Page
THE HONGKONG DAILY PRESS, WEDNESDAY, MARCH 95tr, 1923.
WORLD THEATRE
WEDNESDAY, 28th, to "SATURDAY, 31st.
at 5.15 r.. and 9.15PM
Exciting Drams of a Little Stay-at-Home
Beautiful Heroine
JUSTINE JOHNSTONE
in
"SHELTERED DAUGHTERS
An Inneemt Girl, ignorant of the World: A Handsome Adventurer, All Too Wise in Ways of the World. Romance, Advanture, Intrigue and Drama, when their Lives crossed
USUAL PRICES,
DRUGS
for a Brief Twenty-four Hours.
BOOKING AT THE THEATRE.
PRESCRIPTIONS
When the Doctor prescribes ho expects the Druggist to fill the prescription with Fare Drugs. The quality of our Drugs, Medicines and Toilet Goods is not surpassed. Have the Doctor's Prescription filled here and the result will be satisfactory
THE PHARMACY,
THE RED BUILDING (OPPOSITE LCR House Sz
YE OLDE PRINTERIE
LIMITED.
(AUCCESSORS TO PRINTING DEPT. BONGKONG PRINTING PREOS
19, WYNDHAM STREET,
COMMERCIAL PRINTERS AND BOOKBINDERS. PRINTING AND ACCOUNT BOOK MAKING OF EVERY DESCRIPTION DONE WITH ACCURACY AND PROMPTNESS. ALL WORK DONE UNDER THE PERSONAL SUPERVISION OF THE MANAGER Phone 3797.
7. C LABRUM.
EXPANDED METAL
PARSTUL WORE AND RE-IRFORCES CONOZETS.
AS
USED IN
NUMEROUS
IMPORTANT
WORKS
FOR
FLOOR,
ROOF.
FOUNDATION,
WALL
ETC.
GREAT. BRITAIN and: AMERICA: STORE LIST, PAMPHLETS, AND
DODWELL & 20
PRIBES: DE APPLICATION.
LTD. Machinery Dept.
ASAHI BEER
SPRUIALLY- NASWEU FOR EXPUST
DAI NIPPON BREWERY CO.
LIMIT
TOKYO, JAPAN,
SOLE AGE.
MITSUI BUSSAN KAISHA LTD.
HONGKONG.
COMPANY MEETING.
(Continued from page 8.)
was taken as the same time of renewing the Booring in the old mill and readjust ing the spiuning machinery, which is now in first-alam working order. The cost of all of these iterna was included in the above item of Tis. 10,238 written off in the working account.
Weaving Plant and Machinery. This now stands at Tix. 263,038.96, showing an addition of Tis 139,658.62, which repro sents the final cost of our wearing plant, As also of enrtain blanket looms which we have installed. We have a "present" A complete plant of 440 loome, all of which are now working.
Buildings-These now show a total of in Tla. 777.888.55. There has been, an crease during the year of Tis. 88,104.47, which represents the final payments on the buildings erected for the weaving plant and new offices.
Stocke Yarn, Cloth and Waste, Tla 1,139,051. Of this Rs. 725,303.20 tran represented by 5,399 bales of yarn, which have since been paid for and delivered. I would specially draw attention to this as it has been suggested that these stocks might be made up of nasaleable yarn.
FUTURE PROSPECTS.
As regards the immediate future, 1 have already referred this in dealing with the question of increased capital. The yarn market is at peut so bad, due no doubt to the disturbed state of the country, especially in the province of Szechuan, that the native mills have from to-day closed down 50 per cent. of their spindles for a period of two months and, ule an improvement sets in during that period, intend stopping night work alte gether. The shutting down of so large a number of spindles must eventually in Auches the yarn market, and mills which have sufficient capital to carry on will eventually derive the beneat thereof..
That Gentlemen, is all I have to say, but, before putting the resolution before the meeting, I shall be pleased to answer any questions which abareholders may wish to dak.
cuse half of the sharm of your company: This man be rounded for by the register, in addition to which there are many shares not yet transferred, due to the short notice given for this meeting. The first advertisement of this meeting bp- peared in the local press on Monday, the 1gth instant. I believe notices were posted to shareholders a day or so previously, but these, of course, were of no un to Hongkong shareholders. Apparently the articles of association have been, adhered to as to the notice of the meeting, but it' also seems as if particular care has been taken to prevent Hongkong shareholders from being represented at the meeting.
all previous occasions. 14 dey notice of the annual general meeting has been given and it seems a little strange that, when the majority of shares are held by Hongkong shareholders, and a very im portant solution such as is before the mecting to day is to be proposed, the usual notice should be cut down by one half,
1 arrived here last Tuesday; having pa ides the meeting was called for to-day. I saw Mr. Amhold and told him that a number of Hongkong shareholders wished to send op proxies so as to be representedi at the masting and pointed out the larg number of shares held in Hongkong. I ggested a postponement or adjournment pending their arrival. This was refused. With great difficulty a number of presics did arrive just in time to be deposited 48 hours before the meeting, but there are still a large number which have not arrived in time. Before it was known whether the proxies could have been in time, or not, formal application for post- pouement or adjournment was made to the general managers for adjournment in case they did not arrive. The was turned down Now, gentlemen, what can be the reason of this except that it has been
If deliberately intended, to shut out the Totes of Hongkong shareholders!
