An extraordinary meeting of Sharehold-era in the U.S.N. Ca. wad held on the St, Present:—Measrs, R, Francis, (in the chair), Ringer, Hayes, Wainewright, Pim, Martin, McQueen, McGrath, Rickard, Car: nie, Tod, Taylor, Mackenzie, Wisner, Mitchell, Wheelock, Robinson, Stoddard, Groom, Seligman, H. Morris, &c.
The notice calling the meeting was read.
The Cuaimman said the next business was to read the minutes of the last general nice ting; but as these had been published, it would perhaps suffice if he read the portion referring to the winding up of the Company Extract.—Mr. Busser proposed that the Directors be requested to take such steps as may be necessary to wind up this Company as soon as possible after the lst March proximo.
Seconded by Mr. Rescer and carried unanimously.
This being the lst March—the Cuarn-Man continued—the Directors had called the present meeting to consider whether it would not be preferable to rescind that resolution. At the meeting in question, the Directors had placed before the Shareholders the reasons that had led them to sell the Glengyle and Tunsin, and abandon the river trade. Although the Deed of Settlement by no means limits the Company's operations to the Yangtsze, the Board were not at that time ready to suggest a new field; but they have since concurred in the opinion of the holders of a large number of shares, that a winding up would be both inexpedient and unprofitable, and they have accordingly prepared a scheme for the running of boats on the coast between Shanghai and Canton, in close connection with steamers on the Yangtsze, and with facilities for through shipments to the north, It was doubtless known to many of the shareholders, that a large portion of their profits last year was derived from their coast business; and while the Board were far from counting upon a repetition of the high rice freights then ruling, they had ample experience on which to predicate a steady business. They had, in the brief time at their command, made preparations provisionally for the inauguration of the service, and with the sanction of the shareholders will proceed with them as quickly as possible. They propose to acquire three of the best steamers that can be had for the trade, and have arranged for the purchase of the Acantha, whose entire suitability they know by experience. About the others they would be in a position to decide in a few days; they expected to have new vessels of the highest class, with all modern improvements, fust and economical. With the Company's present Chinese connection, they naturally expect that such a fleet will give them a fall share of business for their own line; but an important feature of the new arrangements the forming, in conjunction with the China Coast Navigation Ca., athrough line from Canton to Hankow, with the same wharf at Shanghai. It would perhaps be inexpedient, in the present stage of affairs, to enter publicly into details of the directors? ans for further development of the trade ut these would transpire in due course, and, without indulging too sanguine anti-cibations, they felt that they might look for a satisfactory future. Although, as before remarked, the Deed of Settlement provides for all that was contemplated, it would yet be too cumbersome for the changed condi tion of things, and it was proposed to submit certain amendments at the next general meeting. Before submitting any resolution on the subject, the Directors would now be glad to hear any remarks from the shareholders, on the subject.
Mr. Top asked whether the Directors thought it would be unprofitable to wind up the Company at present? Mr, Hayes had anticipated, at the last meeting, that they would be able to wind up at Tls. 110, The Cuarmaan suid the receipts had been unsatisfactory for the past three months, Mr. Top.—Were they not usually so at this time of the year?
The CuammacaX said they had been more unsatisfactory during the past three months than ever before. But this seemed to have been calculated by the shareholders, as the shares had run down, Mr. 'T. P. MoGratm then proposed and Mr. D. Maniu seconded—
That the resolution passed at the General Meeting of December 23rd 1872—viz:—" That the Directors be requested to take such steps as will be necessary to wind up this Company as soon as possible after the 31st March proximo,"—be rescinded, Carried nem. con.
Capt. McQuzen then proposed and Mr. Waetock seconded—
That the Directors be requested to take the necessary steps for transferring the Company's operations to the Coast, and: purchasing the Acantha and other suitable boats, and to prepare the alterations in the Deed of Settlement rendered advisable by the proposed change, Carried nem. con.
Mr. Top remarked that the Agents required the Deed of Settlement to be signed on the occasion of every transfer of shares yet he had been trying ineffectually for the last two years, by letter and by personal application, to get a copy of the Deed, to inow what he was signing.
The Cuarraa said it could be read in the book to which signatures were asked. The Directors, however, now proposed to have the Deed reprinted.
Mir. Gnooxt asked whether a signature was necessary for every transfer?
The Cuarnwan said—Only when a man was not previously a shareholder, or when
Text read from the printed page and cleaned; old type leaves the occasional error.