A special confirmatory meeting of the Shanghai Waterworks Ca., Ld. took place at the company's head office, 69 Kiangse Road, Inst Friday afternoon, Mr. H. M. Little presided and he was supported _by Messrs, A. W. Burkill, L. E. Canning and H. V." Wilkinson (directors) and the scerctary, Mr. W. R, Walter. The total number of shares represented was 21,760.
In the course of his address, the chairman said:—Gontlemen—At the extra ordinary general meeting held on the 2nd instant, resolutions Nos. 2 and 3 as sot forth in the notice dated September 30, 1926, wore! passed as extraordinary resolutions and they now require your confirmation as special resolutions. Resolution No. 2 provides for tke splitting up of the unissued shares {in the capital of the company into} shares of £1 each. Resolution No. 3 deals with the substitution of new articles of association for tke existing 0 two further resolutions) which I shall shortly _propose, provided the resolutions I have just' mentioned are confirmed ax special resolutions, No, 4 authorizing the offer at par of 167,650 shares of 41 each in the company's capital to shareholders on the register and) holders of share warrants to bear-for on September 30 Inst, and No. 5 setting free for distribution as} an accretion of capital among th sharcholdera in this company. 201, 180 shares of one tael each in the Shanghai Waterworks Fittings Ca, Particulars and forms of offer and acceptance of the B shares be issued under the provision resolution 4 have already been sent to you and I do not think that any further explanation from necessary. T may remind you, however, that acceptances must reach the company on or before Monday next, the 20th instant. The money is required to moot expenditure on various new works necessitated by the ever increasing demand for water and I trust that the issue) will receive your support.
Resolution No. 6 dealing with the distribution of shares of the Shanghai Waterworks Fittings Ca.! Li,, 19 a result of the requirement, of the Municipal Council that 9 separate company be formed to take over the business, assets and Viabilities of our fittings department as from December 31, 1926, As ex. plained in the circular letter to shareholders dated 1, September 30 ost, the Municipal Council considered that, as our dividends are toa large extent assured by the periodical revision of water rater, it would be improper for us to be in a position to afford any financial assistance to the fittings business, We agreed to the separa tion, in return for certain concessions on other points, with some Yeluetance as we considered that the business of the fittings department having been built up by the company, should continue to be part and parcel of the undertaking. However, we have agreed and it is up to us to carry out part of the Bargain, The Shanghai Water. works Fittings Ca, Ld. was incorporated last week under the Hongkong Ordinances and will take over the business, assets and Tiabilitics of the fittings—dopartment ax a going concern as from January 1 next. The existing start of the fittings department will transferred to the new company
thereby assured. and continuity of operation Our fiittings department started in the very early days! of the company; at that time it was necessary to instal fittings at very low cost in order to. induce consumers to take the! company's water. For many yeara we had a virtual monopoly and now, in spite of severe competition, we "claim to be the lurzest con. tractors for sanitary and heating installations in Shanghai. trust! that cur many customers will give to the Shanghai Waterworks Fittings Ca, Ld. the same measure of support that they now accord to our fittings department. As mentioned in the circular—letter] of September 30 last, we have obtained considerable contracts for heating and sanitary installations, the benefit of which will go to. the new company. I may mention among others the new Custom! House, the new Race Club] buildings, the new French School in Route Vallon, the new Synazogue in Museum Road, new office buildings in Yuen Ming Yuen and Museum Reads and the new apartment buildings which the Wing On Ca., Lid. are erecting in Bubbling Well Road, Gentlemen, I do not wish to be too optimistic, competition is very keen and very careful management be required in order that the} company may be on a dividend paying basis. It only remains for me to wish The Shanghai Waterworks Fittings Ca., Ld. a successful]
If you pass resolution No. 5 the shares of the new company will be allotted to shareholders on the register to-day and to holders of share warrants to bearer in exchange for coupon No. 25.
T hope that the resolutions I am about to propose will meet wita your approval. I shall be pleased to answer any questions you may} with to put, to the best of my There being no questions, the following resolutions were proposed by the chairman, seconded by Mr, Burkill, and carried as special] resolutions That the "regulations comtaiied of one pound (31) exch,
the printed omitted to this ing and for the purpose of iden ens esenar ite sate Seat dna ete such The other resolutions referred to were proposed by the chairman, seconded by Mr, Burkill and carried unanimously. "They read as} follow:
That the to inh Share warrants to Bearer of the com= any" on September 30, 1026, In surat ata fee cerns est Grey and, that such shares of. be entitled to participate wise declared previous to January dividend' whether, terior 'Other 027, oF in any dividend subsequently lured in respect of any period pre-Sunuary. 1, 1027, Uae save shall rank' for dividend as from that date, Tt appearing by the certificate of Messrs: Lowe, Bingham & Matthews, ihe auditors of the company, that the assets of the company exclusive of two hundred and" and, thousand. one hundred" and eighty (201,180). shaves one (1) tael euch im the Shangh Waterworks Fittings Ca. 'Ida which are either registered in the ame of the Compuny or to which the company ig' otherwise entitled. in consequence Of the ale of the fittings department are sufficient te cover all' the debts and Hiabilities of the company and dts Issued and paid up es pital and. being therefore assets in, the hands of the company available for dividend Within THesolved that the said tee Iundred and one thousand one hundred and. eightly "(201,180) shares "be. set free For distribution as an accretion of capital among the holders of shares Jing' the onus
the compan {Re above reso on the has (6) shares of one! Oy for each share of twenty,
Text read from the printed page and cleaned; old type leaves the occasional error.