The-Hong-Kong-Weekly-Press-1909-04-12 — Page 10

302

COMPANY MEETINGS.

GREEN ISLAND CEMENT CO., LD.

THE HONGKONG WEEKLY PRESS AND

Th twentieth ordinary annual meeting of shareholders in the Green Island Cement, Co., Ld., was held at the offices of the General Managers, Messrs. Shewan. Tomes and Co., on the 3rd inst. morning. Mr. Shewan presided, and there were also present Dr. J. W. Noble and Sir Paul Chater (Consulting Committee), Mr. L. F. Campbell (secretary), and Messrs. J. F. Wright, P. C. Potts, A. Moreno, A. G. Gordon, W. A. Dowley, A. Babington, C. Klinck, J. A. Young and Choa Leep Chee

The SECRETARY read the notice convening the meeting.

•

The CHAIRMAN said Gentlemen, we have now the pleasure to lay before you our Report and Accounts for 1908, copies of which are in your hands. We propose, after making the usual allowance for depreciation of the Com- pany's plant, machinery and buildings, etc., and placing the nominal amount of one thousand dollars to Reserve Fund in accordance with the Articles of Association, to pay a final dividend of fifty cents per share, making nine per cent. for the year, and carry forward to new account $3,756.74. The dividend is $40,000 less than last year when we paid ten per cent. but our sales are actually only $20,000 less, the other $20,000 being absorbed by depreciation. As I anticipated at the last meeting, we have done a slightly large turnover and considerably in- creased our production, but our sales were not so good in their results; for one thing our two large local contracts for Docks were completed, and thus two good outlets for our cement were closed to us. It is pleasant to be able to say that the Engineers and Contrac. tors for both these important undertakings were entirely satisfied with Green Island Cement, and have given it the highest testimonials for quality. Last year the work of the factory was hampered and interfered with by strikes of the coolies engaged on the cement kilns. They had become very troublesome, refusing to work when they thought fit, and at other times demanding higher wages. In July this cul- minated in all the men at four kilns leaving. and to train men to take their place took us two months. Finally, in November, all the men threatened to strike, upon which we decided to let them all go, and to start afresh with an entirely new set. These new men have, of cource, taken us several months and much trouble to educate, but the lesson appears to have had its effect, and we look for peace in future. Our sales were not affected, as we had plenty of stock on hand, but our output was of course reduced by the loss of so much working timel Our expenditure during the year on Capita. Account has been heavy, but no item has been incurred that was not absolutely necessary. At Macao the principal expenditure was for re- claiming land for mud drying, for retaining- walls necessitated by a land slip, and for a new boiler for the patent dryers. At Hok Un there was spent about $40,000-on buildings, and about $90,000 on plant and machinery made up of a variety of items such as conveyors, cement handling plant, clay loading plant, boiler makers' shop, carpenters' shop, new saw mill, cooperage, elevator house for cement bins, etc., etc., too numerous to detail, and no one item very large in itself. The additional outlay launches and lighters explains itself, We are doing a large business in the harbour and up the river to Canton and Macao, and more tonnage of this kind was badly wanted. I am glad, however, to say that our heavy expenditure on Capital Account is now drawing to a close. It followed naturally on the expansion of our business, and the extension of the works, but our plans for the additional facilities and accommodation re- quired are now almost complete and all We estimate we have to spend this year is about $30,000 for a second packing house, about $20,000 for another boiler, and some $10.000. en sundry small items. At Deep Water Bay we have added a new cement pipe machine which will turn out pipes of cement concrete at much less cost than our present glazed pipes, as kilns to burn these pipes are not required. Cement pipes are coming greatly into vogue all over the world, and we believe we shall find

on

[April 12, 1909.

