NO
SAFES
FIRE JOHN NO BURGLÁR
has ever destroyed
the contents of a
JOHN TANN Fire-
resisting SAFE. *
TANN
LTD.. LONDON.
has ever 'succeeded
in opening a JOHN, TANN Thief-resist. log SAFE.
SOLE AGENTS-CHINA & HONGKONG:
ARNHOLD BROS, & 00., LTD,
1A, CHATER ROAD,
QUEEN'S COLLEGE.
YESTERDAY'S SPORTS' MEETING.
*PHONE CENTI AL 1500,
CHINA COAST.
THE CHINA MAIL.
ORIENTAL COTTON MILLS. be obtained by making a new issue any individual shareholder. The|
atper, This would, however, procedure that has been adopted is, necessitate the issue of 440.000 NEW
New Capital Issue:
STRONG CRITICISM FROM HONGKONG.
SHUTTING OUT HONGKONG VOTES."
shares in order to liquidate the in the opinion of the board and company's overdraft, for which the general managers, in the best purpose the articles of the company interests of the company. would have to be altered to permit The following resolutions were of this increase in the registered then proposed and carried unpai capital of the company. It is
abviously more faxqurable to the mously company to issue a smaller number
That the statement of accounts of shares at a prenium, If it is for the 12 months ending December possible to do so, which possibility. as the whole of the new issue has be passed.-Proposed by the has been converted into a certainty, 31, 1922, as audited and presented, been underwritten.
Chairman, Seconded by Mr. C. H. Rutherford, A
ford.
That Mr. E. A. Mackay be re- elected auditor of the company at a remuneration of Tis. 1,250.-Pro- posed by Mr., W.-G. Pirle, second-
Captain A. R. McEachran, of the sided, and was supported by The item of T16: $4814:19'repre- by Mr. Ellis Hayim..
Suiyang," is on reserve. Captain P. R. S. Purslow, of the "Luchow," has gone master, "Suiyang,"
Mr.
Mr. W. G. Ramsay, chief engi- neer, "Foochow," is on leave.
In face of strong opposition and criticism from Hongkong share holders of the Oriental Cotton Spinning and Weaving Company, hotice on the asset side, oder Turning to the accounts, you will Ltd, at the annual meeting in freehold land, na increase of Tis.
That the election of Mr. C: H Shanghai, on March 19, a proposal 250,000, We have had the com- Rutherford and Mr. E. T. Byrne to to offer 220,000 waissued ordinary pany's land revalued recently, and the board of directors be confirm- shares in order to provide the com- as the figures were very much cd-Proposed by Mr. C. A. Skin- pany with sufficient funds to higher than those shown in the last weather the trade crisis was carried. balance sheet, we have taken inner, seconded by Mr. T. G. Drake
The meeting was held at the part of this increase, which has offices of Messrs. Arnhold Brothers been added on the other side of the & Co., Ltd., the general manager account to the special reserve ac and was attended by one of the count, thus bringing our various LATEST SHIPPING CHANGES. largest gatherings of shareholders reserve funds up to the handsome
seen at a local company meeting total of Tis: 1,250,000 for years. Mr. H. E. Amhold pre-:
Spinning Plant and Machinery. Messrs. E. Byrne, CH. Ruther sents new machinery installed in
The last resolution, proposed by ford, and A. J. Welch, directors, order to bring our preparation the chairman and seconded by Mr. and J. A. Moller, secretary. Mr. machinery up-to-datu We have A. J. Welch, was as follows: C. A. Holborrow, of Messrs. Haralso spent Tls. 59:23 on repairs sons, was also present at the direz and renewals, which have been
That 220,000 of the unissued or Mr. O. W. Williams, second tory" table. Shares represented written off in the working account. dinary shares of the company be officer, "Kwangse," is on reserve totalled 150,665.
