"Before the resolution is put to the meeting," said Mr, L, Soyka, "I would like, as a holder of both pre~ ference: and ordinary shares, we state teat in my opinion the offer' made to the preference shareholders 18 commently fair and generous one, and certainly should be availed of, as it is very unlikely that anything betfer—or even so good—will ever again offered, "If the preference shareholders accept the offer, it means that they will own more than one-quarter of the whole undertaking of Shanghai Dockyards, Ltd., as a going concern, the assets' of which have been conservatively valued at §17,0vv,000, when the dollar was over so that their share would amount to some 4%4_ millions, the preference shareholders? The "what 18 the present. position, of par value of the whole issue is just 2 Little over two millions, which is, li snot mey would ever be entitied to receive if they were paid off at some future date—and who is to now what the value of the Chinese €ollar will be then?
"On the other hand, if the value the Chinese dollar should decline, then the value of the assets which they would acquire by taking ordintury shares would proportionately me crease, Further, their acceptance what of the offer would permit. Shanghai Dockyards, Lid, to be converted into public company and they would Tecelve their proportion of the shares of this company, which should al-Ways command a ready market, AS ordinary shareholder, I have pleasure in recording my intention to vote for the resolution Hon at "this meeting, there will remain fireers of dividend:
Text read from the printed page and cleaned; old type leaves the occasional error.