408
PUBLIC COMPANIES.
DAIRY FARM COMPANY.
Two extraordinary general meetings of shareholders in the above company were held on Deo. 1st at the offices. Mr. E.H. Hinds presided and there were present Dr. J. Noble (director). Jas. Walker (manager), S. A. Seth (secretary), J. M. E. Machado, and Chan Tong.
At the first meeting, which was opened at 12.30, the SECRETARY read the notice which stated that the meeting was called to confirm the subjoined resolutions, which were passed at the Extraordinary General Meeting of the Com pany held on the 17th day of November last:
1. "That the Capital of the Company be increased by the sum of $112,500 divided into 15,000 shares of $7.50 each and that the Directors be authorised to allot such shares pro rata among the existing shareholders according to the number of shares in respect of which they may, on the 27th day of October, 1908, be registered, in the proportion of three new shares for each complete lot of five shares held by them on that date and that any of such new shares. remaining over after such allotment shall be dealt with by the Directors in their discretion." 2. That the Articles of Association of the Company be altered by deleting paragraph 2 of Article IX and by substituting therefor the following: -"2. The Register, or Registers, of shareholders and the Register of Transfers may be closed for such period or periods and at such time or times as the Directors may think fit, but the period or periods of such closure shall not exceed in the whole 30 days in any one year."
The CHAIRMAN-There is nothing for me to add to the notice, I simply propose the first
resolution.
Mr. MACHADO seconded, and the resolution was carried.
The second resolution was also carried on the motion of the CHAIRMAN seconded by Mr.
CHAN TONG.
The CHAIRMAN-That closes this meeting, I shall be pleased if you will stay for the next meeting.
The attendance was the same at the second meeting which was called for the purpose of considering and, if thought fit, passing the following Extraordinary Resolution: That the Directors be authorised to declare a bonus or dividend out of the Reserve and Cattle Reserve Funds or out of the accumulated profits of the Company sufficient to pay a call of $6.00 per share
the upon New Capital already authorised to be raised by Special Resolution and that such bonus 'or dividend be appropriated for the purpose of paying such call.
The CHAIRMAN proposed that the resolution be approved, which was seconded by Mr. MACHADO, and carried.
The CHAIRMAN-That concludes the meeting, gentlemen. Thank you for your attendance.
C
THE INTERNATIONAL COTTON MANUFACTURING CO., LD.
ANNUAL MEETING.
The thirteenth annual meeting of the above company was held at 15 Szechuen Road Shang. hai on afternoon the 25th ult. There were present: Messrs. J. F. Seaman, A. Hide, and H. De Gray (Directors), G. Wuilleumier (Secretary) W. C. Wood, Leng Ming-yue, J. N. Jameson, J. M. Young, K. W, Campbell, H, J. Clark, W, G. Pirie, J. L. Carneiro, B. Rosen- baum, and L. J. Cubitt, representing 3,113 shares.
In the absence of the Chairman, Mr. Rayner, the Chair was taken by Mr. J. F. Season.
The Chairman,-Gentlemen, I must express regret that the absence of our Chairman, Mr. Rayner, on sick leave, again necessitates my occupying his place. We expected that he would have returned in time for this meeting and we have promise that he will be with us during the next month; meanwhile we have assurance that he fully concurs in the action we have recommended in dealing with the sum at credit of profit and loss. The report and accounts have been wih you for some days and with your permission I shall assume that they have been read. It is, of course, a disappointment that we
THE HONGKONG WEEKLY PRESS AND
an
As ex-
are again anable to recommend payment of a dividend. Complaints were made last year by some of our friends that this was not done, and on the other hand we received criticism for not having written off anything for depreciation of our plant. The soundness of this criticism has been impressed upon us, especially in compar ing, as far as published acccounts allow, the sum we have thus assigned in past years with the similar assignments by our competitors. No sounder basis for this may be taken than the cost per spindle of equipment, that being 'the basis of earning power. Now we have found that in this respect at least one of our competitors has had somewhat of
will advantage, which be righted if you adopt the recommendations put before you in the Report. At the same time share- holders will note with no little satisfaction that when our Reserve Fund is taken into considera- tion and added to the amounts already set aside for depreciation, the total compares favourably with that of any of our competitors. planation of the small profit on
the year's working we have only the well-worn reason of general trade depression to offer. It was this general depression which caused your Directors to meet the market as soon as any inquiry for
which yarn showed itself.
was the case during the latter half of the period under
the light of review, and in
subsequent events it would have been more remunerative to have held on to our yarn rather than to have sold readily. On the other hand, by adopting the less speculative policy, your mill has been kept continuously at work, A con- siderable decrease is noticeable in the still heavy item of interest, and for the first time in the history of the Company your directors are able to place before you accounts which show a clean sheet as regards our bank overdraft. This does not mean that we are not still dependent on banking facilities for the handling of the raw material pending realization of its product, but it shows some progress made towards
the attainment of that end. and is the
direct result of the conservation policy you have adopted in the past with respect to the disposal of profits, a policy which your directors cannot too strongly recommend you steadfastly to maintain. I have only to add that the mill has been maintained in complete repair and efficiency and no untoward occurrences have transpired. Should any shareholder present desire information on any point of interest, I should be happy to satisfy him, if within my power.
