afore the resolution is put to the meeting," said Mr, L. Soyka, "I would like, as a holder of both preference and ordinary shares, to state teat in my opinion the offer made to the preference shareholders is an eminently fair and generous one, and certainly should be availed of, as it is very unlikely that anything better—or even so good—will ever again be 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 $17,000,000, when the dollar was over '2, so that their share would amount to some millions.
"What is the present position of the preference shareholders? The par value of the whole issue is just a little over two millions, which is l chat they would ever be entitled to receive if they were paid off at some future date—and who is to know what the value of the Chinese Collar will be then?
"On the other hand, if the value of the Chinese dollar should decline, then the value of the assets which they would acquire by taking ordinary shares would proportionately increase. Further, their acceptance of the offer would permit Shanghai Dockyards, Ltd., to be converted into 'a public company and they would receive their proportion of the shares of this company, which should always command a ready market, As an ordinary shareholder, I have pleasure in recording my intention to vote for the resolution."
Text read from the printed page and cleaned; old type leaves the occasional error.