1939-03-08 — Page 36

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VAN HONGKONG TELEGRAPH **** March 8, 1939,

Vednesday,

Realty And Trust Co. Annual ALHAMBRA

Meeting: Shareholder's Questions

Continued From Page

The Chairman, presenting the on- nual report sold:

The profit for the year under re vlow amounted to $94,089.40, which, added to the amount of $62,700.48 brought forward from the preceding year, makes the sum of $150,855.00 available for appropriation, and the recommendations of your Doard. In this connection is to pay a dividend of forty cents per Share, involving $80,000; to transfer to General Re- serve the sum of $50,000, bringing! auch Reserve up to $380,000, and to carry forward the remaining balanco of $20,035.00 to the 1030 Account.

INCREASED PROFIT

It Is with pleasure I have to report that the profit for the year 1938, $94 689.40, shows an increase of ap- proximately $37,000 over the proft,

for 1037.

increase recorded.

by letter or at the annual general overdraft is due to the Company's meeting of this Company,

venture at Repulse Bay, I must again What is the total amount of refer you to the balance sheet. The capital sunk in land, bungalows and whole matter is completely clear to furnishings to December 31, 19307 anyone who wishes to pee it. Your

Inst 2--What gross receipts wero re- | question is, "Is the overdraft ceived in 1937 and 19387

debited to this 3.What is the total capital cost particular

Interest count?" My answer is

to date of the Lido building includ- in the negative. ing' alterations?

Me

NATHAN AD

TO-DAY, FOR ONE DAY ONLY RETURN SHOWING BY POPULAR DEMAND!

WALT DISNEY'S!

Croucher: I maintain that the 4.What was the gross amount Repulse Bay Lot na presented in the received in bathing receipts for the balance sheet does not show the truc years 1936, 1937 and 1030 respec-state of affairs. You have sunk in Lively?

it $500,000 which you obtained by Is the Restaurant making a overdrafts from time to time and the profit? If so what was it in 1990, interest of that should be debited to 1037 und 19387

your undertaking at Repulse Bay. It What proportion of the over le not sound business to debit income draft is due to the Company's from shares to wash out losses in- venture at Repulse Bay7

curred at the Lido. You received be 7-Is the overdraft Interest in- tween $10,000 and $10,000 from curred debited to this particular bungalow rent. You debit the de-.

preciation to the Income from invest- TOMORROW bungalows rent from the working ments instead of depreciating the account. Do you agree with me?

account?"

The Chairman, after establishing that Mr. Croucher was seeking in formation for 1038 and not 1030 on the first question as mistakenly in- dicated in his letter, said the figure was $538,895.

The Chairman: You have Just complained that we do not give you As was anticipated in the Speech

sufficient information and you wish from the Chair a year ago, revenue

to advise us in future to charge de DIFFERENCE IN FIGURES by way of Dividends on investments

preciation against working and show materially exceeded the previous Mr. Croucher: I have taken out a net figure after working off the year's income from that source, an original extracts from the balance depreciation?

of some $20,000 being sheets and I make it $800,000 for the) Mr. Croucher: The shareholders total of land, bungalows and the would welcome seeing the true state The credit balance of Working Ac-Lido. This may be a little bit out of affairs. The interest is $30,000 a count also shows a substantial im- but not to the extent indicated by year on money sunk in the Repulse provement on comparison with the your figure.

Bay venture. preceding year, the increase in this The Chairman: You are confning respect being $13,000 reflecting yourself to the questions asked? generally n further extension of the Mr. Croucher: Yes. patronage accorded the Repulse Day "Lido" and full occupancy during the year under review of the Company's adjacent Bungalows.

The Chalrmon was understood to say the account went back to 1933 and there was an overdraft before the Lido was started.

The Chairman: I have given you the exact amount as far as the ori- Mr. Croucher: The interest charge ginal figure sunk. The balance has increased with the borrowing sheets show the rest in detail. The from the bank and the Profil and

As perusal of the Profi and Loss rent, buildings, furnishings, plant, Loss Account has borne the interest Account will show, itemised ex-machinery, craft and mooring come during the construction. penditure remained approximately to my gure.

A WORKING ASSET

Mr. Croucher then quoted from

best interests of the Company that the Chairman's speech in 1030 saying grosa revenue figures should be dis-that the Lido was "now a working

cussed.

the same as for 1937 and appears Continuing. the Chairman said:i to call for no comment on my part; With regard to the second question, accordingly the revenue inclenges the Board does not think it is in the have

specially mentioned account generally for the enhanced profit this year.

