1913-10-25 — Page 6

A. S. WATSON & CO., LTD.

ESTABLISHED 78 YEARS,

WINE AND SPIRIT MERCHANTS.

WATSON'S Ε

Very old liqueur Scotch

THE CHINA - MAIL.

PANY, LIMITED."

EXTRAORDINARY. GENERAL

MEETING.

Dividend Held Up.

SATURDAY, OCTOBER 25, 1913

All thin

issue. The new shares have been sold They have been held back perding the Fueross the road to destruction will" ba| HONGENG HOTEL COM-alike in respect et dividends and in all at 381 per share, a profit of 25.4 per cent pasting of this resolution. If the resol

oqual' footing and they would all rank denied by no one who can rend the

other respects..

-not bad, eh? Is shows the eagerness of tion is not passed, the accounts will be held signs of the time. For las experienco

Mr. Maitland said: I am somewhat the public to uphold the eredia of the back to further period-perhaps in

dulinitely. This will be hardship on many sinceholdera who are anxiour to ressive surprised to find that there is opposition company-on which Mr. Grist tells us shown that the foresight and resources,

„dividend, napecially those shareholders aš. to the passing of the resolation bedoen we have been trading-very kind Indeed. (either of individual employers or off

I do not suppose that a single Speculation has been rife, and to make Home, who are depending upon receiving groups of them engaged in the same.

shareholder expected that the dividend it profitable to those who have indulget this dividend, which may form an import

mab part of their income. well be pail otherwise than pro rats, therein, an efort will be spared to kill brought about by one or two determined business, can always be relied upon.

I now that the fully paid up share would this resolution and to have the outerandahareholders, and of whom has stated to in an emergency. Sometimes, no

(not receive twice as much as the parti-ing vapital for which the company has Mr. Maitland hat be does not care for doubt, such attempts to meet the An extrulinary general mooting of ally paid up shapes until the point was no profitable use, called up. It is all large dividends, he would, not cars if they he does want the debentures paid of," trouble arising from industrial dis-shandholders in the Hongkong Hotel raised by the auditors, and even then the result of speculation, gentleman, reduced from 6 to 14 per year, but content have turned out to be suc-ompany, Lidl.. was held this morning a very large proportion must have nothing else--is is wrong in principle: What they demand is that the debaturse. at the Hotel for the purpose of consider pressed surprise that there was anything it is not sound business. I am oppor mounting to $750,000 shall all be paid auf. cessful. More often they have proved ing the following resolution: That then the point, which in my opinion Rs to it new and for evoyat I too will As the debentures sent to $750,000 and profit by the seersa of the clients of the amount made available by the call is Whisky.futile, or Nave secured nothing better following new Article to inserted in the regards the Hongkong Hotel Co. is

9350,000 to be paid off How do they than a compromise vitiated by con-Company's Article of Association after against equity although it may be the Mr. Grist, for I hold 484 of the originally $200,0 8, there will still remain Article 10 thereal: 10h. The Company law. Even on the law side there must partly paid ise You I am oppoveri te

propose to pay this off? They wans Our Celebrated Every eld Liqueur Scotch Whisky is thining the seeds of future and perhaps its pay dividend, in respect of any he difference of option fee your Dirve. Its scheme as it is wrong in principle certain amount set aside out of profits esch a blend of the best Pot Distilled Scotch Whiskies. It worse trouble. And this has hap-existing or new shares of the Company, es wars Brat advised that they would and a bad business traction. You par for this purpose. The sum mentioned ben order in recommending the dividend gentlemen, who are opposed to the piss by then was $41,000 or $50,000 ☎ is of great age, very fine, and mellow. Its superior pened more frequently, not when the in proportion to the amount paid up ou

dirilenda for year to come.” This l'in ewh share where a larger amount is paid ces the same lines as it had been paiding of this resolution, do not really want year, which will mean sutting down the quality bas established its reputation as THE LEAD-demands of labour were based on s

up on some shares than on others." since the new issue of ospital was made, or expect the same dividend on the partly keeping with the statement of the opposi ING SCOTCH WHISKY IN THE EAST.

