Limited, was held on Friday afternoon a REPORT OF THE DIRECTORS, tthe offices of the general managers, to con-for presentation to the shareholders -at the firm the resolutions passed at a meeting third ordinary General: Mesting, to be held held, on the 20th ult. Present:—Mesara. A. at the Central Hotel, on Friday, 22nd April, McLeod, W. Schiirif, H. Snethluge, H. J.
1898, at 4.30 o'clock p.m.
Such (Directors), F." W. Such, G. Galles, The Directors now present to the Share-H. Vinay, J.C. Appay, E. O. Arbuthnot, holders the Report and Accounts of the Com-A. Wacker, W. J. Clarke, R. Endicott, pany for the year ended 28th February, 1898, Drummond Hay, Da Ching, and Lee Cho-Sales in the Stores amount to $117,942.83, kee, representing in all 1,136 shares. averaging nearly $10,000 per month, notwith:
The Chairman (Mr. A. McLeod) said that standing the unparalleled opposition the Com the only business before the meeting was pany has encountered in trading The Central Hotel receipts total $85,335.03, to confirm the resolutions passed at the previous meeting. He would therefore early half being contributed by aberebolders e monthly average (over $7,000) compares favourably with the ratio of $6,300 shown in 1,—That the Directors' be aid are hereby the preceding period. authorised to increase the capital of the Com-'The total turnover in the Stores and Hotel pany to Tls. 300,000 by the issue of 3000 new therefore aggregated $202,577.88. shares of Tls. 50—of'which new shares i 'The Committee appointed at the Sharchola present only intended to issue 1000, payders' Annual Meeting on the 2th April, 1897, able in full on application. Such new shares issued its Report on the 12th June last.. Its to be issued at par tobholders of present shares recommendations and figures were adopted at in the proportion of one new share for every the adjourned Meeting held on the 28th June, three shares standing in their names on the and are embodied in the present accounts. 21st day of March 1898, No shareholder shall The fees incurred, $1,648.39, have been debit-be entitled by reason of his holding any to this year's Profit & Loss Account. number of shares less than three or some On the 20th June the Directors wore served multiple of three to any fractional interest in with a Notice, under Articles 69 & 70, signed the shares to be issued as' aforesaid. Provid-by the requisite number of Shareholders, to ed however that any registered holder of two convene an Extraordinary Meeting to discuss shares or any number of shares being two the "advisability of closing the Stores," but above any multiple of three shall be entitled the Board'declined to comply, as the Capital to apply for one new share in respect of such two shares held by them. Such offer shall be of the Company had been subscribed mainly
made by notice specifying the number of shares for trading purposes, and the Stores hed only commenced business five months before. to which the shareholder is entitled and limiting the times withia which the offer if the correspondence that passed, did not These facts, although plainly gt forth in not accepted will be deemed to be declined and alter the expiration of such time or on Prevent the Requsitionists advertising gri extraordinary General Meeting for the receipt of an intimation from the shareholder '9th September. Some of the large share-to whom such notice is given that he declines holders then sub-divided shares, to obtain to accept the shares offered the Board may increased voting-power. The Company in allot of otherwise dispose of the same to defence applied Article 32 to future transfers, such persons and on such terms as they think fit.
This restriction led to-a postponement pond ing a test appeal to H.B-AL's Supreme Court, This was seconded by Mr. H.J. Such; and heard in Chambers on the 8th September, carried unanimously. The second resolu-resulting in favour of the appellants. Further respondence and advertisements directed tion, which was as follows, was then put to ist the existence of the Stores thea the meeting on the proposi Mr. ensued, the Directors maintaining their inten-MeLeod, seconded by Mr. H. Snethlage tion to give the new venture a year's fair 2.—That the Articles of Association be trial, which the Requisitionists opposed by altered in manner following: In Article 155 holding the Extraordinary General Meeting the word "December" ehall be substituted the 18th October at the Astor Hall. At for the word " March." this Meeting the Directors wore out-voted on Carried unanimously. show of hands, whereupon they demanded a Poll, the taking of which was delayed until The Chairman remarked that the neces-the 18th November, and the result not sary circulars would be sent to the declared until the 16th December, when the shareholders without delay. He was Company's Solicitors were instructed to pleased to be in a position to say that the it showed:—Votes mill was working in a very satisfactory for resolution (to close Stores) 1,749 5 against manner and that the products had been closing 1,952:—Majority 203 sold up to the 15th of-next month. The On the outcome being published, the busi-proceedings then terminated. ness improved, one-third of the years turnover being made within the last quarter. Persistent and prolonged obstruction not only hampered and disheartened the manage-Holloway's Ointment and Pills.—Disease, ment in indenting and importing,—undesirably increasing Local Purchases A/c to of the skin,—No case of disease of the skins abnormal figures,—but detrimentally inter-be its nature what it may, has failed to be fered with the' business in other ways, incurring besides, heavy legal, advertising, benefited when these potent remedies have and printing charges. "Under such circum: been properly applied. In scrofulous and stances, little or no profit could be expected. Working Accounts.—The Hotel shows a net scorbutic affections they are especially eervicerefit of $8,056.47; and the Stores a loss of able. Scurvy and eruptions, which had 5.991.15, both balances being transferred to Profit and Loss Account, resisted all other modes of treatment and Profit and Loss Account.—Contentious and gradually become worse from year to year, preliminary expenses absorbed $3,263.66. of the profits; and depreciation of Lease, Fur-have been completely cured by Holloway's niture, and Alterations, a sum of $4,268.20. cooling Ointment and purifying Pills, which The balance indicates a net loss on the yea transactions. The Directors, upon ascertain root out the disease from the blood itself and ing. this result, immediately enforced further eave the constitution free from every morbid-economies, reducing the staff, etc., and pro-taint, In the nursery Holloway's Ointment pose (subject to the opinion of the share holders) to sub-lease No. 4, Nanking Road, should be ever at hand; it will give ease in and confine future business fo the more pro: fitable lines only. sprains, contusions, burns, scalds, and infan-Ezchange.—The Rent (£300 quarterly) came tile eruptions, and may always safely. be to Tls. 1,997 the first quarter after purchase of lease; the last payment owing to fall in applied by any ordinary attendant. silver, equalled Tis, 2,313.25,
Text read from the printed page and cleaned; old type leaves the occasional error.