The following gentlemen were present:—Messrs. A. Meg. Heaton, C. E. Parker, Hayilar, Brereton, J. J. dos Remedies, P. A. da Costa, R. Deacon, Sands, Tack Mee, Pang Ayn, M. J. D. Stephens, Nicaise, Fairbairn, W. H. Bell, E.G. Low, P. Karberg, McOulioch, De. O'Brien, Biakeman, Davis, Neloon, Forrest, Wot-ton, Mellish, Klwell, Middleton, Andre, Landstein, Anton, Kizr, Lapraik, Aancock, Hinam, E. Sharp, Leong Wing Choon, Kwong Cheong Leo: stead, Figueiredo, Games, Dantra, Yee On, Choy Achun, Harrison, Toller, Chater, Quong Kee, Gultzow.
Mr. Ray read the notice calling the shareholders together, and Mr. Parker explained the reason' for the meeting. Messrs. Fearon & Co,'s failure he knew would seriously affect Augustine Heard &Co., and cause them to suspend. An extraordinary meeting was called for the 7th May, but as the China Traders' would be without a head when Aug. Heard & Ca. censed to exist, the present meeting was resign the General Agency appoint some one to conduct the business until the meeting of May 7th held and to make arrangements with the debt due to the Company. He affairs as far as known to hi the position of Messrs. Aug. Heard & Ca.
statement of the present position of the China Trad as about to propose the resignation of the General Agents, when Mr. Ste anid he would like to ask It was painful matter to to, but as he was aanfforer by the failure he felt the management of the Company should be closely enquired into. Before making any further remarks he would be glad to have the minutes of the General Meeting of February 19th Inat road. This was done, and Mr. Stephens continued that the last atatomet of accounts was not borne out by present otatement of affairs, He then read and commented on a correspondence between Mr. M. W. Boyd, and after-th Mr. Heaton, the present Chairman of the Company. ' As to the liquidation of Messrs, Aug' Hoard & Ca.,
coming, the best thing would be to accept a fair dividend were likely to be forth-assignment; if not, it should not be ud for the present, until more details were submitted, he was of opinion the latter course should be adopted. Rather than Mr. Parker's family should suffer, he was in favour of granting a sum of money to meet their present wants. He then asked the following question It is currently reported that a Bill the losses on the Japan was dra security of the Reserve Fund.
rue, and, if so, please name amount ill and whether drawn by the China 'Traders'?
Why did not the agents apply the count to meet the losses, before attempting to encroach on the capital of the company Srd.—if the General Agents had no available funds in hand to meet this loss, why did they not at once come forward and say so, instead of waiting until the present tin 4th,—Can you give the meeting any idea as to the present position of the company, whether the whole cash in your hands is absorbed, and what amount of claims there will be on the Reserve Fund?
5th.—Produce the Original articles of Association, and also the original draft of such articles.
Phe articles provided for the winding up of the company undercertaincireumstances, and he thought it might be well to do now.
Mr. Hayzzan said the meeting was called under his advice. By the articles of association, Augustine Hoard 4 Ca. were made General Agents, with full powers of carrying on and managing the business, subject only in a few particulars to the control of 4 Committee. Upon Messrs, Augustine Heard & Co,'s dissolution the Company ceased to have any head or any person to conduct its business, He therefore advised that an emergent meeting should be called of the shareholders, to provide for two things.—Ist. The conduct of the hi of the Company till a formal meeting could be held on the 7th ihe advisability of the Company givin to Augustine Heard & Co.'s assign-which the Committe under Articles had not power to do; and it was in consequence of this advice that the present meeting was caled. The firm was heavily indebted to the Company, and the question was whether they should be forced into Bankruptey or liquidate under the assignment clause, An assignment of this nature placed the assets of the firm under the control of the Bankruptey Court as effec tually as if a petition was filed, and to all intents creditor: the other assented to, most of the partners being out of the Colony, only Mr. Parker being hero, bankruptcy proceedings would be probabl necessary in the United States, Bugland, Shanghai, and Japan, or wherever there might be a partner found. Mesars. Whittall and Linstead have agreed to nct as liquidaters, and they will have full powers to protect the interests of the creditors.
Mr. Mipoxerow enquired whether it was important to take the assignment today, and Mr, Nicaise wished to know who was the legal adviser of the shareholders, Mr, Hayutak replied that he aking as a shareholder, and for the Company's good, He had been called to committee meeting, and i that the pre the urgent qu beyond that he spoke as a shareholder.
loss, he had not mentioned it, though he was inter the extent of Mr. St Mr, Panxen said, in connection correspondence read by Mr. Steph he had received a telegram from An, Heard that he would leave for week after Albert arrived, and this was Mr. Boyd's reason for advising Mr. Stephens to await his arrival. Mr. Boyd being told by Mr. Albert that his brother would come, and Mr. Parker stating that he believed that if it had not been for the Present state of affairs Mr. Augustine Heard would now be on his way out.
Mi. Nicaiss enquired whether the $238,000 was in hand when the last report was published.
Parken said it was ut the Company's credit in A. Heard & C hich were kept as mere always were, and it was impossible to follow each individual item.
Mr. Srernens wanted to know if the Report then published was correct.
Mr. Mippuerow said the Report had been presented to the shareholders and adopted at the General Meeting.
Mr. Exwett knew something about sccounts, having had considerable experience with such matters, and said the accounts were made up in the usual way with mer cantile accounts; the amount stated wae
Text read from the printed page and cleaned; old type leaves the occasional error.