern-

tion that your Board decided upon this

drustic depreciation.

It was done

after consultation with the Company' nuditors,

*

CICAGO WHEAT

Chicago, April 229. Wheat prices were downward

It will be noted that the Company's as much as three rents due to the investments have been written down reinerted break in the South-

to

the approximate market value western drought which resulted in ruling on the 31st December last.

The heavy rains of duly and August heavy selling-United Press.

last year, which were so damaging in

that

other parts of Kowloon, fortunately in-programme of building works, 'n fur- flicted comparatively little injury to ther cull on capital will be necessary the sites within K.L.L. 2657 then in before very long.

We have deferred ourse of formation. The damage making one for as long as we could: Was marie good promptly.

but as it has been realised that new Comments on the development of capital was required for the purchase youe extensive property in K.I.L of this extensive property and its

7 will. I feel sure, be welcomed development, we feel Burc by sharcholilers, Site formation, } response to the call will be readily am happy to state, is proceeding forthcoming from shareholders Recording to plans. It has been so general. It is not contemplated that franged that we are confident | the next, call will be larger than one that, without any unforeseen circums of 25 cents per share. stances that might interrupt the work. The Board has appointed Mr. Hugh a inre portion of the area will be lenga, the Company's Engineer, its ready for building before the end General Works Manager as from the of the current year. It is gratifying 2nd January, 1940. for us to be able to state that, upon

I think I have reviewed, on behalf application to the Public Works 1 of your Directors, the report an partment, the Government has con- statement of accounts us fully as it Atructed a portion of the storm-water is neerssary to do so, but should drains in that section of the property | shareholders desire any further in- upon, which it is contemplated that formation relative to these accounts, building operations shall commence at I shall be glad to answer any ques- an early ute..

tions after my motion has been second- ed by a shareholder. "

TYPES OF BUILDING Your Directors have given conskler statement of accounts for the year!

I now propose that the report and able thought to the succeeding stage ended 31st December, 1934, as present- of the development of your valuable ed be adopted. properly in the projected early, con-1 struction of a few houses to begin Mr. Lawrence Kadoorle had seconded, There were no questions, and after with within the area. Preliminary the report and accounts were adopted plans have been drawn and revised unanimously.

to meet the climate conditions of the Colony, These plans are for several different types of buildings and have

OTHER BUSINESS

Mr. M.. H. Lo's appointment as a

Messrs. M. H. Lo and J. Scott Ilarston were re-elected Directors on the motion of Mr. E. Sahmet, seconded by Mr. J. M. M. Alves,

been designed to meet modern require Director was confirmed on the motion ments. They are for a bungalow, two of Mr. H. J. M. de Figueiredo, second- types of detached houses, and two ed by Mr. M. II. Lo. blocks of apartment buildings, respec- tively.

We aim at providing attractive ap- pointments for those various types of bulldings including such modern On the proposal of Mr. A. M. Braga, .convenlences as electric water heaters seconded by Mr. M. H. Lo, Messrs. and other electrical appliances now Lowe, Bingham & Matthews werd re- considero indispensable in modern appointed Auditors at a remuneration domestic buildings We shall be our of $800, own builders of the houses wo intend to put up and we trust that when they are completed they will be of such attractive construction and ap- pearance as to find, ready tenants. "

This concluded the business. Present were the Hon. Mr. J. P. Braga (Chairman), Mr. T. F. Lo, Mr. M. I. Lo (Directors); Mr. B. Alves (Secretary), and the following, sharo- holders: Messrs. Lawrence Kadoorie, fi. J. M. de Figueiredo, J. M. M. Alvon, It must be evident to you, gentle-A M. Braga, Chna Kam-moon and E men, that in order to carry out our Sahmot.

NEW CALL LIKELY

bombers in flight overhead.

SHARE PRICES

The following is the list of local share quotations issued this morn- {--

Banks.

HI.K. Banks; $1150 x,

H.K. Banks (1on. Reg.), £126 n. Chartered Bank, £149 n. Mercantile Bank, A. and B.

