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Mr. C. M. G. Burnis
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Mr. P. L. Goddard, R.N. 5 Mr. W. Taylor
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Comdr. Davison, R.N. 6 Mr. E. A. Ram
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The "Tie" for the "MacEwen" cup must be played off by the two members as their first round of the links, on or before the 17th inst.
GREAT EASTERN AND CALE- DONIAN GOLD MINING COM-
PANY, LIMITED.
On the 12th April, an extraordinary general meeting of shareholders of the above Company was held at the offices of the Company, No. 7, Queen's Road Central, for the purpose of con. firming or otherwise the special resolution passed at the extraordinary general meeting held on March 28th. The chair was occupied by Mr. R. C. Wilcox, and there were also pre- sent, Messrs. G. C. Cox, R. Abesser (directors), D. Warres Smith, G. Forstmann, E. Georg, J. de Graca, and L. Lambotte (secretary).
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen. this meet ing is called for the purpose of confirming the special resolution passed at the extraordinary general meeting, held on the 28th alt. for the purpose of increasing the capital of the Com- pany. That resolution was as follows:-
That the capital of the company be in- oreased to $500,00 by the creation of 16.000 Ordinary Shares of $5.00 each, and 70,000 Preference Shares of $1.00 each; such shares to be issued at the discretion of the Directors, provided that they shall be offered in the first instance to the existing shareholders in pro- portion to the amount of the capital held by them at the time of such issue.
THE HONGKONG WEEKLY PRESS AND
"The holders of the said preference shares shall be entitled to a cumulative preferential dividend at the rate of 12 per cent. per annum. "Whenever the profits of the company in res- pect of any year shall be more than sufficient to pay the preferential dividend aforesaid to the close of such year, and also a dividend for such year at the rate of 12 per cent. per annum on the ordinary shares, the holders of the said preference shares shall be entitled to participate in the surplus puri passu with the holders of the
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[April 15, 1899.
The Secretary, Mr. A. S. Murray, first read exhausted and a call in prospect. On the other the notice convening the meeting, in which were hand, the schenie put before yon by Mr. For- set forth the details of the resolution for con- wood relieves you at once from further re- firmation authorizing the increase of the capital sponsibility (as to the possible extent of your by 30,000 new shares of $10 each. This resolu- loss), and opens out the possibility at least, tion has already appeared in our columns. he of retrieving past losses. The new Com- Secretary announced, also, that the resolution pany will take up our business 包图 for the reduction of the capital would not be going concern with a sufficient capital in Sfərl- submitted to the shareholders at that meeting, fng, and the prestige which attaches to a Lon- as the Board had been advised that sufficient don offles backed up by an influential board of notice had not yet been given.
directors. These are our views and we request shareholders to give us an expression of their views, and if the decision is in favour of Mr. Forwood's scheme, as we have every reason to believe it will be, we will give effect to it, and, equally, if any representative number of shareholders inform us that they desire the Company to be forthwith liquidated, we will immediately take steps to give the necessary opportunity and facilities for carrying ont their views and we, as directors, will not oppose them. Owing to there being some doubt ns whether sufficient legal notice has been given of the resolution for writ ing down the capital of the company, that resolution will be postponed until a future meeting.
The Chairman moved that the special resolu tion be confirmed.
Seconded by Mr. A. Currie, the motion was carried, a count of hands showing fifteen in favour and six against.
The second resolution as to the alteration of number 88 of the Articles of Association was then put to the meeting by the Chairman for
confirmation.
Mr. Currie seconded, and the resolution was
There was no other business before the meet-
ing.-Straits Times.
THE YOKOHAMA SPECIE BANK,
LIMITED.
The following is the thirty-eighth report presented to the shareholders at the half-yearly meeting held at Yokohama on the 10th March :-
Gentlemen, The directors submit to you the annexed statement of the liabilities and assets of the Bank and profit and loss account for the half-year ending December 31st, 1808.
