A meeting of shareholders in the Pootung Wharf and Godown Company ion) was held on Monday at lub, There were present H. J. Such (in the chair) J.
ques, J. M. Young, T. Wood (Directors), KU.' Smith (Secretary), A. McLeod, w. Clarke, A. Cushny, W. T. Phipps, Taylor and S, Walker, representing in all 1,157 shares.
The Chairman said—Gentlemen, you have had the report in your hands for some days. The liquidation has been delayed in consequence of the difficulty of gotting the Chinese authorities to measure the foreshore, and when they did measure it the Taotai hesitated a k time before he would fix the price. Finally he fixed it at 260 Kungping taels, and although you may think that a very high price, it was a matter of paying it or referring it' to Peking; and if we had done that I do not Alber ounmalting the geineipa! 2 dora pose it would have been settled now.
the liquidators decided to accept the price and pay the money. The working for the 10 months ending 3ist October, 1891, shows profit of Ts. 18,464.15. A part of that was used to extinguish the overdraft at the Hongkong Bank. It was Tis, 6,781 when Russell & Ca. resigned, and after meeting that and paying for the foreshore and liquidation expenses, we have the only money we have to deal with, our present credit balance at the Hongkong Bank of Tls. 4,788.69. This the Committee propose to distribute by returning one ta por share to shareholders, paying Tls. 300 to each of the five liquidators, and handing the balance, Tls. 848.69, to the secretary for him to pay all outstanding accounts and retain the remainder as a gratuity. The reserve fund stood in the accounts, but it has been used to increase the value of the property and has been absorbed in that way. The property stood in the books in June at Tis, 245,000. It now stands at Tls. 250,000, but that increase is partly due to the cost of the foreshore and partly to finishing some contracts that had been entered into and had to be paid before Jardine, Matheson and Ca. took over the property. Alniost all the money on these contracts was paid before we accepted their offer.
Mr. A. McLeod proposed—That the report and accounts of the liquidators as presented be approved and passed, und that the liquidators be authorised to dispose of the surplus assets of the Company in the manner they propose.
He thought the shareholders ought to be exceedingly well satisfied with the result of. the liquidation. The return to shareholders had exceeded what they anticipated at the time.the sale was made. He approved most heartily of the way in which the assets of the Company' distributed, and he decidedly thought the liquidators, secretary, and auditor were fully entitled to the sums that were put down as due to them, The thanks of the shareholders were due to the liquidaters for the trouble they had taken in winding up the affairs of the old Pootung Wharf and Godown Qo., and he em sidered everything they had done would be satisfactory to the shareholders, Mr. W. J. Clarke seconded the motion.
Mr. Walker asked what amount Mr. Smith would have to pay out of the is. 888.69, The Chairman said the expenses of winding-up would be about Ts, 150 of 200.
Mr. Walker nid thatthe liquidators being shareholders, some of them very lar holders, who had made an excess profit, he thought more might beg to Mr. Smith, who was not a shareholder and who had had to do the bulk of the work." Ho would have preferred that Mr. Smith should have tls. 1,000 clear, and that the liquidators should have the balance after paying the sivall amount now owed by the Company.
"The Chairman said the suggestion was a very good one, but Mr. Walker probably lost sight of the fact that Mr. Smith had already received " certain amount in connection with the liquidation, which made the whole amount he had received more than Tis, 1,000; and tht, the liquidators thought, was the fairest way of distributing the money. If Mr. Walker wished to put his suggestion in the form of an amendment it-would be quite in order and could be voted upon, Mr. Walker said he had just been informed of the fact, of which he was not aware, that Mr. Smith bud already received Tls. $00. He would therefore leave the muaiter as a suggestion, and would not propose it as a motion.
The resolution was then put and carried unanimously.
Mr. Walker moved a vote of thanks to the liquidators and secretary for the able mauner in which they had carried out the work.
Mr. MoLecod seconded the motion, which was carried, and the meeting terminated.
Reroxt or tHe Ligutpators.
By a resolution passed at an extraordinary meeting of the shareholders held at the Shanghai Club, on the 2th July, 1891, Messrs. J. Such, A. Korff, Jos. Jaques, J. M. Young and T. Wood were appointed a Committee to complete the sale of the Company to Messrs. Jardine, Matheson & Company and the Shang-hal and Hongkew Wharf Company and wind up the affairs of the Pootung Wharf Godown Company and 'o distribute the assets.
Messrs. Jardine, Matheson & Company paid on the 3ist October on account of the rebase, the sum of Taels 290,000.00, Tael: (0,100.00 being reserved by them till th matter of the foreshore could be ar ed with the Taotai; this was concluded on the 3rd December, 1891 and the Taels 10,000.00 was daly paid.
On the ist October, 1891, a first payment was made to shareholders of Taels 125.00 per Share, and on the 30th November, 1891, a second payment was made of Taels 5.00 per Share.
At the present time there is a balance at the credit of the Pootung Wharf and Godown Company with the Hongkong and Shanghai Banking Corporation of Taels 4,788.69, and the committee propose, with the sanction of the shareholders, to distribute same as follows Final Return of 1.00 'Tis. per share...Ts.2,300.00 Liquidators' fees 300.C0 Te..
Auditors' fees remedy; remove all Liver and Complaints, Biliousness, Headache, Sickness, Shoulder Pains, Heartburn. In: gestion, Constipation. Made only in London, id everywhere, and the balance Tis, 88.69 to be handed to final charges for advertising, princing accosnta, the Secretary asa gratuity, he lating the J. Sven,
Text read from the printed page and cleaned; old type leaves the occasional error.