legitimate and reasonable grievance, The following ware prosent —Mr. J. and now they have been advised differ-paid, as on the fully paid shares. But tion to the fees that they are not `are of rpiñion that the but when there was little either of Scott Harston, in the chair, Dr. J. Wently. Mr. Griss, spooking on behalf of you do mean to block this, or any men actunted by any hope of personal profit la

Nuble. Messts. J. W. C. Bonsar. Facerbela body of shareholders at the surn the Board may bring forward to the rantter": kod justice or reason in the claim. For Mala (Divetres), I., Gibbs, F. J. meeting on 45% October and again to-day alter the Articles, so as to compel the debentures should he paid off out of the

money raised by calling up this some while post a combination of rise, W. Ford. F. T. Leo Chan Farid hdb the company had been rud ali upis capital, to suit your specs had out of prodts as they scorus." The employers in self-defence has been sur M. J. Vessodun, II. Stenborg, ing on the unpaid call; I can assure you ativa onds. This is hot a matter for the renden sist for this the corus." The plainly indicated as the best means of M. Noh, M. D. Silas, E. E. Ellis. that this was not so when the auditors shareholders, but une for the Bourd to the Debenturas paid off; they want no G. W. Avenell, Jas. Walker, M. Manuk, called attentions to the payment of dividecide. The tacties of the opposition is charge of any kind on the property; it is such a good investment." Gentleman, reil protecting their own interests agnisst

me as men of business this a good roon, in is a mund doctrine? Your answer will be Certainly not." We pay 6 per cent in erost per annum on the debentures. We have been paying dividends at the rate of 12 per cont per annum I the givea is the true rosson ie., if it ie thoir

of throwd debentures, there in vary desire that the call be made to pay little

WATSON'S E BRANDY

Finest very old BROWN BRANDY Guaranteed 25 years age, in wood. The finest liqueur BRANDY on

the market.

THE-

MOUTRIES

PIANO

IS THE

MEMO FOR TO-DAY.

**Twel!ih

5.15 p.m. Entertainment

right" at the Theatre Royal

the unpaid capital, so it is clear in a nutshell that a certain body of shares. bolders who had a largs proportion of the partially paid up shares are taking

G. T. Lloyd. F. Raymond. J. E. Roy-dend, nor is it so now, for I look on the to block everything they can, except The assaults of the new Trade Union-mandi. 11. Galluzzi, P. C. Puits, A. Weill, debentures of this company almost if their favourite measure. They can only 1. Tobins, W. Logan, B. Basto, Lai not quite, se groet a security as Bank of block sua mensures as require a three ist, infected as this is with the ran'

Clann. W. E. Clarke, F., Larria. S. H. Yngland stock, He (Mr. Grist), further fourths majority (a simple majority we poison of Socialism and Syndicalism. Alichuel. Sydney Alfishnest. Weng Liu Tai.nted that it would be fairer to call up And it should do more. It is no less 1. L. 8. Alves, Leung Kam Ming. Fung requisite to save labour from itself The Hang, C. P. Silas, Geo. Lammert. and the nation at large from one of Po Sham. David Landale, F. B. L. Pary, f. Mhort, B. thets, Ivor Gour the worst dangers that overhang the R-lunan, and J. 13. Fagport,

The prospect of what Acting Secretary, might happen unquestionably calls for 11:30a.m.--Auction of Sundries amething in the nature of her icing

renicilies and for more than the ideal ramparts which might appear suitable

!!

General Memoranda,

MONDAY, October 27-

Mesars, Hughes and Hough's Sales TURNDAY, Uctober £8:-

Rooms.

1.30 p.m.-Auction of Furniture st Mesara, Hughes & Hough's Sale Rooms.

Tuxs., Tauna & SAT., Oct. 28.

Nov, 1-

时

&

IDEAL INSTRUMENT

2.15 pm. Entertainment Twelfth

Night" at the Theatre Rognl.

