The annual general meeting of the Shanghai and Hongkew Wharf Company was held at the offices of the General Agents on Monday afternoon. The chair" was occupied by Mr. A. P. MacEwen, and there were also present Messrs. A. McLeod, J. L. Scott, E. A. Howe J. Dudgeon (Directors), D. MeNeill (Legal adviser), R. Inglis, D. KO. Tandale, J. Buchanan, J. M. Young, H. K. Hiller, A. Wheeley, J. P. Roberts, Wickham, A. K. Craddock, "W. Drummond, W. S. Jackson, E. Jenner Hogg, ©. D. Morrison, C.'D. Kerr, P. McGregor Grant, H. D. Butterworth, B. 'A. Clatke, H. R, Boyd, BR. E, Bredon, Spooner, W. Lamond, jurly., A. J. How (Shareholders), D. Glass (Acting Mauazer), CE, Anton (Secretary), representing 3,725 shares.
The Secretary read the notice convening the meeting.
Thy Chairman said—Gentlanen,. we will with your permission take the Report as read. You will agree that it is a satis factory one, considering the turbance to' trade and shippin: taken place during the year. a6 the figures in the report camp: them with those of last year it may be of interest to mention a few of the items. The actual gross earnings are Ths. 8,500 over those of 1809, but the expenses in coolie hiro are very much less, viz, Ths. 191,639, against Tis, 237,004 the previous year, This is owing to the reduced numer of steamers coming and their smaller cargoes. The increase in_godown renv is Ts. 102,000 over 1899 and steamers gross less by Tls. 94,000 but, ay mentioned, the expenses are Tess and net result is a for 1900 of Tls. 38,000. A concourse of, to us, fortuitous circumstances helped the increase of last year. For instance we had 14 transports at the Hongkew Wharf ud made a fair amount out of them, A iderable item, say half the increase age, is from rent on railway materi and goods originally intended for the North, but landed and stored here, also there has been large stock of Cardiff' coal. The followi atement of steamers berthed at the wharves in 1899-1900:—
Home Steamers..
In 1800, In 100.
134 3 able falling off for last with the previous one, which was onl expected. 'There' is a diminution in 1NO1 to date as compared with 1900 in the number of steamers berthed. At this period it is too early to estimate, but Estill hope that the earning of this year will be story, and in order to equalise the dividend as far as possible a larger amount has been carried forward shan usualy Tls. 32,000. During the critical period last summer our European staff" were and night int nations fy protect as far as power the important_ interest committed to their care. The Directors have voted them 10 per cent bonus on 1 ies which will doubtless meet your approval. I do not know that there is anything further I can say which will be of practical use as regards the report. You have a magnificent property which has been kept ood repair throughout. That the trade of this port, when the political horizon is cleared, wi flow back to its former channels in i creased proportions is beyond a doubt. And now as regards the proposal to register the Company under the Limited lity Act, the desirability of doing this had been brought prominently to the notice of the Board by some of the leading archolders. There is no possible objection to it om the' part of the Directors.
Certain formule will have to be gone through, such as liquidating the Company, paying off the present debentures which amount to Tls. $70,000, and this we are informed by our legal' representative is obligatory. This will necessitate the issu-of the balance of the uncalled capital consisting of 4,900 shares, buying on the market 100 shares and then offering to share holders 1 new share to each present holder shares. The ideas of the Board regarding the premium these shares should be issued at are as already publicly stated Tls.
per share which would produce Tis.
25,000, sufficient to pay off the deben-ties of the Company. However, a large number of shareholders have expressed an opinion that the issue of the new shares should be at Tls. 100 premium and if this is the wish of the majority of shareholders there will be no objection on the part of the Board. The whole matter will be thoroughly discussed an extraordinary general meeting to be for the purpose. All I ask you at this meeting is to express an opinion as to the desirability of the scheme. I shall be riy further information you uswer any questions you ay wish to put.
Mr. E. Jenner Hogg, in the course of some remarks, referred to the property of the Compans, which on examination proved to be in good repair, Ho afterwards went on to discuss the question of turning the company into a limited liabi company, and spoke in favour of the issue of the remaining shares xt Tls. 100 pre-
The Chairman—You have heard the interesting remarks of Mr. Hogg, who has always taken such a keen interest in the Honzkew Wharf Company, and I think it would be desirable that at this meeting, which is a large one, some one sould put a proposition as to whether it is the wish of the. shareholders that the company should be registered.
A Shareholder—May I beg the liberty of asking one question, Have we avy right to pay off the debentures The Chairman—We have.
A Shareholder: At par.
The Chairman—Yes, at par.
Upon the chairman' asking those who were in favour of registering the company to signify the same in the usual way, all present did so.
TheChairman—It is carried unanimously that the company should be registered, and we will immediately take steps to call an ex-ary meeting for which one month's notice will be necessary. At that meeting we shall give notice ty the debenture debentures will be paid off, and we are given to understand that if the company is liquidated these debentures can be paid off immediately.
A Shareholder—Mr. Chairman, I may be mistaken. I think you mentioned that it proposed to issue the unissued shares at 125 "Ts, The Chairman—Tls. 125 premium, Mr. Hox prehension about Mr. Wickham Tundersiand it is to be issued at Tls. 120 premium.
The Chairman—In the remarks I made Isaid that in the opinion of the Board these new issues should be at Tls. 195 premium, but we have heard from a large body of shareholders that they wish these issues to be at Tls. 100 premium, and if that is the opinion of the shareholders the Board will have no objection to it.
A Shareholder—Do you take that expr ion of opinion at this meeting Chairman—At the extraordinary meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.