1919-02-15 — Page 7

No. 17.389.

The China Mail.

HUMPHREYS ESTATE AND FINANCE CO., LTD..

The Ordinary Annual General

Macting of the above Company was

號五十月二年九十登百九千业英

ESTAE

SHFD

EXTRA

HONGKONG, SATURDAY, FEBRUARY, 15, 1919.

1.

*EXTANETT.

PRICE $3.00 Per Month.

HONGKONG MILITARY SERVICE RECRUITS.

that it will release the investments Board are necessarily limited. As I and loans amounting to $296,308.11 have pointed out in my last answer which are referred to and I would the shareholders have annually the point out further that $150,000 out opportunity of importing fresh blood of that sum represents the Company's into the Board,

The following information by able 20. The present Articles were ad has been received from India by the liability under the Mortgage to the

I must ask you to realise my posi portion of the $005,000 due under the shareholders may choose by There is no inten- Mortgage Account, the interest on ballot any five persons considered by tion in doing so. tion on my part of requiring fanie or which has absorbed a good slice of therm best suited to look after the

Interests of the Company? notoriety. After Mr. E. S. Kadoorie, our annual revenue?

10. Without imputing anything of Shanghai, who, I understand, has 8-Considering that the rate of given his proxy to Mr. Harston, insurance premia on properties into the present Board, would not such in the largest shareholder in this Kowloon is now reasonably low, a plan be more conducire, to the at- University of property which has opted in 1900. The Directors will Military Authorities here regarding Company. So please bear in mind would it not appear most, business-tainment of closer attention to the stace been sold to yourself with a give instructions to the Company's the disposal of Hongkong. Military that by raising all these questions like on the part of the Directors to interest of the Company generally, liability to pay to the Company the Solicitors to submit to the share Service Recruits who were drafted it is not done with any spirit of ill-abandon the policy of the Company and also sole the tendency towards amount of the Mortgage attached to holders up-to-date Articles. In no to Ledio J. Scott Harstor, A. D. feeling neither, to the Genomd Man-currying a part of its own insurance sinceros which must neces-it. The anditors of the Company Articles that I am aware of, up-to- W L. Pattenden und A. Forbes Meera J. R. Capell, E. WE Personally, although I am of the men in Mortgages and. Lours of directorships are variably made this amount on the assets side of the anything warranting the suggestion viz.: Privates Mead, Turner, Finck, (directors), G. Rapp (secretary) and "gers, nor to any of the Directors and thereby, releasing the invest-sarily obtain when selections for advised that it should be included in date or otherwise, is there to be found available for immediate despatch. Jones, C. E. Brown, J. Spittle, Jopinion that Directors should have $208,308.11 (which is apparently from a luited number of Hongkong Balance Sheet and it is included ipput forward in the question before Findlay Smith, Johnson, Macdonal

held at the Hongkong Hotel at 11.30 to-day. Mr. D. B. Clark presided

and there were also present Messrs.

a

Without faith in any to pay.

Ascertain that ten men only

and

22.This is a matter of opinion, demobilization in England

Telegraph have they if you agree. Moon and Brook sick The Directors do not share the fountain in Australia.

in hospital in India: Graham in- view suggested nor

valided to England.' would any

23. While the Directors naturally

וני

TO-DAY'S CABLE.

THE SILVER MARKET.

21. The Directors have made no of remainder, nineteen are serving at

Stark, Thomas, Wattie and Reid more experience in the property necessary at present in order to lay business men who apparently for the liability side of the Balance Sheet the last. H. Seth, H. V. B. Kennett, business and thith in the Com-wilable tha

Insurance Reserve an unofficial association of directors? under the heading of Mortgages.

20. The Articles of Association of The average rate of interest earned estimates of the intrinsic market yakaka and that fores is being Leeman, H. Percy Smith, F. Wpany. Geleen, you will be sur funds, thus obtaining the rece13. Stapleton, H. M. H. Nemzee, prised when you come to know the funds with which to carry on the the Company beng obsolete in the on moneys of the Company actually value of the Company's shares nor cabled to asking if they can be re Gerkin, Leo d'Almade o Castro, A. C. Botelho, A. d'Almeida, J. Agregate number of shares heid by development of our undeveloped light of the present law on Co invested in mortgages and loans is do they know of any grounds justify leased. Baker and Hughes desire

