McLure be re-elected auditors of the company.
"This concluded the business of] the ordinary general meeting, after' which an extraordinary general meeting was held for the purpose of considering the following resolutions:
"That the Company be wound up voluntarily and that Frederick Newman Matthews and Henry Rennie Cleland, of 2 Peking Road, Shanghai, Chartered Accountants, be and they are hereby appointed Joint and several liquidators for the Purposes of such winding-up, with power for either of them to do any fact required or authorized in the Snclement Weather we experienced fon many of our race nights. Al: though the company has had o
proceeded very smoothly and suc~ trouble ther, racing hi cessfully. We have to thank Mr, and Mrs, Whybrow for the devoted attention they have given to o ive stock. Puppy breeding ws carried out quite successfully, although the puppies as well as' the Greyhounds suffered at times si erely from Shanghai maladies.
The trainers employed by us a Year ago proved unsatisfactory and were replaced by three men engaged from Home who arrived here towards the end of last year. These Jnen have come out on an ment for one year which expires Jin October, 1981.
During the year, under pot given in the Articles of Associ tion, the directors appointed myself vas marnging director wita the idea Saf ielieving the board of some of work, and of maize quick arns, and T may say I have given daily attention to the affairs of the company ever since my ap-
"You ave sll aware of the action taken by the Council in prohibiting Yat the matter utmost Coreful attention from the! hoard for the past few months. id not attempt to hold a race me "Sng after, the last date set by, Couneil, i.e, March 31; we ha however, written to the Commi sioner of Police inquiring as to whi intended to do should we sept to hold a race meeting and we hold his reply to the effect that he would be compelled to obey hi orders from the Council and take fall necessary steps to prevent any, Such meeting being held. Under the circumstances, it, seems to the hoard that the only thing to dais Yo. go into liquidation forthwith and. to endeavour fo conserve our funds as much as possible.
We have certain unexpired leases and agreements with trainers and owe cannot say yet what it will be possible to realize: from the sale the conmpany's assets which are, you can readily understand, ery little value except for: ereyhound racing. "We have.an option "ta purchase' the "The chairman said:—Gentlemen—You are all doubt~ jess familiar with the condition and, in the ing the notice calling traordinary general meetin; the directors set forth the reasons which caused them to recommend the company to go into liquidation forthwith, From the balance sheet December 31, 1930, you will notice the company at that date possessed cash and investments to the sum of $242,000; deduct therefrom ereditors $46,000 and there" remained Hiquid assets of say $196,000, Today, our investments and cash aggregate $157,000 and we owe more than $13,000. This leaves a cash surplus of $143,500, whilst we have been compelled to pay rent in a vance of some $18,000, so that, viewing the cash position, we are about $35,000 worse off than we! were on December 31, 1990.
Tu considering this figure, it must be remembered that we have been unable to conduct race meetings since March 31, and that current expenses whilst we are doing nothing are perforce very heav) expenses are still going on though they have been cut down, and are 1g cut-down, as much as posible; there is a further considerable liability accruing for rent of our leased properties; claims are coming in for refunds in connection with amounts paid to us for dog Teases, and the company is also subject to heavy expenditure in with claims by employees; it therefore follows that the whole question of a return to the shareholders depends on what!
recess ce may have, firstly, in the disposing of our leased property, And secondly, in our claim against the Council.
You will, therefore, probably agree that the only thing for us to do is to go into liquidation fort! with, td dispose of our property best we can and to press our claim.
inst the Council, Before putting the resolution to the meeting, I shall be glad to answer any questions to.the best, of my ability and tg hear what any shareholders may have to. say. in with stocks and frainers; are we still retaining their services?
Text read from the printed page and cleaned; old type leaves the occasional error.