i
June 26, 1905.]
The CHAIRMAN-I think that question has already been answered by the answer to a pre- vious question.
Mr. BROWN-Ithink it has not, sir. Will you please answer this question? Are those the gentlemen! I can name them. The article states that the new company will be under the management of John D. Humphreys and Sons, with a consulting committee consisting of Sir C. P. Chater, Hon. Mr. C. W. Dickson, Mr. C. Ewens and Mr. A. J. Raymond. Are those the gentlemen who are the promoters of this scheme?
The CHAIRMAN-Some are, and some Bre not
Mr. BROWN-Who are not ? The CHAIRMAN-Mr. Raymond is an addi- tional member of the consulting committee, and also Sir Paul Chater.
Mr. BROWN-He is not one of the gentlemen at present interested in the formation of the new scheme and the formation of the new company!
The CHAIRMAN-Interested to the extent of that paragraph.
Mr. BROWN-Are there any other gentlemen connected with it outside the old company?
The CHAIRMAN-Not any more than may take shares in the new company.
Mr. BROWN-I am not talking about probable investors, but about people interested with you in the present promotion of the new scheme. Who are the other gentlemen ?
The CHAIRMAN-All the shareholders who pass these resolutions; that is all.
Mr. BROWN-Are there any more? The CHAIRMAN-No more.
Mr. BROWN-What connection (if any) bare
Messrs. Benjamin, Kelly and Potts with the scheme, and how much are they, or the China Commercial Company, to receive for under writing it?
The CHAIRMAN-Messrs. Benjamin, Kelly and Potts are acting as brokers, and there is no underwriting. Mr. Kadoorie was employed as broker to obtain the concession, and for that he will be paid $10,000. There will be no other money paid whatsoever except the $25,000 to Mr. Findlay Smith.
Mr. BROWN-Where is the money to come from to pay Mr. Kadoorie for underwriting the scheme?
The CHAIRMAN-There is no question of underwriting it.
Mr. BROWN-Then floating it.
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CHINA OVERLAND TRADE REPORT.
Company, Limited, the undertaking of this company at the price of $200 per share either in cash or shares of the Peak Tramways Company, Ld., at the option of shareholders of this company and to eater into all necessary agreements to that effect."
Mr. TARRANT seconded the motion, which was carried.
There were three shareholders who voted against the confirmation of each of the re- solutions.
CHINA LIGHT AND POWER
COMPANY, LIMITED.
The fourth ordinary general meeting of shareholders in the China Light and Power Company was held at the offices of the general managers, Messrs. Shewan Tomes and Co., on the 21st June. There were present Hon. Mr. R. Shewan (chairman), Hon. Sir Paul Chater, C.M.G., Dr. J. W. Noble and Mr. H. P. White (consulting committee), Mr. R. Hender- son (secretary), Messrs. A. A. Cordeiro. W. R. Robertson, and Marston.
The CHAIRMAN said-Gentlemen, the report and accounts having been in your hands for some time past we will, with your permission, follow the usual course and take them at read.
Comparing this year's figures with those for last year you will see that the result is a profit at Kowloon of $6,043.31 for 12 months as against $3,676.55 for 7 months, and at Cantón of $47,712.08 for 12 months as against 89,543.81 for 7 months last year which is a very marked improvement.
Kowloon develops slowly, but it does develop and will go on developing, and the figures though small show a steady and encouraging increase every month. For instance, our profit on work- ing over there was nothing at all in April, May and June, but in July it had risen to $300, and in February to $1,000, so you see we have the prospect of much better earnings in Kowloon this present year.
But in Canton business is on a much larger scale. We have there a large and wealthy city and our resources have been strained to the utmost to keep pace with the demand which has risen for electric lighting. Our manager, Mr. Marston, and his assistants have had to overcome many unforeseen obstacles in their work, not to mention the tax on their strength in having only raw untrained native labour to
The CHAIRMAN-There is no question of rely upon, and deserve great credit for the way floating it either.
Mr. BROWN-There must be. The CHAIRMAN-He has bought for us a concession we instructed him to buy.
Mr. BROWN-Not as a company. You can not act as a company until you dissolve and commence 88 # new concern. There is a syndicate, or a company of promoters.
The CHAIEMAN-We have power under the articles to promote a new company.
Mr. BROWN-You claim you have power to become part of a promoting syndicate to dispose of the old company by a new charter, and form
a new company.
The CHAIRMAN-Exactly.
Mr. BROWN-Exactly. All right.
The CHAIRMAN-There being no other ques- tions, I beg to move that the following resolution be confirmed :-" That it is desirable that the company may be dissolved and that it be wound up voluntarily.”
Mr. ARNOLD seconded, and the motion was carried.
The second resolution, which read: "That the General Managers be and they are hereby ap. pointed liquidators." was confirmed ов the motion of Mr. G. M. BAIN, seconded by Mr. Ho FOOK.
