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January 28, 1905.1
expected to arrive here before about the 12th of the month. These two items together amount to $10,000. Tue only change we see i for the worse, as we are incurring further ex- penses day by day.
Mr. Morriss-The $4,000 represent the pro- bable value of bar for January, not for February, The Chairman-But we shall not receive it until the 12th February. On Monday, the 16th ins'ant, two bills were presented which we did | not accept; one was for £71. 19s. I'd. for mine candles; one for $1,800 came down from Wei. haiwei; and we are now advised of another from Weihaiwei for $450. $5,000 must be sent up to Weihaiwei before the Chinese New. Year to
avoid a riot amongst the miners. (Langhter.) Well! ask Mr. Taylor; he will tell you that if they do not get their wages they will burn our property.
Mr. Taylor-I said that because you sug. gested, the dismissal of the entire staff.
advance
The Chairman-In addition to the $5,000, there is $9,000 due to Mr. Dawson for salary and passage. He would have been here by the last steamer, but waited according to our instructions by wire, to see Mr. Moller. Against these li bilties we have 85,550 in cash. The shareholders will see the absolute need for further funds, and we have not time to wait till the meeting called for the 2nd of February. There is still unsubscribed $3,200 of the $20,000 twelve per cent. debentures last issued, and if these were taken up that would enable us to pay these bills. We also expect $1,200 from the December bullion, and someone might that security. 118 $1,000 against (A laugh.) These two sources would give us about $5,000, which would tide us over to a certain extent, but will not enable us to pay off any of our indebtedness. I wish to call the attention of those shareholders who hate not paid the call on the preference shares due on the 19th inst. to paragraph 19 of the Articles of Association (The article provides for the payment of interest on the amounts not paid up to date). On the other side of the question, a little more satisfactory, though not much so, I received yesterday a letter from the Imperial Chinese Mining Administration. (This letter was read; it acceded to the wish of the Directors that Mr. Wallace Broad. Mining Expert to the Chinese Imperial Administra. tion, should make an examination and report on the mine.)
Mr. Taylor-I trust we shall not separate to-night without doing something practical. These informal meetings without result are making us the laughing-stock of Shanghai. Our Managing Director has made up his mind, or what he calls his mind, that the Company is ruined, and he will do nothing to help us out of the mess into which he and his colleagues have landed us. You have noticed that this Extraor dinary General Meeting we called for about four weeks ago will not be held until the 2nd of February. If, as I hope will be the case, we decide upon reconstruction, we shall have to wait for the Confirmatory Meeting and then for reconstruction to be completed, which will carry us well into March before we get any Before that time arrives Wwe money in. shall, if nothing is done meanwhile to finance the Company, be hopelessly broken. Now I know our Directors are honourable men and that all we have to complain about is their fatuous incompetence and want of energy, but I have to warn them that I know their action, or rather want of action, has given rise to grave doubts among shareholders who do not know them personally and only judre from the reports of these meetings. It is difficult for a shareholder at a distance to believe that hon ourable men who have assumed such grave responsibilities should, simply through incom- petence, make no effort to save the interests confided to them. I know, of course, that it is not so, but their methods could not be improved upon were they working for a syndicate desi- rous of securing our property at a low figure. And this is what is going to happen to us if we
The share- do not take immediate action. holders as
rouse themselves, a body must and not rely always upon a few of their number to come forward again to find funds to carry on. I believe we have a valuable property, but the fact we do not know what we have. I am sure that if you question the Directors regarding our conces-
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The Chairman-I am afraid not.
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Mr. Taylor remarked that the Articles provid- ed for not more than six Directo s. He asked whether the present board would object to ask Mr. C. P. Allan and Mr. L. R. Burkhardt to join them from date.
The Chairman said the Board had no objec- tion at all and would write to the gentlemen named.
CHINA OVERLAND TRADE REPORT.
sious you will find that not one of them can give | Moller considered a fair sum; if they have you the smallest information about them. They not been disposed of, it is hardly the fault of have done nothing to have them examined, and the Committee who examined the books. It all we really do know is that we have a fully has been mentioned that two other gentlemen equipped mine which Mr. Duff and Mr. Dawson bave expressed willingness to go on the board both tell us has good prospects if it is properly of directors, but they consented to do so under worked. I think the shareholders will all agree certain conditions. They would not take over with me that the first thing to do is to get an from the present directors if the company is to active man on the Board, and I suggest that go into liquidation, to save the present directors from work they should do, but they would take Mr. Allan be asked to become a Director from to-day. I understand that Mr. Heffer and Mr. office if reconstruction were agreed to and E. 8. Little will both be willing to serve if Mr. | shareholders also agreed to pay a call of $1 of $2 Duff and Mr. Moller recommend reconstruction. per share to tide the company over the dakt This mater ought to be decided to-day, as we three or four months. Under those circumstances
other shall probably have
chance of we will take over as soon as the shareholders are expressing our wishes before next month. As for willing (Applause). What the company seems to want is à bank. We have certain incomings in a reconstruction, I think there can be no doubt we should be foolish not to supportit. When the Com-short time, and I cannot put-think that a bank pany was first floated it was a speculation, yet the could be found to advance us what we need for $20 shares were subscribed for three times over. the time being. (Applause.) It can hardly he called a speculation now if we are to believe our expert, for Gn Tan Ling It is worth while subscrib`ng will pay in tim. some more money to preserve thi◄ and to find out what else we have. I bel eve that if a sufficient number of the shareholders will pledge | themselves to support reconstruction and to pay the first call on the shares. which I consi er should be a call of $2, the Bank would apon these personal guarantees advance us the small sum needed to carry as over the period of reconstruction. A circular ought to be sent out to all shareholders at once calling for this guarantee. I consider we should fol'ow Mr. Dawson's advice and shut down the mill for a
down out
all avoidable expenses, time, push forward development vigorously, and We can get to send up the best expert
The Chairman asked what should be done in report not ouly on the mine but on all our other proper ies. I know very little about regard to shutting down the mill and dismissing some ‹f the staff, to effect the economy mention. mining, but I think I can understand the pre ent position at Gin Tze Ling. When the ore isd in the final paragraph of the Committen's found in narrow lodes it is evident it must be raport.