panies, will the Directors instruct, 8 per cent, and the amount in the ing your view. the Directon, excluding, of course, properties, Wong, A. E. Craprell, W: C. Lee, the General Managers. I understand The Directors attention is invited the Company's soliciters to submit į Balance Sheet under this heading in. H. W. Looker, J. Amold, L. Cay that a very old Director has only to the rate of interest surned on the to the siteholders up-to-date articludes as pointed out above the sum

reason to

suppose it D. Wilson, P. O. da Roza, M. Fer-100 shares in His name. Why? If investment in Mortgage and Loans-cles which should contain provisions of $150.000 for which you are per

be receives not pays any interest in that

possible to place mndez, A. A. Alves, B. K. Moss, he had a little more faith in the Coin bare 4.80 per cent. p., as per the dealing with the suggestion, dent insonally liable. The Company reither A. W. Smith, J. M. Brittle, C. B.

pany he should have invested at figures in the P. & L. A/C 812,803.15 question No. 1894

21-Do the Directors agree with respect as the interest is paid direct debentures on the market at present Buyers, W. Morley, C. Clinek, E.

at 6 per cent. Nor do they share least a portion of his annual share of and further that the premium now 1. Raymond, Leung Yar Po, W.

the Directors' fees in the acquiki saved does not exceed $1,100.00 me that had there been more energy, by you to the University.

9. The explanation is that a small the view that a Mortgage which ap Forsyth, H. Hancock, butting of a few more shares in the which the Company can well afford clearer foresight, better

amount of furniture to the extent of pears in the Balance Sheet may be and les over trading, the financial ley, W. E. L. Shenton, H: W. Bird,

considered as a fixed liability. It is) Company. F. Maitland, A. E. Grin, J.enterprise we cannot expect one to

0-a 1017 the balance was position of the Company would have $50 has been sold and paid for.

10. The Directors have no objection to be repaid at any time. Walker, M. Manuk, J. 11. Alves, have enthusiasm in the undertaking. $1,683; ou 9/2/18 the amount of heen es improved that the market to stating the amount of cash ffi hand

my 3083 was writter, off, hence the value of our shares, intrically separately. The Company have only regard Kowloon as the main area of A. A Alves, A. M. S. Rozario, V. E. Marques, J. M. d'Almada Reme- without which no management can balance now should be $1,000 worth 12:50, would be quoted more

no intention of disregarding any fav dice, P. Young, Pow Hing. WJbe expected to he progressive. Now, whereas the balance sheet states then $5.50, the present market very small overdraft at the present the Company's operations they have Wilkinson, K. Young, C. Kong, Gentlemen, some of the Directors this asset at $95). Without wash valos?

22-Would it not be better fin- 11. The deposits referred to are ourable opportunity which arises FA. Basto, W. F. Ford are reported to have been knocking ing to press the point, will the

Mr.Leo d'Almada e Castro proposed Abraham, R. K. Hunz. J. A. Basto, not the town endeavouring to Directors explain how the shrinkage ance to issue 8 per cent, debentures deposits made by Contractors as elsewhere.

with interest payable balf yearly for security for the performance of their A. M. d'Eca, G. M. Lakin, M. S.

Secure as many proxies as possible has occurred?" Northcote, A. Sholton. Hooper, A. in order to debar a new indidate 10-In siew of the heavy pay the purpose of replacing the fort contracts and by Lessees also as an amendment to the Articles of A. da Roza, A. P. Samy, J. da for directorship in the place of one ments for interest which probably gages amounting to $90,000 whet: security. The amount of the dépos- Association to include Mr. J. M. Rocha, A. D.. Baretto, J. A. Tum325, of the four who are retiring in terms includes payment for interest or over from their recurrence "on the bits at any time is relatively small Alves in the Board of Directors. J. A. V. Ribeiro, W. M. Humphreys, of Article No. 76, thus insisting of drafts occurting at any time, will aner sees uny he row consileed and fluctuates as the contracts This was seconded by Mr. J. M. da Chairman: Are you Mr. Alves' C. P. F. James. A. D. Hunpeys, having their own

man in by all the Directors state the amount of usa fie lablity, last in the carried gut and the deposit becomes Rocha,"

returnable. The Directors do not P. M. N. da Silva, J. 31. d'U. Basto, lens, instead of the new man cash in hand and at Bank separately mature of capital, and which appears think, it necessary to set out the solicitor, Mr. d'Almada? E. J. Noronha, C. H. Basto and whom they cannot but recognise as

11. Interest on Morgage and to be required as all tional capital more competent, so much so that Deposits, 588,51761-It appears in view of the large amount invested amount of such deposits separately. The average rate of interest paid After the minutes of the previous they approached him with certain that the Company besides. mixing in property meeting bad been confirmed and suggestions which he absolutely demoney by mortiging the Company

23.-Will not the Directors sehi. on mortgages is 6.70%.

