1930-07-17 — Page 6

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HONG KONG DAILY PRESS, THURSDAY, JULY 17, 1930.

CHINA PROVIDENT CAPITAL.

INCREASE SANCTIONED BY SHAREHOLDERS.

TO PLACE COMPANY ON SOUND FINANCIAL BASIS,

Speaking at the extraordinary |-general-meeting-of-shareholders of the China Provident Loan and Mortgage Company, Limited, which was held yesterday at the cor pany board room at Alexandra Building, Mr. C. A. da Roza, the Chairman, said that the resolutions relating to the increase of capital from $3,000,000 to $4,500,000 had been proposed, as it was thought that by doing so the Company would be taking another step towards estab- lishing itself on a financial basis.

A Call of $250 Per Share. There are difficulties in the w*} of the immediate repayment of our mortgage loans. It is not, there- fore, intended to call up at the moment more than half the value of the shares offered to share- Folders The proposal is to call up $2 per share forthwith. We are advised that an amendment to Resolution 2 is desirable, and an amendment to the resolution will be submitted to you accordingly.

When you have accepted these resolutions, gentlemen, the issued capital will consist of 15,633 shares which it is not intended to issue at present.

He expressed the hope that with the adoption of the resolution, the Company would be in a position to pay dividends, which it has not

I might add, gentlemen, that beca possible to do since 1925. your Board has entered into an Since that year, continued the underwriting agreement in con- Chairman, a great deal had been nexion with this new issue of done in the liquidation of tonne, capital whereby the additional and liabilities had been reduced capital will be assured to the Com to $1,600,000 as compared with pany, the consideration being a 83,250,000 which was the figure pre-commission of 1 per cent, of such vious to the management. being taken over by the Board.

The two resolutions put before the meeting were?

(1). To increase the capital of the company from $3,000,000 to $4,500,000 by the creation of 300,000 shares of $6 each, each" to rank for dividend and in all other respecte pari pastu with the existing shares of the company.

(2) That the shares be offered in the first instance to existing shareholders on the register of the company as at the 16th day of July, 1830, rateably in the propor tion of one share for every

two

shares held by the shareholders, and in the event of the 294,789 shares not being taken up by the share holders within the time speciâed, the board of directors allot them as they may deem "expedient in the interest of the company.

The Chairman anid-Gentlemen Before putting the resolutions to the meeting for which purpose we

portion of the capital as may be subscribed by the shareholders and a "commission, of 2.1 per cent, OD the balance subject to a minimum commission of $25,000.

The first resolution, proposed by the Chairman, was seconded by Mr. Morley, and passed.

An Amendment.

Mr. 8. M. Churn, in proposing an amendment to the second re- solution, said: Mr. Chairman and Gentlemen: I desire to propose a amendment to Resolution No. 2 As foreshadowed in the speech from the Chair, and with Ek view to meeting a request from the Hong Kong Stock Exchange, I propose the following amendment to Re- solution No. 2.

CEMENT COMPANY

MEETING.

NEW ARTICLES APPROVED."

OLDER AND INCONVENIENT

SET DISCARDED.

A meeting of shareholders, of the Green Island Cement Company was held yesterday when a set of new Articles of Association was adopted.

Mr. J. Scott Bärston presided, and others. present were:-Sir Robert Ho Tung, Mr. Li Tse Forg Mr. C. A, "da Roza, Mr. R. G. Shewan and Mr. C. F. Mendham (Directors), A. Keith (Secretary), and Messrs. R. A. Wadeson, A. L. Shields, Mr. A. Figueiredo, A. Edgar and S. T. Bagram (share, holders).

Addressing the meeting, the Chairman said:--

Gentlemen,-As indicated in the notice which has just been read by the secretary of the company, this meeting has been convened for the purpose of considering, and if thought fit, approving the draft new articles of the company which are being submitted to the meeting.

Copies of the draft new articles bave been open for inspection by shareholders at the company's re- gistered office and at the office of the company's solicitors, Mesars. Deacons, since the 30th of last month. There are also eppies of

the draft new articles on this table,. and if any shareholder desires to inspect same he may do so.

meet today I think shareholderschall be payable on acceptance, sub. ingly difficult to carry on the man-

would like to be informed of the reasons which have actuated your board in placing the proposal for the increase in capital.

do to

All in"?

Living for years in a hot climate puts a strain ́ on your nerves, too great for most people.

THAT feeling of being "dead-

tired" shows clearly that you

are using up the last reserves of strength and energy. You are nearing the danger-zone, you are unnecessarily risking a serious break-down.

4

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The energy you get from your res. You will no longer be "all-in"

ular diet is apparently not sufficient to pull you through the day without fatigue, or nervous over-exertion. "You must have either more - rest, or an extra infusion of strength.

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agement of the company under them. The new articles, if adopted, POACHING ON THE will substitute a new fuller set of regulations for an elder and less convenient set.

ETHER.

CORRESPONDENCE

THE RETRENCHMENT INQUIRY.

