Shanghai, May 7. Before his Hoxour Jupe Sxinwen In_the matter of the Shanghai Cotton Manuiacturing Ca., La.
This was a petition by Frederic! Jame Burrett, a shareholder in the above company, for the winding up of the company subject to the supervision of the Court.
Mr. D. McNeill appeared in support of the petition with Mr. W. H. Langley Smith, and Mr. R. N. Macleod, with whom was Mr. A.
Seddon, appeared to oppose on pehali of the company.
Mr. MeNeill after handing in the Registrar's certificate to the effect that all the necessary preliminaries the hearing had been complied with, and also a statement showing the ' shareholders supporting and opposing the petition, read the petition.
The petition recited events leading up to and the holding of the extraordinary general meeting of April 9, when it was decided to wind up the company and to _appoint Messrs. Thomson and E.S. Wilkinson liquidators, and the amendment to the resolution _adding the name of Mr. E. M. Ross as liquidator was lost. The petition went on to state:—
Tue Proposep Sate.
Your petitioner considers that the general interests of the shareholders will be best served by giving very wide publicity both in Shanghai and elsewhere to the proposed sale of the company's property and that he and other holders associated with him are in a position to advertise such proposed sale in quarters not acces sible to the liquidators named in the said resolution and thus to stimulate competition among possible buyers of the company's property. Your petitioner and such shareholders desire to be repre-septed in the liquidation so that they may be in a position to obtain the most full and accurate information regarding the property to be acquired by a purchaser and they are convinced that without such information they cannot make adequate use of their special facilities for securing a sale of the com-pangs assets on terms beneficial to shareholder Your petitioner submits that the refusal of the board to assent to the proposed amendment was unreasonable and that such refusal and the conduct of the said M. Nodaira and the rejection of the said amendment by the meeting of the oth day of April, 1920, are indieative of a desire on the part of the Board of Directors and the agents and general managers of the company and the Japanese shareholders therein to withhold from a Jarge body of shareholders the opportunity of assisting in the profitable realization of the com-Pany's assets and to restrict the
Text read from the printed page and cleaned; old type leaves the occasional error.