THE HONG KONG DAILY
SHAREHOLDERS CENSURE
DIRECTORS.
STEAMBOAT COMPANY'S BUSINESS METHODS.
RESOLUTION CARRIED TO REVISE "FARMING-OUT '
SYSTEM.
SIR ROBERT HO TUNG IN DISAGREEMENT WITH CHAIRMAN.
POLL DEMANDED ON DECISION OF MEETING.
At the annual general meeting yesterday of the Hong Kong, Canton and Macao Stenin- boat Company, the adoption of the report and accounts was carried, but with the addition of an amendment, proposed by, Mr. M. K. Lo and seconded by Mr. Fernandez, expressing strong disapproval of the conduct of the directors in regard to the report. The amendment stated that the action of the directors was calculated to mislead shareholders, and to prejudice, them in regard to any action they might have taken in regard to the position of the directorate of the Company.
Chief interest centred, however, in the extraordinary general meeting which followed. Sir Robert Ho Tung moved a resolution urging the advisibility of cancelling the present arrangement, whereby the Chinese freight and passenger business was farmed out to one person, practically, without calling for competitive-tenders. Sir Robert was of opinion that the Company was there- by losing its independence,
The Chairman replied that the Company had done well under the present system, and strong- ly condemned the change proposed' by Sir Robert Ho Tung.
After a somewhat heated discussion, Sir Robert's resolution was carried by 34 votes to 22.
FULL REPORT. OF PROCEEDINGS.
Supporting the Chairman were the sheet of securities held in trust for following-Mr. J. H. Little, Mr. the Office Staff Provident Fund, which have already referred to, R. K. Batchelor, Mr. J. M. Alves, and there is actually an apprecia Mr. R. E. Coxon, Mr. J. P. Warrention in value of the Company's in- (Directors), Mr. John Arnold vestments as at December 31, 1999, (Secretary) and the Hon. Mr. W. E amounting to 813,183.50, L. Shenton (Solicitor for the Com- pars).
It is satisfactory to note an im provement in the cash position, the credit balance with the Bank at the end of the year being $13,008.40 as against an overdraft on December 31, 1928, of $50,600.81
Farming Out Chiness Business,
Trade on the Company's routes!
Shareholders present were the Hon Mr. J. P. Braga, Messrs. J. D. Hush, C. B. Brown, Chan Chow, Cheng Ching Po, S. M. Churn, N.. V. A. Croucher, J. D. Danby, R. A. Dastur, En Lung Tse, W. E. Van during the year has been steady and on practically uninterrupted Eps, M. Fernandez, John Fleming, service, and from Canton and W. M. Gittins, L. S. Greenhill, Ho Macao has been maintained. For Po Sang, Sir Robert Ho Tung, the the first six months" of the year. resulte compared favourably with Hon. Mr. J. Owen Hughes, Messrs. proceeding normal years but since Ho Kom, Tong, Ho Wing, Kwan July the political situation in the Provinces of Kwangtung and Yau Kwong, B. J. Lacon, Lai Fong Kwangs and the resulting trade Paul Lander, Li Tse Fong, Lo Man depression hus led to tonnage trad- Hin, Lo Man Kam, H. Lo, Lo Maning on the West River being divert- Wai, Lo Cheung Shi, Lo Kai ed to Canton resulting in lower Hong, Lo Man Pan, Luk Pak To,
rates both for cargo and passengers. Alok Wing U. F. E. d'Almada Remedios, T. II. R. Shaw, K. S. Sraith. H. Seth, She Chun San, Sek Lam Wong, P. M. N. da Silva, Soo Pai Chen, Tai Tung Pui, Tang Ching, Tong Hau. Man and Wong Ping Shun.
CHAIRMAN'S SPEECH.
YEAR 1920 REVIEWED.
After the Secretary had read the minutes of the previous meeting and the notice convening the present one,
am pleased to say however, that indications at present point to a reduction in competitive tonnage in the near future, if the Directors' policy as regards farming out the. Chinese freight and passenger busi- ness-is eontinued...
With these remarks, Gentlemen,' I have now to propose that the report and statement of accounts, ns presented, be adopted, that & dividend of $1.50 per share, and a
disapproval of the conduct of the directors in regard to the Report for the following reasons:
the
(a) This Report bears signature of the Chairman of the Directors in which it la definitely stated that the appointment of the several directors therein named would require the con- firmation of this meeting.
