The annual meeting of the shareholders of this Company was held on the 20th inst., at the office of Messrs. Myburgh and Dowdall. Mr. E. Major (Chairman) presided, and there were also present Messrs. John Morris, J. Dasth, Ching Lien Saen and Wang Tso Chin (Directors), J. Hamuond, E. P. Lalcaca, J. M. Young; Pinckvoss, and several Chinese shareholders, representing altogether over one thousand shares, Cho Secretary having read the notice calling the meeting, The minutes of the last meeting of shareholders were read and confirmed.
The CHaraaan said—Weil gentlemen, you have the report for the first year before you, and I suppose you have made your-solves acquainted with its contents. There is no necessity for me to read it, and we will therefore take it as read. You will seo by this report that up to the end ut October we did very little. We thought it better to make a few experimental trials, and woe made this as economically as we could. Our agent used the time as far as he could in instructing himself about what, was done elsewhere, and also in looking round for good men to employ when we should decide upon what should be done. In October we decided to begin by planting tobacco. Che reason we chose tobacco was that it gives ita return within a year's time, while cocoa, Liberian coffee, and hemp, although experts have said the place is very well adapted for them, would not show return for four or five years and the directors thought it would be in. expedient In the interest of the shareholders to wait so long. Our tobacco plan-for reports that ho thinks there is every reason to expect as good growths as in Sumatra; the soil is equally good, and the climate, taking the rainfall, is also similar. A fair crop in Sumatra means a profit of forty or sixty per cent, and I think we have every reason to hope that we shall do us well in Borneo. In some respects we are more advantageously situated than they are in Sumatra; we can build drying sheds for. about half the cost, and our ground is more accessible than the ground in Sumatra, as we have no laud journeys to perform; all our land being alongside rivers. As regards sugar—that is the next best crop to give quick returns. We have planted sugar; but it takes from ten mouths to a year before it becomes ripe, From what experts have said, we have reason to believe that we shall get about 24 tons an acre, which would give good profit. But we shall wait till it has grown and then get a proper report it, You will see by the report that the sele tions of land are fixed. I went down to Sandakan, and some sites were chosen for selection; but we found that one or two rather too sandy to work well, and we thought we would increase the amowut of land on those rivers where we found the soil better. I think we have obtained the first choice of land in the neighbourhood of Sandakan, and since we got our land, Sandakan has become the capital. I have no doubt that the value of our purchases, which cannot be repeated by any purchaser of land there, will be proved the future. We have also, as you will see, decided to go in for cutting wood. Before we commenced that business we had to look round for an experienced foreigner who know the kinds of wood to get, and what markets to send to. We have had specimens of the wood sent up to Shanghai, and they have been pronounced to be very valuable woods, especially for piles, lasting under water perhaps for hundreds of years. There is a prospect of making & fair amount of money in this way, although of course it depends on the state of the market. In the accounts there is an item of Tls. 19,255 duo by Tsou Teo Chun which requires to be explained. He was one of our directors, and he applied for one thousatid shares and paid the bar: gain money, Tls. 2.50 each share as per custom. - We had great difficulty in getting the money from him; we wrote to him several official letters, and he paid another Tls. 2.50 por share. "Eventually he fully paid up a hundred shares, but we could not get any more from him. Then the market went down, and we could not very will sell the shares, and we were rather got. We have got' something like Tls. 5,000 from him for the 900 shares which he has not fully paid up, and it will be a question whether the directors shall give him notice that this will be forfeited. In that case the number of shares in the Company will be reduced, and we shall be to a certain extent gainers by about Tls. 5,000. Then it will be soon that there are a hundred and fifty shares unallotted, That was owing to an accident. We understood that one of our Chinese directors wanted two hundred shares, Ho was sick at the time, and when he got well we found he only wanted fifty shares, That raducos the available capital of the Company; but I do not think there is any help for it. The present policy of the Directors is to Keep the working of the Company, if po sible, within the limits of its capital. hope to some planting which will make a fair profit, sufficient even to divide, before we make any call. That is all I have to say about the report. If any gentleman has any remarks about it, we shall be glad to hear them, or to answer any quest Some discussion took place with regard to the failure of Tsou Tso Chun to pay up his share Mr. Laxcaca moved—
That the shares allotted to Mr, Tsou Tso Chun be forfeited in accordance with the Deed of Settlement if the balance due by him be not paid within two mouths from this date, It was stated that notice had already been paid, and it was unnecessary to pass any resolution. The motion was accordingly withdrawn, Mr, Laxcaca asked for an explanation of the surveying account.
The Cuarmvan said it was necessary to have the land surveyed. The cost was from twenty to thirty cents an acre.
The Cxatraan moved the adoption of the report and accounts.
Mr. Dari seconded the motion, and it was adopted. until the t annual meeting be Messrs. Ernest Major, Ching Lieu Saev, Yan Chinn Chi, Wang Tso Chin J. Daeth and John Morn Mr. Youna seconded the motion, and it was carried unanimously.
The mesting terminated with a vote of thanks to the Chairman, moved by Mr. Laleaca.
Text read from the printed page and cleaned; old type leaves the occasional error.