The Express.
London, England, 1852-05-13 00:00:00

SCREW STEAM SHIPPING COMPANY.

Yesterday a general meeting was held, at the
Landon Tavern, of the above company.
Mr. 1im.16 took the chair, and said the directors had had
interviews with the Huard of Trade, and had arranged the
proposition which they had to snake. They proposed to
raise the capital of the company by the is of 201. shares,
instead of 1001. For by the issuing of 1001. shares they de-
prived themselves of an extension of capital, and they lost
the support of many who only invest for speculation ;
whereas they should enlist all they could in the company's
interest. By the reduction of the shares they would more
readily raise their capital, and would improve the interests
of the present shareholders • besides which, 201. shares
would secure a respectable class of shareholders. The next
proposition was, that they should have the power of borrow-
ing to the extent of one quarter of the paid•up capital. The
present charter limited their powers of borrowing to
16,0001., white all other corporations could borrow to any
extent. They were restricted to the borrowing of 16,0001.,
to effect which two meetinp were to be held. This was no
borrowing power at all. The borrowing powers should rest
with the board. They, therefore, proposed that the direc-
tors Dave the power of borrowing to the extent of one-
fourth of the capital paid up. The services should be per-
formed with the least possible delay, and the borrowing
powers should be increased.
Mr. M. DI Verne seconded the first resolution.
Mr. OILLOT thought there should bo no difficulty in
getting the capital. He had heard the directors were too
scrupulous in elloting the shares, refusing some applicants
because they were not householders.
The CHAIRMAN replied that the shares had been issued
in every_emse where the reference was satisfactory.
Mr. Hann, after the explanations of the Chairman,
would give his support to the proposition.
The resolution was then put and carried unanimously.
The CHAIRMAN said that, for the better conducting of
the business, it was thought there should be a deputy-
chairman, and he now proposed that the powtr of appoint-
ing one should rest with the directors. In the existing
deeds there were certain clauses respecting the ogees e 7.
managing directors, and it was now proposed that time
should be rescinded, and that the control of the covi:ay
should be placed in the hands of the directors.
hear.) lie proposed that all clauses relating to m
directors should be rescinded. The nest thing heanvirrni
allude to was the clause relating to the directors remunera-
tion. It was not consistent, and destroyed the dependence
whieh they ought to have. (Hear.) Let it be a moderate
but a fixed sum. It was intended that that sum, whatever
it might be, should comprise the whole management. He
proposed the rescinding of the clause stating that no officer
of the company should be a shareholder, and that the
minute book should not be open to inspection without the
order of the board. lie also proposed that voting in person
should be secret, hot that by proxy open. Lastly, he pro-
posed that 2s. W. be charged for the transfer of ten shares,
and Ss. above that number.
Major Ilvexor considered that if they borrowed money
they would not want it from the shareholders.
The Ciiiiinstax said it war necessary to have this bor-
rowing power, as they could not under their deed call
up their capital more often than at intervals of three
months, at the rate of 10 per cent. As they were now
building ships, and it was indispensable to finish them se
quickly as possible, it would be necessary to borrow this
mosey to meet immediate payments.
Mr. PHILLIro thought that 450,0001. more or less, was not
rieZt, when they were dealing with • capital of between
and 300,0001. If the sum borrowed should nut
be islieleat, the directors, he had no doubt, would be happy
assets the proprietors' money, to make up the deficiency.
n• CHAIRMAN said, if the proprietors would pay up the
elsesat of their shares in full, the directors would have
phellare in receiving their money.
• A Baexmlemsa asked how the sum mentioned to be
pad te the directors was to be regulated.
The CHAIRMAN said it would be fixed by a meeting et
the proprietors.
Tho various alterations in the deed were then submitted,
and agreed to unanimously.
Some conversation took place on other matters relating
to the company, after which the meetiag adjourned.