THURSDAY, APRIL 8, 1926.
ALCOHOL DIVERSION, CHINA PROVIDENT,
ITS STAGGERING BOOTLEG
|
-VALUE.
DRUG STORES GAIN. -
(Renter's American Service.)
(Continued from Page 1)
ין -
We have
THE CHINA MAIL.
MR. DA ROZA'S SPEECH.
Mr. C. A. di Roza. then spoke,, his address mesting with applauss now and then He said
at this meeting,. I am sure). I have
put through. The title deeds were sent to the company's solicitors, who advised that they were not in order la as much as probate duty had not been paid in respect I would like to give you a few of the property the subject thereof
Mr. Chairman and Gentlemen, words of encouragement before and we at once communicated Like Mr. Dunbar and every person sit down. Your company has ex-with Tong Hok-ting. cellent property at West Point been quite recently (and hot two listened with great interest to the and an excellent godown business, months ago) advised that it is speach made by Mr. Weald and also which, it properly managed doubtful whether Tong Hok-ting to Mr. Showan speech as to the I feel sure, give share-had any right to pledge theebarge made against the general could, Washington. Aprly 7
on securities in question. Interest is unabated in the Pro-holders an adequate return
Loans on Shares: With regard managers, but I confess I would their investment and I therefore hibition enquiry.
The chief witness to-day was Mr. Jask you to give the committee to the loans made to Mosers, have liked, to have heard a little This business of locking the E.. R. Buckner, Federal Actorney, your wholehearted co-operation Lammert Bres the amount out.
atable door after the disappearance. New York, who has been con- to the end that we may once more standing on December 31, 1924 per cent as $387,658.29
we have, fortunately, other valuable
more..
siderably in the limelight recently put the company on a sound and including principal and interest at of a horse is very commendable for
"owing to the series of spectacular paying basis. It will be necessary
restaurants.
10
Hardman's report of
completing the Investigations of. the Company's financial affairs
and to report to the shareholders COLUMBIA NEW PROCESS RECORDS
the result of such Inveslgations: when completed.
||
|- Mr. CA...”da Roza proposed, an amendment which made the resolu- tion readli
(b) That six, shareholders to
· be nominated at this present meeting be appointed to act with the Consulting. Committee "as a Committee of Investigation, In completing the Investigations of the Company's financial affairs and tó-report to the shareholders the result of such investigations when completed.
the Mr. J. M. 'Alvus, seconded amendment. Mr. Wong thew
liquor raids which he organised on to ask you to exercise patience against which we held securities horses in the stable, but I see from volunteered to interpret the amend numerous hotel amk, fashionable and to attend shareholders" meet- valued at, that date according to the speech of Mr. Weall that wement for the bañedt of Chimera
ings which may have to be numer-My. lous in order to keep you fully $466,604.50, which is a margin of are asked to set up a body to sit shareholders who did not unders posted as to progress made and I over 20 per cent.,, which was sub. judgment only on one person stand English and was requested to:
That I regret to say la impossible sequently reduced to between 14
Inasmuch as the consulting com- On being put to the meeting. live interest in the affairs of the and 15 per cent.. by the return of mittees as a body 18 as much to the amonde resolution was carried
blame as the general managers for
C
Mr. Backner said that the chief diffenity in churcing Feshibition lay in aleche ditursin, which amounter $60,090,006 annually und which, when manufactured into so-called whiskey, reached the staggering kortleg value of his
elers /
17
He bestiled that drug stores: were the chief centres of diversifed
doctors can legally prescribe.,
He concluded by sting that only sixteen agenda were available to inspect drug stores and doctors' prescriptions!
CONVALESCENT.
PRINCE OF WALES AT SANDWICH.
(British Wireless Service.)
'Rugby April Z HRH the Prince of Wales, acting upon the advice of his doctors, left London to-day to spend the first stage of his convalescence at Sandwich, where he has taken a house for a short period,
therefore nak you all to take w
[certain securities against a cash company.
payment made. by Lammert's.
do so.
Mr.
Messre. this disastrous state of affairs, if unanimously (applause). I will now read you the pro- posals on the agenda after which
what has been said le true, and 1 We also voted for the amend Two further loans were made to must nasume such to be the case in ment. Me, Shewan will, I believe,, address.
Mr. Shewan proposed resolution the meeting. Then each resolu- Messrs. Lammert Bros., bearing view of the responsible position of tion will be proposed in turn and interest. at 10 per cent, viz,the parties, the consulting commit() and Mr. Weal seconded, us when they have been seconded, $21.000 on May 26, 1925 and tee must take its full share of the follows:- will be open for your considera- $86,000 on June 4, 1926, against blame. I think the fact has been which we hold securities valued lost sight of that persons acting as tion before asking you le, vode,
at that date at $60,000%
alrectors assume u position Involv- Mr. Shewan then said:-
As regards the loans to Messrs. ing duties which cannot be shirked! Gentlemen, You have heard Shewan, Tomes & Co., we believe by leaving everything to others, and the statement made by Mr. Weall that we shall be able to satisfy I need hudly say that l law there on behalf of the consulting com- the committee that they were is no difference between a director mittee arising out of the investi amply secured at the time they and a person on a consulting com- gation they have already carried were made, and will be fully re-mittee. The consulting committee, out based on the information we paid.
