:
****
L
May 5, 1906. |
COMPANIES.
THE SHANGHAI LAND INVESTMENT
CO., LTD.
An extraordinary general meeting of the Shanghai Land Investment Co., Ltd., was held on April 26th. There were present--Mexers. E. Jenner Hogg (in the chair), A McLeod, J. M. Young, C. W. Wrightson, and Sir Charles Dadgeon (directors), Mrs. Snetblage. Messrs. Chollot, A. P. Wood. T. Weir Bettie, J. N. Jameson, E. D. Sanders, C. D. Kerr, L. J. Cubitt, J. Valentine, H. A. J. Maoray, A. Dallas, J. H. Teesdale (legal adviser), and P. Peebles (general manager), representing 2,429
shares.
7
•
The Chairman said:-With reference to the first resolution which has been laid down there is a slight amendment of section
" which I propose to make so as to make the resolution more complete. It is to put in after shares not then accepted and paid for ", words " as aforesaid "in the first part of section
16
e.
any the
Further sums will be
At our annual meeting in February last I referred to the developments that the Board had been carrying out during the past year. These developments had, as you are aware, already required money in access of the company's funds, as shown by the overdraft with the bank of nearly Tls. 280,000. needed to complete the projects already initiated and further to provide for the expansion which is clearly before us. We shall find ample employment for the money we propose to raise, and therefore we do not hesitate to come to you for the necessary power. Our share capital now stands at Tls. 2,600,000-being 52,000 shares of
Tls. 50 each-in addition to Tls 2,060,000 in debentures, and our reserve funds; and as I have said our overdraft at the end of last year was some Tls. 280,000. To cover this and to meet
our present and prospective requirements, and to place the company in a position to take advantage of opportunities as they occur, your directors have decided to recommend to you the raising of additional capital, and they consider that it is in the best interests of the company to raise it by issuing shares at a premium of Tls. 25 per share. This will give in respect of dividend-earning capital the sum of Tis. 1,300 000 and will produce premium to go to Reserve the sum of Tls. 65 1,000, a total together of Tls. 1,950,0 0. It is proposed to offer the new issue to shareholders on the register on the 10th of May, 1906, in the proposition of one new share to every two existing shares held by them,
We
notice of such offer to be issued not later than the 31st of May next. Deeming it advisable to give as long a notice as possible to shareholders, many of whom are at a distance, and as can arr nge our finances accordingly, we propose to call up the new capital in two installments-the first on the 1st of October, 1906; the next and final one on the 1st of April. 1947, in the following manner :-
1.-On the 1st of October l'ls, 4 of which Tl«. 25 will be half the face value of the shares. and Tis, 15 as part of the preminuo.
2-Ou the let of April, 1907, Tls, 35, of which Tls. 25 will be the balance of the face value of the shares, and Tls. 10 the bilance of the premium.
CHINA OVERLAND TRADE REPORT. shares. I would point out that no fractional shares will be issued and fractions will bear no holders should use every effort to make their dividend. It is, therefore, desirable that share-
holdings even numbers so as to obtain their allotments in the proportion of one new to two old shares. Any odd shares left over eventually (and it is to be hoped that there will be scare ly any), will be realisable by the Board--and any surplus realised over and above the Tis. 75 called (and interest) will be payable to shareholders the working of this matter as clearly as I entitled to it. I have endeavoured to explain
can. The details of the proposal are fully contained in the resolution which has been published and which I now beg to propose.
The resolution contains the alteration I have mentioned and I will not read it to you now because in putting it from the chair I should have to do so. Before I submit the resolution and I should be glad to hear them and reply. anyone wishing to make suy remarks may do so
There being no questions the Chairman proposed: --
Resolution 1.--(). That under the powers conferred by the Memorandum and Articles of Association, the capital of the company be increased by the issue of 26,000 new shares of fifty taels each, paid up in fall, in addition to the 52,000 like shares already existing.
(b). Such new shar-s shall in proportion to dividend as and from the first day of Oct., 1906. the amount then paid up thereon, rank for
(c). Such new shares shall be offered to the shareholders on the register on the 10th day of May, 1906. on such terms and conditions as the Board of Directors shall determine in the pro- portion of one new shire for every two existing sbares held by them, and such offer shall be made by notice to be issued not later than the 31st day of May, 1906, specifying the number of the new shares to which the shareholder is
entitled and the rate of issue of such shares and stating that such offer will be deemed to be declined unless an acceptance of such offer in writing is delivered to the agents of the company, or to the company's bankers, the Hongkong & Shanghai Banking Corporation at Shanghai on or before the list day of October, 1906, together with such the Board shall determine. sum per share for each new share so accepted as
(d). Upon acceptance and payment within the time mentioned the shares so accepted and paid for shall be allotted accordingly.
(e). After the 31st day of October, 1996, any shares not then ccept-d (and paid for as either to shareholders or to others as they may aforesaid), shall be disposed of by the directors,
deem advisable at the best price ob'ainable therefor, not less than the nominal value ther-of, and any premium obtained thereon shall be dealt with by the Board in their discretion.
Sir Charles Dudgeon seconded, and the resolution was carried nem con.
