"Tam a Stupid Man and a Stupid Broker,"
States Mr. L. Soyka 667.
AM as stupid a man as I can be as a shareholder to invest! in this company," said Mr. L. Soyka at the annual meeting' of the Cathay Land Ca. Ltd., held on May 13 at Sassoon House. "I am a stupid man and a stupid broker."
"Mr. Soyka has said that he is a stupid man and a stupid broker," said the chairman, Mr. F, R, Davey, in reply, "and I do not propose to contradict him."
As soon as: question time arrived, Mb, Soyka rose to this feet to ask the frst on his list of questions. "May Task why this meeting is being held the Ingonvenient hour of 11.30 whicn "most. shareholders are unable attend"? he demanded to know. "Ts this done on purpose?" The chalrman replied that this hour sulted the convenience of the large majority of shareholders.. Next, Mr. Soyka asked why shareholders were not supplied with full details of the most import ant matters, discussed, of ast the of June ¢ last, addressed to th tora; be read' out, together with the reply, and his letter of June 25, am not concerned with any let~ ters written previous to the last anual meeting." said the chairman in reply.
Mfs'that a law?" queried Mr, Soyka.
The chairman: Idon't care whether tga law or not, Tam not going to do what you ask.
Mr, Soykai You have to answer my questions even if they happen to be embarrassing. If you intend to push Through the meeting without answer= ing questions, you remember that shareholders have only. one opportunity a year of putting their views forward, The chairman: I shall be pleased answer any questions you may ask. You have not asked any ye Mr. Soyka: I wish {0 protest at your refusing to read out my letters, Please enter that In the minutes of this meeting Mr, Soyka then remarked that the directors of the company, with the exception of one who was tot present, Bil belonged to one group, controlling eight companies, The chairman long without any further delo} noticed In the directors' report that Next Mr, Soyka slated that be the directors, since 1994, had not xecelved any' fees, "Might 1 ask whether these fees are being credited fo them, and, 1f this 1s the ease, quest, that in consideration of the heavy losses sustained by the com= any they forte thet the pro:
Questions were also asked. as to the investment of $69,990 tu Cathay Hotel shares, and the sterling loan to the company, Mr. Soyka stating that Ave cent, interest on a sterling loan wi very high. The: chairman said that the investment tu Cathay Hotels was made in 1928, and was an exchange of shares between two com: panies, Cathay Hotels and Cathay Mansions, in equal amounts, At the time, the step was justified.
Int, Soyka suid that It was useless o speak at this meeting, because the -majority of those present were employees. of the Sassoon or Arnhold concerns, Sharehiders "could not fitend because they were in their offices. "He suggested that, In future, the meeting should be hela at pin. The chairman reminded him that the meeting was held last year at four clock, and Mr. Soyka was the only" The directors would be only too pleased to hold it
sired, five Gelock If 1? wore sealy a Directors' Report eiBe_aiectore' report rends x fo-'The directors regret that the ace counts show. a. substantial loss. te-feeling the adverse conditions whish Drevalled in the property" ""market Strlng the year 1098 and which have continued: during 1030. Towards the fend of. 1036, however, an. improv ment" was "noted, except for the ttstern'dlsteete ahd Chinese properties, where conditions continued unsatisfactory. and. collection of arrears of rent dificult of enforee-Tent, and for certain. properties In the western alsirets. where. rents have had to be reduced 'Groat tenio have increased. dur-dug the year by" $145,400.19. mainly from Grasvenot' Houre and "Gros-enor "Gardens, Which previously Were not fully" In' operation. With Fegard' to these properties, Your dir-clare. adopted the' polly "early" {90 o¢ reducing ull Fens, in ceviain "fates yas much. as" 30 per cent his olm eon ly", these puddings mmedistly reached the percentage of
the high figure of 88 per cents which Dereentage' as maintained. through: out the year. Short leases only were granted to tenants at these reduced rates, and, in view of the consistent demand for accommodation In these Dulldings, os leases fell due, increases Ju rent were made effective." These Increases, however, came inia effect late In the year, and do not. therefore have any appreciable effect on the: results shown: in. the accounts submitted.
The frst two months of 1937 show slight Improvement all round, the gross rents on all the company's Droperties during these months have exceeded by about $7,000 per month the "corresponding figures. for July fand August last year. It appears probable that, this improvement. will be maintained during 1997, "Another indication of belter condltions Is a decrease In the total of arrears of rents as compared with 1935, and it has only been found necessary to make a reserve this year $20,800.57 "to cover the possible shortfall In this connection, as against the sum of $32,420.88 lost year.
During the year mortgages totalling '$992,072.50 were repaid, and these Fepayments are reflected in the redue~ tion of the overdraft with our bankers. With regard to mortgages still outstanding, however, the position has hot Improved, and it has been found increasingly "aiMeult_ to collect interest due, For that reason a sum of $102,638.94 representing mortgage Interest uncollected has not been taken to.interest account. 'The correspond-'Ing Agure under this heading for 1935 was #083141. Outstanding mort gages are having the close attention of your directors, and drastic steps. fre' being (aken to deal with outstandings.
'The gross revenue from workin account' Is $480,310.10, after providing for bad and' doubtful debts and depreciation on li leasehold pro-arties and certain freehold proper-tes.
Text read from the printed page and cleaned; old type leaves the occasional error.