1939-03-28 — Page 26

Tuesday,

HONGKONG, TELEGRAPH

March 28, 1939.

Two Hongkong Companies Record Fine Year's Working

CHINESE ESTATES PAY A FINAL DIVIDEND

SHOWING A NET profit of $124,005.52 for the year, the Chinese Estates, Ltd., paid a final dividend of $3 per share at the 16th annual meeting held this morning, making a complete payment for the year of $9 per share.

Mr. Leung Kwal-tia was in the chair, and others present were the Hon. Sir Robert Kotowall, C.M.G., Mr. Li Yau- isun, C.B.E., and Mr. Leung Ting-kai (directors), Mr. Fung Ping-fan (dir- ector and secretary) and the following" shareholders: Messrs. Fung Ping-wa, Lí Po-kwai, Li Ngol, Ll Cheung, Miss Mok Inn, Messrs. Chlu Loong, Co., and Mesara. Yu Hing Co., Ltd.

CHAIRMAN'S SPEECH

In proposing the adoption of the report and accounts, the chairman

said:

Gentlemen, The Report of the Directors and Statement of Accounts having been in your hands for the prescribed period, I will, with your permission, take them as rend.

EVACUATION OF MADRID BEGINS

(Continued from Page 1)

airfeld at dawn to-day while others have been passing overlicnd en route to Burgos throughout the day.

Earlier it was reported that the Republican forces from Tremaduru have been withdrawn with the excep tion of one group which has resisted forely.-United Press,

NATIONALIST OFFENSIVE

Toledo, Mar. 27.

the The Nationalist offensive on The Net Profil for the year, after

partly equipped providing for Reserve for Deprecia-Toledo front to-day saw 100,000 well

and ilon on Chira Building ($30,000.00),

troops in action. Directors and Auditor's Fees and all to $124,005,52 Expenses, amounts Fontelou to $100,003.30 brought forward from lost account, shows a

total of $204,068.82.

motorised

A comparison with last year's figures shows that the net profit for the year is $55,001.98 more than that of the previous year. This increase revents the soundness of our position, which, I am sure, is a source of satis-of Ventosillo. faellon to shareholders, I am also to report that owing to the advantage ous situation of China Building, all shops and office rooms have been let. You will note from the accounts that a sum of $32,733.83 as been expended on Repairs on Premises, as compared with $6,238.31 expended in the previous year. The increase is accounted for by $23,009.10 incurred on the re-construction of the parti- tions and widening of the passages, and by about $2,500 expended on

It is expected that the encircle- extensive repairs on the building. The disbursement of the large sum of $23,039.18 is justified by the great ment of Madrid will be completed by improvements effected in the lighting Tuesday or Wednesday at the latest, and general appearance of the interior-Trans-Ocean. of the building, which have evoked cumtaendations, from our tenants and persons visiting the building. Your Directors trust that shareholders will Direct with them that the money hat been well spent.

The Republicans scarcely fred a shot during the offensive, and are offering no resistance.

TOLEDO OFFENSIVE

Burgos, Mar. 27,

N.D.L. Deny Rumours

The North-German Lloyd office in Hongkong has received cablo Information from the head saling offico in Germany, authoritatively that all reporta concerning a posible transfer of the roule of the company's giant Bäers Bremen and Europa from the Norh-Allantic route (Lam- burg-New York) to the South Atlantic route (Hamburg- South America) are absolutely without foundation,

No change of sailing or roule has been contemplated, or in expected to be contemplated for the future-Trans-Ocean.

MISSING PLANE RETURNS

which became visible below.

for

WATSON'S BIG PROFIT DESPITE CANTON TROUBLE

DESPITE THE CLOSING down of the Canton branch, the Chairman of the Board of Directors of Messrs. A. S. Watson and Co., Ltd., revealed at the annual meeting this morning that the profit on the year's working amounting to $318,627.95 was the highest in sixteen years.

