MONDAY, JANUARY
COMPANY MEETINGS.
HONGKONG LAND RECLAMA
TION CO., LTD,
The twenty-second annual general meeting of the shareholders of the Hangkong Land Reclamation Co., Ltd. was held at the offices of Mesers, Jarding, Matheson & Co., Ltd., this morning. Mr. D. G. M. Bernard presided and was supported by Sir Paul Chater, Sir Robert He Tung, Messrs.. A. S. Gubbay and A. H. Compton (Directors).
After Mr. L. S. Groanhill, the Acting Secretary had road, the notice convening the meating; the Chairman said :—
Gentlemen, the report and statement of recounts have been in your hands for some days, and with your permission I will follow the usual procedure and take them as read. At the last meating I inform ed you that it was your Directors" intention to wind up the Company, and with this in view we have con ploted the sale of all property and investments. This together, with income from other sources has enabled us to show a nets profit of $350,152.18 for the year. It is pro- posed to pay the usual dividend of 7 per cent, on the paid up capital, and a bonus of $10 por share absorb ing altogether $190,625 which is practically all our available cash.
28 1924
per share making $700,000,
Those holding shares Nos. 1- 40,000, that is to my sharos issued to former shareholders in the Cen- tral Estate, will participate to the extent of one half in the total divi- dend and bonus for the year. This will be $2.50 per share totalling $100,000; pay a bonus to staff of $8,000); place to reserve account carry forward $6,000,000;
THE CHINA MAIL.
suggested the original proposal and who then requested the General Managers to call this mooting, trust 1 have put all that has led ap to this meeting exactly and clearly before you but before proceeding to put the resolutions I shall be glad to answer any questions from share holders
I now propose the first resolution as just read. It was seconded by $157,666.87; totalling $6,965,886.87 Mr. G. F. Lammert, and I trust this distribution will The second resolution whe also proposed by the Chairman and commend itself to shareholders,
seconded by Mr. A. 'A. Cordeiro.
Incidentally 1 may mention that the dividend and bonus for the year The third resolution was proposed represente $20 per share on the by the Chairman and seconded by thures before they were split in into Mr. H. H. Taylor. 4 and is $3 more than that puid
for 1922,
I now leg to propose the adoption of the report and accounts as pre- souled and when these have been duly scouted shall be glad to answer any questions which shure- holders may wish to ask.
Mr. Cassidy seconded.
Mr. Carroll asked the Chairman what they proposed doing with the Roerve Fund und suggested that a bortus should be paid in cash to the
shweholders.
Mr. Bernard explained, that the may back Company had to $1,600,000 on debentures, they had get to pay $8,000,000 in dividende now and they had to find $2,000,000
bonus which meant they would have to borrow from the bank..
The resolution confirming the appointment of Mr. A. S. Gubbay and the Roy. Father L. Robert as Directors was proposed and recond- ed by Messrs. Bridges and Wilton respectively.
Our assets now consist of mort- gages which will be paid of in June, except one for which your Directors propose to mako other arrange- enents. This will enable us to liquidate the Company during the
Sir Robert Ho Tung and Mr. coming summer. I do not think that there are any other mutters. P. White were re-elected as Directors by a resolution proposed that call for comment and now beg by Mr. I. S. Perry and seconded by to propose the adoption of the report Mr. F. M. Crawford. and accounts. When this has been seconded I shall be pleased to naswer to the best of my ability any question which shareholders my wish to ask.
No questions wore asked. The first resolution was seconded by Mr. H. P. Whito.
The second resolution confirniing the appointment of Mr. A. S. Gub bay as Director of the Company was proposed by Mr. C. C. Boyd and seconded by Mr. E. Sadick.
Other resolutions adopted were "That Mr. A, S. Gabbay and Sir Robert Ho Ting, bo re-elected as Directors of the Company.
Proposed by the Rev. Father Robert and seconded by Mr. J. T. Bagram,
The last resolution providing for the election of Messrs. Percy Smith; Beth & Fleming as auditors to the Company was proposed by Mr. 6. H. Felts and seconded by Mr. C. C. Boyd,
HONGKONG ROPE CO.
