1936-05-27 — Page 15

NEW

This unique advertising pillar has erected in Berlin. Beskise been. carrying advertisements and telling the time it has a telephone box, firat- ald dressing-room for traffle accidents and a loud-speaker outfit.

Thurston "Returns" From Grave

FAMED, MAGICIAN

New York, May 24.

Believers in the supernatural Bre convinced that the late Howard Thurston, famous magi cian, has at least completed one leg of his promise to "return"

from the grave,

Sceptics attributed it to

#t

CLUSTER

THE HONGKONG

OF

GIANTS THAT DWARF

;

OUR "PUNY SUN"

Seen Through "Peephole" In The Milky Way

OUR

New York, May 20 UR sun, once regarded as the proud ruler of the

verse, is more and more being made to feel its insigni- ficance as astronomers, nightly peering at the heavens, compare it to a tallow candle in contrast with some stars which range the heavens.

METEORI FELLS

200 TREES

"Mass Of Flame" Barcelona, May 18.

finve been observed.

TELEGIS

WEDNESDAY, MAY 27, 1936.

50.000

HOTEL CO. CAPITAL REDUCTION

(Continued from Page 1.)

general meeting approval was given to the reconstruction proposals. CHAIRMAN'S SPEECH

STARS

DEPRECIATION

You

You will observe that depreciation on the circulating assets has been written off to the extent of $135,748.- 37, but depreciation on buildings and furniture and fixtures has not been provided for in view of the recons struction proposals to be submitted for your 'consideration at the extra-. ordinary general meeting which im- mediately follows this meeting.

Touching upon the balance sheet, I Addressing shareholders, Mr. Tag-submit there is little calling for com- gart said; Gentlemen-The report of ment. I would mention, however, that Your Directors and statement of ac- between the time of certification by uni-counts for the financial year ended the Auditors and the printing of the 31st December. 1933, having been in Accounts an emission has occurred in your hands for the prescribed period, relation to the item "Furniture and I will, with your permission treai Fixtures," the words "plus additions" tient as read. The Auditors' Report having been omitted. These addi- is as follows:We have audited the tions totalled $7,751.35, representing above Accounts and Balance Sheet the cost of a consignment of modern with the books and documents of the electric heaters, together with some Hend Office and the Accounts and new furniture and carpets for Hong- To-day comes news of the sighting of a new cluster of Balance

the Sheet of

Shanghai kong establishments. 50,000 stars, many much larger than "our relatively puny aun.” Branch rendered by Messrs.

Thomsun

Turning to the liabilities side of thei This discovery is revealed by & Co., as Accountants to the Com- balance sheet you will see that the Dr. Harlow Shapley, director of Pony in Shanghal, certified by them special "Repairs and Renowals Re- ag correct. We have obtained all the serve" has suffered depletion during Harvard Observatory, who has information and explanations we the year by $10,032.41. This relatos found a cosmic peephole in the have required. In our opinion such mainly to special expenditure incur Milky Way which enables man Balance Sheet is properly drawn up red in painting the whole of the 80 to exhibit a true and correct exterior of the Hongkong Hotel, and to-look-into the great beyond...

view-of-thistle of the Company's.io.rewiring in connection with the The Milky Way, shaped like a cart-affairs according to the best of our electrical installation of certain of our wheel, with the earth at the end of information and explanations given establishments in order to conform to * requirements of Government A HUGE meteorite, falling at one of its "spoken," has always been to us, and as shown by the books the

regarded as forming an impenetrable of the Company-Percy Smith, Seth Regulations. enormous speed, crashed to barrier of great dust clouds to even and Fleming, Incorporated Account The balance sheet reveals one earth at Villarejo de las Fuentes,the most powerful telescopes.

