An extraordinary general meeting of the shareholders of Ule Straits Insurance Ca, was held on the 13th instant, to consider solutions relating to the Winding up of Ethe Company. The Chairman, Mr. D. W. Lovell. presided, and there were also pro-gent: she Hon G. S. Murray, Messrs, homson, W. Navf, and C, W. Laird, tors); the Hon J. Burkivshaw (legal viser): Messrs. G. A. Derrick, A. Geutle, Hoynek Van Papendrecht, V. Murray, L. B. Wanaford, and Chew Swee-tuan (shareholders), "ud A. S, Murray, (secretary.)
Lhe Chairman said—At the annual meet-1 in April last, the Board recommended reconstruction rather than liquidation of the Company, and scheme submitted by Mr. E. H. Forwood for the formation of a new company in London was ultimately approved by the vote of a large majority of the shareholders. The negotiations in connection with Mr, Forwood's scheme have been prolonged far beyond the period anticipated by the Board. But we were informed from time to time that these negotiations were proceeding in such satisfactory manner that the successful flotation of the uew company was thought to be practically assured. In this we have been disappointed, and Mr. Forwood ox-plains that it was due to the bad results ed recently from the operations of insurance companies generally. j After the failure of Mr. Forwoud's reconstruction scheme, the directors had to decide betireen making a call on the shareholders for increased capital, or liquidation. We felt sure from previously expressed views of shareholders that they were not prepared to put more capital into the Company. 'The only alternative, liquidation, was prepared for as quietly and speedily as' possible. We approached several companies through our Tondon underwriter, and tried there without success to obtain a bid fur the business. But we obtained what the directors considered a fair and reasonable proposal from the South British Insurance No., whose representative was on the spot, which decided to accept, subject to confirmation by shareholders, and so avoid further do. lay. The rumours of the failure of the reconstruction scheme were weakening our position and lessening the value of what we hnd_to sell every day, so that it was imperative to act promptly, This meeting is called to decide upon voluntary liquidation, upon hich follows the appoint ment of liquidators to carry out the bargain we have made with the South British Tnsurance Company and to wind up the company's affairs. Since the beginning of the year, we have been operating on much restricted lines, reducing time business as far as possible and paving the way for liquidations. Since liquidation became inevitable, we have ceased underwriting all over the world, and in many directions have made a good start towards closing up,
Text read from the printed page and cleaned; old type leaves the occasional error.