July 18, 1903.] CHINA LIGHT & POWER CO., LD.'
An extraordinary general meeting of share- holders in the above Company was held at the offices of the general managers, Messrs. Shewan, Tomes & Co., on the 13th inst,, for the purpose of confirming the three resolutious passed at a meeting held on the 27th ult. The Hon. R. Shewan (chairman) presided, and the others present were the Hon. Sir C. P. Chater, C.M.G., and Messrs. D. E Brown, J. H. Lewis (directors), A. G. Gordon, A. Reid, C. A. Tomes, A. Babington, Fung Wa Chun, and R. Hender- son (storetar ).
The notice calling the meeting having been read,
C
re-
The CHAIRMAN proposed the confirmation of the first resolution, which was as follows:-
That the capital of the Company be duced from $300,00 (divided into 15,0.0 shares of $20 each)||to $150,000 (divided into 15,000 shares of $1 each) aud that such redaction be effected by reducing the nominal amount of all the shares in the Company's capital from $20 to $10 per share.”
sir l'AUL CHATER seconded, and the motion was carried unanimously.
*
The CHAIRMAN proposed the second resolu- tion, as follows :—** That after such reduction the capital of the Company be increased from $150,000 (divided into 15,000 shares of $10 each) to $300,000 (divided into 30,000 shares of $10! éach) by the creation of 15,050 new shares of $10 each to be offered aud if accepted-to be allotted to the present shareholders of the Company in the ratio and proportion of one new share for every old share in the Company held by the respective shareholders thereof.
Mr. BROWN seconded, and the resolution was confirmed, nem, diss||||
The CHAIRMAN then moved the confirmation of the third and last resolution, the terms of which were :—' That in consideration of the guarantee and undertaking now given by Messrs. Shewan, Tomes & Co. (the general managers of the Compauy) and testified by their signature hereto (and to be further testified by the execution by the said Shewao, Tomes & Co. of a separate instrument of guarantee to be executed contemporaneously with the debenture trast deed or mortgage hereinafter referred to and to be held by the trustees thereof to be appointed as hereinafter mentioned) that the dividend for the years 1903, 19.4 and 1905 in respect of the new shares referred to in the second of the preceding resolutions shall not fall below the rate of 6 per centum per aunum in each and every one of the said three years; the said Shewan, Tomes & Co. as such general managers as aforesaid be and they hereby are authorised to issus debentures to the amount of not more than $200,000 on the property of the Company to be secured by a duly executed mortgage thereof by the Company to such persons as trustees for and on behalf of the deben- ture holders as the said Shewan, Tomes & Co. may by writing under their hand appoint. The said debentures to be issued in the shape of bonds for $1,000 or $100 each at the debenture holders' option respectively, but so that the aggregate amount in value of such ebentares taken together shall not exceed the sum of $200,000. The bonds for and in respect of "the said debentures may be issued at a discount not exceeding 24 per cent, on the face value thereof, but so that the holders respectively of such debentures shall not be entitled to be repaid more than the face value thereof. The said debentures to bear interest at the rate of 8 per cent, per annum to be computed from the date of actual issue to the respective holders thereof and to be repayable within years from and after the date of such actual issue in manner following, that is to say-No portion of the amount paid in respect of any of such debentures shall be repayable during the first three years following the date of the actual issue thereof, but upon the expiration of such period of three years there shall be repaid in respect of each debenture to each and every holder thereof
(a) "One quarter of the amount paid in respect thereof within six calendar months following the expiration of the said period of three years;
(b) Cne quarter of the amount paid in respect thereof within twelve calendar months
three years;
CHINA OVERLAND TRADE REPORT. following the expiration of the said period of
(c) One quarter of the amount paid in respect thereof within eighteeu calendar months following the expiration of the said period of
three
14
and
years, ; (One quarter of the amount paid in respect thereof within twenty-four calendar months following the expiration of the said period of three years.'
Mr. LEWIS seconded, and the resolution was unanimously approved.
This was all the business.
NEW AMOY DOCK CO., LD,
The following is the report of the above Company presented to the shareholders at the eleventh ordinary yearly m sting held at the office of Messrs. Bogd & Co., Amoy, ou the 8th July:-
{
Aunexed I beg to submit to shareholders the usual annual statement of accounts of the year!
the year's
ending 31st December, 1902. The net profit on
working is
Add balance carried from la-1 year
less bouns...
which it is proposed to deal with as under :
Commission and fees to general manager, manager and consulting committee
To 10-erve (making it sland
$55,500)...
Dividend of $2.50 per share Carry forward .......
47
The CHAIRMAN moved the adoption of the report and statement of accounts.
Mr. MURRAY BAIN seconded He said -As au old shareholder in this Company, it appears to me that there is some hope for getting some return for our money. Mr. Larken has laboured long and faithfully, and we have all been very unfortunate, but now there seems to be a hope; and I sincerely trust it will be realised.
The motion was agreed to.
The CHAIRMAN moved the appointment as auditors of Mr. Evatt iu Singapore and Mr. W. Hatton Potts in Hongkong.