The Chairman, Mr. Bogaardt, then said- Gentlemen, having already, at our meeting held on 15th instant, explained the object of the resolution which was then passed, I have now only to propose that it be confirmed as a special resolution. Au erroneous impression that the directors had abandoned their original proposal appears to have been created by the publication of the offer received from Mr. Forwood. Mr. Forwood's scheme was placed before the shareholders as an alternative proposal to be dealt with later, when we know definitely its terms and conditions, and when we have received replies to the circulars issued to shareholders asking for their views in regard to it. I may, however, at once tell you that we do not propose to use the powers conferred by the resolution if shareholders agree to the proposal which was placed before you by eircular on the 20th instant. We have been in communication with Mr. Forwood for some time past, but only recently have we been able to arrange terms and conditions likely to be acceptable to shareholders. It has been suggested that the directors desire to carry on the Company against the wishes of the shareholders. Such a statement, both mischie-confirmed by fifteen votes to six. vous and unfounded, hardly needs contradiction. The directors have been careful to take every possible means to ascertain the views of all the Company's shareholders, and they have been guided, and will continue to be guided, by the olearly expressed views of the general body of shareholders. Shareholders who have a sub- stantial interest in the Company will do well to consider for themselves what will be the out- some of enforced liqnidation, so lightly recom- mended by the smaller holders. To such small holders the experiment may not be of serious moment, but to the larger holders the question is a serious one. The directors have carefully cou. sidered the position and outlook from every point of view, and they say to you that the scheme proposed by Mr. Forwood offers the best avai- "In the event of the winding-up of the Com-lable way out of our present position. We have pany, the holders of the said preference shares ample liquid funds for the requirements of our shall be entitled to have the surplus assets of business if continued on existing lines and the Company applied in the first case in repay. limits; but we cannot hope to attract the best ing to them the amount paid up on the prefer class of business in foreign countries on the ence shares held by them respectively, and the security of a depreciated silver capital although residue of such surplus assets shall, subject to
it be really sufficient to cover all our liabilities, the rights of members entitled to shares issued If we closed our Loudon and Australian upon special conditions as hereinafter provided. Branches, and confined operations to the belong to and be divided among the ordinary Straits and Far Eastern ports, there would not shareholders of the Company, and if there be sufficient business to enable us to secure shall be more than sufficient to pay the amount proper average of lines and limits. In such a paid up on the ordinary shares, such surplus case to operate on large limits would mean that (if any) shall be divisible between the holders of two serious casualties in one year would kill the preference shares and the ordinary shares our account, and to operate ou small and rateably."
safę limits, in the restricted field, would mean being starved out. The alternatives to be faced therefore, are, find additional capital, or abandon the business. I have said that our funds are ample for all current requirements. but you must not, therefore, conclude that they | THE NEW AMOY DOCK COMPANY, must be sufficient to liquidate the company if liquidation is forced at the present moment. There could be no more inopportune time than the present to offer a large business for reinsur- ance. Other companies besides the Straits are nursing their business in view of recent disastrous times, while those who are plunging for a large premium account, to cover their losses, are still less in a position to offer qs favourable terms for our business. Butit is the expense attendant upon the liquidation of a marine insurance business that must specially be considered; it would not merely eat up our surplus funds but possibly The Chairman said-Gentlemen, the report entail a call upon shareholders. The expense has been with you for some days and with your of liquidating the Straits Marine Company, kind permission we will consider it as read. without the help of a friendly company, would As stated, the docking work offered during the be very considerable, and would extend over a year has been unusually small. It is satis- period of seven years at least. Add to this ex-factory, however, to know that apart from pense the cost of reinsuring current risks, and actual dock rent, a fair living can be picked the cost of liquidating clains and other obliga-up, to which the increasing launch trafie con- tions already incurred and which cannot be tributes a fair share. After a long period and reinsured, and you will possibly find your funds and volumes of correspondence, our foreshore
other shares.
It now only remains for me to propose that this resolution be and is hereby confirmed.
Mr. GEORG seconded, and the motion was carried..
This was all the business.
STRAITS INSURANCE CO., LIMITED.
An extraordinary general meeting of the Straits Insurance Company was held at the Com- pany's offices, Singapore, on the 29th March, for the purpose of submitting for confirmation the resolutions passed at the extraordinary general meeting on the 15th idem. The Hon. T. C. Bogaardt, the chairman of the Company, presided and was supported by the following directors: the Hon. G. S. Murray, Mr. A. W. Stiven, Mr. D. W. Lovell, Mr. T. S. Thomson, Mr. W. Naef, and the legal adviser of the Board, the Hou, J. Burkinshaw. The share holders present were Messrs. A. Gentle, M. Meyer, T. Scott, A. Currie, A. C. Moses, R. B. Sassoon, H. Abrams, A. Kandassamy, Lee Kow Yeo, Low Yap Song, Ong Koon Choo, Wee Koon Sim, and Chew Swee Tiong.
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The gross profits of the Bank for the past half-year, including yen 339,817.596 brought forward from last account, amount to yen 5,611,848.239, of which yen 3,942,258.520 have been deducted for current expenses, interest on deposits, &c., leaving a balatice of yen 1,669,589.719, out of which yen 79,786.000 have been written off for officers" remuneration.
that yen
The directors now propose 340.000,000 be added to the reserve fund, in- creasing it to yen 7.300,000.000; and yen 100,000.000 be set aside for the contemplated new building. From the remainder the direc tors recommend s dividend at the rate of fifteen per cent. per annum, which will absorb yen 450,000,000 on the old shares and yen 337,500.000 on the new shares, making a total of yen 787,500.000.
The balance, yen 392,303.719 will be carried forward to the credit of next account.
NAGATANE SOma, Chairman. Head Office, Yokohama, 10th March, 1899.
LIMITED.
On 25th March the seventh ordinary general meeting of the shareholders in the above Com- pany was held at the office of Messrs. Lapraik, Cass & Co., Amoy. There were present Messrs. J. Farrow (Chairman), R. H. Bruce, F. Cass, W. 8. Orr (Consulting Committee), T. G. Gow- land, J. Anderson (Manager), C. C. Carvalho, (Secretary.)
Th: Secretary read the notice convening the meeting...
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