The proposition will then work out for share- holders; dividend on the new shares to rank on the first Tls. 25 from the 1st of October, 19 6. and on the second Tls. 25 from the 1st April, 1907, and in the event of any bouns it will be paid in proportion to the new capital paid up on the 1st of October, 1906, and on the 1st of April, 1907, respectively. Interest at the rate of 7 per cout. per annum will be charged on any calls due on 1st October, 19-6. but not paid between that date and up to the 31st of October, on which latter date shares not then accepted and the oils paid will be deemed to be declined and can be disposed of by the directors, So also with the calls due on th 1st of April, 1907, which will be similarly treated, and considered declined if not accepted and the calls paid on or before the 30th of April, 1907. As it is known to be convenient to some shareholders to pay for their shares in "advance of the dates that it is proposed, as above, lested to fix for payment, the Board will accommodate 301 many shareholders who may desire to make on to the such payment-issuing receipts leaving interest tempat 6 per cent. per annum, to be exchanged for serip on the date of issue of the
fan!
The Chairmau-The only resolution of which notice has been given will do away with the difficulty which we frequently have in getting & quorum. I beg to propose :
Rsolution 2.-Thit the Articles of Associa. tion of the company by altere in manner following:-Iu Article 70 the word "ten" shall be substituted for the word fifteen."
Mr. Young seconded and the resolution was carried.
**
The Chairman - Ladies and Gentlemen.--- That is all th, business of the meeting and notices of the co firmatory meeting will be given in due course.
THE HONKONG ELECTRIC COMPANY, LIMITED.
33"
To pay a Dividend for the ten months at the rate of 12 per cent. per annum : Say, $1.00 per share on 30,000 original fully paid shares
...$30,000.00
Bay, 65 cents per share on 29,692 new issue shares on which the final call has been paid Say, 50 cents per share on
308 part paid shares
18.299,80
154.00
To write off' plant account for
dépreciation
1
To write off property account for
depreciation
To carry forward to next account
$49,453.80
42,392.48
T
6,329.97
2,468.44
$100,744.69
The Manager reports that the number of Lampe, Faus and Motors connected to the Company's Supply Service on the 1st April was equivalent to upwards of 39,500 Lamps of 8 candle power. 85 Aro Laps are maintained by the Company and 20 Electric Lifts are being operated by the Power service. The new Chimney was completed and brought into service at the beginning of September, whilst a shed has been constructed at the Works to provide farther accommodation for storage of material. The work of laying Underground Feeder and Distribution Cables from the Com. pany's Station throughout the centre of the City was commenced in October last. At the present date the main cables have all been laid and it is expected that the new distribution system will be brought into use in about two months' time, when the various service cables, which are now being laid, have been connected up.
Directors.In accordance with the Articles of Association, Hon. Sir C. P. Chater, Kt, and Hon. Mr. C. W. Dckson retire, but, being eligible, offer themselves for re-election.
Auditor.-The Accounts have been audited
by Messrs. C. W. May and W. Hatton Potte (the latter in place of Hou. Mr. G. Stewart, who is absent from the Colony). These gentlemen offer themselves for re-election.
The rsport of the Board of Directors to the seventeenth ordinary yearly meeting of share- holders, to be held at this company's offices, >t. George's Building, at noon on Saturday, 12th May. rends :-
Gentlemen,-Your directors have the ples- sure_to_submit the accompanying statement of the Comp-ny's Accounts for the period of ten months ending 28th February, 1906
A. G. WOOD.
Chairman.
STATEMENT OF ACCOUNTS To February 28th, 1906.
LIABILITIEN.
Capital :--
$ C. 60,000 shares cach $10 paid up 600,000.00 Less call unpaid on 3 8 shares
at $5.1.0
Sundry creditors Dividends unclaimed
Suspense account..
Balance of profit and less account
ASSETS.
1,510.00
398,460.00
4,200.00
4,693.98
1,757.29
103,244.69
Plant, cost of, as per last account 377,048.78 Less amount provided for depre-
iation
62,018.76
$315,000. 0 77.392.48
Cost of plant, ince a `dèd
Property, cost o' lan i and build- ings as per last account Cost of buildings since added Installation material, stook of Stores and coal, stock of Tools, &c., stock of Furniture, cost of, as per last
$712,295 06
$ 0.
392,392.48
$82,434,07 8,343.00
91,329,97
71,391.72
15,818.81
1,412.2
account
$774.76
Cost of furniture since added (...
75.00
Insura, ce, value of nucxpired portions of
policies Sundry debtors Cash with agents.. Hongkong and Shanghai Banking Corpora-
tion .....
WORKING ACCOUNT.
Dr.
To agency and offi se expenses lo rent and taxes The balance at credit of profit and loss To inena ce... aroount is $103,244.69; after deducting direc-To interest tors fres (84,5 *0) there remains the sum of To auditors' fees $100,744.69 available for appropriation, and your directors recommend that this be disposed of as follows :➡
To bad debta
819.76
1,200.00
8, 68.81
16,070.08
4,964.30
$712, 95.94
5,000.J
2,473.63
2,174 50 1,3,79
200.000 741.97.
To amount carried to profit and loss account 101, 93.57
$119,827.46
No comments yet.
Private notes are available after approval.