An extraordinary general meeting of the shareholders of the above Company was held on Tuesday at 8 Kiangse Road. Mr. H. O, White presided snd there was a fairly large attendance.
The Chairman said Gentlemen According to our Articles of Association, the anansi general meeting must be held in March, bat " postponement may be allowed if sanctioned by the shareholders at an extraordinary general meeting. Your Directors have there-
express parpose of asking yon to fore called you together to-day for the the Teeotation, determining June 30 as the end of the Company's financial UN
629 year, a copy of the resolation you will find in your seats, We have several reasons for asking you to do this, chief among which that owing to the dilatoriness of Danman in Singapore, the Secreta and the auditors have found it impogsible to place before you any Incid state-meat of accounts. Afterhaving repeatedly demanded from him all the vouchers relating to the disbursements of the Company's funds, the Secretary eventually received them in November, and since then he has been in constant commnnicistion with Mr, Dunman in Singapore to elucidate different items which we cannot quite understand, and until these matters are perfectly cleared up, your Directors do feel justified in issuing you a state ment of accounts. Gentlemen, your Directors have been through these vouchers thoroughly, and can only confirm the opinion given us in a letter from our anditore, Mesers, Lowe, Bingham and Matthews, protesting very strongly at the unbosinesslike way in which the accounts and vouchers have been sent up. This letter is on the table here for the perusal of any shareholders who my wish to read it, and I hope, Gentlemen, this will be sufficient excuse for the apparent dilatoriness of your Directors in not presenting you to-day with the annns! accounts, They very much regret this, but it is naavoidable, I will let you kno! as We can make out from the vouchers sent ap by Mr. Dunman, bow your working capital has been disposed of. We spent approminately digging iallang and weeding, $28,800 bungalow and furniture, $4,800. Felling, clearing, roads, draine, lining, holing, ' planting, supplying, ete., 6,800. Coolie lines, shop, ete, Tls. 3,800. Tools, Tls. 1,300. Nurser Tls. 1,400. Estate ances, Tis, 6,300. Shanghai Agency, Tis, 5,000. Singapore Agency, Tis, 3,000. Rent, Tis, 700, Contingencies, Tls, 500. Postege, telegrams, stationery, ete, Tls. 800. Tapioca digging and transport, Tls. 800. Legal Expenses, Tis, 600. Medical, and Hospital, Tls. 700. Cattle and Carts, Tis, 600. The amounts I have read out total Tls. 65,800, we Tls. 4,000 remitted to the estate in February and March for which we have at present no statement of account as to how it has been expended.
Our working capital was Tls. 6,000 and our overdraft at the bankers stands to-dsy about Tls. 7,800
Mr. Dunman was asked to resign his position as visiting agent, and has graciously accepted as from December 31, 1910, We are now working direct with our estate manager, Mr. A. H. Graham, and find things going very much smoother, at a saving of $250 per mensem, which was Mr. Daman's remuneration.
With these remarks, gentlemen, I pass|will pat the resolution before the meeting to you, but before I do so I will be glad to hear if any shareholder
Text read from the printed page and cleaned; old type leaves the occasional error.