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COMPANIES.
HONGKONG FIRE INSURANCE
COMPANY, LIMITED.
An extraordinary general meeting of stare- “holders in this Company was held at the office of the General Agents, Messrs.Jardine, Matheson & Co., on April 2ad. Hon. Mr. W. J. Gresson was in the chair, other shareholder
resent being Sir Paul Chater and Messrs. II. P. White, A. J. Raymond, F. Maitland (Con- salting Committee), L. N. Leefe, (Seore lary). ('. H. Ross, A. Turner, W. A. Cruicksha nk, Ho
Fook, Wong Leung-him and Captain W. E.
Clarke.
The SECRETARY read the notice conve ing the meeting, and the resolutions which members were asked to confirm.
The CHAIRMAN said-Gentlemen, you have just heard the resolution which is to be proposed read out, but before it is put to the meeting it is perhaps advisable that I should make a few explanatory remarks having reference to that portion which deals with the appropriation of the annual profits of the Company
Hitherto
the Articles of Association have provided that not more than ten per cent, of a year's profits can be put to reserve, and however inoffensive such a restriction may have been in the early stages of the Company's history, your consult-
ia ing committee are unanimous holding that it should now be altered. The results of fire insurance, 88 annually presented, are of a very variable character; the business is highly susceptible to the law of average and it is only by distri. bating losses over a long period that is by laying aside a portion of the profits earned in good years to meet years of large los es-that the continued prosperity of a company can be looked for. It must moreover be remembered that every appropriation to reserve meaus an increase in the income derived from interest, and an increase in the capacity of the com- pany to pay divideuds. The alterations which we to-day seek to make in our Articles will, when passed, make it a matter of annual con. sideration what the dividend and appropriation to reserve shall be, and will thus place as in the position common to most companies.
Mr. IUENAR proposed that the first of the two resolutious read in the notice convening the meeting be adopted.
The motion was seconded by WONG LEUNG. HIM and agreed to.
CAPTAIN CLARKE moved the adoption of the second resolution read.
Mr. Ho FooK seconded. Carried.
The CHAIRMAN-I thank you for your attendance, gentlemen.
CANTON INSURANCE OFFICE, LD.
THE HONGKONG WEEKLY PRESS AND
Mr. agr ed.
Moxon reconded, and
shareholders
[April 6, 1907.
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The CHAIRMAN then moved the second resolution that the Articles of Association be Mr. SAUNDERS proposed, and Mr. Ho F. og altered by striking out the figures “$1,500 " lo seconded the motion for the adoption of the | Clause 6 of Article XIL and by substitut second resolution read in the notice convening'ing therefor the figures **$1,000" and by the meeting. Carried.
striking out the word lands in the second line of Clanse 1 of Artiola XVI. and by inserting after the said Clause i new Clauss as follows :—
The CHAIRMAN-I thank you for your altendance, gentlemen.
HONGKONG HIGH-LEVEL TRAM - WAYS CO., LD.
A general meeting of shareholders in the Hongkong High Level Tramways Co, Ld. was held at the office of the liquidators, MesaTÝ, Jha D. Humphreys and Son, on April 3rd Mr. H. Humphreys presided, others present being M-ars, J. A. Tarrant, J. A. Japp, W A Cruickshank, J. Orange, A. J. Raymond, D. E Clark and J. M. Wong.
Mr. JUPP read the notice calling the meeting. The CHAIRMAN said: Gentlemen-The Liquidators' report and statement of accounts have been in your hands sinos the 7th ultimo, Ro with your permission I will take them as read The notice conrening this meeting was served on you at the same time besides being advertised in the Governmant Garette for ope full month in accordance with the requirements of the Companies Ordinances 1 of 1865. The Avares before you give de'ails of the working account during the period of liquidation and show how the net profit has been disposed of to a point by a first dividend in liquidation of 820 paid on 3rd September 1906 and a final dividend in liquidation of $11.15 now payable The Assets and Liabilities of the Company do not appear in the Liquidators' accounts, as by virtue of the Agreement between the Companies they are to be transferred in their entirely to the Peak Tramways Company Limited in exchange for fully paid up scrip in that Company amounting to $250,000 The consent of the Governor-in-Council to the sal of the undertaking of the old. Company to the new has been obtained and shareholders notified
Wo
to Reud io their scrip in the old Company to be exchanged for shares in the new Company in accordance with the terms of the said agres-
ment. } have no further remarks to make hat if any shareholder bas any questions to ask I shall be pleased to answer them.
Mr. CRUICKSHANK-Might I ask when the new scrip will be issued in exchange for the old?
The CHAIRMAN-We propose to issue as soon as this meeting is over.
No further questions were saked, the CHAIRMAN proposed the adoption of the report
and accounts.
Mr ORANGE seconded and the motion was unanimously carried,
The CHAIRMAN I propose to hand over the books of the old Company to the new if share- An extraordinary general meeting of shareholders have no objection. Dividen warrants holders in the Canton Insurance Office, Ld., was held at the office of the General Ageito, Mesare. Jardine, Matheson and Co., on April 2nd. Hon Mr. W. J. Gresson presided, and there were also present Sir Paul Chate. and Messrs. H. P. White, F. Maitland, G. C. Moxon (Consulting Committee), L. N. Leefe (Secretary), W. J. Saunders, Percy Smith, P. C. Potte, Chau Sau, Wong Leung-him, Ho Fook, Fok Kam-yin and Hu U.shang.
