Another extraordinary general meeting wax then called to consider three special resolutions in connexion with an increase of capital.
The Chairman:—Gentlemen—We have had to call thix meeting owing to the fact that it is necessary to raise more money than the original capital provided for the development and up-keep of oar estates. Your directors have: considered the matter very carefully and they see no other satisfactory method than that of increasing the capital to supply the funds that are needed, and we think that it can be raised in such moderate following resolutions were carried unanimously, 1.—That the Capital of the Company be increased to Tls. 375,000 by the creation of 1.250 new Shares of Tls. 100 each.
2.—That the Directors be and are hereby authorized to offer such 1,250 Shares to the Shareholders as far as possible in proportion to the existing Shares held by them. viz., of 1 new Share to every.2 old Shares, such new Shares, unless taken up within the time fixed by the Directors, to be dealt with such manner as the Directors may consider best io the interest of the Company.
3.—That the sum of Tls. 10 be payable on allotment and the remaining Tls. 90 per Share be called up in instalments of not more than Tls. 10 at a time and that the time for making such calls be in the discretion of the Directors but that not less than one month's notice to pay any instalment be gireo.
This concluded the business of the meeting. instalments ax not to press heavily on the shareholders, to whom will first be offered their proportion of the new shares. T explained at our last meeting how the necessity we have to face has come about and I can add nothing, I think, to what said then in recommendation of our present proposal. net I ce no other method. I believe it assures the ultimate sncooss of the nnderiaking, while any " starving " of our estates must result in disaster.
The extra capital will not cause the company to be over-capitalized, if the estimates are realized as the trees get old enough (say in three or four years) and I should expect that some return will be available even earlier if we a oes nds to shareholders.
the plan of devoting income to estimated that Tls. 115,000 will be required up to the end of the year 1912, of which Tls. 25,000 should be provided this year in two calls of
Text read from the printed page and cleaned; old type leaves the occasional error.