In 1900, the bedplate of the main offered in the first instance at a Mr. E. W. Lowson has been ap- After the notice convenig the engine was cracked and had to be premium of Tls. 3 per share to the pointed second officer," Kwangse."meeting had been read the chair replaced. It has since lone service members of the company in pro
D.. O. Tilburn, second man said,
for over 20 years, but vas showing portion as nearly as may be to the The directors' report and ac sings of giving out, and we thought number of ordinary shares held by engineer, "Chengtu, has gone act counts having bee in your hands it advisable to install anew one be them respectively on April 16, 1923, forsome time, I will, with your perfore our weaving plant was in full and upon the footing that the full ing chief engineer, "Foochow."
mission, take them as read.
working order. For his purpose, amount of each share taken up plus The year under review has bee the mill had to be stopped for about the premium (making together Tls. a bad one for all cotton mills not six weeks and the opportunity was per share) shall be paid to the possessed of large liquid resources, taken at the same time f renewing company on acceptance of the offer, as, owing to the disturbed state of the flooring in the old hill and re- and that such offer be made by the country, we have experienced adjusting the spinning machinery, notice specifying the number of long periods of depression in the which is now in first-class working shares to which the member is er
The cost of 1 of these titled, and limiting a time within yarn market. These were genera: order. ly followed by short periods of items was included in the above which the offer if not accepted by activity, but, with no available item of Tis. 59,238 writen off in payment will be deemed to be declined, and that the directors be liquid resources, we were compelled the working account, to dispose of our stocks whenever Weaving Plant and Michinery-empowered to dispose of the shares they had accumulated and couid This now stands at Tls. 265,038.86, not taken is response to such offer not hold out for temporary improve showing an addition of Tls. 129,- as they consider expedient in the ments in the market. As regards 652.62; which represent the final interests of the company.
MR. ELLIS'S PROTEST, cloth, the position has been better, costs of our weaving plaat, as also but unfortunately we were not in áof certain blanket loomswhich we
Mr. G. Ellis, of Hongkong-Irisc position to avail ourselves of this, have installed. We hale at preto oppose the resolution and ja as our weaving plant was not sent a complete plaat of 40 looms, full working order until December.all of which are now worțing. Although this plant was ordered Buildings. These now show in 1919, owing to the total of Tis. 777,888.55. There has disturbed state of affairs in the been an increase during the year industrial world in England follow of Tls. 66,19447, which ripresents ing on the war, it was not until last the final paymeats on the [uildings year that we obtained final delivery, erected for the weaving jant and of our weaving plant. The same new offices. is now in full working order, and I am glad to say that the cloth which we are turning out is finding a ready market at prices fully equal to those obtained by other local mills.
UNDER-CAPITALIZATION.
Mr. H. Foote-Carey has been appointed sup'y second officer, "Tuckwo."
Captain D. W. Ritchie, of the
The Queen's College students continued their annual sportá meet- ing at Causeway Bay, yesterday afternoon. The College record for the 220 yards ruce was broken by Lam Yuk Ying who exivered the distance in 23 sees, which is three- fifths of a second better than the previous recurd. Mok Tai Cheuk was successful in retaining the honour of senior champion of the tuceting which he first won in 1992, while Leung Po Chuen outpointed all competitors of his class and became junior champion for 1923. Mr. R. Fox, from leave, has gone Both these young champions receiv-acting chief officer, Wosnag." el trophies which were presented
Mr. L. McRae, chief officer "Wa- by Sir Robert Ho Tung and the sang," is on reserve. "Old Boys" respectively. The in- vitation relay race was won by St. Paul's College while class C28 was successful in the senior class team"Mingsang," has reti ed. race. Cluss 4A won the junior Captain H. Simpson, of the "Namang, has gone master, The Headmaster (Mr. B. Tan-Mingsang." ner), calling upon Mrs. Irving to
Captain C. W. Falk, of the "Chak present the prizes said that it was sang," has gone master, Nansang." not necessary for him introduco
Captain C. D. Nicoil, from cave, Mrs. Irving to the scholars except has gone master" Chaksang." to the newest boys, because Mrs. Mr. C. S. Robb has been appoint- Irving had gone so often amongsted third officer, Yutnsang. them that she was quite a friend of Mr. J. Pittendrigh, third officer, Mr. Irving would "Yuensang," has gone second old standing. be leaving for Home shortly and he officer, same ships took the opportunity of wishing her
Mr. D. A. Matheson, second gore a very pleasant voyage and many officer, "Yuensang" has happy years in England.-(A second officer, "Nanisang." plause.) To Mr. Edwards and his Mr. H. R. Dowson, second officer,
"Namsang," is on reserve, hand of, helpers, as well as those
Mr. J. Turbyne, second officer, interested in the school-donors of prizes, ate.--they were very grate-Chaksang," has gone acting chief ful. He asked Mrs. Irving to
officer, same ship.
