The following is the Liquidator's Report presented to the shareholders in the_ above company, at a general meeting held on Monday in pursuance of Section 187 (2) of the Companies Ordinances of Hongkong of 1911:—1, This meeting is called to comply with the provisions of the Companies Ordinances of Hongkong which require that, in the event of a winding up continuing for. more than one year, the Liquidator shall summon a General Meeting of the Company at the end of each year from the commencement of the winding up, and shall lay before the meeting an account of his acts and dealings and of the conduct of the winding up during the preceding year.
2. The Company, by extraordin= ary resolution, went into liquidation on August 29, 1921, and Mr.
A. Seth and myself were appointed liquidators jointly and severally for the purposes of such winding up, and our appointment, was confirmed at.a meeting of creditors called in accordance h Section 181 of the Ordinance id on September 29, 1921.
3. By virtue of the powers vested in the debenture holders and their Trustees under a deed of mortgage and trust dated February 14, 1916, S. A. Seth was also appointed as receiver on behalf of the debenture holders on September 27, 1921.
4. The Receiver for the debenture holders has continued carrying on the estate as a going concern, and the liquidators, as such, have no transactions to record.
5. Since the last general meeting the prospects of the rubber industry have much improved, and it' is now hoped that with rigid economy, sufficient profits will be made within the next year or two to pay off the special loans made to the Company and the accrued interest on the debentures. I am sure that the ebenfure holders will -then be only too willing to agree f a schethe for the reconstruction of thy Company.
6. At the last general meeting accounts for the year ended December 31, 1921, as prepared by the Receiver for the debenture holders, were placed before you. At this meeting there is produced fe your information the Receiver's accounts for the year ended December 31, 1922, and also for the half year ended June 30, 1923, From these you will see that. for the year ended December 31, 1922, a profit was made by the Receiver of Tls. 11,196,96, and that the profit for the half year _ended June 30, 1923, was Ts.
7. The production for the first half of 1923 was 80,800 lb, where-
Text read from the printed page and cleaned; old type leaves the occasional error.