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was another well for gardening purposes and he did not think that both were needed.
The PRESIDENT moved that the well be ordered to be closed, giving the owner two weeks in which to make the necessary arrange- ments with the Water Authority for laying ou water from the main to the premises.
The VICE-PRESIDENT seconded, and the motion was agreed to.
WELL AT WONGNEICHEONG.
Relative to the order of the Board for the closing of the well at No. 9, Wongneicheong, the owner, Ng Li King, wrote asking the Board to reconsider their decision, as the water was used only for washing and cleansing purposes and watering the plants in the garden.
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The PRESIDENT moved that the Board adhere to their former decision.
Mr. POLLOCK seconded, and the motion was agreed to.
ANALYSIS OF MILK.
Mr. A. C. Franklin reported on his analysis of two samples of fresh milk sent to him by Inspector C. W. Brett. The first, bought from a dairy at No. 40, Cochrane Street, was found to be genuine. In the second case. from 57. Elgin Road, Kowloon, analysis showed that the milk was not perfectly mixed before delivery to the purchaser. No opinion as to its genuine. ness could be expressed, reported the Analyst.
Mr. Pollock minuted:-What is meant by milk not being perfectly mixed:" Mr. Hawett:-If, as I gather. the Elgin Road milk has been doctored," cannot the seller be prosecuted in view of the opinion given by the Analyst ?
**
The PRESIDENT in answer to Mr. Pollock's query said the phrase meant that the milk bad been taken from the top of the сад, which Was more creamy than the bottom. This was milk bought in bottles. It had not been properly mixed before being hottled, and contained too much fat.
WATER ANALYSIS,
The Analyst's report on the water supply for the month of August showed that it was of excellent quality.
LIMEWASHING.
The limewashing return for the fortnight ended 30th August showed that 454 houses in the Eastern district had been limewashed since last report.
BAT RETURN.
During the fortnight ended 5th September. it was reported, 1,059 rats were destroyed. Of these 29 were infected.
There was no other business of public in terest before the meeting.
THE NATIONAL BANK OF CHINA, LIMITED.
THE HONGKONG WEEKLY PRESS AND
On the 3rd inst. was held an extraordinary general meeting of the shareholders of this Bank. Present:-Messrs J. Focke (chairman). G. C. Moxon, Kwan Fong Kuk. (directors). George W. F. Playfair (chief manager). Fung Wa Chun, Chow Shui Ki. H. Pinckney, E. W. Terry, E. D. Haskell. Wai Ki Shang. Ng Chitt Mi, Fung Hoi, etc.
shareholder to do this so as to extinguish the right of the founder which might stand in the way of raising additional capital, if desired.
Proxies received for the resolution were 497 ordinary, 279 founders. (for) and 88 ordinary, and 4 founders (against.)
Having mentioned this, the Chairman moved "that the capital of the Company be reduced from £1,000,000, divided into 750 shares of £1 each (founders shares). and 99.925 shares of £10 each (Ordinary) to £699.475, divided into 99,925 shares of £7 each, and that such reduc- tion be effected by writing off the whole amount paid or credited as paid on each of the 750 £1 shares and cancelling those shares, and by writing off £3 per share part of the sum of £8 per share which has been paid or credited us paid on the 40.453 shares of £10 each which have been issued, and by reducing each of the 99.925 shares of £10 each to a share of £7.“ ¡
Mr. NG CHITT-MI seconded.
Carried.
The CHAIRMAN announced that a con- firmatory meeting would be held on the 24th instant; and thanked those present for attending.
A meeting of ordinary share holders followed, at which the CHAIRMAN, without much pream ble, proposed that the resolution passed at the extraordinary general meeting of the Company held on the 3rd day of September. 1904. for the reduction of the Company's capital-involving the extinguishment of the founders' shares and the writing off of 43 per share on each of the ordinary shares-being confirmed and sanction- ed by the Court, there be paid out of the profits of the Company in priority to any dividend on the ordinary shares to every person at the date of the passing of this Resolution registered us the holder of a founder's share, or founders' shares the sum of £1 for every such share registered in his name. and that the rights belonging to the holders of ordinary shares shall be and the same are hereby altered accordingly."
Proxies in favour of this numbered 15.297 shares, and against it. 88.
The CHAIRMAN said that when the Bank was started exchange was over 3/ per dollar and capital was laid down in the East at 3 average. but as exchange had now reached a much lower level it had been felt that capital should be written down to a true basis and it was proposed to ask the Court in 1 oudon to allow them to do so. They proposed to take the capital at Is. 8d. which with the addition of balance on 31st December and capital reserve fund and part of ordinary reserve would bring the shares to £5 -paid up on a share of 17 instead of ES paid up on a share of £10. The only other item alter- ed was that their sterling securities had been altered to 1/8 and the difference shown as an addition to the reserve fund. With regard to the abolition of the founders' shares they were at present worth nothing because the directors acknowledged 8 loss of capital by the fall in exchange and these were first to bear such loss therefore would be absolutely wiped out. But it was proposed that at the subse- quent meeting it should be agreed that the founders should be paid at par value of their shares and the founder wou'd get £1 for what was worth nothing at prosent; and at the same time it was worth the while of the ordinary'
Mr. E. W. TERRY secouded. Carried.
