July 8, 1907.1
Time-2 min. 49-4,5 secs. The Pari Mutuel paid on the winner $57.70, while the cash sweeps paid $441 on the first, $126 on the second, and 363 on the third pony.
COMPANY MEETINGS.
8. MOUTRIE AND CO., LTD.
The eighth annual meeting of S. Moutrie & Co. Ld. was held at Shanghai June 27. There were present Messrs. E. C. Pearce; (Chairman) J. M. Young and W. C. Murray (Directors) Mrs. F. Nazer, C. C. Duzman, A. F. Jones, A. Mansfield, apt. W. Smith G. Paine, J. A. Ballard, F. M. Matthews, (Shareholders) L. Jupp (Manager) and R. T. Brimer (ecretary) representing 880 shares.
·
CHINA OVERLAND TRADE REPORT, that anticipated growth, which unfortunately as I have already pointed out has not yet shown itself owing to the slackness of trade generally. Your increased stock has not unnaturally led to the necessity of raising monetary accommodation, and as shown in the accounts we have had to obtain a loan of $21,000,00 as well as increasing one Bank overdraft to $42,901.99, this has caused further expenditure in interest which for these nine months at 34, 82.50 as against $2,477 43 last year. You will also notice that we have written off $2.813.44 for bad and doubtful debts.
The Chairman said:--Ladies and Gentle men-In moving the adoption of the report and accounts which have leen in your hands some few days, I presume if no shareholder present has any objection I may take them as read. Before making any reference to the accounts, Ladies and gentlemen, I must refer to the extreme regret that we all feel in the antimely death of our very respected Managing Director, Mr. Moutrie, whose energy and hard work in connection with the company have been of the greatest assistance in the welfare of your business since its formation. In his lamentable death the company bas lost a valu able and honourable worker. I am sure that in expressing our heartfelt sympathy towards his widow and family I am only echoing the feeling of all shareholders present and absent. Due to the death of Mr. Moutrie the management falls on the hands of Mr. J. H. Hinton who unfor tunately at the moment is away in England on sick leave.
In the meantime however your business in being conducted by Mr. L. Jupp, iu whom your Directors place the utmost con- fidence, his acting appointment having heen approved by Mr. Hintin. Mr. Mansfield Las been placed in charge of the factory. In turn- ing to the accounts for the nine mouths terminating 31st March, it is with regret that your board is unable to r commend any dividend, proposing as they do to carry forwd to next year's working the balance of $19,329.58 standing at the credit of profit and loss account. ¡ As you are all aware trade in Shanghai for the period these accounts corer has been far from satisfactory, and & business like ours which is more or less a luxury to the purchasing public, is the first to feel the pinch of bad times. The working account for the nine months under review show I regret to say only $18.4 97.3 profit as against. 842,132.87 for the year termit ating June 1906. This result, I need hardly say, is disappointing and requires an explanation. In making a careful study of the different depart. ments, in order to ascertain the cause for so unsatisfactory an out-turn we find that the demand for pianos has declined vy considerably and our sale of these instruments during the nine
;
i
The increase in Furniture Fixing and Tools of some $1500.—is dne to cost of extra machinery at your factory, which will pay for itself as time goes on in the saving of labour wages. It is rather against my principles to say anything about snoh an unkown factor as the future, but this I can state that every effort is being made to reduce your stocks and minimise expenditura and judging by the manner in which this year has started in sales of pianos, and other musical instruments, I think that we may confidentially look for better results during the ensuing twelve months and I sincerely trust that by this time next year we shall be able to lay & more swisfactory report and accounts before you. With these remarks gentlemen, I beg to propos that the report and accounts be passed, but before putting the motion to the meeting I shall be pleased, to the best of my alility to answer any questions son may ask.
¡
·
There being no question,
The Chairman proposed. Mr. Young see uded, and it was carried, that the report and acconats 68 presented be passed.
it
The Chairman proposed, Mr. W. C. Muroy seconded, and it was rried, that the next anual general meeting of th held curing the month of June 1908,
mpisy het
|
Or
13
the Association, the Hongkong and Shanghai Baking Corporation at Shanghai, tha Chartered Bank of India, Australia and China at Shanghai or the S-cretary of the Association at the Company's Head Offe, No. 29, The Bund, Shanghai, on or before November 30, 1967, together with the said sum of 81 0,01 per share for each new share so accepted.
(d) Upon the accep'ance and payment within the time mentioned the shures so accepted and paid for shall be allotted accordingly.
28
(e) (n and after the 1st day of December 1947 any shares not then accepted (and paid for) shall be disposed of by the directors, either to shareholders or to others in sich minnər they may deem advisable at a price not being less than the nominal value thereof, and any remium obtained thereon sual ha dealt with by the Board in their discretion.
|
(No fractional shares shall be issued. The
Chairman then said:-Yon have heard the resolutions just read, and which I beg to propose, and which are seconded by Mr. Such. Before putting same to the meeting I crave leare lo 83y a few words.