UNSURPASSED FOR

DURABILITY

AND IS

GUARANTEED FOR FIVE

YEARS.

༔

PRICES from $300.

S. MOUTRIE & CO., LTD.

WM. POWELL.

LTD.

PORTASTY

RRADINGS

WEDNESDAY, October 2

3 Mountain View (29 The Posk.)

You Hongkong Jockey Club Bait

Yearly Meeting.

9.30 p.m.-Auction of Household Länen Mounts. Bogher and Hough's Sale 2.30 p.m.--Auction of China &c. at Mr.

|

neir horizon.

The Chairman said: At the extraordi-

whird was bold on the 4th inst... I re

this company

fried from putting to the vote the resolution set out in the notice convening uch meeting. My renen for so rotrain-

pital.

YES

to be gained in calling up the ospital for that purpose, na we can then liquidate only 20 per cent of the debenture issue of $750 000. Thus you res their purpose cannot be accomplished!

they so much dears I have suggested that To aid them in quickly securing the aud

we sell the “sasiena," a property detach- ed from the Hotel buildings, and which is of but little use to us for botal purposes, bus "very valuable for business purposes. The sale of this property should enable the go, they debentures to be entirely liquidated. But

They

enn always manage), as they own and control through nominees ently about 6.000 shares (though they claim 2,000 a miscalculation on their part I think) out of 20,000. I alone, at this moment fair advantage of, shall I say, with my own holdings and throngir #tw or omission in the Articles of Asso proxies represent over 6,000 sites; ciation, to force the majority of your while my co-director, Mr. Maitlanul, een-. up, when in their opinion as business here in this room, t'estimate, over 10,000 Directors to make all shares fully paid trois 2,000 more, and there is represent men, they do not consider it in the in shares all of which will be voted in favour be 6.00 against. To hoil this matter terests of shareholders as a whole, or in and to uphold the right. There will the interests of the company to do so. to philosophers in their study ring was that I was under the impression. Certainly the absentee shareholders should down thers are in the opposition only

will not listen, to this proposition. politicians with their heads buried in that the Company's Board of Director at the situation fully put before the two large shardholders; one is now pre

want the capital called up, even at whose instince the meeting in que-Entil the resolution before you is passed wank. At the meeting held on the 4th inst. the sand. The promoters of the pro-as convened-dosites the resclu. and confirmed year Directors casinot vary both were present. In order to forestall though by doing so they will not be able to rosed Union, men of the highest is passed as angiel at the well recommend a dividend at all, and (such a coudition of affairuko wa arɑ now accomplish their arowed object of paying

conferated with, our Articles provide that off the debentures. The battle cry sharebaidos no shareholder shall hold more than 10% of the debentures. They will be satiabled repute whose motives are above instance of the Beard at such meeting, the delay is not fair to

home) of the company's capital-this is futile as with nothing else. They say Give us suspicion, have planned a schen eat as the resolution was that of the (particularly those residing at

Hound and not of any shareholder mutuidauto may be counting on their dividends there is no law to prevent shares boing.

bentures." How many men are there 10,30 ..--Auction of Furniture at No which, so far as can be judgedes Band. I merely put to the vote the for, current cxpenses. I submts, in, a registered in the names of nominees who smaller dividends, but pay off the de-

proxies may be taken or who will vote as from a preliminary outline of its sotiation, “

own capital, when they can borrow as amended and not is ori-quity, that the question before the meet-directed; for this we now suffer. The e** business who trido solely on their

Are a thres shareholders only an far as 1 am at 5% and earn 12% on the money cope and purpose, is admirably | zinally propezard to be passad.. I gathering as present abculd be abated as it is,

Awara who insist on this capital being borrowed? All who have purchased these adapted to their aim. With a fund bat in this respect I was acting under it being a separate matter from the one

A misapprehension; and that the Boari of calling up of the unpaid capital, and called up. I am sorry to see that only one new shares at a premium have done so with of fifty millions to combat strikesler that, when the resolution as 1 ask your support to enable the dividends present: two are bent from the their eyes wide open. They have bee

