The Press. — London, England, 1858-09-04 00:00:00

. -. , _ THE PRESS, SEPTEMBRit 4, 1858. 8 59 ~..-..----!--f---- -------' ______. --------- - the two bodies—namely, the Court of Directors and ---- s , sec. 4'2 of 21st and 22nd Wet., eats 106, payment to each proprietor of the amount of his share of the capital stock ; and that the question whether, under 1 the Council—would not be compatible. eliliiCliverapeescts thet all ayments under that act shall be revenues of India I alone), affect in any the circumstances supposed, the Company should come to mule out of the any formal resolution as to the appropriation of the money Mr. C. Mists observed that t he r e se Directors who were elected to the Council r still to remain manner the questrideon of redemption ? section of the 21st and 22nd Vice, cap. is immaterial, inasmuch as no resolution of the Company Directors of the Company, they would be entitled to Im A : s,,Toclbliee4n2ancts that all payments under that act can affect the right of proprietors of stock to their respec- receive two salaries—one of 1,200/. a year, and the 1 oat be made . . out of th e . revenues of India alone, does five shares of the twelve millions. The Solicitor-General meaner the question of awl Mr. Wigraua consider that th is sum of twelve millions other of 5001. a year—which would be perfectly mil- 1 , not, in our opinion, affect in any is to be paid by Parliament to the Company, and sot to onions. This at once showed the absolute necessity • re demption. Q. e.—ln case of defalcation or loss of any description the individual propriet ors of the Com p an y , and that, when of those who were elected to the new Council retiring • „so n g from the misconduct or mismanagement of the so paid, it would represent and would be the capital stuck from the direction. of the Company, and accordingly be subject to all liabilities t ouipan y's agents in the payment of dividend or otherwise, Mr. DENT hoped that those Directors who had ex- out of what funds must such defalcation or loss be made of the Company. They also think Glut, under these cir pressed their readiness to resign would withhold their resignation . until they found it was perfectly incom- toed; and in case of lawsuits or other proceedings against cun . istances . , the utmost right of a proprietor would he to arising out of such occurrences or from any insist that, if the trade of the Company was not revived, ;he CompanY these liabilities, if any, should be aseertaMed and dile patibie for them . to retain the position of directors. The Act of Parliament had thrown a duty upon them, other cause relating to the payment of the dividend on or tr ansfer of the capital stock, would the expenses thereby charged, and the stoning capital divided among the pro- and their assistance was most desirable. They would incurred fall within the meaning of the words contained prietors according to respective interests. i n section 72 of the Act of the 21st a nd 22nd of Victoria, Wi th re g ard to the status of the Company, we conceive have to look to the proper transfer of the stock, and ca p 100; viz . — " Expenses of and i nc ident to th e paymen t nothing more can be usefully said than that it continu es to to t he p a y in g at the dividends. He a pp roved the to the proprietors of the capital stock of t h e sai d Company exist as a body corporate governed by the charter of Wil- suggestion of Mr. Arbuthnot, that the Government, of their respective shares of the dividend on . such stock, lam 111., and the statutes by which that charter has been should undertake the payment of the dividends an d of keeping the books of the said Company for modified . . The most important alteration made in that through the Bank of England, in the same way as the charter is the reduction by the recent statute of the dividends were paid to the fund holder. But at all transfers and otherwise in relation to such stock '? A, a—lf the defalcation or loss referred to in this sues- number of Directors to six, events, he hoped the Directors would for the present lion be a defalcation or loss as to the moneys provided out ' August 24, 1858. withhold their resignations, and continue to act as of the revenues of the Indian territories for the payment Mr. CRAWSHAY then briefly stated what the corn- Parliament provided they should do. of the dividend mentioned, in section 11 of the 3rd and mittee had done, with a view to obtain the opinions of The question was then put. il l of William IV., cap. 85, and handed over to the counsel which had just been read. On hearing the Mr. CRAWSHAY, in reply, observed that the course CompanY for that purpose, we are of opinion that such opinions of counsel personally, he found that upon loss west fall upon and be borne by the Company. The to be taken by the Directors who had been elected to certain matters most important to the value of the the Council he held to be disposed of, for four gentle ai m which by that section is charged upon the Indian re - venues is discharged by payment to the Company or its stock of the Company there was no difference of men had stated their intention to retire from the authorized agent. lf, on the other hand, the question opinion between the learned gentlemen, but that direction. He was not surprised at the regret felt supposes aloss to arise by a servant of the Company per- upon other matters affecting the future liabilities of both by themselves and by the proprietors at the cir- mating or making an irregular or unauthorized transfer the Company and in the management of its affairs cumstance, but he was quite certain that upon re- ef stock, we think that a loss of this kind must also fall there