12. Article 82 provides that the passed, the Chairman said: Gentle clined to consider. It is for you to properties also invite deposits atously consider the advisability of sum of $8,000 is to cover office rest, men-I propose with your pertuis, i

F. Scares.

Profit on sales of property amounts to, $87,008.60. This source of prodit however necessarily uncertain.

Repairs are again slightly heavier. The extra cost of material party Accounting for this. We have also taken advantage of a good year to do more than we perhaps otherwise should have done.

as enthusiasm stimulates

11

TI

To

50,

erution?

#

to Kowlcon, which even without

LANSWERS....

time.

13. The remuneration

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Mr. d'Almada: No..." Addressing the meeting, the chair- man said:" With reference to the amendment which has been proposed should inform the shareholders that from Mr. Alves."

I

Secretary,

Hongkong, 5th Feb. 1919.

The Humphreys Estate and Finance Co., Ltd. Hongkong.

Dear Sir,-Being one of the largest shareholders in the Company, I think I am entitled, to become one of the

SINGAPORE, Feb. 15,

The silver marker is quiet.

WEATHER "REPORT.

February 13. 122. 15m.-No ratams from Japan and Vladivostock. Pressure has decreased, slightly along the east coast, and increased (slightly falsewhere.

Hongkong Bainfall for the 24 hours ending at 10 am, to-day, 6.0 inches Total since January 11.35 inches, against an average of 1.99 inches, j

Forecast for the 24 hours ending að doon on February 16, 1919.;

1-Hongkong to Gap Rock: NE, winds, fresh; cloudy, drizzling rain.

1--Formosa Channel: N. winds, fresh to strong.

4-South coast of Chins between Hongkong and Lamocks: The same sa No. 1.

cath coast of Chica between Hongkong and Hainan The same as

Wind

HUZGXONG. BEGISTER.

Previo

On datu un Ön date

30.15 30.17

30.18

39.

B0

73

75

5

Weather aires!

..

(0.0)

0.00

4.01.

Miyatak open at Pamperstein on thes· Jath- w Lewiston de Temperare e be 15-81,

T: F. CLAXTON, Director, Hongkong Ubservatory, Feb. 15, 1919.

Mr. A. R. Powell, Assistant Ac countant, Canton, succeeds Mr. Chau-- doin as District Accountant, Canton:

Mr, F. A. Nixon, from Shansi

sion to take the report and state. Sy whether sucht Directors are sin- tempting rite of interest apparently confining the "Company-s gpetasonsalaries of Secretary and other em the following letter was received

cerely looking after the interets of per cent. Can the Directors es ment of accounts and auditors - the shareholders or are abusing the plain why she atmnt of deposits was going outside the Company's unployeees. General Charges referred port, which have been in your hands

proxies which they have succeeded not stated in the balance sheet? Is developed properties, off as unrivato are for additional expenses in for some days, us read.

minor charges of the Company which You will notice a slight alteration in canvassing Coming back to the it part of the Company's business to led opportunity for business and the lighting and advertising and for the Article does not provide shall be in the way the accounts are made first part of my remarks, gentlemen, receive depots, and how are such energies of the Directors?

included in the $8,000 above men- am deposits secured? If the deposits are in mining these questions I up.

The Directors and Generul prompted solely, by a sincere wist included in the amount of $900,000

-The Dire:fors do not consider tioned

of the Managers remuneration. being in to see thut, the Company will pro shown on the balance sheet will the cluded in the Profit und Love accounti

Directors give the figures relating to it desirable in the interests of the for the year instead of being deduct-per, by better., management.

on the net profits of the year is cal-cur in the Board of Directors and in ed, as in former years, after the curry this out successfully muss Mortgages and Deposits respect vey Company that the particulars, asked General Managers of 5 per cent. Directors as soon as a vacancy: oc- og

2-Yes, $6,500 net!

culated before the deduction from terms of article 80 of articles of asso-Hongkong Observatory, Feb. 15, 1919. necessitate certain raforins, which 1 and also inform the meeting of the for should be given.

