Gentlemen, our Company has directly and indirectly become a sufferer through these enormous losses, caused to the fleet. Your chairman has financially assisted both your Shanghai office and the various companies to a considerable extent, but he now finds it essential to call a halt, as otherwise he would be incurring obligations and liabilities beyond his personal resources. Whilst down in Hongkong in March of this year your chairman received final and definite notice that no possible redress would be given, and this brought the climax to avoid which we have done so much. Your capital had been totally enveloped in this distress, but practically all your obligations have been met by your Chairman, who, however, in view of the unsatisfactory circumstances which have brought about this crisis, now finds himself unable to give further support. In no way are our company's bankers affected, as at no time have we requested their assistance by an overdraft. I must express my regrets and surprise that such a wealthy colony as Hongkong should. see fit to endow its schools, build houses and residences for its officials, and support other improvements for the benefit of the Colony out of the proceeds of an unjustifiable scheme which in its pitilessness and relentlessness. is quite unparalleled—a scheme which has had the effect of driving into liquidation and bankruptcy a modest Shanghai shipping company which has had its red anchor flag flying over these Chinese waters for over half a century.
The Chairman then proposed "That it has been proved to the satisfaction of this meeting that the company, by reason of its liabilities, cannot continue its business, and it is advisable to wind up the same, and accordingly that the company be wound up voluntarily, and that Alexander McLure and T. Griffin, both of Shanghai, be appointed as joint and several liquidators for the purpose of such winding up."
Text read from the printed page and cleaned; old type leaves the occasional error.