70
THE HONGKONG WEEKLY PRESS AND
bas taken the proper course, the on y one left open to him, by resigning. We have perfect, confidence in Mr. Gillies and other gentlemen on the Board, but fraukly and truly, if I had been here last year-I was in bed sick -I would have done the same as I did at the last meeting. would have objected to Mr. | Orange's journey down to Punjom at the ex- pense of the shareholders. My interests, al though big to me, are small in the aggregate. and I only desire to see this Company-and I think it is a good Company-worked more economically. -
The CHAIRMAN - I will take the poll.
Mr. GILLIES- Gentlemen, I think I am war- ranted in saying that every person here is will. ing to assist the board in carrying on the work at Panjom-bear, hear)—and it will affect the interests of the Company very much indeed, if, on account of a technical objection-the objec tion of Mr. Fraser Smith-the accounts are not passed at this meeting. I think it will reflect very much upon the Board of Directors and likewise upon the shareholders if we cannot get the accounts passed at this meeting. I am quite aware there may be a little irregularity as to the report, as it has been already ob jucted to by the shareholders and a vote of want of confidence passed upon the Board. How- eter, we have met to-day to get over that diffi. culty so far as possible, and I hope the share- holders will tako a sensible view of their own interests and pass the report and the accounts at this meeting. You are all aware that Pun- jom is a very long way away from Hong- kong, and it is very difficult to manage the affairs 80 well as if the mine were
а
|
The CHAIRMAN-Oh, yes, we have. We re- present 13,000 shares.
The CHAIRMAN-The next business before the meeting is the election of Directors. I am authorised by Mr. Fenwick to state that he does herefore, not offer himself for re-election. Mr. Gillies is the retiring 1irector who offers bimself for re-election.
Mr. FRASER SMITH moved and Mr. R. COOKE seconded the re-election of Mr. Gilliesi
Carried unanimously.
I
[January 23, 1895.
So that shows my own confidence in three. the Company, and that I thought well of Mr. FRASER SMITH-We don't want to have it; and I think well of it still. I have been any trouble. I am quite willing to acquiesce in at a loss to assign a reason for this opposition. what Mr. Gillies has said, with most of which I I was informed on Saturday that I had been agree. If you wish to put your accounts to the accused of trafficking in shares. Now, I deny this, and if any gentleman doubts my word I will meeting, I will not object or call for a poll.
The CHAIRMAN -1 beg to propose that the re-show bim my books and vouchers. Since 1880 port and accounts as presented to you be passed. when I was elected a member of the Board when
Mr. R. C. WILCOX seconded.
I did not hold a single share, I have only sold 150 preference shares, and that only because I was Carried unanimously.
obliged to, at the beginning of 1894; and since then I have bought shares and have never sold, and 1 have a fairly large interest in the Company now. I must say that when I contrast the present position of the Company with what it was when I joined it I am proud of what I have done for very glad to hear the Company, and I am what Mr. Gillies said, that I had done more for the Company than any other member of the Board. In 1890 the Company was slowly dy ing, but owing to the great exertions, in which Mr. Gillies took a leading part, the interest in it was revived successfully. Yon were met witli a great danger-you must not forget that you hold your property under concession; and the object of my visit to Punjom was to get you a new concession, which I hope you are glad to You have a better concession have received. than you had before. Until 1898 yen have 100 square miles of territory to roam over and use as yen like. I do not think any of you share- holders realise the importance of the property you hold, and I would ask you not to let the payment of a small dividend interfere with the development of what I believe to be the best property in the Straits and which is one of the most promising ventures you will ever be con- nected with. (Applause).
The CHAIRMAN proposed that Mr. F. Hen- derson and Mr R. Lyall be elected auditors.
Mr. J. H (ox seconded.
Carried una imously.
The CHAIRMAN—That concludes the business of the meeting. but I ask your attention for one minute,
Captain TILLETT-Do we not have to elect another Director, as Mr. Fenwick dces not in. tend to stand?
The CHAIRMAN-It is not necessary; you yourselves say it is necessary to reduce the Board. Three can form a Board according to the Articles of Association.
Mr. FRASER SMITH-Į propose Captain Til
He has had lett should be elected Director. considerable experience in matters cognate to the interests of the Company.
Captain TILLETT-I beg to say I have no in
Mr. FRASER SMITH again addressed the mest tention of standing as a Director, and I trusting, his remarks being to the effect that he had you will leave me ont on this occasion, please,
no personal objection to Mr. Orange, but did not
Mr. FRASER SMITH-I am awfully sorry, The CHAIRMAN-On Saturday the Board re-agree with his opinions. ceived this letter, which I think I had better read:
Hongkong, 17th January, 1893. The Directors of the Purj in Gold Mining Company,
Hongkong.
1
Ge tlemen,The undersigned Shareholders desire to place on recent that their fe of want of confidence did hot include either of the flowing Directors, viz., Messrs. Gillies, Shewan, and Lewis, and we hope to retain their valuable services.
As a matter of fact the dissatisfaction and want of con- fidence is directed to your hairman and Managing Director, Mr. Jas. Orange, as crrectly stated in the newspaper report.