As already stated, our cotton position everything was squate and above board, a is favourable, na we are covered far for longer notice of the meeting should have ward and, consequently, if you pass the been given, or when it was pointed out resolution which will, later on, be sub-that the notice given was insufficient ta mitted to you, and thus provide the com.enable Hongkong shareholders to be pany with adequate working capital, represented an adjournment should have think the future prospects for the year been agreed to. I believe there has been a deliberate attempt to prevent Hongkong are decidedly promising.
shareholders from voting on this resolu tion. I hold proxies for some 40,000 shares asd but for the fact that one share- holder of 12,000 had not registered him self I should have held proxies for over 50,000 shares and there are proxies for another 85,000 coming up from Hongkong. All the Hongkong shareholders require is fair play and if the resolution is passed at to-day's meeting it will be passed in the face of the opposition of the majority of the shareholders who, but for the attitude adopted by the general managers, would have bad an opportunity of veting against it. There has been an attempt to stige opposition and I say the general managers are not doing their best for the company and are not treating the share- hölders fairly.
HONGKONG OFPOSITION,
the Mr. G. Ellis: Were genera. managers approached by the Hongkong shareholders to postpone this meeting for a week so as to allow them to be repre sented
The Chairman: The reply is in the
afirmativo
Mr. Ellis: Did you not instruct local brokers to keep the fact that the meeting would be held on the 19th away from Hongkong until after Monday, the 12th
instant.
The Chairtais That is not a The
The Chairman, in putting the resolution board did reserve a letter from Hongkong to the meeting said the company required about the rumours of the new issue iafunds and require them, soon. The pro- which surprise was expressed. It was poeal which the resolution covered was stated that they expected a dividend for the best means of raising those funds. 1999 A reply was given that the letter Mr. Ellis had approached the general had been laid before the board but the managers and suggested making the suc were not authorized to give any informant par but as it was underwritten with tion which was not given to other share
Mr. Ellis: What was your idea in so doing?
The Chairman: The questions have nothing to do with the resolutions. We did not feel compelled to answer. The meet- ing is held in accordance with the articles
of association,
Mr. Ellie than said he would stop asking further questions ou account of the hostile attitude of the directors.
The Chairman: There is no bostility on the part of the board to any individual, shareholder. The procedure that has been adopted is, in the opinion of the board and the general managers, in the best in- terests of the company.
The following resolutions were then proposed and carried unanimously:-
That the statement of accounts for the 12 months ending December 31st, 1922, ae audited and presented, be passed. Proposed by the Chairman, seconded by MY C. II. Rutherford.
That the election of Mr. C. H. Ruther ford and Mr. E. T. Byrne to the board of directors be confirmed. Proposed by. Mr. C. A. Skinner, seconded by Mr. T. G. Drakeford.
That Mr. E. A Mackay be re-elected auditor of the company at a remuneration of Tis. 1,250.-Proposed by Mr. W. G. Pirie, spaded by Mr. Ellis Hayim
a premium of 100 per cent, the board considered they were in the best interesta of the company. He further suggested an issue of preference shares should be under. written but they found it was impossible except on very onerous terms.
Mr. Ellia demanded a poil, which was evtually taken, the result being 91,995 shares for and 6,670 share against the resolution, which was accordingly carried,
N.-C. Daily News.
GOOD FRIDAY,
9.15 F.M.
ORATORIO SELECTIONS
ST. JOHN'S. CATHEDRAL
Us
chairman and sounded by Mr A. ISSUE OF 3% FRENCH TREASURY Welch, was as follows:
The last resolution, proposed by the
M
That 220,000 of the unissued ordinary.
BONDS.
shares of the company be offered in the PatcE OF ISSUE FA. 92 Foz Fas,
first instados at a premium of Tis, 3 por share to the members of the company, in proportion as nearly as may be to the Bumber of ordinary shares held by them respectively on April 16th, 1923, and upon
FACE· VALUR.
