The Express.
London, England, 1855-09-08 00:00:00

EXECUTOR AND TRUSTEE COMPANY.

A general meeting of the proprietary of this com-
pany, which was projected by 11r. C. T.igg, who sow
officiates as secretary, for the purpose of establishing a re-
sponsible institution for the security and management of
testamentary and qua properly, was bald on Thanday at
the London Tavern; Mr. Jatostraou CM/31311LN Q.C.
M.P., in the chair.

The meeting was d in order to receive a statement
from the executive council of their past pewee/die'. and
their pleas for the future organisation of the society, as
well as for the more immediate object of determining whe-
ther it should be carried en under the powers of the Regis.
teatime and Limited Liability Acts.
Mr. P. TWILLS (of the holes of Spooner, Att-
woods, and Co.) proposed the tint resolution, which
was as follows:—" That this meeting approves of
the resolution of the ties council in regard
to the organisation of the company under the Re-
gistration Act end Limited Liability Act recently
pseud, and to the immediate commeneennent of business
without abandotieg the hope of obtaining en act of incor-
poration when a wattage opportunity secure." With re-
ference to the practicability of carrying out the °Nude of
the weapons in secoriance with the terms of the resolution,
the speaker said that it was proposed that the capital should
consist of 10,000 races of 201. each, makieg a total capital of
200,0001. The member of Mares already taken is the soap
patty was urrivas of 11,001,; but no doubt the holders' of
some of those •hares would be desirou of withdrawing. ,till
it was probable that 10,000 shares would be retained. The
set, however, only required that three-fourths of the shares
should be taken, which would reduce the capital to 160,0001.
Waist sum one.fifill must be paid up, which brought down
the capitol to 30,0001, which it would be necessary to have
in hand before commencing proceedings. That money. in
their hands, however, would be in • very different position
from almost any capital hitherto formed. They
were not like • railway company, which had to
purchase land and to employ workmen in order
to bring the raw materiel into • condition when
it could begin to earn money—or a steam shipping
company, which had to invest its capital in the purchase or
building of ships. The moment this money was received it
would be invested, without the reduction of • single shilling,
in the Three per Cent. Console, or Exchequer Bills, or other
government securities. At the same time the expenses of
the company were a mere trifle—there was no speculation,
no buying and selling, and nothing from which loss could
ensue, except from gross blundering, inconceivable igno-
rance, or such • thorough dishonesty as he was ashamed to
contemplate. (Hear, hear.) The executive council had
therefore determined stroppy to recommend to the meeting
sot to abandon the enterprise in its present position when
the circumstances of the Limited Liability Act sad re-
duction of the amount which it would be necessary to begin
with as a guarantee fund almost more than compensated for
the loss of benefit which would hays accrued from a private
eat of parliament incorporating the company, and enabling
them to set in that character as executors and truces.

(Hear, hear.) At present, all that they would have to do
would to make a call of 41. per share which would meet
every requirement of the Limited Liability Act, and the
next morning they might commence business. (Hear.)
Mr. T. NORTON (late Chief Justice of Newfoundland)
seconded the resolution, and observed that this society was
by no means without a precedent. In the Cape of Good
Hope there was a body exactly answering to this societyand
carrying out its obj. cta by • similar instrumentality. le
British Guiana there was • public officer who carried out
the purposes which this society proposed to erect; and in
many of the states of America a like practice prevailed. In
Tree motion wu then put from the chair, and carried

unanimously.
Dr. Comas proposed the second resolution That this
meeting approves of the draft deed which bee bees sub
witted as the basis of the constitution of the compasy, and
authorises the executive council to carry it into effect wider
the powers of the Registration and Limited Liability Let,
with such amendments as they may deem essential to its
entire efllciiiney."
Toe motion was seconded by Captain 11. Wean, aid was
canieffscanisissely. . .

Kr. Jostxu WiLittgeox then suggested the following re-
solution, in order to meet the views of Mr. North :—" That
this meeting receives with much satisfaction the statement
of the executive council, that there are no debts remaining
due in respect of the company, and that alt liabilities in-
curred by reason of stele signature to the subscriben' agree-
ment have ceased." (Hear, beer.) As be (Mr. Wilkinson)
happened to be a member of the executive council, perhaps
it would be desirable, if that resolution met with the ep•

prowl of the meeting, that some independent shareholder
should propose it.
Mr. NORTY said that it so entirely met with his concur-
rence that he should have great ple.aure in doing so ; and
having been seconded by Mr. Talmo, it was carried
unanimously.
OD the motion of Mr. OLIVIEL SABO AAAAA seconded by
Mr. G. NOWION (late Advocate 0 I of Madras), a vote
of thank' was carried with acclamation to the chairman.