One of the absent ones is one of purchased by some with the direct object vox Anditor, and he cast his to against of forcing the Company to make this call, employers would stand in a positi a amended was defeated, the resolution as

Colony the passing of the resolution on the 4th This is made clear by their statement that

the of impregnable strength. Honest and set out in the notice convening the meet- ing should have been put to the vote.

inst. Mr. "Grist han to'd his had velf-respecting labour need fear

as the resolution was not so put to the

attempt is now being made to deprive the should they fail to carry their poins at 11 a.m.-Auction of quantity of

new sharoholders of their ti.ht to recuire Fesent time, they will continue to buy. heres till they hara acquired more than this eight wentieths which they have purtaff the Company, or a suficient number Machinery, at No. 1. Reclamation nothing from such an organisation. vor this meeting has been convened for

chased The bargain was with the old of shares to force the hands of those who What it seeks to oppose is a reckless the purpose of putting the some to the

and paid

are now unwilling to eccede to their wishes, baro, and op 825 on each state. Do the majority of the shareholders want shareholders who purchased 8 000 new vonvening this meeting being in the

Since that time they have received in smaller dividends? What think you? The sem torms as that set out in the notion

dividenda ball as much on each new alare very ones who now my give us smaller evening to extraordinary general meet

as they received on each old ore. When divi ends. have said to me, your after ing held on the 4th, inst. I will now

they made the bargain they know this year, a very good report, but next yasri rend the resolution That to follow

would be the case so long as the 20 at are hope you will give us larzer dividends ing new Article be inserted it this Com

were only partly (26) paid up. Therefore Why this sudden change? This meeting they have not been deceived by the com- should fire been held in June lart, and pany. They got nothing more, they would have been, held then, bat for

These tarents they gave shares were partly paid, Farthermore, the shareholders. Board does not declare the dividends, they effect to on October 4th, the date on which Whether they merely recommend what they ball by the Inst meeting was held. thus fix what dividenda shall be pail to: I am divulging no secret. Gentlemen, it is, the shareholders in meeting vats upon and will do so again to day remains to be roep. themselves. This they have done regularly and has been for months past, known to half-yearly till now. When the new are many, and has been freely discussed in the made, had the words, pro rata been street. I ask you to vote for the resolu inserted in the Articles no question such tion. (Applause) wore ant inserted at that lims and we are as this could have arisen. These words king your maction to insert them now. and thus remedy a slip or oversight brought to our notice by one which was

Room:

Gen. R. Lammert's Sales Rebon „Thersday, October 20

Street.

1. Auction of Tweed and Woollen

Cloths at Messrs. Hughes and Hough's attack as damaging to the honest and lesolution set out in the notice

Sales Rooms, SATURDAY, November 1:-

2.30 p.m.-Auction of Furo:ture ab Messrs. Hughes and Hough's Sales Rooms.

WEDNESDAY, November 5-

2.15 p.m.-Meeting of the Licensing

Beard in the Council Chamber.

Anh Thăm hai.

HONGKONG, SATERDAY, OCT. 25, 1913.

A DEFENCE AGAINST STRIKES.

to the imperative accessity of finding and applying a safeguard against the danger which threaten enterprise and

bring masters and workmen alike to arresting the progress and

raio,

capable workman as to his employer.

SOCIAL AND PERSONAL.

resigning after many years' service from the Chinese Christian Literstars Society.

Mr. H. W. D. Shallard of the Pand O. S. N. C. and Dr. E. W. Perkins of thei Looden Mission - Jeft day by by the As Delta. Mr. Shallar proceeds to Freemantle to take over charge of the l company's agency at that port

Maitland,

|

to be paid us heretofore; is in certain that

no shareholder expected anything, but a pro rata dividend when the new issue was made, or the paint would have been raised long ago. (Appisuse.)

