Mr. Butler said—On this I should like to make one or two remarks. It has been my conviction for a good many years past that the Directors of the companies in Shanghai are, and have boon, largely overlaid. I will admit that there are companies in Shanghai in which a considerable amount of work devolves on the ators, but these companies are an exception, and in the majority of the com the work of the directors is practically a sino-cure. I think it done for the individual shareholder and for the directors. I have holder in this Company from its install tion. I believe, if my memory serves me correctly, that for the first year or half year, I don't remember which, a dividend was paid, but since then we shareholders have looked in vain for return on our money. On the contrary we have seen our capital written down by 50 per cent. That is one side of the question. Let us seo what it has done for the directors.
During the same period they have each taken, not out of the profits but out of the en pital of the Company, Tls. 10,000, and T say this monstrous. The fir consciences of the directors must be as elastic as their pockets to enable them todoso, But that is not ell. I find the same directors appearing in nearly every other company in Shangh I think I might safely say that borh: with the exception of the Hongkong and Shanghai Bank scrip, I don't possess a single share certificate that doesn't bear the names of Mr. Alexander McLeod and Mr. W. D. Little, There is one company, il I may use such an expression, where their names do not appear; I refer to the Municipal Council. But in one case there is very little to do and ample remuneration, and in the other there is plenty of hard work and no pecuniary reward. The inference is, to my mind, obvious and that is these gentlemen study their own interests rather than the interests of the company, in fact I am forced to the conclusion ey, are what wa may o8ll professional directors; I think in London they would be known by another name. I am. not going to propose any revolutionary resolution. I am simply going to make a suggestion, and that is that the directors should voluntarily reduce the amount of their remuneration from Tls. 1,000 to Tls. 500 and I am convinced that it would work much better. I think I had better not wait and hear any discussion on my suggestion.
Mr. Butler then took up his hat and coat.
The Chairman: I don't quite know. Mr, Butler, why you have taken upon yourself to make these remarks, There is one point on which I slipuld like to correct you without referring at all to the attacks you have made upon the directors of the Various Shanghai companies. You say the directors of this company receive Tls. 1,000 per annum. That is not a correct statement. The remuneration is Tls. 750.
Mr. Butlor—I apologise for that, The Chairman—I think you will admit that any man that works has to be paid.
Text read from the printed page and cleaned; old type leaves the occasional error.