CAPITAL INCREASE TO $2,000,000.
NEW YORK, January 26. Sir Auckland Geddes, prior to his departure for England to-day, expressed satisfaction at leaving a
clean slate at the Embassy."
Replying to a request that he should interpret the clause in the Liquor Treaty hour's steaming distance from American shores, he said that one should be enabled to tell by the speed of the boat engine. If any doubt existed tests could be made and averages struck,
Sir Auckland Geddes was the recipient of unusual honours. As Hesolutions passed by share-the Aquitania" steamed down the holders at in exordinary Bay soldiers fired a salute of general meeting of the Hongkong twenty-one guns, Sir Auckland Rope Manufacturing Company Geddes in the meanwhile standing held at the offices of Messrs. at attention.—Renter. Shewan, Tones & Co., General Managers, this morning provided for the increase of the Company's capital from $600,000 to $2,000,000,
That Messrs. Percy Smith, Seth and Fleming to elected anditors to
Mr. R. G. Shewan presided and the Company for the ensuing your expporting him were the Hon. Mr. Proposed by Mr. E. M. Raymond. H. Holyoak and Mr. Allan and seconded by Mr. A. H. Comp-| Cameron (members of Consulting Committee) and Mr. E. J. Tavares, secretary.
HONGKONG LAND INVEST MENT & AGENCY CO., LTD.
The thirty-fifth annual general meeting of the singeholders of the Hongking Land Investment Agency Co., Ltd., was held at the offices of Messrs. Jardine, Matheson &Co., Ltd. this morning. Mr. D. G. M. Bernard presided and other Directors supporting him were Sir Robert Ro Tung, Sir Paul Chater, the Rev. Father Roberts, Messrs. A. 5. Gubbay, A. H. Compton, and H. P. While.
Mr. J. S. Greenhill, the Acting Secretary rend the notice convening the meeting and then the Chairman
Buid:
Gentleman, during the year under review the Articles of Associa tion were brought up to date, and the opportunity was taken to divide the $100 share of the Company Into 4 shares of $25 euch. As you are aware the undertaking of the Hongkong Central Estate, Ltd. was acquired last year and shareholders in that concem were grouted 4, of our shares of $25 each fully paid for each share held in the Central Estate. The net assets taken over, excooded the par value of the new
the share issue by $1,306,032.83 and this you will obearve is shown in the profit and loss account,
QD
sum
of
In explaining the object of the meeting, Mr. Showan said:
This meeting has been called at the request of a number of in fluential shareholders representing some 35,000 shares who desire.
1st.That the Capital of the Company should be raised from $600,000 to $1,600,000 by the crea- tion of 30,000 bonus shares to be distributed to shareholders at par in the propertion of 9 new for every 6 old shares.
2nd-That the present plant and machinery be transferred from, the present valable site they occupy to
less valuable one in Kowloon or the New Territory to be obtained from the Government and that the Company should take up the manu- facture of twins and string as well as rope. As to this it is a matter that has been engaging the atten- tion of the General Managers Tor some time pust and as a fact esti- mates for such a plant have just been received from home.
3rd. That, the Company ahould provide fresh Capital to carry out these proposale by the issuto of $500,000 of new Capital in 50,000 shares of $10-cach to be offered to shareholders in the proportion of ons new share for every three old and bonus shares thus mising the Capital again from $1,000,000 to $2,000,000:
Resolutions have been drawn up to meet the requirement of the shareholders mentioned and are now before you for your approval..
