December 29, 1900.]
J. McCorquadale
C. Loo
J. Gallreath
J. Lee
L. E Brett
F. Fisher
W. H. Woolley J. Reidio H. J. Knight A Brown...
F. Allen P. O'Donnell James D. Osmund
F. M. Freire Luz
E. E. da Silva ...
P. M. N. da Silva
1
J. M. de Graca
1
F. M. P. da Graca
A. F. dos Remedios
1
A. J M. Gomes
D. A. Cordeiro......
J. A. de Britto
A. A. Alvares
V. F. V Ribeiro
E. M. Robarts
1
A. A. da Roza
A. A.. Alves
F. E. Marques A. E. S. Alves
J. M. Gomes
J. F. C. de Róza
J. A. de Carvalho
C. M. P. Remedios...
R. R. Robarts ...
J. M. S. Alves
A. M. P. Remedios. E. H. d'Aquino J. M. P. Silva ... J. J. Monteiro... E. J. Figueiredo F. M. de Graca C. Danenberg C. E. Osmund I. F. Leon...
H. Hyndman D. A. Cordeiro...
G. dos Remedios
*
1
£50 & $21,745.20
HONGKONG COTTON SPINNING, WEAVING, AND DYEING CO., LIMITED.
EXTRAORDINARY GENERAL MEETING.
On Saturday, 22nd inst., at noon, an extraordin- ary general meeting of shareholders in the above company was held at the offices of the General Managers (Messrs. Jardine, Matheson, and Co.). The Hon. J. J. Keswick presided, and there were also present Hon C. P. Chater, Hon. R. M. Gray, and Mr. A. Haupt (Directors), Messrs J. McKie (Secretary), A Shaw (Manager), T. S. Forrest, J. Y. V. Vernon, E. J. Elias, A Hee. Ho U Shang, Chan Chan Nam, Sui Woon, and Chan Kee.
The SECRETARY read the notice convening the meeting.
CHINA OVERLAND TRADE REPORT.
has been called to consider the resolution which I now propose :--
41
BOF
PUNJOM MINING COMPANY,
LIMITED.
for confirmation as special resolutions the resolu company was held for the purpose of submitting tions passed at the extraordinary general meet- ing held on the 8th December. The chair was occupied by Mr. D. Gillies. ⠀⠀⠀ There R. C. Wilcox (directors), W. H. Gaskell (secre were also present Messrs Thomas Howard, tary), E. Edulji, Ellis Kelly, M. H. Michael, S. J. Michael, J. H. Cox, etc.
That the following section be substituted for Section 2 of Article XVI., namely:-2 The
EXTRAORDINARY G‣NERAL MEETING. General Managers may from time to time ad-
On Monday, 24th inst., at noon, an extraordin vance and lend for the purposes of the company.ary general meeting of members in the above such monies as they may think necessary or desirable, at such rate of interest, and upon such terms as they may think fit, but so that the total amount for the time being so advanced and lent shall not at any one time exceed the sum of two millions of dollars. All advances and loans which up to the date hereof have been made by the General Managers for the pur- poses of the company a. e hereby agreed to and confirmed, and shall be deemed to be, and shall be part of and included in the said sum of two millions of dollars, and as security for the said sum of two millions of dollars and every part thereof the General Managers may from time to time mortgage or charge all or any or either or any parte or part of the company's property, lands, stock-in-trade, machinery, goods, chat- tels and effects.""
Mr. VERNON seconded, and the motion was carried unanimously,
The CHAIRMAN-There is nothing further to put before you to-day, but another meeting will be called to confirm the resolution which you have just passed, of which due notice will, of course, be giren.
HONGKONG HIGH-LEVEL TRAM-
WAYS COMPANY, LIMITED.
The sixteenth ordinary general meeting in connection with the above company was held at the offices, 38 and 40, Queen's Road Central. on Thursday at noon. Mr. Hart Buck presided, and there were also present Messrs. R. K. Leigh, C. Ewens, C. W. Dickson (Consulting Committee), H. Humphreys, A. H. Mancell, W. A. Cruickshank, T. F.Hough, G. Murray Bain, J. A. Tarrant, and W. C. Taylor (Secretary),
The SECRETARY read the notice convening the meeting.
The SECRETARY road the notice convening the meeting.
The CHAIRMAN said- Gentlemen, the only business before the meeting is to confirm the resolutions passed at the meeting held on the 8th December last. I will now read the resolu- tions. They are as follows:-
-
1. That the capital of the company be increased by the creation and issue of 60,000 new ordinary shares of $10 each, with the sum of $8 paid up on each, and that the directors be empowered and authorised to accept surrenders of the pre- sent 60,000 ordinary shares of the company of $8 each on which the sum of $8 each has been paid up, and that one new share of 810, with the sum of $8 paid up thereon, be given in lieu of and in exchange for each old share of 88 fully paid up, and that thereupon the said old shares be cancelled.