There being no questions, the following resolutions were put to the meeting and adopted nem, dis.
Proposed by the Chairman, seconded by Mr. Hide: That the report and accounts for the year ending September 30, 1908, be accepted and passed.
Proposed by Mr. Hide, seconded by the Chairman That the election of Mr, Harry De Gray
Board to the
of Directors be confirmed.
Proposed by Mr. Hide, seconded by Mr. de Gray That Mr. J. F. Seaman be re-elected a director of the company.
Proposed by Mr. J. N. Jameson, seconded by Mr. J. M. Young That Messrs. A. R. Leake & Co., Chartered Accountants, be re-elected auditors for the current year.
Before the meeting terminated the Chairman remarked that the Secretary had prepared a comparative table of the net profit of local cotton mills for the past seven years, excluding this year, from the published accounts, and the In- ternational Cotton Manufacturing Co. second on the list-very slightly second. He thought that that was a satisfactory showing under the circumstances. In conclusion he ex. pressed the hope that there would be better results next year.-N.C.D,N.
Was
Heraldic
The Hankow race meeting was favoured with glorious weather and excellent sport was witnessed. The race for the champion sweep- stakes was won by Mr. Reynell's (for the third time) Springfield up. The big sweep proved a record for Hankow, the total amounting to nearly $5.000. Mr. Danby of Chinkiang drew the winning pony The
races.
..
Heraldic is to run at the Foochow
This pony won five races at Hankow.
[December 7, 1908
THE EWO SPINNING & WEAVING CO., LTD.
The report for presentation at the thirteenth ordinary meeting of shareholders to be held at the offices of the General Managers, Shanghai on Tuesday, 15th December, 1908, at 11 ă.m. is as follows :-
The General Managers submit a statement of accounts to 31st October, 1908, showing the result of twelve months' working to that date.
The balance at credit of profit and loss is Tls. 110,109.42, which it is proposed to deal with as follows:-
Tls.
To pay a dividend of Tls. 5.00 per
share on 15,000 shares
To place to repairs and renewals
account
To write off furniture account. To carry forward to new account..
75,000.00
25,000.00
.1,289.09
8,820.39
Tls. 110,109.42
During the year the sum of Tls. 15,574.53 has been expended on special repairs and renewals out of the amount of Tls. 45,939.90 set aside for that purpose in 1905.
CONSULTING COMMITTEE.
On his departure for Europe, Mr. E. E. Clark resigned his seat on the Committee and Mr. P. F. Lavers was invited to fill the vacancy.
In accordance with Article XVII, the Mem. bers of the Consulting Committee retire, but all are eligible and offer themselves for re-election.
AUDITOR.
Mr. G. E. Wingrove has audited the Com- › pany's Accounts and his re-election requires the confirmation of the shareholders.
JARDINE, Matheson & Co., Ltd.,
General Managers. Shanghai, 20th November, 1908.
THE NATIONAL MOURNING.
All the yamens in Peking have stopped work for 27 days until the end of the official mourn- ing period.
A recent edict prohibited the Provincial Authorities from coming to the Capital to visit the Imperial coffins. The Grand Council has however, decided to make an exception in favour of the officials of Chihli Province.
aot
Certain high official proposed the postpone. ment of the military manoeuvres. H. E. Yuan Shih ai objected stating that such an would alarm the populace unnecessarily and a resolution was accordingly passed that the manoeuvres should continue.
The Board of Communications at Peking has issued a notice to the effect that all letters and parcels sent through the post should be in blue covers as a sign of the national mourning.
attendance near the coffins of the Emperor and One hundred and eigthy Lamas are daily in
Empress-Dowager, reciting the ritual. They are dressed in yellow and stand in double rows.
The members of the Central Government at Peking have been considering the question of instituting an Advisory Board to advise the minary to the establishment of a Parliament. Government on all important matters as a prali- The Board is to consist only of high officials of the first rank but there is no limit to their num-
ber. The great majority of the members of the Government are in favour of the proposal.
REBEL CHIEF KILLED.
GOVERNMENT Pays £10,000 reward,
The Viceroy of Canton has been informed by telegram that the Rebel Chief, Wong Wo Shun, has been killed by several of his comrades who having surrendered and sworn allegiance to the Chinese Government, declared at the same time their willingness to capture their Chief. Wong Wo' Shun's head was produced and The identified by several military officialsi Kwangsi Governor requests His Excellency to remit $10,000 reward to Taotais Koong and Kwok of Lim-chow Prefecture for distribution amongst those who took part in the capture of the notorious brigand Chief. Wong Wo Shun had long been an object of terror to the inhabitants
and a constant source of un easiness to the officials in Kwangsi.
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