SET CONFISCATED: $100 FINE, TO THE EDITOR OF THE "HONG KONG

DAILY PRESS."]'

In recommending the adoption of the new articles the Directors have "In the event of the resolution be- in mind the facts that the existing ing passed, 294,780 shares shall be articles, which date from the year issued and offered in the first in- stance by the Directors at par to 2013, are not only old, but are also existing shareholders on the regis out of date for practical purpoies, ter of the Company as at from and that it has been found increas- August 9, of which 82.50 per share feet to a further £2.50 payable at such time or times as the Directors may by call or calls think fit rate ably in the proportion of one spave In short, gentlemen, it is an. other step towards placing your for every two shure sheld by such shareholders. In the event of the a financial basis en- company on

The circular letter which accqm-RADIO OWNERS SUMMONED abling it to pay dividends which said 294,780 shares. not being taken

panied the notice convening' the it has not been possible for the up by shareholders within the time since 1925. A stipulated, the Board shall be em company great deal has been done siner powered to allot or dispose of them extraordinary general meetings in that year in the liquidation of they in their discretion think the above relation, and which was

fit. loan made by the Company and

sent to all shareholders, pointed out After the amendment was put to the auris so realised have been ap plied towards payment of liabili- the meeting, the Chairman declar-that most of the proposed changes

are formal and necessary to bring Crown Solicitor, prosecuted yester- ties. In illustration of this. Ied that the Board was prepared to might state that the fiabilities of accept the amedment which only the company stood at over $3,250,000 meant a change as to date or which the articles into line with modern day in three cases where Chinese leader concerning "The Affairs of were summoned for possession of Messrs. Hong Kong & Co." It is when the management was taken shares had to be offered to share practice. The circular letter also

sound and to the point. An im- r. over by the board, but to-day they holders, namely on August 9 instead set out in detail the more important radio sets without licences.

portant appointment like the Re- In the course of the three cases, of July '16. have been reduced, in round figures,

The amendment, seconded by Mr..points of difference between the to the sum of 1.4 million.

We have still a few loans to Ellis, was then put to the vote and proposed new articles and the old, Mr. Andrewes stated that he want trenchment Commission without a

unanimously carried.

and for that reason I refrain fromed to bring to the notice of the doubt calls for local experts each liquidate, but these are secured on properties which, although dim- cult to realise at present, retain C. A. da Roza (Chairman), Hon. dealing further therewith. Copies public that the penalties imposed in his respective sphere, and any- Mr. J. P. Braga, Messrs. A. Lof the circular letter are available under Section 6 of Ordinance No. thing short of this qualification will 11 of 1996. The section reads:- be perfunctory, endhing merely in possibilities of a satisfactory re- alisation on an improvement in Alves, N. V. A. Croucher, S. f. at this meeting, and any share

1-Every person who contravenes stalement or vacuo, as many a Com- property values, signs of which Churn, and P.M. "Hodgson (Diree holder who has not acquainted him.

any provision of this Ordinance or mission had ended in the past.

In the selection of personnel, have appeared during the last few ters, Mr. D. L. King (Secretary), self with its contents can do so now. Messrs. W. Morley, F. M. Ellis, E.

I do not think there is anything of any regulation made, thereunder J. Figuereido, Fung Yam Zimmera, more with which I need deal at and every person who fails, to neither wealth, privileged position, A. J. Edgar, A. C. Rendall, Li this meeting, but if any shareholder "comply with any condition of any nor smattering, of knowledge can Fat Choi, A. P. Samy, any F. A. would like to ask any questions or licence issued u der this Ordinance, cut any ice" in the arduous task Xavier shareholders).

months.

Company Under-Capitalised. But, however favourable, these realisations may be in the future, they cannot be expected to previde the necessary funds with which to extinguish all Habilities which I have just placed at $1,5000,000 at which figure it is considered the company is present under- capitalised. I think the fact that we are working largely on borrow. ed capital will be better appreciat- od when I state that against a sum closely bordering on $5,000,000 cm-

at

THE WING ON CO., LTD. || played in assets, recensitry to a

(Music Department).

BEFORE YOU

FORGET

Send your Overseas. Address 'to 11, Ice House Street, and order the Weekly Press to be sent to you for

Three:MoTENS

Six Months Twelve Months

$7.50

$15.00

not

large extent for the working of the

the capital is Company, $3,000,000 That is to say 75 per cent, of the under-capitalisation, or 81,500,000, is borrowed money which we paid almost $130,000 x interest last year.

on

It must be abundantly clear, gentlemen, that we cannot carry thig load and also meet the legiti mate demand froin shareholders for a return on their investment, un less there should be a boom in trade, in staple commodities for the storage of which we specially catar at West Paint, enabling us to pay a dividend after providing for interest on borrowed monies.

Reorganising the Capital.

Your Board has, therefore, taken the present favourable, opportunity. to reorganise the capital of the Company by bringing it into line with the value of the Company's fixed recta. To this end, two re- solutions, which. have been given. full publicity, will be put before: you shortly.