Mr. A. H. Mackic, from reserve, accept with the best wishes of
has gone, second officer "Chak- everybody at Queen's College a Rmall token, of regard as a memento from the school. Mr. Tanner then presented Mrs. Irving with a small kilver bowl.
event.
At the conclusion of the distri- bution of prizes Mrs. Irving was also the recipient of a handsome bouquet of flowers.
OFFICIALS.
President Mr. B. Tanner. Entertainment Committee.-Mr. A. H. Crook, The Mistresses and Mr. Tse Ching Fong.
Starters.Messrs. W. Kay, J. C, Fletcher and G. E. 8. Upsdell.
Judges.--Messrs. J. Ralston, W. L. Handyside, G., W. Reeve and Kung Hon.
.
*
sang.
}
"Chaksang" is on reserve.
Mr. V. Petherick, third officer,
doing so I wish to say a few words on behalf of the Hongkong sharc- holders of your company, who are of opinioa that your board of direc.. tors have not given them the con. sideration that they are entitled to. especially as you are no doubt aware that the public of Hongkong to-day holds over one half of the Stocks of Yarn, Cloth and Waste, shares of your company. This can Tis. 1,132,051, Of this, s. 725,- be vouched for by the register, in 303.20 was represented by 5,399 addition to which there are many bales of yarn, which have since shares not yet transferred, due to been paid for and deffered. I the short notice given for this meet- would specially draw atention to Ling. The first advertisement of this, as it has heen sugg/sted that this moeting appeared in the Total these stocks might be made up of press on Monday, the 12th instant. unsaleable yarn
I believe notices were posted to shareholders a day or so previously,
FUTURE PROSPICTS.
A glance at the balance sheet will make it quite clear that the Mr. A. M. Henderson, third company is very much under-capi officer, "Mingsang," has gone third talized. Against the paid-up As regards the jnmediate fature, but these, of course, were of no use officer, "Chaksang."
capital of Tis, 660,000, we have I have already refered to this in, to Hongkong shareholders. Ap- Mr. W. G. Walter has been ap assets amounting to over Tis dealing with the bestion of i-parently the articles of association pointed third officer, "Mingsang." 4,250,000. During the past few creased capital. The yarn market have been adhered to as to the Mr. R. Thomson, second en-years, we have invested nearly 12% is at present so bal, due no doubt notice of the meeting, but it also gineer, "Tungwo," is on reserve. Hakhs in land, buildings and new to the disturbed stie of the cou seems as if particular care has been Mr. A. McEwan, chief engineer, machinery, from which the contry, especially in te provface of taken to prevent Hongkong share- Tuckwo," is on leave.
I holders from being represented at Mr. J. Stalker, from leave, has pany eventually will benefit, if it is Szechuan, that the native mills
more provided with
working have from to-day flosed down 50 the inceting. On all previous oc- gone chief engineer, "Tuckwo."
casions 14 days' notice of the an- capital, and we have further distri per cent. of their spindles for a Mr. H. Craig, from reserve, hasi bated, during the last three year, period of two moths and, unlessual general meeting has been Cone
acting chief engineer, over 150 per cent. in dividends. an improvement sts in during that given and it seems a little strange Wosang"
Experience has now shown us that period, intend stopkig night work, that, when the majority of shares Mr. W. Crosbie, chief engineer, we would have been wiser to have altogether. The sutting down of are held by Hongkong sharehol Wosang, is on leave.
been more conservative in the dis- so large a numberf spindles must tion such as is before the meeting ders and a very important resolu Captain F. H. Wallace, of the tribution of dividends. "Haean," has retired.
