The annual general meeting the Anglo-French Investment "Ca. Ltd:, was held on November 18 at 2 Canton Road with the chairman, Mr. presiding, Other were Messrs. Gil-
"The chairman's speech was, as follows:
The object for which this meetin called was so fully explained in the circular to shareholders sent out some time ago, that I. do not propose to take up your time by going over the same details again. Briefly, the position is this. In 1914 the company disposed of some of its property to the Roman Catholic Mission of Kiangnan, payment being made by the surrender to the company of 7,000 shares, Nos. 1 29 7,000, thereby reducing the an: thorized capital from 25,000 shares of Tls. 100 to 18,000 shares of Taels 100 each, and the paid up capital to Tis, 1,300,000 and these figures are the same to-da Since 1914, the company has made considerable' progress, but its farther activities are hampered by the lack of funds. We have reached the limit of our borrowing power. which Is restricted to the amount of the paid up capital. Your dircetors are, therefore, of the opinion that it is desirable to increase authorized capital to its" original figure of Tls. 2,500,000.
If the resolution which I. will shortly propose is passed, the directors proposed to make a fresh issue of capital on the basis of one new share for every two old shares premium of Tls. 25, This will account for 6600 shares and it is further proposed 6 sell 600 shares, conipleting the issue of 7,000 shares, from time to time on the open market, This will leave the Company with ample funds for the present and 6,000 unissued shares for future working. This new will not be made until next and full details of same will be sent to shareholders in due course.
Before putting the resolution to the meeting, I will be pleased to answer any questions shareholders may wish to ask.
There being no questions, the chairman proposed:—
"That the capital of the company be increased to Taels two million five hundred thousand (Tls. 2,500,- 000.00) Shanghai sycee, by' the creation of- seven thousand (7,000) new shares of Taels one hundred! (Tls. 100.00) Shanghai sycee.
Mooilie.
This is seconded by Mr.
'A vote was then taken and th> resolution approved.
Mr, Burkill continued:
As the resolution has been passed by the required majority, it will be submitted for confirmation as a special resolution to a second extra ordinary meeting to be held at the same time and place on Wednesday,
Text read from the printed page and cleaned; old type leaves the occasional error.