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ing me an answer before 1.30 p.m. to-day un- favourable to my request, to delay sending such answer before you are in receipt of the duplicate letter. If on the other baud you contemplate sending me au answer favourable to me no delay is necessary and I should be glad to receive it as soon as possible. Yours faithfully,
ED. C. FONT FEX.
TO THE STL WARDS
September 8th, 1902. OF 1HE HONGKONG
JOCKEY CLUB. Gentlemen.--Referring to my letter of this morning I now send you a duplicite letter of my letter of the 6th inst. signed by very nearly all the Sub cribers for Waler Griffins. The subscribers who have not signed with or8 EX- ception) I have not been able to ask to do so, but I think there are only two or three.-Yours faithfully,
ED C. PONTIFEX.
Hongkong Jockey Club, Hongkong, 8th September, 1902. Dear Sir, I am directed by the Stewards of the Hongkong Jockey Club to acknowledge receipt of your letters of 6th and 8th inst; and to express their regret that they cannot grant your request.
Under the conditions officially announced before the drawing-the discarded ponies have to be separately dealt with "-viz., by public auction, and any objections to those conditions should have been made before the drawing took place. Yours truly,
A. S. ANTON, Acting Clerk of Course. E. C. PONTIFEX, Esq., Present.
THE HONGKONG AND WHAMPOA DOCK CO., LD,
The following correspondence has been sent to us with a request for publication :-
Hongkong, 29th August, 1962. SIE,-I should feel much obliged by your laying before the Board the following facts.
The minutes of the proceedings of the last general meeting issued to the shareholders by the Company seem to differ very materially from the reports given in the local Press.
Those discrepancies bare called forth adverse comments from a great number of shareholders. A letter which appeared in the Hongkong Telegraph newspaper on the 26th instant puts forth the various omissions very clearly, and as these are of considerable importance they seam to call for some explanation. The most im- portant emission is that of a whole paragraph with which the Chairman ended his speech on the amendment, which is accurately reported in the Hongkong Telegraph, and which is distinctly remembered by those present at the meeting-I feel sure that the gentlemen of the Board will readily admit that such an omission from the official minutes may have an important bearing on the decision of absent shareholders, who, under the circumstances, would be entirely guided by the official records.
It seems hardly possible that the omission can be due to inadvertance. Very probably it is due to too careful, though I cannot say judicious, editing of the notes taken down at the time.
Be that as it may. I respectfully submit that as the Rules and Regulations of the Company make it imperative that a true and full record of the proceedings should be set forth in the minute book, I would humbly suggest that, at the earliest possible opportunity, amended minutes, to include all omissions, be posted to all shareholders, in substitution of those originally sent out.
In my humble opinion such a course is most proper, and, in the interest of all concerned seems to be absolutely necessary.-I au yours faithfully,
(Sd.) H. M. S. H. ESMAIL. The ACTING SECRETARY,
Hongkong and Whampoa Dock Co., Ld.
THE HONGKONG WEEKLY PRESS AND held on 18th ult., they regret being unable to entertain your suggestion to publish amended minutes to embody a few unimportant points which, while appearing in the Hongkong Tele- graph report of the meeting. are not included in the official copy of the minutes. -I am, dear sir, your faithfully,
GEO. A. CALD VELL,
Acting Secretary.
Hongkong and Whampos Dock Co., Là,
Hongkong, 8th September, 1902. Dear Sir,--Your letter dated 29th ult, was read to the Board at to-day's meeting, and 1 was directed to inform you in reply that, as the directors unanimously approve of the minutes issued to shareholders as a correct record of the proceedings of the ordinary half-yearly meeting
H. M. S. H. ESMAIL, Esq.
CAMPBELL MOORE & CO., LD.
The sixteenth ordinary meeting of share. holders in the above Company was held at the office,
Road No. 29, Queen's Central, on the th inst. Mr. A. Fuckeer. Arculli occupied 'the chair, and the others present were Messrs. V. P. Musso di Peralto, J. W. Osborne (directors), A. A. da Roza, E. Georg. F. Smyth, A. G. Stokes, T. Arnold, Max Michael, A. O'D. Gourlin, and, M. A. A. Sonza (secretary).-
The notice conver: g the meeting baving been read,
were
The CHAIRMAN said-Gentlemen, the ac- conuts have been in your hands for the last few days, and I beg to ask that they be taken as read. Under ordinary circumi- stances I would have been very pleased to meet you with a good report. On the present occasion the pleasure is denied me by circumstances which I will now lay before you. You are aware that our late secretary was attacked by plague on the very day of the meeting last year, and died a few days after- wards. Previous to this, viz., during the begin- ning of the year, he was siling and was absent ofte and cn, his brother looking after the work for him. The books were not written up, as the man says he is too ill to do any active work, and when be recovered he had to close the previous year's account, and the books taken to audit, and it was during this period the defalcations occurred. I do not claim these circumstances as justification. I acknowledgo that we have been amiss in our duty. We havo bern led astray by misplaced confidence. I do not try to escape the censure that the shareholders may choose to award. Although I have put down $400 as directors' fees in the accounts, I personally do not think I deserve it and do not intend to draw it. My colleague can do as he pleases As far as the defalcations are concerned I have nothing more to add, except to request that the shareholders will deal with the matter in a generous spirit, but if any gentleman has any question to ask I shall be pleased to explain them in the best man- ner possible, before asking the adoption of the report After that I shall submit a proposal for the bet er management of the concern.
