These have wow fairly commenced, and two or three have taken place during the interval.
On the 24th instant the yearly meeting of shareholders in the West Point Building Ca., Ld., was held. The report and accounts were passed nem. con. and the other business put through expeditiously, The Chairman in his speech commented on the improved prospects of the Company, the net profits showing an increase of nearly $7,000. He lid this increase was brought about by an iuerense in the gross rentals. The monthly return in 1898 was $2,400 and vacancies estimated at $300. The rent roll is now $8,900 und no vacancies, Not quite so brief, nor yet so formal, were the proceedings at the annual meeting of the Hongkong Land Investment Com= pany, Ld, which took place haitan-hour Inter' the' same morning. There was our of a proposal to be made by come share. large attendance, drawn partly by the rum-
holders for transferring the reserve fund to capital. After the Chairman's speech in which he was able to congratulate the shareholders on the highly satisfactory result of the working for the year, Mr. MeConachie got up and made a long speech in which he advocated the adoption of one of two courses, either to convert the Reserve Fund into capital, making the 350 now paid up into $75 or to call up another $25 per share in addition, and make the shares $100 paid up, the amount authorised under the articles. He argued that if there was no reserve of liability trustees and others who wished to have their money invested in the Colony would be glad to invest in the stock, while it would steady and strengthen it. The Chairman said they could not put any resolution on the subject, as a special meeting would need to be held to discuss it, but he was willing, to take the sense of the meeting formally at the close of the proceedings if Mr. McConachie wished. The report and accounts were accordingly passed by acclamation, the changes on the Board confirmed, and then the proposal was discussed. Ultimately it was decided, in view of the fact that few of those present had come to any decision, to call a special meeting for discussion of the project, to which the Chairman said the Board were prepared to accord a sympathetic consideration.
Text read from the printed page and cleaned; old type leaves the occasional error.