1937-11-08 — Page 16

PRESIDENT LINERS

are

LUZURY LINERS

Lowed for a Splendid Cuisine

TO SAN FRANCISCO LOS ANGELESA

STORK,

"TO SHATTERS VICTORIA

BOUTE

TOKANLI

SUKOFF NEW YORK AND

Via Maxiis,

Part

THE MOST PERUENT

NET BALINGS"

Pres

Nov. 21-"|"Prm-I

Dec & Pres. Ha

L-35. Dec. 19 } Pros: Taí

Jan. 163 Pres. Ho

LAR STEANSHID LINKS AMERICAN HAIL LINE-

3DAYS

IO DAYS

S DAYS

GoEMPRESS to America, Europe

Hong Shang- Naga- Kong hai

Yoko

Saki

Leave Arrive

Kobe

Leare

hama Honolulu

Leave

Leare

TO MANILA

EMPRESS OF JAPAN, NOVEMBER 19th.

Informat

from Passenger & Freight Offices

- Union-Building, Hong Kong

THE CHINA MINTINOV

CHINA PROVIDENT LOCAL SHARE-

REDUCTION OF CAPITAL

Owing to the depreciation of properties held by the company, a scheme for reorganisation of capital was passed by extraordin ary general meetings of share- holders of China Provident, Loan and Mortgage Company, in the Jacobean Room of the Hong Kong Hotel this morning.

The following holders of fully- paid shares attended the first meeting-Messrs. - S. M. Churn (Chairman), N. V. A Croucher. Li Tse-fong and 1 B. Wihon/ (Directors), W. Keith Robinson (Legal Adviser), JC. Guterres (Secretary) and the following: shareholders: E. J. M. Churn, A. H Mackenzie, J. H. Tam, A. J. Edgar, G. A Waller, H. Q. Hunt, G. A Harriman and Mok Ymg Kie

After the Secretary had read the notice convening the meeting the chairman said:-

Gentlemen,-As you will have gath- ered from the circular letter which se companied the Notice convening this Meeting, the Capital re-organisation which we are considering to-day been rendered necessary through the depreciation in the value of the pro- perties held by your Company.

has

The loss on re-valuation amounts to $2,025,160.00, but from it may be de ducted the sum of $35,344.25 by z transfer from Contingency Reserve Ac- count, thus leaving the loss to be writ-}: ten off at $1,989.825.75%

Canton Ins Union Ins: $51 China Enders

HK Fire Ins $250 h.

SHIPPING

H. K. St Indo-

Indo Chinas

DOCKS, WHARVES, GOƉOWKE

$164

(New) $9.30-

·INIJUSTRIALS $12.65 I

Centeate HK RopesA K

STOE Dairy Farma $24% atsons s Sinceres 11.

Win Powell E2d 43 eta. b.

COTTON MILLS Dwp Cottons Shiva 10 be Shanghai Cottons. Sh375 k MISCELLANEOUS: Vibro Filing $532 b HK. Gost 4% Loan 8%% m Maraman Inv. (EK) 1/- 4/BZ. 1.

LOCAL DOLLAR

The proposal before you is to appor- tion this loss to the extent of $2.50 per share on the old shares and $1.75 per share on the new shares. And to com pensate for the extra 50 cents per share falling on the new shares it is Kong further proposed that the liability on the partly paid shares be extinguished to the extent of 75 cents per share.

SPECIAL CONCESSION D

It is because of this unequal distri- bution of the loss and the attendant

28

demand

this

Hong

"Spot silver was quoted at

% and "forward" at 19%.

The London on New York cross-

extinguishment of liability of 75 cents rate was quoted at $ US$5.0025 per share on unpaid Capital that se and the New York on London rate parate Meetings have been called so at £U.S.$5.00%

that each class of shareholders may well and fully consider their interests before voting for or against the scheme.

You are holders of fully paid shares and as such may ask why has it been thought necessary to release the hold-

SINGAPORE RAW

RUBBER

Messrs. H. B. Joseph and Co.,

Rubber:

Jan/March 23-14 b. Down - April/June 2372. b. Downs.

ers of the partly paid shares from lia- have received the following quota- bility for paid Capital in a sumtions in Straits Curency for Raw greater by 25 cents per share than the excess of 50 cents per share in the pari passa reduction against Capital Loss. Gentlemen, the answer is this: your Board has been mindfuză of the considerable difficulties which have at- ended payment of calls in recent years in the case of Companies which have not been able to pay dividends, or have in fact For the

with

Testure is one mend

July/Sept 23% h Down Market Easier.

A very successful tea dance was ered losses. It is held by the School of Accountancy

ng paym

and Commerce in their school premises yesterday when over fifty students and their friends attend- ed. Miss Rita Weyler gave an ex- hibition of the Spanish go, charming Shanghai visitor, while Miss Margie Hyndham, a

several popular new hits-

4 trust, wil to your approval. I m mention, that it is the intention of your Board to call up the unpaid capi- cal as soon as the petition for reduc tion is sanctioned by the Court.

HOPEFUL OUTLOOK

sang

The P and 0.8s. "Rajputana” There is another feature connected left Singapore on the 6th instam with this scheme which I should like to bring before shareholders. If the pro-

and is due here on the 11th instant posal now before you receives your apat about 7 am proval, it will not only reflect a time

picture of the Capital value of the Trading Company (Mr. F. E. A Reme- Company, but it will also enable the dios), Cheng Wing Wo, Chan Chung payment of dividends as soon as pro- Sing, A. J. Edgar, J. 1. Edgar, A fits are earned, and while I should not Zimmern and M. A. Figueiredo. like to hazard the opinion that a di The vidend is in sight, I feel th

in the course rapid improvement, which

the ver

theson & Co.

Canadian Pacific