An extraordinary general meeting of the Shanghai Dock Engineering Ca. Ld., was held on Friday last to deal with a special resolution reducing the capital of the company. The directors present were Mr. John Prentice (in the chair) and Mr. B. D. F. Beith, and there was an attendance, representing 6,430 shares.
The notice convening the meeting having been 1 The chairman said:—Gentlemen, at our last annual meeting held on July 20, 1921, I said "We have sold the w Dock Property to the Nippon Yusen Kaisha (to be used exclusively for Wharves and Godowns) for Shanghai Tls. 800,000, but there may be a slight reduction in the price owing to the Chinese authorities asking for the surrender of some of the land for a road. This we hope to have settled shortly. As soon as the sale is completed and payment made for the property, your directors intend to add to the amount received a sufficient sum to enable them to propose to the shareholders a reduction of capital by a cash return of Tls. 25 per share."
The sale was only completed on May 9, when the land was transferred to the Nippon Yusen Kaisha and! the purchase money amounting to Ts. 761,610 paid.
The meeting to-day is therefore held to pass the extraordinary resolution to reduce the capital by a cash payment of Tls. 25 per share.
If the extraordinary resolution is carried, it will be submitted for confirmation as a special resolution at a meeting to be held here on Monday, June 12. If then confirmed, our legal advisors will at once apply to the Court for confirmation of the reduction, and to the Registrar of Companies for registration of the Order of Court. Payment of the return will be made immediately after the registration.
I now propose, and Mr. B. D. F.
"That the capital of the company be reduced from Tls. 5,570,000 divided into 55,700 shares of Tls. 100 each to TIs. 4,177,500 divided into 56,700 shares of Tls. 75 each, and that such reduction be effected by retwrning to the holders of the 55,260 shares that have been subscribed paid up Capital to the extent of Tls. 25 per share and! by reducing the nominal amount of each of the 55,200 shares of the subscribe ed Capital from Tls. 100 to Tis.
The resolution animously. was carried un-
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