eventually influnce the yara Captain C. Taylor,from reserve, the present year, it would very ciest capital to cafy on will even notice should be cut down by one With regard to the outlook for market and mills thich have suffi. today is to be proposed, the usual much appear as if we were faced tually derive the Enefit thereof. with a similar situation to the part As already stted, our cotton I arrived here last Tuesday, hav- year, as there is no improvement position is favouable, as we are, ing no idea the meeting was called in the disturbed state of the covered far forwed and, conse for to-day. I saw Mr. Arnhold Country on the contrary, It cor-quently, if you ps the resolution and told him that a pumber of! tinues to be going from worse to which will, later, be submitted Hongko g shareholders wished, worse, and, at the present moment, to you, and thus provide the com- to send up proxies so as to be re- the price of yarn is about Tis. 20. a 'pany with adequte working capi- presented at the meeting and point- bale below replacing cost based on tal, think the fubre prospects for ed out the large number of shares present prices of cotton. On the the year are.dectedly promising, held in Hongkong. I suggested a other hand, there seems to be . That Gentleme, is ill I have to postponement or adjournment world shortage of cotton, and con- say, but, before pitting the resolu- pending their arrival. This was sequently it would appear as if tion before the meetiI shall be refused. With great difficulty a yarn prices must eventually go up pleased to answer any questions number of proxies did arrive just in considerably. As far as we are which shareholdes may wish to time to be deposited 48 hours be concerned, our cotton position asă. *.
fore the meeting, but there are still is a very favourable one, and
a large number which have not HONGKONG "PPOSITION. ":
arrived in time. Before it was Mr. G. Ellis-ere the general known whether the proxies could long to our manufactured yarn and managers approche by the have been in tine or not formai cloth, we should eventually do well. Hongkong shareholdes to post application for postponement or
Clerk of Course.The Secretary. Напісаррств. Мевага, 3. С. Fletcher and W. L. Handyside.
Time-keepers.-Messrs. F. J. de Rome and Sung Hok Pang.
Scorers-Mr. L. Lun Kwai and Prefects Ching Hing Chow and Kam Wa Kui.
Secretary. Mr. E. J. Edwards.
AFTERNOON'S RESULTÉ. The afternoon's results were :— 190 Yards Hurdles, (Senior)-- Mr. A. Knox has been appointed Mok Tai Chenk, 1 Ng Kam third engineer, "Hsin Kiangteon." Chien, 2: Wan Kwong Tin, 3. Mr. W. Moodie, third engineer, Timo, 17 3/5 sec8,
"Hsin Kisngteen," has gone second 120 Yards Hurdles (Junior).-engineer, "Toonan," Leung Po Chuen, 1; Cheung Shu Fan, 3; Li Kai Yuen, 3. Time, 19) secs.
has gone master, "Hacan."
Mr. C. Skratue has been appoint- ed second officer, "Hsin Fang,”
Mr. K. Andbank, second officer, "Kianghsin," has gone acting chief office, "Hsin Kiangleen,
Mr. F. Krankie has been appoint ed second officer.
Hsin! Kiangteen."
#
Pick-a-Bock Race. Wong Po Lam and Kwong Wing Fat, 1.
Half Mile Handicap-Tang Yan Cho, 1,.Ip Kui Ying, 2; I. Haroon,
4.
Three Legged Race.-M. Snb
hata and Fang Kwok Wa, 1: Woo Hang Ting and M. Ramzan; 2.
ALLEGED KIDNAPPING:
BOY PRICED AT $110.
Evidence was heard by Mr. R.
E. Lindsell yesterday, in the case
in which three young Chinese are
if we could only hold on sufficiently
.
It is, however, obvious that, with pone this meeting foja week so
half:
an overdraft of about fourteen as to allow them to be presented? adjournment was made to the lakhs, wo shall be compelled, be-
general managers for adjournment The Chairman The reply is in in case they did not arrive. This fore very long, to make heavy the affirmative was turned down. Now, gentle
Mr. Ellis Did you or instruct mon, what can be the reason of this
sales of yarn unless we can obtain
EXTRA CAPITAL
WEDNESDAY, MARCH 26 1928
DAIRY FARM NEWS.
Cold Storage
is
the only sure protection for winter clothing, carpets &o, during the summer months. For further particulars apply to the Secretary.
THE DAIRY FARM, IOE & COLD STORAGE Co., Ltd.
SEE HONGKONG
·HONGKONG IS FAMOUS' FOR IT'S MOTOR DRIVES,
THE TRIP AROUND THE ISLAND IS SAID TO BE. EQUAL TO THE RIVIERA,
HOW ABOUT YOU MR. HONGKONGITE
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LETTING THIS
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EUROPEAN SUPERVISION.
