Marsman Hong Kong China Limited
HF: IDJ has kindly sent the following newspaper article. Any images have been added by myself and were not included in the article.
MARSMANS LOOK TO BRIGHTER FUTURE
This photograph is of Jan Hendrik Marsman who was born in 1892 in the Netherlands and died in 1956, I think in the Philippines. Marsman is of interest to us because he became involved through his company Marsman Hong Kong (China) Ltd in Needle Hill Tungsten Mine in Hong Kong.
Though the Company sustained a loss of 123,043 pounds during the last year an optimistic view of the future outlook was expressed by Mr J.H. Marsman, chairman, at the Annual Meeting yesterday of Marsman Hong Kong China Limited.
Supporting the chairman were the following directors:- The Hon. Mr Stanley H. Dodwell, Messrs T.H. Wilson, A Beekerleg, B.S. Olnick, E Robert de Vis (managing director) and L.M.S. Lloyd (secretary).
The chairman said: In closing the accounts for the year ended 30th April 1939, the Directors have considered it wise to write down all assets in actual value as of that date. This combined with the fact that the considerable losses resulting from operations initiated in the previous period are reflected in this year’s accounts, obscures the picture of the results achieved in the year under review.
As explained in the report, these results may be considered very satisfactory in view of the very disturbed conditions prevailing, and I forsee for the current year still better results, inasmuch as the management, after solving the problems created in the past, is now able to devote all its time to current business and plans for the future.
In fact the Company’s operations since the close of the year under review up to September 30th have resulted in a net profit of 17,055 pounds.
Generally speaking our policy since last year has been based on the following principle:
To liquidate commitments in connection with projects which could not be proceeded with, either as a result of the ensuing political disturbances, or for other reasons.
[I could not read the next paragraph in the article]
Altogether about 1,500,000 Guilders have been spent, which amount is amply covered by the value of the mining and hydro-electric plants erected at Mangani and which is capable of handling 200 tons of ore a day. A similar plant in the Philippines would cost P2,250,000. The ore bodies are of good commercial value as ascertained by extensive drilling, tunneling, cross-cutting and shaft-sinking. The mine has been widely opened up and thoroughly prepared for production on several levels. The mine has been fully equipped with electrically driven hoisting machinery, pumps, ventilation fans, transformers etc., together with modern compressors, air-drills and all other equipment incidental to a thoroughly modern up-to-date mine project.
GOLD PRODUCTION
The construction of the mill building and machine shops, warehouses, blacksmith shops, labourers quarters etc., has been completed.
A considerable quantity of ore has already been mined during development work and is placed in dumps ready for commencement of operations.
These principles have been adhered to during the past year, and as related above, with the result that some recovery from the previous unfavourable position has been made.
The Report of the Directors covers the operations of the past year quite fully and I shall, therefore confine my remarks to changes which have occurred since the close of the fiscal year.
METAL STOCKS
You will note from the Report that the sum of 28,388 pounds was written off the Metal Account, in order to bring the figures into line with market prices. In view of the turn of world events, metal prices have advanced, and, as a result, the Metal Stocks as to an extensive increase in volume of business, in fact, since the close of the year, the Metals Department has made quite substantial profits.,
Investments in Manila shares have been carefully selected and, even at the present low prices, show a satisfactory position, considering the drop in the Sterling-Peso exchange rate, besides yielding a very high average revenue. The companies in which shares are held are all in very sound condition and still better dividends may be expected in the future.
PROMISING INVESTMENT
Your Company has an investment of Fl. 250,000 in Marsman’s Algemeene Exploratic Maatschappij, equal allotted an interest in gold and base metal propositions now being developed by Marsman & Company, Inc., in the United States, and also a considerable participation in an alluvial gold properly in British territory, which all look very promising.
Gentlemen, in closing my remarks I would say that although we have had unprecedented difficulties to contend with, and mistakes have undoubtedly been made in the early stages of the Company’s existence, for some time now we have been in a favourable position to carry on with our activities.
THE ONLY ONE
I would like to add that it is my determination to do my utmost, given reasonable favourable conditions, not only to recoup the losses of the past, but to place the Company on a fair dividend earning basis as soon as possible. It is the only Marsman subsidiary which is not in this position; my reputation is at stake and I shall not rest content until it is.
I commend our Managing Director, Mr Robert de Vas, and his local staff for their untiring efforts on behalf of the Company, and am especially grateful to Directors Dodwell and Wilson for their wise council and helpfulness in the administration of our business affairs.
I now beg to move that the Report and Accounts for the year ended 30th April 1939, be approved and adopted.
Source: Hong Kong Sunday Herald 15th October 1939.
This article was first posted on 26th November 2024.
Related Indhhk articles:
- Jan Hendrik Marsman 1892-1956, connection to Needle Hill Tungsten Mine
- Tracing Roots: Joseph Yen, post-war chairman of Marsman HK China and the father of the book Falling Leaves
- Jan Hendrik Marsman – Escape from HK during WW2
- Marsman Hong Kong (China) Ltd – Needle Hill Tungsten Mine during 1938-1951?