The SECRETARY read the notice calling the meeting, and the resolutions to alter the Articles of Association,
The HAIRMAN said-Gentlemen, before | the resolution which has just Leen read is pro- posed, it is necessary that I should briefly refer to the alteration in Article No. 14 which provides that the remuneration of the General Agents rhall be increased to $15,000. This Article was drawn up in the present shape in 1881, and it is unnecessary for me to dilate upon the value of the dollar now compared wit what it was then. The increase in the cost of living in Hongkong has caused an increase in the cost of siaries, rent and other expenses that we have to pay, and the existing allowance of $10,000 is no longer sufficient to meet these disbursements. It is now proposed to increase the allowance to $15,000, for which I think there is ampio justi. filostion.
Mr. MAITLAND proposed the adoption of the first of the two resolutions read.
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are now ready and can be bad on application to the Company's office. It would facilitate matters a good deal if shareholders sent in their
Tue scrip to be exchanged as soon as possible new company will probably be having the first annual meeting at the end of this or early next month and, of course, to get dividend warrante it will be necessary for shareholders to exchange their scrip. There will be another dividead That is all the business, entlemen. Thank you for your attendance.
th. u.
GREEN ISLAND CEMENT COMPANY.
44
(18) The Company in General Meeting may in the year 1907 pass a Resolution to the effect that it is desirable to capitalise the kum-of $900 000 being part of the un- divided profits of the Company standing to the credit of the Company's Resorys Fund and accordingly that that sam he distributed as a bonus amongst the Shane- holders in proportion to the shares held by them
respectively, and that the General Managers be authorised to dis- tribute among the Shareholders the 200,000 unissued Shares in like propor- tions.
(lb) When anch Resolution his been passed the General Managers may allot and ise the 20,000'unissued Shares credit- ed as $4.50 paid up to the Shareholders in satisfaction of the said bonus in pro- portion to the shares held by them respec- tively, and prior to such allotment the General Managers may authorise any person on behalf of the Sharehol lers to enter into any agreement with the Com-- pany providing for the allotment to them of such shares o edited as $4 50 paid up and in satisfaction as aforesaid and say agreement made under such authority shall be effective.
Sir PAUL CHATER' seconded, and the resolu- tion was agreed to.
The CHAIRMAN-That is all the business, gentlemen.
THE CHINA LAND AND FINANCE
CO., LD,
The fourth annual general meeting of shareholders in this Company was held at Shaoghai on March 27th. Mr. R Macgregor (Chairman), said—Gentlemen-Your direotors have great pleasure i' anbmitting the annual report for the year ending February 28, 1907, for your approval. As the printed repo ́t and statement of accounts have been in your bands for several days. I will, with your permission, take the same as read. The working account for the year just ended shows a bet credit balance of The. 46,518 30,an compared with Tla. 17,460.16 for the previous year. The Com. pauy's developed properties have all been well let, nad kept in good repair. One of our estates in Yangtasapoo Road sold last year at a proft, as were also one of the Great Western Road estater, the ' Gordon
Ward Roid property, the
Poad pro- party, and a
lot off Counsaght Road. The buildings on the Kings Road property have been completed, sad well let to responsible Your directors have firms on ten year lons-s. before them a proposal involving the purchase of another central district property, and its development on the same lines as the Klangs Road property. I may say, in conclusion, that the prospects for the mine year are very good,
nad your
Wis
directors (mal confident that the next report to be pliard before you will be equally us good as the one now in your hands. You will see from the accounts (bat Tls, 6,000 has been written off goodwill soonunt, leaving it at Tia. 3401 be items of profitu
brokerage, sto. |commission,
them.
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have
mama,
معاد
There bing no questions, the following resolutions were put to the meeting and carried aonnimously :-
An extraordinary general meeting of share- į onosiderably increased, thanks to the energy of holders in the Gen Island Cement Company our manager, M. Rinvaley. If you bare any WAS held
OD the 3rd April at the «fiesa | questions to ask. I shall be pleased to answer of the company when the resolutions psmed at the previous extraordinary meeting wern confirmed Mr. R. hewan presided and the others p esent were Sir Paul Chater, Menara. T. F. Hongb, R. Hancook, J. F. Wright, and J. A Young, with Mr. Henderson excentury. The SECRETARY having read the notion conrening the meeting,
The
Proposed by the Chairman and seconded by Mr. J. A. Wattie:-That the report and somasta, at p mmented, be accepted and passed.
Proposed by Mr. J. A. Waltia and moonded HA EMAN moved the first resolution ¦ by Mr. E. R. Hooper.—That the appointment that the capital of the Compsay be in- of Mr. King Chun-koe as a director bɔ son- erased to $4,010,000 by the creation of } firmed.
200,000 new shares of $10 each.
Proped by Mr. J. A. Wattie and moonded Mr. T. Hovo8 seconded, and the motion | by Mr. 8. B. Neill :—That Mr. B. Macgregor was carried.
be re-elected a director of the Company.
No comments yet.
Private notes are available after approval.