A resolution has been received from a large shareholder that a sum be set aside out of the merger con-Uingency reserve in the books Shanghai Dockyards Ltd. to be. pald as special remuneration to the direc-jars of this company in cunsideralon of extra services rendered by them in effecting the amalgamation and that members of your board repres-fenting your interests on the board of Shanghai Dockyards Lid. authorised to agree to this.
Whilst it is true that members of the board have been called upon dur= Ing-the past four years to attend In-rimerable meetings far In excess of what would be expected of company directors in the ordinary course of business and that certain "members utes an enormous of the board have undertaken speci
in respect which no remuneration has been aid, your directors prefer thet this matter should remala In. abeyance itis the suees of the new camp: any, as a profit earning concern is tablished.
When the chairman had concluded hhis speech, Mr. Soyka requested the directors {0 take steps for the conversion of the Shanghai Dockyards, Limited, into a public company. The chairman replied that the present business before the meeting was solely concerned with the passing of the Report and accounts, and Br Soyka was out of order. Mr. Soyka then asked if he might be told what were the present managerial and secretarial fees and salaries of the new company, improved during the year. Sterling and was told this information was t0 see that we have reserve fund of overdraft is reduced to. £1346, be found in the accounts, "They are $190,000 built up from profits in too high!™ replied Br, Soyke, Subsidiary Company Mr. Soyka then attempted to get some information concerning a sub: sidiary company, and related the story of his attempts to secure such information; money, he said, lent to the' subsidiary aliempted to tall down the chairman, who finally turned to the meeting and said: "Ladies and gentlemen, do you wish to hear Mr. Soykat™
Text read from the printed page and cleaned; old type leaves the occasional error.