FREE OF TAXES:
NO PRIZES.
the footing that the fall amount of each BoNTS OF FIS 500 AND Fax 5,000-EACH. share taken up plus the premium (making
follows:
together Tls.. 6 per share) shall be paid REPAYABLE at Holders Option,; se to the company on acceptance of the offer, and that such offer be made by police specifying the number of shares to which the member is entitled, and limiting -a time within which the offer if not nocepted by payment will be deemed to be declined,
On the 8th of December, 1925 at part On the 8th of December, 198 for
F72, 103, On the 8th
of December, 1932 for Coupons payable on the 8th of June and 8th and that the directors be empowered to af December of each year. dispose of the shares not taken in response
Fra 108.
let Compon paid in fall on the Bit of June,
to such offer they couider expedient 1993. in the interests of the company.
ME, - ILLIS'S PROTEST,
Mr. G. Ellis, of Hongkong: I rise to oppose the resolution and in doing so 1 wish to say few words on behalf of the Hongkong shareholders of your company, who are of opinion that your board of directors have not given them the com sideration that they are entitled to, especially as you are no doubt aware that the public of Hongkong to-day holds over
Payable EITERE in cash, OR by Bemittance of 1921 Tremuarý Bonda
due 8th June, 1929. Subscription List will be Closed on the 4th of April, 182
Applications will be received by THE BANQUE DE LINDO-CHINE,
Prince's Building, Chater Road,
V. HARBOR,
Hangkang, 5th Harab, 1929†
0.
THIS PROSPECTUS HAS BEEN DULY FILED WITH THE
- REGISTAR OF OO MPANIES. -
The Subscription List will Open on SATURDAY, the 24th day
MARCH 1923
and Close on or before SATURDAY. the 31st day of MARCH, 1943.
HONGKONG REALTY AND TRUST COMPANY,
LIMITED
[INCORPORATED UNDER THE COMPANIES ORDINANCES 1911-1921)
CAPITAL
82,000,000
DIVIDED INTO 200,000 SHARES or $10 Each.
Of the above shares 100,000 have already been subscribed for cash by the Directors and their friends. On those 32.50 per abare will be paid on application and the balance when called up on the same basis as the remaining capital
In addition the Directors are allotting 30,000 shares credited as fully paid up under the terms of the Option and subsequent correspondence thereon referred to in paragraph:
h: (a) beroof.
The remaining 70,000 shares ranking equally with those already subscribed arm now offered for public sabscription payable sa to $2.50 per share on applicatio The balance, dus on each' share, z, $7.50 will be called up on subsequoral demand as and when further capital is required.
Any of the shares now offered to the public which may not be subscribe for will be allotted in such manner as the Directors shall determine.
DIRECTORS
JOHN SCOTT HARSTON, 1, Des Voeux Road Central, Hongkong, Solicitor and Notary
Public.
Hon. Ma Chow SROU SON, Bank of East Asia, Ltd, Des Voeux Road Central,
Hongkong, Unofficial Member of the Legislative Council.
JAMES HARPER TAGOART, Managing Director, Hongkong Hotel Co, Ltd., Powell's
Building, Hongkong,
The Very Rev. Father LEON ROBEET, Procureur General des Missions Etrangeres,
, Rattary Path, Hongkong.
ARTHUR RYLANDS Lowe, 3, Queen's Road Central, Hongkong, Chartered Accountant FRANK MALCOLM LANE CRAWFORD, Managing Director, Lane Crawford, Ltd.
Chater Road, Hongkong.
FUNG TAT HANO, Compradore, Hongkong Hotel, Hongkong.
PATTE KINGson Kwok, Bank of East Asia, Ltd., Des Voeux Road Central, Hongko
Merchant
BANKERS
THE HONGKONG & SHANGHAI BANKING CORPORATION,
AUDITORS
LINSTEAD & DAVIS, Alexandra Building, Des Voeux Road Central,
SOLICITORS
Hongkon
Messra DEACIN, HALSTON & SHENTON, 1, Des Voeux Road Central, Victoria
Hongkong.
REGISTERED OFFICE OF THE COMPANY POWELL'S BUILDING (2nd door), Des Vaux Road Central, Hongkong.
SECRETARY OF THE COMPANY (pro tem),
T. A. BARRY, Powell's Building (2nd floor), Des Voeux Road Central, Hongkong.
PROSPECTUS
(a) This Company has been formed principally to acquire by purchase (under the terms of the Option and subsequent correspondence thereon hereinafter mentioned) from Lane Crawford Limited (whose Registered Office is situate at Ice House Street, Victoria, Hongkong) and develop by building thereo the land registered in the Land Office Section A of Marine Lot No 7 commonly known as The Wiseman Site situate in Des Voeux Bord Central, o
is $1,000,000, $300,000, E The purchase price of the lend is Hongkong. which will bo satisfied by the issue to Lane Crawford Limited of 30,000 shares of the Company credited as fully paid up. Of the remainder of the purchase price. $148,781.50 will be paid in cash, and the balance of $51,318.60 will be satisfied by the taking over by the Company from Lane Crawford Limited of the Mortgage (repayable on the 30th April, 1927) for that amount no subsisting on the property in favour of Lane Crawford Limited and carrying interest at 8% per annum.