As a result of increased turn-1 over, the company was able to ret [their] duce its indebtedness-to Bankers by

two lakhs over dollars.

The annual meeting was held in the Hongkong Hotel.

years.

N.

serve.g

Smoke SKIPPER

BRAND BRITISH NAVY CUT

MILD, MEDIUM AND

FULL STRENGTII

1

PACKED IN

100,000.00

of

To create a Special Reservo Against outstanding Accounts in China Tour......... To Bner to Chinese Staff-

Superannuation Account

80,000.00

10,000.00

1, 2, 4 and U ox. AIR-TIGHT TINS

1,062,30

01,040.30

$303.630,00

of

To write off Buliding Im

provements. ******Z And Carry Forward to nex!

Account ...RAKAKITAN

"After the seconding of this pro-

COMPANY CONGRATULATED In seconding the proposal, Mr. N. v. A. Croucher said: "It gives me of pleasure to second the adoption the Report and Statement of Ac- counts as presented for the year EO ended October 31, 1930, and in doing, I feel that the Company is to be congratulated on the excellent re-

ar-

The second Nationalist offensive/he tunded he found himself in Mirs our Canton Branch in view of the/of the Account under this heading ai

business

Among those present' were Mr. D. E. Clark (Chairman), Sir Shouson Chow, Messra. J. Scott Hurston, S. T. Williamson, L. Guy, (Directors), W. Paterson (Secretary), and Mesars, F.posal, I shall be pleased to answer to the best of my ability any questions C.

raise in WT W. Stapleton,

Simpson, P.

Ashareholders may wish to B. Brown, Polts, P

Wonk, C.. Croucher, J. D. Humphreys, J. E connection with the Accounts. Jupp, J. A. Tarrant, Li Shlu-chung and Wong Kim-tsol (shareholders). Night Adventure Of

CHAIRMAN'S REPORT After the Secretary had read the Pilot Student

notice convening the meeting, the!

said: JUST as three Far East Avia- Chairman with your permission

"I propose While the Machtrazgo Army Corps tion Training School planes, one to adopt the usual procedure and

sult shown on the year's working Auditors' under General Gurela Valino, and of which was to have taken, a take the Report and Statement

which incidentally, I note, is the best the Navarres brigades under General "Telegraph" reporter to search Accounts, together with

recorded over the past 10 years. Solchaga broke through the Republi-

Gundemur and for the missing student, were Report, as read..

"It will be observed from the Ac- "From our Chairman's remarks it of warming up at Kai Tak Airport" can lines between

the year under review Arges, about 10 miles south

the year's working amounts to $318,pront for Toledo, a column commanded by this morning, the lost plane was counts now before you that Profit on can, I think, be fairly assumed that

the Tojo

627.95 which is considerably higher would have been even greater but. General Ponte crossed

Uran the figures submitted to you on for the fact that the Canton Branch River and advanced in the direction seen streaking for the Colony.

At 10.20 am. George Huang, the similar occasions in recent years again registered an adverse balance. General Vallno's troops had admissing pilot, stepped from his in fact, one must turn back to the I am, however, glad to note that all vanced seven miles by this evening Hornet Moth plane, after being "lost" year 1923 to find a balance of an possible steps are being taken to minimise further possible losses from equally satisfactory nature. and expected to converege with the

He told the "Telegraph" that he

remalt is attribut- that source and that, with the This gratifying column under General Solchaga ince 3.15 pm. yesterday,

had lost his direction owing to bad able to the marked improvement rangements made and staff available supervising Our Company's the course of the night.

Several heights which bad former-visibility and had landed on the shown by all Hongkong Departments for

resuming profitable ly constituted a threat to Toledo

He spent the night in Mlis Bay and both as regards trading and profit. interests in that area, no delay should

The abnormally dry: Summer months be ocensioned the territory within a radius of

41 were captured without trouble, and bench at Mhs Bay at 4.15 p.m.

remained there this morning until were, no doubt, partly instrumental trading when conditions warrant.

of our "A commendable feature, of the visibility became good enough In increasing the turnover

Aerated Water Factory and this De-Accounts is the fact that overdraft miles of Toledo way mopped up.

