The annual general meeting of shareholders ai the Shanghai Racquet Club was held on Tuesday evening at the Shanghai Club. The chair was taken by Mr. H. R. Hearn. There was a small attendance.
'The report was as follows The Committee have to report that, in pursuance of the resolution passed at' the special general meeting held on the 12th of September last, directing the sale of the land ani buildings of the Club, the property was transferred to the purchaser on the 16th of December, and that on that day play ceased The purchase-money (20,000 taels) is held by the trustees on behalf of the shareholders.
In presenting the accounts for the past year the Committee propose that they be taken as the final accounts of the Club. The only outstanding account that cannot be immediately liquidated is the one with Henry 8. King & Ca. of London, and the amount involved in this is so small that the matter need not hinder the disposal of the assets of the Club. These consist of:—Tls. 23,016.43 in the hands of the trustees, Tls. 204.83 in the Hongkong and Shanghai Bank, Ts. 119.33 in the honorary secretary's hands, Tls. 31°.63 accounts in course of collection, Ts. 23,651.22, the only notable liability being Tls. 500.00 brokerage on the sale of the property= Tis, 23,151.
From this available fund the Committee recommend that a certain sum be set aside for new year cumshaws to the servants, who are well deserving, from long connection with the Club, and by their uniform good conduct, of some special recognition of the services that have now been dispensed with.
It will be for the shareholders to say how much this sum shall be, and then to proceed to a resolution empowering the trustees to distribute the funds in hand among the shareholders, and directing the honorary secretary how he shall dispose of any trifling balance that ultimately may remain on the settlement of H. 8. King & Co.'s account.
The Club will then practically cease to exist, but Rule XIV prescribes a certain course of procedure for the due winding-up. This rule,"however, did not anticipate' the case that how obtains, and it is not applicable under the circumstances, for, since the shareholders will, on receiving their dividend, have surrendered their shares, there will no longer be a body of shareholders" to convene. It will therefore be for the shareholders assembling at the forthcoming meeting to declare that, from its date, the Chub ceases to exist, and'to appoint a person or persons to wind up its financial concern:
The balance sheet was as under Capital Account (61 Shares at 120 Taels) Sold Land Account 1 Brokerage on Sale of Land and Build Henry 8. King & Ca., £0.
Profit and Loss Account Tls. 23,651.22
Text read from the printed page and cleaned; old type leaves the occasional error.