Throughout those years it has been the policy of the company to stock only manufactures from reliable scarees and thus maintain a high standard of quality, which, unfortunately, in later years has not been so much sought after as a lower standard in prices. A large percentage of the staff, both foreign and Chinese have served the company for over ten years and ne for even longer, and have earned for themselves a reputation for courteous attention to our customers, and, I may add, sometimes under very trying condi tis and Iam sure the share wish that the liquidator I take these circumstances to considera tion, All this helps to make it jeult to relinquish "the ons, pleasant and other~ wise, of a business like ours, but facts and figures have to be faced and reckoned with, The argument. agai carrying on our trading is based upon the figure shown at the debit of profit fand loss account last February—$253,287,90—which represents the nett "loss for the years 1924-1929 inclusive, combined with the increasingly difficult conditions of trade in Shanghai ing we were able profit of $70,000 per annum, wifich was about our average profit for rs preceding 1924, it would ly four years to clear off the accumulated loss I have just mentioned, before any dividends could be paid. Our en pital is too small and therefore necessitates borrowing from the Bank, which ranks as a preferential creditor. I might here explain that.$150,000 of the overdraft does not represent a trading liability, but is part of the debenture issue which was required for the purchase of this ground and buildings, and was consolidated in the Bank overdraft in 1928, With these facts before us, your directors have decided upon' what they consider is the only wise course in the interests of the shareholders, to voluntarily wind up the company, and T have no doubt you will concur with this view and vote in favour of the resolution. Iwill therefore now propose the resolu jon which was contained in the ireular notice calling this meet That the company be wound up voluntarily and that Frederick Newman Matthews ang Ernest Frost Hardman, of 2 Peking Toad, Shanghai, chartered accountants, be appointed joint and several Liquidators for the purpose of such swinding-up, with power for either of them to do any act required or authorized in the liquidation."
This is seconded by Mr. Martin Little, but, before putting
open for discussion. ito the meting, the subject No questions were asked and the resolution was agreed to unanimously, the Chairman. then announcing that there would be a confirmatory meeting at the same hour on November 21.
K. Greaves and Mr, Alex. Mal:
secretary to the meeting. **aiter the notice convening. the meeting and the director report had been read, the chairman said:—"Ladies and gentlemen,—This is the second adjournment of the meeting, and it is now, time to proceed with the business as there is a quorum, and it is already six minutes past the appointed hour. I have no, other remarks to make than what have already' been said at the. previous meetings. As the statements of accounts and reports have been in your hands for the last 86 days, I how ask you to pass them, unless you. have any other remarks to make, 'No questions being asked, the chairman said that he would now propose resolution No. 1. be pass ed:—"That the directors' report and statement of accounts for the year ending December 81, 1928, as pres ented to the meeting, be hereby passed and adopted." Mr. Chang Yao-liang seconded the motion, which was passed unanimously.
Resolution No, 2:—"That *Mr.
K. Greaves be relected a, director of the company" was proposed by Mr. HIM. Cumine and seconded by Mr. C, P. Loh; and passed, unanimously."
Resolution No, 3:—"That Messrs. (Thomson & Ca, be hereby re-appoint ced the company's auditors for" the year ending December 81, 1929, at the annual remuneration of Tis, 600" proposed by Mr. H. M, Cumine and seconded by Mr. Alex. Malcolm, was passed unanimously.
Mr. Cumine prostosed and Mr, Bojesen seconded resolution No. 4s—"phar Mr. C. P, Loh be elected a director of the. company for the ensuing year." This resolution was passed without dissent, Resolution No, 6:—"That Mr. Liv Hung-yuen be elected a director of the. company for the ensuing year," proposed by Mr. C. P, Loh and seconded by Mr. Chang' Yao-liang, was passed without dissent, On the motion of Mr. Lui Hung-yuen, seconded by Mr. C, P, Lob, Mr. Chan Ping-cheung was tinanim= ously elected a director of the com pany for the ensuing year. This was carried unanimously.
Mr. Cumine then rose and said that the Board heartily welcomed the newly-elected directors, and assured them of the ce-operation of the old members of the board of directors; but he reminded the meeting that, by the election of the new directors, the British majority jon the board of the company has been reduced, and, as this was in contravention to the requirements of the China (Companies) Order in Council, the general managers would have to be requested by the board to make the necessary nomina ations for adjustment, so as to comply with the Order.
The chairman, in declaring the meeting closed, thanked those pres: Jent for their attendance, Tie Commissioner of Public Safety for Greater Shanghai has asked the Commissioner of Public Works not to grant building permits to contractors for the erection of buildings on land situated in Chinese territory which faces the Municipal ronds unless "access to these can be gained from Chinese ferriter resources". The directors proposed serap the provision stipulating. that the previous consent-of the shareholders must be obtained before Loan Bonds were issued, in order to give the Board greater freedom to secure the necessary funds at any given moment in the manner which they considered most desirable—Reuter.
Mr. W. A. Turnbull said that, the liquidation was voluntary," he hoped—and he thought he spoke on behalf of most of the sharcholders— that the stof would be adequately remunerated for their Tots The Chairman said that he had. already mentioned that in his speech. The whole question would be raised with the liquidators.
Text read from the printed page and cleaned; old type leaves the occasional error.