Huang set off from the Airport him to take off again for Kal Tak

satisfactory increase over previous by over two lakhs of dollars, so that, given further favourable trading A blanket of mist descended so

conditions in the current year, I hope yesterday for a short practice night.artment of the business registered with our Bankers has been reduced 'CANTON BRANCH After flylog around for an hour he "On the other hand, it was appar I will not be considered unduly optimistic in anticipating a sub- decided to land on a strip of beach tent from the outset that a favourable stantial reduction, if not elimination, swiftly that he lost his bearings.

When result could not be anticipated fram

the end of the ensuing Financial difficult conditions prevalling and, Year. Huang was described last night as

fuir amount of although started this morning in the neigh-Bay bourhood of Toledo, where for an expert pilot. He is training for was executed on a satisfactory basis at the commencement of the season, advanced after 10 minutes of pre-

"B" Class certificate,

aviation kas also the subsequent depreciation of the Commercial paratory artillery fire.

delny considerable The Nationalists met with practi-1

this National currency as against the Ite-uffered and the

bad visibility.

WAS Hongkong dollar, made further pront-

DIRECTORS RE-ELECTED cally no resistance,

surrendered everywhere morning oving to

The Della and Delphinus were not able trading impossible. Consequent-

Sir Shouson Chow, Messrs. J. publicans without fighting.

Large numbers of prisoners havefable to leave Kai Tak for Bangkok ly, our main efforts were dircated to making $0 per share in all for the been taken together with consider.until 10 am. At 10.15 the Bocing)evecting all possible economies in Scott Harston, S. T. Williamson and Cupper was still riding at anchor off overhead expenditure with a view to L. Guy were re-elected as Directors usable quantities of war materials.

Account.

reconded by Mr. F. W. Stapleton and The Nationalist advance on two the landing field, awaiting favourable minimising the

"Tho Canton Dispensary. our curried unanimously. trust that this will be considered by sectors continues to be rapid and in-weather before departing for Manila balance from this probable adverse on the proposal of Mr. D. B. Clark, CLOUDS CLOSED IN

The motion that Mr. C. Bernard Shameen Retall Department, was shareholders as satisfactory.

Huang left Kai Tak at 3.15 p.m.closed down in Moy last and the pre-Brown and Mr. S. 1. Butiin be re- After payment of the final dividend, cisive, according to reports reaching on the return flight to San Francisco.

for a flight which was to have lasted mises were leased at a satisfactory elected as Auditors was proposed by which absorbs $49,500, there will be Burgos. Trans-Ocean,

until 4.15 p.m. Shortly after taking rental; unfortunately, however, the Mr. J. A. Tarrant, seconded by Mr. count. Before moving the adoption wough_the_ Loyalists lines in south off, the clouds below his machine outbreak of hostilities in the City J. E. Jupp and carried unanimously. of the Report and Accounts, I desire and central Spain and prepared-to/closed in and he soon lost his bear-completely dislocated trade in that hoping for a break in the clouds, arrangement is meanwhile in gbey- to express my appreciation of the march on Madrid, without any im.ngs. He circled-for-some-time, jaren with the result-that-the-above

When it became apparent, however, anco.

"Our factory at Pak Hin Hok has The negotiations for surrender are that there was no possibility of the

because

the fog lifting over the harbour, Huang been temporarily closed, but plant is felt they were few in wider circles and eventually supported by a skeleton staff of I now beg to move thut the Direc-apparently bogged

Council of Ac- Defence tors' Report and Statement

so that, st.ould conditions counts as When the motion has been seconded, others.

