Your Directors have further arranged to enter into a new agree ment with the Secretaries which will entitle them in future to receive their fee in Straits dollars instead of in Chinese dollars. The amount of the fee has been fixed at Straits $1200 per annum, the equivalent hich at the present rate of exchange slightly in excess of the present fee. "The basis for calculating the Commission payable to the Secretaries has also been allered from 2 per cent on the dividends to 2 por cent. on. the net proffs for any one year.
"The Articles of Association of this Company lay down that. a quorum for the holding of an annual general [meeting shall be shareholders Present er by proxy holding one quarter of the issued capital of the Company. Ithis "Company was floated "many years ago at a time when the Jority of the shares were held by a Very' small number of people. The shares are now becoming scattered fo such an extent that it Is. being found. progressively more difficult, year by" year, 10 secure the requisite 'Quorum and' itis proposed. to call an extraordinary general meeting in the near future to alter this partievlar clause in the articles. Due notice of such meeting will of course be given to you, conclusion T will take advantage of this opportunity to express our very best thanks {9 the Manager, the Agents In Penang and" to the Visiting Agent for the very" able manner in which they have administered the affairs of the Estate during the year under review.
Text read from the printed page and cleaned; old type leaves the occasional error.