"O, W. Jadrana, Chief Aulsiant, profit for the year was shown. The consider necessary to safeguard my avenge rate of interest paid under

3. No general valuation has been such profits of the remuneration to ciation of the Company, I hereby Auditors considered that this was interests, which, after all, are not each "head?

made that I am aware of.... Directors and General Managers. give notice of my candidature for the more correct way of presenting insignificant. This may sound to 12.12 1914, $3,370.77: 1913.

4. The Directors will give this The total sum in respect of which it the office. It is but right that I the accounts and it doce rot in any you somewhat selfish, but, share 2.070.60 1916, $3,752.07; 1917, question their consideration.

is calculated In respect of the present should be placed in a position to watch Will

my interests closely.Yours faith- way affect the result.

holders, if my interests are all fight, $3,630.27: 1918. $2,415.62.

The property referred to which year is: 3170,881.02.

14.-In view of the fact that the fully,,, Your Directors are pleased to come stands to reason that I am also the Directore explain how these is above May Road was considered

-(Sc.) J. M. ALVES. *before you with such a good account safeguarding the common interest of amounts appear each year, so to be a good site to acquire and as profits of the present year included a

the best since 1001. The profital shareholders.

The Directors have no personal Barometer... 50 uniformly, why an opportunity arose of doing so at sum of $87,098.69 which is the profit gularly and for the year available for appropria- The Chairman then read replies article No. 2 already provides to a reasonable price it was thought from the sale of properties and can objection to Mr. Alves nor are they Temperaturs tion being $167,749.07

against to the following questions by Mr. the General Managers 88,000 for the advantage should be taken of it. The not be regularly relied upon, the aware of any special qualifications Hamidity 388,789.55 for 1917 Rent account A Alves of which duc notice had office expenses "

Company's Architects have been Directors consider it desirable that he possesses which would render bis Direction of shows an increase of $10,273.00 and been given-

18.-Article No. 82 clearly states instructed to prepare sketch plans of the Company's position should be services as a Director of value to the as it is this account to which wo look

that the General Managers are en-the buildings to be erected upon such strengthened by making the appro Company. They consider it doubtful QUESTIONS. chiefly to pay dividends, I think this

1.-Will the Directors be good titled to 3 per cent. of the net profit property but such plans have not yet priation referred to in the Report, more if a large shareholder who is actively e increase may be regarded as satis

of the year. Now, & per cent. of been received, nor have the Directors particularly since the profits have engaged in developing Kowloon on factory.

enough to state clearly, and ecpar- $157,386.07 (profit for 1918) would any data upon which to form an not sufficed to make any appropria- his own account in competition with ately-

(a) The amount of the book be $7,806.81, whereas we see in the opinion as to the expensiveness or tion of this nature during the last the Company should fittingly find a three years, except to the extent of place on the Board and feel compell P&L. A/C that they were paid otherwise of building. thereon. values of such properties as are 8544.05... Please explain this. Is

$3,326.65.

ed to give the members the fullest i The Directors would point out fully developed?

it possible that Directors fees that it forms a natural part of the

15.-The Directora do not consider opportunity of deciding this for (6) The book values of such $5,000, and remuneration to Gen-activities of the Company to acquire the expenditure referred to excessive. themselves. properties as are not developed or

greater eral Managers $8,514.05 are not in- undeveloped land with a view to the In fact a

Mr. Alves' avowed objects in seek: expenditure only partly developed?

ing election are to look after his own Does the amount of $180,luded as working expenses for the same ultimately becoming profitable would have been justified...

16.-You will find that an interests which does not appear to 702.55 for rent include any rent on purpose of calculating such remun- either by sale or development. Until

either of these events takes place the Equalization of Dividend Fund" finds the Directors to be a legitimate The donation of $2,000 War Chari- undeveloped properties?

14. 1915 when the amount of property is necessarily untemunera place in the Balance Sheets of most motive for seeking election.

The present Directors are well con. tice, I feel sure, will meet with your please state how much.

