included you have elected me as Chairman of this meeting, and T must really exercise the authority you have entrusted me with; and in doing 20 Lam fortunately supported by the legal advisor of the Company.
Mr, WatewnIGut—I do not see any harm in_your giving the information, The Cuarexay—At condensing and amalgamate pony, and in view of the largo aums of money we (Messrs. Birt & Ca.) were ti earning you wore very pleased to do it; end now, when trade is bad, you come here and want to go back on that, Mr. Axpensox—I beg your pardon; I do not.
The Oxammax—You tirely out of ord Mr, AnERsox—I distinctly deny that I am going back to the old accounts, except for the purpose of calling in question the present accounts. I ask the value of the Tenses now. Besides, I might point out to you that there has been no meeting held since this paper (the accounts of the Com-any since its commencement, as re-atidited Mr. Wilmer Harris) was issued. It was issued on the Ist June, Bir. Uxe—Are these accounts exactly the same as before Mr. Conxen—Yes, only there is more detail.
BMr, Uns—Then we have a.right to dis-he details, The leases were then sent fury 'Mr. ANDERSON said while the leases were being sent for he might go on, He had already said that the Hongkew property had been valued at Tls. 37,000. Then, with regard to the Honan Road property, they would note that this did not belong' to the hey were only reuters, and, as know, the lenses might have only Ho wished to was paid for it, Mr. armis (Auditor) said the rent of the Foochow Road property was Tls. 50 per month; the rest of the item for rent was for the Honan Road property.
Mr. ANDERSON said for the six months ended 31st October that would be Tis 300, leaving Tle. 1,275 20 for the Honan Road property, 'A lease was then produced.
The Cuamran said it was for ils 1,140 per annum, payable half-yearly. Th term was five years from the date of the lease, which was the Ist October, 1881.
Mr. ANDERSON—Then it expires on the October, 1836. Mark that, gentlemen a leas than a year to run, There are some adjoining premises—where are the oases ts who were in occup tion of part of the property.
Mr, ANDERSON, continuing, said they could not put anything down for the good will of the Honan Read busines now, because that had been bought and paid for the plant and machinery must have depre: ointed considerably; and the lease, having only a few months to run, was worth a ry small eum, because at i if the Compxny were d the landlord might rai thought, #1 i present value of the Honan Road pro; as Tls. 23,000 that would be ample, This would give Tls. 60,000 for the whole of the "Com property, instead of Tls. 102,931, the figures which appeared in the report. He asked, was this a sai factory of things? According to th General Managera ty Account tillitetood at Tis, 102,000, when according figures—which, if imputed, could easily be tested by a competent valuer—it was not worth more than Tis, 60,0007 That was all he had to aay with regard to the property account, except with regard to rent, which he would come to presently. With regard to the "Cash on Deposit," fir, Sullivan had alt, and Mr. Birt xplain it. He should like, y @ word or two about the debt owing by the Glass Company. That Company had been formed a few years before, and its building was now standing magnificent wreck. He had reason to believe that laud was mortgayed—presumably to its full value;—and he wished to know whether their stock of material could not be sold, -and this debt of Tis, 6,000 wiped off. Every merchant knew that he had to write off bad occasionally, and he wished to know fictitious debt which could not be realised should be included amon; Company. Coming to Working Account, he wished to refer to a question which had already been raised by Mr. Sullivan—with regard to Messrs. Birt Go. supplying offices for the Company. He asked the auditor how much Messrs, Ca. paid for their part of the premises, Mr, Hannis—Tls. 35 per month.
Mr. ANDERsON—Moasrs. Birt & Ca. pay to the shareholders of the Company for their dwelling house and offices, and some Mr. Lrppext—No godown Mr. Axpexson—Well, we will say no more about goder They_pay: Tls. 420 for what costs the Company Tls. 1,740.
The Cuaraan—Your statement is altogether incorrect, You do not understand the atoll. next came to muneration, He about that, except ed to him that as the General ration had to be voted from time to time by the cholera it would be uch better to put it under the in the same way as hind done with the trust naditor's fees, instead of its being pul in the Working Account, Mr, Liope1t—We have a right by the Deed of Settlement to draw that money. Are we to live upon air?
Mr. ANDERSON—No; you have a right to draw it from the profits of the Company, I remember that in 1883 Me. Birt came forward and said, "We have put down Tls. 3,600 for the year, and I think we have earned it; and it was passe year it was in the Expenditure Account, They have no right to deaw it and then sy, "We have drawn it, and you have got to give it to us," Mr. Birtaaid himeelf in this very room that if the year lad not been a good one he would he made out that their property was worth not more than 'Tls. 60,000. 'Therefore, for the rest taking the General Managers' own figures—though he believed they were subject to correction, and he would omit that is, 6,000 due fromthe Glass Works, for instance—U ade out corisf"ctory that. they should showing a profit of Ils. 4,000 whew there. was a loss of Tle, 38,900? By the Dead of Settlement, if there was a loss of one-third of the capital the shareholders might proceed to wind up the Company while in the ove of o loss of half the capital, the Company should be compulsorily dissolved, He thought therefore they ought to have a valuation of ti Howan Road property. already one of the other property;—and if they found ihat the loss 1d 50 por cent. of i bound by the Deed up the Company.
The Cxarnwaw then asked Mr. Sullivan to put his questions one by one.
Mr. Suuuivan with regard to the valuation vf the property, Mr. Birt could reply to Mr. Anderson in full, Eis next question was with regard to cash in the 'To that the Chairman ed that the money was on account. 'The next question was regard to the "General Managers' Special Accvunt." How did the General Managers come. to owe the Company is. 2,269.207 The CxarnmaN—I imagine we put that clearly into, the report, inasmuch as we told you that we voluntarily adopted the Joss of Ts. 3,429.20 caused by an apparent fraud which has taken place, but of which we can only tell you the rough facts at present. The men are out on bail.
Mr. Suntivax—Is it owing to an: gleet on the part of the General Mana. gers that the fraud waa committed? It 80, they are liable, The Cuamaan said they had been unable to get to the bottom of the matter at present; but he could assure the shareholders that it was not due to any neglect on the part of the General Managers, or on the part of the two Europeans employed there. Enquiries that had been made entirely exonerated these men; but the fraud had been so cleverly committed that they had not been able to get to the bottom of it.
Mr. Sustivan—Would it not have been better lo aay, ju consideration of the hard
Text read from the printed page and cleaned; old type leaves the occasional error.