July 25, 1904.]
Mr. N. MUMFORD proposed that the Hon. Sir Paul Chater and the Hon. W, J. Gresson be re-elected to the directorate.
Mr, J. W. C. BONNAR seconded and it) was agreed to.
Mr. H. F. CARMICHAEL proposed. Mr. GALT seconded, and it was agreed, that the Hon. Gershom Stewart and Mr. G. W. May be re-elected auditors.
CHINA OVERLAND TRADE REPORT.
again. Obeying the only mandate we could obtain from the shareholders, we called on the Company's solicitors (Messrs. Johnson, Stokes and Master) to draw up the necessary resolu tions for the appointment of a Liquidator and the registration of a new Company. Now I will first submit the terms of the agreement between the Liquidator and the New Company, and will then propose the resolutions. Before doing so, however, I should like to say that if any shareholders who have hitherto remained silent would prefer to have the Company simply wound up instead of being reconstructed as was agreed at the annual meeting, now is the time to say so and to propose a counter resolu- tion to those about to be put. Do not tacitly approve of the proposed reconstruction to-day and when the time to pay the calls arrives say you did not agree to the scheme. I can assure you the directors are not at all anxious to accept all the responsibility and trouble re- construction will involve; personally I should. for my own sake, prefer winding up the concern THE PUNJOM MINING CO., LD and writing off my loss. But having regard
The CHAIRMAN thanked those present for their attendance and announced that dividend warrants would be ready this (Monday) morning. Mr. MUMFORD said: I think, gentlemen, that the thanks of the shareholders are due to the management and the directors for the very satisfactory condition of the Electric Light Company. I think there is no other company in Hongkong in a more satisfactory condition or that has given more satisfaction to share holders than this company has during the past year (Applause.)
RECONSTRUCTION SCHEME NOT CARRIED.
The adjourned extraordinary general meeting of the Punjom Mining Co.. d.. was held on the 19th instant in the Company's offices, Beaconsfield Arcade, for consideration of the following resolutions :—
1. That it is desirable to reconstruct the Company, and accordingly that the Company be wound up voluntarily and that Arthur Rylands Lowe be and he is hereby appointed Liquidator for the purpose of such winding up. 2. That the said Liquidator be and he is hereby authorised to consent to the registra
new Company, to be called The North Punjom Mining Company Limited with a Memorandum and Articles of Association which have already been prepared with the privity and approval of the Directors of this Company.
tion of a
Mr. R. Chatterton Wilcox (chairman) pre- sided, and there were also present. Mr. W. Kerfoot Hughes (director), Ellis Kadoorie, E. Bowdler, S. A. Joseph, H. C. Wilcox, E. C. Wilks, E. Judah. Murray Bain, A. H. Ribeiro, D. Arculli, J. B. Meyer, Kelly Sayce, A. R. Lowe (acting secretary), and Mr. G. C. C. Master (solicitor to the Company).
The notice calling the meeting having been read,
to the larger interests involved and the expressed wishes of many large shareholders; having regard, moreover, to the sacrifice of the share- holders' property this would entail. I am willing to make another venture. Mr. Lock has advised us to prove our reefs, and it cer- tainly seems as though this has never been done seriously. We now propose to do this with a small outlay and try and retrieve past failure. Are you prepared to do this? Do not hesitate to speak out; if you do not want to put up more money and take any further risk say so straight out. If. on the other hand, you think these reefs in North Panjom should be proved and surface mining abandoned you will vote for the reconstruction proposed. The resolutions must, I may mention, he passed by a majority of three-fourths of those present. I will now ask Mr. Master to explain the terms of the
agreement.
67
made, but these are mostly clerical alterations. There is no alteration regarding the memorandum of association, and the articles of association remain practically the same with the exception of the alterations necessary to carry out the recon. struction. Of course the capital varies.
The CHAIRMAN—If there is any gentleman with an amendment to propose—
Mr. S. A. JOSEPH-Ïs the resolution proposed and seconded?
The CHAIRMAN-No; I will now propose the first resolution.
The resolution having been read,
Mr. H. C. WILCOX seconded its adoption. When the resolution was put to the meeting six voted for it and three against. This did not constitute the necessary three-fourths majority. The CHAIRMAN said--The resolution is lost, and that therefore concludes the business of the meeting.
The meeting then dispersed.
CANTON.
[FROM OUR CORRESPONDENT.]
16th July, 1904.
FRENCH FETES.
The celebration of the national fête day of France was well kept up here. In the forenoon there was a reception in the French Consulate. and illuminations at night in the French Con- cession, and along the Bund and in the garden, where a Portuguese string band from Macao The fireworks on the Bund was playing.
attracted a great number of sightseers on shore and in flower-boats. At 11 p.m. there was a soirée in the Consulate. H. E. the Governor of Macao sent his adjutant to represent him.
** UNEASY LIES THE HEAD."
To-day the Viceroy Shum Chou Hun is going again to Kwangsi to fight the rebels, all the official business of the Viceroyalty being in charge of the Provincial Treasurer. H. E. is sick, and it is being said he may never return from this expedition.