The meeting did not favour any stoppage of attacked at a good many points to get out sufficient to keep the mill going at full power, especially as the ore may give out temporarily at one or more points. This necessitates sink- ing shafts and driving levels at various depths. I do not understand why this was not foreseen earlier, but we have to face the situation as If we We need not lose heart at all. it is. pull together, and especially if our affairs are confided to men with even an average allowance of brains and energy, I believe we shall yet have reason to congratulate ourselves. But I am quite certain of this: that if we allow our present Managing Director to remain in command of the ship, we shall not get off the rocks he has landed us on, but there will be no salvage (applause).
Mr. Allan- -What vote will be necessary to approve the reconstruction of the company?
The Chairman-A three-quarters majority of the votes represented at the meeting called for the 2nd of February.
Mr. Taylor-Kindly read out the Article in the Articles of Association; I don't think you
will find it.
The Chairman-It is not in the Articles of Association.
Mr. Hunt-May I suggest that we take a vote now to ascertain how many will be pre- pared to support reconstruction ?
The Chairman-Certainly, and the number of shares they represent.
Mr. S. Hunt--A preliminary show of hands would give an indication.
The show of hands majority in
list
showed a large favour of reconstruction. A of shareholders together with the number of shares held by each, who would vote for reconstruction, was also signed, but the full result was not arrived at before the meeting dispersed.
Mr. Allan--I so that no other member of the committee who drew up the report before the meeting is present, and it ought not to pass without a remark in answer to the Chairman. I think the statement we drew up is a very fair one. Had we not put on the value of the con- centrates for January we should have been in error. It makes no difference that the money will not come in till the 12th of February; it belong to the January account. If we owe money on the 1st, but know that this is coming in on the 12th, we are justified in put- ting one against the other. As regards the value of the concentrates we took what Mr.
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In answer to Mr. Sullivan, the Chairman said that a call of $2 per share would raise in round figures $54,000. He asked if the meeting could not take up the 83,2 0 ontständing on the issue of twelve per cent. debentures in the meantime.
Mr. Hay, Mr. Young, and others urged that an effort should be made to get this extra money subscribed, and with a certain amount of urging the full sum was promised in the room.
work,
MEMORANDUM RE TRADE- MARKS.
In explanation of the resolutions to be submitted to the meeting of the China Associa- tion on the 19th of January, 1905. -
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As a result of representations made by the of Germany, Austria-Hungary, Ministers France, Great Britain, and Italy, the Chinese Government have undertaken to disense, the amendments to the trade-marks regulations which may be proposed by the Powers and not proceed to the registration of any trade-marks until a complete agreement has been arrived at with the Powers in regard to the provisions of the trade-marks. (Note, Japan and United States not included.)
feet.
We ought not to let grass grow under our We ought to consider the matter fally, to enlist the support of our London Committee and of Chambers of Commerce in Great Britain, also of other Associations in China, so that, when called upon for our views, we may be able to come forward with carefully thought out proposals, carrying due weight, and ask His Majesty's Government to back them up and get them adopted.
Other Associations have moved in this matter, but so far the Chins Association has done nothing. Leading British importers were, it is true, consulted, and näpeded opportunities to make suggestions and amendments to the provisional regulations bo judge from the tone of the Chamber of Commerce meeting. held on the 22nd of September, 1004, merchanta | in China have cause for dissatisfaction with the regulations which the Chifiége -Government propose to adopt.
As stated in the lettal Addressed to His
Chamber of Com Majesty's Minister
Farious points in the which the Diplomatio merce, objection is tal original regulations, Body will no doubt see thst effeéf is given,and with all of which we are presumably- In Böcord. It is important that without loer of time we should proceed to discuss the crux of the whole matter, namely, protection against ffifrin gwirion i by Chinese subjects of marks registered abroad and marks not registered abroad it, which proprietary rights are claimed, swhich have been in public use in China” for vcertain
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