You will observe on reference to the Articles of Association of our Compa: y, page 22, clause 108; that the Company in General Meeting may from time to time ine.case oreduce the number of Director and may determine in what rotation suéli,increased or reduced number is të 20 unt of oftier.
little nearer at hand and under our personal observation. A good deal of technical informa- tion comes up from the manager of the mines, and it takes the closest attention to follow it in an intelligent manner and to be able to com- unicate with the manager, and give him instructions as to what is best to be done. Of course, we are not experts-the members of the Board--but we are endeavouring to do our duty as well and faithfully as we can, and we have good manager who gives us the best advice in is power. If he differs from us we acquiesce in his views. He is supposed to know more of practical mining than any member of the Board; but we try to advise bim to the best of dur power, and if any shareholder doubts my opinion as to the work devolving on the Board he has only to come to the office and turn up the correspondence that has passed between the Board and the manager and he will see a great deal of work has fallen upon the Directors in the way of advising and in the way of giving instructions to the manager. We have not been possessed, as a Company, of a great deal of capital. 1 am speak- ing of the new Company; the old Company had a bright future before it; but unfortunately our funds seemed to pass away and we got nothings. Orange shall be the Directors who go out of office for our money; but still we have the property in our hands and with the small capital of the new Company I think we have made very good pro gress and we are not far away from achieving what we have been working for for the last twelve or fourteen years. (Applause.) am very sorry that Mr. Urange has not been sup- ported by the shareholders. I assure you the members of the Board have every con- fidence in Mr. Orange's ability. His advice and his assistance on the Board have been vry manch appreciated and acted upon by the Board Mr. Orange has also been down at the mines and seen the place and is in a better position to advise us than anyone who has merely read the letters of the manager. However, if it is your wish that Mr. Orange should leave the Board of course that is final, but I think it would be unfair on my part as his colleague to hear that he has lost your confidence without saying a word
in his favour.
Captain TILLETT-Don't you think it would facilitate business if you read the letter banded in by the shareholders-the letter that has been alluded to by Mr. Orange ?
The CHAIRMANI intended to do so at the end of the meeting. It is a matter outside the absolute business of the meeting. I have said already I will resign, and I ask you now to pass, or not, the report. Yet I think Mr. Fraser Smith is right; as a poll was demanded at the last meeting we must hold it now.
Mr. FRASER SMITH-What is your authority? You have not enough proxies.
We, the undersigned, therefore desire that the number of Directors be reduced to four for the present, and that Mr. Fenwick (who retires in ordinary course) and Mr.
at this meeting.
With respect to the report and balance sheet, which met with so little favour at the meeting the 14th mat., we desire to state that we are prepared to allow these to pass at once if the above suggestions are carried out
The CHAIRMAN—This letter signed by a number of persona.
Mr. FRASER SMITH-Oh, I say! That is not nice,
The CHAIRMAN-Well, gentlemen-repre. seating 15,270 votes. Gentlemen, I must say that this letter came upon me with a considerable amount of surprise. It was the first intimation 1 had had from anybody that they were dissatisfied with my services, and I see names appended to this letter of gentlemen whom I thought were personal friends of mine. I do think, if they were dis. satisfied with the course I have taken in con- nection with this Company, I should have been informed of it unofficially and not have had such a letter as this, which 1 deeply regret, sent to me almost at the last moment. I wish to say that I have never attempted to force my way on this Board. I do not know if Mr. Fraser Smith was, but there are three of us in this room who were members of the original syndicate of the Punjom Company. I beld shares in 1884, which shares I kept till 1889. I sold them when 1 went home.] In 1890 this Company at its. general meeting elected me a Director on the Board when I did not hold a single share. From that time I have steadily increased my holding till I am interested to an extent I am very sorry for now, sud I hold as large an in- terest in the Company as any gentleman who signed this letter with the exception of
•
Mr. G. MURRAY BAIN-I should like to pro- pose that the Board consist of four and that the fourth member shall be Mr. Robert Cooke,
Captain TILI ETT seconded. (arried npanimously.
Mr. CooKE-It is very kind of you to do me this honour, it is one I did not expect, and it bas come apon me quite unexpectedly. As you have thought fit to elect me, I will do my best to further your interests. (Applause.)
This concluded the business of the meeting.
We understand that Mr. Cooke has since in- timated his inability to accept the position on the Directorate to which he was elected,
THE HONGKONG LAND INVESTMENT AND AGENCY COMPANY, LIMITED.
The following is the sixth report of the Board of Directors to the ordinary meeting of share- holders:
The directors have now to submit to you a general statement of the affairs of the Company and balance sheet for the year ending 31st December, 1894. ·|-
£65.63
The net profits for that period, incluoing $37,0 balance brought forward from last account, after pay. ing alt charges, amount to $244,917.03. From this amount an interim dividend of $2.00 per share has already been paid and it is now proposed to pay final dividend of $200 per share, making a total
capit, and after writing iff directors' and anditors' divi end of 8 per cent. per annum on the paid-ap fees there remains a ba ance of $34,447.92 to be car ried forward to the credit of a new profit and losa no- count.
DIRECTORS.
Messrs. D. R. Sassoon and Poon Pong retire rotation, but offer themselves for re-election.
Mr. C. Jantzen bavidg left the colony, Mr. 8. C. Michaelsen was invited to joint the board in his stead.
The directors regret to have to record the death of their colleague Mr. H. Hoppius; the vacancy thereby created has been filled by Mr. N. A. Siebn, and those appointments now require confirmation.
AUDITORS.
The accounts have been audited by Mesara. F. Hon. derson and J. C. Peter, who retire, and offer them. selves for re-e action.
J. J. KESWICK, Chairman.
Hongkong, 12th January, 1895.
1st Dec., 1894. Paid-up capital
BALANCE SHEET.
LIABILITIES.
Reserve fund Accounts payable Balance of profit and loss account
2,500,000.00 1,250,000.00
587,199.34
144,947.02
482,140.36
No comments yet.
Private notes are available after approval.