Legal formalities connected with reduction of the capital of the Shanghai Dock & Engineering Ca. Ld. were concluded at H. M. Supreme Court on Monday before his Honour Judge Grain.
Mr. C. Mansel Reece, appearing for the Dock Company, said that the matter having already been the subject of pleadings in chambers, he would confine himself to reading the petition and then ask his Lordship to make the order for reduction.
In answer to his Lordship, counsel said he had prepared a petition, which he would now file, showing that there were no persons having any claims on the company and that the matter had been duly advertised.
Counsel then read the petition, asking for reduction of the com. pany's capital from is. 5,770,000, divided into 55,700 shares of Tls 100 each to Tls. 4,177,500 divided into 55,700 shares of Tls. 75 each, according to the terms of resolutions passed at extraordinary meet: ings of the company held on May 26 and June 12. The reason stated for the reduction was that the present capital of the company was in excess of its wants, including all liabilities.
Counsel also asked that the words "and reduced" be removed from the name of the company as from to-day.
His Lordship made an order for reduction of the capital as requested, that the words "and reduced" be deleted from the company's name, and that the order be advertised in the "North China Daily News," the "North China Herald," and and the "Shanghai Mercury."
Text read from the printed page and cleaned; old type leaves the occasional error.