(b) Such course is in, accord- anor with the practice of the Company" for at least 18 years.
(e) That the Chairman of the Directors saw fit on Saturday, March 1, at about noon, to make
following the
communication through Messrs. Deacons, the Company's Solicitors, to Messrs. Lo and Lo, solicitors for certain shareholders:-
We have been requested by the Chairman of the Company to in-
PRESS, WEDNESDAY, MARCH 5, 1930.
liability side of the balance sheet. The present system shows the un certainty of this. "liquid asset." There was vary wide factua tion in the last two years, During the year 1029, the Com pany's market value of shares de- preciated $18,217.03 and appro ciated 8112,098.35 in the previous year. If cost price is shown, there ought to be no depreciation except market value at footnote.
EXTRAORDINARY MEETING.
CHINESE SHAREHOLDERS AND FARMING OUT:
SYSTEM.
COMPETITION PREFERRED.
Alter, the annual meeting those
extra present continued at a
The item "Chah At Bank!! 813,009,40, to owe sundry creditors 8100.058.43, and to borrow another- 8724,175 to pay dividends and bonus to office staff is not consider ed good finance/ The Company's ordinary general meeting convened position is not sound financially for the purpose of considering the and it would be imprudent to incur this liability of over three lakhs.general policy of the Company in It would have been much better for regard to the farming out of the your board, instead of pledging Chinese freight and passage bugi your investments to raise money to
ness of its steamers. pay the dividend, to utilise the profit in writing off a larger Sir Robert Ho Tung proposed the amount for depreciation of steam following resolutions :----- ers and to make further provision in your "Equalization of Dividend Fund, which
the present moment only amounts to 62 cents per share, so as to consolidate your position in order to meet the new competitor... Venezia, now an the Canton run. Now I will say a few words with regard to the liabilities
**
The items "Insurance" 8420,681.14 and Equalisation of Dividend Fund $30,000 equal to 8470,881,14 represent reserves with insufficient tangible assets to meet same, unless you mortgage some of your steam- STA, RCA
Investments Account Less Sundry
Creditors 9190,956.43
Less Floating
Less Shares
Pensions 149,870.40
Pensions
7,864.00
Lets
Divi dends, 1929 124,175.00
$835,146.50
465,565.83
represent surplas
available..... 8369,280.67 or a deficiency of 101,600.47
against above re
serves of
8470,881,14
Profit and Loss Account. I will now deal with the Profit and Loss Account,
The net earnings of steamers were not specified separately in the item of income 8321,024.11, so it was impassible to find out the exact. figures On the other hand we know the expensES:----
Making a total of... 8907,708.91
form you that there is a mis-Repairs to steamers, etc. 8110,938, DI statenient in the report of the Depreciation of steamers 90,750.00 Board of Directors. The report under the beading Directors," states that the appointment of Messrs. J. P. Warren, M. T. The amount written off for de Johnson, R. E. Coxon, MK Lopreciation 890,750 on the values of and . H. Little as Directors the steaners 81,371,230 represents require confirmation..
4.61 per cent, which is quite inade quate owing to the age of the various steamers. You have ant written off a larger amount or in-
We have advised the Company that under the Articles of Asso- ciation such confirmation is not
necessary and consequently, the appointments will not be placed before the Company in General Meeting for confirmation, and this, of course, also applies to the appointment of Mr. C. Gor don Mackie."
(a)-That the policy of the re newal of the farming-out of the Chinese freight and passage basi ness of the Company's steamers to the same farmer, in view of the fact that the farmer is himself a competitor of the Company's business, is prejudicial to the in- terests of the Company; and
(b.) That accordingly the.direc tors be and are hereby notified that it is the wishes of the share- holders of this Company that the directors should abandon the said policy and should adopt a new policy of either giving preference, as far as possible to a non-com- petitive tenderer, for the farming contract or run its steamers on ite account.
SIR ROBERT HO TUNG.
VIEWS AS TO COMPANY'S INTERESTS.
Sir Robert Ho Tung said:- In rising to propose the resolu- tion standing in my name on the Agenda, I feel I can be very brief, because I have taken the liberty of addressing to you all a circular letter, in which I have endeavoured to set out the history of the matter which culminated in my having felt compelled to resign from my posi tion as a director of this company, which I had held for over 15 years, and in the resignations of Messrs. Li The Fong and M. K. Lo from their positions as directors.