was a difference of opinion which was irrecon- flection every one must see that they had no other upon the Company. The Company are charged with the cileable, Sir Richard Bethell and Sir Fitzroy Kelly alternative. With reference to the points to be con duty of keeping the books and of permitting no transfer being on one side, and the Solicitor-General and Mr. sidered by the proprietors there was one of para. wept in the manner required by the charter of William His mount Wigram on the other. As far as his (Mr. Craw -- importance, that of the great probability of a In the event of liability attaching itself to the Company shay's) opinion was of any value, were he to venture • for the improper act of its servant —as, for example, for a necessity arising for trenching upon the security to arbitrate between the greatest lawyers in England, transfer of stock under a forged power of attorney—a fund in order to pay the dividends. This had who were equally divided in opinion, he must confess further question would arise,—how is such liability to be occurred before, and he feared it would occur again. made gaud? The Attorney-General and Sir Richard that, in his opinion, the Solicitor-General and Mr. He bad been told that in the year 1857 no less than Betsell are of opinion that the dividend and redemption- Wigram were right ; and certainly it. would be wise nine millions sterling was deficient. Under these money being appropriated by statute, there would be no if the Company should assume that they were right, circumstances the question must arise as to the general property of the Company to answer any such for their view was that there were more serious stability of the security fund. They would have liability, which would therefore be only nominal. liabilities cast upon the Company than were allowed counsel asking them to receive their dividends out of The Solicitor General and Mr. Wigram consider that by the other learned gentlemen. It would be matter the security fund, and the proprietors, as he hoped, the 101. 10s. per cent. on the six millions and also the of prudence on the part of the Company to take that as stoutly refusing to do so. Then, within twelve redemption-money of twelve millions would, when paid view of the matter, which would cause them to adopt months, another most important question would be aver to the Company out of the revenues of India, and measures for their own protection against difficulties beton division among the members of the Company, be . raised. The Company must within that period in future. meta of the Company, and be liable to satisfy any decide whether it will avail itself of the power of demands to which the Company may remain subject. The motion for printing the opinions of counsel redemption given by the Act of 11433. If they decided With regard to costs of law proceedings in which the was then agreed to. to accept the 2001. it would imply that they had no Company may be involved, as mentioned in this sixth Mr. LEWIN asked whether it was inadvertence, or confidence in the Council of India, and that they petition, we are of opinion, that if the proceedings arise done intentionally, in so wording the 69th clause as would rather have their money than leave it in the eat of acts of misfeasance or neglect on the part of the to admit of the Directors elected to the Council management of the members of the Council. Theme savants of the Company, the costs must be borne by the remaining Directors of the Company. was one observation more be wished to make, which Company. On the other hand, if proceedings are taken The CHAIRMAN : I cannot tell. was that the answers given by the Council were i ageless the Company as stakeholders, merely in order to Mr. LEWIN :It is very odd ; a man cannot serve favourable and not unfavourable, determine the devolution of the title to stock, or questions and must enhance two masters. of a similar nature, we think that costs of such pro- the value of the stock. With regard to the Company e teedings, not, otherwise made good to the Company, would Captain EASTWICK said he had well considered the resuming its trading powers, that he looked upon as a be " expenses in relation to the stock " within the clause, and felt that the duties which he should have dream. It was a question which partook only of a meaning of section 72 of the new act. to discharge as a member of the Council and as a lesal and antiquarian interest. Q. 7. With reference to the language of the 17th section Director of time Company would to a certain extent The motion was then put, and unanimously of the Act of the 3rd and 4th of William IV., cap. 85, will be incompatible. The duty of the member would agreed to. the East India Company be entitled to its dividend out of h ave priority, and that duty might clash with what as Mr. CRAWSHAY : I have another motion to br in g all remittances made by the Government of India to the a Director he might be called upon to do. He cer - Secretary of State in Council in preference to all other forward. lam aware it has not been the custom to thinly therefore should retire from the Court of charges, including guaranteed interest on railway shares, Directo rs.move a vote of thanks to the Chairman at the con- He ex pr essed the feeling of gratitude he . . pensions, salaries, purchase of stores, and the expenses of elusion of our meetings, but I hold that the circum- all establishments in this country maintained for the Govern- had always entertained towards the proprietors wh o t s ances of the present meeting are so unprecedented ment of India? had supported him through an arduous contest, and that the objection does not apply to this vote. Our A. 7.