The readjourned extraordinary meeting of Shareholders in this Company was held
the chair; Mesars, O. E. Bade, A. J. Little, present Me, J. BE. Ringer, in W. H. Siegfried, and H. ' Sutherland, Directors; Messrs. Wainewright, KO. G. Low, Thurburn, Pryer, Nicholl, Groom, Hawtrey, W.' B. Jamieson, ' Pasch, Jacques, R. 0. Brown. and J. Dunn, Secretary.
Some time elapsed before the required quorum of fifteen was formed.
The Cuarnaay, in introducing the business, said they would now resume the extraordinary general meeting postponed from last month. The resolution then before the meeting was that the Company should be immediately wound up. The Directors then asked for time to endea-your to form a new Company, in terms of the prospectus sent to each sharon holder and advertised to the public, They now had to tell the meeting that they had. not received aufficent support to enable them to do so. It was with much regret that they made the announcement, because they felt that it was a good opportunity lost, Although it was true that since the 80th June, the business in Shanghai had fallen off 60 per cent., as compared with last year, yet the aggregate premia received had more than quailed last year, and the business done London during the past month had been, double that of any previous month, showing good prospects for the future, The Directors had now in accordance with the made when asking for the ad-to make a distinct statement of what they proposed to do. They could not help admitting the fact that th Shareholders who wished to liquidate the Company held a majority of votes suflicient to direct the working of the Company, and, therefore, might instruct them to charge such rates of premium as would stop all business and be a virtual winding up of the Company. That being the case, and having failed to float the proposed Mutual Company, he thought it best in the interest of all parties to accept the position, and would, in accordance with the resolution, take steps for the liquidation of the Company as provided by the Deed of Settlement in Clause 119, He would now read the resolution—
That the business and affairs of this Com+ be immediately wound up, and its assate tributed among the Shareholders, The announce me: received with silence of some duration, The Cuamatay at length said, if th was any question they wished t before they closed the oxtraordini meting, he would be very glad to answer cause when this meeting was closed, the ordinary half-yourly meeting would be eld.
Mr. Groom asked in what manner the Directors proposed to liquidate the Come pany The Cuarnata replied to the effect that the Directors would do it as quickly as ible, and for the good of all concerned, Directors would perform the duty of liquidation and distribute the assets as toon a possible, Mr. Gxoom—Then you propose to wind up the Company with three Directors, The CmarnwAn said that the two Direc tors whose appointment required confirmation at General Meeting, were really Directors and could act anavch till their appointment was confirmed; otherwise all the s done by the Board since their appointment would be invalid, as it required by Deed of Settlement five Direotors to constitute a Board, Mr. Groom—And you propose to wind+ up the Company under Rule 1197 The Cxarraan replied in the affirmative, and after a pause, said as there appeared to be nothing more to be said, he would
closed. declare the extraordinary mealing to be eyeded with.". 2 The ordinary meeting was then pro-
The Ouarstan anid they would now resume the meeting which had stood adjourned since the Ist October. At the time of adjournment, a resolution had been proposed by Mr. Sutherland and seconded by Mr. Daly, to confirm the election of Mr. Siegfried and himself as Di tors. It was almost a non-ne order having been passed to wind up the Company; still he would put the resolution, which was—
That the election of Mr. C. W. Siegfried and myself, as Directors of the Company, be confirmed.
The resolution was carried unanimously.
Mr. Gxoow said, before the meeting closed, he wished to ask how long the agreements of the servants of the Company had to run
Text read from the printed page and cleaned; old type leaves the occasional error.