api sean pute sare nic of anita ata Snceting Weld et Apdna on aay sia pled "ened oe ata ie ai Ferttion proposed by Mr, W. R. SicBain and seconded aac Weddin read a oes "tne etn bane och the ation at present "held by Following the chairman's speech, Mr. A, Hillaly asked who were the oflelal' advisors referred to by the chairman, The chairman roptied that Messrs. G, E. Marden, Fu Siao-en and Kadoorie'wore invited to serve on the committee of advisors, Mr. W, Mellor had also been elected, Mr. Soyka asked who would be sent down to look after the interests the shareholders of Langkat's. The chairman replied that this had not yet been decided, but it would be necessary to, find someone who was expert in mining affairs, Me. Soyka asked that no relation of the chairman or other directors be nominated for this position, Mr, Soyka asked what would be the Yemuneration of the company's Fepresentative. The chairman replied that hho had no idea what salary would be delded upon.
In his spoceh, the chairman sald:—
This meeting of shareholders has tween convened to consider the new forms proposed by Messrs. Marsman, Manila, in connection with the com: pany's concessions and prospecting, Fights in S, E. Borneo.
T wish to raw your attention to the fact that we have received a telegram from Messrs, Marsman star ing that they are not prepared. to discuss other terms than those allera~ tions already agreed to by them, bul which still require their confirmation, Twill now read you Messrs, Mars rans new terms as stated in their Totter of April 12:
1. The Langkat Company will wront Messrs, Marsman, (for the pur pose of further examination of the reas in Borneo), a free option for a period of four months from the date Of the signing of the new option agree ment. On or before the expiration of that period of four months, Messrs. Marsman will inform us whether oF not they will exercise their option.
2. Provided the option is exercised, thereupon the Langkat company will gtont Messrs, Marsman, their agents assigns, the right fo exploit all their mining interests in Borneo for the whole period in which the Langkat Company hold these concessions and prospecting rights (see circular to shareholders dated April 2, 1936), and will apply for an extension of these tights on the expiration of the Government decree granting same Messrs. Marsman, for supervise ing' and managing the operations and ]work, will receive a management fee Jot FI, 2,000 per month and also 5 per cent. of the net profits from operations.
to US, $200,000 as and when they Jeonsider It is necessary for the exploitation of the property. As much Jof this sum as is required will be utilized for the purchase of the necessary equipment which under normal conditions should handle 1,200 to 1,500 feeble yards per day, This sum will bear interest at the rate of 7 per cent, 5, After paying management feo Jond the first 5 per cent. of net profs Jos per par. 3, Messrs, Marsman will rees ive 10 per cent. of the profits on operations, until such time as all monies they have advanced have been repaid and the project is on w sclfsupporting basis, During this period the Langkat Company will receive the [balance of 30 per cent.
Text read from the printed page and cleaned; old type leaves the occasional error.