An extraordinary general meeting of shareholders in the China Flour Mill Ca., La., was held at the office of the General Managers, Messrs. W. Schir! & Ca., on Tuesday afternoon. Present: Messrs. A. McLeod, (Chairman), W. Scbirff, H. Snethlage, H. J. Such (Directors), J. M. Young, G. Galles, H. P. Wilkinson, A. Wacker, Lee Cho-kee, Da-ching, E. Arbuthnot, J. M. Ringer, J. C. Appay, A. E, Algar, and F. W. Such, representing in all 1,981 shares.
The notice convening the meeting having been read, The Chairman said that the sharon holders would remember that at the Annual General meeting he made some remarks on the necessity of increasing the capital of the company. In the interval the matter had had the careful consideration of the Directors and the result had been that they now intended to ask the shareholders for power to increase the capital by the issue of 3,000 new shares of Tls. 50 each. Tt was, however, their intention to issue only Tis, 50,000 of this amount at. present. They proposed that these new shares should be issued to present shareholders in the proportion of one new share to every three old ones held by them on the 21st of March. The holder of less than three shares or less than some multiple of three would not, however, be entitled to any fractional interest in these new shares, but the holder of two shares or two above any multiple of three would be entitled to one new share respect of those two. The it d ference to raising debentures. He (the Chairman) would mention that the pro ducts of the mill wore now being disposed of as rapidly as they were produced and. only that they had been hampered by the want of capital they would have been working night and day, but they hoped very soon to be in a position to do so. One of the things to which a portion of th new capital would be applied was the purchase of a second boiler, to enable the work of the mill to goon while the one was being cleaned, otherwise if the mill were working day and night a stoppage of oporations while the boiler was being cleaned and inspected would become necessary every few weel The land on which the com-riy's property stood was leased to the company and it was desirable that they should become the owners of it. The option of buying it for Tls. 7,000 expired in July next and it would be desirable to purchase it before that time, as after that they would only be able to acquire it at a valuation which would greatly exceed the price for which they could now purchase it. There were also a few additional small matters in the way of machinery, etc., required. They thought that Tls. 30,000 as working capital would be quite sufficient to purchase enough wheat to keep the mill working night and day. In conclusion, the Chairman said that if any shareholders had any questions to ask ho should be happy to reply to them.
There being no questions, Tt was proposed by the Chairman, and seconded by Mr. H. J. Such That the Directors be and are hereby authorised to increase the capital of the Company to Tls. 300,000 by the issue of 3,000 new shares of Tls.50—of which new shares it is at present only intended to issue 1,000, payable in fall on application. Such new shares to be issued at par to holders of present shares in the proportion of one new share for every three shares standing in their name on the 2ist day of March 1898. No shareholder shall be entitled by reason of his holding any number of shares less than three or some multiple of three to any fractional interest in the shares to be issued as aforesaid. Provided however that any registered holder of two
Text read from the printed page and cleaned; old type leaves the occasional error.