$4

Dr. J. W. Keblo said: At the previous meeting, and also to-day, Mr. Grist said in bringing forward this resolution we have entirely forgotton or lost sight of the fact that the company is trudip at any rate in part on the erudit ce uncalled capital. This I think, will not boor examination. What trading is done Dr. Timothy Richards, the well-known pang Articles of Association after on the signgth of this uncalled capital missionary of the B.M.S. in China, in Article 10 theroof:--10n. "The Company Wo have two classes of creditors. Tas l'expected nothing more, so long as the the threats made by certain large

shall pur dividend, in "pect of many Bank, to whom we owe $50,418; the existing or new shares of the Company, debenture bolders who have contributed is proportion to the amount paid up on $750,000 for us to trade upon. How ench share where a larger amount in many who have purchased these deben. paid up où some shares than on others."tures had knowledge of the fact that The Chairman formally proposed thothers was uncalled capital outstanding? relation, which was seconded by Mr. I venture to state that if the purchasers lad this knowledge, not one of them Mr. Grist, anid: We have before us was influenced thereby. What does this to-day precisely tha cane resolution that amount to? $200,000 only. This is we had before us as the last meeting not very good security for $750,000! held on the 4th inst. At that meeting If the capital of the empany should now an amendment was proposar but only be reduced by the cancellation of this with a view to making the replation $200,000 outstanding, would the holders retrospective. The shareholders rejected of these debentures lay awake at nights the measure and expressed an opinion because of it? I wonder. The security adverse to it, but in spite of this the on which the debenture holders rely, if Brectors have tactight fit to call the pre- they are practical business men, is the ralue of the company's property, not the sent meeting and gain bring the matter forward. With regard to the merits or capital outstanding on a few partly paid and buildings, valued for emerits of the resolution I do not think shares, but on substantial assets, "real I can usefully add anything to what I ostate

and said at the last raceting, a copy of which months ago by Messrs. Palmer I will read-The objects for which the Turner 1 ·conservative basis at present meeting has been called have $2,314,215. You may add to this if you been fully explained to you and shortly will, the carning power of the hotel sa are that the constitution of the company going concern, and the good will of

President of the Society.

TO-NIGHT'S PERFORMANCE OF TWELFTH NIGHT.

4

CHI

of ont auditors, whose own sollaitor, Mr. Wilkinson, told me it was wrong to con tinue as we were, and we must alter our Articles. This we are now andesy uting

(Continued on page 20.)

NEWS OF THE DAY.

H.M.S. Sandpiper" arrived yaster-.

to do, and they to against it! Mr. day afternoon from the West Kiver. Wilkinson acting for the Auditor wrote h'm

The English Mail of the 27th Sept. on February 24th 1913 as follows: It is un part of the duty of the Auditor to advise the Directors or shareholders what they was delivered in London on the 24th Out. ought, and what they ought not, to do;

Dr. Singeha Hooshoo; L.R.C.S.P., dividends are grupeil or improperly.R.C.S., has been added to the medical and it is nothing to the Auditor whether declared - and an Auditor cannot therefore be held liable even for dividends paid out | register. of capital, provider that he has done his duty to the harshokiers in setting out pro-

perly in the balance sheet, and profit and

The Wirelem Telegraphy Regulation

loas necount, full information with regard and Supervision of Schools OrdinenoGE to the true financial position. This advice bave received the sons of E.M. tha acted upon. Mr Gist says: He does

not think it competent to the larger section

The Rev. C. E. Hickling will speak

of the shareholders to deprive the smaller

at the mooting of the Hongkong Christian the larger seation." When the bargain Union at St. Paul's College on Monday section of their rights to the advantage of was mide and the new sharms sold, they were sold pro rats to the old shareholders, next; at 6-00. p.

