Repayment of Creditors out of Profits and Govt. Bonds Paris, Aug. 19.
An extraordinary meeting of the Banque Industrielle de Chine today passed the contract with the administrative company which 1s being formed to pursue the recovery of the Bank's assets with a view to settling with creditors and to continue until the creditors are paid in connexion with banking operations in behalf of the Bank, especially in the Far East.
Three-quarters of the Bank's capital were represented at the meeting. Thirty-seven thousand seven hundred and fifty votes were east for the motion and 593 against.
The contract provides that the administrative company shall have a capital of 10,000,000 francs in 2,000 shares of 5,000 francs each, subscribed by a group of banks headed by the Banque de Paris. The capital may be increased to 15,000,000 francs at the discretion of the directors, who will number from 10 to 15. The administrative company shall receive certain commissions and. also five per cent. of the credit balance at the end of the directional period. The Bank's creditors shall receive bonds entitling them to a portion of the annual payment made by the Bank. The Far Eastern creditors shall receive five per cent. gold bonds from the Government provided out of the French share of the Boxer Indemnity.—Reuter's Special Service, Shanghai American School A further staff of teachers will be ready to begin work on the opening day of the autumn term of the Shanghai American School. It will number 12 men and 15 women. Light new teachers from American are now on their way and will arrive in Shanghai very soon. They are:—Miss Helen A. Erk, Miss Cary E. Saunders and Miss Flora M. Boyce, to teach in the grades; Mr. Orrin Main, Mr. Leland Edmunds and Mr. James L, McCord, to teach in the High School; Miss Freda Frommel and Miss Louise Macklin, to teach music, Two of these new teachers were born in China and have just finished their college work in America. Mr. Orrin Main, the son of Mr. W. A. Main, of the Associated Mission Treasurers, is a graduate of Yale. Miss Louise Macklin, daughter of Mr. W. E. Macklin, of Nanking, has just graduated from Oberlin.
In addition to the eight teachers coming from America, Mr. W. A Flewelling, who taught in the Tsingtao Academy last year, and Mr. Richard Touché have been elected to the staff Mr. Touché will teach French. The primary schoo] in the French Concession will open with Mrs. Grace Sawyer in charge. She will probably be assisted by Miss Erk.
Text read from the printed page and cleaned; old type leaves the occasional error.