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THE HONGKONG DAILY PRESS, MONDAY, MARCH 27гa, 1911
COMPANY MEETING,
(Continued from page 3.)
if possible finding a remedy for, the esse of car misfortunes. Gentlemen, I ask you later on when fr. Pollock pats bis resolution to support it, and, sir, on behalf of those-I do not wish to be rude--but on behalf of those whom I consider your optimism has mislead, I ask you not to oppose it. (Applause)
Ilon. Mr. OSBORNE-Mr. Chairman and Gentlemen,-In seconding the amendment
The CHAIRMAN-I do not know why Mr. which has been proposedl
The CHAIRMAN Pardon me, Mr. Osorne,aborno asha was not to oppose the resolution, I but I cannot accept that as an amendment. It have already told you I am going to accept it. is not an amendment; it is a special resolution. Hoa Mr. QaBOUN-It is not before the I may say at once thật I do not intend to oppos
mesting yet, air. the suggestion for a committas:) You shall have it. But this is not an amendment; it is. separála resolution..
Hon. Mr. OSBORNE-Well,sir, I will call it a resolution, In
seconding the 'resolution which
10 CHATEM-You cannot propose one resolation while another in before the menting. You os propose an amendment to that if you
like, but not another resolution.
Hon. Mr. POLLOCK-I stated that I pro- posed this 'as an amenduent,
The CHAIRMAN-It is notan dmendment.
Hou. Mr. POLLOCK-Barely it is an amend ment, sir. You move that the report and accounts be adopted now. Imore as on amend- ment that a committas bo appointed. That means that the report and accounts-
The CHATTMAN-Will not be passed. Hon. Mr. FOLLOOK-Nu, sir. It does not maan that. I am not proposing that the report and nocounts should never be passed,
The CHAI MANPardon me, we are horo to pass them at this mecting.
Hon. Mr. POLLOCK-Bat it does not follow that we shall have to pass them at this meeting.
The CHAIRMAN-Then
you will vete against them..
Hon. Mr. POLLOCK-I am moving that a committes be appointed to enquire, and that will involve a postponement of the question as to whether the report and accounts should be passed. That is obviously an amendment. I cannot. understand it being anything other than an amendment.
-The CHAIRMAN-I rele you out of order, Mr. Pollock. You can put it as a resolution, but you need not do so. It will be accepted. You will have your committee.
Hon. Mr FOLLO-Then, sir, I will add to this motion that this meeting be adjourned sine die pending the report of the committee.
The CHAIRMAN-Is it a resolution or an amondment?
Mr. POLLOCK-An amendments The CHAIRMAN-You cannot have au amend- ment on a question which simply requires an Bnewer of Yes" or "No." The motion before the meeting is, shall the soconats he passed or nut, You can rote for or against it, but we must do one thing at a time. The motion before me is that the accounts bo passod,
Mr. POLLOCK-This is an amendment, The CHAJEANNO
The CHAIRMAN—Yes it is; it is handed in as a suggestion and we have socopted it
Hon. Mr. OSBOENE-It is not before the meeting yet. I thought, sir, you might perhaps change your min..
The CHAIRMAN There is no resolution be being appoittod I don't think I need detrin fore the meeting. We agree to this Committee
brought forward by Mr. Pollok and seconded by you very long in answer to the resolution
Mr. Osborne. Mr. Osborne has given me a long lecture on my optimism which he described as false. That, however, is a matter future of Hongkong as Mr. Oshorne is. of opinion. I am not so pessimistic about the
Hon. Me. OSBORNE No, sir, I The CHAIRMAN Pardon me, but I am speak- ing now, and I do not wish to be interrupted. will certainly not cease to be
optimistic at the bidding of Mr. Osborne or anybody else. admitted it was a mistako and dropped it at As regards the concrete blook business, we once. It was most unfair of Mr. Pollock in kis resolution to say that the $10,000 lost by firo had anything to do with the concrete business. It was mere accident, an "uot of God, and had nothing todo with the concrete block basiness. As to the change in last year's prospects, thay did change very suddenly. When we gave the six months report the Consulting Committee did not like the look at all. We should have declared a bigger interim diviland, hat we saw a bad tims was coming. Mr. Pollock made a 4 point About the Philippines duties being passed several months before I made those Marks. It is quite true, but we had not felt the effect of these duties then, as no im- Portation had been made into Mauila and we could not know the remit of this that the prospects were Round and good. So opposition. Mr. Osborne spoke of my saying they wore, and I never said anything I did not believe at the time I spoke. Wo must also remember that when I was so optimistic as be says we were not then feeling the competition of the Haiphong Cement Company nor of Canton, They came later. I cannot tell you what the prospects are for the next year, as other compati tion may come in and spoil our markets al together.
