441
English Company law, which prevented the reduction of the value of a share beyond one-fourth the amount paid up. At the time no measure gave the relief to the Company which it sought, but the shares are found still too large, the amount paid up being $500 while there are only 60% of them.
The extension of the Company's business renders it desirable that the shares should be increased in number as well as made of smaller denomination so as to give shares to numerous contributors & business in London and other centres of trade, as they are now deterred from purchasing shares at the present high denomination and are thus deprived of an opportunity to invest their capital which it is undesirable for them to lock up.
The Directors would further draw the attention of His Excellency to the fact that the shareholders of the Union Insurance Society at a general meeting held yesterday (Mr. P. Ryrie, Chairman) resolved to subdivide their stock into shares of a smaller denomination of $125 paid up.