Divers, spoke of the necessity of a room for the use of the society, in addition to the present hal], in which members could meet to exchange stamps, welcome philatelists passing through Shanghai and which would also help to bring philatelists together. He explained that the present income was insuflicient to carry out the scheme and suggested that stamp auctions be held after each fortnightly meeting and a 10 per cent. commission on sales be given to the society. This being unanimously agreed to, the Secretary then disposed of 20 lots. The bidding was keen and good prices were realized. The last lot—a collection of 1,400 stamps—brought in $20, and the owner gener ously donated this sum to the society's funds.
The following conditions were agreed to regarding future anctions:—Owners of lots agree to refund in the event of misrepresentation. Forgeries, torn or damaged stamps to be) seated as such.
The auctioneer and assistants to act in an honorary capacity without payment for services rendered.
Only members of the Shanghai Philatelic Society to be allowed to participate, either as buyers or sellers The society has now an active membership of 5%. The Hon. Secretary, Mr. Win, ©. Divers, 35 Darroch Road, will be pleased to nominate eligible collectors for membership.
Text read from the printed page and cleaned; old type leaves the occasional error.