Third Ordinary General Meeting Valean Ironworks, Limited, was held at the Head Office, 45 Yangtszepoo Road, Shanghai, at 4.30 p.m., on Monday, January 6, 1908.
There were present—Messrs. P. V. Davies (Chairman), 0. Middle-to, W. M. Law (Directors), J. Cromarty, Woo Saw-chin, C. A. Skinner (Secretary), representing 333 shares.
The Chairman said, there being quorum present, he would ask the Secretary to read the notice convening the having read the noti ving 3 notice.
The Chairman said—Gentlemen, As you have had the report and statement acenants before you for some time, I will with your permission follow the weal procedure and take them as read.
Referring to the accounts you will notice that the balance standing at goodwill account in our last balance sheet has been written off, and your Directors trast thet this meets with your approval.
Unfortunately at the beginning of the year 1907, our offices were burnt down, and although most of our books and plans were saved, the work of the office staff and draughtemen was considerably hampered for some months, bat you will be pleased to learn that everything in this respect was in order before the annual audit.
Daring the past year we have secured a fair share of the work offering and have been able to practically keep our plant in full operation, but to do so we were obli in several instances to be satisfied with comparatively small profits, therefore the credit to Profit and Loss account is not such as would justify your Directors in recommending '8 dividend.
Some time ago notice red_in the "North-China Daily News" stating that Messrs. A. R. Burkill & Sons had been appointed General Managers to the Company. This arrangement dates from after the year under review, so that it is necessary now to inform you that such arrangement has been ut into effect on a satisfactory basis, The Chairman then said he would be pleased to answer any questions that might be asked. There being no questions, the following resolutions were put to the meeting and carried unanimous-
"That the accounts as presented for the year ended August 31, 1907, be adopted and passed." Proposed" by Mr. P. V. Davies and seconded Mr. 0. Middleton.
"That Mr. P. V. Davies be re elected elected a Director for the ensue ing year." Proposed by Mr. 0. Middleton and seconded by Mr. J. Cromarty.
That Mr. G. H. Thomson be re-auditor of the Company for the ensuing year." Proposed by Mr. Woo-Saw chin and seconded by Mr. W. M. Law.
The Chairman said this concluded the business of the meeting and thanked those present for their attendance.
'A vote of thanks was then proposed to the Chairman and the meeting closed.
Text read from the printed page and cleaned; old type leaves the occasional error.