To the Rditor of the Nonru-Cuiva Datty News, Sm,—I forward you a frosh letter which is a reproduction of the theory ventilated by Mr, Morel in the last general meeting of Shareholders.
My opinion is that a little opposition brings good results in the management of Companies us well as of State affaire, and I consider that resigning my seat would be deserting the duties imposed upon me by Dr, Galle.
Minority is always respectable, especially when represented by 144 shares, againat a total of 110 held by three other Directors.
Tom, Sir, Yours faithfully, Dr. L. Prcnox, Vice-Chairman, French Gas Ca.
Shanghai, 11th Jan,, 187.
P.S.—Since writing the above, 1 hare again been denied access to the books of the Company, by order of the Chairman, Shanghai, 10th Jan., 1877. Monsieur L. Pronox, Vice-President of the Board of Directors of the Gas Company of the French Concession, Shanghai.
Sim,—At the meeting held this afternoon, the Directors, reeing that, notwithstanding the efforts which they have made to convince you that the affairs of the Company were con-@ucted in a satisfactory manner, you still continue to act independently of them, have decided that a letter should be addressed to you to inform you that they decline continuing their labors in concert with you, and beg that you will be kind enough to resign your post as Director.
Whey also beg you to be kind enough to inform them of your decision as soon as pos ble, and not later than to-morrow; their tention being to lay the matter before the Shareholders for their decision, have the honor to be, Sir, &e., The President of the Board, (Signed) E. Moret.
Shanghai, 10th Jar 1877. Monsieur E. Moret, President of the Board of Directors of the Gas Company of the French Concession, Shanghai, letter'of the date of to-day, in whicl Sun, I beg to acknowledge receipt of your you beg me to resign my post as Director.
While deeply regretting that I am not of the same opinion as my colleagues, I till could not desert, for that reason, the post 1 hold.
So far from wishing to act independently of my colleagues, I was prepared to submit to them some thoughts which were suggested to me by the examination of the books of the Company; this intended to do at the held to-day, which I thought appointed for to-morrow Thave the honor to be, Your obedient servant, (Signed) L. Picuox,
Text read from the printed page and cleaned; old type leaves the occasional error.