Capt, J, T. Inch asked on what lines, from a financial of view, the directors meant starting the estate, What was in their minds in the way of issuing new shares, at what price would they issue them and would the money be wanted immediately, or would it be spread over six year:
The Chairman—For the actual purchase of the Iand we have sufficient surplus money necumulat during the last few Years. It difficult to say how soon we should want money, but certainly not any! further money for a year and then we should not want the whole lot, but probably, apart from the purchase price, about £10,000. It depends, of course, on the market at] the time of issue, but the directors! had it in mind fo issue shares at:
30 and it should not be necessary to issue more than 8,500 altogether Mr. H, J, Clark said that he thought the feeling in the minds most shareholders was that surplus: funds which in the ordinary course would come to the shareholders in the shape of dividends now were to be diverted to the purchase of the new estate, The Chairman—No; the surplus funds do not represent profits.
Mr, Clark—If you start this new company, will it not increase over-Tead charges?
The Chairman—It vould not inlexease overhead expenses as far as the working ix concerned, because until it comes into bearing' it would all be charged against capital Answering other questions, the Chairman said that the voleano alive. The crater periodically filled with water, then the water fell through and the volcano discharged. Tt went off about once in 30 years. The directors had power under the Articles of Association to buy the land without reference to the shareholders, but they thought it only fair to put the scheme before them.
There being no more questions, the following resolution was proposed by the Chairman and seconded by Mr, W. Wakeford Cox:—
"That the directors be and they fare hereby authorized to purchase on behalf of the company 2,370 acres (more or less) of uncleared land in West Java at a price of Guilders 87.14 per acre and generally on such terms and conditions as they think fit and to develop and work same for the purpose of the company."
The resolution was ca only two dissentients.
Text read from the printed page and cleaned; old type leaves the occasional error.