At an Extraordinary General Meeting of the Tientsin Waterworks Ca,, Ld., heid at the Tientsin Club at 10 a.m. on Friday, 9th March, 1900, there were present Messrs. C. Poulsen (in the chair), R.A. Cousens, M. A. Lauterstein, H. C. Schiern, G. Bapr, and A. Irwin, represent 170shures. After the votes had been verified Mr. R.A. Cousens read the notice convening the Meeting and the Chairman then addressed the meeting as follow:
Well, gentlemen, the agreement e i the British Muni ipal Extension and_proposals connection with the Ext Waterwort Ca., Lil. to the Extra Concession, have been in your hands for sume time; you all know Uist the capital as per our memorandum, Tls. 65,000 Tientsin Sycee divided into shares, has all been taken up and paid in full.
We shall, however, require Tls. 20,000 more for the present extensions and for the Missionary Compounds on Taku Road and the Hospitals, the Viceroy's and London Mission's, who have expressed to have the water Inid on. They are T think willing to pay the rate stipulated i the Agreement with the B. M. E., vis, per 1,000 gallons of filtered water.
We shall therefore have to pass the follow-lat the Agreement made between this Company and the British Municipal extension Council be hereby ratified and firmed, That the shareholders authorise the Board to increase the Company's Capital making the nominal Capital Tis, 100,000 leaving 350 shares to be issued, out of which the directors propose to issue at once and nilot to existing shareholders and failing them to the public 200 shares for the extension of our mucins through Meadows Road, Race Course Road, Council Road, Davenport Road and part of Gordon Road from "Kwanglung Road through Tak Read and along the Cemetery Road and furthermore along the Tuku Road to the Missionary Compounds and Hospitals as required.
Before putting these Resolutions to the Meeting, 1 beg to point out that the Circular provides 4,000 feet of spare mains which will be more than sufficient for the Taku Rond Extension.
We have been approaching the French Concession and it seems to be thought mo t venient that the French Concession should lay its own piping system, we to provide them with water as a large consumer through a main meter. However, this question has as yet not been settled and I shall not myself say any further about it now, With regard to the Tls. 20,000 we are now about to issue, you have all no doubt examined the res which have been circulated amongst you and have seen therefrom that the prospects of a good return the money are very encouraging. Before putting the resolutions £ beg to invite discussion upon the matt We may say Ut our income from water is already sufficient to pay a small dividend, into acenint our me: from in te of fittings, which ug the first years is likely to be ona idend capacity becomes increased. This however not be relied upon asa permanent ince but as it decreases the sale of water will naturally increase.
'Mr. Cousens in answer to the Chairman' invitation for discussion then remarked that the estimates before the Meeting were evil ently calculated upon the most moderate basis as the income had only been reckoned upon 35 out of 50 foreign houses alren built, no_ notice being taken of the remaining 15 or of new houses likely to be built in the near future. The possible income from the iliany houses inhabited by Chinese on the Cemetery Road, the Cloth Mill and the village beyond, as weill as the income from the Missionary compounds, had been ignored. It was therefore evident that the company were better thin the circular anticipated, then asked if the sale of water had increased. Mr. de Linde in response pointed out that the circular showed an increase of nearly 300, between the Ist
sti snd th quarters and that the sales were proposed the fullow= resolution seconded by Mr, Lanterstein; namely, that the Agreement made between this Company the BIN. Extension Council be hereby ratified and confirmed which was carried nen. con.
Me. Cousens, seconded by De, Irwin, then proposed That the Shareholders authorise the Board to increase the Company's en pital the nominal capital Tls. 100,000.00 x 350 shares to be issued, outd' which eand allot them to the publi 100 shares for the extension of out mains through Meadows Rend, Race Course Road, il Road, Davenport Road and part of Gordon Road and from Kwanglung aku Road and along. the id, und furthermore along the the Missionay Cowpotnds ails as required.
Mr. Bune asked what authority the capital was to be increased? Mr. referred him to page 12 of the Articles of Association and quoted several paragraphs therefrom dealing with the question:
The Chairman then put the motion to the ting and it was carried nem. con.
The scope of the meeting having been exhausted the Chairman then dec hired it aten end,
Text read from the printed page and cleaned; old type leaves the occasional error.