'A special meeting of the shareholders in the above Society was held at their offices on the 15th Dec., at 3 p.m., to take their sense as to the formation of a Reserve Fund, as discussed at the last meeting. Present Pyke, Esq., in the chair; Messrs. Sassoon, Karbery, Belilios, Cairns, Pyke, Loweock, Joost, Whittall, Agubeg, Andre, Tak-me, Bere, Jensen, Meyer, Dunjeebhoy, Welsh, Beneke, Cameron, Greig, Ryrie, and Ede.
The Cuamwaw said the shareholders lad been specially advised by a printed circular of the object of this meeting. Doubtless, they would remember at the General Meeting held on Ist July last, with reference to the foundation of the new Society, the Directors intimated that they did not consider it absolutely necessary to create a Reserve Fund. Personally, he was opposed to such an important alteration in the constitution of the Society, for a Reserve Fund must necessarily strengthen the position of any public company. In deference to the wishes expressed by many old supporters of the office, the Provisional Committee had thought inexpedient to ask them to meet to-day to re-consider the question of forming " Reserve Fond. "To jo so legally, it would be necessary to make several' changes in the Articles of lociation, as per memo. now on the table. He might mention the applications for shares in the new office largely exceeded the number at the disposal of the Provisional 'Committee, and the Society had ood reason to believe the shares reserved for England had been placed to advantage. With reference to the reduction in the rate of premia, the Provisional Committee could not but' express regret that a combined course of action was not adopted by the various local offices. Unquestionably the premia for coast risks was high, and could bear a reduction, but experience has Proved the rates to England, and other istaut places, are already below a fair standard, and underwriters at home have found it necessary to raise the scales on risks from China, If the shareholders approved of the formation of a Reserve Fund, the Chairman solicited their support to a resolution that a Reserve Fund should be formed.
The resolution, proposed by the Chairman, and seconded by Mr. Andre, was then put to the meeting, and carried nem. con.
At 3.30, a special meeting was held for election by ballot of Directors, when the following gentlemen were returned;—Hon. P. Ryrie, Hon. Jas, Whittall, Hon. R. Rowett, Messrs. Pyke, Joost, Loweock and _Sassoon.—Hongkong Daily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.