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296
Mr. K. G. Campbell 7 Mr.J.F.A.Hastings 7 Mr. D. Hay, R.N... 8
21 entries.
CAPTAIN'S CUP.
11 9
The next competition for the monthly cup is fixed for the 8th to 10th inst.; play on the old
course.
HONGKONG RIFLE ASSOCIATION.
Seventeen members took part in the com- petition on Saturday afternoon. The following are the best scores :-
Segt. Bowery, R.E.*.. Corpl. Hills, B.E.*
Mr. A. Read*
Mr. W. Marshall
Sapper Clarke, R.E.
Mr. Skelton
Corpl. Leadingham, R E.
Q.M. Sgt. Walters.
Mr. W Stackwood Capt. Swan....
200 50 60 Heap. Total 86 32 30 24
28 29 27
84
.26 29 25
84
.29 21 27
82
41 27
24
82
.50 32 20
82
.30 19
21
.29 24
.29 22
29.25
17 10 20 6 15
80
77 09
*Winners of Spoons.
80
HONGKONG HOTEL CO., LIMITED. An extraordinary general meeting of the Hongkong Hotel Co., Limited, was held on 6th Oct., when the special resolution passed at the extraordinary meeting of the Company held on 15th September was submitted for confirmation: There were present Messrs. E. Osborne (Chair- man), R. C. Wilcox, W. Parfitt (Directors), C. Mooney (Secretary), Ho Tung, W, H. Potts, J. H. Cox, E. Georg, G. C. Cox, J. Y. V. Ver- non, R. S. Philpott, A. A. Gatterres, J. C. Peter, T. Brown, W. E. Clark, Ho Fook, Lo Cheung Shui, How Cheek Tai, Leung King Shan, Tai Tak, Leung Tit Shang, Ho U Sang, Ho Yau, Sang Kee, Ip Chee Foug, Chan Chan Nam.
The SECRETARY read the notice convening the meeting
The CHAIRMAN said-Gentlemen, the only business before the meeting is to confirm the re- solution which you were kind enough to pass on 15th September. I will ask Mr. Ho Tong to propose the resolution.
Mr. J. H. Cox-Before Mr. Ho Tung speaks I should be glad if you would read the letter Mr. Thomas Howard sent to the Directors before the last meeting. He is a very large shareholder, holding 660 shares.. I desire it to be known that I am not the only opponent of Mr. Ho Tung's resolution. I know the contents of the letter.
The CHAIRMAN-Mr. Cox, this meeting has been called simply to confirm or throw out the resolution which was passed ou 15th September. We do not think we are called upon to produce Mr. Howard's letter, but I will tell the gentle men present that the contents were practically what you yourself said. He objects to the grant- ing of this bouns because it is opening up the accounts for the past half-year. That we deny. in toto. We do not consider this is opening up the accounts for the past half-year. He also ob- jects to it on the ground that it is not deserved. I think that is about all.
Mr. J. H. Cox-There is another paragraph. The CHAIRMAN-He said also that the share- holders are not competent to alter the articles of association. We are not altering the articles of association, but simply dealing with the sum of $6,000 out of the funds of the Com. pany in a rather extraordinary manner.
Mr. J. H. Cox-Did he not say something about being just before generous.
The CHAIRMAN-He said something about its being unnecessary liberality on the part of the shareholders.
Mr. Ho TUNG-Did Mr. Howard request that the letter should be read at this meeting?
The CHAIRMAN-NO.
Mr. Ho TUNG-Then I do not see what power Mr. Cox has to ask that it be read.
Mr. J. H. Cox-Before Mr. Ho Tung sub- mits his resolution I would submit that if he has not signed the articles of association he is 19t a shareholder. (To Mr. Ho Tung)- Have you sigued the articles of association?
Mr. Ho TONG-When the Company was formed?
Mr. J. H. Cox-When you became a share- holder.
The CHAIRMAN-Mr. Ho Tung has signed the transfer deed, which is the same thing.
TĦE HONGKONG WEEKLY PRESS AND
I
Mr. J. H. Cox-Here are the articles of as- sociation. I beg to refer you to paragraph 28, page 7, under which Mr. Ho Tung is not a shareholder. He is liable to all calls on the shares, but as regards taking a dividend be cannot get that. (Laughter.) You must sign the articles of association before you are shareholder, for the purpose of this meeting or any other meeting.
Mr. G. C. Cox-A number of us want to get away, and I do not see how we can settle these legal points here. If Mr. Cox objects to what is done it is open to him to take legal proceed. ings subsequently.
some
Mr. J, H. Cox-What I say is correct. Mr. HO TUNG-I leave the legal question open, and I more:-"That a bouus of two thousand dollars be bereby voted to each of the three existing directors, or the sum of six thousand dollars in all, out of the profits of the Company during the past half-year as recoguition by the shareholders of the suc cessful exertions of the directors in placing the concern ouce more on a dividend paying basis.”
Mr. G. C. Cox-I beg to second that. Mr. J. H. Cox.-There are the articles of association, which you cannot ignore. This re- solution is illegal.
The CHAIRMAN It is proposed by Mr. Ho Tung and seconded by Mr. G. C. Cox that the resolution be confirmed.
Carried, Mr J. H. Cox being the only dissentient.