Hoe a proper valuation of the rent collected was $120,120.83 with ative. It is only recently that Kow-Companies and the primary object of approval.

been no profit on sales of properties, the loon has reached a stage when the such a fund is to assist the dividend versant with the Company's busines Insurance Reserve Fund is in- Company's properties ever creased by $1,100.90, which repre- made? If so, please state when and Directors thought it fit to declare a question of developing the undevel- paid out of the profits made in lean and interests and fully realise the

dividend of $5 cents. Now in 1918 oped land of the Company further than years. It is usual to augment it when importance of guarding the interests has been appointed to succeed Mr. C. sants prenia on fire maks under by whoin and what was the value with rent figures at $180,702.55 has been the case at present has arisen an increase of profits is shown. The of the shareholders and the stability H. Shields, as Acting Commissioner

are not aware tion given, for

that of the Company regarding the busi- for Kwangtung, (a) The Company's developed (with no possibility of rental falling for consideration owing to the Directors

establishment of the fundness it carries on.. off for the next two years) together demand for houses there which has the

obvious Intention Mr. Alves said that he would like Mr. E. A. Chaudoin, District properties.

(b) The Company's undeveloped with a profit of $87,098.69 on sales recently sprung up. The Directors indicates an

of properties, the Directors decide are giving the question of the devel-to borrow as little as possible for the to refute the chairman's suggestion Accountant, Canton, succeeds Mr. properties. that money which was previously on Will the Directors adopt the on a dividend of 60 cents only. Will opment of the undeveloped land at payment of the dividend, and would that he was engaged in developing Parkin as Acting Deputy Commis deposit, repayable at call, has been practice of having a valuation of the the Directors explain their reasons2 Kowloon their attention. The Direc-be surprised to learn that this was Kowloon on his own account in com- sioner, Cantor

15.-Picking up this itern froin tors do not consider they should the case. The fund is also available petition with the Company: his inten-

tion was to help solve the housing Mr. J. C. Parkin, Deputy Com withdrawn and placed against most Company's properties made at least the F. & L. A/C from 1914 I carry on the business of the Com- for other purposes in case of need.

17. The invariable, procedure.go problem. (Applause). once in every two years and cause

Mr. Scott Haratos sald he felt missioner of Posts, Canton, has been Among the Assete you will notice such valuation figures to be printed notice the following:-1914, ahout pany upon the methods usually Mortgages and Loans have increased. as & footnote on every annual bal- $14,807.97; 1915, about $36,116.24: adopted by the speculative builder verning the election of Directors is The reason for this is that a property ance sheet for the information of 1018, about $18,089.99; 1917, about or that they should develop a prop for one or more to retire each year. bimself bound to address the meeting transferred as Acting Commissioner $15,268.17: 1918, about $17,070.50. erty until they can see reasonable There is no obligation on any share although he had hoped that it would for Shansi with Headquarters at we sold during the year wse mort- shareholders ? gaged, the purchaser acquiring the

In view of the fact that the five consecutive years $70,402.00 prospects of letting the houses after holder to put forward any proposal not be necessary. It appears that Taiyuanfu.

which he is unwilling to make. for reasons best known to himself, Equity of Redemption, so that at Company has held for a good num-have been spent irrespective of the they are built. though the amount of the mortgage ber of years land in Kowloon, which amounts of rent received. Do the 6-The answer to this question is The suggestions made in this ques. Mr. Alves was anxious to be elected ou the property still appears as a should have been built upon long Directors not gosider such expendi practically similar to the answer to tion are, as far as the Company is a director of the Company. On the meeting, Mr. Alves was told the Question 5. Amongst other property concerned and as far as the expert Thursday last, a gentleman named directors' decision. It was then liability, on the other side we have ago, will the Directors explain the ture excessive?

16.-le there really a necessity for of the Company the development of ence of the directors is concerned, Mr. Baney came to his (the speaker's) intimated to Mr. Alves that the a like amount appearing among the reasons which prompted them to Asseta as debit against the purchaser. neglect development of such lend an equalisation of Dividend Fund at which will come under consideration entirely without foundation. If the office and said he approached conversation was to be strictly I trust you will approve of the transand also their reason for locking up present with property business so is the piece of ground between shareholders wish at any time for him because he was an old member confidential, but after what had Ler to Typhoon and Floods insurance funds of the Company by the ac brisk and so prosperous? Should Carnarvon and Mody Roads in some new director to be appointed of the Company. He understood occured subsequent to that meeting account, as niso the transfer of quisition of a site at Bowen Road not the proposed transfer to the Kowloon. The Directors would pains the opportunity is afforded thera at that there had been trouble between he regretted that he was obliged to

would like, if he could, to arrange a breach of confidence. $50,000 to equalization of dividend overlooking the N.Y.K. quarters, equalisation fund really be made to out that only about two years ago every Annual Meeting of the Com the directors and Mr. Alves and he say that Mr. Alves, was guilty of 18.-The Directors are usually settlement. The speaker informed Mr. Alves said he had no fund.

which site it is understood was subgeneral reserve fund in order to the Company had over 40 houses in pany..

