An extraordinary general meeting of the shareholders of the above company was held on the 25th October, M. Andre Lebon residing. The meeting was a long one, ing some three hours and a-half. It was called to pass modifications of the statutes relative to the extension of the company's operations, for certain modifications respecting the Council of Admin: istration, and of the capital. The capital notably was reduced from £.60,000,000 to £.30,000,000 by the reduction of the paid-up value of the shares from £.500 to f.250. At the same time it was decided to in~ crease the capital by the issue of 415,000,000 of preference shares of £.250 each. Before the vote was taken M. Lebon gave some account of the position criticisms. twas the habit to disparage of the company, and replied to several French shipping companies in comparing them with foreign companies. If they tuned to Germany, for example, they would seo that during the last 10 years several navigation companies for two or three years gave no dividend, and others for six years had only distributed 3 per cent. In England more than one company only distributed 3 or 2} per cent, or oven no dividend. The great P. and O. Company in particular kad been compared to the Messageries Maritimes; but the P. and O. had a capital of £.40,000,000 less than the Messageries Maritir~s, whilst labour was cheaper than in] ance. "If commerce, the public, and -o State," said M. Lebon, "gave in Frenco to shipowners the means of cheaper exploitation, French companies would have the same prosperity as that of the English companies." The company has been reproached that it does not sufficiently renew its personnel, and that its staff was too old. M. Lebon strongly defended the personnel, and at the same time said the Council had decided to replace several old officials, and to diminish by one-quarter the fixed appointments of its agents abroad, whilst interesting them more in the developments of the business. The company had been accused of waste, but it was difficult to know what was waste, whilst considerable economies had been practised. What augmented expenses was port and canal dues, loading and discharging, price of coal, ete. in, the company was accused of want of commercial spirit, but ho reminded them that business had become very difficult during the last 15 years. It was necessary to-day to handle four times the quantity of goods than before to realise the same net receipts. At the same time competition existed as much in Franco as it did abroad. It had also been reproached against the company that they had continued their works at La Ciotat, which constituted it was said a heavy charge on the company. But, said M. Lebon, the Council had confided an expert inquiry into these works to two Creusot engineers. The report of these specialists had been quite favourable. The technical direction of the works was excellent, and the expenses had generally been reduced. Certain machinery required alterations which had long been foreseen by the Council. M. Lebon went on to say that there was one accidental and some permanent causes for their difficulties. The accidental cause was the result of increase of coal coming on their postal contracts of 1894-95 being based on the price of coal in 1893, They had oven looked at liquid fuel, but at present this was an article of speculation, and no pecncer. would engage himself for the forward price of the fuel. The company had asked the Government to modify the contracts of 1891-95, but a categorical refusal was given, Tt was out of the question, of course, for the company to denounce its contracts without running grave dangers. Amongst the permanent causes was the delay of the State in paying its debts to companies, the Messageries Maritimes being often creditors for f.5,000,000 to £.6,000,000 for transport effected one and' sometimes two years before. Then there were the considerable reductions to the State imposed for passage by its officials and transport of goods. From these considerations it resulted that navigation companies subsidised for speed used much coal, but were ill-equipped for commercial transportation. The new law for the merchant marine gave advantages to cargo ships over postal packets, and the company had decided to construct six or eight cargo boats, and to thus pass by the State. "It should be well understood," said M, Lebon, "that the State has need of us, not we who have need of the State. If the State wants our services it must pay warmly applauded by the meeting. The for them." This forcible declaration way
rest of M. Lebon's remarks was directed to the increase et the capital, 5 state. ments again being applaud yy the meeting, which in the result passed the necessary resolutions.
Amongst other changes made by the alteration of the Articles of Association iz was decided the Council should receive fees "of £.65,000 and 2 per cent of the net profits after payment of all expenses, including writings-off and financial charges. It was also decided that tao Council could not, without the sanction of a general meeting, create any hypothecary loan or issue obligations—" London and China Express."
Text read from the printed page and cleaned; old type leaves the occasional error.