Mr. E. W. Noel observed that they recently witnessed the case of 'a company meeting in Shanghai where the question of the directors' fees was discussed. That company was a much larger one than the Per-mara company, having a capital of £36,000, and the four directors drew Tls. 750 each. In view of the fact that the dividend-paying stage had not been reached, the directors amongst themselves agreed to refund Tls. 180 of their fees. The chair man announced this in his speech and a discussion ensued in which an attempt was made to cut the fees down to Tis, 500, but the majority of the shareholders had more liberal views and the fees now stood at Tls. 600. Mr. Noel went on to say that recently in conversation with a friend from home he learned that his friend was a director of five companies and each one paid him £250. This showed what people at home thought of the responsibilities and requirements of direc-worships, Mr. Noel asked him how
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