THE CHINA PROVIDENT LOAN AND MOLTGAGE CO., LTD.
An extraordinary general meeting of the above Company was held at noon on the 23rd inst. There were present Messrs. R. G. Shewan (Chairman), J. H. Lewis, J. 8. van Buren, Chow Tung Shen (Directors). C. Ewens (Soli- citor), E. §. Ke ly Brownhill, C_Klink, FM Guttierrez, A. Denison, Chow Hing Kee, Lee Wing, Farg Wa Cheun, and See Wun.
The SECRETARY, having read the notice con vening the meeting, the CHAIRMAN pro- posed
"That the Capital of the Company be in creased to $2,000,000 by the creation and 1-issue of 50,0 0 New Shares of $2 · each.”
Mr. Kelley seconded, and the resolution was carried unanimously.
The CHAIRMAN then proposed:
That the commission of the General Managers be reduced to 5 per cent., and :: that the figure "8" in the sixth paragarph of Article XI of the Articles of Association of the Company be struck out and the figure "5" subatituded therefor." ----Mr. Ewans seconded, and the resolution was' carried unanimously.
The CHAIRMAN thanked the shareholders for heir attendance,, and the meeting terminated.
T HE HONGKONG LAND INVEST-
MENT AND AGENCY CO., -
LIMITED.
THE HONGKONG WEEKLY, PRESS AND
gainst any material fluctuation which may occur in the value of property in this Colony Your directors look with confidence to the pro- gressive values of property in Hongkong, bat in certain areas there must be fluctuations aris ing from various causes, and we have had an illustration of this recently consequent upon legislation affecting particular districts. Your Directors hope that you will approve the ap propriation of these abnormal profits to an "qualization of Dividend Faud in the manner proposed, and which seems likely to meet with with the concurrence of shareholders at a dis tance. Before formally proposing that the Report and Acconuts should be adopted. I will be glad to reply to any enquiries regarding them which any shareholder may wish to address me.
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[January 87, 1900,
ing the East for grod are on that sccount prevented from investing in shares of this Company by reason of the possibility of their being called upon for further capital, and per- haps at a time when it is not easy for them to make the necessary arrangements. It is the very reverse of my wish to approach the Direc- tors in a hostile spirit. On the contrary
what l have said has been said with the most friendly feelings, but with a view to having a full and free discussion on the matters touched upon think it well to propose the following as a ro. solution: --That before the next General meet, ing of the Company the sum of $1.250,000, now standing at the credit of Reserve Fund Ao- count. be transferred to Capital Account, and that new scrip be issued at $75 per share fully paid up in exchange for the present scrip of $10 with $50 only paid up, and that the Articles of Association of the Company be altered so as to make the Capital of the Company $3,750,000 fully paid up. (Applause.)
The CHAIRMAN: I am sure all of us have listened with very great interest to Mr. McConachie, but I need hardly point out to him and the other shareholders present who may e in favour of his proposition, that of course this meeting is not competent to deal with any special resolution, but MoConachie's resolution would require to be submitted to a special meeting. I may say at once with refer ence to these two resolutions that if Mr. McConachie and the gentlemen who support the views which he has expressed, will draft a letter to the Directors. putting before them their views in concrete form, it will receive the most careful and faithful attention. I may say at the outset, that, speaking for myself, and possibly my colleagues, I do not view very favourably a reduction of the capital. I o ly mention this, and I would suggest that a letter be sent to the Directors which will receive con-
Mr. MCCONACHIE said: I am sure we have all listened to the interesting speech delivered by our Chairman with mach satisfaction, and the figures which the directors have placed be- fore us show in a most gratifying way that their labours during the past year have met with much success. It is very satisfactory to the shareholders to see the Company at last in a position to commence a reserve fuud out of our earnings, and to have the position of the Company strengthened by the placing to a reserve fund for equalization of dividends the handsome sum of $250.000, which is equal to $5 per share. We all most earnestly hope that future years may be similarly prosperous, and that this is only the first of many subsequent annual additions to this most useful fund. While on the matter of the accounts of this Company I would like to draw the attention The eleventh ordinary meeting of shareholders of the Board to the eminent advisability of their of the above company was held in the offices. Vic- now taking the opportunity of relucing, and toria Buildings. Queen's. Road, Hongkong, at
if possible doing away with entirely, the liani- noon, on the 24th inst. the Hon. J. J. Keswickity of shareholders for further calls upon
their shares by a lopting one presiding. There were also present the Hɔn C. P. Chater, Messrs. N. A. Siebs, A; J.
of the following courses: Either First-sideration.
and giv. Raymond, A. Haupt. D. M. Moses, Les Sing y capitalizing the old reserve (directors), A Shelton Hooper (secretary) G. Ĉing us fully paid up scrip for 875 per Anderson, T. Aruold, G. M. Bain. J. H. Cox. share; or seco d-By capitalizing the reserve A. Denison; F. E. C. Georg, T. M. de Graoa, fund and calling up gradually the $25 out- Dr. Hartigan. D. Haskell, T. Henderson. F. H. standing on each share and completing the Honke. Douglas Jones, P. Jordan, S. A. Joseph, capital of the Company to its authorized amount A. Mackenzie, A. Me onachie, F. W. Melohers, of $5,000,000. It will be remembered by ali M. H. Michael. S. H. Michael, H N. Mody
those who are interested in the Company that A. G. Morris, E. J. Voses, C Palmer. J. Č
the old reserve fund was not sared out of earu. Peter, G. F. W. Playfair, H. A. Ritchie, H.ings, but was really a payment as premium on A. W. Slade, Gershom Stewart, G. T. Veitch, C. H. Thompson, B. C. Wilcox, Ho Fook. He Komong, Ho Tang, Lan Kwong Seak, Lo Chenng Shai (shareholders),
The SECRETARY read the notice convening the meeting.