—We are of opinion that the East India Company for the last ten years he hal endeavoured to dis- will, under the 17th s e c ti o n of the 3rd and 4th of William charge the duties of t h e p osition in which the y had Chairman is nut one of the Directors whom we have 1 had an opportunity of electing ; while , o n the other IV., cap. 85, continue to be entitled to its dividend out of placed him. hand, it is not by our act that lie c eases to be our all revenues of the East Indian territories remitted to Mr. ARBUTHNOT was sorry to bear the remarks of Great Britain, in preference to all other charges payable Chairman. Sir Frederick Currie, during the bri ef G the Deputy-Chairman. He thought it would be nt in Great Britain, including the p ar tic u lar charges term in which he has been in the ch air, has distin- thereo much to the interest of the. Company if the whole o f in guished the place be occupies by a courtes y and an specified in ques ti on 7, assum i ng th a t a l l of those charges the Directors were to continue to act their present are charges payable in Great Britain. attention to the proprietors which all must acknow- Q• B.—Supposing the Company to be repaid its capital capacity. ledge. lam confident that the line of his condust, i stock, either on its own demand or by act of the Govern• The CitAraidArt : There is no question at present went, would it be competent to the Company to use such before the court. and his deep interest in the Company, fully accord with that feeling which he once expressed to me in capital for the purpose of establishing commercial enter- Mr. CRAWSHAY : I beg then to move, sir, that the conversation. Upon an occasion when I found him prize of any sort ; and, if so, would such enterprise be committee be reappointed for the purpose of consult. limited t o t ra d e w i t hi n t h e li m i ts o f t h e C om p an y' s charter, ing with the Directors of the Company with reference wearied and fatigued in a vain effort to do a serviceer, to the Company, which he hoped to d o, he stated or might it i nc l u d e o th er un d erta ki ngs ? to the necessary measures to be taken for the future 9.—Assuming the capital to be repaid, could an indi - that he was more anxious about it than he would Q. management of the Company's affairs ; that three have been if he had been elected by ourselve s, I vidual proprietor de man d p a y men t of his share of such capital without a r e s o l u ti on o f the Company granting it form a quorum, with power to add to their number. because he felt that the only tie between him and the i ti him ? Colonel Seises said the amount of stock involved Company was the tie of honour. Under the peculiar , in this question was enormous. The Directors would A. 8 and 9.—Looking to the provisions of the 3rd and circumstances of this day, this being the last meeting 4th of William IV., cap R 5 taken in connection with have the power of dipping into the security fund • of the Company within these walls, the administra- the former acts on the Sam . e s ubject,and particu l ar lythe itself. It was therefore a most serious responsibility . i :4 rd of George I I i., cep 52, 7l dth)rd of Mon of India having departed from us, I hold that to repose in the Directors, whoever they might be. • tir mle Ills cap. 155 , see.. 4, we are we should do wrong if we did not conclude these tradeUf a o n pini s on e that the 022,01( 11. per annum would be handed over to the proceedings by a vote of thanks to the Chairman, who right of the East India Comrny to e 'Va. suspended . Directors to be paid to the proprietors, and there only while the territorial government was confided to them has shed lustre and grace upon the last days of our government of India by his conduct in the chair. 8141 that, upon the termination o f the territorial govern: would be 7,681 warrants to sign. '['he proprietors i must consider the responsibility they would devolve I move that the cordial thanks of this court, be given went, the right of the Company to trade revives This right to trade would, however, be confined to enterprises upon the Directors, and the Directors must consider to Frederick Currie, the Chairman of the Court of f of th e nature specified in the charters and statutes of the whether they would take upon themselves that Directors. Company; and, moreover, we are of opinion that, from the responsibility or not, lapse of time and the change of circumstances, it would The vote was carried unanimously. whOitthbefo und that, practically, Mr. PRINSEP observed that among other things trade could be arried on the new Council would have to determine upon an The CHAIRMAN said that. this vote had taken him I Company,adv antage under the present constitution of the establishment for the future government of the East quite unexpectedly, and he felt the compliment. most 11 hone re and t o . the application of the sum of twelve mil- India Company, and it would be an anomalous thing deeply. He had received the greatest courtesy' from rfor a Director of the East India Company to be all the proprietors on every occasion, and his position the d i vi dend, reviled by Parliament for the redemption of 0 a zeti(!illopainnyio oa t th h th e oar A t ttorne -Cieneral and Sir Richard Bethell applying to the Council, of which he himself was a in the chair, an important position for any man to l member, for a liberal establishment to himself as a take, had been made most valuable by that courtesy. this u s e u Y E m il when e pj o b ui l, p c a o n u y ld not b than i e l de t s bi t o director, He was 01 opiaioa that the functions of lie tendered to the court his most sincere thanks for i . ... .._ , •