I suppose so.
There you are. I want to hat the liquidator is going to get the
મ
know
one for.
Mr BENJAMIN The liquidator's business is take charge of everything:
The CHAIRMAN-I understand the word so far as the meaning goes. He ought to go through all the books. Is he going to do that? He ought to look over every book in the con- corn. Now he has not the time to do that. Mr. BENJAMIN-How do you know? has not said so."-
He
Mr. STOKES-It is not going to be liquidated by degrees. It is going to be handed over to another Company or to someone for a lump sum, The CHAIRMAN—I am quite aware of that. Mr. STOKES-We want the money down from the other people; we shall not care anything about the books then. If they are contented,
we are.
The CHAIRMAN-Who is going to pay the expense P
- Mr. STOKES-There is no expense except in
regard to the deed of assignment.
The CHAIRMAN-The liquidator gets $500 for what?
THE HONGKONG WEEKLY PRESS AND THE WANGHAI WAREHOUSE ANDI
STORAGE CO LIMITED,
The ordinary general meeting of shareholders in the Wanchai Warehouse and Storage Com pany, Limited, was held in the offices of the General Managers, No. 5, Queen's Road Central, on the 8th January, Mr. J. H, Garrells presided and there were also present Messrs. H. Stolterfoht, P. Sachse, F. Henderson, H. Elmer, O. Von der Høyde, C. Schroeter, C. Rogge, and A Lum.
The notice calling the meeting was read. The CHAIRMAN--Gentlemen, the report and accounts have been in your hands for several days, and with your permission we will follow the usual course and take them as read. The result of the first half-year has not quite come up to that of the last year, yet the net earnings have been suffi- cient to pay an interim dividend at the rate of 4 per cent, as anticipated. The reason for its not being paid earlier than in October was that it took some time to get in all the ac- connts. It was of importance for our lease that we should get a good survey report about the state of the buildings at the commence- ment of the lease and for that purpose a general overhaul of the properties was neces- sary. The cost of these repairs forms the greater portion of the item of $1,220.12 ap. pearing in the accounts as expenses in connec tion with the lease the rest being made up of legal expenses and architect's fees. conditions of the lease I have spoken fully, when we last met in July. Suffice it to say, that henceforward for the next ten years there will be a regular half-yearly dividend at the rate of $1,50 per share, payable early in January and July of each year. Nothing The CHAIRMAN-I want to know what he is else occurs to me worth mentioning. If any doing for it ?
Mr. STOKES-It is rather late in the day to object and say it is too much.
The CHAIRMAN-I beg your pardon. We are here only to confirm the resolution and I think I am not too late.
Mr. STOKES-The resolution is not about the $500 but the authority to make the offer. We are here to agree to terms. I gather that the liquidator is entitled to his money, because that is passed.
The CHAIRMAN-I do not object, but I want to know what he is going to do.
Mr. STOKES-I don't know.
A SHAREHOLDER-It's commission. The CHAIRMAN-He can get the commission from the other side.
Mr. STOKES-Well, I think we are wasting our time here we are not getting on at all. What are we going to do ?
The CHAIRMAN-My reason is to satisfy my- self as a pretty heavy shareholder, and I am sorry to have to bring the matter up. Oar late Chairman. Mr. Fenwick, would have strongly objected to this, and he was a heavy shareholder, too. I do not see why this concern could not have been liquidated and brought to a close without appointing anyone at $500.
Mr. Cours Have you anyone here who will second you in the matter? Unless you have it seems to me we are wasting a good deal of time.
The CHAIRMAN-I do not know. I wanted to put in my protest.
Mr. BENJAMIN The only thing we must do is to put the resolutions to the vote.
The CHAIRMAN-If this concern is going to be wound up, is it going to be wound up for $500 ?
Mr. MAITLAND The Company will also have to pay the legal advisers for perusing the deed of assignment and seeing that everything is done in a proper legal form. It is only what must be expected.
1
Mr. BENJAMIN-I propose the confirmation of the first resolution-That in accordance with the notice in the papers the Company be voluntarily wound up and that a Liquidator be appointed for such winding up.”
Mr. STOKES-I beg to second,
Carried,
About the
shareholders have any questions I shall be glad to answer them.
There were no questions and the CHAIRMAN moved the adoption of the report and accounts.
Mr. VON DER HEYDE seconded. Carried.
The CHAIRMAN-As you will have seen, Messrs. Sachse and Stolterfoht, after giving us the full benefit of their valuable experience during the negotiations about the lease, have resigned their position, there being no more occasion for a Consulting Committee. In this I agree with them and I now beg to propose that we do not again elect a Consulting Committee.