The first is of a formal charno- tor to comply with our: Articles

Company in general meeting to ant increase is the capital. It is pro- posed to increase the capital to 84,500.000 by. the creation of 300,000 new shares of $5 each, and by re- solution, No. 2, 294,789 of such shares will be offered to share holders in the ratio of one new share to every two shares now held.

Attending the meeting were: Mr.

ADVICE FOR INVESTORS,

EADERS are reminded

Rinquiries relating

to the share market are answered on page 19 every Tuesday by Kulan." Let- ters should be sent to this office, and must be accom panied by the coupon appear. ing below, bearing the writ er's name and address, not for publication." Letters should be addressed to "Kufan,” care of the Editor," Hong Kong Daily Prem

"KUFAN" COUPON.

Name

Addre

Nom de plume

H.D.P.11

seek any explanation, I shall be pleased to endeavour to answer such questions, and give such explana- tion to the best of my ability.

Mr. L. R. Andrewes, Assistant

shall upon summary conviction be liable to a fine not exceeding $1,000 or to imprisonment for any term not exceeding 12 months..

SIR,-I congratulate you on your

of investigating the merits and demerits of a huge Governmental organization like the Civil Service, which decidedly requires expert. 9.-It shall be lawful for

knowledge as well as the.fias de If no questions are asked or ex Magistrate to order to be forfeited licacy of mind of a genuine expert planation sought, I shall assume

to the Crown any apparatas with to grapple with the that you have considered and np

respect to which any offence against technicalities. prove of the draft new articles as this Ordinance has been committed, presented, and I will thereupon whether any person shall have been propose the resolution regarding charged with or shall have been con- the same which is set out in thevicted of such offence or not. notice convening this meeting.

maze

of

Then, too, it seems Hardly logical to put an official to preside over Board of Enquiry to look into Governmental affairs. It may be

Hong Kong, July 18.

ENQUIRER

In the first case the defendant lang established precedent but not There were no questions by any pleaded guilty and was fined $5. in keeping with out modern think- of those present.

I was stated that he had a reting.Yours, etc., at 39, Wong Nei Chong Road. The Chairman:-There being no questions or desire for explanation, When the authorities found the set I now beg to propose the following a woman in the house stated that resolution as an extraordinary re- she did not know the whereabouts solution, namely:-

of the owner, but latter the de fendant went to the Badio Office to take out a licence and to claim his Gave Wrong Name

set..

"That the new articles already approved by this meeting and for the purpose of identification sub-. scribed by the Chairman thereof be approved and adopted as the In connection, with the second articles of association of the com- case, the defendant dwadd at: pany in substitution for and to at 3, Tin Lok Lane. On being

SHOT BY FRIEND.

MEMBER OF PIG-HUNTING PARTY KILLED.

Mr. Kam Kok Lin was accident-

the exclusion of, all the existing interrogated he stated that he had ally thot dead by a companion when articles thereof."

a licence when he lived at 5, he was out pig shooting with a Saifee Terrace. He gave his name party from Ipoh at Lenggongon

July 7.5 ue Sanh

and I shall be glad if some share- holders will kindly second that.

The resolution was seconded by Mr. A. L Shields and was carried unanimously.

When the party reached the A visit was paid to No. 3, Skifee Terrace, and it was found that jungle each momber took up his Mr. and Mrs. Sanb were infoses position to await the wild bears: sion of a licence and that they were which were being riven by doga The Chairman: Gentlemen,-

living at the address: The adoriahu Boaters A Thas concludes the business forties then went again to the AddressAnticipchak a pig breaking cover which this meeting was convened.

gunfired missed the board and

and I thank you for your attend-in in Lok Lane and the ect was Mr. O K. Krishnah levelled his At about 3.10 p.m. on July 14 struck Mr. Kam Kok Lib, who,

anco.

Beized,

* Kuala Kangsar where a post-mor-

à said, had moved his position. As you are aware, the notice con- the defendant went to the Radio vening this meeting also convenes Office for a licence, but was taken Friends rushed immediately to second extraordinary general to the Police Station where he ad the victim and did everything po.. meeting for the purpose of receiving mitted he bad given a wrong namerible, but he died within a minute. Later this: brdy was brought to a report of the proceedings at this and that, his previous, statements Emecting of wanfveringzik.

thought it, as a special resolution fine of ETTÓ ORE IMPCRSLandesine bad the resolution which has just been the set was confiscated. Mr. Kam Kok Lin was the eldest passed at this meeting as an extre- In the third cast a Chinese was son of Mr. Kam Sek Chuan, who ordinary resolution. This second prosecuted for possession of a retired from the post of station meeting will, as indicated, in the crystal set, but he claimed that he superintendent a few months ago. said notice, be held bere on Wed- did not have a completed set. An He was employed by the Hong nesday the 6th day of August, 1930, adjournment was granted in bis Kong and Shanghai Bask Krish at 11.30 a.m., and I shall be glad case to enable further inquiries to man is a teacher at the Gopeng, if you will kindly attend it.

English school."

be i de