Mr. FERRY-You had no business to any that the prospects were cond in face of the Haiphong and Canton competition.
The CHAIRMAN-I was saying that that op position did not exist then,
Mr. PROBY--It did, excuse me
Mr. POLLOCK-May Lgive an instance which will be familiar to you as a former hember of the Legislative Council, The Attorney-Gederal
The CHAIRMAN-When I made those remarks geta np and moves the second reading of a Bill competition did not exist. No amount of com. One of the Unofficial Members gots ap and plaining on your part and no explanation of moves as an amendment that the Bill be readine will effect the fact that we have to contend this day six months. That is an amendment with mach severer competition than we bare The CRAILMAN--Eut in this case this meeting ever had before The General Managers shared is called for a special purposato pass the in this disappointment because they have a very accounts. You can move that the accounts be great afskein the Company. They have added Bot passed, which is a direct negative to my shows that I, at any rate, believed in my optimis to their holdingsand nev. sold a share, which proposal. Afterwards you can bring up this resolation or any other as you like. But there to remarks, nor have we trafficked in shares in must be one thing at a time.
any way whatever. When we took the company over it was in a somewhat dying condition, and to pull it through we had to underiske very grave Hnancial responsibilities. A friend of mine then me not to touch it on azy account. We are said the affair was quite rotten and advised
Hon. Mr. PoLocx-Of course you are the Chairman, and if you rule me out of order I must abide by your ruling, but I cannot say I The ORAIRMAN-Has any other gentleman Agres with you.?
any remarks to make?
The CHAIRM N-Well, gentlemen, that is, what I think is the law, but to satisfy son I will declare it not carried and then we will have a poll. Will that satisfy you? (Cries of "No.") Hon. Mr. PoLL CK-No poll has boon domanded.
Mr. Gaboz-Artiole I says that in the first instances motion shall be decided by a show of hands. We have had a show and the motion is against you. Then it goes on to say that where there is an equality of votes the Chairman shall have the casting vote. -
The CHAIRMAN-We will take it, gertlemen, that on the show of bands the motion is lost. Will that satisfy you?
Hon. Mr. PetLOCK-Tho motion is lost, yes. The CHAIXMA ThenT demand a poll. Mr. Ganon-You cannot
major POLLOCK-You haven't a two-thirds The CHAIRMAN-We have got a two-thirds
majority.
two-thirds represented.
The CHAIRMAN-Yes, we havo, more than
Hon. Mr. POLLOCK-It is two-thirds of the Now you have got to show us that two-thirds of shareholders then present and oatillad to vote.
the sha shofdom pissent demand a poll.
The CHAIRMAN-It is not the shareholders presont. It is the votes.
Hon. Mr. PozzocK-No, it is two-thirds of- the shar holdora present in this room.
it-26 against 33.
The CHAIR VAN-Two-thirda have doma aded
Hon M. Porrock-No, two-thirds of the sharehohiors present.
The CHAIEMAN-The real meaning of the clause is two-thirds of the votes present-not the won. I must go by the way I am advised, viz., that my declaration that the motion has been nrried in anough, and that it can only be dis pated by a poll. Now, Lentleman, I declare the motion carriet.
More uproar.
Hon Mr. OSBORNE-You cannot make a wrong declaration;
ME. TURNE-Supposing 110 people voted minst one. Then you declare the motion. oarried, (Laughter.)
The CHATEMAN-T declare the motion to he carried. (Shouts of No.7
Committes consisting of Dr. Noble and Mr., Cousland, with power to add to their number. and with power to employ, of the Company's expense, such legal and other assistance as may be necessary, be appointed to farestigate the affairs and books of the Company and to report thereon to the shareholders.
