384
official an
who had never years, than been in the country, he would not lose the op- portunityof doing so. He was very grateful to the deputation for this friendly conversation. It had been a pleasure to receive them and it was a grief to say good-bye for the last time.
THE HONGKONG WEEKLY PRESS AND
Tunkadoo Wharf, Jardine's Kerosine Wharves and Godowns and what are known as Hunt's and Heard's Wharves, in which the following lots are included-Trannock's, Sassoon's, Kes- wicks Trautman's. Sailors' Home. Of these lots two are leasehold, viz., Sassoon's and Forbes' and the leases expire in the year. 1907.
Mr. MACEWEN, on behalf of the Committee, thanked Sir Nicholas for the kind way in which For these properties and their half share of he had received the deputation and for the very the Ningpo and Pootung and Tungkadoo interesting manner in which he had dealt with wharves including goodwill of the leases run- the important subjects touched upon. On hening. Messrs. Jardine, Matheson & Co. ask Tls. half of the commercial community he heartily 1,140.000, payable as follows:- congratulated Sir Nicholas on his promotion and wished him every success.
The proceedings then terminated.-Mercury.
SHANGHAI AND HONGKEW
WHARF COMPANY.
An extraordinary general meeting of the shareholders in the above Company was held in the Shanghai Club on the 11th inst. to authorise the directors to purchase the whole of Messrs. Jardine, Matheson & Co.'s interest in the
wharves now being worked as the Shanghai and Hongkew and Jardine's Associated Wharves and also their Pootung Korosine Oil Wharf and Godowns thereat: to pay for same partly in shares of the Company: partly in debentures and partly in cash and if so resolved to terminate the agreement presently existing for the working of said Associated Wharves.
To increase the capital of the Company to Tls. 2,000,000 or such other sum as may he decided
on.
To authorise the further issue of debentures. To authorise the issue to the shareholders in the Company of three shares of the face value of Tls. 100 each for each share now held by them.
To anthorise a further issue of shares by tender to the present shareholders or otherwise. To alter the deed of settlement so as to admit
In 6 per cent. debentures In shares
In cash
500,000
610,000 30,000
Tls. 1,140,000
The average earnings of their properties for the past three years as shown by the books amounted to Tls. 87.460 per annum.
6
per
It has been represented to us that 6 cent on debentures is somewhat high rate in view of the cheaper interest now current. When the scheme was first formulated fair, and it merely resolves itself into this. per cent. was in the opinion of the Board
that unless shareholders are prepared to agree, Messrs. Jurdihe. Matheson & Co. will require so much more for their interest. and it therefore appears that if the scheme is to go through it is as broad as it is long.
The debentures are redeemable within fire
years from late of issue subject to six months
notice and they are secured by a first lien on the property sold by Jardine, Matheson & Co. only.
The position of the Company will therefore stand as follows:-
Old shareholders, 2,867 shares, get 3
shares for 1 Jardine, Matheson & Co., 6,100 New shares to be offered. 399 4,900 shares in reserve
of the above projects being carried out, and Thus bringing the nominal capital specially
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up to
Old debentures New debentures
2,000,000
Tls.
[November 21, 1895.
1895, between Messrs. Jardines Matheson & Co. and the Company and to issue the further shares and debentures necessary for carrying out the said agreement.
Mr. McLEOD proposed, and Mr. HEARN seconded-That rules subscribed to in the deed of settlement of the Company be altered so that they shall read as in the draft now before the meeting and initialled by the Chairman and that the directors be authorised to issue to the shareholders under the altered rules three shares of the face value of Tls. 100 each for each share now held.
Carried unanimously.
Proposed by Mr. SCOTT, seconded by Mr. BUCHANAN and carried unanimously:-That the directors be authorised to issue any shares up to 399 and to allot them by tender to the present shareholders or otherwise as the direc- tors may think best.
A vote of thanks to the Chairman for presid- ing concluded the meeting, which was the most representative that the Company has ever held.
-N. C. Daily News,
JELEBU MININg and trading CO., LIMITED.
The following is the half yearly report of the Jelebu Mining and Trading Co., Limited:-
Your directors submit a statement of the.
Company's accounts for the period from 26th January, 1895, to 19th August, 1895, being the first half of the seventh year of the Company's existence by the Chinese calendar. The total number of mines at work on the 19th August was 19 against 22 at the end of the previous Tls.
half year. The labour force has increased by $60,100 117 men and is now 1,039. The amount of ore 610,000 and tin produced and delivered during the -39.900 period under report was-3,404 piculs ore 400,000 | against 4.047 picals ore and 176 picals tin for the previous half year, and against 3,620 piculs ore and 165 piculs tin for the corresponding or first half of 1894.
