Shortly after the conclusion of the an-} meeting of the Company, an extra ordinary general meeting was held for the purpose of considering and, if thought ft, pa-sing certain resolutions for increase the capital of the Company, ete. Mr. Prentice again took the chair and those present consisted of all who had attended the annual meeting.
Mr. Morris having read the notice convening the meeting the Chairman said that the Directors had seriously considered the matter and had decided to take the steps mentioned in the resolutions. seemed ridiculous that a Company with a capital of Tls. 100,000 only, should have assets of the value of TIs. 262,726.08. There had been. a deal of tall outside of the enormous dividends that the Company were paying. It was only natural, however, that the dividends should be large when the value of the fleet was Tis.
(000 and the capital of the Company only Tls. 100,000. The Directors had un-} animously decided to take the ste] proposed in the resolutions and they ought it was in the best interests of the Company. He would be glad to have the opinion of any of the shareholders on the subject, and would be glad to answer any questions they might ask.
A shareholder asked what the Reserro Fund would stand at under the proposed new conditions, and to what extent the Hlect was insured.
The Chairman replied that the Reserve Fund would stand at Tls. 50,000. At present the insurance amounted to abou 50 per cent of the value of the fleet; the other 50 per cent, the Company took themselves. The instrance premia amounted to about Tls. 4,500 annually which was rather a high figure, but they hoped that as they progressed they would be able to take the whole insurance themselves. Some time ago, losses were of rather frequent occurence, but lately they had not had any.
The following resolutions were then proposed en bloc by the Chairman, seconded Posy Gh ahaman, and carried animously—
'That the capital of the Company be inexeazod Uy the creation of 1,000 shares of is. 100 of Shanghai Sycee each of the Reserve Fund of the Company', be dis-'That Tls. 100.000 of Shanghai Sycee, part tributed among the Sharcholders,'in proportion to the number of shares held by them respectively on the lst day of December, 1900, and that stich distribution be male on the 3ist day of May, 1901.
That the directors be authorised to offer"at par to each Shareholder shares of the Company equal in nominal amount to the sun payable to him under the last preceding élauss, and that, the nominal amount of such shares be paid to the Company upon application, enor before the St day of Tay, 1901, such shares not to participate in any dividend declared in respect of profit accrued up to the lst day of December, 190%.
That the Directors he authorised to dispose of any shares offered toa shareholder under the last proceeding clause, and declined or not accepted by him within such time as the Board may appoint, to such persons and upon sitch terms as the Board may think fit.
'The Chairman said that a second extraordinary meeting would have to be convened at which the resolutions would be submitted for confirmation. This second meeting would require 14 days' clear notice.
The Chairman thanked those present for their attendance and the meeting termin" ated with a vote of thanks to the Chairman, Directors, and Agents for their services. This was carried by acclamation.
Text read from the printed page and cleaned; old type leaves the occasional error.