The market was quiet, but prices pleased to answer any

delay need be occasioned in the re- yesterday, says: i shall be

Sales were re- sumption of operations. questions that may be put to me.

"Turning to the Balance Sheet, it remained steady. Mr. Li Po Kwal seconded,

will be noted that our indebtedness ported in Banks at $1,380, Docks at the motion was carried unanimously.

to our Bankers has been reduced by $17 and Old China Lighis at $8.20. F1343. The Hon. Sir Robert Kolewall pro-

The Nationalists have announced

over two lakhs of dollars. Stocks in trade show an increase of posed, and Mr. Ll Po Kwai secorded

and that General Franco lins also opened

while the that Messrs. Fung Ping-lan

amount under re-elected us a new ofensive in the Toledo and

Without dimculty, he flew to Debtors and Leung Ting-kai be

co-British territory in Mirs Buy where $49,039.73 lower than the preceding Directors of the Company for the broken the Republican lines.

It is reported that he has ensuing year. Carried unanimously.

Moved by Mr. Luu Tak Po and ordinated the Pozoblanco drive in he made another successful landing year, and this is mainly accounted

Just as it was becoming dark.

Visibility was still bud and be for by the reduction in turnover of pincers action against Ciudado Real.

Apart from United Press.

decided to spend the night at Mirs our Canton Branch.

in the vicinity and re-be further matters in the Balance General Franco's forces have strunir Bay. He secured a little food from these items, there. do not ap

some villagers

Sheet calling for special comment. mained in the plane until 9.30 a..,

RESERVES STRENGTHENED when he took off for Kai Tak.

The proposals submitted to you in- the allocation of $100,000,00 from the Profis to

to General Reserve,

FOUR DIVIDENDS Three dividends of $2 each per share have ntready been declared and pald. Your Directors are now glad to be able to recommend the payment of a final dividend of $3 per share,

yeur. This dividend is the same that of last year, and your Directors'

a balance of $136,408.82, which your

with your Directors propose, proval, to carry forward to new ac-

ap-

The nationalists

FRANCO'S BIG EFFORT

Hendaye, Mar. 27,

drove to-day

good work of the Secretary and the portant resistance. other members of the slai.

workmen,

"I wish to associate myself with the remarks made regarding the staff in Canton,

"I now formally beg to second the Report and Accounts as presented."

This

carried unanimously.

STOCK MARKET REPORT

The Hongkrog Stock Exchange

presented be adopted.unable to control the turrelists amsaw a long strip of yellow beach selected and experiet warrant, no joficial summary issued at 4.00 p.m.

According to Nationalist advices the Republican troops are fighting and with the civilians in the suburbs of Madrid, demanding the city's, im- mediale surrender.

seconded by Mr. Li Yuu Tsun, Mr. Li Tan was re-elected Auditor of

at the present the Company muneration.

U.S. COMMODITY PRICES

LATEST CABLED

QUOTATIONS

TC-

New York, Mar. 27. New York Collon.

Opening

Closing

8.18/18 8.17/17

DRIVE ON TOLEDO

Burgos, Mar. 27.

in the Toledo sector.

They claim to have broken the Republican front, and to have pene- trated to a considerable depth.

The Republicans are stated to be

1 bridgehead.-Reuter.

ITALIAN AIR CLAIMS

below him.

LANDED IN DIAS BAY! He landed on the beach without mishap, but discovered that he was in Bias Day.

Realising that he was in Chinese territory recently occupied by the Japanese, he declared, despite the poor visibility, to take off again.

His achievement in finding Kal

Tok Airport this morning was hailed clude

Debt

10

Buyers Hongkong Bank $1,375 Canton Insurance $220 Douglased BOD

11. & 9, Hotels 7514

II.K. Electrion. #5515

Canton feen 11

Cementa $135

I.K. nopea 24.

