The Express.
London, England, 1853-02-28 00:00:00

NATIONAL FREEHOLD LAND SOCIETY.

The annual meeting of the above societyV, was held
on Thursday at the London Tavern, Sir Jusisca WALMSLLY,
president at the Society, in the chair.
Immediately after the opening of the proceedings,
Mr. HOLDER, a shareholder, moved that the meeting
stand adjourned to that day fortnight, to be then holden
at half-past six in the evening, according to previous prac-
tice. The speaker complained generally that the sugges-
tions of a commit,ee recently appointed had not been at
tended to, and that sufficient information had nut be, n
given to the shareholders as to the purchase and particulars
of the various estates. The hour of holding the meeting
was most inconvenient to working men, who could not at
this season of the year atrird to lose day's wages. After
some further observations condemnatory of the proceed-
ings of the directors, Mr. Holder concluded by moving his
amendment.

Mr. COBDEN came forward to address the meeting, and
was received with loud cheers. He said that great com-
plaints had been made of the hour of meeting; but if the
convenience of working men was to be the consideration, he
as a working man was conveuienced by the earlyintting.
his evenings being mortgaged to other duties. Certain mem.
bees had complaints to make, but could any one complain
that the dissentients were not well represented ? Surely there
wasno want of counsel to plead their cause. (. Hear,"
and a laugh.) A committee had been appointed to confer
with the directors, and they Mid Messrs. Hollingsworth
and Stringer at the prevent meeting, and fully competent
to support the case against the directors. That being the
case, and seeing they bad gone to the expense of the
roam, and that they had a good average attendance, he
begged te move that the secretary proceed to business by
reading the minutes of the last meeting.
The motion having been seconded,
Mr. Faxxcia said that there were 7,510 town members
and 6,sooconntry members ; and therefore according to the
principle of universal suffrage, the town, had a clear ma-
jority, and should regulate the hour of meeting. (Hear.)
Mr. HYAst suggested that there were enough members
present to keep the meeting open until night, if the dire,.
tors refused the adjournment. The amendment of Mr.
Cobden wan then put, and there seemed to be considerable
doubt among the members an to which way they were
voting. Hands were held up mare than once ; and at last,
amid much confusion, the amendment was declared to be
carried.

The SECRETARY attempted to read the minutes, but •
disorderly discussion ensued, at the end of which Mr. Cob-
den withdrew his amendment, in order that the report of
the committee presented to the last meeting might be read,
before going into the business of the present. The secre-
tary then read the report of the shareholders' committee,
the substance of which was, that the officers of the society
had refused them certain papers necessary for their invests.
station, and that, therefore, the committee had passed certain
resolutions, calling on the directors to give reasons why
the accounts of the estates were not published, and also
for the change in the system of allotment, which was ori-
ginally one lot for one right, as nearly as possible, of 301.
value. Another resolution requested an inspection of docu-
ments. The report further embodied a correspondence be-
tween the committee and the secretary, the upshot of which
was that the directors were willing, in the terms of the re-
solution of the quarterly meeting, to meet and consult with
the committee, but were not prepared further to azree to
their requisitions. There was a supplemental report, de-
tailing some unsuccessful negotiations for a postponement
of the annual meeting.
The publication and circulation of this report having
been agreed to,
The CHAIRMAN asked if it was necessary to have the an-
nual report read. (" No. no.") lie did not meats to de-
tain them long, but he had made a few memoranda rela-
tive to the progress of the society, which he would with
permission read to the meeting. The society was esta-
blished in 1849, and the receipts of the first month were
1,7781.; in the next year, 1850, the receipts were 19,7871. ;
in '5l they were 96,201/. ; and last year, 1852, they had
risen to 192,0701., making a total of money receina since
the commencement of the society and up to
December last of 309,00G1. (Loud cheers.) Ninety-eight
estates bad been bought containing 2,940 acres, at a cost of
311,0001. ; 28 of these estates bad been distributed of the
value of 98,0001., 31 had been partially distributed, leaving
39 yet to be distributed. The interest paid to shareholderd
in 1851 amounted to 8601., and 3,0001. of reserve fund was
about to be distributed among the shareholders. He men-
tioned these particulars, because it was necessary to distin-
guish between the reserve fund, which was allotted for die
tribution, and the guarantee fund, which amounted to
5,9711. The interest at present to be distributed would be
101. 16s. Bd. on certain shares, and the lots distributed to
shareholders were 3,895. He was sorry to say that the
claims made for those persons to whom shares had been
allotted, and who to all intents and purposes were fully
entitled go be placed on the regirtry, had been rejected.
(Hear, hear.) It was impossible for any thinking man to
understand the reasons which had been given for that re-
jection. He himself had an allotment at Stoke Newing-
ton, for which he paid 431., and when that
claim was brought before the revising judge, it was objected
that it had not cost 501., although a gentleman had offered
him six guineas annually for it in perpetuity, and to build
houses on it. He (Sir J. Walmeol.y) asked eight for it,
thinkieg he might make four freeholder, and at last his
claim was admitted. But his claim was no better than
hundreds of others that had been rejected, rind therefore it
was quite clear that the law required amendment. He
hoped that the attention of the society would be directed to
this question. Now, much warmth of discussion having
been exhibited on many subjects connected with the
society, he felt bound, on the part of the directors, fairly
and fully to say, that in no case hail they acted, directly or
indirecty, otherwise than for the benefit of the society, and
without reference to their own pecuniary advantage.
(Cheers.) And he would say on his own behalf, and on
that of those with whom he acted, that they
had not joined the society with any pecuniary object.
(Hear, hear.) If he had he would have been grievously
disappointed. (A laugh.) lie had joined it believing that
it would advance the interests, moral, social, and political, of
his fellow men, and he believed that although there might
be differences of opinion, yet that the good sense of English-
men would repudiate the unjust and unfair charge. that
had been made against the directors. (Loud cheers.) He
would not dwell a moment longer on this painful subject. It
was the first time in his life that he hail even a suspicion of
his honest and straightforward course cast upon his charac-
ter. (Cheers.) They had done him justice, and he thanked
them heartily for electing him again as oneof their direc-
tors, but he could not consent to retain that Case while any
slur upon his character should be sanctioned by a large
portion of his fellow men, and, therefore it was his
intention to retire from the direction. (Loud cries
of " No, no.") It was now his duty to move that the re-
port which had been printed and circulated among the
members be taken as read.

