Two meetings in connection with the business of this company were held at the Office, Bubbling Well Koad, on Wednesday evening. Mfr. A. W. Burkill was chairman. The Chairman, after remarking that the change in the constitution of the Company had been. satisfactorily made, without any curtailment of the business, asked the liquidator (Mr. W. H. Jackson) to read his report.
Mr. Jackson said:—An extraordinary general meeting of the Company was held on 17th August, 1903, at which resolutions were passed for the voluntary winding-up of the Company with a view to reconstruction. I was appointed liquida for, and authorised to consent to the registration of a new company under the same name with Memorandum and Articles of Association already rebared with the privity and approval vf the directors. A draft agreement was stib-mitted to the meeting, wherein I was authorised to enter into an agrecient with such new company when incorporated in the terms of the said draft and carry it into effect with any modifications that might be thought ex-client. These resolutions wore con-rined at a subsequent General Meeting held on 10th September and the meeting this evening has been called for the purpose of hearing from me of the manner in which the liquidation of the Shanghai Horse Bazaar Company of 1889 has been conducted. Tudor the terms of the Agreement I have transferred all the lands, buildings, money, goods, chattels, credits, debts, bills, notes, and things in action with the full benefit of all the Contracts and Agre aments, and of all securities in respect of the said things in action and all other real and personal property to which the old company was entitled on the Sist July, 1903, or has since that date become entitled to: and also the undertaking, business, and goodwill of the old company with its several mortgages, charges, liens, and encumbrances. The now Company has undertaken to pay, satisfy, and discharge all just debts, liabilities, and obligations for which the old company was liable on the 3ist July, 1903, or has since that day become liable. As liquidator I duly notified all members in writing of the number of shares to which they were entitled under the reconstruction. There is a small number of shares (twenty-six half-shares in all) to which some members are entitled. These I will use my best endeavours to sell on the open market, and the net of the sale, after paying all expenses incidental to the sale, shall be distributed in substitution for such shares rateable to those members who, if they had claimed, would have been entitled to such shares in accordance with their rights and interests. The agreement previously referred to was made on the 19th October, 1903, and duly signed and sealed by two of your directors and myself in the presence of a representative of your legal advisers. The necessary transfer of the lands owned by the Company has been duly made at the British and American Consulates. As it was necessary to have a person who should have power to execute documents and accept transfers, your Directors appointed Mr. R. N. Macleod (Stokes and Platt) as their attorney for the new company, and to him I have handed over written documents, duly sealed, in connection with, the legal transfer of the old company's undertakings. This Power of Attorney has, however, since expired. The Registrar of Companies in Hongkong has been duly advised of the meetings held in connection with the liquidation, and the usual notification of this final meeting will be sent to him without delay. The new company was duly registered in Hongkong on the 17th October, 1903, and the certificate of incorporation, is now before you. Coming to the internal working of the Company, you were informed by Mr. Burkill, who presided at the meeting held on the 17th August last that the land and buildings were revalued by Messrs. Scott and Carter at Tls. 183,000.00. Your directors however proposed to take these into the Company's books at a reduction of 25 per cent on the land and 33 per cent on the buildings; or, in figures, Tls. 148,000.00. To this amount is to be added the value of the piece of land purchased on the Gordon Road, Tls. 23,092.64, which is exclusive of the buildings being erected thereon. The stock of the Company was taken on the 30th June last and was valued at Tls. 79,000..v, inclusive of car nages, ponies, goods, ete. The earnings of the Company up to the 30th June were as follow:—Business done, Tls. 87,590.00; Receipts, Tls. 79,677.00; Disbursements, Tls. 99,757.00. "The amount of book debts was Tls. 33,000.00. The accounts to the 30th June showed the amount: of Tle. 52,743.6u to the credit of Profit and Loss account. There was no interruption in the business of the company for the purpose of the liquidation, the new company carrying on the bus ness of the old company in the same manner.
Mr. Jackson closed his report with a hope that: this account of what had been done would be satisfactory. A murmur of approval showed that it was so.
Text read from the printed page and cleaned; old type leaves the occasional error.