HW, Rausay 'A, Robinson 'A, Davenport Batter Hogg Telge J, 1. Miller R.A. Mowat Hy. S Fisher Geo, Smith & Ca. Taw Wan (Customs) Reding is, Pugh & Ca. J. F, Holliday Pitehkon}; Broadhurst Total Fredk. H. Balfour Herbert 8, Morris LIH. MeMinnies Alfred E. Hippisley G.T. Addis F. Stokes Walter Pearson J. B, Manson MIN. P. Evan C.B. Clark, Sept. Daly F.B. Forbes Harris, Goodwin & Ca. Wun, Long E, Belbin F, Gata W. C. Holmes H.R. Hearn J. Fred. Rodewald Alfred C. Westall—-H. Noetzli Beadtield 1. B. Penfold S. W. Cleave Mr. Mupsxsr, on rising to acknowledge the gift, was again cheered. He said—Mr. Mowat and yentlemen—I have said enough just now to show how deeply I appreciate the high jnonour you mie to-day, ain much moved by this additional evidence of your esteem and friendship. 1 accept the gift with great gratitude, and you may depend upon taking the first opportunity of so Iaying it out that I shall be able to point to its equivalent asa proof of your kindly, and I fear only too tolerant, appreciation of my services, This brought the proceedings to a close, and Mr. Medhurst then bade most of the gentlemen present good-bye, as they left the room. j SHANGHAI STEAM NaVIGATION COMPANY.
A. special veneral meeting of shareholders in the abore Company was held Monday, the business being "tu submit for the consideration of the shareholders an offer which been made to the Directors for the purchase of the Company's real estate, floating property. and plant, and to pass resolutions in reference thereto." There was a numerous attendance, the following being present:—Dr. W. S, Fitz, Chairman; Messrs. TH. Bell, A.G. Wood, F.D. Witch, Directors; Messrs, Addis, Anderson, Art ale, Butler, hoister, Beebe, Buchanan, J. Brand, Bradtield, frown, Burrows, Borsch Cameron, C. 13. Clarke, B.A. Clarke, loping, Crombie, Dyce, 8, Daly, Lo Ewald, F, B. Forbes, H. De C. Forbes, S. M. Forbes, Gilbert, Gundry, F. G Green, G. Gillies, Gon 'y. B, Higson, M. Mawtrey, E. Henderson, a8.. Hickling, Hiibbe, J.
Littl, Leslie, A. Lindsay, A. Lind, W. S. Maclean, P. Maclean, J. W. Miller, A. Mils Overbeck, T. Olyphant, Rodewald, Reid, Simpson, W, Sauiders, G. Seheetfer, 11, J. Skeels, T. D. Skelly, J. B. Tootal, 'Thorne,' H. F. 'Thompson, Wheeler, 'E.R. Wheelock, F. G. White, H. Wells," Ward, W. White, Westall and "Yurkee; representing' over 20,000 shares, The Cuamaax, having read the notice calling the meeting, said:—I have now to lay before you the offer referred to in the notice just read, which comes, as you are doibtiess aware, from the Slaaauer of th Gian Mevdhaets! brief, a proposal to purchase this Company' steamers, fluating property, real estate, and plant, as they stood' on the St December last, for a sum of Two Million Taels, You will Ly understand that, the attention of those moat largely interested in this Company has been for some time seriously directed towards the best meausof meeting the altered condit of steamer bu: world. follow from the early opening of new ports, they could not shut their eyes to the fact that for several years past our dividends had been reduced, or to the chance that our profits for the wear future might continue low, under the influence of close competition on all our Lines, When, therefore, ne; 18 were first opened by the Manager of the China Dlerchanty? Company, it seemed as if one advantageous way out of the dificc!ty would be found, if a reasonable offer for our property should be made by them. So soon as the negotiations took tangible form, the matter was [aid before the Directors, Full consideration and discussion satisfied them that the interests of the shareholders would be served by accepting Mr. Tons king-sing's offer, and they unanimous! authorized the agents to make a provisional contract for the disposal of the steamers, subject to your ratification, An abstract of the agreement is already your hands, and I will now proceed to Tead the ayreemeut ited [it is unnecessary to give the text of the agreement, as the abstract referred to by the Chairman, snd which we here reprint, clearly sets forth its purport.] subject to ratification by Shareholders of Company.
—ShanghaiSteam Navigation Company rev to sell and China Merchants? Steam ation Company to buy all steamers, ud landed property of Shanghai mu where in Eh with all the Machi ery Stores, Provisions, Wines, Mater Plant belonging to the Company, on Bist December 1876, for Ts, 2,000,000.
3—Purchiss money to be puld as follows On or before signing of JOIN sasssesesensseeesenrensoneT 18, 180,000 On or before Bist day of January instant, Scaseos Tm: 220,000 On or before Sist di of March next. sons, and the balance by quarterly inst; of Tls. 30,000 each, extending ver the next five yenrs, b—Puiehasers to have opt 0 of fores stalling all, o a ch crest on unpaid balance of purchase money, at rate of 8 por cent, per aim un,—Property t" be taken to have been at risk of purchasers from Ist January, 1877.
7.—Russell & Ca, to continue working of steamers and busin counveted theres with until 3'st March next, fur account and at risk of purchasers, 8—Purchasers to have management of steamers and property on payment of ment due 3ist March, Purchasers to be entitled to have all steamers and property absolutely made over to them on payment of whole purchase money or giving sellers security satisfactory to them therefor at any time within next five yenrs; or, if they shall pay by instalents, tohave such amount of steamers and property transferred to them from time to time us shall represent the fair equivalent of purcluse money actually P'10.—Purchasers to insure steamers and property of which they shall have manayement, but which shall up to that time be not absolutely transferred to hem, 11,—Purchasers to take over lenses of frontage, &e., and to accept linbili nce: wing' therefrom, 12.—Purchasers to take over service of Superintendent Shanghai Steam sation Company, &e.
13. Purchasers not to ran the purchased steamers un south coast or between Hongkong, Canton and Macao, before certain dates, 14.—Provides that if purchasers shall forestall payment of instalment due Sist March and pay it on 28th February, they shall take Torthwith the benefit of the us in their favour which would se only have come into operation on Sist March.
15.—Provides for further agreement bodying terms and conditions of the present ore, to be executed after ratificar tion by Shateholders, Such further agrees ent also to have ammexed to it certain schedules.
The Cuanoras then made the following remarks respecting the clauses subjoined:—No. 3.—The instalment of 'Ts. 1*0,000 Bas bees paid in native bank orders,' the greater part of which are cashed and the proceeds placed on special deposit in the Hongkong and Shang! VK.
No. 8.—The instalment of Ts. 600,000 will be paid on the 28h February, if remittances arrive from the north in time.
11.—The frontages referred to are those between the Kin-lee-yuen godowns and the French Police Station.
No. 13.—This clause is to cover the responsibility of the S, N. Ca, under agreements made in 1867 with Messrs, Jardine, Matheson & Ca., Augustine Heard & Ov., and the Hongkong, Canton
Text read from the printed page and cleaned; old type leaves the occasional error.