The final general meeting was held on Wednesday at the offices of the: Company, 13 Nanking Road, The notice convening the meeting having been read, the Liquidator, Mr. R. N. Truman, said:
The Company, at an extraordinary general meeting held on October 9, 1911, resolved to go into voluntary liquidation, which resolution was subsequently confirmed at another extraordinary general meeting held on Octet 23, 1911.
The Liquidator was appointed on October 23, 1911 and creditors were advertised for.
Shareholders representing 5,865 shares have not applied for their shares in the Chemor United Rubber Company, Ld., and in accordance with the terms of the Liquidator Agreement, have been sold at the best market price obtainable, viz., 80 candareens per share, the proceeds of which have been placed to 8 special account in the Chartered Bank, so that, in the event of shareholders presenting their old scrip within the next six months, the proceeds from the sale of their shares will be handed to them less charges.
The Liquidator's statement is on the table for the information of shareholders; it calls for little comment as it merely sets forth the transfer from the Old Company to the New Company. The estates have+ been transferred to The Chemor United Rubber Ca., Ld.
Before putting the fini tion to the meeting, I shall be pleased to answer any questions.
No questions were asked and the resolution "That the Liquidator's statement of account submitted to this meeting, showing the manner in which the winding up has been conducted and the property of the Company disposed of, he received and adopted. and that the books, accounts and documents of the Company be handed over to the Chemor United Rubber Ca., Ld.," was proposed by: Mr. O. Mordhorst, seconded by F. W. Sutterle and carried unani. mously.
The Liquidator said he would notify the Registrar in Hongkong of the final general meeting, and The sixth annual meeting of the shareholders of the Shanghai Dock Engineering Ca., Ld., was held at the head offices of the company, the Old Dock, yesterday afternoon. Mr. John Prentice, chairman of directors, presided, and the othere present were Messrs. A. M. Marshall, C. Michelau, Ds Landale, and H. A. J. Macray, directors; J. H. Osborne secretary; J. M. Young, R. E. Kadoorie, Horatio Robertson, J. McCracken, A. K. Craddock, Brodie A. Clarke, Fu Siao-en, G. von Arnim, Hugh Rodger and W. 8. Burns, representing 7,960 shares.
After the notice calling the meeting had been read, the chairman addressed the shareholders in the following term The report and accounts having been in your hands for some days, with your approval, we will take them as read. We regret that the hoped-for revival of shipping and trade has not yet taken place, but we trust that it will not be much longer delayed and that the affairs in China may soon be settled and placed on a firm and solid basi story to all concerned; when this does take place we have no doubt that not only China but all connected with her will mutually benefit.
Work during the year has stil} been scarce and competition for it very keen, and prices, therefore, necessarily very low. However, with all this we have had a g&bd share of all work going, and our gross earnings have increased by a little over thirty per cent. and our net earnings by about fifty per cent.—not a bad result taking everything into consideration.
The net profits for the year including the amount brought forward from last year and after paying all charges and allowing for all known liabi amount to Tis.. 169,766.29, which we recommend be dealt with as follows:—Pay a dividend of Tls. 3 per share and carry forward to new account Tls. 4,166.29.
Your directors after careful consideration decided to make this recommendation, under the present conditions in Shanghai it was the best thing to do in the interests of the shareholders.
With regard to depreciation your directors have gone carefully into the matter and have decided to take Tls. 300,000 from the reserve fund of Tls. 1,000,000, and place it to the credit of a depreciation fund which
Text read from the printed page and cleaned; old type leaves the occasional error.