Negotiations to Amalgamate the Yangtze Association and Union Insurance Society of Canton: portant Circular to Shareholders The following circular was post~ ed in Shanghai last Friday to shareholders of the Yangtsze Insurance Association Ld, and at the same time in Hongkong to shareholders lof the Union Insurance Society of Canton La.
Dear Sin—Negotiations have been in progress between the Boards of the Yangtsze Insurance Association, Ld., and the Union Insurance Society of Canton, Ld., with a view: to entering into an arrangement for the amalgamation of the working interests of the two companies. The directors of both companies have gone very thoroughly into the question and are, most emphatically, of the oj fon' that such an amalgamation would be extremely advantageous to both companies, as it would enable the bu jess of each of them to be conducted upon more profit. able and economical lines than could be done by either company working independently. The directors have accordingly entered into an agreement the operation of which is sub-Jeot to the consent of the share. holders. "Ite substance is ax ial.
(1) The Society undertakes to i sue and allot part of its unissued capital (i.c," shares of the nominal value of £10 each) credited as fully paid-up to the extent of £4: per share to shareholders in the Association in exchange for their shares on the basis of one share elation may retain them if they ish. The Society will, however, purchase any odd shares at the current market price unless it considers that such price is unduly inflated.
(8) The scheme contingent upon the shareholders of the Asso-jon being agreeable. transfer to the Society a substantial majority, satisfactory the Society, of the shares of the Association.
The agreement will be inoperative unless it is approved -by meeting of each company and the Associati from them. sent to the scheme and enclosing the necessary forms will be sent out as soon as possible and if satisfactory replies are received, meetings of both comparies will be convened.
In the meantime it is considered that the above information should be made available'to you at once.
'A copy of the agreement can be inspected on application at the registered office of the Association in Shanghai or of the Society in Hongkong.
We are, ete, For tie Yanorsze INSURANCE in the Society for every six shares in the Association.
As regards odd shares (not amounting in number to six) the shareholders of the Asso-
For THe UNtoN INSURANCE SoctETy 'oF Canton, Lp.
_Geieral Manager.
Tue Shansi Road Street Union has protested to the Shanghai Com. mercial Federation and to the Shanghai Streets Union against the ineregse of telephone rates which is. to come into forre-on- January: 1)) 1925. 02
A visitor to Shanghai at present is Viscount Hinchingbrooke, heir of the Earl of Sandwich. Lord Hinching brooke, who is oh a tour round [the world, recently left Eton, and. the hopes to proceed. almost, iminer, diately to Peking.
Text read from the printed page and cleaned; old type leaves the occasional error.