The outstanding advances amounted on 19th-
jon (a) To provide for increase of capital, (b) To
370,000 | August (after deducting $21.515 written off as extend the objects of the Company. (c) To
500,000 | bad and doubtful debts) to $17,854. The sums increase number of directors, (d) To enlarge
written off are materially in excess of what was the general powers of the Board. (i Tu alter the
Tls, 870,000 advised by the assistant manager at Jelebu. voting power of shareholders and the means of passing resolutions, (f) To provide different On the basis of the combined earnings dur- After paying all charges, writing off the cost means of altering the regulations, and gi Toing the past three years (Tls. 15407 per f prospecting and surveying and a loss on road cont and making the usual allowances for provide more in detail for the general working. annum. after paying 6 per cent, to debentüre and management of the affairs of the Company.
depreciation of houses. plant, and furniture, There were present. Messrs. A. P. MacEwen !
there remains at the debit of profit and loss ac- (Chairman). A. McLeod, J. L. Scott. E. A.
count the balance of $15,937, which will be Probst (Directors, R. W. Little. C. Dowdall,
written out of the reserve fund. The loss arises A. Korff, J. M. Young. R. Inglis. W. Pearce.
from the very large sums written off the A. S. Bremner, W. H. Talhot. Jas. Buchanan. H. R. Kinnear. A. W. Burkill. J. Chapsal, H. R. Hearn, C. W. Dickson, S. J. Morris. E. P. Wickham, J. Liddell. E. H. Gore-Booth. H. J. Such, A. J. H. Carlill. E. Jenner Hogg. W. S. Jackson, F. Gore, C. Thorne. L. K. Davis, G. Galles, J. Beattie, J. H. MacLaren. H. M. Bevis, E. Romenet, Ho Kin-chow, and D. Glass (Secretary), representing 264 votes out of a total of 320.
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holders, which would absorb Tls. 52.200, there would be left Tls. 113,705 to be divided amongst 15,100 shares, equal to 7.53 per cent.
ima-
on
I think it desirable to make it clear to shareholders that the agreement provides that Jardine. Matheson & Co., are to be permanently retained as General Managers of the Company and seeing that they rón- tribute directly and indirectly 40 per cent. of the earnings and show their confidence in the undertaking by accepting payment in shares and debentures. I cannot gine that there will be any objection the part of shareholders. Jardine, Matheson & Co. are bound by agreement to retain a per- manent interest in the Company of not less than Tls. 50,000. The 4,900 shares in reserve are included in order to raise further capital should occasion arise. I have now put before you the salient points of the scheme which in the opinion of the Board is fair to both parties and we can confidently recommend it for your acceptance.
ii
They are
advances account and from the final balance of loss on a road-making contract. The direc- tors never desired the Company to be a road contractor, and from the first they anticipated a loss on the contract, but not so large a loss. The Company continues the work of testing a tin bearing lode at Jelebu. The directors consider that it is proved that there is a lode fairly rich in tin, but also containing minerals that make smelting difficult. sending twenty-five tons of lode stuff to Europe for skilled treatment and report. Meanwhile the Company will continue to further. prospect the lode. The net cost of prospecting during the half year appears only as $2,789, owing to the fact that the proceeds of a quan- tity of tin won during the operations were credited to the prospecting account. The future of the Company very largely depends on the results to be attained from the important concession in Lower Burmah, acquired by the Company from Mr. Menzell and confirmed to the Company by the Government of India. Mr. Money, the manager of the Company, has been and is stationed at Maliwun, and he con- tinues hopeful as to the concession proving of value, when initial difficulties are overcome. The CHAIRMAN proposed, Mr. Hobo seconded, The chief of these difficulties are labour supply and it was carried unanimously-That the and the prevalence of opium smuggling. Mean- directors he authorised to purchase the whole while $38,111 have been spent on the concession of Messrs Jardine, Matheson & Co.'s interest and that sum is taken in the accounts as a good the asset. The theory is that the concession is worth in the wharves now being worked as Shanghai and Hongkow and Jardine's Associated the sum spent on opening the trade. Wharves, and also their Pootung Kerosine Cil Wharf and Godowns thereat and to terminate the agreement presently existing for the work- ing of said Associated Wharves on terms of a conditional agreement dated the 9th November,
The notice calling the meeting was taken as read and
The CHAIRMAN said-Gentlemen, it will be within
that at your recollection
our last annual meeting a resolution was proposed and carried that the shares of the Company should be sub-divided, and as this necessitated an alteration in the deed of settlement it was suggested to the General Managers that the time had now arrived when an endeavour should be made to formulate a scheme which would secure for the Company Messrs. Jardine, Matheson & Co.'s interest in the various wharves both freehold and leasehold and form one Company with an increased capital. You are aware that such a scheme has been talked of for some years past and various suggestions made to carry iting the proposed new arrangements. through, but so far nothing resulted from it. It became a matter to find out what Messrs. Jardine, Matheson & Co. would accept for their wharf interests and to take into considera- tion whether theo price asked would enable the directors to propose
a scheme which would in their opinion be to the advantage of the shareholders to accept.
Mr. MCLEOD rose to speak on the benefits to be derived from the proposed new arrange- ments as he sail be thought an independent opinion from the directors would not be out of place. He gave a short history of the Associa- tion from the beginning and contrasted the ontlook then with the results now and did not think the shareholders would regret sanction-
The interests represented by Messrs. Jardine, Matheson & Co. are as follows-Half share of Ningpo Wharf, half share af Pootung and
J. P. JOAQUIM, Directors.
AENOT REID, HUTTENBACH BROTHERS & Co.,
General Agents,
Singapore, 7th November, 1895,