La addition to the purchase price payable as above, the Company will under the Option hereinafter mentioned, pay the brokerage of one per cent. and also indemnify Lane Crawford Limited to the extent of
on the hereof Price amounting, to $16,000 which is referred to in par
graph (b) 326,394.30 in
(*) hereof respect of the Plans and Specifications referred
·to in
5th day 6t
The Option for the acquisition of such had bears date the March 1923 and is made between Lase: Crawford Limited as Vendors of the one part and Mr. W. EL. Shenton, one of the partners in the firm of Deacon Harston & Shenton the above mentioned Solicitors to the Company, as Truste for the Company of the other part. A copy of the Option and the suber quent correspondence thereon can be inspected at the offices of the
to the Company (No. 1 Des Venx Road Central, Hongkong) at any time during business hours. A copy of the Mortgage above referred to which bears date the 5th day of May 1922, and is for a term of Five years from that date can also be inspected at the same place and time. 97
Solicitors
There are no other Contracts relating to the land to be aoquired the Company.
On the land to be acquired as above by the Company it is proposed ta crect modern seven-storied building with a Basement, so as to a accommodation for Stores, Shops, a Safe Deposit Vault and First-class Office Rooms, particularly suitable to professional people. The Bite is considered to be specially favourable for such a building, being in the centre of the business part of the City and close to the Hotela, Banks and Shipping Offices, etc.
(6) In respect of the above mentioned. Option a brokerage of 11, on the par chase price of $1,000,000 amounting to $10,000 is payable by the Company to the Solicitors to the Company in respect of the sale of the land th subject of such Option
(c) Under the last mentioned Option the Company are to be under the obligs- tion of indemnifying Lane Crawford Limited to an extent not exceeding $28,394.30 in respect of the cost of certain Plans and Specifications pre pared in 1922 in connection with the building which Lane Crawford Limited at that time proposed to erect on the said land
(d) No other commission or promotion money will be paid by the Company. (e) The Company is to pay all preliminary expenses of and incident to the formation and floating of the Company down to the time when it becomes entitled to commence business and also all costs and expenses in connection with the acquisition of the land and the Assignment thereof to the Con pany, the estimated amount whereof is $20,000. (The minimum subscription on which the Directors may proceed
is soven shares.
to
allotment
() The Articles of Association provide that the qualification of a Director is to be the holding of 1,000 shares in the Company and that the remuneration of each of the Directors is to be $1,000 per annum.
(4)Directors are interested in the promotion of the Company as follows
(1) As to Mr. Harston in respost of the brokerage mentioned, in clause (6). (2) As to Mears Taggart, Lowe, Crawford and Harston to the extens
Crawford
who, neo“ the tho
that they are Directors of Lady by"
Vendors of the
the land to be
acquired
(3) As to Messrs. Taggart, Lowe and Harston to the extent that they are Directors in the Hongkong Hotel Company Limited who ar Limited who ar Shareholders in Lane Crawford Limited.
*of the
(4) As to the Rev. Father Robert to the extent that he is a Director
Farm, Farm Tos and Cold Storage Company Limited who
Limited the Vendors aforesaid Crawford Limit
are Shareholders in Lane! (6) As to all the Directors other than The Hon. Mr. Chow Shon See,
Fang Tat Hang and Peter
| Kwok that they or some of thes Kingion
with whom the ser Companies
are Directors of other business
the Company may de and Articles of Association of the Company
(i) Copies of the Memorandum and
be inspected at the aforementioned offices of the Solictors to the Company
at any time during business hours.
() A copy of the Company's Memorandam of Association is annexed to the GPA and forms part of it.
Form attached to the Fro
be made an (b) Application for shares should be upon the
pectus, which should be detached therefrom and sent to the Company Bankers (The Hongkong, and Shanghai Banking Corporation) together, with a remittance of $2.00 per share, the amount of the deposit.
midore no allotment is made, the deposit will be returned in full, and where the number of shares allotted is less than the number applied for, & proportionate amount of the deposit will be returned.
(1) Prospectuses can be inspected at and Forms of Application obtained from the Company's Bankers (The Hongkong and Shanghai Banking Corporation) azd at and from the temporary offices of the Company in Powell's Building (second floor), Des Vieux Road Central, Hongkong.
Dated the 22nd day of March, 1923,
[300