Since 1934 the mints have levied a handling charge" of one-quarter per cent. en the value of gold passing through their hands, over and above the long-stand-in mint charges for services rendered, and has had fore proposing the adoption of the report and accounts, I shall be pleased to answer to the best of my ability any questions concerning the affairs of the company which any of you may wish to ask."
No questions being asked, the following resolutions were put to the meeting and carried unanimously.—
That the report of the directors and audited accounts for the year ended December si, 199). presented to the allocations of the balance of front and shareholders, be adopted, and that the
loss account, as recommended by the Directors be passed. Proposed by Mr B. D. Tata and seconded by Mr. Woo Che long.
That the special dividend of $5.00 per share approved by shareholders be satisfied by the issue of one new share of the company's unissued capital credited as fully paid up for every two shares held by shareholders standing on the company's register on the twelfth day of April 1999. Such new snares shall rank for dividend as from January 1. 1839 pari pass with shares already issued.—Proposed by Mr. B. D. Tata and seconded by Mr. R. B. Cooper. he result that most of the business of supplying gold for industrial rsquirements has been transferred from the mints to private refineries, The Treasury pays for the metal at the rate of $35 a fine ounce less a handling of 54 per cent. and the usual mint charges. The dollars thus paid out are distributed, in effect, between the producer, the intermediaries who assisted the gold on its way, and perhaps various agencies of the Government itself for commerical services in the shape of assaying and refine ing. Thus, as a first consequence, each ounce of gold produced in the United States and not absorbed into industrial use yields an increase of nearly $35 in the amount of money available to the community. Whether this first consequence remains, however, will depend chiefly on the method adopted by the Treasury to finance its gold purchase.
That Mr. Z. Y. Woo be re-elected a Director of the Company—Proposed by Mr. B. D. Tata and seconded by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.