An extraordinary general meeting of the holders of Founders' Shares in the above Company was held at the Central Hotel on Friday evening, when the following resolutions were submitted for con-innation Ist.—" That the Capital of the Company be reduced from $200,000 (Mexican) divided into 200 Founders' Shares of $20 each, and 9,800 Ordinary Shares of ich to $91,845; divided into 123 Founders' Shares and 6,000 Ordinary Shares of $15 each, and that such reduction be effected by" cancelling 7 Founders' Shares and 3, S0) Osinary Shares unissued by the Company and by cancelling Capital which has been lost or is une sented by available assets to the extent per Share upon each of the 123 Founders' Shares and 6,000 Ordinary Shares which have been issued and are now outstanding."
2nd.—That in respect of each of the Shares in the Capital of the Company upon all of which the sum of $15 (Mexican) has been paid up, Capital be paid off to the extent of $3,' upon the footing that the amount returned oran part thereof may be called up again."
Mr. Edney Page presided, and there were present Messrs. HI. J. Limby, Capt. Parker and J. att (Directors), W. W. Clifford, Captain J.D. C. Arthur, A. Prebble, M. Stathopolo, S. Harvey and W. Carlson.
'The minutes of the previous meeting having been read and confirmed, 'The Chairman said that, as' they were all aware, this was a formal meeting rendered "necessary according to the Articles of Association to confirm the resolutions passed at the extraordinary meeting on the 18th April last, the minutes of which they had just heard read. Without referring to the matter further he wwe the confirmation of the sume.
ker seconded.
Arthar said that, asa founder, strongly objected to the procedure. The founders' me been held before the beginning, opposed the innation of the resolutions and the decision to pay yer share. He would contest the ea through.
The Chairman—I id it is too late to is a mistake don't sce the reduce the pay back $3. There is no reason why you should. The position I take up is that the meetings are illegal and irregular, and T propose that this meeting now adjourn and that another be called.
The Chairman—It is very unfortunate that you were unable to be present when the whole matter was explained, when our legal adviser was present and under whose advice our meetings were held, Captain Arthur—I was unable present at the Founders' meeting but at the ordinary meeting I was present and objected then to the passing of the accounts. The moment one man objects the whole thing is finished.
The Chairman—There can be no poll unless one is demanded. You cannot have read the Articles of Association under which every act of the Directors has been taken, It is not competent for anyone now to raise any question beyond that of confirming or not confirming these resolutions. The decision of this meeting is carried by a majority of those present.
Mr. W. W. Clifford—I think it is best to follow the ruling of the Board because it has to be done to enable the Directors to declare a dividend during the next months.
The Chairman—You will not get a dend unless you do, Captain Arthur—Then lose the whole let.
The Chairman—There are others who are not so silly.
The resolution was then put and carried, Captain Arthur alone dissenting.
Subsequently a meeting of ordinary shareholders was held with the same object, when there were present: Messrs. Edney Page (in the chair), Captain Parker, H. J. Limby, J. A. Stewart, J. D. C. Arthur, Buchanan, 8, Harvey, W. W. Clifford, J. M, Guedes, A. Prebble, M. Stathopolo, and W. Davy.
The Secretary read the minutes of the previous meeting, on the conclusion of which Captain Arthur objected strongly to thei adoption, on the ground that, a pertinent question addressed by Mr. Tong Kid-son to the Cha not been included.
The Chairman remarked that the Secretary could searcely be expected to present a verbatim account of the proceedings. Tt seemed to him that the minutes as read formed the gist of the business transacted.
The minutes were subsequently passed, Captain Axthur alone contesting their accuracy.
The Chairman then formally moved and Mr. Clifford seconded the confirmation of the resolutions printed above. In seconding Mr. Clifford expressed the opinion that the Directors were taking the only right and legal course to wipe off the encumbrances on the working of the Company, and to enable them to declare a dividend in the near future.
Capt. Arthur moved an amendment but could find no seconder.
The resolution was then carried and the meeting terminated.
Text read from the printed page and cleaned; old type leaves the occasional error.