The annual general meeting of the Senawang Rubber Estates Ca., Ld., was held on Monday at_ the head offices, No. 244 Kiangse Road, Mr. E. T. Byrne presiding.
In his Speech the Chairman said The loss on the year's working is regrettable. You have been fully advised of the outbreak of mouldy rot which resulted in the heavy expenditure necessary to put the estate in good order again. I can assure you that every cent spent has been necessary, and_ every economy has been exercised in so doing.
The overdraft with the company's bankers at present is approximately Tls. 45,000, which is guaranteed by Mr. Kadoorie, Rev. Father Castrillo and Rev. Pere Sallou on behalf of their Missions, and also by the secretaries and general managers, and we have to thank them all for being the means of carrying on the work of the estate up to the present time.
With the report and accounts the directors have issued a circular regarding a proposed reconstruction of the company, which after serious consideration the Board has decided. is the only method that can be -adopted to put the company on a sound footing. At. the extraordinary meeting which is called to take place immediately after this, I will put the resolutions necessary for reconstruction before you. here were no questions, and the formal resolutions were adopt-
Extraordinary General Meeting The meeting was followed by an extraordinary general meeting, at which the attendance represented 21.503 shares, The secretary having read the notice convening the meeting, the Chairman said The circular letter dated the 19th instant, putting before you the proposed scheme of reconstruction of the Company. has been in your hands since about that date, and I do not think it is necessary for me to further propound to you the present position of the company.
In my speech at the annual meeting just held, I told you under what conditions we were enabled to obtain the present overdraft with the Company's bankers. As the Bank is anxious to have the overdraft repaid, your directors, with a view to having same done and to obtain more capital to carry on the working of the estate, have finally decided that the only course left is to go into voluntary liquidation, and reconstruct the Company as detailed in the circular letter sent to_you.
The Company's property, as you are undoubtedly aware, is a very valuable one, and Iam confident that all the members see the necessity of the scheme of reconstruction to place the Company in. a position, to carry on.
I regret that there is such a small representation of shareholders present but I may mention that 29 shareholders have sent in their proxies and are represented' by Mr. Stewart.
I now beg to put the extraordinary resolutions to the meeting. They are proposed by myself and seconded by. Mr. A. K. Craddock and are as follows 1—That it is desirable to reconstruct. the company and accordingly that the company be wound- up voluntarily "and that Charles James Lindsay Stewart of Shanghai be and he is hereby appointed liquida-for for the purposes of such winding up.
2.—That the said liquidator be and he is hereby authorized to consent to the registration of a new company to named the Senawang Rubber Estates Company (1921), Limited, with a Memorandum and Articles of Association which have already been prepared with the privity and approval of the directors of this company.
3.—That the draft agreement submitted to this meeting and expressed to be made between this company and its liquidator of the one part and the Senawang Rubber Estates Company (1921), Limited, of the other
Text read from the printed page and cleaned; old type leaves the occasional error.