The following circular has been isened to the shareholders of the Agra Bunk The Agra Bank (Limited), Nicholas-lane, E C., 30th Seprember, 1893.
Sm_.—At the last general meeting a wish was expressed by many shareholders that an interim mesting should be held in the autumn, and the directors have therefore called a meeting for 12th October prox., notice of which is enclosed.
Lhe sha: cholders are aware that proposals to write down the capital of the bank, 60 a8 to bring value caused by the depreciation in silver, have frequently been pressed upon your directors, The diffieulry of making such a change hus hitherto nin la the constant fluctuation in the value of silver. The recent action of the Government of India, however, which practically Bxes the maz mum value of the rupee at 1s, 4d., enables to formulate a scheme for the expira' of the bank in conformity with the present condition of the Eastern exchanges, During the current year your directors have closed the branch of the bask at Shanghai, " branch that after long trix] has hot answered expectati Arrangements have been m de for speedy realisation of the assets of the bank in Shanghai. The shareholders will be prepared, however, to learn that, consequent on the fil in exchange in China, caused by the recent ver legislation of the Indian Gover ment, provision has to be mate for the relatively greater depreciation in the ex pital and assets of the bank in Shanghai, and such provision is made in the adjustment of ex pital now proposed.
Your directors, having regard to the depression ut present existing in the Exst, also take this opportunity to make further provision for all doubtful assets, 80 98 to place them on a sure basis.
Your board propose to the shareholders a reduction in the capital of the bank from £1,000,000 to £600,000, making the shares £6 exch fully 'This reduction will place the silver ex pital of the. bank at 1s, Sd., and will carry out the adjustments above referred to, By this step' it is believed that the position of the bank will be materially improved, and the wishes of tion of influential shareholders will The shares of £6 each being fully pai up, as before, no liability is created, At the ensuing meeting on 12th prox, your directors will fully explain the course h they unanimously com-your neceptance, As! the articles. cental power to reduce capital, it ry to incorporate such a provision, and a resolution will be proposed to that effect.
1 of proxy is enclosed, and should accord with the proposal of the ware requested to sign and return the proxy at your earliest convenience. By order of the board.
W. Brackwatn, General Manager.—L. & C. Express.
Text read from the printed page and cleaned; old type leaves the occasional error.