The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-03


ditional ordinary shares of s. each.
Pursuant to the policy adopted in the
past, the board denrecateS the crea-
ton Of any preference or other special
class of shares. 1t is proposed to at
once issue soc, 900 of the new shares
and 70 invite the shareholders to sub
scribe for them pro rata at so per
share-a price somewhat below market
value Influential shareholders have
been consulted and approve the scheme
On their advice underwriting arrange
ments have been made, and 100000 of
the 100000 shares have been under
written at the issue price so. The
capital thus TO be raised will, it is
calculated, provide the balance of eX-
ceptioaal expenditure and meet the ez-
cess OF ordinary administration charges
over revenues during the next Il
months with peace and a normal con-
dition Of affairs The confidence hither-
to felt by the directors III the future of
Rhodesia has in no way been les
sened by the recent unfortunate events.
These events have given great i'm
petus to railway enterprise, and it may
now fairly be expected that the two
railways-the one from the east coast
and the other from the south through
Bechuanaland-will meet between Sal
isbury and Bulawayo in a very few
years. The Bechuanaland railway
south, has now reached a point 40
miles from Mafeking, viii be near
Palapye by the end of April next, and
reach Bulawayo toward the end of
1897. The Beira Railway company on
the east has, with its ally, the Beira
Junction Railway company, arranged
for a through line from the port of
Beira, on Pungwe bay 20 Umatali "a
few miles beyond the anticipated Por-
tugueSe frOntier), to be opened next
May, and negotiations are maturing
for the immediate extension of the
railway to Salisbury. Although the
trial Of DR.. Jameson and his officers,
referred TO in the circular of the 10th
of February last, has been concluded,
recent events in South Africa are still,
to a certain extent sub JUDGE. The
directors will hold the ordinary gen.
eral meeting OF the company as soon
as they can put the whole position be-
fore the shareholders.
The duke of Abercorn presided. and
there were present the duke of Fife,
Lord Clifford, Sir Horace Farorhar
and other directors, all of whom were
warmly greeted as they entered the
room.
The chairman. on rising to address
the meetin-, was received with ap-
| plause. He said: Gentlemen: When
the board of directors issued their cir
cular 10 lou of the 10th of February
last, explaining why it was expedient
to defer holding the ordinary general
meeting, there was nothing at the time
in the affairs OF. Rbodesia leading US
to anticicate the disasters we have
| since experienced, and which have
/ forced us 10 make new debenture is
/ sue, and now neCessitate our coming to
| you for . resolution increasing the
capital of the company 1 refer to the
- l. 4 ~
! the outbreak of rinderpest. The eX-
ceptionally heavy expenses thrown
! upon the company have exhausted the
! 215 millions cash which was on hand
| last February. and the whole of the
! debenture money raised in : ily last.
/ The injury resulting from the cattle
| disease has been most far-reaching.
In the absence of a con9lete railway
! system the usual mode of TRANSPORT is
by OK wagon. This the plague has
stopped, preventing the usual flow Of
provisions into the country, and, as
/ consequence, we have been compelled
/ to make. arrangements in Rhodesia, at
! great expense, for provisioning the
/ country during the coming rainy sea-.
! son, TO assist both the settlers and
/ the natives. This has been successfully
accomplished. and YOU will learn with
satisfaction thai there is no prospect
/ of a renewal of such hardships as were
/ experienced in the season of 1S91-1892.
| (Cheers) The rebellion is practically
! over (cheers), and imperial troops are
! leaving the country, the military ex-
! perts considering that 200 hussars and
/ coo police are sufficient for the proper
| protection of life and property in Mat
/ abeleland. From the best calculations
] and estimates Lord Grey-Our admins
| TRAITOR in Rhodesia-can make. we be-
/ lieve the S5,000,000 we now propose to
/ raise by the issue OF SOC, 600 shares Will
meet whatever further exceptional out
pect in the book business, it is now
! the end o. September. 1857. (Cheers)
If our anticipations are borne out, the
ever increasing revenue of the country
I ought next year to meet ordinary eX-
pendituTes. Our advices from Bulu-
wayo as TO the prospects of the COM
/ pany are most elcoura ging; the prices
| realized or sales of land and stands
keeps advancing, and are evidence of
the confidence of the people in the fu-
! ture of the country.
This is an extraordinary general
meeting and can only deal with the OBJ
! jects for which i is called. We can
| not, therefore, discuss the general bust
ness oe the company, or matters con-
/ nected with the recent events in south
Africa, that have been the subject of
so much publicity and are to form the
! SUBJECT OF inquiry 80 soon as TINS IN
! ql.ir-- is over the ordinary general
meeting VIII be called, that our reports
and accounts may be submitted to you,
| and the company's entire position dis
/ cussed. The same reasons prevent US
/ on this occasion dealing with the re-
1 tirement of Mr.. Rhodes and Mr.. Belt,
I but I may here be allowed to state that
| both these gentlemen have fulfilled the
| pledges they gave, and have rendered
| the company and are still rendering
/ loyal assistance. I bee to move the
! following resolutions: That the capital
! of the company be increased three and
| d half million lire, by the creation Of
! 100000 new shares of one lire each y
Another shareholder--Might we know
! who the underwriters are? (Cries of
No, no.')
/ 4 shareholder-Is any portion of this
! money to be applied to the payment of
! Mr.. Krueger's indemnity? Great
! laughter and cries of MOI
The chairman shook his head.
The resolution was then put and lost
/ by . large majority, only three or four
voting for it
! A shareholder called for Three cheers
! for Rhodes which were given With
/ much hcartiness.
\ vote of thanks to the duke of Aber-
corn closed the proceedings.
~--<s- <Z1S-s-
Germany's Great Industrial Growth.
Foreign and Colonial Importer: Ger
man competition is not the only bug
bear OF the French trade. England is
another dangerous rival While German