PHONE 482.
DRAGON MOTOR SERVICE.
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Bring Your
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IDEAL SUMMER BEVERAGES,
AVOID THE SUMMER HEAT TRY OUR SODA FOUNTAIN.
OUR PARLOUE OF SUMMER DELIGHT IS KEPT COOL IN SUMMER BY AN ELECTRIO VENTILATING: MACHINE-YOU WILL FEEL COOL
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SWATOW LACE COMPANY
MANUFACTURERS AND EXPORTERS
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WHOLESALE
YOUR INSPECTION INVITED
No. 17A, Queen's Road, Centralne
Box 475, Fuone Central 1488 EUNG ON).
· Cable #ddress
KWA ENG. LEN,
300 Yards (Senior).-Mok Tai charged with kidnapping 4 boy further capital, and it is for this 16cal brokers to keep to fact that, except.that it has been deliberately Chouk, 1: Wong Po Lam, 2: Wan from Yaumati. Two boys who reason that your Directors have the meeting would bejeld on the intended to shut out the votes of
were playing with the missing boy decided to obtain your consent to Kwong Tin, 3. Time, 37 era.
300 Yards (Junior)-Leung Fu gave evidence, describing how the issue of 220,000 shares of the 19th away from Hoagong until Hongkong shareholders'? If every- Chuen, 1: Cheung Shu Fan, 2; M-defendants accosted them and got unissued capital of the company after Monday, the 12th stant thing was square and above- into their good graces by treating The breakup price based on the The Chairman-Thaiis not so board. a longer notice of the Ramzan, 8.
100-Yarde (Clase-8) Lo-Chi The missing buy was last seen is over is 13 a shark!
them to tea and a meal of rice,balance sheet, as submitted to you.The board did receive aetter from meeting should have been given, Hongkong about, the rumours of the or when it was pointed out that the Kal; 1; Wai Chung, 2, Cheuk Wo the Kowloon Railway Station
new issue in which srprise was notice given was insufficient to eas Sang, Ki
where the two witnesses suspected.
expressed. It was state that they able Hongkong shareholders to be against it. There has been an af- imp Back Race-Woo Hang Ying: 17 that all was not fight and ran Your directors have given very expected a dividend fc 1922. A represented an adjournment should tempt to stifle opposition and 1” say Pan Tsang Ming, 3; L. Haroon; 3. home. Besides giving his evidence careful consideration as to what reply was given that the etter had have been agreed to, I believe the general managers are nos One Mile Race.Ip Kui Ying, 1 quite lucidly, one of the boy would be the best means of obtain been laid before the boat but they there has been a deliberato attempt their best for the company Sarjan Singh, 3, Yik Chan Pong, 8. witnesses underwent a carching further capital, and having were not authorized to gle any into prevent Hongkong shareholders, not treating the share
Invitation Relay Race. Bt.ing cross-examination by Mr. ascertained that it would be impos formation which was ne given to from voting on this resolution... I The Chairm Paul's College.
CAS. Russ, for the defence,sible to place a large, issue of other shareholders, and gay, hold proxies for some 40,000 shares Senior Class Team Race.-C2B, and did not seem in the least preference shares except on very Mr. Elifs-What was your idea, and but for the fact that one.
perturbed.
onerous terms, decided that the in so doing? Made holder of 12,000 had not regi At this stage Hie Worship re best means of procuring this extra The Chairman The Juestions himself I should have held proxies marked that there was little or no capital was to issue 220,000 ordins have nothing to do with he rezol- for over 50,000 shares and there evidence against the defendants, ary shares at a premium of Tis, 3 utions. We do not feel impelle
Mr. D. McCallum, who prosecut, per share, Le, at Tis: 6 per share, to answ The meetin ad, said he had a witness who could If the whole of this issue is taken
Junior Class Team Race 44, 1
2014 Boys Race, 220
fogn 1; G. A:
Bhu
of the defendants talk of sell
the boy $110, but owing to timidation,, he refused to apßšar and had to be subpoenaed: 13
örihip, according Adjourned
share, and xe we have bebu üb}
get the new issue un
at Tis, ost mend this
rested that
decided to reco
It has been