A meeting of the shareholders of the China 'Traders' Insurance Company, Limited, was held in the Company's Office oni the 12th inst., for the purpose of passing resolutions by which to effect a subdivision of the existing shares, and an crouse of the capital by 2,00 new shares, Gentlemen representing 363 out of 600 shares were present, Mr. MI. 1. Sassoon being in the chair.
Aiter the Secretary had read the notice calling the meeting.
The Chairman said—Gentlemen:-—A circular from the Directors, and a copy of the: various resolutions which you together weeks pas Jeave but little for me to add. asked to make two important alterations in the constitution of the Company. The First is to increase the number of shares by subdividing the existing 6:0 of $500 paid up into 12,000 of $29" paid up, and the Second is to increase the subscribed capital from $1,000,0 0 to $2,000,000, and the paid up capital fr $300,000 to $600,000 by the issue of 12,00) new shares Of $83 33 each, of which $25 will be called up. The necessity for these changes has for a long time past forced itself upon the Directors, but they were, until quite recently, powerless to move in the matter of sub-division owing to the then state of the law, which prohibited any public Company from auh-dividing its slares to less than one-fourth part of the original shares. As you wreaware, this Company took advantage of that law as far buck us 1877. The change then made gave the Company for a time the relief its ought, but during the last few years the shares have again attained so high value as to deter a large class of contributors, both native and foreign, from becoming interested in the Company, and consequently from giving it their support, whilst the number of shares has been totally inadequate and prevented us most effectually from building up so strong a constituency of contributing shareholders as we should like to possess. In regard to the proposed increase of Capital, it has been apparent to your Directors and others that, with a growing bu the Company was yet weak in one most important re-aspect, and what was the very small proportion.the unpaid Capital bore to the lities which were annually incurred, There is only one remedy for this, and that remedy. we ask you to give your assent to: to-day, viz., the increasing the pomival: and paid-up. Qapital. of the Company. "It is easontial, "i advance with the times, or even to maintain our present status, that we. should be able to. offer our policy-holders (on whom we are entirely dependent for our dividends) the most undoubted security. The new shares you are recommended to offer to present shareholders: at the small premium of 33} per cent., which premium will be carried to the Reserve Fund, augmenting it to" $600,000. With. a Gapital of $2,000,000, of which $600,000 is p: up, backed bya Reserve Fund of $600,000, the Company will be in a position of great strength, whilst the larger number of our shares and, their, smaller denomination will, we trust, induce many whose contributions, though small, are yet valuable, interest in' and support the Before sitting down I would 0 two other changes wi suggesting in the articles of the only. two of importance besides the reiting to. the, increase of capital and subdivision of; shares. The first is the wider scope which the Directors ask for in the investment of funds..-We have at a by the existing article deavour to employ the funds of the any. With lar, ted in the future it is important that ould have wider scope, and'we consequently ask you to sanction. this altecation, The second change is the withdrawal of shares from: non-contributors, This will not affect any of the pr holders, at least as far as. their present holdings are concerned, as it applies only ares transferred after 30ch tore ask that this power be given them ao-that the Company may 1 placed on the same footing as moat of its neighbours, still they realize the necessity of exercising it with the greatest. discretion, and Lam confident you can with place this power in our hands, gentlemen, th all that In refer to, but if any any further infern give it him.
No questions being asked, The Cxrarnaran then proposed Resolution No. 1, which is as follo "That each of the existing 600 shares of the Company of $1,666.66, on which $500 is brid up, be subdivided shares of $83.33 upon each of n of $% shall be credited as pai Mr. Aso seconded.
Carried unanimously.
Mr. Pozswecken proposed resolution No. 2:—
"Phot the Capital of the Company be increased from $1,000,000 to $2,000,000 by the creation of 12,0U0 new shares of $83.33 upon each of which the is to be paid up."
Mr. Cuaten in the float n such manner and at such times as the Directors shall direct for that purpose, to the holders of the present Shares of $500 each (or the equivalthereof in subdivided Shares) 1m the 80th dey of June, 1883, the holders of aid present Shares (or the equivalent f in subdivided Shares) shall respectively be registered as such holders and that any new Shares not accepted by the holders of the said present Shares: (of equivalent subdivided Shares) within the limited by the Directors for that pur-be disposed of and allotted by the tors in such manner and at such pri terest of the Company, Mr. Jacgsox seconded, cent." premium and that all: amouuta-re-> ceived for: preminm upon new shares: be: carried to the credit of the Reserve' Fund.)
Mr. Bortosney seconded, Cartied unanimously. 7 jie Saess0n proposed the fifth Resolaion:
That-§16.67° per new:'sharo.. shall: be payable on July Sist, 1883, and $16.66 on! October 31st, 1883, both: moieties sharing proportion rely in any dividend that: may 0 declared for the 12 months ending April 30th, 1884."
Mr. Gostes seconded.
Carried unanimously.
The Camara proposed Resolution No. 6 "That the Memorandum and Articles of Association be modified in accord an with resolutions and 2." 2
Mr. Youne seconded.
Carried unsuimously.
Gentlemen present then proposed and seconded the substitution of new' articles for old ones, and also now articles effecting new reforme principal of which wa rectors power to declare in:
dividends at their discretion, and red after ' 30th June 1883, should the holders not con-' tribute sufficient business to the Company, and re-allot them at their discretion, All these proposals were unanimously approved of by tho'meoting.
the Cuarrwan:—That is all tt ness, gentlemen. 1 thank you for your. attendance. A meet hold on the 3ed of July to confirm the ro-solutions just passed.
On the motion of Mr. Bradlee Smith; seconded Mr. Bottomley, a cordial vote of thanks was given to the Chairman.
Thomooting then disporsed—China Mail.
Text read from the printed page and cleaned; old type leaves the occasional error.