£31 n. Mercantile Bank C., £131⁄2 n. East Asia Bank, $81 n. Am: 0. Pinance Corp., Sh, $20 n. China O. Fin. Ord. Sh. $1.80 n. China O. Fin. Pref. Sh, $41⁄2 n.

Insurances,

Canton Ins., $215 »,

Union ins., $385 8. Chin Underwriters, $1.30 n. China Fire, $400 n. ILK. Fire Ins, $216, n. Internal Assce,, Sh. 35 n.

Shipping.

Douglas, $39 n. HI.K. Steamboats, $7 'n. Indo-Chinas, Pref.), 530 n. Indo-Chinas. (Def.), $39 n. Shell Bearer), 63/9 n. Union Waterboats, $11%

Mining.

Antamoks, 93 cts. n. Balators $43 n. Bagula Goki, 25 cts. sa,* Rengitet Consolidated $14. Benguet Exp., 15 cts. n. Benguet Goldfield. 10 ets. D. Big Wedge, 8 eis. 12. Gold Creek, 10 ets. n. Hold River 10 cfs. .. Ipo Mining. $1% n. Itogons, 42 cta. 1. Sabret, 16 cts. Kailan, 197-

Langkats (Single), $15 n. S'hal Explorations, Sh. $5 n. S'hal Lonny, Sh. $6 .. Raubs, $6% n.

Venz: Goldfield, $5 n.

Docks etc.

HR. Wharves Cum. rta, $80 n. H.K. Wharves, Ex-rights, 300 n. H.K. Wharves, Rights, $10 h. H.K. Dacka, $9% n. Providenta (old), $1 n. Providents (new), 20 ets, T. Hongkews (old), Sh. $309 n. New Engineerings, Sh. $5 8.

Shanghat Docks, Sh. $120 n:

Cotton Mill.

Ewo Cottons, S8. $8.30 n. Shui Cottons (old), Sh. $68 S'ha Cattons (new), S, $42 Zoong Sings, $9.30 m.

Wing On Textiles, Sh. $65 n.

Lands. Hotels, etc.

I. and S. Hotels, $4,55 b.

II.K. Lands $39 n.

n.

LATEST SHARE

QUOTATIONS

The following quotations on tho London Stock Exchange have been Freceived by Menkes. Swan, Culbertson and Fritz in conjunction with Reuter.

Apr. 18. Apr. 23. British Government Securitten. War Loan 34%

*rela, after 3962 £1073% £108

Chinese Bonds

4 Bonds 1898

COOL SUMMER WEAR

at

NEW LOW PRICES

SUN HELMETS

from $375

Eng. 198) £101 486 Lonu 1008 £97.

57 Loun 1912 ... £ 85%

Shai-Nanking

White. Socks from

£.8%

Sports Shirts from

£101%

£ 17

£ HO

5 Rear Loan

1913 (L. Isn,).£ 95%

557 Bonda 192547 £ 95%

£95

Bly £84

£-84

5 Tient.-Pultow

Bly

£.40

£ 31

52% Tiunt.Pukuw

Rallway (Supl.

Loan) 26

£ 27

56 Sini-'chow

Ningpo Riy... £100

£10

5 Hönnn Rly,, £ 301% £30

34 ukonng ly.

Fi..

Lung Tring U.

£ 4GN £47

ily, 1913, 16% £167S

n... & S'haj Dk.

Lona 1924.... £ DIN

(in. Regd.) ., £125% Chartered Bank £5

H.K. Land 4% debentures, $100] ARied from Found-

11.

Sind Landa, Sh. $18 n.

Metropollian Lands, Sh. $12.20 n. Humphreys, $94 b.

II.K. Renities $4.86 n.

Asia Renities "A" Sh. $100 n. Asia Renltics "B" Sh. $15 n. Chinese Estuten, 500 n. China Realties, Sh. $9.60 n China Debenture, $123 n.

Public Utles. H.K. Tramways, 814 sa. Peak Trams. (old), 58% n. Peak Trams, (new), $6 n. Star Ferries, S80 n.