A Sheltered Valley. "May I tell you in a simple parable what I think this war is doing for us! I know a valley in North Wales, between the mountains and the sea. It is a beautiful valley, snug, comfortable, sheltered by the mountains from all the bitter blasts. But it is very enervating, and I remember how the boys were in the babit of climbing the hill above the village to have a glimpse of the great mountains in the distance, And to be stimulated and freshened by the breezes which came from the billtop, and by the spectacle of their grandeur.
We have been living iri a belter- ed valley for generations. We have been too comfortable and too in dulgent, many perhaps, too selfish, And the stern hand of fate has scourged us to an elevation where we can see the everlasting things that matter for a nation-the great peaks we had forgotten of honour, duty, patriotism, and, eind in glittering white, the towering pin pacle of sacrifice pointing like rugged finger to heaven. We shall descend into the valleys again, but as long as the men and women of this generation last, they will carry in their hearts the image of these mighty peaks whose foundations are not shaken, though"Europe rock and away in the convulsion of a great war."
Even in commercial life may there not be some everlasting things that matter for a company? Are there, too, not the great peaks of courage and independence, capacity to en dure, and if need be, to suffer, and above all, refusal to be bullied and to take kicks lying down? (Loud applause.)
Gentlemen, this occasion will be historic in, the annals of this com- pany. For good or evil, your de- cision to-day will have a far reach- ing effect upon the company's des- tiny. I know I need not ask you to think herd, to deliberate calmly, and to vote in accordance with your own convictions. (Applause.)
Mr. Li Tas Fong seconded the re- solution.
CIRCULAR TO SHARE-
HOLDERS.
The following explanation of his view of the situation was sent by Sir Robert Ho Tung to shareholders prior to the meeting, in the form of a printed circalar:
The farming system, which will be referred to later, was started some 11 years ago Erior to this time the Company ran its steamers on its own, employing an office compradore and the usual Chinese staff on board.
About 11 years ago the practice was started of farming out the Chinese freight and passage busi ness to an outsider, the Company retaining control of its ships and Mr. Woo Hay running them.
offor by 'mo led to Mr. Woo's ton- der being increased by 819,000 with a contingent clause that the Com- pany would participate in half his profits when they exceeded 10 per cent. For this I was thanked by the Board.
Whilst on leave in North China in the month of October last I wrote confidentially to my col- leagues suggesting—
น
(a) that the Company should run
the Chinese freight and pass age side of its business on its own account; or, alter- natively, (b) outside tenders should be en-
couraged.
Neither of these suggestions was adopted.
..
Subsequent to my return and after a great deal of discussion, a majority of the directors agreed to call for outside tenders. Two tenders were received, one from Mr. Hung Taza Yee, and the other from Mr. Woo. Mr. Woo's tender was strictly not a lender at all' because, whilst he offered to con tinue the farming contract on cer tain terms, be stipulated that it should be suspended" if the sk "Venezia" should be put on the run, and further that the hire money was to be adjusted" every year. The amount of accurity Mr. Woo put up for the performance of the contract was to be the same na before, ... $200,000 for both the
Canton and Macao lines.:
Mr. Woo's Strong Position. I frankly admit that I took a lot of trouble in persuading vari ous gentlemen to send in tenders. I succeeded with 'ona but only after great difficulty, as all predicted that their tender, however attrac tive, would not be accepted. They felt that it was a foregone conclu- sion that Mr. Woo would be award. ed the new contract. The gentle- man whom I succeeded in persuad- ing to tender is Mr. Hung, to whom
even offered financial assistance, as I regard an outside tender to be 10 important. Subsequently Mr. Hung's tender was increased by 824,000 a year-$12,000 in re spect of the Canton and the same. amount for the Macao line.