THE ASTOR HOUSE HOTEL
CO., LD.
་་
-:0:
The third annual general meeting of this Company was held at Shanghai on the 22nd August. There were present Messrs. F. Anderson and L. J. Cubitt (Directors). J. Alston. J. O. P. Bland, C. R. Burkill, H. H. Cunningham, R. S. Freeman, H. G. Gardner, W. S. Jackson, E. J. Loureiro, A. R. Leake, G. H. Thomson. H. Browett (Legal adviser) and A. Levey (Secretary).
J
The CHAIRMAN: You will see that for the first time we have published a profit and loss account which gives details interesting to the shareholders. In the balance-sheet for the first time the land appears in the assets and the debentures
that we have issued against it under the heading of liabilities. The land of the company stands therein at a figure which is very considerably below its market value. The only other item is that the stock of wines is very much lower than it was. It was the opinion of the directors that the stock was very much greater than was necessary for the economical working of the hotel, and therefore their policy has been to reduce it considerably. The new buildings which were erected at the side of the hotel were not open until November of last year, whereas interest on the debentures issued to pay for them began to be paid as early as June, so that we were paying interest for five months before we were in receipt of any revenue from the new buildings. Last year there was a cholera scare in the autumn which materially reduced the revenue of the hotel; in fact the profits up to the 31st December last were very little over $12.000 owing to the falling off in our receipts, and the great bulk of our income has been made in the six months ending 30th June. This year we have had to suffer from the effects of the war, insomuch as it has kept away a great many tourists and people who, when passing through China. generally stay here for some time. On the other hand the loss of revenue under that head is made up
[September 10, 1904.
by the exceptional number of refugees who came here on the declaration of war. The Hankow part of our property has been most unsatisfactory for a considerable time past. The loss in the past two years came to close upon $15,000. We have sublet it for five years, and the terms on which we have done so are that we lose about $800 a year net rental, and the directors have considered that it would be advisable to write down the improvements of the property at the rate of 84,500 a year, which will practically extinguish the amount under that heading by the time our lease ex- pires, so you may take it that the loss which We provide for amounts to about $5,500 a year. We have entered into negoti tions for the disposal of the garden in the front of the hotel. We were approached by a buyer whose business will not in any way interfere with the hotel. He can safeguard any question of opposition either in the form of a hotal or a boarding-house, but provided we get the sum whi h we asked, we think there is no doubt that it would be satisfactory to the prosperity of the company if the garden were sold. price we named was a fairly high one. but we consider that the position is such that it is not too high, and we settled the price after consulta. tion with the trustees of the debenture holders. Since the closing of the accounts, the revenue has been more favourable than it was during the same time last year. We are endeavouring to effect certain economies in the working of the hotel, and if we are successful in carry- ing them out they should also make difference in the accounts.
The
The following resolutions were put to the meeting and carried nem, dis. :~~-~-
Proposed by the CHAIRMAN, seconded by Mr. L. J. CUBITT:-That the report and accounts as presented be passed.
Proposed by Mr. C. R. BURKILL, seconded by Mr. R. FREEMAN-That the appoint- ment of Mr. L. J. Cubitt as director be confirmed.
Proposed by Mr. W. 8. JACKSON, seconded by Mr. R. S. FREEMAN :-That Mr. F. C. Hoffeer be re-elected a director of the company.
Proposed by Mr. H. GEARY GARDNER, 80- couded by Mr. J. ALSTON :-That the appoint- ment of Mr. Anderson as a director confirmed.
be
Proposed by Mr. R. S. FREEHAN, secondod by Mr. C. R. BURKILL:-That Messrs. A. K. Leake and G. H. Thomson. chartered account- ants, be re-elected auditors.
The following is the report of the Directors presented at the Third Annual General Meet- ing.
GENTLEMEN,- The Directors have pleasure in submitting their report and statement of accounts to 30th June, 1904.
From the accompanying statement, it will bu- Been that there is a disposable balance of $75,989.01, which the Directors propose to deal with as under :-
To pay a dividend of 10
per cent. absorbing... $56,000.00 To write off Goodwill Ae-
count
10,000.00 To carry forward.
9,989.01 Ample depreciation has been allowed Buildings, Plant. Furniture. Fixtures, Cutlery. Napery, etc.
on
Hankow Branch.-This has been sublet, and the loss is now about $1,500 a year: this includes a sum for depreciation, which will reduce the book value of our assets at the end of our lease to a nominal sum.
Issue of Capital.-Owing to the `ncrease of the business, rendering the working capital of the Company insufficient for its requirements, the Directors have decided to issue fresh capital to the extent of $80.000, and to offer same to the shareholders on the register on 22nd August. 1904. at the rate of one new share to every seven old. The shares will be issued at par, and are payable before 30th September, 9 4. This new issue will rank for dividend from 1st July, 1904.
Directorate.-Mr. Ayscough resigned his position owing to his departure for home, and Mr. Cubitt has taken his place. His appoint- ment and also that of Mr. F. Anderson, who has joined the Board, require the confirmation of the shareholders. Mr. Heffer, who has boon granted leave of absence, retires by rotation. but being eligible, offers himself for re-election