Wing On (K.)_14

Entertainmenta soli

113. Govt. 4% Loan 40% prem 11.K. Govt die Loan par Dairy Farms Rights $135.

Bellera Union Insurance $470 H., Lela 133 Watsons $9.16

Sales Hongkong Bank $1.350 Unton_kirurance $6751⁄2 HK. Docks #171

China Lights (Old) #9.20 Dairy Farms 121 Ex STE Dairy Farms Hights #15 Antamoka P. A

Aloka 34

In disordered flight near the Toledo by personnel at the Training School, bringing this Account up to $550,-| as the airport is blanketed in such 000.00 and, as I think it hardly neces- thick fog that all conmmercial planes sary for me to stress the advisability

Huang was have been grounded. Rome, Mar. 27.

sure this transfer will meet with your It is officially stated that italian enthusiastically greeted by members of strengthening our Reserves, I feel legionary aviation in Spain has of the Training School when he

afreraft landed. Sandwiches which had been approval,

"It is further deemed expedient to brought down 003 enemy from the beginning of the Sparish prepared for him and were to hwe

been taken in search planes were appropriate the sum of $50,000.00 for civil war until March 22.

Outstanding. Accounts In against Ilailun alt force losses in Spain handed to him when he landed, ond the creation of a Special Reserve Paracale Gamaur 37

China, At the end of our financial during the sume period were 59 he ate them hungrily.

PLANE TAKES OFF officers and 233 other ranks, while

The decision to send out three year, clocks of Aerated Water con- aircraft were. Jost-Reuter Special.

7.94/04 7.90/90 7.59/50 7.50/50

80

7.54 N

7.53/53

7.54/54

May

July

Oct.

Dec.

Jan;

7,52/02

Mar.

7.57/57

7.58/68

Spot

0.92 N

New York Rubber

10.14 N

Mar.

May Sept. Dcc.

16.075/08

10.18 /10

16.18 /10

CITY QUIET

Madrid. Mar. 27.

Benguet Consolidated $12.00 Coco Grove 12 Consolidated Mines .009 I. X. 501

San Mauricio 1.3 Suyoc 19 United Parscalo .71,

search plonex was made at 9.45 am and went und Donors to Co-eds Live Cheaply

motors

other

Mr. Beddell. took off in a cabin hands of Agents and Dealers in Ching and, although a large propor- machine and at 11 o'clock was still tion of these, in our opinion, will searching for Huang, unaware of the

eventually be returned, il a cons- At present there is no sign of the fact that he had safely returned.dered that, as a precautionary mea of the

two threatened offensive.

sure, special provision should sounds of anti-aircraft guns firing at machines were warming up, pracy made to meet possible losses in this

The city is quiet except for the The 12 Nationalist bombers which are tory to taking off for the search

when Huang broke through the connection. 10.12b/13a cruising over the city. The planes clouds above the Airport and landed. 18.13b/15a

have so for dropped no bombs. 10.13b/15a

Police headquarters are crowded will people applying for passports, to March

tho

Madrid and

road from

refurces. — Valencia is lined with Reuter.

for

To-day's Sales:-1,310 tons. 'The last Notice day Rubber is March 20th.

Chicago Wheat

07/0755 67/6744

May July Sept.

Saturday's Sales:-

074/07%

07/074

May

4,233,000 bushels.. Chicago Corn 4756/5774

July

Sept.

May

July

New Japanese Complaint

CANTON STAFF

A

San Jose, Cal campus survey here reveals

that co-eds can live on $15 a month, be while the lowest sum on which malo students can get by 1s $28. The latter explain the difference by reason of the fact that co-eds do not have to finance dales and can get most of their cigarettes by chiseling off the men.