Messes. Charles H. Blason, William according to their then holdings. There and a smaller section- it was one section, not cannot lake advantage of oneself. Mr. been appointed auditors under the pro- Grist refers to both classes of shareholders, vivid of the Companies. Ordinance 1918. whereas but one clase existed; this class

I be

"

The death is announced mys the L. & C. Express, of Dr. William Carnegie Brown, Harley street, W., a former we'l-known resident of Pang, in the affairs of which NEITHER the need of some suchettienient be took much interest. Notably co-ordination of resources as it is this was the case with the Penang Hill intended to effect by the creation Railway. He was fur some time a member of an Employers Defence Union for Penang of the Legislative Council of the (to which Reuter referred in a Strite Settlements. Ein »ctiviti a at how

comprised being joint secret ry of e rocent telegram) nor the solid

Society of tropical Modicitie and Hygiene, advantages to be gained thereby he wrote several articles on malaria will be seriously disputed when the and direnses of the trupica. He took his conditions which at presect dominate MD. degree at Aberdeen in 1834, and

became a microber of the Royal College of tires not allow it to pay a larger or differ the business, furniture, machinery and our Auditors. Jo not seem to.. bare King.. the relations between expital and Physicians, London, in 193. The funers ent dividend in respect of the fully paid plant. These are the things which give labour are considered in the light of took placa en 2al inst, at St. Marylebone shares than the partly paid shares us credit, and on this wo trade, Will knowledge and common sense. As Cemetery, Fist Finchley. in addition to though it has done for years past. It Mr. Grist on behalf of his cliente, agree mombers of the family there were pres nt is not fought to alter the constitution of to the cancellation of this outstanding representatives of the Society of Tropical the company to enable or rather make capital? If he would like to have a Medicine and the London School of Tro.it imperative upon it to pay a dividend practical test made as to the value of pical Medicine Among those who sent pro rata in proportion to the amounts this unpaid call as a credit feature in industry, which if unchecked must wiesthe WAN,Sir Patrick Manson, Fuld up on the shares catiroly forgetting the, company's business, it might be did not exista larger two. Surely ons | G. Barrett and Reginald Brown have. or losing sight of the fact that the com taken into consideration and the Court pray is trading at any rate in part upon applied to for the power to reduce the the crit of its unenlled capital that capital by $200,000 the amount outstand is the liability of the bolders of the ing. Do not misunderstand me I am agreed amongst themselves what should

A correspondent of the "Peking Daily | undermining the security of the coun

purtly paid shares for the unpaid not advocating that this be done, but if done, and it was done. I must say I try, there cannot be two opinions.

mounts. It is obviously, unfair that Mr. Grist's clients consider its bad. did regret to see one of the Com News" estimates that Chine consumes There is not a practical statesinan ur

they the new aloreholders should, reship to carry this liability or that theypany's Auditors, who had but recent sequally ber thousand million cigarettes,

7 purchased shares in the Company. an expert in political economy who The Hongkong Muamers' production of cave no compensation for this, liability should be paid compensation for the creating against a perfectly right and quantity of which are of home manufacture.

or o benefit of the credit so obtained dit it confers, the matter, will at his proper alteration to the Company's Arti is not periactly well aware that, as Shakespeare's comedy "Twelfth Night' will be presented punctually at 9.15 p.m

by "the company and on that ground I request be seriously considered, not cles to alteration which emanstad from Mr. C. K. Gok, of Hamburg, formerly

what has since transpired, and the refor things are at present, nearly every this eroding, and as the interest of the oppose the parsing of the solution. otherwise, I reler Mr. Grist's and suggested, by himself. After local manager of the Hamburg Amerika sino Another and pockapa "clients" as he had been a shareholder ence made is the publia Press, I fest boned Lanie, has received the decoration of the Prussian Order of the Red Eagle, Fourth successive dispute in which employers story begins with the rise of the curtain it stronger reason why this resolution should at the time he made his address for to siate by yay, of explanation, that at and the employed are at odds brings is hoped that visitors to the Thostre will not be passed and that when the now eight days only, so that he himself could noon on Oct. 4th as we were about to mis us nearer to an irreparable catastrophe.be sented by 9.10 pm.

that he was going to vote against the reso The disturbance caused by late-comer chores were issued the company by the not have suffered grosby. Mr. Grist ter this room he Auditor remarked to me, would say that such apprehensions sirendy seated bat is most trying for those diareholders 8/20ths of the concern.hape a stronger runs why this resolumeurs: He then and You bars not

on the stage, particularly when, as in the there being nothing in the Articles of tion should not be passed; and that is, done all that I suggested. I asked in what the first seven months of this year, this are visionary or exaggerated. If in present instance, the upeping scene in Ausceiation allowing the company to dit. that the company agreed to sell to the respect Bed You have not made figure showing an increase of 914,000 over

Acting on thie bint I the ranks of labour the majority, too

quiet and dignified.