Yaumati Ferries, (old), $2% n. China Lights, $9.45 b. H.K. Electricя, $64 sa. Macao Electrics, $25 n. Sandakan Lights, $7 a. Telephone (old), $22 n. Telephone (new), $10.10 n. China Buses. Sh. $12.40 . Singapore Tractions, 10/3 . Singapore Pref. 20/6 n.

Indutrials.

Malabon Sugars, $8.50 n. Cald: Macy. (old), Sh. $16 n. Cald: Macg. (Prof.), Sh. $16 n. Canton Tees, 8234 n. Cement Converted), $7.40 su. H.K. Ropes, $2.60 n. Stores, &c.

Dairy Farm. $37% a Watson, $3.50 sa. Lane Crawfords, $3.50 1. Mackintoshs, $21 n. Sinceres, $8 n.

Wm. Powells, 70 cts. n. Wing On (H.K.). $106_n..

Miscellaneous.

Amusements, $1.85 n.

H.K. Entertaininents, $6.40 n. S. C. Enterprise $1.35 n. Macao "Greyhounds." $2 n. Constructions (old), $1.40 n Constructions (new), 15 cts, Vibro Piling, 85 n.

u.

Ch. Govt. 5% 1925 G. S Ronds

93% 1.

H.K. Gov. 45% Lun 04 prem.

ს.

Ik Govt. 34% Loan 24%

prem. b.

Wallace Harpers, $0 8.

Foreign Bonde and Banks

German 74 Int.

Loun 1924. £ 664

£65%

Japan Sterling

Loan 1987. £ TO Japan Sterling

£ W911⁄2

室负!

4 [ 23፡1

? 14% £145

Commercial and Industrial

Elec.

#779. 37/1

26/3 26/3

47/3 1773 4871019 107-

115/.

16/3

| Canadian Colismeses

sid/3

K7/6

Chinese Eng, and

Min. (Benrer).

19/3

107.

Courtaulds

50/6

617-

Distillera

0073

Do

44/6

PRA

497 36/3

Anprinted

Industries Austin Motors ord,

Benta ..... British American

Tobacc

Dunlop Rubber

Electric Musical Industries... General Electric

(England)

mpt, Chen. Ital. inpi Chem. Trl,

Def. 107 sh.... Impl. Toharre Internat. Nickel

na par val [Rolls Royce £1

876

8.G 13871% 138/0

8.20% $ 27

.$1.00 .$1.95

Singlets or Drawers from

.$ 1.25

.$9:75

Shoes from

Wm.

POWELL, Ltd.

10. Ice House Street

NEW YORK STOCK

EXCHANGE

MARKET UPWARD

YESTERDAY

EXCHANGE RATES

New York, Apr. 23. The following reports on the New Amsterdam. York stock market have been received | Vienna, Through Messrs. Swan, Culbertson & Prague. Fritz:

The Wall Street Journal Bucharest

markota: Madrid. yesterday'a

report

마도

16,00

Apr. 17.

Ape, 23.

Paris Geneva. Berita..

-73.37/64

76.36/04

14,00

12.05

12.04

Athens

509

510

Milna

.58.7/10

5876

Shanghai.

1/7.13/16

1/7

New York.

4.86

4.84.13/16

7.19

7.174

28

1 F

110

48216

480

354

354

130

110

2/2

2/2.5/16

28.05

28.6414

1/6

1/0%

1/2

1/23세

10%

213

214

4,867

4.86.3/10

.30%

12%

3214

107% --British Wireless,

108

Storks were upward near the close of | Biston the market, due to short covering in Hongkong railroad 1991 after irregularity, Brussels.. fhentighout the day owing to profit-| Bombay. taking. Mining stocks were strong. Yokohama. lue to rising silver prices, plus the Montevides. vapectation that the United States Belgrade... Treasury will shortly increase fur Montreal. ther, the domestic silver price and Silver Spot). nisu due to the fact that Dome Mines Silveg (förward).3076 Limited hi declared

extra War Loan.. dividend of $2 per sanre. Bends were irregularly upward, featured by the strength of United States Govern ment issues on continued easy con-