ants, Auditors longkong, 27th April, solitary oasis in the midst of what you in

But Harvard astronomers havo, 1936," the province of Cuenca,

may consider my somewhat depress- now come across this "window" The accounts for the financial yearing remarks. I refer to the reduction Southern Spain, to-day, uproot-

through which 147 great new stars 1935, which are under your survey of the Company's mortgage Indebted- ing more than 200 and

tu-day, cover a period within which nes effected during the year. Splitting great rocks,

Dr. Shapley describes the "win-has been generated many difficulties will observe that the figure under The phenomenon was witnessed down to the American Philosophical and disappointments for Hotels opera-that heading in the balance sheet local miller, Society as giving access to the "great tion in the Far East, and particularly before you is $280,460.01, which com- by Herminio Fuente,

has this been marked in the Northern pares favourably with a mortgage who said it was preceded by light-open spaces of the cosmos.

He estimated thint 100 of the new field wherein two of the largest

liability of $454,800.03 at the Bist ning and a "mass of flame," follow-stars are more than 30,000 light years establishments comprised in your December, 1934. I feel that the re- ed by deafening thunder.

to away and a light-year is 6,000,000,-undertaking ure located. No reduction tnade during the year 1955 of Travelling from south-west

minder from me is needed north-west, the meteorite ploughed a 000,000 miles.

to em- approximately $165,000 is gratifying plasise to you the condition of severe the circumstances, us also is the way through a dense wood of oaks.

of your Approaching the road from Teruel

financial stringency which has con- fact that the indebtedness. Tarancon, it lost speed, and even

tinuously existed in Shanghal during undertaking has been further reduced the perfor now under review, the riner the, turn of the year and now tually came to rest on property be longing to a local resident.

reporcussive effect of which is re-stands at the lowest figure on record flected in the earnings of your Com- covering the past fifty years. pany in common with other comuner- do not consider there are other cial undertakings.

items in the balance sheet and ac Your hotels in Uhat port, although, counts upon which I can usefully com- as you are aware, of an old fashioned ment. I would, however, crave your type, comparing most unfavourably attention for a few minutes in rela- which will come modern construction recently erected up for your there, have attracted whnt

meeting to be can considered in the creumstances a held later to-day satisfactory revenue. The advantage, scheme for reconstruction of the however, of an encouraging ratio of balance sheet of the Company by the CLANSMEN gathered here! The ladies will do all the smok- occupancy has been offset by the utilisation of certain Reserves and by from all parts of the High-ing 30 years from now, Dr.necessity, compelled by competitive cancelling capital to the extent of lantis to-night and elected a Victor E. Levine, Creighton Col-action, to necent cut rates, and this $2.50 per fare.

(procedure had the result of a negh- In my circular letter addressed to the Clan lege bio-chemist and nutrition gible contribution only accruing to shareholders under date the 27th

expert, has predicted.

the General Working Account from April last, a copy of which is in your She is Mrs. Macleoi of

relative hauds, I stated that your Directors The men a perverse lot, he those establishments, after

overheads had been met.

had given serious consideration to the Macleod, one of the first women gaid-will come to believe that

present financial position of the Com- symbolising the nola dealhora pre' fraj anfgezinate, and will ..... HONGKONG DOES WELL..

- Erie, consideration has entaii- wider question of chieftainship!

"Hongkong At one time smoking was stricly a

establishments| Directors-over a lunglity pertail. ****** of the whole clan Is to be conman's prerogative, the scientist to say. Indeed, results achieved at fare more favourably I am pleased

LAND VALUES sidered Inter.

called, But ko was the use of per- most of our Hotels in the Colony fume.

during the first and last quarters of In the reign of Queen Elizabeth, the year

During the past few years-years were highly satisfactory. in respect of which the trading re parlinment passed a law forbidding women to use perfume because it was feared there would not be enough for both nexus."

to

WOMAN CHIEF OF CLAN SOCIETY

The cluster of which these form part is called a "ramp" because it is wandering through space apparently unattached.

Ladies Will Do

The Smoking

stray April breeze or a wobbly MRS. FLORA MACLEOD In A.D. 1966

all in the wall.

