** BUSINESS,
The Company's business in Hongkong has continued to grow and give satisfactory resulte. At Shanghai the results continued to be un. ctory, so that branch was closed at the
December.
GENERAL MANAGERS.
Arthur Anderson having left the Colony, proposed to appoint Messrs, Dodwell and Company, Ltd., General Managers, and for this purpose certain alterations in the Articles of Association will be submitted to the Sharehold- ers at an Extraordinary General Meeting.
AUDITOR.
The accounts now presented have been audited by Mr. W. H. Potts, who offers himself for re- eloption
E. 8. WHEALLEE,
General Manager. Hongkong, 19th July, 1899.
BALKON SHEer, 81st May, 1899. LIABILITIES.
$ 0
To capital 9,900 ordinary shares of 8
$10, of which $2 per share paid 19,800.00 100 founders' shares of $10 fully
paid
0.
1,000.00
20,800.00 17,371.94
To bills payable
To sundry creditors
To proft and loss account, balancs
By cost of launch Gladiator..
ABETI.
Lama written off
7,500.00 750.00
1
By value of furniture and plant as
per last mocount.
815.75
Binos expanded.
147.71
963.45
By amount written off and proceeds
́of Shanghai plant.
503.48
By value of material on hand
By unexpired portion of insurance policies.. By madry debtors
By cash in hands of General Agents j...
25,110.83 6,991.00
$70,282.56
0.
6,760.00
400.00 55,318.04 89:44 7,092,55 32.65
THE HONGKONG WEEKLY PRESS AND
reluctantly came to the conclusion that Shang- hat was not a field for this company and that we had better shut up, which we did at the end of last year. We are keeping a look-out for any field which is within our scope where it may be desirable to establish a branch, but after the experience we have had in Shanghai we shall go rather slowly. At present our efforts are confined to developing and foster- ing the Hongkong business, and I think that next year we should be able to come before you with a satisfactory report. Although we are not dividing the profits this year the larger portion will be carried forward. We propose to write off $750 for the launch Gladiator; nothing has been written off for it hitherto and it is in ex- cellent order. We are also writing off a rather large sum-$445 L6-for furniture and plant. In closing the Shanghai branch and selling the furniture there was a loss which is included in the amount written off. I do not know that there is any other point I need refer to. I shall be pleased to answer any questions before moving the adoption of the report.
No questions being asked the report was adopted on the motion of the CHAIRMAN, 80- conded by Mr. COOKE.
[July 29, 1899.
(n.) Article VI., Sub-section 1-By elimin- ating therefrom the word "Two” aud substi- tuting therefor the words "Dodwell and Com- pany, Limited, as."
(b) Wholly expunging Artiole VI., S section 2, and substituting therefor the follow ing Article, namely:-" The General Managers shall hold in their own right not less than 200 shares in the Company upon each of which all calls for the time being due shall Lave been fully paid up, and shall take the entire superin- tendence or direction of the business and work- ing of the Company. The representative in Hongkong for the time being of the General Managers shall take the chair at all meetings of the shareholders of the Company."
(c.) Wholly expunging article VI., sub- section 3, and correspondingly renumbering sub-sections 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14.
(d.) Eliminating the words "one of" from the last line of article VI., sub-section 7, (as re-numbere 1).
(e.): Eliminating from sub-section 8 (as re numbered) of article VI, the words "or by the General Agents" and the words "and with the remuneration of the General Ageuts."
(f) Wholly expunging article VI., present Mr. COOKE-Before anything else is done I sub-sections 10 and 11, and re numbering and should like to ask. if I am in order in asking. substituting therefor the following articles, if it is possible in any way to recognise the namely:-(9) The remuneration of the General services of Mr. Arthur Anderson. I believe Managers shall be a commission of 5 per cent. be had a great deal to d with the initi | upon all gross sales, in returu for which they shall working of this business and with its success provide in their offices all necessary olerical assistance for conducting the business of the up to the present, and I really think his ser- rices should be recognised in some way. Un-Company. The General Managers shall also fortunately he has had to sever his connection with your firm but I think if we can do it at all there should be some recognition of his very valuable services
The CHAIRMAN-In reference to what Mr. Cooke has just said, I may say that in deciding that there should be no dividend this year I felt that perhaps it was hardest on Mr. Anderson. The profits you have made would eu ble the
to
15 per cent. company
after pay which Mr. Anderson would have been en- titled to $1,000. It would also have enabled the founders to be paid a dividend and the 70,282.48 ordinary shareholders a further five per cent. The only way in which this can be dealt with is, I think. for any of you gentlemen to propose that Mr. Anderson be paid $1,000, leaving it to the General Manager to make the payment. I think you are entitled to do that.
PROFIT AND Loss Account, 81ær May, 1899. trade expenses, salaries, commissions, $ launch working, rent, advertising, etc.
To interesta c
To anditor's fee.
