An extraordinary general meeting of the Shanghai Horse Bazaar Motor Ca., La., took place at the company's offices on Thursday afternoon, Mr. F. Ayscough presiding.
In the course of his address to the meeting, the Chairman said:—With regard to the first resolution, I must point that the company had formerly four directors, but that when the late Mr. J. Tulloch ceased to act as 2 director in 1905 no steps were taken to fill the vacancy created, and since then there have been only three directors. As a result it sometimes happens, especially in The summer, that it is impossible to obtain a quorum for a directors' meeting, and the Board thinks it desirable generally that there should be one more director. The power of appointment is in the shareholders.
With regard to the second resolution, your directors are advised that there was an irregularity in the appointment made at the last annual meeting of Messrs. Lowe, Bingham & Matthews to be auditors of the company, and that such.appointment was, from a legal point of view, invalid; it is to rectify this that the resolution The company's solicitors have advised that owing to the provisions of the comnany's articles and the Hongkong Ordinances, Messrs. Lowe, Bingham & Matthews cannot be engaged to supervise accounts and also be appointed auditors to examine and report on those accounts, As the firm cannot act as both supervisors and auditors, the directors prefer to retain their services as auditors and put the position before them ith this suggestion. Messrs. Lowe, Bingham & Matthews reply that they are willing to act as uditors at an annual fee of Ts. 750.
There were no questions and the resolutions were unanimously Robert Inglis Fearon be and he is hereby appointed a director of the company in addition to the existing directors, That Messrs. Lowe, Bingham Matthews be and they are hereby appointed auditors of the company.
Text read from the printed page and cleaned; old type leaves the occasional error.