Magician Joseph Dunninger reported that the idol in a glass case which Thurston gave him years ago and promised to break to prove there was life after death-has moved slightly.

An oil painting of a Hindu snake charmer, witch lung two feet above it, crashed to the flour. Apparently It struck the idol case in its passaKC.

"I honestly don't believe Thurston had anything to do with it," and Dunninger, noted illusionist and ex- of fake mediums. "I don't poser believe in spiritualiam, I don't believe in the dead returning. But I feel honour bound to report the incident," Dunninger said the painting, in heavy gift frame, had hung on his bedroom wall for the last four years. Below it, also suspended by a wire hook on the wall, was the small glass caso containing the ldal.

It is of a rare greyish-green hue, purporting to be an image of Itaneses 11, which the inte Thurston brought back from Luxor, Egypt, and present. ed to Dunninger 1 years ago "It I can come back," he told him. "I

will smash the case to prove there is life after denth!"

ELECTED

Edinburgh, May 18.

woman as leader of Macleod Society.

Mrs. Macleod is the elder daughter of the late Sir Reginald Maclood, for many years head of the clan, and her election was the unanimous wish of

members of the society.

►

SAYS EXPERT

Omaha, Neb., May 24,

with the numerous establishments of tion to the alderation at the ex-

Xour

season

be traordinary generalard to the i

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Ask for genuina Cutex being sold at new low prices.

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Get a FREE Moth-Proof Bag with every

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SANITEX

MOTH PROOF BAG

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DEPOTS

The Peak

388 Nathan Rd,

Tel. 68906.

Tel, 20071.

THE STEAM LAUNDRY CO.

Kowloon Phena_57032:

the coupled with the attraction of low) In addthened by the presence of inyo referred to bears the recom-your' Company will be placed in a

year, who left no male heir. it was dire things for the appearance of the ut completely customarily re- been allocated out of profits in passappearing in the balance sheet would meeting, I now formally propone that

claimed that the chieftainship fell on femining species. Mr. Hugh Vernon Macleod, on Aus-

patronage

earning capacity. The net result is we are passing. Considerable future fortunately, however, the summer sults have enabled a dividend distri- regard to location and to potential of the abnormal times through which

to Shareholders and also at 1035 again ushered in an bution era of "doldrums sufficiently dull to years which leave been

an increase in the book value of land saving in depreciation will be effect. bare of

ed if you adopt aml sunction these HER ISLAND HOME

by $560,080.10. almost cradicate the satisfactory re- dividend— considerable suma

hive

proposals, and as a result thereof the The new chieftain of the socioty But the women went right on sults of the autumn and winter trad been charged in the Profit and Loss

DIRECTORS DIFFER

Company should return to a dividend was not present at to-night's moct using it-more than ever.

Inst The high value, of the local Accounts by way of depreciation on

paying basis much earlier than would ing, but from her home in historic

the "Pertunte," Dr. Lavino said, "dollar during the summer of 1935, buildings and furniture and fixtures.

case. Moreover, I should state that the schema otherwise be of use for Dunvegan Castle, on the Isle of Skye, cume an article

the resultant position she told me that she was ready and effeminate, and men Abandoned it | ***

currency values at North Chinu and, war

amore mobilo position to embark upon mendation of your Board by eager to assume her responsibilities. altogether"

of Mira.

substantial in

mount Following the death

majority of five to two. The diesen disposal and/or reconstruction and He said that's what's going to Japan resorts which prevalled vis-a- reserves Macleod's father, at the age of 88 last happen to smoking, and predicted vis-Hongkong-currency-had the effect which, with the excuption of the tent Directors hold the view that the development of certain assets.