The Hongkong Mummers would there. ferentiate between the old and new share. now shareholders eight-twentieths of the it retrospective.

William McCall, European toward intent on the prospect of some im fors very much appreciate the early arrival holders in rispoot of dividends or other concern, and there is nothing is the immediately reported the conversation to that for the same period of 1912.

that remained before the meeting opened, of intending valtors, especialy as it has wiso. An attempt is now being made to Articles allowing the company to differ my co-directors and in the few moments THE EDWARD DISPENSARY,mediate gain, are blind to the future, het so arranged that they will be out in deprive, the how hertholders of their entiate between the old and the new an amendment, was framed in an endeavour on the P. and 0. mail stormer many of those who thrust them good time shortly after 11 80 p.m. tights to receive this 8/20ths which they shareholders respect of dividend or to meet and remedy what our auditor Persia, jamped overboard three days from sives into the position once occupied minutes about half way through the par. bavo purchased I da hot Wink it otherwise. The company did not sell considered defect, in the resulta Marseilles and was drowned He was is by more cautinus champious of the ce, and the above remarks apply petont to the larger section of sharesight twentieth of the concern to the ing the fact that we did not agree lirious state at the time, the result of

nally to those returning after the holders, to pass the prosant resolution new shareholders. The company sold with him on the pont then or now, sad high fever. working man" are fully conscious of intervs.,

which would have the orgt.cf depriving new share to old sheroholders, fory wake matified Ta were well advised in re-

Wo neu kukwć to mints that will the way in which things are drifting,

smaler section of shareholders of their different matter, and many of those old pect thereto The Board made: a bona fide effort to meet his obfectiou and suil be rigite to be advantage at the larger noe shareholders have kept those new shares robes against it few months ago I snce to paragraph 6 of the though their aentences in this re-pect SUNSHINE AND COMMON SENSE on An ER solution of the difficulty and have them foulay. I am co of Bared my sms on the Board to one of the Portal Goide, on after bonpled with the egregious fully afT ONT doctor your blood for Thema would bo to sail up the itpaid capital in those who has done so. If all the old large shareholders in the opposition. E local letters whouse tiam an external application respect of the new wheres and make all shareholders had kept the now shares refused it, which I regretted, as I would at hald over of retarded supposing that they themselves, if not of Chamberlain' Fan Balin. In a few he honed fully paid This puld be the presont quesiton would not arino, at that timelingly bare retired in favour

of any one secking trouble. The Directors of a conferet their followers, will emerge victorious days it will get you ap and out into the this as both, dass of shareholders and the division was pro rats and equitable donating, mam that this remola

Kawunshine, then nature will restore the rich and triumphant imm the wreck. That red blood to your veins and on rid the 15 would then be no longer necouery to The trouble bas meisen because some of it is none too soon to erect a barricates of this troublesome disones. For alter the ocenitution of the company, the old shareholdoes hayo been tempted

le by all Chemists and Boorak sepers.

en by Ge profit offered and sold their new

CONSULT

WM POWELL

LTD.

Telekoze 240.

O, KAMMING & Co., Lo Chemists and Druggisis GREAT REDUCTIONS

PRIJEE

ACCURATELY

tobias, de

$24, Queen's ROAD, HONGKONG.

Bengkong, July 9, 1912.

Thera in

A total of 1,486,000 booke wa isted

There are few masters of industry who not only distracte the attention of the issue of them agreed to, sell to the new says further. “There is another and perlution. I replied that it was bie by the Bible Society from Shanghai during:

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