therefore, must accept its full share have supplied them with up-to- As regards both the louns to of blame for its sins of omission date, and as you will appreciate Messrs. Shewan Tomes & Co., to the same, degree as the general from that statement, only a pre- and Messrs. Lammert Bros., these managers are to be blamed for their iminary investigation has taken bans would still be amply secured sing of commission place up to the present. We trust but for last year's unprecedented for one..und there must be that a complete and thorough in-financial crisis quiry and investigation will show
statement.
many in this room who think with me, will not be a party to any act tending to confuse the issue- neither to any act which may be construed later that we as share- holders exonerate the consulting: committee.
It is conceivable to me how
with any control at all this sad state of affairs could have arisen, and it would be of interest to the shareholders to know the degree of control and attention which the members of the consulting commit- tee have given to the company since their election, at the last annual meeting. How many times have they met, and how often have they considered the company's position? Irregularities of a more recent date might have been avoided by an effective control as the result of discovery of the earlier irregulari
(e) That the Consulting Com- mittoo be authorised to employ auditors and lawyers in connec- tien with such farther investiga- tions of the Company's financial affairs and that the costs and expenses incurred thereby... bở borne and paid by the "Company. M. W... Hawker proposed, and Mr. M.. V. H. Croucher seconded, an amendment which made the re- solution read-
(e) That such Committee of Investigation be authorised to employ auditors, lawyers, archi- teets and any other experts and advisers in connection with such further investigations of "the Company's financial affairs and that the costs and expenses "in curred thereby be borne and pald by the Company.
This amended resolution was also
carried unanimously.
Mr. Shewan proposed, and Mr.. Wealt seconded, resolution (d) as follows:-
12
(d) That a qualified account- ant be employed by the Company: to assist and advise the present. staff of the Company.
This was, also carried aani mously.
Mr Croucher's: Questions. Mr. N. V. H. Croucher then
asked the chairman if Mr." Tong Mr. Hok-ting was in the Colony. ties.
Shewan replied that he did not Holding these views, Mr. Chair-know, but thought that he was in man and Gentlemen, I regret I can- Macao. not support resolution (b) in the Croucher: Why was not he form submitted, und 1 shall at the detained when it was known that proper time submit an amendment his securities were not in orde?"-—-—- enlarging the committee to six Mr. Sheran: I do not know; a writ shareholders in order to balance was issued. the vote of the consulting committee which, I believe, now consists of five members, and I shall also have to propose another amendment in connection with resolution (c).
With regard to the company's substantially Brighter position practice in making loans general than is at present indicated by ly, it is well known throughout Mr. WealF's statement.
this Colony, that the company has The general managers desire it for many years past advanced alcohol Those in New York City to be clearly understood that they moneys against shares and for the alone were drawing out.18,000.00 Welcome the appointment of a purpose of successfully competing gallons annually--a total which was special investigating committee. with Chinese banks and others fur in excess of the amount which are only too pleased to place who were conducting a money all materials they may require at lending business, advances had their disposal, and to give them frequently to be made on attrac all information they may desire. Five terms.
I will now deal with some of Interest on loans is treated in the points raised in Mr Weals the same way as it has always Been treated, viz., by charging New Issue of Capital: The gen- compound interest with periodical eral managers always considered rests and the shareholders have that it was their duty to assist had the benefit of the system in shareholders in taking up their the past." shares and were always willing to The late manager certified to" extend the time if a reasonable what debts were considered good, Exeuse were given. They did not and when these were passed by the consider that they should have auditors, the general managers fendeavoured to make money out of felt satisfied with the position."
some shareholders for the benefit. The company have always ad of other shareholders,
vanced money on promissory notes i do not understand the refer to private person to a moderate
ence to issuing shares to certain extent.
No shares were, General: Shareholders. "will" shareholders. issued except to those who were appreciate that the excellent godown business referred to by entitled to them.
Mr. Weall is representative of the work of your general managers in the past, likewise the acquisition of the valuable properties at West
If I am in order, Mr. Chairman, The names of Mr. L Dunbar. I do not think that there was Point, and the general managers I would like to ask whether any of Mr. A. L. Alves, and Me: Wong To- any such lose as $100,000 in the agree with the consulting com these alleged irregularities took on were proposed by Mr. J. M. allotment of these shares. One mittte that given ordinary and place before December 31, 1924-I Awes large shareholder
Mr W. J. Carroll proposed: Mr. was given a usual commercial conditions, there notice the accounts for that year rather longer extension than is no reason why there should not were certified without any reser-C A. da Roza usual, as he could not get the be a speedy recovery of the com-vation, but Mr. Well has just told money without communicating pany's financial position.
