Two Brokers Cease to be Mem-hers: Others on Probation We have received the following come munication from the secretary of the Stock Exchange. We accordingly publish it us received, with the usual Fesereations annoying to. the letters iidreesed to the Editor for publication, The following is an official statement of what took place at our extraordinary general meeting, and you are requested by my committee kindly to refrain from publishing any additional information which may have been gathered as to what took place:
Last Tuesday, December 31, at 4 pam. an extraordinary general meeting was held at the Shanghai Stock Exchange for the purpose of considering, and if thought ft, passing certain resolutions, The acting chairman, Mr. G. J: W. Morgan, spoke to the following effect:—
We have been called together this afternoon for an unpleasant duty in dealing with December Settlement defaulters. Tt is quite unnecessary for me to dwell at length upon the responsibility that rests on the members of this Exchange in doing their duty by, upholding the prestige of this Association. This prestige is absolutely essential for our exist fence, The public demand, and right ly so, that in giving us their patronage they have their rights adequately safeguarded, Emphasis was Jaid on the sanctity of contracts, Members must be made to realize that once a contract has-been entered into there is an obligation, very important obligation, that the contract must be carried out, failing which, those menibers who' fail to honour their signatures have no alternative to look forward to but the ignominy of expulsion.
The chairman stated that the committee unanimously recommended and looked to.all of the members to import the resolutions.
Before putting the resolutions the chairman stated that all those mem bers who were to be dealt with would bbe given an opportunity to speak in their defence. It was pointed out that the resolutions required la majority to carry them. Tt -was felt-confident thatthe committee. would not look to the members in vain to see that this necessary number of votes should be forthcoming.
On completion of the chairman' speech each defaulter was giv opportunity to reply in his defence taking in alphabetical order that who were responsible for the calling of the meeting.
As a result of this meeting the following ceased to be members:—
Douglas Fleming, Leslie Archie Lewis, whilst the resignations of Messrs, J. Behar and C. J. White were to be accepted pending their failure to satisfy their creditors within 30 days:
At the conclusion of the meeting, "Jo member asked whether the committee had in view the re-drafting of the Articles of Association and Rules, to which the chairman replied that the.committee intended to have them re-drafted and brought up to date at the earlist opportunity. He further stated that a commission was to be held at an early date to consider the whole aspect of the revision of the methods of transacting business. This commission would consist of the foreign banks and principal Chinese banks and the Stock Exchange.
Text read from the printed page and cleaned; old type leaves the occasional error.