Yesterday afternoon an extraordinary general meeting of the shareholders of the Hongkong and Whampoa Dock Company, Limited, was held at the offices, 14, Praya Central. Mr. J. Kramer presided.
The Secretary read the notice eénvening the meeting.
The Chairman—Gentlenién, at our ordinary half-yearly meetin' in August, 1895, we informed you that certain changes in the personnel of our staff seemed desirable and I have pleasure in informing you that these changes have roved to work satisfactorily. We have, however, found it necessary to make certain slight technical alterations in our articles of association, and as an extra ordinary general meeting had to be convened to give effect to the resolution of the shareholders atthe half-yearly meeting held in February last, respecting the increase to the fees of the directors, we have taken the opportunity of bringing forward the various matters at one time, and I have now to propose the following resolution That the Articles of Associntion be altered in manner followin; (a) Paragraph 10 of Article 2, which now reads as follows:—" Auditors Se-""retary and Manager mean those res} Officers from time to time of the Company" and the marginal note of the. sume paragraph shall be cancelled, and in Tien thereof the following marginal note and paragraph shall be inserted that is to say Chief Manager {Shia Manager Secretary "Secretary and "and Auditors" "Auditors respec-"'tively mean the "persons for the "time: being per-"forming the duties "of these respec-
(0) In article 69 the words "One thousand dollars" shall be eliminated and there shall be substituted therefore the words "two thousand dollars." (c) In article 70 the words "Chief shall be substituted for the word " Manager."
In article 72 and in the marginal note thereof the word "Manager"
where it occurs shall be eliminated and the words "Chief 1 shall be substituted therefore. there shall be added the words "or Chief Manager."
Mr. Sharp—Sir, I beg to second: the resolution which you have just read. I think that in regard to the appointment. of he Chief Manager—as that seems to be the outcome of your recent experience in the management of the Company and that this appointment seems to have been found desirable for the better welfare of the Company—shareholders will be found to readily agree to this proposal. - With regard to the matter of directors' fees, it. 7\now some considerable time since this 4 matter was first mooted and there has been ample opportunity in the interval that has passed to consider the matter in all its bearings. We have no doubt thrashed the matter out in the course of conversation and we have had the benefit of seeing the various letters' [which have appeared in the public prints, Personally I do not think it is such a dread-[ful proposal as some of the writers would {have us believe. Considering the time that the directors have devoted to the business of the Company and the interest they have taken in it T do not think that the proposed increase is in any Way pre-pesterous in the way of remuneration, fam told that when the present articles association came into foree—nbout 1869, I believe—the work of the directors was very small compared with what it is now, and there em be no doubt that they have laboured very much and, think, not unhappily for the interests of shareholders—(applause)—as the work has been multiplied very considerably. illustration of this I find on looking through the accounts that the gross earnings of the Company. for the twelve months ending Tune, 1869, were rather under £300,000, and that has been going on and multiply: ing and increasing until the gross total for last year ending December was close on $2,350,000. (Applause.) Personally I for one would not be so niggardly disposed as to oppose an increased remuneration for the increased work: and increased responsibility implied by these figures, especially if the Company goes on producing accounts in any degree as good as we have seen in times gone past. I have therefore much pleasure in seconding the resolution.
Mr. J. F. Reece—Mr. Chairman and' Directors and shareholders of this Company, Lwill not say anything about the first pare j of this resolution, that is to say, in respect: to the appointment of Chief Manager, ex-feet that I am under the impression—I may be right or I may be wrong—that Mr. {Gillies is the Chief Manager appointed, and if so we heartily concur in his appoint ment. (Applause.) We cannot possibly have a better manager than' Mr. Gillies. (Applause). But, gentlemen, the second part of the resolution, that respecting the Uirectors' fees, is one, T think. which re, quires some consideration. All of us shareholders have the greatest possible confidence in our directors. They are, without exeeption I should say, one of the best bodies of business men that.can he collected in this colony, and they most certainly conducted the affairs of this Company, for the past tivo, or three years at any rate, in a most excel-' lent manner; and, gentlemen, Iam quite' of opinion that the directors should have adequate remuneration, but I do not think that is quite the point now. The point is whether they have gone the right way about it. There is a right way and also particular instance think they have gone rODg Way of doing a thing, and in this about it in the wrong way. They convened the ordinary yearly meeting of the Company by a notice dated 17th February; that meeting was convened for the 23rd. February.
The Chairman—3rd. February;"i convened on the 3rd February.
Mr. Reece—I may be mistaken.
Text read from the printed page and cleaned; old type leaves the occasional error.