us that debtors for storage are lar with his wife in England, but this In conclusion, gentlemen," you many cases very old accounts. did not occasion any loss at all to will fully appreciate the extra- Mr. Shewan suggested to Mr. da. the company, as if the general ordinary difficult period Roze that the questions in his is extension, he would simply recently had to pass a period al- committee (to be elected), when managers had refused to give him through which the company has speech should be put through the unanimously. have sold his rights to the new together without precedent in the such would be answered. shares at a profit to himself, and Colony's annals, and one by which this remark applies to all other not only this company but every Mr. T. G. Weall, then proposed sharehollers, and the company other commercial concern in this would not have made the $100,000 Colony has been seriously affected. in any case. As a matter of fact, Your general managers have no the company now hold the shares doubt whatever, that a return to which formerly stoot in the name normal commercial conditions will of that shareholder, as he failed bring with it a speedy recovery of to pay the final call: -
PRINCESS VICTORIA.
Progressing Satisfactorily..
(Reuter's Serviço.)
London. April 2 The latest bulletin in regard to HRH Princess Victoria stutes that the progressed satisfactorily during the day.
PLAIN.
1
I know no reason why interest was not charged, but this matter can be gone into by the committee appointed.
MILITARY TRAINING. MANOEUVRES, ON SALISBURY
MECHANICALISED UNITS.
(British Wireless Service.)
Rugby, April 7 In this year's military training on Salisbury Plain special impor- tance will be attached to the I cannot see that there was any manoeuvres, which will be devoted failure in duty in this case by the entirely to the employment of general managers... mechanicaHaed: units.
the finances of the company, and
I have no hesitation in attribut- ing the present financial position
of the company to the recent fin-
I do not understand the state-ancial crisis and resultant com
It is desired to tost thoroughly men that the committee and mercial conditions. how far horse trasport can be dis-shareholders were led to believe pensed with and to discover what that the whole of the 400:000
is the best type of heavy nicchanical shares had in fact been taken up,
as the printed statement of ae transport for general use.
count dated April 18.. 1925, shows that there were 396,247 shares on which $2.50 had been paid.
It was recently explained by the Secretary of State for War that the required type of mechanical trans- port must be suitable both from the At the meeting of April 30; military and from commercial view-1924, the chairman did not intend points, so that, it could be manuto lend shareholders. to believe factured in large numbers and that the million dollars cash had cheaply.....
Designers are already at work on various types of transport, and these will undergo searching trials when built...
ן
BELGIAN FRANCS.
REMARKABLE RECOVERY IN
··LONDON.'
DEBT SETTLEMENT,
(Reuter's Servica.)
already been received, but that the company's resources had been strengthened by the increase: of tapital to that extent, as it subse quently for all practical purposes was.
7 THE RESOLUTIONS.
Mr. Shewan proposed the first- resolution, as follows:-
(a) That the Company con- firms the measures already taken by the Consulting Committee with reference to the investigatiana made by them into the financial pusition of the Company and authorises payment by the Com-- pany of auditors" and legal ex- penses incurred to date in con nection therewith.
-Rising to second, Mr. L. Dunbar said:-
Mortgages: This was a matter I have listened to bir. Well's for the discretion of the general speech with interest. I have looked managers, and they followed the through the statement of the con- advice of the company's manager, sulting committee's auditors and I the late Mr. Tayler, who had had | do not think that he has exaggerat- many years' experience of pro-ed the lossen which the company perty dealings in this Colony, has suffered
DIY
It will be realised that to get a It will be the duty of the share. high rate of interest the margin holders' representatives to place the London, April 7. must be small,RA
blame, of these losses where it bo- remarkable There has been a
With regard to Tong Hok-ting, longs and to make whatever re- improvement in Belgian francs Mr. Tayler, assured Mr. Shewan covery la possible, in London, which opened at 180% that the security was far more I think Mr. Wenll's suggestioni and closed at 124%
than ample for the loan In fact that you appoint three of your This is a sequel to the Belgian he stated it was worth something number to represent you in the fur Minister of Finance, M. Janshen, like $1,000,000, ther Investigation and reorganisa visiting the Treasury, as a result Subsequent to the dismissal of tion of the business ja a sound one. of which all the exterior debts Mr Tayler, Investigation was The China- Provident can still be of Belgium and the Belgian Congo made. and it was discovered that made a very prosperous concern if Chandlade, I second, the to Great Britain have been de-although the fle deeds had been proper finitely settled.
deposited no mortgage had been rasolution
Resolution (a) was then carried,
THOSE ELECTED. Nominations were then asked for (of shareholders to serve on the committeee of investigation).
Mr. Wong proposed Mr. N. V. H. Croucher and Mr. A. Alves, pro- posed Mr. J. M. Alves.
All six names were seconded by Mr.. T. G. Weall and approved
Doctor But, my good, woman, resolution (b), and Mr. W. J. why didn't you send for me Carroll seconded, as follows:- before?"
(b) That three shareholders: Wife of patient: "Well, sir, wait awhile to be nominated at this present we thought we'd meeting be appointed to act with an' give him a chance to get over the Consulting Committee in it."
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