A general meeting of the above Camp washed at (Ga, Peking Road, on Monday last, but only few shareholders were present to receive the Report of the liquidators, which was the chief business of the meeting.
Mr. J. R. Twentyman said the n had been called only t" meet the require: ments of the Hongkong Ordinances. The liquidators still had ea hand " considerable quantity of glue, for which there was difficulty in securing a purchaser at a remunerative price, and as soon as that was sold the affairs of the Company could be finally disposed of. Meanwhile a dividend of Tls.5 per share was available, and would be paid on Thurstay on presentation of the scrip. The liquidators were very sorry things had turned so badly, "All but one of the directors had given up their fees and the general managers a part of the monies due to them "They could not do more to help the Company out of the financial quagmire into which it lad fallen, Mr. A. J. Stewart remarked that the accounts presenta! were inadequate and did wot properly exhibit the Company's financial position. Four months were quite unaccounted for, and he could make nothing out of the figures supplied Mr. twentyman explained that the statements were not intended as accounts, Dut merely to show receipts and payments by the liquidators. As a shareholder Mr. Stewart had free access to the books for further information.
Mr. Stewart would like to see the remaining glue forced on the market, so that the final winding up could be speedily accomplished. It must be deteriorating in value and " eating its head off" with expenses.
Mr. "twentyman replied that. the liquidators now had offers for the tine and he hoped to effect a clearance of the lot ata fair price in a few days There being no further business the shareholders dispersed.
The Report is as follows The Liquidators beg to lay before the shareholders the statement of the Liquidation Account from the first day of May 1901, the date of the Company's going into liquidation, to the 39th day of April 1902. The il idea of the Liquidators was to endeavour if possible to obtain additional funds to carry on the work, by forming a syndicate to purchase the Company's property and undertaking at public auction; and with this purpose in view, issued a circular to the Shareholders dated June Ist, 1901, asking their support. This, however, met with such a fe-ble response that the Liquislators were forced to reluctantly aban-dou the idea, and the plant and undertaking of the Company were therefore sold at public auction to the highes' bidder for the sum of Tls. 24,009. Most of the outside claims have been paid offin full, and the present account loses with a balance due the Shareholders of Tls. 5,087.98.. In addition to the above balance, there is held in trust by Messrs. Stores and Platt Tls. 9,716.72 (which Tepresents a portion of the purchase money of the Company's property) and there is also
Text read from the printed page and cleaned; old type leaves the occasional error.