Mr. MANCELL seconded, and the motion was agreed to.
This was all the business.
ROYAL HONGKONG GOLF CLUB QUARTERLY MEETING.
The following cards were returned :-
MACEWEN CUP. Mr. W. C. D. Turner Mr. E. J. Grist
95 17
85
$42,681.94
Mr. C. W. May
91
6
85
Mr. H. E. Hunter
100
15
85
43.13
43,085,13
Mr. A. R. Lowe Dr. J. M. Atkinson Mr. N. J. Stabb
105
18
87
106 18
88
109
17
92
8 586 39
31 entries. BOGEYND MARTIN CUP. Dr. Drew, RN. Mr. W. C. D. Turner Mr. E. J. Grist 15,000.00 | Mr. C. W. May 15,000,09 | Mr. J. Johnstou
4,548.74 Dr. J. M. Atkinson
43,085.13
13
3
•
£quare
+4
1 down
4
3 down
•+
W
4 down
་་
14
8 down
29 entries.
POOL.
85
4
106
18
81 89
To enable the dock to do the work which it is now competing for, up-to-date machinery had to be bought, and much beavier stocks of material carried, and in order to give the shareholders a better idea I give blow the amounts expended in plant and machinery and addit ons to stock of materials, etc. since 896, viz: Extension of dock art sans' houses, etc. $11,551.16 Plant and machinery
Excess of material carried over that
in 1896
GENERAL MANAGER,
Mr. W. S. Orr was given this appointment.
CONBUL'ING COMMITTEE.
In accordance with Section V of the Articles of Association the present membe: 8. Messrs. B. Hempel and J. P. Wingate, retire, but being eligible offer themselves for re-election.
AUDITO: 8.
The accounts have been audited by Messra. W. Wilson and J. McArthur, and their re- election is recommended.
W. S. OKE, General Manager.
Mr. E. J. Grist Dr. J. M Atkinson
rec. 11 strokes 2 up ·
15 entries.
THE JAPANESE IN MANCHURIA.
In giving an account of his recent journey in Manchuria, the Jiji's Peking correspondent 32,155.43 | strongly attacks those who hold the view that, as Japanese have begun to immigrate into 33,629.89 Manchuria since the occupation of that Chinese territory by the Russians and since the latter are at present the ouly customers of the Japanese merchants there, there is no reason why this conntry should oppose the Russian occupation of Manchuria. The correspondent says that there are about 5,000 Japanese in Manchuria and that most of them are barbers, photo- graphers or laundry-men by profession, none of them carrying on business on a large scale owing to lack of sufficient cap't 1. The amount of profit earned by our emigrants to Manchuria from their business dealings with the Russians must consequently be very small. Granting, however, continues the correspondent, that they are actually making out of their business a fair sum of profit, this profit is a trifle compared with the importance of the policy hitherto pursued by this Empire in connection with Manchuria. Our policy has been to check Russian aggression on the Corean frontiers. The preservation of the territorial integrity of the peninsular kingdom being a question of life aul death for this country, Japan must go, if necessary, so far as to sacrifice the business advaitagas enjoyed by a small number of her sons abroad, no matter how great these advantages may be, for the purpose of attaining the success of the above- mentioned policy. This is the fundamental ground, upon which the writer arges the Bussian evacuation of Mnchuria.
TEBRAU PLANTING CO., LD.
The annual meeting of the above Company was held on the 14th inst. in the offices of the general managers (Messrs. John D. Humphreys & Son). Mr. Hart Buck (chairman) presided, and there were also present Messrs. H. Humphreys, G. Murray B in, A. H. Mancell. A. P. Nobbs, J. S. Hagen, Lau Chu Pak, T. M. Wodg, and J. L. Cotter (secretary).
The KCRETARY hearing read the notice calling the meeting,
The CHAIRMAN said Gentlemen, The report and statement of accounts have been in your bands for some time. I will therefore follow the usual custom and take them as read. As the report of our manager, Mr. Larken, is also attached it is not necessary for me to say very much to you. As far as our prospects are concerned, it appears that our only hope is our Para Rubber Plantation, and this certainly looks most promising. The samples of rubber you see on the table, which are from the first tapping of our trees, are pronounced by experts to be of excellent quality and if everything goes well and prices keep up it appears to be only a question of quantity as to whether cur plantation is to be a financial success or not. Before moving the adoption of the report and statement of accounts I will be pleased to give any shareholder any further information he may desire.
There being no questions,
Further, the Jijî's correspondent is of opinion that the Japanese in Manchuria ought not to confine their business transactions to the Russians only but that they should rather extend the sphere of their business among the natives, whose number is of course larger than that of the Muscovites. He is also sure that by seeking customers among the Chinese our tradesmen will never loss but will on the contrary increase their profita. It is needless to say that the withdrawal of Russians from Manchuria will afford the Japanese a better chance of carrying on direct business with the natives. So, concludes the correspondent, the sooner the Russian evacuation takes place, the better will it be for the interests of the Japanese- in Manchuria from a practical point of view.