Little comment seems to be necess- ary on items in the Balance Sheet. On the Asset side, Investment, at cost, appear at the same figure ns last reported, but the market value there of at 31st December last shows a slight improvement over the previous year, which is satisfactory consider ing the present dormant state of the local Share Market.

1 believe you will agree with me when I state that the present return

Mr. Croucher: Does that apply to the revenue from the bungalows?

The Chairman: To any property of the Company.

Mr. Croucher: Why is it not in

asset."

The Chairman: The interest of overdratt has been charged to profit as it should be.

Mr. Croucher: Not to the profits from the Lido though, but to the in

The Chalman: That is not true and

the best interests of the Company come from shares to a great extent. to disclose the rents? You disclosed them a few years ago,

I do not think)

The Chairman: that any other property owners give sheet. such details.

NOT POLICY

it is not shown on the account.

Mr. Croucher: Here is the balance 'Depreciation $14,000, In- terest on Bank overdraft, $30,000," That should be debited to the Lido. on these Investments can also be re-

The Chairman: That is a matter gurded with equal satisfaction. On the Liabilities side the Overdraft Mr. Croucher: Our Company at of book-keeping and I do not agree figure shows a comparative reduction, Repulse Bay is

entirely different, with you.

Mr. Croucher: The Shareholders of approximately $56,000, and having Up to 1930 you had in the balance want to know whether we are mak- regard to the dividend payment of sheet the income from bungalows $50,000 during the year, this position rent. It was in the interests of ing a profit on the Lido. The bath- ing sheds have been full and the can now be viewed with some mea-shareholders then, why is it not to restaurant has been packed and ac- sure of equanimity.

day?

cording to the Working Account you As there appear to be no other The Chairman; it is not policy to have a profit of $7,000. The ques- matters to which useful reference con publish gross rentals of these dention is, where has this money gone? be made, I now formally propose that tleni bungalows.

The Chairman: There LA ad- from the balance of $150.855.88 Mr. Croucher: I understand

the ministration. standing at the credit of Profit and bungalows are let for a rent of be- Mr. Croucher: What were the ad- Loss Account at the 31st December, tween $300 and $400 per month. Iministration charges last year? 1938, a dividend of forty cents per will the management tell me if that Share on 200,000 Shares be paid, the is sol Fum of $50,000.00 he transferred to

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The Chairman: About $12,000 a month. You must remember that this Company has a capital of $2,000,000,

Mr. Croucher: I have heard 'it

The Chairman: I am not prepared maining balance of $26,855.00 be interests of the Company.

It is not in the best to say so, carried forward to the Account for the year 1830. I shall be obliged if Mr. Croucher: Yet it was in the some Shareholder will kindly second best interests to tell the shareholders such proposal whereupon question as

suggested on a previous occasion that to the Report and Accounts may be

The Chairman: I must refer to the our Directors should make the Lido a raised.

Articles of Association...

subsidiary company. The Investment Mr. Suckling seconded the report capital cost of the Lido building was segregated but the Board has

regards-your-third-question, thu-total

total part of the busincas-should-be MR. CROUCHER'S QUESTIONS $103,246 shown in the 1938 bulance seen fit to do this. Will you give

sheet.

There have been altera- me a reason why it should not Mr. Croucher: Mr. Chairman, lons but these have been normal made a subsidiary company? Is it addressed a letter to the Board ask scale allerations as properly charged. because it is not returning a profit to ing certain questions Investments and I received a reply through the

To your question as to the bathing warrant it? Secretary that these questions would receipts, I must refer you to my be answered at this meeting. You answer tu Question Two. did not answer. them as I expected,

not.

be

The Chairman: It would be foolish and not in the interests of Mr. Croucher: is the profit going shareholders to try and start a sub-

so I will now read out my questions to the Really Company or to the sidiory Company when Repulse Bay for the benefit of those shareholders Hongkong & Shanghai Hotels? If so, is only just coming into the public present.

what proportion to each?

Dear Sir-As it is somewhat difcult to follow from the balance

eye. It took the Hongkong public realise that there was two years MUTUALLY BENEFIT

a Arst-class restaurant on the beach The Chairman: The Hotel Com-and they did not fully use being made from the Lido venture, any and the Realty Company facilities there until 1930,

benefit.. The Directors I shall be very much obliged if you mutually

sheet as presented what progress is

Mr. Croucher: In his speech will kindly ask your Board to give think this is fair. As regards your 1932 the Chairman referred me the following information either Question us to what proportion of the

(Continued on Page 4.)

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