Before moving the adoption of the report and accounts, the CHAIRMAN read three letters which he desires us not to publish. All of them had relation to the conduct of the business, and in the last Mr. Gourdin, the auditor, besides submitting proposals for the better management of the Company, made charges of insolence and incivility against the secretary, Mr. Souza. Regarding this matter, the Chairman said he did not like it, as he thought that Mr. Gourdin was entitled to every courtesy and assistance in the prosecution of his labours as anditor of the concern. /s to five shares which had lately stood in the name of the late secretary. Mr. Leon, one point raised in the correspondence read, the Chairman said Mr. Osborne could bear bim cut when he said that these shares now belonged to him, as he b ught over from Mr. Leon fifteen shares for the pur- pose of always being able to form a quorum. The meetings at that time were not so well attended as now, and the step was considered advisable. Mr. Gourdin's proposals for the future working of the concern he considered ex. ce lent, and, if Mr. Gourdin were willing to accept the amount and undertake the respon sibility, he thought that a salary of $300 a year might be paid him to put into practice the suggestions embodied in his letter. That amount could come out of the directors' fers.
Mr. OSBORNE-Excuse me, you are appor tióning away the fees of the other directors, and-
The CHAIRMAN-Well, this is my view; afterwards you can express your view.
Mr. OSFORNE-That's your v`ow, is it?
|
[September 13, 1902. The CHAIRMAN then proposed the passing of the accounts.
Mr. ARNOLD-Before you put the resou- 10 the meeting. I shou d like to tion say that I think Mr. Gourdin has made some very valuable suggestions, and instead of being thwarted in everything he does, the secretary should reuder him every possible assistance in going into the accounts: the auditor is the representative of the general body of share- holders. With regard to paying Mr. Gourdin $300 a year to audit the accounts mouthly, I think, whatever the directors views may be, it would be money well spent.
In reply to questions, the CHAIRMAN said that outstanding debts to the amount of abou'. $1,800 had been been collected, and that about $2,000 was still outs'auding since 31st Decem. ber of last year.
Mr. SMYTH- Bad debts?
The CHAIRMAN-Well, I don't think we can call them bad debts. A solicitor's 1tter will very likely make them pay up.
Mr. ARNOLD-Tho why not issue a solici- tor's letter before this?
The CHAI MAN-We did not want to procced to extremities, but seeing that the shareholders were for that we arranged it about two months ago.
Mr. SMYTH-Are these debts incurred in the rdinary course of business here-shaving, hairdressing, and so on?
The CHAIRMAN-Yes, and some tre for stores purchased.
Mr. SMYTH-Do these debtors still support the store-are they stil given credit?
The
CHAIRMAN No, mostly not, the secretary says. Altogether our outstanding accout has not increased; it has decreased.
Mr SMYTH-What portion of that $2,000 outstanding since 31st December may regard as bad debts?
We
The CHAIRMAN-I think 10 per cent. Mr. SMYTH-$200, Aud $1,800 we may expect to recover?
The CHAI MAN-Yes. Mr. GEORG-Are the books now properly written up, or are things allowed to drag on in the old way?
Mr. OSBORNE-A new set of books has been procured, and the bocks have been written up to date. At the end of the year we shall be in a po ition to give better satisfaction than we have given to-day.
Mr. ARNOLD raised a question regarding an inaccuracy in the report, and the (HAIRMAN explained it by saying that it was due to bis imperfect knowl dge of Eng ish. He concluded by again proposing the adeption of the accounts.
Mr. DA ROZA seconded.
Mr. ARNOLD-In your opening rem.rks you asked the shareholders to take a generous view of the matter. What did you mean?
The CHAIRMAN-Well, as 1 have said, wo made some mistakes. but we did not make them wilfully, and I hope that the shareholders will take a liberal view of the matter.
Mr. ARNOLD-No doubt there has been a lack of sup-rvision in the past, lut as the directors acknowledge their shortcomings think the shareholders might take a liberal view of the matter and pass the accounts. I would m ke ore suggestion, however, and it is that in view of the great trouble Mr. Gourdin bug had in auditing these accounts $75 is not sufficient, and I suggest that it be made $.00.
The CHAIRMAN-Well, I consider myself that I have not earned my $200, and don't you think we could give that to Mr. Gourdio and let the account s'and as it is?
Mr. ARNOLD-Well, that is very generous. In the result it was agreed, on the proposal of Mr. Musso, to pay Mr. Gourdin $ 25 and to band the balauce, $75, to the Chairman,
Mr. ARNOLD -Are we to understand that Mr. Gourdin's suggestions will be carried out? The CHAIRMAN-I believe he is quite will- ing; he signified bis assent to me yesterday. The motion for the adoption of the accounts as presented was put to the meeting and car-
ried without dissent.
The next item of business was the confir- mation of the appointment as a director of Mr. Musso, and this Mr. MICHAEL moved.
Mr. ARNOLD asked why the directorate should be increased beyond the present number, two.
The CHAIRMAN - Well, sometimes I am on one side and Mr. Osborne is on the other, so I
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