Hon. Mr. POLLOCK--I will more that a
Hon. Mr. OSBORNE-I beg to second that. The CHAIEMAN-There is no use to put it fo the vote, I accept it at once.
Hon. Mr. OSBORNE To make it quite formal
it had better go to the vote.
The CHAIRMAN-Very well.
The motion was then put to the meeting and carried,
The CHAIRMAN-The only ather proposal is the re-election of the consulting committee.
The SECRETARY-Mr. Ho. Fook, will you
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Mr. Eo Foox-I don't know how muiters stand now!
The CHAIRMAN-Will someoné moond its It has been proposed by Mr. The Book,
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A shareholder-Mr. Ho Fook never proposed The CHAIRMAN-Do you propose it, Mr. Ho Fook
Mr. Ho FooE-I don't know whether it is in order.
Mr. GEDGE-I propose that Sir Pool Chater, Ron. Me. Keswick and Dr. Noble be re-
appointed.
carried.
Hon. Mr. KESWICK proposed, Mr. KIN seconded, and it was agreed, that Mears W. H. Potts and A.0. D. Goardin he re-elected auditors.
ceeded after all, and from that time up to the Mr. TURNER seconded, and the motion was present we have had dividends which amount to var tre milion and a half, and bara only paid out three and three quarter million in capital. So you have not deze indly after all, gentlemen. tions I will propose that the report and accounta If there no farther remarks and no ques be adopted and passed.
Dr. NOBLE Feconded.
The CHAJEMAN-All in favour please signify in the usual way
There was a ehow of hands.
The CHATEMAN-The motion is carried. Hon. Mr. POLLOCK-Do you say it is carried? I desire to challenge that.
The CHAIRMAN Will those who challenge it stand up P
Hon. Mr. OSBORNE-Well, I think I had better say what I was going to say now, although, it is not in support of what I thought was an amendment. "I was going to say that in seconding the amendment proposed by the Hon. Mr. Pellook I also did so not in a captions spirit but purely in the interests of the Company and in the interests of the Colony generally. (Hoar, hear.) And boosaso I believe that if the shareholders neglect this opportunity of expressing dissatisfaction at the results which bave been placed before them of the last year's working, if they do not now at once (ake stops to preserve their interests, I believe that matters will glide back into the old groove, and reform and which are the only remedies under these niram- retrenchment, stances, will again be postponed, and wo shall:] find as time progresses that the present de. plorable position of offairs will become worse. Sir, considering the magnificent property and equipment possessed by the Green Island Cement Company, its very capable staf, the fact that it turus out a first-class artiole of very lorgo and universal consumption, and considering its unrivalled advantages in the mattor of shipping facilities, I do not think it is unreasonable on the part of shareholders to expect that the Company should at least hold its own against competition, but also yield a moderate return on the capital invested. (Applause.) On previous occasions the article. [Reads.) Air, at those annual meetings, and to Hon. Mr POLLOCK The question is whether Bomo extent again to day,
Jave your resolution is carried, And it cannot be bad, as the Hon. Mr Pollock has pointed carried by a minority. It cannot be. That is out, re-iterated to us by the Chairman that the quite obvions. Twenty-six is not more than prospects and the position of the Company were thirty-three.
Bound and good. On one occasion, sir, I think
The role in favour of the motion was taken, Thirty-three were counted as standing up.
and twenty-six were counted as favouring it..
The CHAIRMAN to Mr.Pollock)-You lose, bo- cause you must have two-thirds of those present.
Hon. Mr. PoLzOOK-No, sir, surely not. The CHAIRMAN-You are disputing overy- thing I say, Mr. Pollock.
Hon. Mr. POLLOCK The Articles are funnily drawn if a minority can carry a motion.
The CHAIRMAN-You must have two-thirds to challenge it.
་་
Mr. POLLOCK-But, sir- The CHAIRMAN One minute. I will read you
I
am right in saying that you informed us that Pollock P
the company could sell profitably all the cement
that it could manufacture. The various increases and changes of capital during the past few years
s—Will you kindly listen, Mr.
The CHAIRMAN-That is all the business, gentlemen. I am much obliged to you for your attendance.
[TO THE EDITOR OF THE "HÒNGRONG DAILY
PRES."