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now
Mr. Warrs moved the confirmation of the third resolution reading "That the liquida tors be and they are hereby authorised to consent to the registration of company to be named the "Peak Tramways Company, Ld.," with a memorandum and articles of association which have been pre- pared with the approval of the consulting commitee of the company."
in which they have met all demands on them in a year of unusual pressure. They have been constantly engaged in laying new lines in various directions through the city, and in attending to a steady demand for new installa- tions, in addition to which their time has been greatly taken up with extensions and additions to the company's plant which the increasing demand has rendered necessary. Protracted negotiations with the Bunding Commissioners have at last been brought to a close for the extension of our pro perty, which will now be on the new Bund and will give us more room which is badly wanted.
The last addition consisting of a third Bab. cock and Wilcox boiler is now working at full power and to keep up with the growing business another engine alternator set was also ordered from home. This has just arrived and is now being set up and we are already considering the necessity of immediately ordering still further additional plant.
After much negotiation the Chinese officials at Canton have modified our previous concession or rather, should say, have given us a fresh concession on terms which are undoubtedly
more favourable to them but which will enable us to continue extending in every direction, and which will also secure us the lighting of the yamens of H.E. the Viceroy, the Tartar General, the Governor of Canton, and other official residences. You will thus perceive that we have a large work before us at Canton and that there every indication of our being busily empleyed for a long time to come in further extensions before the supply overtakes the demand. As some indication of how our business has increased at Canton I may tell you that whereas our profit there in January, 1904, was $1,20 1, it was over $5,000 in January, Mr. G. H. POTTS moved that resolution four 1905, and bad risen to over $6,000 in February, be confirmed. It read "That the liquidators the last month in our financial year and is still be empowered to sell to the Peak Tramways increasing every month.
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Mr. LAU CHU PAR seconded, and the motion was carried.
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There is, therefore, little room left for doubt as to our future prospects or as to what the company can do, but the means to do it are radically deficient.
To keep itself going the company has had to borrow right and left and naturally has had to pay dearly for its loans. You have only to look at the profit and loss account to see what a hole in our profits interest to the bank and other creditors makes. To pay off its loans and overdrafts requires 2 to 3 Inks, so to put the company on its feet we propose to raise $200,000 more capital, and an extraordinary meeting will be held after this meeting is over to give the company power to obtain this additional capital. The new shares will; of course, be offered to shareholders in proportion to their holding, and failing their acceptance will be disposed by the general managers in the best way they can. If there are any questions I shall be pleased to answer them before proposing the adoption of the report and accounts.
There were none and the chairman put the proposition to the meeting.
Mr. H. P. WHITE seconded and it was carried. Mr. FUNG WACHUN proposed the re-election of the Hon. Sir Paul Chater, Dr. J. W. Noble and Mr. H. P. White on the consulting com- mittee.
Mr. A. A. CORDEIRO seconded and it was carried.
Dr. NOBLE proposed the re-election of Messrs. W. H. Potts and A. O'D. GOURDIN as auditors. Mr. MARSTON seconded and it was carried.
EXTRAORDINARY MEETING.
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An extraordinary general meeting of the company was then held.
The CHAIRMAN proposed that the following resolution be passed, on the condition that should the resolution be passed by the required majority it will be submitted for confirmation as a special resolution to a second extraordinary meeting, which will be subsequently convened. and in the event of it being confirmed the shares will be offered to shareholders on the register on the eighth day of July in propor tion to their then holdings, and all shares not applied for by shareholders will be disposed of by the general managers in accordance with article 8, paragraph 2, of the company's articles of association.
Resolution :-"That the capital of the company be increased to $500,000 by the creation of 20,000 new shares of $10 each.
Hon. Sir PAUL CHATER seconded and it was carried.
There was no further business.
THE NEW WEIHAIWEI GOLD MINING CO., LTD.
We notice that the reconstructed Company held its first statutory meeting on June 13th, at Shanghai. The large liability of the old Company had been paid off. Unable to sell their concentrates, they were setting up a small cyanide plant of their own. Once more prospects were described as "distinctly good," although meagre facts.' deductions were based on A very rich ore block had been struck, but it was impossible to dig it out at present, The best yield was seven pennyweights a ton. "The further they developed, the more hope there W88. The engineer said they could almost certainly count on sufficient ors to pay expenses." The Chairman, more optimistic, soou paying dividends.” We would talked of “ be pleased to see our forecast proved wrong; but in the meantime we retain our poor opinion * of the prospects of gold mining in these abandoned workings.
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Before Tsushima Day, the Chefoo Daily News had the following elegant comment:-"The best way to circumvent the Baltic fleet is to destroy it. But the World has waited in vain for action of this sort. Togo has “ funked," he hasn't carried out his promise made to us when the last Japanese loan was being floated, and it looks as if the brave Professor's advice woul{ not be followed. Ten ineh shells are much more formidable weapons than the jawbone of an ass. The appeal to good friends is likely to Azzle Admiral Togo is forgetting the slogan of out. the strenuous life-that "nothing succeeds like success."-We cannot see that the Chefoo paper was very successful in its estimate of Togo.
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