a good sale for them once the prejudice inby wire or by metal. We have also taken up favour of the glazed pipe has been overcome. the making of concrete blocks for building The result of last year's working of this factory purposes to take the place of bricks, and have is very unsatisfactory, but is not so discouraging just finished a godown for our friends the as it appears as it is in great measure the Standard Oil Co., which I think will prove result of our striking a run of bad clay which a revelation to most people of what can be rendered the contents of as many as fifteen done in this way. The uses and consump kilns quite worthless while the wages and ex- tion of cement are thus multiplying all over penses of about three months were thrown away. the world, making it one of the most important At present we are turning out first-class pipes, articles of commerce to-day, and in China bricks and tiles, the demand for which appears particularly with the advent of railways and to be increasing, especially from the outports. other public works which must follow as the In spite therefore of the last year's result we country opens up and begins to utilise its have not given up hope of making this depart- resources, there must be always a steady and ment pay its way. I am told that it has been growing market for this Company's product. I said that we are over-capitalized but no one who think therefore that when I say you need have knows anything about Cement factories would no, anxiety about the future of Green Island say this. So far from that being the case the Cement, I am only speaking the sober truth and facts are that an equally complete and up to date am not saying more than the facts themselves factory could not be installed for what our warrant. (Applause). Before I move the works and land stand at, even if you threw adoption of the report and accounts I will be in the land for nothing. The fact is pleased to answer any questions to the best of that few appreciate the extent of Our my ability. installation. It is not by any means the small undertaking it was a few years ago, and I doubt if any single factory in Eng- land or the Continent is better equipped and has more modern plant and machinery than we have. The item of stores in stock at Hok Un

163,200. may seem large but it is not really so as it comprises not only ordinary stores but spare parts and renewals for the various mills and other machinery and also stocks of firebricks for kiln linings. All these things have to be obtained from home, and as any one part is liable to be wanted at a moment's notice and its absence might have serious consequences we are bound to keep a good stock on hand for any emergency. I do not think I need labour this point, for all practical men will appreciate its importance and can understand how the want of spares might throw a whole mill out of work. but I wish to make it clear to you that the item includes much more than stores in the ordinary sense of the word. As for the future and this present year in particular, it has commenced well, the first three months being better than same three last year; the greater portion of our whole output of Cement is contracted for and we anticipate no difficulty in disposing of the rest at good prices (applause). Of course in certain markets we have to meet and accept competitive prices, but so far we have had no trouble in holding our own. It is true that the present low price of silver is against imported cement, and so far in our favour, but on the other hand it has raised the cost of coal 'laid down here. Our raw material too costs slightly more owing to the imposition of Likin Duties in the interior, On this point I should like to remove the impression which has been made by reports circulated to the effect that we were unable to obtain regular supplies of raw material. We have had no difficulty whatever in that respect and no trouble beyond the result usually con- sequent upon an increased demand-I mean rise in the price and that trouble we have obviated by making arrangements to obtain some of our supplies from Haiphong, a step which has already had a perceptible effect on the attitude of the Chinese contractors for stone. But the reports that we could not get stone and that our supplies were running short were quite untrue, and had no foundation, and could only have been spread by interested parties. As far as we can see now, there need be no anxiety either about the supply of raw material on the one hand or the disposal of the finished product on the other. The use of cement has increased enormously within the last few years, and it seems to me that if there is any climate for which reinforced concrete is peculiarly adapted for buildings and structures of all kinds it is that of this country. We know by bitter experience how ill-fitted our tiled roofs are to stand a typhoon, and how little resistance wooden beams and rafters offer to the attacks of white, ants It is however now being borne into everyone's mind that wood is a very wasteful and poor material for houses out here and that iron and concrete are altoghter pre- ferable, being far more durable and better able to resist the climate and are actually cheaper and more economical in the long run. All this makes for increased consumption of Cement and to further this object and to provide an object lesson to builders and contractors we have gone to some trouble and expense to show over at our works what can be done with concrete reinforced

а

|

No questions were asked, and the CHAIRMAN moved the adoption of the report and accounts as presented.

The motion was seconded by Dr. NOBLE, and agreed to unanimously.

Mr. MORENO proposed that Sir Paul Chater, Dr. J. W. Noble and Hon. Mr. W. J. Gresson be re-elected as consulting committee.

Mr. DowLEY seconded, and the motion was agreed to.

