Telephone and Telegraph Corporation he sale of the Shanghai Mutual Telephone Ca,, Ltd., to the International Telephone "& Telegraph Corporation was approved at an extraordinary meeting of the share~ solders at the hall of the Royal Asiatic Society on June 27 at which only three Chinese shareholders wore present, Several opposing speeches wore delivered, but the resolution propos ing the sale, which was moved by Mr, P. Lo Bris, chairman of the Telephone Company, rand seconded cly Mr, A. D, Bell, was passed by the large majority of 13,378 votes out of the total of 14,713 votes represented by the 225 shareholders present, Mr, Lo Bris, who was supported "Messrs. A, D, Bell, R. C. Phillippo, W, Porter, R. E.'S. Gregaon, C. D. Longhurst, 8, Flemons, J. H. Wilson, in moving the poration, were given in detail. These] are as follow:—
(a) The new company is to receive net return on the capital invested {nits Business, ao defined in the modifications agreement, of eight per conte Two per cent. per annum of the capital invested in_ such. business {to be placed to Reserves up to maximum of 20 per cent. ter the above two] ually between the nev: company and the Terlft Revision Kecount. (a) No increase in existing rates to subscribers. is to be made until the vehole system has been trans jomatie. working.
Text read from the printed page and cleaned; old type leaves the occasional error.