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March 31, 1900.)
HONGKONG LAND INVESTMENT AND AGENCY CO., LIMITED. An extraordinary general meeting of the shareholders in the above Company was held at the office of the Company on the 27th inst. for the purpose of confirming a special resolution passed at the extraordinary general meeting of shareholders on the 7th inst. The Honourable J. J. Keswick presided, and the others present were: Hon, C. P. Chater, C.M.G., Messra. D. M. Moses, A. Haupt, Li Sing, A. J. Raymond, (directors), A. Shelton Hooper (secretary), A. | MoConachie, J. C. Peter, P. Jordan, M. 8. Northcote, F. M. de Graca and J. M. Graca.
The resolution was as follows:-" That the profits accrued to the company from the issue at a premium of the new shares in the company authorised to be issued by the special resolution passed on the 8th, and confirmed on the 23rd day of April, 1839, amounting to the sum of $1,250,000, and which was then carried, and is now standing, to the credit of the reserve fund in pursuance of such special resolution, be capitalized and be applied in part payment of the call of $50 per share on all the shares in the company, to be made by the Board.
The CHAIRMAN having read the resolution over to the meeting, proposed that it be confirmed.
Mr. MCCONACHIE seconded, and the motion was carried unanimously.
Mr. MCCONACHIE-Mr. Chairman and gen. tlemen, before we go I wish to propose a vote of thanks to the Directors for the willing and courteous manner in which they have met the wishes of the shareholders in this matter. (Hear, hear).
The CHAIRMAN-Mr. McConachie and gen. tlemen, on behalf of the Directors, I thank you very much for the expression of satisfaction with what we have been able to do. It has af- forded us great pleasure to meet the views of the shareholders in this matter.
CHINA OVERLAND TRADE REPORT.
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conceded from their commissions, thus starting the company fair on the 1st January (applause). tion that the loss is not entirely attributable to I think it well to point out for your informs the adverse conditions I have mentioned, but also to certain circumstances which no one could have foreseen. A considerable quantity of refined sugar was shipped to Japan in 1893 in anticipation of the increased duties to be imposed under the new tariff, and there was every reason to suppose that not only was it taken over in the accounts to 31st December, 1898, at absolutely safe prices, but also that there would be a profit on it. For various reasons these anticipations were not realised; posed of for months, and then made prices the sugar sold very slowly and was not all dis- which have largely contributed to the loss wo have had to face in the accounts now before | you. In other words the previous year made present one, which was both unintentional and a profit on these sugars at the cost of the unlooked for. When addressing you at the last annual meeting, you will remember that the Chairman then mentioned that the two re- fineries had been started, and were in working European beet sugar, especially in India, was order in Japan, and that the competition of causing as some concern. It is to these facts, decline of prices in Americs, that we owe the to the losses on sugar taken over, and to the
Up to the end of March last the competition of unsatisfactory results of the year's operations. the Japanese Refineries had not been very severely felt, and it appeared probable that which they are heavily protected, we should even with the new tariff in operation under still be able to sell at a profit in that market, as the local factories there were unable to produce sufficient sugar to meet the large con- sumption of the country. Unfortunately, how ever, these hopes were not realized, as during the remainder of the year increasingly large quanti- ties of beet sugar from Europe were imported into Japan, which seriously affected the demand for our products, and left us no alternative but to sell at prices which showed no margiu. In India also the course of business proved disap- pointing, as in spite of the fact that a law imposing countervailing duties upon bounty. The 22nd ordinary annual meeting of the year, abipments of beet sugar from Europe fed sugars was passed in the early part of the shareholders of the China Sugar Refining continued on a large scale and prices were not Company, Limited, was held at the offices of the materially affected for the better by the change. General Agents (Messrs. Jardine, Matheson and Co), Pedder Street, on the 29th inst.
Another feature which told against tbe Hon. J. J. Keswick occupied the chair and he
The Refinery, and to which I have already alluded, was supported by Messrs. F. A. Gomes, A. America, which market had previously been a was the low price of refined sugar ruling in Haupt, A. G. Wood and D. M. Moses, Consult- ing Committee; J. Macgregor Forbes, chief sent some slight improvement, but we have not valuable outlet. In this respect there is at pre- clerk and Mr. J. Barton, secretary. There was a large attendance of shareholders, including market, I am please to say that the course of yet a working margin. Turning to the China Messrs. A. G. Stokes, G. C. Anderson, Wong business was, upon the whole, favourable, and Leung Him, Robt. Mitchell, J. R. Michael, M. although, as you are aware, changes of habit H. Michael, F. Maitland, Alex. Rodger, H. W. Bell, P. Dow, G. M. Bain, F. Henderson, Capt. confidently look for a gradually increasing con. come slowly in that country, we may, I think, A. Tillett, M. W. Slade, C. Ewens, G. T. Veitch, sumption of refined sugar among the population, 8. H. Michael, B. Layton, A. Turner, E. J. judging from our past experience. With re Judah, J. Y. V. Vernon, G. H. Potts (Hon.) gard to the immediate future I do not feel E. R. Belilios, W. J. Gresson, E. C. Emmett, justified in committing myself to any definite J. McKie, C. W. Dicksou, W. A. Cruickshank, opinion, but I may say that the sugar market Ho Fook, Ho Kom Tong, Lo Cheung Shui, generally shows signs of improvement at the Ho U Shang, Wong U Tin, Fung Kang moment, and that we hold a stock of Java raw Wan, Fok Lan Ching, Chan Sheuk Kee, Ngugar sufficient for the current year's needs at Tat Heung, Chan Tuk Sang, Ng Fai U, Li Yik Shan, Fung Mak Heung, Kwok Pui Chee, Leung Man Piu, Li Ynt Man, Leung Hin Cho, Kwong Wing Shing Leung Pik Shan, G. Binder, T S. Forrest, A. Smith, E. S. Joseph. R. H. Potts, Wong Brook l'ing Lam, Chun A Chai and Ching Tung The SECRETARY read the notice convening the meeting.