When these two tenders were be- fore the Board it was adjourned to the next day for an analysis of the figures to be made and it was again adjourned. When the Board niet it was announced that Mr. Hang would even make a further increase and I also agreed person- ally to guarantee Mr. Eung to the extent of 8500,000, ao thất with the security (either in shares or title deeds) which Mr. Hung agreed to put up amounting to 8500,000, the total amount of security would be 81,000,000. Even on the figures of Mr. Eung's original tender they. were slightly better than Mr. Woo's for the first year and 312,000 better.. for the second and third yeare. `
Gentlemen, as most of you know, I am an ardent advocate of peace, and my desire for peace has but increased with my age-now of over three score years. You will realise that nothing but an impelling and compelling sense of duty could have driven me to take a step which had the effect of severing.roy long
It should be emphasized and re- relationship with the directorate of Tong became the first farmer.
peated that strictly there was 'only Ever since, with each renowing the company, and which bas entail. ed on me worry and anxiety which contract, Mr. Woo has been award, Mr. Hung's, as Mr. Woo did one tender before the Board, name- my indifferent health can so illed the furm. At first there were
not send in any tender in Recor- several outside tenders, bat gradual dance with the printed require- ly, with each new term, and it was ments. His tender took. the form known that the Company would of a letter containing proposals prefer Mr. Woo, fewer and fewer which were, contingent. However, tenders were received. Last year the majority of the directors once there was only one outside tender,
more decided to ignore Mr. Hung'a and the same as regards this year.
tender, and to negotiate with Mr. Mr. Woo appeared to have made Woo with a view to getting an in- good profits out of the farming
create from him and to award the with which, naturally-ted no fair-
contract to him. It will thus be seen that the principle underlying the advantage of sealed tender, is defeated and provides yet another
of the shareholders of the company, and I have done what I did because
of my conviction that the continued policy of the company is detri- mental to its interest, and that it is imperative for the welfare of the company that a radical change should be made.
creased the equalisation of Divine. I hope therefore you will be dend, Fund because, if you had lieve me when I say that I had no done so, you would have wiped off other interest in view than that the greater part of the past year proûts derived mainly from invest ments and rents. I would like to amplify that profits from invest ment returns should be given in the in Messrs. Deacons' communica-
form of a bonus as is usually done tion, is calculated to mislead by other public companies apart from dividenda derived from earn- shareholders and to prejudice
ings of steamers; otherwis, share- them in regard to any action holders may deceive themselves in they might, but for such report, thinking that their steamers are have taken in regard to the com- earning good dividends which was alities have signified their approval made he founded the Tung On Proof in, substantiation of the dis position of the directorate of the. Company."!
bonits to office staff of $4,173, beg. That such action, as revealed paid, and that the sum of $10,193.10 be carried forward to next year's account.
When this resolution has been the Chairman, M. C. Gordon S.sgeonded I shall be pleased to reply Mackie suid-
to the best of my ability to any Net profit for the year under re- questions shareholders may wish to view, after deducting cost of repairsaak.
maintained in first class condition.
second the adoption of the report and statement of accounts.
Mr. M. E. Lo's Query.
I propose to say very little fur-1 ther in support of this resolution because it speaks for itself. I am
not the case.
LL
Since I have issued my circular letter I am gind to say that many shareholders of different nation
couragement of outside, tendera
I should like bere to pause and to point out that if I had. not suc seeded in inducing Mr. Hung to tender the Company would have no alternative but to accept Mr.
wers, and in years to come, and unless the policy of the Company were altered, it is impossible to see it. how anyone would venture to ten-. dez.
bat concerned with the question as the charteret, apart from the 'Com- the entire shareholding of the Com-the Board the ultimate implication Woo's terms, unattractive as they to whether or not the Articles of pany's independent steamera' net Association do or do not provide earnings, do not cover
Your feet and property have been of the directors The report sign- proceed to set in a certain manner 8106,797.27 was mainly income ob- will signify your approval of the Other considerations in favour of a
The Sul Tal Fire.
minded business man can blame him he gradually built up and consolidated his position as a ship owner. Out of the profits he thus As it stands, it looks of my views and have given to me Steamship Company, and built the as if the steamers were run at a proxies, which, including those of 8,5. 'Tung Ou" and "Sai Of,” to teamers and wharves, depre- Mr. N. V. A. Croucher: I bag to
slight loss during the past year,
my own holding, represent 47,998 which of courac constitute a direct ciation, interest on overdraft and directors and auditors fees amounts
My contention is that the steam-shares out of the total of 80,000 opposition and competition to the ers net earnings" received from shares of the company, or in other Company's steamers. to $100.797.27 to which has to be
words, "n substantial majority of Year after year I pointed out" to added the balance brought forward from last account, viz., $38,600.83,
pany, and I should imagine an over-
of their policy, namely, that the making the total sum available for
Mr. M. K. Lo: 1 beg to rise to for the necessity of the confirmanses of repairs, ete, and deprecia-whelming majority in the represen- Company would increasingly have appropriation 8143,298.10.
