The extraordinary General Meeting of the above Company was held at the offices of the General Managers, Messrs. Gibb, Livingston and Company, at 4.30 p.m. on Monday, when the following shareholders were present:—Messrs. E. Jenner Hogg (chairman), J. M. Young, H. R. Kinnear, J. Dudgeon and C. R. Burkill, Directors, H. P. Wilkinson, Geo. R. Purcell, C. 0. Liddell, E. Wheeley, W. D. Little, B. Buschmann, Chun Foo-kee, A. M. Reith, C. D. Kerr, C. Midwood, Thomas, E. W. Styan and A. P. Wood, representing 537 votes.
Mr. E. C. Ozorio was appointed Secre-Mr. E. Jenner Hogg said:—At our annual meeting on the 2ist February last I suggested the early probability of your Directors proposing to you a further issue of capital. It affords mo much gratification to be able to inform you that the increase of the business of the Company justifies the Board in now calling you together to consider and, I hope, consent to a proposal to carry this into effect. Wo are finding ample employment for this money that Wwe propose to raise, and do not therefore hesitate to come to you for the necessary power. As you are aware our capital now stands at 39,000 shares of Ts. 50, equalling Tls. 1,950,000, and we propose to issue a further 18,000 shares of Tls. 50, equalling Tls. 650,000, making a total of 52,000 shares and bringing up the capital to Tls. 2,600,000.
Your Directors consider that it is in the interest of the Company to issue these shares at a premium of Tls. 30 per share, bringing in an additional sum of Tls. 390,000 to be placed to reserve fund, and which will contribute to the strength of the Company. The proposition then is to issue these 13,000 shares at Tls. 80 each and offer them to shareholders in the proportion of 1 new share to each holder of 3 existing shares on the register to-day, the notice to be given to shareholders not later than July 3ist next; but payment will not be required before the 31st December next, and the shares will only rank for dividend from January Ast, 1903. It has been suggested that it would be convenient to some shareholders to pay the equivalent for their shares earlier than December 31st next, and the Board will arrange to accommodate an} shareholders who may desire to make sue payments, issuing receipts bearing interest at 6 per cent per annum, to be exchanged for scrip after the Ist of January, 1903.
The details of our proposal are fully contained in the resolution which has been published and which I now beg to propose, Tt is (a) That under the powers conferred by the Memorandum and Articles of Association, the Capital of the Company be increased by the issue of Thirteen Thousand Now Shares of Fifty Taels each paid up in full, addition to the Thirty-nine Thousand like Shares already existing.
(b) Sech Now Shares shall rank for dividend as and from 1st day of January, 1903. (c) Such New Shares shall be offered to the Shareholders on the Register on the 23rd day of June, 1902, on auch terms and conditions as the Board of Directors shall determine in the proportion of one New Share for brery three existing Shares held them, and such offer shall be made by notice to be issued not Inver than the 3ist day of July, 1902, s.-ecifying the number of the New Shares towhich te Shareholder is entitled, and the rate of issue of such S: ares, and stating that offer will be -remed to be decline! unless an acc-prance of such offer in writing is delivered to the Agents of the Company or to the Compeny's Bankers, the Hong kong & Sharghni Ba Corporntion, "t Shanghai, on or bef -re the Bist day of Ducember, 1902, together with such sum per Share for each New Share so accepted as the Board shall determine.
(a) Upon acceptance and payment within the time above mentioned the Shares, so accepted and for shall be allotted according]
Text read from the printed page and cleaned; old type leaves the occasional error.