tely eliminating the summer, Land and Buildings Reserve, had complete writing off of all Reserves Reverting to the business-for-thin tourist

it years. Moreover, was rightly "Smoking takes away from the ceived at our establishments in the years

in present circumstances, be sumcient, the report of the Directors and the tralinn He declared, however, that young woman the softness, smooth- Colony during that seasor

considered that in view of the book and/or that the capital should not be accounts for the financial year ended In view of the foregoing. pess and delicacy of the skin that is

I regret values

of the land owned by the reduced before the reserves were first 31st December, 1935, as presented, be adopted, and that, as recommended by the charm of youth," Dr. Levine that the Profit and Loss Account Company as against the market worth eliminated.

of the Profit and Loss Account, warned. "It takes away the clear and before you delineates poor working of such Land, a considerable hidden

In substantiating the opinion of the your Directors, the balance at eredit vital complexion of youth and brings results substantially below those at reserve existed, to offact a possible majority of the Directors as embodied amounting to $342,001.65 be carried in its stead the rough and muddy, tained during previous years, not-drop in the value of buildings, nud in the scheme for your consideration, forward to next year's account, and complexion of age. It darkens tho withstanding the fact that the items their equipment below the residua! I submit that it is an absolute neces- "Houdini left me a 10 word code aged 10, is claiming the chieftainship whites of the eyes. It removes the of contra charge were reduced to the value thereof appearing from the wity that certain resorves should be shall be obliged. If some shareholder will kindly second such proposal. per maintained and in this relation would whereupon questione as to the report lustre and attractiveness from the lowest limit compatible with prudent booke figures. However, the experi A few years before the war Miss windows of the soul. And the more and efficient operation. The main ences of the two years

eutscheme calls for the retention of $550,- ever came back. And I don't believe Menzio of Menzies, on the death of a woman smokes, the more make up item of credit-Balance of Working wrought a drastic change in that our point out in the first place that the and accounts may be raised.

ia 000 as a Land Rest amount of which Sum her brother Sir Neil, the last baronet she requires."

The scientist smokes cigarettes him-similar credit for the previous year | Shangwent land companies operating the new computation for land values report and accounts, Mr. Frunk Aus-

Account$430,375.55, falls below the look. Particularly and chief of the clan, was elected by

represents the accretion clansmen in his stend.

"I heard a heavy crash," Dunninger said. "I naturally was startled and my first impulse was to look at the idol case I thought the idol had fallon. I it my light and found that the painting above it had dropped to the floor. Ariking the lol ense but not damaging it.

message, Sir Arthur Conan Doyle

ld likewise. None of those fellows

Thurston over will come back, either. "I'm on the other side of the fonce." -United Prean.

ho would abide by the decision of Sir Reginald's daughters.

Mrs. Maciood is already accepted by many members of the clan as their hereditary leader,

Miss Catriona Macleod, of Ardgour,

of the Macleods of Ardgour,

REFLECTION OF PERFECTION

Slip into a pair of Kayser* Mir-O-Kleer" stockings. See how clear,sheer,beau. tiful they arel Not a streak, not a shadow, not a flaw.... just the reflection of perfec tion. All the latest shades.

self-moderately.--United Fresn.

KAYSER MIR-O-KLEER STOCKINGS

enforced this diminution.

item The

this

in 80

where the collapse of some

of our subsidiary | ntage (connected with this desired to retain $450,000 as a

of older structures.

second your

Stillman's

FRECKLE CREAM

Stillman's

FRECKLE CREAM

SECONDER'S SPEECH Seconding the adoption of the by some $270,000.00. "Rents of Shops and Offices" similar on nn extensive has caused an the adjusted balance sheet over the ly reveals a considerable decrease of veritable slump in property values. old balance sheet figures, and which un sald-Mr. Chairman and Gentle- some $38,000.00-vacancies, and re in the circumstances your Board con

(Continued on Page 4.) ductions made to tenants on rentalu, sidered that remedial steps in relat la considered should be retained to men,In rising to

be held in reserve against possible tion to the balance sheet should be

losses on realisation of any of the A welcome re-entry to the credit of taken immediately,

properties. Profit and Loss Account this year In addition to the altered situation