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Mr. MCCONACHIE: It would save a great deal of labour if the Directors would take the seuse of the meeting, and take that as being sufficient without getting up any discussion. The Directors might put it in an informal man- her if necessary, for if it is not competent to pat the resolution formerly I must obey your ruling in that respect.
The CHAIRMAN: It would be more regular if you would bring forward your proposal after the passing of the report and accounts. You take no exception to the accounts or the report? Mr. MCCONACHIE: None whatever. The CHAIRMAN: Then after they are passed if ya will ask me to take the sense of the meeting I will do so with pleasure. It will be purely informal.
Mr. MOCONACHIE: Quite so. :- The CHAIRMAN: If no gentleman has any question to ask, I beg to propose :-----
"That the Report and Accounts as presented be adopted and passed."
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new sbares shortly after the formation of the Company, and that this sum may quite fairly The shares were be written in as capital. issued at a premium of 50 per cent. which the (earnings of the Companyduring the last 11 years of its existence bardly seem to have justified The CHAIRMAN said: Gentlemen, the Report I have looked into the matter of dividends and Accounts which have been in your hands distributed and find that they amount to:- for sometime I will with your permission take 1889, 7 per cent; 1891, 9$ per cout; 1891, 84 as read. In presenting them to you your Di per cent; 1892, per cent; 1893, 8 per cent; ectors feel sure that you will consider the past 1894, 8 per cent; 1895, 8 per cent; 1896, 8 per year's working has been very satisfactory, the cent; 1897, 8 per cent; 18, 10 per cent; 1899
Mr. DOUGLAS JONES: I have much pleasure net profits therein having reached the sum of 12 per cent. Ou the paid-up capital $2,500, 100 $511,090,01 as against 8270, 598.67 for the pre- this gives an average of 84 per cent, but on the in seconding the admirable report which we vious year. Dealing first wit what we consi-
actual capital received from shareholders, viz, have before us, showing as it does a steady der are regular or norinal sources of revenue $3,750,000 it only amounts to 5 per cent. W increase in what I may call the substantive The Rent account shows
business of the company. The large profils an increase of hope, however, that the bad times we have g ne $28.784.38 which, cousi·lering the large amount through are things of the past and that the wade through the sales of the property are of property we have disposed of, is satisfactory. present sound and satisfactory position of the extraneous profits, and as the Chairman has The Interest account likewise is increas. d by Com any will be of an enduring nature. already warned us, must not be counted upon the sum of $7,283.82, whilst our 'ommission Lold in common with a number of shareholders
as recuering annually. That being so I think account shows a sight decrease of $143.81, the opinion that by eliminating the possibility it is very wise to deal with these proti s as the caused by our constituents taking advantage of | of any further calls on the snares that the Dir Directors propose, thereby strengthening the the rise of property to dispose of their holdingsectors will be following a course at once advan❘ company and providing for a steady dividend previously under our management. I would tageous to all shareholders individually and chat and possibly an increasing one in the future. now particularly direct your attention to that they will also at the same time confer a boon I was going to add-not being sure that Mr. item in the accounts which has so considerably ou the whole investing public of the Colony McConachie was going to speak on the subject, —that there had b-on some talk abont capitali swelled our profits as 10 suable us to present It is most desirable that there should be som to you such a satisfactory result on the year's means of investing money in fully paid upsing the Reserve Fund, and that I felt sure the working, namely, Profits on Sales of Property, securities without the risk which must neo- which amount to the handsome sum of sarily be attendant on all industrial undertak $276,711.72 against $64,95 .71 in 18:8. I thinkings where running expenses are great, and it needless to point out to you that this item must be regarded as one which it would be hopeless to expect to recur annually in the fatare, and therefore must be considered as an abnormal item of revenue, and it is for that reason that your Directors, have proposed that the major portion of it should be placed to a Fand, which, with every hope and belief that our regular sources of revenue can in no way diminish, will au ble you to receive for some years to come a dividenl eqnalling that which you are now asked to sauction, amely 12 ver cent on the paid-up capital and thereby provide
must be fully maintained whether times be good or bad. We think that this Company has a great opportunity of supplying such s want. Our business is sound and rents ma-l always be coming in, making a return of som- sort a certainty. It would attract trust fands and permanent investors and would be a means of retaining capital in the Colony which of necessity for want of auch an investment is withdrawn and placed at home or elsewhere. It may be an easy matter to fluancs when one is ou the spot, but quite a different matter when one is at a distance. Many investors on lear-
Directors as guardians of the shareholders would be prepare to receive any propositiou which could be proved or shown to be to the interest of the shareholders, and to the general benefit of the company (Hear, hear) I heartily congratulate the Managing Director, the Directors, the Secretary and the staff of the Company for the fine statement they have laid before us, and I now beg to second the adoption of the report and accounts.
The resolution was carried unanimonslyndr On the proposal of Mr. Stewart seconded by Mr. J. H. Cox, Mesars. N. A. Siebe and, Lov Sing were re-elected directors.ocrot
Mr. C. PALMER proposed, Mr. Paras second. ed, and the appointment of Mr. M. Shellimo
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