An extraordinary general meeting of the shareholders of the China Shippers' Mutual Steam Navigation Company (Limited) was held on J0: h Nov. at the Cannon-street Hotel, for the purpose of passing resolutions to the effect that, it being desirable tu reconstruct the company, it should be wound up voluntarily and that the liquidators of the old company, viz., Messrs, D. Reid and John Potter, be authorised to consent to the registration of the new company, to be named the China Mutual Steam Navigation Company (Limited). Mr. David Rei presided.
The Chairman, in moving the adoption of the resolutions, stated that he had not much to add to what had already been put before the shareholders in the circular sent out to them on 8h Octwber, and in the notice convening the meeting. He wished, however, the shareholders to understand that the directors, in bringing forward this scheme, had 10- tive whatever but that the position of the company should be improved. The carrying out of t me would entail a certain outlay in registration fees, and certain legal expenses, It might be interesting for them to hear that the directors hnd received letters of approval and proxies amounting to 14,165 shares from cholder Of course, if there should ea substantial minority opposed to the scheme the directors would not go on with it. The object of the reconstruction was to modify te constitution of the company, and in particular to divide the capital into preference and ordinary shares, so that there might be issued to every member of the existing company one fully paid-up preference share of £10, and one ordinary share of £10, with £5 credited as paid up thereon, Where less than £15 per share had been paid up, the amount eredited as paid up on the ordinary share would be reduced proportionately. The nominal cost of the capital would be reduced in order to comply with Stock Exchange rules and requirements, so as to obtain a quotation. This reduction would not in any way contribute to the esruing power of the company, but it was well mown that in conversions of this character a substantial rise in the shares takes place. In conclusion, the Chairman hoped that the shareholders would see their way to pass the resolutions unanimously.
Mr, J. A, Maitland seconded the resolutions which were unanimously carried without discussion.
An extraordinary general meeting of the China Shippers' Mutual Steam Navigation Company (Limited) was held at the company's offices, No. 3, Billiter Avenue, the City of London,' this morning (Nov. 27th), for the purpose of submitting the resolutions which were passed at the extraordinary general meeting of the company, held on the 10th inst., for contirmation as special resolutions. Mr. David Reid was in the chair, The Secretary having read the notice convening the meeting, The Chairman formally moved that the proposals adopted at the recent meeting be and are hereby confirmed as x special resolution. In doing so he said that from the small attendance of the shareholders of the company he took it that they were thoroughly satisfied with the explanations which were given from the chair of the scheme which was propounded for the conversion of this company's capital into deferred and preferred shares, and that they were so perfectly satisfied that it was the right and proper thing to do that they had not thought it necessary to come to this meeting. Since the meeting on the 10th inst. he had received proxies from several shareholders who were unable to send them in time, making a total of 14,461 shares represented by proxies, showing that the scheme of conversion was almost unanimously approved by the shareholders. He thought that this was very satisfactory, and he was quite sure that the new arrangement would be for the benefit of every sharehulde Mr. Maitland seconded, and the resolution was unanimously carried, A vote of thanks to the cli proposed by Mr. Stewart, Mr. Harwood, and adopted
Text read from the printed page and cleaned; old type leaves the occasional error.