The Express.
London, England, 1852-10-22 00:00:00

the goverment, the dirs mon apprup Mel wt hemselves a
entails auesuct —9,0001., 10.0004 , or 12,000 L. be did not
know which. (Hsu, hear.) But be would netere to say
that when they didse, they did not contemplate that when
lb. strAir. of the company came to be wound up, there
would be coy deficiency in the auets—(hear) —fur if they
had, it would immediately have occurred to them that the
question of the legality of the appropriation would arise
simultaneously with the knowledge of the defiriency, and
they weuhl have scorned to take the meaty. (Hear, hear.)
The committee, whieh he proposed, when appointed would
of course make full inquiry into this matter, and ascer-
tain wh.d money had been apppropriated, under what
eireamstanese, and who had been the recipients ; and when
their report Mat before the shareholders they would be in a
better p ...tion to jud,te whether any blame attached, end
to whom. is refereece to thew transactions. He would fur-
ther sueoest that the committee report, not only what
mosey h.,1 been reevieed by Mr. Edward Gibbon Wakes
field on the occmion adverted to, but on all other one-
eimis, out so the fund. of the company, and also what
sagas Mr. Wak LHut's family had received. (Hear. hear.)
Another pint he would call attention to. The directors
mated in their report, and they were fully juititied in so
stating, that the Canterbury Association had repudiated
their deists. But it appeared to him (Mr. Buckle) that
there an re certain of the directors who were also repudia•
tors. (Chien) There were, be believed, certain members
of the bead elected very recently, on the recommendation
Of the di:ectore themselves, who hail repudiated their debts
se much a. the Canterbury Association heel done. (Hear,
lea.) It would be, therefore, for the committee to in-
quire add, what debts were due to the shareholders from
their own directors, for it would be monstrous to make a
.all on the propriv tore if it should be found. as he belie red
it would, that one-half of the 11,0001. and odd of debts
to which General Briggs had alluded was owing from
the dire. ton thenreeees. (Hear, hear.) There should be
esenethisig considnahle to add by way of interest, which
ought to be paid. (Hear.) At all events, the debts them-
selves m gilt be recovered, and made available. How these
debts lunge ho could not tell ; but the history of them must
occupy the attention of the committee. (Hear.) Its sup-
posed they comaereed as loans, but whethet or not it was
el. alley had been due fora very long time, and had aa
peered in the accounts, eometimm in one form and some-
times in another, until at length they disappeared after the
company had resigned their charter and the land. (Hear.)
The directors had intimated that the assets of the company
had passed to the government under the act. Ile had looked
'Atha act, nod he could not see in it a word about the asset'
passim( to the goverumene (Hear.) He wished to speak
with due caution on this point, bu', on the principle of law
that where certain things were specified others not specified
were necemarily excluded, ho was of opinion that no assets
of the company had passed to the government beyond the
lands and hereditemerits which they had rs signed. He
would menu the committee to take this matter, too, into
their consideration, and not rest satisfied with any opinion
that mioht be laid befure them of an opposite tendency.
He bele red the opinion of counsel had been taken on the
point bj the directors, and it was because he bad not
sees that opinion on the case on which it was
given that he demised to use due caution in tepees=
opinion in le end to it. (Hear, hear.) Having now
attention to the venous matters which appeared to him the
mat important to be investigated by the committee, he
came to the quetion whether there was any necessity he
nuking a can. Oa this point it did seem to him *straw&
nary that the shareholders should be called upon to provide
for the payment of debts due by the directors to others bee '1
fore it s y required payment of debts due by the directors to
them...vet. (War, hear.) The act of pule:omit prohi-
bited say dividend being paid to the shareholders. That
was a con.lition imposed when the loan was granted—and
be c0i1...! suppme that when the direeton consented
to a totalitiou preventing the payment of any di-
vidend to the shareholders they entered into any
private understanding to receive • sum of mosey
foe themselves. (User, hear.) do far u the
shareholders were concerned, the condition under which
they were not permitted to receive dividend was made im-
perative, and embodied in an act of parliament, and if the
directors were authorised to receive anything, it most have
been under a private understanding with the government,
of which the shareholders and the public knew nothing.
The CHAIRMAN observed, there was one paragraph in
the resolution to which the directors could not so cordially
agree es to the rest; that was the paragraph directing the
emmilttee to inquire bow far it was necessary to make •
all. Ile was advised that the power of making calla rested
entirely with the Board of Directors and not with the shore-
holders.
Mr. FIR", the solicitor, confirmed this view.
Mr. Decrees admitted that the power of making • call
rested with the directors, but there was no reason why the
commi:tee,hould not express an opinion es to how far they
though' any call was desirable.
The CHAIRMAN was anxious that the Inquiry should be
fully carried out and conducted on mercantile and homier
able principles on the part of the directon he promised
every facility.
Mr. l'eclets consented to the omission of the paragraph
objected to, and the resolution, as mended, was put end
carried unanimously.
The CHAU/OUR boned to state that in consequence of
the coulee the besieges had taken he thought it useless to
detain the meeting with any explanations at answer to the
various points which led been raised, but to reserve them
for the committee, when they might be coolly inquired
into. With regard to the accounts, he might, however, be
allowed to observe that kthey were both generally and in
detail correct. is reference to what had been said of Mr.