7-This property was purchased selected because of their value to the M. Bisney that nothing could be intention of breaking faith with Your Directors decided in view of sequently found most expensive for carry out the obvious intention of Kowloon unlet...

borrowing as little as possible for the

many years ago. Part of it was sub- Company as members of the direc-done in the matter as Mr. Alves Mr Scott Harston. He did re the fact that can rente alone we could building? have only paid 5 per cent. dividend, 6. For reason given in question payment of the dividend? ".

sequently developed. The demandtorate. It does not follow because a wanted to become a director in member being told that the conver 17 Cannot the procedure of which has arisen for Kowloon prop particular shareholder either pos- order to safeguard his own in-sation he had had with Mr. Scott to increas the dividend against the No. G will the Directors explain to previous year by 1 per cent. only. the meeting their justification in electing Directors at the ordinary erty has naturally turned the at sesses a large shareholding or may terest. Mr. Disney asked if anything Harston was to be confidential. He In which connection they are bear-acquiring a piece of land in May annual geferul meating of the Comtention of the Directors to the balance be regarded in certain quar could be done to include Mr. Alves could not remember what Mr. Scott ing in mind the fact they have still Road on which it is believed they pany botherwise than the usual with a view to seeing whether it can ters as important that his as a director and the speaker told Harston had actually told him & considerable amount of property propose to erect a building instead olo"ustom whereby o paid or be remuneratively dealt with in any services as a director would him there was no vacancy on the Mr. d'Almada's proposal that Mr to develop...

of employing the funds proposed to vant of the Company would, as it way. Present prospects suggest a be of any value to the Company, I board. Mr. Bisney then asked if the Alyes be elected a Director, was then would also point out that the greater directors could make a vacancy and put to the meeting and lost by 48 With these few remarks, Gentle-be spent in a paying proposition by were, forge the hunds of any one of promise of this. men, I beg to propose that the building up good rent-paying terraces the shareholders present at the mest The $905,000 due on mortgage experience a director has in the the speaker promised to do his votes against 29.5 Directors Report and Statement of on that valuable piece of the Coming (a meluber of hie Laney, of course) which is referred to principally re management of the affairs of the best if Mr. Alve would Messrs, Scott Harston, A.D.Lang Accounts as presented be adopted. pony's ground between Carnarvon usby paper with a sort of manda- presents moneys borrowed within Company the greater is, his value to undertake to be bound by the W. D. Pattenden and A Forbes were After this has been seconded I shall and Mody Fonds, now used as tennis tory tit so and so should be pr recent years in connection with other the Company as a member of the decision all this, said the speaker then proposed and seconded for re For these reasons the to be confidential. Mr. electionas directors for the ensuing be pleased to answer, to the best of courts with good a Director for the unsuitig properties acquired by the 10 do with suggestion made does not appeal to Bissey said he thought Mr. Alves

7Will the Directors give my ability, questions whareholders

sharsholdere some information as to perindarey the lot in question

the Board as being it the interests would agree and went away return

Being a little later to say that Mr. tay wish to ask,

The motion was duly seconded and the cost of K.DL. 487. In view of 10. Could not the Company B-Prior to the receipt of this of the Company. Cried uorninously,

the appreciation of land value at firal with the annual report to question the Directors, had had the 19. The number of men in a come Alves wanted the directors to write a Jir. Alves maid Gentlenes, Mongkoksul, have the Directors share olders a list containing the subject of the Insurance Reserve paratively small community like reply to the letter he sent in. This the Before I put my questions to the thought of any scheme so as to make name of my twenty izzportant and Fund under consideration and it is Hongkong, whose services may gen speaker said could not he done, Board of Directors, lig of which the best of this bad barguin whichharge shareholders besides the names st wider consideration but I should erally, be considered of value to a and he arranged a meeting to Seu paun bayo seen in the Papers, undoubtedly is responsible for a good of the rotining Directors from which point out that it by no means follows Company as members of a particular which Mr. Alves was invited At

written by ourselves.

Mortgages by the Company have increased, but the amount under the heading Sundry Creditors has de- creased. The explanation of this is

Euge.

year and the motion, was carried by

an overwhelming majority

Mesura, H. Percy Smith and C Bernard Brown were unanimously rel elected auditors for the essuing year. announcement that dividend warrants would be ready for issue on Monday

The meeting terminated with con