general meeting of the shareholders in this Company was held at the offices of Messrs. Jardine, Ca, yesterday afternoon, resent, Messrs. R. Inglis (Chairman), J.
Seottand H.R: Kitmosr. (Directors, Mr. J. C, Hanson (Legal Adviser), Mess. ©.'M. Adamson, H. M, Bevis, F. D. d'Ahneida, W. Dobie, W.F. Inglis, W. Little, A."E. Wheeley, J. M. Young, and Anton (Secretary).
The notice convening the meet was read.
The Chairman—You are aware, gentlemen, that according to_ the existing of Settlement your Directors are powered to borrow, without reference to the shareholders, up to the amount of Taels 1,000,000, and the present meeting has doen called to ask you to give your Directors power to borrow double that amount, L. ¢., Taels 2,000,000 in all at such time or times as the money will b- required for the development of the Company's promises in the matter of new fave sistady issued deb-tures for la jetties, pontoons and—goduwnsy
435,000 at 6 per cent per annum and have on the Sth May advertised a further issue is. 565,000, terminable in 10 years from the 30th June, 1903. 'This will' make the million trols that the Directors have at present power to issue, and I will now give you some details as to the necessity for the other million taels. We bought on the Ist May, 1903, from Mr. James Simpson the lot of land fronting Broadway, Consular Lot No. 1121, measuring about 16} mow, and I may mention that the price wss a very moderate one. Weare in negotiation with Mr. Forbes for the purchase of his property at Hunt's Wharf, which has a frontage of 300 feet and' now are only waiting for the necessary powers of aitoruey to conclude the transaction. These I expect at the end of next month. These purchases, gentlemen, and the extensive work goi on at Tungkadoo will show you the secessity of raising more money, and I would beg w say that as far as the temporary finance is concerned, i.e., until debentures can be issued, Ihave already made the nece-sary arrangements which, however, are of courss subject to your approval of the special resolution which I now beg to propose.
The resolution is as follows That the Board be and they are hereby authorised to raise or borrow by meos of debentures or otherwise for the purposes of the Company the further sum of One Million Taels in addition to the sum of of the Company's Deed of Settlement.
Mr. J. L. Scott seconded the resolution, which was carried unanimously.
This concluded the business of the meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.