CORRESPONDENCE.
À
"BOY" PROBLEM.
TO THE EDITOR OF THE "DAILY PRESS.
DEAR SIR.--I read with disgust Mr. Gompertz's decision, in the case where a man charged his boy' with stealing one of his vests. It seems to my un-official mind that the result of this decision will be, that one's boy can, in future, wear one's vest with impunity.
Therefore the only thing to be done, so long as the present regime exists in the senior Magistrate's Court, is to take the law into one's own hands.
Enclosing my card.
3. That the draft agreement submitted to Mr. MASTER The terms of the agreement this meeting and expressed to be made between shortly-that is the portion relating to the this Company of the first part and its Liqui-surrender of the interests of the shareholders in dator of the second part and the new Company the present Company and the acquisition of of the third part be and the same is hereby ap- shares in the new Company-are that, passing proved, and the said Liquidator be and he is over the formal parts which always appear in hereby authorised, pursuant to Section 149 of agreements of this sort where an old Company the Companies Ordinance, 1865, to enter into transfers to a new Company all its assets and an agreement with such new Company when liabilities and the new Company undertakes all incorporated in the terms of the said draft, and such-the new Company in consideration of such to carry the same into effect with such (if any) transfer is to allot to the liquidator on behalf of modifications as he thinks expedient.
the shareholders in the old Company 67,500 shares of $4 each in the following proportions, namely-60,000 shares to be awarded to the existing shareholders, that is the sharehold. ers in the old Company, in exchange for the present value of paid-up scrip in the old Company; that is, all the scrip in the old Company is surrendered in exchange for the 60,000 shares of the new Company. Of the new shares--the $4 new shares-$1 per share is to be considered as the value paid up, and the
I am yours, etc. The CHAIRMAN said-Gentlemen.-The meet remaining $3 are to be called up. The $3 is
SUMMARY JUSTICE. ing called by that notice was adjourned last to be called up as follows:-$1 on allotment,
[While sympathising with our correspondent's week under the authority of Article 75 of the one-third of 50 cents on 31st December, 1904, Articles of Association. I am glad to see one-third of 50 cents on 15th June, 1905, which dilemma we must deprecate strongly the threat we have a quorum to-day. The business leaves $1 to be called up when and how required. with which he concludes. There must be some are assembled is to carry in To the preference shareholders 7,500 shares are to solution to the problem, probably in the direction of some modification of the charge to effect the decision arrived at by show of le allowed in the following proportions, namely to be laid in such cases. It is not to be supposed hands at the annual meeting held on the 1st one fully paid-up share of the face value of $4 in June. Since that meeting your directors have exchange for four of the existing preference that this decision is a licence for all the "boys" used every effort to ascertain the views and shares. But these 7,500 will not be preference in Hongkong to wear their masters' apparel. wishes of the shareholders as to the future of shares. They will stand in the same category | ED. D. P.] the Company, being anxious not to commit as the other 60,000 shares. Then the remainder themselves to a course which they might after- of the agreement contains the usual provisiona wards repent or which might be questioned as with regard to the liquidator doing what is either hasty or injudicious. They accordingly necessary to carry out the liquidation and first summoned a private meeting of the pre-complete it and also dealing with dissentient ference shareholders, and finding opinion divided shareholders. There is in the Companies among them as to their position in the proposed Ordinance a claim which enables a dissentient
taking certain steps new Company, your directors drew up alterna- shareholder on
the market value of his shares. tive schemes with an explanatory note and have submitted these to all the known shareholders He is not forced to go in. By taking
certain steps he
have the market within reach and posted them to others. I am
value of his shares. I do not know whether sorry to say that the responses to this appeal were not as numerous as we should have liked to see
you wish me to read the agreement from be or might have expected, but of the forty or so ginning to end. There are 14 clauses altogether. The CHAIRMAN-I do not think it is returned all were, with two exceptions, in favour of the "A" scheme, which abolishes the Preference shares by substituting for them Ordinary shares fully paid up, of the same face value. Our reasons for this step have already been clearly stated, and it would be a mere waste of your time to travel over the ground
for which we
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necessary.
can
to
Mr. Master—The articles of association, if this resolution is carried, are practically the same as before, only the Company is going to be called the North Punjom Mining Company. There are certain alterations necessary to be
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A SHOCKING TRAGEDY.
THREE SOLDIERS SHOT DEAD ON STONECUTTERS' ISLAND.
A shocking tragedy occurred at Stonecutters' Island in the early hours of the 17th inst. Three soldiers were shot dead. As an inquest has not yet been held, we can give only the supposed facts, which are as follows:--An Indian soldier, a private in the 114th Mahrattas. was on sentry duty at the East Battery, Stone- outters' Island. Buddenly he lost his head, ort to use a more general phrase for such cases,
ran amok." He rushed forward and shot a brother private and then a sergeant, both of whom belonged to the same regiment. Then, apparently having realised what he had done, he pointed the mussle of the gun at his own chest and shot himself. The three men, the one who is supposed to have committed suicide