At the Ordinary Annual General Mesting of the Association held on April 26 last, i ex- plain-d that it was the intention of your direc- fors to ask you to increa-e the capital in order to enable them to comply with the requirements
of the New Slate Laws of the Californi1n Government which require a deposit with the same of G. $2001,500 - ia U. S. Bonds and or stocks-before permission can be obtained for the Association to continue to do business in that State, or by making the deposit in the State Now York permission ei te obtained to do Mr. Jupp, proposed, Mr. Jones seconded and
busi ess in any of the States of Americ. The elected a Director of the Company.
was orried, that Mr. W. ( Murray be matter has continued to have the car ful consi- deration of the Board, and under the guidanes Mr. Joues propased, Mr. Paine seconded, and ↑ of our legal advisers, notics was given to it was carried, that Mr. A. B. Leake, be reap-shareholders on the ith instant of the meeting po`nted auditor of the company for the ensu ug
we are now holding for the purpose as therin year.
set forth, and as read by the seret ry, and of the ordinary resolutions I have propised, and which your directors hope you will pass. The now State Laws of the California Government will come into force on January 1, 1908, sa that. it was necessary to make the date of payment for the new shares November 30 to give us time to get the money invested in the Cuited States, and the investments deposited before January 1. Besides Iving to provide this specifi› am unt of G. $2000 C the large increase that has taken place in our business, and which we trust with continue, makes it most desirable to s'rengthan the financial position of the Association generally. These resolutions are ordinary resolutions and do not require to be confirmed ut a second extracdinary me-ting. Some shareholders appear to hav· hen in doub: as to the meaning of Clansa je. and it may be as well to explain here that the new shares will he issued to shareholders (on. new shure for every two old shares) at a cost of $1 (local
THE YANGTSZE INSURANCE ASSOCIATION, LID.
CAPITAL INCREASED
Au extraordinary general met'ng of this Company was held at Shanghai on June 28. There were pressut.-Mesos. J M. Young (Chariman), H. J. Such, J. Prentice. E. B Skottowe, C. W. Wrightson (D.r elors), J. H. Teesdale (Legal Adrise). W. S. Jackson (Secretary), P. A. Clarke, Chik Lai fong, P. A Cumming, R. Macgregor, P. A. lark, G. H. Purcell, J. A. Ballard, D. M. Gubby, Jeang
Pin-08. G. M. Wheelock. T. Basset, E. 19.
1
Sanders, G. D. Coutts, A. McLeod, H Scurieney) per share, and of this oper Robert, C. F. Anton, A. S Bremner, aud. A. S. P. White-Cooper (hareholders), representing 92 ›dareholders, holding 4,322 shates
The notice having been read, the Chairwan asked the secretary to lead the resolutions, which were as follows:
1.--(a) That under the powers conferred by the Memorandum and Articles of Association. the capital of the Association be increased by
the issue of 4,001 new shares of Do Tirs 101 each, in addition to the 8,000 shares already existing.
(b) Such new shares shall in proportion to the amount then paid up thereon, rank for dividend as and from the 1st day of January 1908 and b in all respects p ...ri pa s with the existing ordinary shares in the Association.
months has fallen off to a very great extent. The tauing account owing to increased travell. ing
expenses and
outward passages for tuners is less by $3,000 than last
year, while it 1188 been found necessary to write off some $2,100 from your pianos on consignment at the different Treaty Ports. The quietness of all trade has seriously affected our business in pianos, but on the revival of better times I feel sure that this department. will be the first to rap the benefit. The runn ing expenses of the business have increased some $2,500-due to increase of salaries, higher. advertising fees, etc. Working account has also been debited with passage moneys amounting to about $1,000-as well as by an allowance to Mr. Hinton of 82,250-in accordance with his agreement, which agreement terminated on the death of the late manager. Tientsin has, I
(c) Such new shares shall be offered to the regret to say, owing to exceptional expense
shurebold-rs on the Register ou the 30th day of incurred not such a satisfactory result. Your, November 197 at a premium of $40 per Hongkong Agency under tbe
share upon the footing that the sum of Swi00 ment of Mr. Paine is showing
shall be deemed paid on each share taken up, siderable progress month by month. Thus the premium (making together the sum of sale of gramophones has by no means fallen $100.00 per share) in the prop rtion of one off and continues to give satisfactory
Dev sbare for every two existing chares results. Your stocks are considerably heavier held by shareholders and such offer shall be made than in former years, but your Di ectors confess by notice specifying the number of new shares hat a greater increase was anticipated in the to which the shareholder will be entitled and turnover than has actually taken place. Your stating that such offer will be deemed to stcok, which I need hardly add has been very
I be declined unless an acceptance thereof carefully valued, has been augmented to meet
in writing is delivered to the Bankers of
manage.
cop.
1
•
share, $60 will be placed to capital account and the premium of $44 per store will be placed.
to the credit of the regarte fande. As it will be p-c-ss ry, in the event of the resolu tions being carried at this meeting, to issue new share certifientes in exchange for exist ing certiċeves, s'ar-holders will be requested to forward the certificates they now hold to the s-er-tary to be exchanged for new certifioulos with the jurreased amount of capital embodied therein, so that the ki and new share certificato; may bear the same capital. Before put ing the resolutions to the vote, I shall be glad to auswer any questions shareholders may wish to ask or to hear any r marks shar-bublers may wish to make in connexion with the proposed increase of capital.
There being to remarks, the airman put the resolutions to the meeting, and they were curried, nem. con.
7ba Civi Service Co-op rative Society having been enlarged to inclule the military, navat yard ployees and policy it is no prop sd to include the Voluutears, and steps to attain this end will slotly be taken. The sterass of the n-óperativa ondertaking is already assured, and we are informed that a dividend of five per cent will be paid on the first quarter's operations.