2. That of the remaining $2 payable in re- spect of each of the new shares, the sum of $1 be paid on the surrender of the old share, and that the residue be (if necessary) called up and paid at such times and in such instalments as the Board may determine.
Those are the resolutions which have to be confirmed at this meeting. I propose that they be confirmed, and shall be glad if any shareholder present will second the proposition.
Mr. KELLY seconded and the motion was carried unanimously.
The CHAIRMAN-That is all the business,
gentlemen. I have to thank you for your at-
tondance.
COMPANY.
STATEMENT ́ BY THE DIRECTORS.
We have been supplied with the following, relating to the Jelebu Mining and Trading Co.:-
The CHAIRMAN said-Gentlemen, the report and statement of accounts having been in your hands for several days, I will, if you have to say we have had a satisfactory year's work- no objection, take them as read. I am pleased | JELEBU MINING AND TRADING ing, though wo must bear in mind that in consequence of the Northern troubles the num- ber of strangers in the colony, both staying and passing through, has been exceptionally large. With reference to the balance sheet, you will note that debentures $30,000 do not again appoar among the liabilities, the whole of the debentures having been paid off on the 30th June last, which accounts for the difference in the profit and loss account of the item under the heading of interest, which stands at $1,019.30 against $2,311 52 in the last report. Charges, you will notice, have increased from $1,861.40 to $5.208.18/100.
TO THE SHAREHOLDERS OF THE JELEBU
MINING AND TRADING CO., LTD. In anticipation of the meeting called for the 15th instant, the directors beg to give the fol- lowing information:
As will have been seen from the last half- yearly report, the company's finances were then already somewhat strained. The directors, however, did not think it necessary at that time to propose raising fresh capital, believing that returns from the additional 10 head of stamps would soon put matters right. However, through a delay in erecting the new battery, the working capital of the company has become exhausted. The following figures may be of interest:
The principal reason for this large increase is that we have paid for the year under review $2,150 for professional expert opinion on the possibility of remedying any defects existing on the line and for a survey and plans of an en- tirely new railway taking a slightly different course to our present one, the idea being that if trafic increases we might require a supple- mentary line of cars. The item maintenance and repairs amounts to $7,505.33/100 against last year $10,681.07. This saving has been effected by the better wear of our ropes, which
Tho indebtedness of the company with the last year with the increased service wore wear-agents, bankers, and various creditors amounts ing very badly. Before moving the adoption to $49,000; to which must be added directors' of the report and statement of accounts, I shall fees in arrear $1,837, and payment orders out- be pleased to answer any questions.
standing $2,278; total $53,115.
The CHAIRMAN said-Gentlemen, at the ex- traordinary meeting of sharehōlders held on 10th November I concluded my remarks by in- timating that, while it was a step I should tako with the very greatest reluctance, there appeared absolutely no solution of this company's troubles but to liquidate, and it was then determined to follow the usual procedure to do so. In the meantime, a slightly improved demand for yarn led the General Agents to hope that perhaps by not precipitating matters an improvement in the outlook generally might set in, which would
There being no questions, the report and enable them to avoid liquidation and thus safe-statement of accounts were adopted, on the guard the shareholders' interests. Time will motion of the CHAIRMAN, seconded by Mr. show whether the step was a wise one or not, MANCELL. and in the meanwhile we must just hope that it will prove to have been so, although, of course, there is great uncertainty. While we do not doubt that we are meeting the wishes of share holders in thus acting, it means that we have to carry a very considorable quantity of yarn sold and undelivered, and unsold, also to provide for the cost of cotton supplies, and in order to con- form with our Articles of Association we require increased borrowing powers, and it is for that purpose that this extraordinary general meeting' you for your attendance.
On the motion of the CHAIRMAN, seconded by Mr. CEUICKSHANK, Messrs. . Ewens, R. K. Leigh, and C. W. Dickson were re-elected members of the Consulting Committee.
On the motion of Mr. HUMPHREYS, seconded by Mr. TARRANT, Messrs. F. Henderson and W. Hutton Potts were re-elected auditors.
The CHAIRMAN-That is all the business of the meeting, gentlemen. Dividend warrants will be ready to-morrow at ten o'clock. Thank
|
Irrespective of the value of the property and the advances of about $10,000 tɔ minors (which may be considered quite safe), the following is approximately the position to-day:
Against which there is ore in stook in Singa- pore value about 820,000, and ore to arrive value about $21,000—841,000; leaving a defi- ciency of about $12,115.
The issue of the preference shares has the object of providing for this deficiency and also for a moderate amount of fresh working capital. A copy of a letter of the General Manager, dated 5th December, is attached herewith, The missing parts of the Frue Vanners referred to therein left Melbourne on the 20th November, and are due in Singapore in about a fortnight.
As soon as the new battery is in work, the Mining Manager estimates the returns at, at least, 17 tons of ore per month. This, on the
No comments yet.
Private notes are available after approval.