To balance appropriated as follow-
29,485.51 1,502.91 50.00
„Amount written off launch Gladi-
ator
750.00
Amount written off furniture and
plant
Amount carried to new zooount ..
445.00 6,991.00
8,186.16
$89,224.58
X
By balance from last secount By profit on sales
By transfer feed
C.
986.46 38,2.15.12 28.00
Mr. COOKE proposed that Mr. Arthur Ander son be paid $1,000 out of the profits of the year for his services to the company.
Mr. G. STEWART-I have much pleasure in secouding that. I know that Mr. Anderson had a great deal of work to do in the initial stage of this company's career, and I think he deserves some recognition.
The motion was carried unanimously, the CHAIRMAN remarking, in putting the motion -No one knows better than myself the amount of work Mr. Anderson did for the company.
On the motion of Mr. CRAWFORD, seconded $39,2:4.58 by Mr. Cook, Mr. W. Hutton Potts was re-
elected auditor.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, you have had the accounts and report in your hands for some time, and with your permission we will take them as read. At the last meeting the Chairman said he hoped that on the present occasion we should be able to pay you a dividend. We have earned a dividend, but unfortunately we cannot pay it. We consider that in dealing with a company of this sort instead of calling up capital it is much better to go slowly and find out the company was likely to do and what the results were likely to be. It is not improbable before the next annual meeting we may
The
think it desirable to make a small call, working of the company in Hongkong has continued to show satisfactory results. The business has grown and the accounts show that the profite have grown. Shanghai, unfor- tunately, continues to give unsatisfactory results. It was stated at the last meeting
that it had been decided to continue the
Shanghai branch for a further period to see hether the hopes then entertained were fal- filled. Those hopes were not fulfilled. Shang- hai showed no immediate improvement, and we
be entitled after a dividend of not less than $15 per cent. per annum, calculated on the actua amount for the time being paid up on the ordinary shares, has been paid to the ordinary shareholders, to an additional $2,000 per annum so long as such dividend is maintained." (10) The General Managers shall have power to appoint Agents in other places for the Maugement of the business of the Company, the salaries of who shall be paid by the Company, and may issue Powers of Attorney for the appointment of such Agents.”
(g.) Eliminating the words "the General Agents, and "from the second line; the words or any of them "from the third line, and the from the fourth words General Agents or line of Sub section 12 (as re-numbered) of Artic.e VI.
"
(h) Eliminating from Article VIII. Sub. section 12, the word "Agents" and substitating therefor the word "Managers."
(j.) Eliminating from Article IX., Sub-section 3, the words "or either of them."
(k) Eliminating from Article X., Sub-section 13, the words " under the hands of" and sub- stituting therefor the words "given by."
(l.) Wholly expunging Artiole XIV., Sub. section 5, and substituting therefor. the follow. · ing Article, namely:-" (5. The representative in Hongkong for the time being of the General Managers shall preside at every meeting of the Company. In case at any meeting such repre- sentative shall not be present within half an The CHAIRMAN-That concludes the busi-hour after the time appointed for holding the ness of the ordinary meeting. We will now proceed with the business of the extraordinary meeting:
The SECRETARY read the notice convening the exteraordinary meeting, which had been called for the purpose of submitting a special resolu- tion making certain alterations in the company's Articles of Association. +
The CHAIRMAN-A copy of the resolution has been posted to each shareholder and has been in your hands for some days. The only object of these alterations is to provide for the absence of Mr. Anderson and for a change in the constitution of the firm from Dodwell,
Carlill, and Company to Dodwell and Com- pauy, Limited. In making that change it has been considered advisable to abolish the general managers altogether. Since Mr. Anderson's departure I have been the gen eral manager, and as far as Hongkong is con- cerned I am Dodwell and Company. Limited, so that the whole thing is a litle bit of a farce. I do not think it is necessary to have any general managers on the lines we have had them before. There is nothing else in the proposed alterations. Therefore I propose:"That the Articles of Association of the Company be altered in man. ner following:
meeting the shareholders present shall choose some of their number to be Chairman."
(m.) Eliminating from Article XXII. the words "General Agents.”
Mr. GRAWFORD-I beg to ask as a matter of form whether the solicitors of the company have assured you, us į suppose they have, that the Articles as altered are quite in order.
The CHAIRMAN-l'he solicitors drew these alterations up.
Mr. SKINNER seconded tae motion which was carried unanimously.
The CHAIRMAN' comfirmatory extra- ordinary general meeting will be hon Friday, the lth of August. That is a. the business to-day. I have to thank attendance,
yon for
your
The Rev. Nathan J. Plumb, one of the oldest
foreign residents of Foochow died at Sharp Peak ou Tuesday, 11th July. Mr. Plumb came to Foocl.ow thirty-two years ago as a mission. ary of the Methodist Episcopal Church and has been one of the most esteemed and successful labourers of that Church, greatly beloved by the Chinese and highly esteemed in the community
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