propose an amendment to your tion. I cssume that under the tion which amounted to $207,708, 91, tation at this meeting. These shares to depend on Mr. Woo. Tour directors have pleasure in resolution as to the adoption of Articles confrmation is not neces
do not include those of shareholders By reducing depreciation," the
Sometimes when the question of recommending payment of a divid. the report and scroact so far ssary. But the whole point is that proat on steamers' net earnings residing in Europe and elsewhere, having a new tender arose the direc end of $1.50 per share, absorbing the report is concerned. Before I shareholders must necessarily place could to increased. I do not think to whom, because of the shortness tors would decide giving Mr. Woo Mr. M. E. Lo's Support. $120,000, payment of a bonus to put the resolution I should like to reliance upon which stement of the Company made money on run forward my circular letter. (Ap- tract on the ground that, having regarding the tendere, nume
of time, I have not been able to
the continuance of the farming con- whether the communication directors. When they saw that, ning the steamers last year. The
At the first meeting of the Board office staff amounting to 84,175 and as that the balance of 818,123-10 be that my bim received from Mr. according to the directors' report, payment of the dividend and bonus plause) carried forward to a new account.
proved himself satisfactory to the the 19th November, 1929, Mr. M. K. Shenton holde good and that there appointment of certain directors
Company in the past years, he Lo made the following statement A Powerful Competitor. is an alleged mistake in the report requires confirmation, they would to staff 8124.175 by borrowed money is unjustified, as the net profit
should be given the preference. to the Board:-"Sir Robert Ho I hope and believe that, if you, ed by you, sir, as Chairman says: whereas, had no such statement tained from investments and rents. resolution which I propose, the ally, more beneficial to the share question of the tender, which is Tung, Mr. Li Tse Fong and I have During the year Messrs. T. G. appeared, they might have taken it is customary, as a matter of company and other interested pas
competitive tenderer and, incident- very anxiously considered the whole Turning to the balance sheet, Weall, C. Gordon Mackie and A some entirely different steps.
courtesy, to aporise you B. Stewart resigned from the board
a day
holders do not appear to outweigh now before the Board, in relation under liabilities you will observe and Mears. J. P. Warren, M. T.
the predilection for Mr. Woo. I beg formally to move the above prior to the meeting of what I in-ties will be able to work, not in
to the future of the Company. Our that insurance and underwriting Johnson, R. E. Coxon, H. K. Lo, resolution.
suicidni tend to speak, but in this instance
competition, but upon Sometimes this preference would deliberate view is that in the in- account shows a net reduction of
I did not do so because I am not some mutually satisfactory under-be based on the ground that it terests of the future of the Com
standing. 817,980.17, due to debiting this ne. and J. H. Little were invited to
All we ask is that the would be dangerous and threatens paay it would be better to award asking any questions which require count with a proportion of the loss join the Board
replies. I simply criticize the company should be captain of its ing to the Company to contemplate the tender to an outsider rather
alance sheet na it is presented to destiny. Wo want to live and let
own ships and master of its own any "plit and a freight war with than to the present. farmer unless the shareholders at this meeting.live. We, at any rate, are not going him. In vain I attempted to point his tender shall be. the highest.
out that if Mr. Woo were in such for peace. (Applause.) But if n strong position then he must be in an increasingly stronger position other interested parties would not permit us so to conduct our busi- with the lapse of years, until ulti- nees as to extricate the company mately it would be zo impregnable are more or less in the position of from its present position, which has that the Company's independent trustees for the shareholders of the ".. to depend for its future prosperity,
existence would be placed at the Company, and we feel this matter and indeed its existence, upon a Inercy of its own farmer.
to be of such fundamental import powerful competitor, whose strength "To Explode.a Fallacy," anco that, if there shall be any goes on increasing from year. ta Last year in order to explode difference amongst us as to whom year, I, for one, say that to pre- what I considered to be a fallacy, the tender disil be awarded, this serve peace at such a price is un-
namely, that no outsider would ven- qucation should be referred to the thinkable. (applause), and were the ture to tender with Mr. Woo in view of the shareholders at an ex-- company to do so its future would the field. I personally offered to traordinary general meeting to be be hopelesa.