The profit
investmente, $120,000 is in respect of our hold ing of shares in the Hongkong Land Reclamation Company. We utilized part of the bonus $110 per share. Before, however, I put them to. paid by that Company, last January the meeting I must say that I am to write down ar aberes to half desired by the Consulting Com-
shareholders) their book value, and carried the mistée to inform balance to pruit and loss account, that simile, proposals were laid- It is difficult to make a satisfactory before the Consulting Com- comparison of earnings with those mettes by the General Managers at:
of the previous year, as from a meeting held on January 10 and July last the accounts of the Central the question of creating bonus Estate have been incorporated in shares by writing up the value of ours. It is owing to this smalgama the land or other amete was raised. tion that the Amount invested in The following is an extinct of the Property is higher this year in Minutes of Proceedings spite of the fact that there were substantial sales which realized a profit of $2,038,676.62 against $1,880,629.27 in the previous year. We sold property freely during the boom period, and included in our sales were some of the Marine Bights in the Now Prays Reclama
tion word..
The debentures amounting to $1,600,000 sro of opras those taken over from the Central Estate, and are due for repayment this Spring
The balance of the profit and fosa account is $4,038.188.88 and with - Els carry forio and we have the sum
of $6,9005,886.87 to deal with
After a lengthy discussion it was finally proposed by Mr. White that New Capital be called up to the extent of $400,000 or $600,000 but the value of the land be not written up. The Hon. Mr. Lang and Mr. Cameron agreed with Mr. White that the land he not written up and fur- ther stated that they profor de Tercing the new issue of Capital until such time as an estimate as near as possible can be obtained for the cost of the row factory. "Mr. White's modossi was carried
the Chair
duly commonl-
LOCKL AND OENERAL.
"The Eastern Extension Route to America via the Commercial Pacific Cable is interrupted. Telegums are being forwarded via-Atlantic
4
Four oil junks belonging, to Messrs. Gillespie & Co., Hankow, which were seized by bandits and held to ransom for $16,000, were released, arriving at Kweichowfu on the 16th inst., says a Reuter cuble from Peking.
100000000000
CORONA
Corona Typewriters. Reduced to
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COMPLETE.
Alex Ross & Co.
China Ltd.
Bank of China Bulidinga.
·BEFORE THE PUBLIC.
According to a Reuter cable from London, Mr. Bruce (Prime Minister of Australia) has sailed for home. He visits Gallipoli en route and joins the "Orsova" at Port Said. Mr. Thomas, Minister of Colonies, bade him farewell on be half of the British Government.
TO-DAY'S ADVERTISEMENT.
CONCERT
In
St. Andrew's Church Hall Kowloon
MONDAY NEXT
February 4th
at 9 p.m. Splendid Variety Programme Admission 50 cts. including Refreshments.
TO-DAY'S ADVERTISEMENTS.
NOTIFICATION.
THE Offices and Stations of the Chinese Maritime Customs for Kowloon and District will be closed to public business from the 5th to 8th February inclusive (CHINESE NEW YEAR HOLI- DAYS), and on the 12th February (Commemoration Day of the Re public of China). 1
"RHR WADE, Commissioner of Chinese Customs,
Kowloon & District ̈ ̈
York Buildings, Hongkong, 26th January, 1924.
NOTICE TO CONSIGNEES.
FROM TRIESTE, VENICE, BRINDISI, SPALATO, MASSAVA, PORT SAID,
ADEN, COLOMBO, PENANO
SINGAPORE,
THE Steamship
WANNA"
ONSIGNEES et Carge are hereby ION
Informed that all Goods are being Blanded at their risk into thei Godowns of the Hongkong and. Kow- toon Wharf and Godown Company, Ltd., at Kowloon, whence andfor from the wharves delivery rosy be obtained. *Optional Cargo will be forwarded. 'unless notice to the contrary, be given
before 27th inst.
No claim will be admitted after the Goods have left the Godowns, and ́all! Gods remaining undelivered after the Sed prox. will be subject to rent, All claime agalost the steamer met be presented to the Undersigned on ar before the 13th-prox. or they will. not be recognized.
All broken,, shafed, and damaged. › Goods are to be left in the Godowns, where they will be examined on the End proz at 10 a.m. by our ́ surveyors Messrs. Goddard & Dongisa.
by
No Fire Insurance has been affected.: Bills of Lading will be countersigned
DODWELL & CO., LTD.
Agents. Hongkong, 28th January, 1924.
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