Tr a statement issued to shareholders in the Shanghai Mrtual Telephone Ca., and subscribers, the directors of the company explain the considerations wh ich led them to accept tie tender of the International Telephone & Telegraph Corporation, and ask for proxies to be given the directors not later than Wednesday, June 25. They strongly recommend that share-hiders should act upon their decision and advance a number of reasons why this should be done, ineluding:—To the shaieholders:—The offer of Tls. 75 per share being 50 per cent. above par, the possibility of realizing the purchase Price in cash, or reinvestment in the new company to be formed.
To the subscribers:—The furtherance of the policy decided upon by the existing company and endorsed by Mr. Anson; the rétonimendation by the Advisory Committee, and the assent of the two municipal councils; the offer of a rapid improvement in the' service and the seriousness of any further delay.
'A statement has also been issued by the Telephone recommending the aeebptanice by the shareholders of the IT, & T. tender.
'The directors' Statement follows:
24a, Kiangse Road,
Text read from the printed page and cleaned; old type leaves the occasional error.