12
|
THE HONGKONG WEEKLY PRESS AND 15th July, 1896, endorsing the action of the Brisbane directorate. I further hear that the shares are selling in Singapore at 13s. each, and the brokers in Mackay are in constant re- ceipt of wires from people trying to purchase shares under the market price. Only yesterday I heard of 9s. being offered, so I trust at the meeting of 4th December some authoritative statement as to the present value will be given in the report, so that shareholders may be on their guard against parting with shares below their value.-Yours faithfully. (Signed) J. EWEN DAVIDSON."
In
>
[January 6, 1807
trust the serious I do not deny, have tided over it successfully. You have in your hands the report of our Be showing the cause of our troubles, the eff our position, and the means we have taken overcome our difficulties.. I may perhap a word with regard to the company s now man ager, Mr. Boyd. Mr. Boyd has been our ascie tant manager for some years and has a experience both in field and factory wor directors have every confidence in plac management of the company in his har shall be pleased to answer any questions you may desire to put. If such deal with matters of estate management, I will, with your per- mission, ask Mr. Dudgeon to reply.
the
Mr. C. Thorne said he saw that the loss sus. tained by the company was estimated at $70,000 to $80.000, "which more than completely wipes out the expected profit of the season," and he asked if the Directors had anticipated having a profit of $70,000.
The Chairman replied that they had. Mr. Thorne enquired at what rate the over- draft of $20,000 from the bank had been
The Chairman then proposed that this meeting be adjourned until Monday, the 15th of March, 1897.
I will here remark, with respect to price of shares, that the last quotation from the East was 198, per share, with every likelihood of To resume, the higher prices obtaining. opinions held by the shareholders generally have undergone considerable modification since May. Many of the proxies sent forward for last meeting, and in favour of the original proposal of the Singapore board, have been cancelled by proxies in favour of the minor scheme. The voting is as follows:-By proxy are present 258 shareholders, hold- there
83 follows-arranged. ing 126,147, shares, divided
favour of the Singapore Board's Mr. Dudgeon said on the ordinary terms of
7,546 votes; in favour bank interest. original_scheme, of the Singapore Board's modified scheme, 3,193 votes; in favour of the Brisbane Board's scheme 9,166 votes. I, of course, cannot tell how supporters of the original scheme might vote when finding themselves in a minority; possibly they might add their voices to those in favour of the modified scheme, perhaps not. Considering that out of the 68,532 shares voting for the Singapore original scheme, 40,392 shares of mem- are fully paid, while the votes bers now personally present have to be added to the Brisbane total, the Brisbane
to have may claim
a sub- directorate
Still, 88 the issues stantial majority. between the two boards have been so narrowed, I do not think it would be wise to pass any binding resolution, and suggest, gentlemen, that matters be left in the hands of the directors.
rection of eighty additional stampers with electricity as motive power, and they have in- timated that they are willing, as a beginning, that only forty additional stampers with elec- tricity as motive power be erected at the mines. I am glad to be able to further advise you that letters and telegrams received from Brisbane inform me that, the Brisbane board are dis- | posed to accept this modified proposal. This Inclination to adopt the views of the local committee is, however, accompanied by the wish again repeated that twenty stampers with steam power be added to the present plant. To this the local committee and Mr. Bibby strongly object, on the ground that any additions by way of steam power will in the end prove costly and unsatisfactory, and really only temporary.. It will, there fore, be necessary, if your views coincide with those of the local committee and Mr. Bibby, for you, in sending forward your proxy to be used at the meeting to be held at Brisbane on 4th December, to endorse thereon-"In favour of the modified pro- posal of the Singapore committee to erect forty additional stampers with electricity as motive power, and not to erect the twenty additional stampers with steam power." The local committee wish to point out that their proposal was not to forthwith call up all the unpaid aapital of the company, but that the directors should get authority to make calls (to the extent, if necessary, of the balance of the unpaid capital), as might from time to time be required, in terms of the articles of association. I may mention that by the terms on which the Government of Pabang offer the company water rights on the Sempan River for the purpose of generating electricity the company are required to give an undertaking that the works in connection therewith are commenced not later than June, 1898, and completed by June, 1900. -C. P. Derrick, Local Secretary, Rab Australian Gold Mining Company, Limited." The Brisbane board willingly concede the forty. head battery, but still hesitate as to electricity. It is the unknown risks connected with it they dread. Could they be assured that it will accomplish all that is claimed for it, and were it possible to contract for a plant on the con- " before dition of a satisfactory "working run payment is made, further objection might be with- drawn. They would still, however, prefer to use steam. Of course, a vast number of letters has been received by the board on the subject, and as illustrative of the dangers attending electricity, I will quote from one of them. After dealing pretty exhaustively with the sub- THE IEKAK SUGAR CULTIVATION ject, the writer says:----
16
'With regard to the electric power, I am afraid that the Singapore board are too sanguine. The expense of it is appalling. The fuming- well, that is not much, but 2,500 ft. of steel pipe- ing of that large diameter, and the conducting of the power across the hills, &c., is very serions. I would quote to you, as an instance, the London Electric Supply Corporation, with a capital of between one and two millions, of which Lord Crawford was chairman at one time and Ferranti was the engineer. No one can deny the talent of Ferranti as an electrical engineer, and yet that company has failed, and is in the hands of a receiver. What I do know is that working there at those high tensions, the current sometimes took a leap, and the next moment a dynamo, which had cost some thousands of pounds, was fused and useless. Believe me, there are risks which are unfore- sesable; and where should we be at Raub, out of touch more or less with the electrical world, and what would be the value of our plant if it were not a success? Why, simply nil.”