Mr. J. H. Cox-I wish to point out that there is another paragraph in the articles by which you have not the necessary number of votes here. I am sorry you won't pay atten tion to me.
t
The CHAIRMAN-We cannot discuss it now. You have your remedy if you wish to take any further proceedings in the matter,
Mr. J. H. Cox-You have a misprint in this book. The Ordinance says three-fourths of the shares must be represented and you have three- fifths. The shareholders present ought to repre. sent fifteen hundred shares in the Company under the original articles of association of 1866, when there were only two thousand shares of $100 each. According to the present capital. which is $600,000 in shares of $50, there onght to be present in the room nine thousand shares, representing $450,000 of the subscribed capital. I am sorry you will go on with the meeting. You are the Directors and ought to direct the shareholders. It is three-fourths according to law and you cannot make the articles of association contrary to law; you must agree with the Ordin- ances in all cases. The meeting is entirely wrong from beginning to end; it is a serious matter and may lead to legal proceedings. Things should be done properly. 1 object to the large amount named by Ho Tung, and I object because the thing is not done properly, not in order. You may not know it, but none of you gentlemen are shareholders. (Laughter.)
Mr. Ho TUNG-Are you a shareholder? Mr. J. H. Cox-I am. I have signed the articles. You are quite wrong, Mr. Chairman;
his meeting cannot confirm the resolution.
The CHAIRMAN-That is all the business. Thank you, gentlemen, for your attendance.
CANTON INSURANCE OFFICE, LIMITED.
The following is the report for presentation to the shareholders at the seventeenth ordinary general meeting, to be held at the offices of the General Agents, on Wednesday, 19th October, at noon :--
The General Agents and Consulting Com. mittee beg to submit to the shareholders the tinal accounts for the year 1897, and an estimate of the present year's working to the 30th ultimo.
1597 Account.The out turn of this account, resulting in a loss of $54,675.50 is disappoint. ing. To meet this deficit and provide for the interim dividend of lu per cent., paid 1st January, 1898, and a proposed further dividend of 8 per cent.. the sum of $150,000 has been The withdrawn from the Reserve Fund. balance remaining, viz., $5,324.50 is carried to
New Account.
1898 Account.-The account shows an esti mated credit balance of $505,029.
Following the practice of other local offices,
|
[October 8, 1898.
the General Agents and Consulting Committee bave decided for the future to await the result of the year's working before declaration of dividend.
Consulting Committee. Mr. S. G. Bird was invited to occupy the seat rendered vacant by Mr. F. Maitland's departure from the coloný. This appointment requires the confirmation of the shareholders. Messrs. Chater, Dalrymple, Gillies. Gubbay, and Bird retire, but offer them- selves for re-election.
Auditors. The accounts have been audited by Messrs. W. H, Potts and R. C. Wilcox, the latter gentleman taking the place of Mr. Ful- larton Henderson, absent from the colony. The re-election of Messrs. Henderson and Potts is recommended.
JARDINE, MATHESON & Co.
General Agents,
Canton Insurance Office, Limited. Hongkong, 3rd October, 1898.
STATEMENT OF ACCOUNT FOR THE YEAR ENDING 31ST DECEMBER, 1897. -LIABILITIES.
Capital subscribed Amount paid-up Reserve fund
Less working secount, 1891
Outstanding dividenda ... Outstanding bonus
。.
$2,500,000.00
500,000.00
$1,300,000.00 150,000.00
1,160,000.00 3,449.00
Balance of working account, 1897
ASSETS.
Cash,'on surrent account with Hongkong
and Shanghai Banking Corporation......... Fixed deposits :-
Hongkong and S'hai Banking Corporation hartered Bank of India, Australia & hina Mercantile Bank of India, Limited.. Yokohama Specie Bank, Limited Mortgages
Hongkong and Kowloon Wharf and Godown
Co., Limited, debentures
Shanghai and Hongkew Wharf and Godown Hongkong High-Level Tramway Co., Ltd.,
Co., Limited, debentures
debentures
Humphreys Estate and Finance Co., Limited,
debentures
Indian Governmeat stock (3 per cent. loan,
1865),
Indian Government stock (3) per cent. loan,
1842-43)
Chinese Imperial Government loan, 1886 Interest accrued but not yet payable
WORKING ACCOUNT, 1897. To amount brought forward from last account To net premía received, less returns and re-
insurances To interest
To transfer faes
To amount transferred from reserve fund
925.66
45,324,50
$1,699,699.18
4,376.08
100,000.00
25,000.00
50,000.00 30,000.00 F004,445.20
94,000.00
08,864.07
15,000.00
60,000,00
113,102.44
43.767.11
65,386.80
25,696.96
$1,099,099,18
4,276.22
C
By losses and claims paid. By charges, including directors, auditors'
and survoy fees, agents' expenses, do.. By commissions
By exchange
By Interim dividend of 10 per cent. paid Ist
January
By balance final dividend of 8 per
cent. Carried to new socount
1,250,057.38 110,882.20 44.00
1,365,359.80 150,000.00
1,515,359.80
$1,200,890.50
94,152.17 120,306.75
4,679.88
1,420,035.30
50,000.00
$40,000.00 5,324.50
45,324,50
́$1,315,359.S0
ESTIMATE OF WORKING Account to THE 30TH SEPTEMBER, 1898.
Dr.
To promis, loss re-insurances To interest, received and accrued To trasfer fees
1,125,000.00 78,000.00
20.00
£1,203,029.00
Cr.
635,000.00
70,000,00
90,000.00
3,000.00
505,020.00
Fy losses paid and outstanding By charges paid and accrued By commissions paid and scerned By exchange By balance
$1,2 8,420.00
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