Several shareholder. rose in different parts of the room,
and expressed their hopes that the President would not
persist in his resolution of leaving the society.
Questions were then asked as to point, of detail, to which
satisfactory answers were given ; after which,
Mr. HOLDER rose, and disclaimed any personal motives
against the directors, especially Sir Joshua Walmsley and
Mr. Cobden, both of whom he held in high respect. He
complained of the personal taunts against his poverty, and
added that working men like himself were the best calcu-
lated to know what working men required. (Hear, hear.)
He did not look upon the increase of receipts as any sign of
prosperity, seeing that it only increased the outlay for inte-
rest if it was not spent and distributed in estate.. The
interest for the Croydon-park estate alone came to 8001. per
annum. (Hear, bear.) He must repeat, looking back at
what had occurred since the last meeting, that he was not
satisfied with what had been done. He trusted that the
president would not consider these observations to apply to
himself.
Mr. E. CLARK defended the directors, and declared that
it would be impossible to obtain respectable men for the di-
rection if they were not treated with proper consideration.
Mr. CROWDER asked the chairman did he think it right
that the directors should trade in laud.

- --•- -- ---
The CHAIRMAN could only speak for himsolf—he did not
trade in land.

Mr. COWAN was anxious that directors should have no
advantage over other shareholders ; but after all, the best
reliance was upon their honour, as any special case might
be easily evaded.
The report was then passed. The following is an abstract
of the most important facts :
It begins with a comparative statement of the progress of
the ;society, from which it appears that whereas in 1850 the
new shares taken up were 5,019, and the money received
amounted to 21,2571. 16s. 10d., the new shar.a in 1652 were
22,251, and the money 192,0711. 9s. 7d., with some further
details, which will be found in Sir J. Walmaley's first speech.
It then says On reference to the balance-sheet it will be
seen that while the receipts for the year amounted to
192,071/. Os. 7d., the repayments have also reached the
large amount o 28,2631. 9s. 3d. The balance of profit
available for the purpose of dividend i 4 3,1611. 19s. 3d.; and
the directors have resolved to credit each unadvanced share
with profit at the rate of 101. 16a. Sd. per cent. per annum,
which dividend, it is estimated, will nearly exhaust the
balance in hand. As intimated in the last report, your
directors, at the commencement of the year, had under their
. .

consideration the subject of remuneration to the working,
directors, and in accordance with the opinion then ex-
pressed, it was resolved that a sum of 500/. should be placed
at the disposal of the Executive Committee, for managing
the business of the society; and the Property Committee