Similar examples might be multiplied. Mr. J. Ewan Davidson writes from Mackay on the 18th ultimo, as follows:—
"Branscombe, Mackay, Queensland, 18th November, 1896.
"G. 8. Murphy, Esq. Dear sir,-I find I shall not be able to be present at the Raub shareholders' meeting of 4th December, but you hold my proxy, also as many as I could procure through my friends here and in Ingland. I enclose you press copy of a letter I wrote to Mr. Anderson, of Singapore, after reading the minutes of their meeting of 27th May, 1896, sent on to me by you. I also send | leading article from a Straits newspaper of
|
|
|
|
In reply to questions, the Chairman stated that the Singapore Board was somewhat in clined to press electricity, but he had every reason to believe the difference of opinion would soon be adjusted-it was simply a matter of compromise,
On the motion of Mr. Forsyth, seconded by Mr. Scott, it was resolved to leave the matter entirely in the hands of the directors.
The meeting then adjourned.
CC.,
LIMITED.
The annual general meeting of this company was held on the 30th December at the Shanghai Club. Mr. W. D. Little presided, and there were present, Messrs. J. H. McMichael | (Director), C. J. Dudgeon (Secretary), W. H. Drummond, C. Thorne, A. Cushny, jun., and C. Buchanan, representing in all 552 shares.
Mr. Cushny seconded, and the resolution was agreed.
Mr. Thorne said he thought they should express their feelings towards their Secretary for the prompt and very capable manner in which he appeared to have carried through the business. They were led to hope that their loss would not be as great as anticipated, and the result might be eventually rather favourable. He therefore proposed a vote of thanks to Mr. Dudgeon for the manner in which he had managed the business.
Mr. Cashny seconded, and the resolution was. carried.
Mr. Dudgeon said he was exceedingly obliged to Mr. Thorne for, the kind way in which he had spoken, but, seeing the interest he (Mr. Dudgeon) held and represented in connection with it, he could not have done less than he had, to at once proceed to the scene and try to straighten out matters for the benefit of all concerned. He hoped and thought he had arranged matters in a more or less satisfactory way, and he hoped that future meetings of the company would have more reason to give him a vote of thanks than the present.
The proceedings then terminated.
HONGKONG GOLF CLUB.
•
BEST SCORE OUP FOR DECEMBER,
Only ten members entered for this competi tion, and of this four sent in returns.
Mr. C. W. May Mr. G. Stewart Mr. H. Pinckney... Mr. P. de C. Morris
96 12 84* .88 484*
99 14 85 104 13 91
* divide the Pool.
The Chairman said-I have to apologise for the absence of our Chairman, Mr. Drummond. This meeting, as you are aware, is mainly of a
TAIKOO ATHLETIC SPORTS. formal character. The season has been extended to 31st inst., therefore we cannot now come
The sixth annual Taikoo athletic meeting took before you with accounts. The accounts are not expected until February, thus a resolution post-place on New Year's Day at Quarry Bay, poning this meeting to the 15th of March next There was a very large attendance of spectators is to be put before you. When last I had the and, as usual, special arrangements were made A grand stand was erected pleasure of addressing you, the prospects of the for their comfort. company were exceedingly favourable. We and it was taken advantage of to the utmost, had a large drop, which we anticipated realising refreshments were most liberally provided by the Taikoo Club, and the sport was excellent in at good prices. Well, gentlemen, the canes are there, the prices are there, but owing to every respect. Nor were the children (over- troubles in the working of the factory, the looked, and it was a great pleasure to see them sugar is not there, at least not in the quantity enjoying themselves on the swings, and s00- we expected, and that is the whole trouble. saws and munching delicious cakes at intervals. It was not until August that the Directors The band of the Hongkong Regiment played to doubt the Manager's many welcome selections during the afternoon. had any reason assurances, as to the getting off of the crop in At the conclusion of the last race Mrs. Poate the time named; the answers returned to distributed the prizes and cheers were then the representations then made were apparently for the President and Mr. and Mrs. satisfactory, but as time advanced suspicions of The Committee are to be heartily congratulated the Manager's statements began to re-assert upon the result of their efforts and it is to be a list of the themselves; the consequence was an enquiry, hoped that future meetings will be as suc
as this one. The following which produced what have turned out to be ex- aggerated reports of the condition of affairs, officials and these reports being communicated by wire have resulted in a heavy fall in value of our shares. That the trouble has been
Mr Herbert Smith. President mittee: Mesars. J. Loohead, R. Dioks Hardwick, R. Park, D. Currie, T.
ven
te.
No comments yet.
Private notes are available after approval.