Buller, it was undoubtedly true that that t gentleman kaew
all the transactions of the company, bad bees put is
possess:on of all the facts, and had managed the whole
business with the government. The directors were anxious to
avoid snaking a all by availing themselves of the payments
they expected from the Canterbury Association, end it was
in "Mercian to that subject that the meeting had been ori-
ginally called. lie, in common with the other directors,
had thought the capital of the New Zealand Company
would be best secured by escouraging the tourishiss; settle-
ment of the Canterbury Associaticm, and it was with that
view they made the loon, which he certainly had espeehed
would longyeesn sines have been paid. That the settlement
would he erens he had so desk, sad he bstlemd
these who bad -gene eat would realise their meet a=
aspostations. Al the iseonvesionse was
by this eampany who had Inserred delis en
the faith that the slag they had SITUIONI
would have beep refold Ydue Nam. The Men-
ton, however, hopes k • that time to resolve ewes
thousands three" the pewamstt and peels* the
raion Bank of Ae ain. weight be Wend to sawed the
time for taking s, albino until that rawary came to Mod.
It was only in the nest et Emir retard that way eon mead
be mein&
Mr. 'Verne seggastell that there ware ether beaks who
would give the eseammetation, if the Maks ensued.
Mr. Breata observed that a neelaska bed been mg.
Bested by Mr. Wester* to the Wiest that, le mid law
osmoses, the dispels between the eseegsal he Oar
terbury Anoriaties sheet be maned le
Mr. Faso. the soldier, eikeeneil flag the say
foresee lied base hay
_thethwei ley the lobe. ea
• advie ,e bad bolded against It ; end he wee "the min
vineed that, ia • matter so complicated, arbitesuon wield
be the most elpmsive, dilatory, and ansatisfactery woMMof
peocc.ding. Be believed ttii=its trial, sad pen UM
Lytteltoivaletbe ben et W . wean de asset ..4
to the eases et the Seeks/ thingemey.
The Cumuli/Air, timegh entertakkg
ar • 1111thatrim
at Ant, agreed now with his brother eari.
had better have the SIN telly lavontlfelei at an Opt ME
impede;:., after what had enamel lest year in psethemet. •
The fol.owing geademes wen appointed as iambus et
the committee :=Limit.-Cleserel Briggs, F. J. Dedde, Mee..
B. Laws. Zig., and 0. Wade, Esq., with power ts add to
their ambers.
'Maks baying bees voted to the chairman, the meeting
the brake cep.
r
Isntlito4.oobraDlTlM ebb Diablr.—Dee Jen,
• in a Nesegyemarays : " Ayala the
las. W.
thalami gtesieelineeipluelt Yrrelvellara °IT
eater,
with • viatakappek the cartels ; the eatheth that is
to eke ogee the- *benne, of a ballet. Tbe maw italy
=I It clawte Lliitire eta ailbtrilso " 11.*
afstorlri.a.
sparkling st the dust. Well. the 'alien belles
is about to ONO Miens awl eaLseitent
is sent forth 1e the dmw the the eahlbilem.
has sprinkled Ms gltitaeleg eyeablee—essay of them dike
with the light malibuen with the beat of whiskey—at Owls
Naleglawn, where wee esistelated • festival in ?seam of
the Itiackierd awl Agriesltmei C. .alive Clsb. Ows•
terniy, Mr. Beeseket lase obt • Ithmpli: the
deer Se crown at War is Melodist,. OMAill the &tit
Darby have ',WWII Yds, Deetta's Brans Bead fir ea
opellegist, that spesithey be.. emit net have put • bolder
Iles • on the staitter Ilea ea the ' natural =by of the
Deeaeford the*. Wl= the teaks me toned ear, awe
thilimonial shwa' swath et their amiss& The Bersehrd
gelirre Iltaasiba kismet Da werwassli Rkletelftls
w et theigeemwel wby Est Bernford keedures to
Asmetheey gibe ilk sad hem awl miss of their
? x am Matinee mere leasey. more noisy,
ad mare aesiming. Tie be sew, the Dam of imainen-
bd @Weis stoke be of a Menet hied Is diluent
saki. &Meg hew latahml le used to take the dirt
(bens .torten, the Bemethei hatisker might net be so
a metallic memente as the Ilmeellid sane.
a men .btsnse maw autarkies pennon then is
:=kw Mo. T. Omit by • like
itasto skate reward he tholes's,. amity dritlEarl
of Derby mut feel deeq by iehthalas apeteght.
• very mad speetnele. it is %When bees lea& to
akimbo. mete& wets. ow,
maw bare tea& sae et Derby's peleleeirtfirit
weak delivered by the Eight Ron. Ma. Issashal, the
bat would have haw a matter of atrissky 1 but mmia
MOB all mew* Iheretary at War—hie
re
inspihespe. WWI mut be
the lad et '0 spikes ofcos the tatellipase et the mi-
lks lobes he .ask • sue le leak to it? Pat, brea-
the pme—ema Ilasadlaria r Ward by
..the
end duly, althslieseesikatly
anewatie& the bell of the when
ion a»a abltlibei slab • Ikeeelbei he mode be mouth-
tithe
• Tot MOM Low Peons= Ace.—By some
• iguirightyseeller to seders_ leyistaliMi. this ast is made to
traeolowEo WI • fleady—ommely, the Nth Yes.
• wane* her hiss mini pine the
statute et Charles,
whether si. ops • welllty—ant the skews of
any rake br of the MMus% te the /new
11111, tthwmer
rte!'
et the mass ,ir yr . whisk ' w
nava