This concluded the meeting.
CHINA SUGAR KEFINING CO., LIMITED.
THE GENERAL AGENTS AND THRIE PAY.
The CHAIRMAN said-Gentlemen, the report and accounts having been in your hands for some time, we will with your permission follow the usual custom, and take them as read. I regret with you that the general course of our business during the year nuder review was not more favourable, and that owing to competition in most of our consuming markets, we were compelled for the most part to work at prices which have largely assisted to the loss disclosed by the accounts presented to you. The loss, after making the fullest provisions for every- thing, amounts to $98,099.03, which amount the General Agents have, as on some previous occa- sions when a bad year had befallen the company,
shows a wide diffèrence of opinion between the parties. There is only one comment that I need the 27th instant, which you may have seen pub make on the correspondence, In his letter of lished in to-day's Daily Press, Mr. Blade remarks that the General Agents seem to misunderstand the attitude adopted by the shareholders he re- presents; but I think, gentlemen, you will agree that there could be no possibility of misunder standing on that point when I tell you that although the letter addressed to Mr. Gubbay. authorising him, in the event of the General Agents not accepting such terms as he thought fit to propose, to arrange with some other mer. cantile firm to take over the general manage. was dated the 1st November, 1899, it was not ment of the Company. Although this letter
General Agouts reducing their charges was first until the 26th January that the subject of the mooted to me by Mr. Belilios. The section of alluded, entertain an impression that the the shareholders to whom I have previously General Agents are over-remunerated for the services which they render, and it is proposed 810,000 per annum for office expenses, and 5 that they receive instead, Ist, a fixed sum of per cent. on the profits, and 2nd, $20,000 per you will have observed from the correspondence, annum and 10 per cent. of the profits; and, as it was the wish of the section of the share- holders I have referred to that the General Meeting with a view to altering the clauses in Agents should call an Extraordinary General the Articles of Association dealing with their remuneration, sad fixing it on the scale of the emphatically reject both of these proposals and second proposal. Gentlemen, the General Agents as they have good reason to know that the re-. solations it is proposed to submit would, if carried of the general body of shareholders, they have lead to results greatly opposed to the interests declined to comply with the requisition addressed to them, or to identify themselves with a move- ment which exhibits such a poor appreciation of the magnitude of the Company's affairs, and Agents' services. (Applause.) This is the. so unflattering an estimate of the General second time in twelve years that a similar agita- tion to the present one has been organized by the same shareholder. I may say here, gentle- shareholder taking whatever steps he thinks men, that I have no objection whatever to any right. I say this with no personal allusion whatever, talking only of facts. I think I can. the words of the Chairman at the general meet- not do better on the present occasion than quote
reduce the General Agents' commissions was ing in February, 1889, when the proposal to rejected, and the present scale adopted with the concurrence of the leader of both these move- follows, when referring to the proposal made also ments. The Chairman on that occasion spoke as at that time to alter the Articles of Association :
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Had matters been pushed to extremes and the Articles of Association altered as proposed, become untenable, and you may rest assured the position of the General Agents would have that they would not have remained inactive, or permitted a trade with which they have been so their control. I trust that such a state of long and closely connected to pass from under affairs may never be forced upon them, for they will certainty not submit to be dictated to by any combination of shareholders, although they request, if put before them in a proper manner. will always be ready to listen to any reasonable
revised scale fair and reasonable for the work As to commissions, However, they consider the done and for the financial responsibilities inour- be considered as final so far as they are red. The reductions made must therefore
concerned." (Applause.) These words describe movement, and there is nothing I would add exactly my own attitude towards the present or detract from them, and I now, gentlemen, dismiss that subject, so far as the General Agents are concerned, and I turn to certain by the legal representative of those shareholders, questions which have been addressed to them who are parties to the movement I have been referring to: The questions I propose to read, and reply to categorically, although I may re- ject, although I am afraid I have already de- to make these replies and do so only out of a And now, gentlemen, I come to another sub- mind my learned friend that 1 am not bound
observed in the local press certain correspond of the gentlemer on whose behalf they are tained you at inordinate length. You will have desire as far as I can to comply with the wishes
tion of the shareholders, correspondence which formation in my power, ence between the General Agents and a seo-asked, and to afford them the very fullest in-
should prove satisfactory, while I do not lose an average cost which, from present indications, sight of the fact that beet sugar is a factor to be reckoned with, and, while anxious to avoid any means take a despondent view of the out- the expression of optimistic views, I do not by look, and I trust that we may see an improving demand in the various markets this year, and its bad years before 1899, and there may be fair margins of profit. The Company has had others in the future, but I think, gentlemen, you will agree with me that a Company which for 23 years, up to 31st December last, has been years with the bad, an average of 10.88 per able to pay its shareholders, taking the good cent. per annum, need not doubt the soundness future. of its business, nor look despairingly an the
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