Your Directors have further arranged to enter into a new agreement 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 $1.200 per annum, the equivalent of which at the present rate of exchange is slightly in excess of the present fee. The basis for calculating the Commission payable to the Secretaries has also been altered from 2 per cent. on the dividends to 2 per cent. on the net profits 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 or by proxy holding one quarter of the issued capital of the Company. This Company was floated many years ago at a time when the ma jority of the shares were held by a very small number of people. The shares are now becoming scattered to such an extent that it is being found progressively more difficult, year by year, to secure the quorum and proposed an @xtraordinary general meeting in the near future to alter this part cular clause in the articles, Due notice of such meeting will of course be given 19 you.
In conclusion I will take advantage of this opportunity to express our very best thanks to the Manager, to the Agents in Penang and to the WEDNESDAY,
Text read from the printed page and cleaned; old type leaves the occasional error.