An extraordinary meeting of the Shanghai Race Club was held Monday, to reconsider the proposals brought, forward at the last General Meeting of the Club, respecting the rebuilding of the Stables in the Grand Stand Compound, and the means of raising funds for the purpose; and also to aller the date of the Annual Meeting from February to January. There were present, Mr. J. Hart, in the chair; Messrs. W. BL. Boyd, Fergusson,. Hawtrey, Hopkins, Hunt, Leslie, G. A' Lindsay, Love, E.G. Low, C. Lucas, Moiviss, H. Overbéik, J.M. Ringer, and R. E. Wainewiight, The CHaraitan said the meeting had bédn called in pursuance of notice, which' he would read. Having dono so, he went to say that that part of the notice referriiiy to the rebuilding of the stables was wow brought before the meeting in accordaiiee witha requisition sent to the Stewards, signed by the proper number of members and if any of those members were present, he (the Chairman) would be glad to heir what they had to say. He would, however, first ask the Secretary to yead the minutes of the general meeting, relating to the rebuilding of the stables.
The Seonerary accordingly read the minutes called for.
Mr. Lucas expressed regret that there were so few members present. He could not account for so small an attendance, except that members chad not seen the {advertisement calling the meeting. ever, he understood the Stewards had some reposition to make, and would like to hear what it was.
The Cuamvas, after some preliminary observations, said it was at first. thowstit better to. id the stables by degrees, but it had been since considered best to make Jone job of it, and to raise the necessary funds by debentures, 80 as to allow the cost to extend over a period of nob more, perhaps, than four or five years. The Stewards, therefore, feeling that probably something of that kind would be necessary, lind prepared a form of debenture, which had been aid on the table for the inspection of members. jIn the resolution printed over the de-bon ture form, they would sto that the Club, or rather the Stewards acting on behalf of the Club, were authorised to issue debentures of Tls. 100 to the extent of Tis, 6,000, redeemable by yearly draw ings of Tis, 1,000 each year." It was hoped they would be able to obtain the money at a moderate rate of interest, but as to that they would have to make terms with the persons who applied for the debentures.
joking at the financial position of the Club, it was thought it would not be too much to undertake to pay off Ts. 1,000 per annum; and that as the estimates amounted to is. 5,000, which would be likely to be increased to is. 6,000, to ask for the larger sum at once. Tt would not be necessary to issue all the debentures at once, as there was a balance in the bank, sufficient to commence the work with; and it was hoped to commence the repu i diately after the Spring plans for the new stables were on the table; many members had seen them, and it was thought they were such as were necessary for the requirements of the Club. In conclusion, the Chairman read over the estimates for the separate portions of the work.
A conversation enst cot in the course of which it was said that' the building intended to be put up in place of the present "red house" (which is to be pulled down), would be of two stories, that it would con tain a very lange ron and that as it w to be erected close to the back of the Grand 1d, from which entrance to it would be gained, it would be much more convenient than the present building, especially in wet weather.
Mr. Low said that, when a meeting was called on the requisition of some of the members, it was supposed they might have something to propose, or something to say, when the subject was before the meeting.
Mr. Lveas said so far as he was concerned, he was perfectly satisfied with the proposals of the Stewards.
Mr. Love said he understood the only difference of opinion was as to paying for the rebuilding, at once, or extending it over a period of years, as was now proposed, and which "he believed would' be satisfactory.
Text read from the printed page and cleaned; old type leaves the occasional error.