After the directors had been duly re-elected, an extraordinary general
meeting was held to consider a resolution for the increase of the capital to 26,000,000 by the creation of 1,000,000 new shares at 21 each. The president explained that, after careful consideration, the directors had decided to secure the issue and effect an insurance against failure by procuring the underwriting of 500,000 shares at exceptionally low terms. An amendment was promptly moved by Mr. Humphreys to reduce the total issue to 500,000 shares at 21 each, "the same to be offered to the ordinary shareholders, and any shares not taken up to be also offered to the share-
holders." It had been said that certain people who had private information of the fresh issue at such a low price had been selling shares, and he considered that it would be a good thing if "a slap" could be administered to the Stock Exchange. A series of tumultuous scenes followed, and the meeting ultimately broke up in disorder, after the main resolution had been carried, while that relating to the under- writing arrangements was lost
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