November 17, 1902.]
8 ma
have to give long notice beforehand and then you have to set in motion the machinery for getting in the call, and this takes time; and then, you know, the shareholders do not all pay up with al crity. They have to be reminded sometimes, and we may get only a compara- tively small amount in if we made a call of ouly twenty-five cants, as
shar bold rs. believe, have suggest d. Still, if it is the sense of the meeting that the amount ba alfered from fifty cents to twenty-five cents; I have objection, either on my own part or on behalf of The Burd, to ac ept such a suggestion or such an amendment; it can easily be de. But I think it would be batter to fix the call for the dite alrea y proposed.
UO
Mr. JOSEPH-I am quite agreeable. only I wanted to assure some of the shareholders whether or not there was a possibility of the call being postponed if we found our finances in
а
flourishing condition between now and Jannary. That was my object; I do not wish in any way to opp se the resolution or to question th decision of the directors)
:
CHINA OVERLAND TRADE REPORT.
CHINA TRADERS' INSURANCE CO., LD.
The following is the report for presentation to the shareholders of the abore Company at the thirty-sixth ordinary meeting, to be held on
the 25th inst., at noon..
The directors bare now to lay before the shareholders the accompanying statement of accounts for the year ended 3 th Ap il last :-
The net premia amount to $1,44,770 53. and the working account shows a balance at credit of $139,669 09, which sum the directors recom mend be appropriated in the following manner: - A dividend of 16 per cent, to share-
holders (84 per share)...
A dividend of 15 per cent. on con-
trilutons. p yable
to all con-
tributo s of business shareholders or not
whether
To underwriting suspense necount Balance forward to new acconnt
DIRECTORS,
$96,000,00
1 5.000.0
2-8,669,09
385
By premia, less re-insurances.
return
premia, and cominissions
By interest
$ C. .1,454,770,53
110,503.25
By transfer fees
149,32
By amount brought forward from last year 293.-05. 7
RESERVE FUND,
To balance on 30th September, 1902
By balance on 3 th September, 1901 ......
$1,859,228.17
$900,000.00 900,000.00
SUPREME COURT.
Wednesday, 12th November.
IN ORIGINAL JURISDICTION,
BEFORE HIS HON UR SIR W. MEIGH GOODMAN (CHIEF JUSTICE).
THE WA HING S LVR MINING CO., LD.
In the matter f the Wa Hing Silver Mining Co.. Ld., and the Companies Ordinances 1865 $339,689,09 ; to 1999,
The CHAIRMAN-Yes, I understand por fectly. but I don't think we can do that. It :
Mr. Witkowski and Hon. J. Thurbura retired would be unwise to do it; it would › holding
from the Board churing the year: Messrs. E. out rather delusive hopes... I think sooner or later the call must be made, and I don't think Goetz and Evan Ormiston accepted invitations from the directors to fill the vacancies, and their we can possibly defer it. Of course, we may get much better crushin s than we expect, a d'atment will be submitted for the cou-
firmat on of shareholders if we do we shall certainly not preks for the call, and we sl certainly make it for twenty five cents in that case. However it would be much better perhaps to confer the powe to make it a fifty cent call. but if you like to propose that it be a twenty-five cent call first, am perfectly willing to accept the ame dient Mr. JOSEPH-No, sir, I don't want to make any amendment or proposal.
The CHAIRMAN - Does any other gentleman think that would be better? The sole object. of the Board is to make this call us little burdensome to the shareholders as possible. We are in fullest sympathy with the shar-hold-rg on the subject, and it is with very great regret that we have to suggest a call at all. Of course. the call is a purely voluntary one ou your part, and you can say whether you decide not turke it.
You my refuse to make it, if you like, but I think it would be a great mistake.
There were no further remarks and the CHAIRMAN then proposed the confirmation of the resolution, which was as follows:
1. That the Capital of the Company h increased by the creation and issue of 60 000 New Ordinary Shares of S11 each, with the sum of $10 pui! up on each, and that the Directors be empowered and authorisel to a-cept surrenders of the pre-ent 61,090 Ordinary Shares of the Company of $10 each on which the sum of $10 each has been paid up, and that one New Share of 811, with the suff of $10 paid up thereon, be given in lien of and in exchange for each old share of $10 fully paid up. and that thereupon.th sail old shares be cancelled.
*
2. That of the remaining 81 payable in respect of each of the New Shares, the sum of 51 cents be d on the surrender of the old share.
pa and that the remainder be clled up (if necessary) and paid at such times and in such justalments as the Board may determine."
Mr. TERRY sec nded, and the resolution was unanimously adopted
The CHAIRMAN-That is all the basiness before the meeting, gentlemen; thank you for your attendance. A coufirmatory meeting, of which due tice will be given, will be held later on.
The London Gazette notifies that the King has been graciously pleased to appolat Mr. D. D. Fraser to be His Majesty's Consul for the Island of Java to reside at Batavia,
The latest information concerning the new Shan troubles in Northern Siam, fu the Siam Observer of the 1st ult, is as follows:-News from the North states that a strong detachment of troops from Muang Payao arrived at Muang Sa on the 27th alt, and was immediately a‘tack- by a bin of Shin decoits. fter a short fight the Shans fil leaving several dead af d captured, The troops pursued the dacɔis right up to Tufa where the Shans dispersed in every direction. There were no casualties ou the Siamese sile and the troops have now occupied Tafa.
