The second resolution refers to the director's fees. According to our Articles of Association they are stipulated at Tis, 7,000-—per year to be divided among the directors in ch proportions and manner as the directors may determine. This sum is the same as when the company was constituted in 1906 and your Directors are of opinion that the amount is not now. commensurate with the duties and responsibilities entailed and I have no hesitation in requesting your favourable consideration to the resolution that they increased to Tis, 12,300—per annum,: 1
The following resolutions were passed unanimously, 1 each to Tis, 2,785,000 divided into 55,700 shares of Tls. 60 each and that such reduction be effected by to the holders of the res that have been subscribed paid-up capital to the extent of Tis, 25 per share and by reducing the nominal amount of ench of the said shares from Tis, 75 to Tls. 50, That the remuneration of the actors shall be increased to Tls. 12,500 per annum and accordingly that the company's Articles of Asso-ion be altered in manner fole In Article 87 the figure "12,500" shall be substituted for the figure "7,000" from first of May 1929, The resolutions passed at the exe traordinary meeting will be submitted for confirmation to a further Extraordinary General Meeting on the 15th of August for the purpose of considerering and, if thought fit, confirming such resolutions.
In proposing the second resolution. meeting, Mr. take great wre in proposing this resolu then spoke of the good directors had done and the many years he had been with the many. He concluded by saying: You can't have good men unless you pay them.
Mx, J. Arnold Dawson, the secretary, proposed a vote of thanks to Mr.'W. 8. Burns, the managing rector of the company.
Mr. Clarke proposed a vote of thanks to the chairman and the meeting was closed.
Text read from the printed page and cleaned; old type leaves the occasional error.