We therefore request take the farming contract myself by convened. It may be a little mélodramatic paying 5 per cent more than the that in the absence of a unanimous to refer to the Great War when our tender (whatever the amount inight decision of this Board, and irres minds are centred upon the more be received from Mr. Woo; but pective of whether a majority de mundane problem of business and as I made this offer as a test of cision should be against as or not, dividends, but some words from a my theory and in the absolute con-
an extraordinary general meeting spcoch mande by Mr. Lloyd George viction that I was right and the shall be forthwith convened. In at the Queen's Hall in September, directors wrong test that could
any case should this Board as 'n 1814, often come to my mind. On not but prove beneficial to the Com- this question they served to help pany-I left it to the directors who me to reach the conclusion at which ther to accept it or not. In proof I have arrived, and with your per- of the correctness of my attitude mission I would like to quote them it is interesting to emphasize the | to you:-
fact that the 5 per cent increased?
These appoint sustained through the fire on the meats require the conârmation of Sui Tai in August 1928, the bulk the shareholders of this meeting." of which was, however, recovered would like to know whether you from Underwriters. Under Pension propose to act on the report1
and Provident Funds you will have The Chairman: It is not pro noticed that the Office Staff Provident } pored to act on that, report as we Fund has this year been omitted have taken legal advice and "ascer- from the balance sheet which has tained it is quite unnecessary to been done at the suggestion of your have the appointment of these auditors, who advise that as this directors confirmed at this meeting. fund is held by the Company under deed of trust for the staff it is pre- · ferable that it should be kept die- tinct from the Company's accounts. On the assets side of the balance
sheet the value of the fleet has been
THE AMENDMENT.
written up by an amount of $54,000, MR. LO'S CONDEMNATION OF
depreciation has been provided for
on account of reconditioning the
看
Sui Tai subsequent to the Sre, and
on the usual seale. Spécial repairs,
to the Canton Steamers Wharf-at'
THE BOARD.
CRITICISM OF THE ACCOUNTS.
MR. FERNANDEZ SUPPORTS AMENDMENT.
Mr. M. Fernandez, in seconding the amendment, said:- would' like to make a few remarks on the statement of accounts of your Board to the shareholders. I will
deal with the assets first."
AMENDMENT CARRIED.
The amendment was then put to the meeting and was adopted by 5 votes, there being 29 votes in favour of it as against 23.
2
Sir Robert Ho Tung Made a
A Director.
Messre, J. M. Alves and R. E. Coxon were re-elected to the Board of Directors on the proposal of Mr. J. D. Danby. Mr. T. H. R. Shaw, seconded by
را
Now look at the item Invest ment" shares at market value, of
Sir Robert Ho Tung, Mr. Li Tse $835,140,50. These shares cost the Company $490,062.30, and appre- Fong and Mr. M. K. Lo were also ciation in value on December 31, elected directors on the proposal Mr. Lo: I have an amendment to 1929, 8340,084.30. making a total of of Mr. J. P. Braga, seconded by in the nature of capital expenditure,nropone on the resolution as to the $835,140.50. Some of the local com- Mr. Tai Tung Pui. Hong Kong account for the sum adoption of the Report and Ac-panies show the cost prices of their Mr. Lo Kai Hong, proposed that of $15.000 added to wharves and counts so far as the Report is con- investments on the assets side, Messrs. Linstead & Davis and moorings Investments in shares cerned. My resolution reads as with a footnote of the market value Mestre, Lowe Bingham & Mat- in public companies stand nt
for information only, thus obviatthews be re-elected auditors for the 8835,146.50 .45 against $881,431 in 1. That as regards the reporting the necessity of making the year at a remuneration of 81,000 the previous balance sheet but the of the directors, this meeting difference of Appreciation in each per annum This was scoond- adopts same but with an expres values" $345,084.20, as, an Invested by fr. Mok Wing U and car difference is merely due to the omission from this year's balance. sion of the shareholders' strong ment Fluctuation Account" on the ried unanimously.
j
follows:-
to initiate a freight war. We stand
From previous discussions it would appear that this view is not shared by some of our tolléigües.”
!
"We realise that as directors we
whole derido this question, and should the majority decision be against our views, wa hereby giva notice that we shall forthwith take the necessary stops to convene mich (Continued on Page 3)