į
|
Mesars. Fchubart and Ormis'on retir by rotation and offer themselves for re-election.
AULITORS.
Mr. T. Morgan Phillips, barrister-at-law, tinstructed by Mr. H. W. Looker, solicitor), appeared in sup ort of a petition for the wind- ing-up of the Company. It was the petition, he said, of Wong Chi Tong, a judgment creditor, and he also appeared for the other er ditors who desired the Company to be wound up. Judgment had been obtained some months ago by Wong Chi Toug and execution was issned, but the claim was not satisfie I. In these
creditor circumstances the unsatisfied
Was
The accounts have been andited by Mess's Arnold and H U. Jeffries, who offer them. entitle to a winding-up order. The necessary advertisements had been issued, and the learned selves for re-electi n.
Registrar was satisfied as to that.
H. SHUBART,
Chairman.
Hongkong, 11th November, 1909.
The accounts are as follows:
STATEMENT OP ACCOUNTS For the year ending 34th April, 1902.
Cash in hand Fixed deposits with banks
ASSETS.
yestel in mortgages of properties:
ongkong
11
In Shanghai Tu Melbourne .....
$620,000.00 114.780.71 2,000,00
Ronds of Chinose Imperid Government
Dan. 1846. 12 honds at 1. 270
11s. 32.254
Hongkong and Kowloon Wharf and Gio-
down Co.. d., debentures
Shanghai Waterworks · ́o., Isl, debentures
London branch : -
Cash in hand
SELVS2 75
Indian Government securities 364.726.25 49.250.00 C'ansols ..
380,700,00
Fixed deposits with banks
Australian branches:
Cash in hand, in course of collection,
and on fixed deposit
Shanghai br uch
Cash in hand. in course of collection,
and on fixed deposit Yokohamı branch:
Cash in hand, in course of collection,
and on fixed deposit
Interest accruel, bút not yet payable Furniture at heal office and branches Sundry debturs
Capital subscribed
Paid up 25 on 24,0 + shares Feserve fund
X
XL, GUM 375,000.00
745.78971
11.7.7.8)
150 000.0*
His Lordship asked if there was no appear- ance on the other side?
Mr. Morgan Phillips said that on the previous day Mr. Looker had had notice from Mr. Holmes, solicitor, that certain creditors of the
| Comping intended to appear upon the hearing. No one had appeared l'e shoull state to his Lord-hi· that certain overtures hd ben made for a settlement but these had not come to any head whatever There were creditors the Com- pany's indebtedness to whom amonated to up- wards of $800, He would ask that Mr. A, Ř. Lowe be appointed liquidater in this winding- up. The Court could make that order at any time.
His Lo ship pointed out that the summons to proe-ed farther had to be taken out ten days 3.179.65 after the order for winding-up had been issued. It would be sufficient just now to make that order.
$1.959.00
168,056.27
74,063.93
21.540.59 7.49.00 4,986 56 42,606 17
$2,548,628.2}
C.
LIABILITIES.
$2,000,000 00
60,000,00
24, 64.07 151,992,40
Dividends outstanding
Excl nge fluctution account Reinsurance fund: -
Amount set aside out of premium on
lines in excess of normal limits
Sundry creditors Balance of working account
To losses
WORKING ACCOUNT.
To charges, survey fees, &c. Te directors and auditors' fees at head
office und branches
300.74.72
31.961.95
your
Mr. Morgan Phillips-Very well, Lor' shin
His Lordship-This is a petition by one Wong Chi Tong, a mining engineer, for the winding-up of the Wah Hing Silver Mining Company. Limited, on the ground that the Company is unable to pay its debts. It appears that the petitioner bronght an action against the Company for services rend-red and last Fet- ruary obtained judgment for $1,300 or $1,400. The executio was of little avail to the petitioner as the assets available were not nearly sufficient to satisfy the judgment. Meetings have since been held, and the majority of the shareholders appear to wish that the Company should be wound up by the Court under the provisions of the local Companies Ordinances, 1865 to 1889. The necessary preliminary advertisements appear to have been duly inserted and the necessary formalities observed, and theref re I will make the order for winding-up.
The Yokohama Waterworks' 6 per cent. loan 539,669.09 of 900 0 0 yen taken by Messrs Samuel Samuel & Co at 90 was placed by them in London at $2,548,628 23
au average price of 192.
To balance to be appropriated as follows:-
Dividend of 16 per cent, on
2400 sha
D.vilen Lane 1:bation 15
per cent.
To underwriting
LeCount Forward to new wizmat
30.000.00
125. 0.4
101,000 00 215,669 02
$ C. .1.077.596.98
The Globe writes :—'
-We cannot help thinking 223,42 10 it regrettable that the Archbishop of Canter- bury should have committed hims If to so 18,470,0) violent a denunciation of the Chinese opini trade as that in which he indulged yesterday. Deu fless his Grace spoke as a private citiz‹n8 and not a Primite of the Church; but his words will be quo ed far and wide by fanatics who will no more realise this than they do the fact that to suppress the trade would iŋfit great suffering upon our Indian fellow-subj cts, with- out diminishing at all the amount of opium consumed in China.
539,6,9.9
$1,859, 28 17
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