Hongkong, 25th March. SIB,--On behalf of ourselves and many share- holders in the Qatports and elsewhere who word
your columns to express one thanks to the Hon. not present in the Green Island Cament Com- pazy's meeting to-day we bog the courtesy of Mr. Pollock and to the Hon. Mr. Osborne for the able, courteous and convincing way in which they discharged a task that cannot have been the interests of shareholders unable to them. congenial, bat which they felt was necessary in selves come forward and of the Colony,
Owing to business and social ties which bind mall communities together there are few men who bave the necessary independenes combined with the ability to criticise adversely the manage ment of public companies, and those who possess the necessary qualities are always loath to take up the burden. This is well known and recog. nised by all it requires a great deal to move. public opinion. A K
We hope that both the General Managers and the Conaniting Committee will, having at Inst & clear expression, of shareholder viswa The CHAIRMAN
before them, heartily second the work of the examining committee and soeurs the results Mr. POLLOCK---Yes, I am listening.
aimed at otherwise, let the tree if rotten The CHAIE VAN arsin road the article.
and unable to respond to the praning knife be The CHATEMAN-You have not got a two cut down and a zaw shoot planted. We are,
sta,
TWO`SHAREHOLDERS.
cannot fomnil s poll,
Hou. Mr PorioCK-Your declaration that the motion is carried was challenged at once,
~The CHAIDMAN-The Articles say that unises a poll is demanded the declaration shall be conclusive,
ME, GRDIE-Yes, upon a show of hands. Hon. Mr. PolLOCK-Wo have not demanded a poll. It is simply question of whether on a show of hands the motion is carried.
The CHIEMAN Every motion shall be do termined by a majority,
have certainly implied a confidenes in the fatore | thirds majority. We have counted them, so you prosperity of the Company, and that, cornblued with the statements that have been made from the chair, have certainly hat some influence in inducing a large number of people of small means to invest their savings in this concern. Now, sir, the Hon. Mr. Pollock has referred to the question of the optimistis re- marks which have no often fallen from your lips. I ask you, air, to cease these honeyed words and these optimistic phrases, I ask you as one who is interested in this Colony, and others who are similarly inclined to your self, to ponder over the injury, which false optimism does to this Colony in that it shakes the confidence of the bout de investor and therefore keeps capital from bang ingested in the Colony. In this particular instance Task you to ponder over the distress which this optimism has brought into many a home. (Applause.) Sir, we want no more of it. What we want are dividends.→ (hear, hear)—and failing that we want to be satisfied that the General Managers have done all within their power to that end, even to the extent of snorifiomg, part of their commission. (Applause)
The CHATEMAN-I have just told you that we did eo, Mr. Osborne
Hon. Mr. O980XNE-Well, we should like you to do some more, sir. (Hoar, best, and laugh ter.) Gentlemen, I think I am expressing the general feeling of shareholders when I say that we are not satisfied. We are not satisfied that the interests of shareholders are placed slave the interests of the Goneral Managers or eren on a par with them; and the object of this emand mont, or what I thought was an amendment
to afford as the opportunity for disclosing
Mr. TURNER-The Chairman says 26 is a majority orar 33.
Mr. FOLLOCK-Determined by a majority, but in the first instance decided by a ghow of hands that the motion hd upt been carried, "The CHAIRMAN: I declaro it carried:
Uproar followel.
Hon. Mr. PoLLOOK-You cannot declare it carried.
The CHAIRMAN-If you want to upset it 300 muat demands poll,
A shareholder-Wo do,
Hon. Mr POLLOCK-From Mr. Hancook's telling the show of hands was only 26 in favour against 33,
w
The CHAIENAR-If we go to a poll you will be hopelessly in a minority Do you know that?
Hon. Mr. POLLOCK-I don't agree. Phe CHAIRMAN Do you wish to have a poll Hon Mr. POLLOCK --NO,
on the rate taken you are 10, 8
minority TheCHAIRMAN-In case of equality of votes Hon Mr. POLLOCK-But there was no equality
Mr. POLLOCK-I say we ara entitled to say the true relationships between the interests that on the vote you are in's minority and there of the General Managers and those of the fore it cannot possibly be carried. A minority shareholders, mul algo of sicertaining, and show of hands against a majority.
By Special
Appointment
10 H.M.
The King
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