Mr. HENDERSON seconded. Carried.
Mr. STOLTERFOHT proposed, and Mr. SACHSE seconded, the re-election of Mr. Fullarton Hen-
derson as auditor.
Carried.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants can he had to morrow on application. I thank you for your attendance,
The following is the report submitted: The General Managers beg to submit to the share holders their report on the working of the Company and a statement of accounts for the year ended 31st December, 193.
In accordance with the resolution passed at the extraordinary general meting of shareholders on the 11th July the lease with the Hongkong and Kowloon Wharf and Godown Company was duly executed, and in consequence the active business of the Company ceased with the 30th June, so that the second half-year is the first period under the new
lease.
The net profits of the first half-year, including $1,406.05 Brought forward from last account, but Four shareholders voted for the resolution deducting $1,220.12 expenses in connection with the and no one voted against it.
lease, amounted to $4,126:35, against which an in- terim dividend was paid on the 23rd October at the rate of 8 per cent. per annum, absorbing $3,900. Of the balance now at the credit of profit and loss ac- count, $4,134 25, the General Managers recommend the payment of a final dividend at the same rate, and to carry forward the balance of $234.35 to new
CONSULTING COMMITTEE.
Mr. BENJAMIN then proposed the confirma- tion of the second resolution-"That Mr. F. Maitland be appointed Liquidator with a fee of $500 for his services."
Mr. STOKES seconded.
Three lands were shown in favour and none profit and loss account. against
Carried.
On the lease Leing completed, Messrs. P. Sachse The_~_CHAIRMAN—Well, gentlemen, that and H. Stolterfoht sent in their resignation, there being no more work for them, and for the same reas son the General Managers propose not again to elect a Consulting Committee.
settles the busines
the Comercio we learn that the English Manila has taken a lease of Senor In- is house at Ermita and will be installed new premises in March next. The event is to be honoured by brilliant feast.”
'
AUDITOR.
The accounts have been audited by Mr. F. Hen- derson, whose re-election is recommended be MEYER & Co., General Managers, Hongkong, 4th January, 1897,
1897
LITIES AND A
Το
To mor
To mortgages of
To sundry creditors To dividend accoun To reserve fund To balance of profit and
By Hongkong an
poration By property account;;
anghal Banking
280
DECEMBER, 1896,
PROFIT AND Loss ACCOUNT FOR THE By balance of 1895 By balance of working account of 1st Semes-
"ter, 1896 ... By net rent for premises of the Hongkong
and Kowloon Wharf and Godown Company. for 2nd Semester, 1898.
By transfer fees of 2nd Semester
To expenses of 1st Semeter, 1896 :— ~ To Crown rent and taxes....... To interest account.....
To fees to Consulting Committee To auditor's fee ......................
*#$15,999.00
$1,785.24 4,360.19 300.00 50.00
To expenses in connection with the lease of the Hongkong and Kowloon Wharf and Godown Company........... To interim dividend paid on 23rd October for
1st Semester
To commission to General Managers for 2nd
Semester, 1896 ............................................... To net profit
6,495:48-
1,220.12
3,900.00
250.00 4,134.35
$15,999.90
THE PUNJOM MINING CO.,~
LIMITED.
N
The Secretary of the Punjom Mining Co. Limited, advisor us that he has receive following progress report on the work carried on at Punjom during the month of November
Mining. Our nusual attention has been given to all work coming under this head and fair progress made.
August Shaft 200ft. Level. The stopes on both the east and west and north and south reefs have again given their usual quantity of ore for the mill, but the grade continues to be low. The stope opened on Gillies' reef is show- ing a well-defined highly mineralized body of ore about 2 feet wide, but is still poor in free gold. By assay it is worth fully 15 dwts. per ton.
The reef discovered to the west of the new shaft and which looked so encouraging at date of my last report has proved very disappointing indeed, the reef having become broken and the ore too poor to mill even. Of improve directly, as it is opened on.
ourse, this may
Intermediate Level. The stopes and dri here have given their usual quantity of ore and should do so for some time longer, but I notice a falling off in value in that won from our best, stope on the western chute. This may be only temporary, however,
110 feet Level. The stopes here give their usual quantity and are without change to
New Leader and Upper Sto stopes and drives here have their output of ore, but I re our best points have become come up to the old native
Drivage Drivage ore mined 1,182 tons follows: August
and Upper Stopes 636 ton Milling This was car crushing 1180 tons, yieldin 531 ounces.
Caloining Works The ran 27 daya t
ates 45
concen
Cyanide
ailings 612
ounces valued
* The sheds have been com
baring
Leader
gold
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