An extraordinary general meeting of the Now Amherst Rubber Estate, Ltd., was held on the 14th instant, 1920, at the offices of the General Managers, Messrs. R. N. Truman Ca, Mr. G. Grayrigge presiding, In the course of his speech, the Chairman said:—It will be remembered that a resolution increasing the Board's borrowing powers to Tls. 200,000 was passed at the meeting held February 27 last. At that time a scheme for raising the funds required had been formulated, but was abandoned on the suggestion of our legal adviser, owing to legal obstacles, and after prolonged consideration, the Directors wish to place before the meeting the scheme dealt with briefly in the circular notice. Approximato estimates of expenditure for bring ing the whole Estate of 1,363 acres into bearing have been prepared by the Manager and the Visiting Agent, and these indicate an expenditure of Rs. 1,044,480 to October 31, 1925. The estimated crop to be harvested to that date is 566,232 Ib. which, at Rs, 1 per th., shows a deficit of Rs. 478,248 at' an exchange of say 280=Tls. 170,800. To be added to this figure are, head office expenditure say Tls. 36,000, debenture interest Tls. 100,000, overdraft at Bank Tls. 29,000," existing debentures Tls. 57,000, which bring the total deficit, as at October 31, 1925, to approximately Tls, 393,000.
The Directors now propose to call in the existing debentures, and issue a new series of 400,000, Ti. 1 nine per cet. first mortgage de. bentures, ranking for dividend part pass with the existing ordinary shares in the Company, and convertible at 3 days' notice into ordinary fully paid up shares. The Company to have power to pay off the new series on giving six months' notice. In this event a bonus by way of a special payment for redemption of % per cent. shall be paid to the debenture-holders by the Company, and in the event of the Company going into voluntary liquidation for the purpose of amalgamation or reconstruction, including a sale or transfer of assets under a power in the Company's memorandum of association or under Section 185 of the Hongkong Companies Ordinance of 1911 and an arrangement under Section 121 of the said Ordinance, the.security shall only be redeemable on the terms of paying the above mention-
In order to negotiate the new scheme for the issue of the new series of debentures. it becomes necessary to increase the authorised capital of the Company to Tls. 500,000, also to increase the Directors' borrowing powers.
The following resolutions were then proposed and passed 1.—That the capital of the Company be increased to 500,000 Shanghai taels by the creation of 300,000 additional
Text read from the printed page and cleaned; old type leaves the occasional error.