The Express.
London, England, 1865-07-28 00:00:00

FREEMASONS TAVERN COMPANY (LIMITED).

The lint ordinary general meeting of the share-
holders of this company was held yesterday at the Free-
masons' Tavern Sir J. H. Maxtvertt in the chair.
The report stated the directors contemplated having
the &copulate of profit and lose end the results of trading
shown by an annual socount, to terminate at the close of
the current year of their business ; however, at this period
they deemed it sufficient to inform the shareholders that
there had been out of 6.500 shares forming the apt-
feel of the °mummy 5,652 shares allotted, upon
which the amount paid was 17,1321. In prefer-
ence to making • all the directors had hitherto
arranged for advances to the amount of 7,6601., upon which
a low rate of interest was payable, and which the guarantor
of the dividend of 81. per ant. had agreed to pay. The
prospectus of the compaey contained an intimation that a
minimum dividend of 8 per that per annum would be
guaranteed for three years. This dividendhad been paid
on the shares from the date of allotment to 31st January,
1865, by the guarantor of such dividend. The directors felt
it their duty to require a material guarantee to secure this
minimum dividend, which was takeu by the directors, who
received from the guarantor 300 shares, upon which a call of
M. each share had been paid, itinpuntiag to 1,5001. ;
they had also retained cash in the hands of trustees
amounting to 2,6061., besides a bond in the penal sum of
3,5001. This guarantee was calculated to afford abundant
security for such dividend, the probable resulting profits
of the business being taken into consideratioa. The direc-
tors had acquired the 'grimmest for lease of the Freemasons'
Tavern and new buildings, by payment of NOW. to the
trustees of the ancient and hoeourable Society of Free-
masons ; and of a further sum of 5,0001. for preliminary
expenses in formation of the company to the time of allot-
ment, and the good-will in trade of the former lessee.
They had had the wines, stock-in-trade, furniture, Ito.,
veined by Mr. Daniel Creole, and had paid for the same, as
per valuation, the sum of 17,0001., less the 1,5001. and
2,0001., forming part of the guarantee fend before men-
tioned. The directors had the satiefactioe to inform the
shareholders that since the Freemasons' Tees= was taken
ion of by the oempaey, on the lost of February,
f 8.7.5."
. the business had steadily increased. Notwithstand-
ing the serious inconvenience arising from the extensive
alterations and rebuilding of the premises, they had trims-
acted business to the amount of nearly 11.0001. It was
fully expected that the construction of the mein building
and the new banqueting hall, with the krtebens, aloes,
&a, underneath, would be completed by February next,
sad that the various apartments, and indeed the whole of
the premises comprising the future Freemasons* Tavern,
would be completed by November, 1866, when the com-
pany would possess one of the most important, commuti-
ng, and commodious establishments of the kind in the
metropolis.
The enalallAtt, in movie( the adoption of the report,
congratulated the thareholdists on the satisfactory aspect of
the company's affairs, and on the fact of their having stir-
paired the anticipations set forth in the prospectus which
they issued last year. The directors, sating melee lend
advice, had not thought it expedient to declare a dividend
at present, but the guaranteed dividend of 9 percent. would
be patd in due course. The working of she undertaking
had been hitherto retarded by building operations, but
there was every reason to hope that they would be fully
Crfor the commencement of the season in Novena-
airldthat the report which would be presented at their
next meeting would be satisfactory in every respect.
Mr. Stange inquired if there were any circumstance, con-
nected with the nmesminient which induced the directors
to abstain from furnishing the shareholders with a balance
sheet. lie complained that the shareholders had not got
individual notification of the meeting.
Mr. VALLLSCIL, solicitor to the company, said he had
advised the directors against sending a financial statement,
as they were unable to send an accurate one, owing to the
difficulty of procuring • correct account of assets and lia-
bilities. The usual practice of public companies was to
have the notice of meeting inserted on the back of the
balance-sheet, and as no document had been sent to she
shareholders, they could have received so individual sake.
The bwdnees concluded with • vote of thanks to the
chairmen.