Messrs. W. H. Potts and A. O'D. Gourdin were re-elected auditors on the motion of Mr. WRIGHT, seconded by Mr. Gordon.

The CHAIRMAN-That is all the business, gentlemen. I am much obliged to you for your attendance. Dividend warrants will be ready on Monday morning.

THE CHINA-BORNEO CO., LD.

The sixth ordinary yearly meeting of share- holders in the China-Borneo Co., Ld., was held at the office of the Company, St. George's Building ou the 5th inst. Mr. J. W. C. Bonnar presided, and there were also present Sir Paul Chater (Consulting Committee), Mr. J. Wheeley (General Manager) and Messrs. J. A. Jupp, T. E. Pearce, W. D. Jupp, W. A. Dowley, J. F. Wright, C. E. Mackie and P. Tester.

The CHAIRMAN, after reading the notice calling the meeting, said Gentlemen, you have now had the report and accounts in your hands for some days and if

you have no objection I will take them as read. The Com- pany's operations during the period under review shew a very satisfactory result consider- ing the bad state of business generally and how much exchange has been against us during the ivhole of the year, The volume of business done compares more than favourably with previous years and I trust will continue to increase. The Company's properties have all been well kept up during the year and are all in good order and I am glad to say that, so far, operations for the current year are quite satisfactory. We hope you will approve of our recommendation as to the disposal of the sum at credit of Working Account, i.e., the payment of a dividend of 10 per cent. on the subscribed capital, absorbing $55.200; writing $10,000 off Hongkong Saw Mills; $5,000 off launches and lighters; $5,000 off engineering works; $2,500 off plant; $1145,09 off timber concessions; $1,000 off Kudat Pier and house property; and carrying $15,000 to reserve. The output of timber shows a considerable increase on previous years and the European members of the Company's Staff have all done their utmost to further the Company's interests, and we have provided $3,000 out of the balance at credit of working account to be distributed amongst them prorata according to the amount of their salaries, and we hope this also will meet with your approval (applause). Before proposing the adoption of the report and accounts I shall be pleased to answer any questions.

No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts a's presented.

Mr. JUFP seconded, and the motion was agreed to.

On the motion of Mr. WRIGHT, seconded by Mr. DoWLEY, the appointment of Mr. J. W. C,

Page 10Page 11

April 12, 1909.1

re-election of Sir Paul Chater to the same body was confirmed.

Mr. MACKIE moved, Mr. TESTER seconded, and it was agreed that Mr W. H. Potts should be re-elected auditor.

The CHAIRMAN-That is all the business, gentlemen. Thank you for your attendance. Dividend warrants can be had on application to-morrow morning.

THE WEIHAIWEI LAND AND BUILDING CO., LD. (AND REDUCED).

The annual meeting of the above company was held at 10 Peking Road, Shanghai, last week. There were present: Messrs. A Leod (Chair- man), E. Jenner Hogg, E E. Clark (Directors) J. M. Young, F. H. Crossley, C. W. Wrightson, J. P. Lowe, and H. F. Bell, representing 714 shares.

The notice convening the meeting was read. The CHAIRMAN: Gentlemen-The report and accounts have been in your hands for some days, and with your permission I will take them as read. The working account shows a profit of Tls. 2..181.00 as against Tls. 1,231.10 in the previous year, accounted for by more bunga- lows having been let. Charges are about the same, except that Government Taxes shows an increase owing to the fee for keeping a local register of shares, and the fact that increased rentals means more taxes paid to the Weihaiwei Government, as we have to pay a tax of 5 per cent. on net rentals. In profit and loss account, the item of profit on sale of investments. Tis. 748,71, is accounted for as follows: when we had the special meetings last summer to reduce the capital, we hoped that, the details could be arranged quickly, and that we should need the money to pay this refund; as there was a favourable opportunity of disposing of our investments at a profit on book cost. we did so, and invested the money in other ways in such a manner that we can call it in at very short notice; the last petition for the reduction of capital has now been heard, and I am expecting to hear any day that we can pay the refund of capital.

Since I wrote these remarks I am glad to say that we have received a letter from our solicitors,