An important extraordinary general meeting of the Shanghai Gas Ca. was held on Friday at 10, Peking Road. There were present: Mesers. E. Jenner Hogg (Chairman), J. Cooper, J. M. Young (Directors), W. A. C. Platt (legal adviser), G. R. Wingrove (secretary), H. K. Hiller, W. Potter, A.B. Trodd, W. Arm: strong, J. Chatham, E. A. Probst, J. C. Hanson, A. W. Burkill, H. Sillem, E. P. Wickham, R. Lundt, W. H. Poate, F. E. Haskell, C. A. Pullan, ©. W. Wrightson, E. H. Blanc, W. @. Bayne, W. Lamond, W. B. Buyers and J. Buchanan, representing 2,972 shares and 1,219 votes.
On the proposition of the Chairman, seconded by Mr. J. Cooper, Mr. G. R. Wingrove was elected secretary of the meeting.
The Chairman said:—At our annual meeting on 10th April last I expressed the opinion of your Directors that it would be desirable to register the Shanghai Gas Ca. as a Limited Company under the Hongkong Ordinances, and as the proposal met with the approval of the shareholders then present we have taken the steps! necessary to meet their wishes, and have: called this meeting to finally consider the scheme, and if sanctioned, to pass resolutions to carry it into effect. Notice of the meeting was given and details of the required resolutions were circulated to shareholders on 21st August last—and, as you will have seen from a late adver-isoment, the proposed new articles of association have been lying for inspection at the offices of our legal advisers. Ihave We may fairly expect this to be followed by progressive increase, especially as the Company will doubtless continue the policy of reducing the price of gas, as time goes on. As you are aware, we have been able to offer consumers another reduction in price, to commence on Ist proximo. The progress in our _local field of operations is, after all, oily coincident with what is occurring elsewhere since gas companies have energetically taken in hand scientific economies and improvements in the production and supply of gas lighting and heating. I have just seen a report on Electric Lighting presented to the Maidstone Corporation by that optimistic electrician Sir W. H. Preece. It is so interesting that I will quote it to you, as I think it bears strongly on this question of expansion of gas business and it shows how gas should more than hold its own and have increasing success in the future, if given fair field and no favour. Sir W. H. Preece says in this report to the Maidstone Corporation: "The streets are now so well lighted, and at such a cheap rate, by the Welsbach incandescent mantle, that I question very much the advisability, at first start, of adopting glow lamps to replace the gas lamps. The glow lamps are not so brilliant as the incandescent gas and cost much more. You are paying £2.18.3 per lamp per annum for gas. It will cost you at least £6 per annum to light equally well with glows, and the satisfaction given will not be comment surate with the extra cost." Amongst our rearrangements there is one that I think is of importance. I mean the subdivision of shares, making them Tls. 50 fully paid up instead of Tls. 100, The smaller shares come within so many people's reach, that, now the liability on the shares is limited, it may be expected that, many consumers will be disposed to invest in them and so a sort of ce-operative principle may be developed. Should the resolutions to be proposed be carried it is intended that the new Company, to be known as the Shanghai Gas Ca., Limited, shall commence its existence on the Ist, January next, provided that by that date the necessary registration in Hongkong has been effected, steps for the speedy arrangement of which have been taken.
The memorandum of agreement of the new Company wasteed over by Mr. W. A.
Text read from the printed page and cleaned; old type leaves the occasional error.