Shareholders, in this Gompany was held An extraordinary general, meeting of Monday, at the offices of Messrs. Jardine Matheson & Ca., the agents, for the purpose of annulling by resolution the 83rd and 84th Rules of the Deed of Settlement, and altering the 82nd Rule, as mentioned below. There were present, Messrs. F. B. Johnson, A. J. How, RW. Little, Ward, F. G. White, 8. Gipperich, W. Tapp, J. Jneques, R. P. Hunter, and Toong Mow-chee.
Mr. F. B. Joussox ocoupied the chair, and the meeting having been declared duly constituted, called upon Mr. J. W. Suzrienp to read the notice convening the meeting.
The Unarmarax than said—This meeting has been called in pursuance of the notice which has just been read, in order to annul Rules 83 and 84 of the Deed of Settlement. The object before the meet ing is a very simple one. It is to remove any doubt as to what is meant in the of Settlement by net profits? 'The original clauses in the Dead of Settlement provide that the net profits shall be applied, in the first instance to pay a dividend of ton per cent.' and afterwards to the maintenance of a Reserve Fund, which is to be devoted to the general liabilities of the Company. It is perfectly ubvions that, if the division of net profits means the division of all the earnings of the Company, less the charges, and that nothing be set aside for the depreciation of steamers, the Company must in a few years collapse. Tthink the words "net profits" must be held to mean the profits after laying aside a fair sum for depreciation. To remove any ambiguity, however, we have thought it better to alter the clause, and, when doing s0, to leave it to the Shareholders to determine at the end of the year upon the appropriation of profits. I may say that since the notice calling the meeting has been published, it has occurred to the Directors that no provision has been made by the proposed alteration for an interim dividend; and an amendment will be proposed to the resolution to be placed before the meeting. It will be left in your hands, but I think it is highly important that an amendment should be proposed.—The Chairman, in conclusion, read the three original clauses, as follows Ditision of Profits and Reserce Funds.
$2. Tie net profits of the Company (if any) shall be applied in the first instance to the ment of interest upon its capital paid up ud frou time to time to be paid up on each share at the rate of 10 per cent. per annum if such earnings shall suffice therefore or if they shall not be sufficient for the purpose then such rate per cent. as such net profits will admit of such interest to be payable to the Shareholders rateable in proportion to the number of shares held by each Shareholler and the amount paid up on each share rey by equal half-yearly payments on the Ist day of January and the first day Tuly in each year.
83. Subject to the payment of such annual interest, the profits of the Company shall be set apart to form a separate fund for the purpose of meeting the general linbilities of the Company which shall be called "The Reserve Fund" until such fund shall amount to one hundred thousand taels Shanghai Sycee, and from and after the time when such Reserve Fund shall have accumulated to that amount the-acorning profits shall be applied as in the next clause mentioned.
$4. When the said Reserve Fund been so accumulated as in the last preceding mentioned the then future profits of annual interest aforesaid, and to the main-the Conpany subject to, the payment of tenance of the Reserve Fund at the said sum of one hundred thousand taels shall be applied fs follows, that is to say:—Onechall part thereof shall be divided annually as dividend among the shareholders generally in proportion to the number of shares held by them severally and the remaining one-half part thereof shall be added (o the Reserce Fund hall amount to two hundred when such Reserve Fund appropriated or disposed of such mane and for such purposes aa the shareholders at a general meeting shall determine and direct.
J. How then said—After what jen from the Chairman, there is no occasion for me to say anything in proposing the following resolution, and I beg to move—
That Rules 83 and S4 of the Deed of Settlement be annulled, and that Rule 82 be altered, so as to read as follows A General Statement of Accounts and the balance sheet for the past year ending Bist December, together with the Report of the Directors thereupon, shall be laid before each annual general meeting of the Company, which shall decide by resolution how the net profit (if any) of the Company for such past year shall be appropriated or distributed provided always that in making any such jon or di perty of the f such net profit (if any) thereafter remaining, shall be applied either wholly (o the formation or maintenance of a reserve fund and to the papment of a dividend amongst the shareholders rateable in proportion to the number of shares held by each shareholder, or partly. to the one and partly to the other purpose as such meeting may determine.
Mr. Tooxe Mow-cure seconded.
The Cuatmsay asked if any one present desired to offer any remark on the resolution?
No remarks being offered, Mr. F. G. Wuire next moved, as an amendment—
That the following words be added to the proposed clause—* Power hi reserved to the Directors to declare an interim dividend for the first six months of each year, if in their opinion the affairs of the Company should warrant it."
Mr. W. H. Tarr seconded.
The Cuarnstay then put the amendment to the meeting, and it was carried unanimously.
The Cuamaan next submitted the original resolution, as read, and it was also carried nem con.
This concluded the formal business of the meeting, and the Chairman said he would be glad to answer any questions Shareholders might wish to put.
Mr, Wiire—Can you give us any inform. ation as to how the Company is going on? Is it progressing?
The Ciamaas—I may say generally that accounts for the year appear fairly satisfactory, When they are made up, we hope to have a satisfactory dividend to propose to the Shareholders; but until accounts have been actually closed, it is impossible
the year, the Conquest, which had prover to speak positively on that point, During herself not large enough for the Company's requirements, had been sold out of the fleet at a price which the Directors considered a fair one, though it did not quite equal the cost of the steamer in the Company's books. To provide for the changing requirements of the Tientsin trade, the Directors had authorized the General Agents to build another and a larger boat, which would have all the improvements' which experience suggested for boats constructed for the Northern trade; and the Company had sufficient funds for the purpose to be derived from the proceeds of sate of the Conquest and the amount of fe reserve fund.
Mz, Ware asked how much Larger than the Conguest would the new boat be?
The Cuarnmay replied that the new boat would be considerably larger than the Sin Nanzing, which had' so far proved herself a very stecessful boat, Mr, Waurre next asked what would be the draught of water of the now boat The Cuaraan replied that her deadweight capacity would be greater than that of the on a given draught, Mr. Tare asked in Nansing, when would the general meeting be held?
Phe Cuamax replied, as soon as possible, Mr. How said that the Deed of Settlement provided that the annual general meeting, when the accounts would be presented, should be held on or before the Bist March in each year; but it was thought probable this year that the accounts would ready in Febrasty.
The Cnarewax—I think I can promise that the meeting will be held in February.
Text read from the printed page and cleaned; old type leaves the occasional error.