Extraordinary General Meeting of Shareholders of Millington, Limited Decision to reduce the paid-up capital of Messrs. Millington Limited by $229,290.77 was reached on Mon-by $329,290.77 was reached on Montraordinary general meeting of shareholders' followed the annual General meeting, held at 668 Szechuen Road, with Mr. E. F, Harris the chair. Shareholders present represented 10,089 shares.
The chairman spoke as follows:
Almost immediately after the last annual general meeting Mr. N. W. Hickling and Mr. A. P. Nazer were invited to join the board of direc tors, and a searching enquiry was instituted by your late chairman, Col. M. H. Logan, into the affairs of the company generally. I need of bother you with the detailed Snding of that enquiry. Suffice it to say that your directors considered that the company had reached point where very drastic changes had be made and a thorough re-Organization instituted.
A full reserva against the debt of the China Technical Development Ca. Ltd. involved increasing the reserve account by $25,5588. The China [Technical Development Ca, Ltd. was taken over by an entirely different management when your managing dl-Teclor went on leave, and ft has steadily lost money ever since. fortunately, much of this money was a steadily increasing debt to your Company. The China Development Ca. Lid. has gone into voluntary liquidation, and it is hoped that some of the debt may be recovered. It has been considered advisable to make a reserve of $7,344.82 against the debt of International Films (China) Ltd. This represents 50 per cent. of their outstanding accounts as at December 31, 193. In dition to these reserves a further sum amounting to approximately 13 per cent. hag been reserved against all outstanding accounts, a very large proportion of which have already Been collected.
'As a direct result of this enquiry' many economies both in staff and other directions were effected and the property at 113 Avenue Edward 'VII was sold, as it was apparent to the new board that the business mist be accommodated under one root instead of having two printing presses and an advertising depart ment in different parts of the town. 'The entire plant, on which instalts on time payments on certain' machines were still outstanding, has been paid for in cash, and your business is now housed in a modern fire proof building at Gallia Build ing, 608 Szechuen Road. The saving resulting from this amalgamation expected to be considerable, although it will take some little' time to settle two entirely separate and distinct printing plants under one head.
The moving of the two plants from their old homes, (the Oriental Press had been housed at Avenue Edward VIl for over 37 years, and the Willow Pattern Press in Nanking Road for over six years) was satisfactorily completed by the end fof 1993. The fact that the Willow Pattern Press is now working 24 hours a day proves that the move has been both beneficial and completely successful, The removal of the plant, which included an extensive overhaul of all your chinery and equipment, cost the Company $9,129.77 which mount has been debited in the accounts] under review.
The sale of the property on Ave. Edward VI took some time to ac-
Text read from the printed page and cleaned; old type leaves the occasional error.