CHINA LIGHT AND POWER (Continuation)
Since that year, by arrangement with the Government a transmission line has been erected throughout the New Territories: this makes electricity available as required for even the remotest section of the area, by means of subsidiary lines.
The Company was reorganised in 1918, with a capital increased to $1,000,000. The inclusion of the year 1918 in the title was then agreed to, but the old name without the date of reorganisation, was reverted to by special resolution in March this year (1935).
The sale of the Canton undertaking (the original company in 1909) made the concern a purely Hongkong one, and marked a step on the way to concentrating expansion in the Colony itself. For the history of that severance I cannot do better than turn to the newspapers files, which contain the chairman's references at the annual meeting which followed.
Page 124
The S.C.M. Post of September 13, 1909, states:
"The eighth ordinary annual meeting of shareholders of the China Light and Power Company, Ltd., was held on Saturday in St. George's Buildings. Mr. R. Shewan presided and others present were Sir Paul Chater and Mr. H.P. White (consulting committee) Messrs. A.A. Cordeiro, Chan Chan-nam, A.G. Gordon, T.F. Hough, E. Owen, E.W. Terrey, J.H. Young and S.F. Ricketts (Secretary). The chairman said (inter alia): The accounts are made to the date named as on that day the last instalment of the purchase money of the Canton franchise and property was received by us. Into our reason for parting with the Canton factory, I need not go very deeply. When we said in the report that it was obvious we were losing ground at Canton, we thought it would be obvious to everyone. We found we could not contend against the strong desire of the Chinese to get back the concession for lighting the city - a very natural and proper desire on their part, we admit - so we had to make a virtue of necessity and drive the best bargain we could.
"The negotiations were spread over a very long period for I mentioned the matter at our meeting last October, and although we strove hard for better terms, we had finally to close the sale for $1,330,000. Out of this we had, of course, to pay off the debenture debt of $450,000 with the premium of $50,000 additional at once; and after further deductions for payment of loans and sundry creditors, etc., there remained on 31st July in cash, in the Bank $687,407.86.
"As of course we have now no use for such a large sum of money we propose to repay $500,000 to shareholders as a return of capital - say $5 per share on 100,000 shares.
"I now come to Kowloon. At the present, the factory there is doing little more than cover its expenses, but we feel that Kowloon has a future before it, and that it would
Page 130
Page 131
CHINA LIGHT AND POWER (Continuation }
Since that year, by arrangement with the Government a transmission line has been erected throughout the New Territories: this makes electricity available as required for even the remotest section of the area, by means of subsidiary lines.
The Company was reorganised in 1918, with a capital increased to $1,000,000. The inclusion of the year 1918 in the title was then agreed to, but the old name without the date of reorganisation, was reverted to by special reso- lution in March this year 1935 ).
The sale of the Canton undertaking ( theoriginal company in 1909, made the concern of a purely Hongkong one, and marked a step on the way to concentrating expan- sion in the Colony itself. For the history of that severance I cannot do better than turn to the newspapers files, which contain the chairman's references at the annual meeting which followed.
124
The S.C. M. Post of September 13, 1909, states :
" The eighth ordinary annual meeting of shareholders of the China Light and Power Company, Ltd., was held on Saturday in St. Gorge's Buildings. Mr. R. Shewan presided and others present were Sir Paul Chater and Mr. H.P. White consulting committee) Messrs. A.A. Cordeiro, Chan Chan- nam, A.G. Gordon, T.F. Hough, E. Owen, E,W. Terrey, J.H. Young and S.F. Ricketts (Secretary) The chairman said ( inter alia ): The accounts are made to the date named as on that day the last instalment of the purchases money of the Canton franchise and property was received by us. Into our reason for parting with the Canton factory, I need not go very deeply. When we said in the report that it was obvious we were losing ground at Canton, we thought it would be obvious to everyone. We found we could not contend against thestrong desire of the Chinese to get back the con- cession for lighting the city a very natural and proper desire on their part, we admit so we had to make a virtue
Sat
of neccissity and drive the best bargain we could.
"The negotiations were spread over a very long period for I mentioned the matter at our meeting last October, and although we strove hard for better terms, we had finally to close the sale for $1,330,000. Out of this we had, of course to pay off the debenture debt of $450,000 with the premium of $50,000 additional at once; and after further deductions for payment of loans and sundry creditors, etc, there remained on 31st July in cash, in the Bank $687,407.86.
As of course we have now no use for such a large sum of money we propse to repay $500,000 to shareholders as a return of capital say $5 per share on 100,000 shares.
+
" I now come to Kowloon. At the present, the factory- there is doing little more than cover its expenses,
but we feel that Kowloon has a future before it, and that it would
Page 130Page 131
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