"Before closl.g these remarks, should like to record the Directors and General Managers' appreciation of the manner in which the Manager Nurse loses 40-lbs. duties during the year under exceed of fat in 6 weeks ingly trying circumstances.

and Staff at Canton carried out their

of

Tokyo, Mar. 20. The Balance at credit of Pront Date Bureau Scores The "Yomiuri Shimbun says that and Loss Account as at October 31,

the British authorities at Singapore 1038, including the Balance are bringing increasing pressure to $75,202.05 brought, forward from the OAKLAND, Cal. A "blind date" started the romance bear upon Japanese Asherrnen en- previous year, amounted to $393;- Between Robert If. ligginbotham, 25, gaged in fishing in the waters nd-830.80, and I now formally propose that the Report and Statement of belleves that the 474/47% and Miss Florencs Freeland, 22, Jacent to Singapore. 494/40445/49% which resulted in their elopement to The paper

follows: 1395 50%750% 50/504 Reno and marriage. They first met catablishment of a marine industry Accounts, as presented, be adopted, when tho date bureau of the school at Singapore by the British and that this sum be appropriated as University of California assigned authorities which was recently an- Winalpes Wheat

·00/60 60%/00%

interests troen 6036/01 00%/60% 1gginbotham to escort Miss Freeland nounced is motivated to drive out

recently. They, werg, accompanied by Japkatesnakery

Singapore-Dome..! to a formal dancelin

012/01%

To pay a dividend of 20 cents

per share, absorbing ...... 220,000.00 To pay, abantis of 25 Cente

20,000.00

Tok transfer to General Re-

with pleasant, reducing raæthed, Mrs. Francis Rudoll, a stained muze write "Other remedies had failed · to reduce me, but BONKORA SOG of 40-lbs. 6, wedky. Now my stout paticuita are reducing the same way.”, Bonkona, is sale and bealthful, taking off fas the new "g-stige" way. Triple actions tripla speed. Taky z The BonKona daily, EAT: 1O MEALS 19 explained in BoRKE package. Ne dangerous drugs, Doo'r Olay, Oct Zion Zona to-day.

bowe Agents: W. 8. Sherly & Co.

IVE BRAND STEPIĘKS

Bechive Brody

Dine at the

NO. 1

BEEHIVE

BRANDY

Distilled from the wines of the Charontos, since 1852. Doctors. the world over recommend it as a restorative, or for a refreshing.

drink.

judge.

Let your palato bo the

GILMAN'S

Gloucester Arcado

Parisian Grill

Good Food

Fine Wines

DINNER & DANCE MUSIC ---by---

The Blue Danube Trio

wwwwwwww

PARLOPHONE

Open till 1

RECORDS.

Umbrella Man ("These Foolish Things") Waltz.

There's A New Apple Tree. F.T.

3.1.

The Organ, The Danes Band & Me. F1338. It Ever A Heart Was In The Right Place.

This Is The Kiss of Romance.

F1339. There's Something About An Old Love.

They Say

LESLIE HUTCHINSON..

F1340. Grosshoppers' Dance VICTOR SILVESTER'S HARMONY MUSIC,

Barcarolic. (Offenbach) (Tales of Hoffmann.")

R2017. Second Waltz Medley. (Robrecht.) ...ORCHESTRA MASCOTTE, R2018. In Sankt Anton Am Arlberg. (Ski Song.).

Arlberger Sklo Waltz,......ERNEST KUHN ST. ANTON ORCH. R2020. Bare Facts. (Monologue.) Comic.

Best Kind of Bad Girls

R2021. Very Thought Of You.

Back In Your Own Back Yard, R2032. Lonesome Road,

My Melancholy Baby

....RONALD FRANKAU.

BILLY HOLIDAY & 'HER ORCH.

MILDRED BAILEY & HER ORCHL

TSANG FOOK PIANO COMPANY

19, Queen's Road C. Tol, 24648,

Marina House,

THE

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PENINSULA HOTEL; ~

HONGKONG HOTEL; REPULSE BAY HOTEL;

& SHANGHAI

ASTOR HOUSE; PALACE HOTEL:

HOTELS

LIMITED.

In association, with the Grand Hotel des Wagons Lits, Peking