Secondly, I would pulut out that it is the item "Dividend on-Investment" $13,967.98. This relates to the divid-ther did to property values, a fur-

General Reserve to provide resilience end distribution

idean now attacking to Company, the Grandi Hotel des the construction of new hotels and against the contingency of any periods Wagons-Lits, Ltd., on a holding of their equipment) has become so mark of adverse trading which is con- sidered a necessary and reasonable 5,061 Shares in that Company. The ledly apparent as

› call for a new in- ution. last issued balance sheet of the sub-terpret

Subterpretation of "modern accommoda-

observe from the summary sidiary Company, as at the 30th June, tion" in relation to the demands of 1935, is attached to the report und

assets under the reconstruction pro necounts before you, in which rela-Patrons and thus operate to the de-showing the amounts to be writen of that the items earmarked for posals, tion I am pleased to be able to state establishments and their equipment drastic reduction are buildings, furni that the Hotel in Peiping operated therefore, although constituling - by the subsidiary Company enjoyed sets which have been subjected to do ture and fittings, machinery and plant, linen, crockery aru glassware, | much improved revenue during its preclation at rates considered suff-The main application of these appro

lust accounting period, and that the eient to reduce each unit thereof to a current revenue returns received here break up value within the period of buildings and equipment of the Palace. priations has been directed to the from Pelping continue to present its effective life, must in the light of satisfactory figures.

and Astor House Hotel, Shanghal, modern conditions be regarded as With the exception of the charge standing in the books at figures far the Peak Hotel, Hongkong, and in a in respect of "Bad and Doubtful Debts in excess of their netuni capitalised minor degree to the Hongkong Hotel. Wrillen Off," items to the debit of value as earning units.

will appreciate that obsoles the Profit and Loss Account are all

As indicated in my circular letter, cenco has made inroads into the Whitens Your Skin

of these properties to an extent on a much reduced level in compart the aim of the Reconstruction prin excess of the amount of deprecin son with those embodied in the acposals submitted for your consideration provided on them over the past counts for the previous year. It is ion is to write down all assets to few years. It is for this reason also regretted that the excepted item re-figures which represent their real that the reduction on the Item "Invest- ferred to displays a serious increase werth as assets dependent upon theft over amounts provided for sucht earning capacity.

achieve this it ments" is called for in order to make similar provision in respect of the contingency over the past few years. is proposed to write off from book! prompt settlement of accounts in the amounts schedated in the circular Pine item "Construction in Progress" It is, however, difficult to obtain values as at the 31st December, 1935, Grand Hotel des Wagons-Lits, Pel- thego times. I should point out that before you amounting to $8,856,787.34. which is eliminated under the Scheme In assessing the amount of the provi- It is proposed to effect this (1) by represents mainly expenditure on. slon in question. It was, deemed writing up the book values of land as plans, zile levelling, etc., in connee prudent to maintain our standard at the 31st December, 1936, by $550,- tion with the Hotel on the Shameon basis by excluding from schedules of 980.10; (2) by transferring Resorves it was proposed to construel pome debts for Incorporation in the balance as listed in the circular, totalling years ago. twelve months water to the closing of capital to the extent or cancel por

prior

$2.50 share, making available on the 1,190,- chares Issued$2,084,067.50,

867

valua

TRUER PERSPECTIVE

the books. It la confidently anti- cipated that a substantial proportion

In the opinion of your Directors of the items provided for will even- The book figures relating to land the effect of their proposals as dealt tunity be recovered, and I can state have been adjusted so as to bring land with in, my proceding remarks is to that satisfactory, headway in that di- valuations to amounts which in the present a reconstructed balance shoot rection has already been made during opinion of your Board conform merr presenting a true perspective of the the current year. :-

nearly to present day values, having position of the Company in the light

Secretly and Quickly

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Shanghai..

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