An

ditions in the money market. Stocks amongst Chevrolet Automobile en- on the Curb Exchange were strong.ployees and a strike will commence on S. C. & P. New York office cable: Thursday in the Kelly Springfield Profit-tnking was in evidence, huluotor works. English stocks of rub. Fradera remain Jan Pich. General ber show an increase of 1,000 tons. Foods Corporation has earned 64 cents per share during the Arst quarter, against 20 cents lost year. The Commonwealth and South Cor paration has earned $5.17 per share, 26/1019 Preferred, for the year ended Mareli 81, against $6.70- the previous your. 6073

Farcign silver price was offeinly quoted at 695 cents an aunec, 107/3

ah............ 115/6 115/9 Shai Elve, Constr. Tate & Lyle.... Turner & Newall United Steel

47/6

4776

10176

101/6

5673

55/3

26/3

Watney, Combe &

Reid def, ord...

70/3

Woolworths

Sh.

0/-

ING, A

MiscellaneoUN

Anglo-Butch Charted. 15/- ah..

(hearer)

2179

22/6

21/71%

Gala Kalumpong

Hubtr

20/0

2075

Pekin Synd 2

ord. sh.

1/6

1/

Rubber Trusts

29/1

2079

Southern Railway

(Deferred)

* 24%

£25

Mines

Burza Corpn. Rs.

በ ¡--

9/- 24/41% 20/-. 208/0270/-

5670 50/- 48/1 18/0 278/0 281/3

BR/U

07/6

Ox

30..

Chosen Corpn. (Crown Mines

Randfontein

Estates

Spring Mines Sub-Nigel

Rhokann Corporn-

thalana Corpn..

Anglo-Persian

off

SI Trans and Trade (Beurer)

50/7% 50/7

75/716 76/7Y

6379 53/9

I Fashioned to Fascinate

★ TRADE MARK

WOVEN TO

WEAR!

Slip into a pair of Kayser* Stockings! Soft and cool as misty moonlight-they

fit like a second skin! Woven by a special Kaysor process-woven to wear. and wash... wash and wear through

a long, lustrous life-timal Sheer or service woights in all the nowest shades.

AT ALL THE BETTER SHOPS

KAY

AYSER

New York and Chicago commodity

received reports

through Swan, Culbertson and Fritz:--

REUTER QUOTATIONS- The following quotations Reuters

Dow Jones Avernges

30 Industrials 20 Rails.

20 Utilities

Messrs.

10 Bonds

aro by

Apr. 22. Apr. 23. 110.27 110.00

30.54

31.27

18.63 18.03

96.00 06.17

11 Commodity Index 60.34 59.62

Rubber: A strike involving 2,000

Cotton: The market WAS very steady under líquidation and the pos- sibility of further rains. Mill cur- persons is reported to have occurred Lailmont continues. We expect a

10 Landing Stocks narrow range, pending Washington's: attitude regarding loans on the new

Amer. Smelting crop.

Auburn

Whout: Buying was insufficient to Case, 3.1. absorb May Hquidation and selling El. Bo. & Sh on a forecast of further enins in the Gen. Motars South-West. Selling on May options Int. Tel. & Tel. will probably meet with upturns until Montgomery Ward

Nnt. Distillers delivery day.

Corn: Some further reaction is NY, Central probable.

US Steel

THE

HONGKONG

PENINSULA HOTEL:

Apr. 23.

40%

65%

30%

33

HONGKONG HOTEL: REFULSE BAY HOTEL; PEAK HOTEL

SHANGHAI

ASTOR HOUSE: PALACE HOTEL;

HOTELS

LIMITED.

In association with the Grand Hotel des Wagons Lits, Peking

Penang

The Scenic Gem of Malaya

Runnymede Hotel

Malaya's Premior Hotel

also under the same management THE CRAG HOTEL

Penang Hill:

(A health station)

CABLES "RUNNYMEDE”. RUNNYMEDE HOTEL, LTD.