The Express.
London, England, 1849-01-05 00:00:00

SOUTH SBA COMPANY.

Yesterday the half rind, court of this company
took pleas at the establishment, to Tbr-adneedle street, for
tke reception of the company's esseants, and the declaration
of a dividend. Charles Franks, In., presided.
The SZCIIIITIAT read the arsenate which had been pre-
pared, showing the state of the company's affairs. From
them tt appears that, during the last half year, the income
from !nterest from various government ‘ecurities amounted
to 156.4411. 4s. 7d. The outgeiags were 88,6&51. 86. 10d.,
fur half-year's interest to the proprietors of annuities, and
general charges, 2,9931. 16.. 11d.; b..ith sums amounting to
91,6791.55. 9d. There remained, therefore, 61,0981. 14e. 6d.
for half-year's dividend on South Sea Stock, at If per cent.,
and a bellanee of 6631. 42 4d.

The Damascus then moved that this dividend of 11 per li
mat on the cvmpaay's stock, due on the 6th of January,
1849, be made payable on the same day as the government
annuities. The motion having been seconded,
Mr. A. L. !locallya said he rose to ask a few questions on
the part of a large proprietor ; the sole he had received was
to the following effect. The governors of the compeay bad
obtained the *neat of a general meeting to purchase South
Sea Stock in the market. Had any purchases been made by
the governors in censequesce of that resolution; if so, at
what price relative to the price of consols; also, were the
governess willing to Ix a price, in relation to the prim of
consols, at which they would be ro-dy to purchase South Sea
Stock is the saiket, so that all the cheap stock might be
prevented from getting into the hands of the jobbers ?
The CH...tenet( said the governors had the discretion left
th,,in to buy whatever stock they thought the cheapest, and
the South Sea stock also if eta reasonable pries. They had
already bought, in the year 1848, of old annuities, 12,6001 ;
of sew annuities, 23,4091, ; and 1,1211. of 3 percents, of 1750,
and 8001. of South Sea rock. During the year the com-
pany had sold 37,3971. 18, 6d. reduced annuities. The sales
and purchases always took place simultaneously. As he had
just stated, 8001. had been the only purchase of South
'Sea stark. _ _ .

HT. MoCATTA would like to Mow the difference in the
The CHAIRMAN said there were half a dosen stocks that
they were dealing in, sad he thought it would be unwise to
ha any price at which the South /3-a stock should be taken.
The plan adopted by the dinettes we to bay that amok
when they Wind it advisable. He thought it would be better
to leave it to the discretion of the directors to purchase stock
when they found it cheap in the market, widmout retinae,
to any particular sum.
A DULICTOZ said the SOU was bought on the 10th of
August, at the price of the day.
The CIIAIIIMAX observed that there was but little sleek
is the market for the company to purchase. They always
bought it in the market at the lowed price, but it would be
unnamable to fin • rift.
Mr. J oasts @aka if than was not a sum at which the go.
venunent could buy up the stock ?
The Citatamtw said the 'overawed were answerable to
them, but not to p them off at 1001., bet at the nitwits
made of 1161 13a. 44., because they would not only have to
pav off South pea block, but 'amain, sad a guarantee
Paid also, so that the dinners estimated at 11th. 13e, 4d.
every 31 per east, dividend they paid to the proprieton. It
would thus be seen that their stook ban so Wades to
swots. _ _ _

After erne observations hour Yr. Jones, and another pro-
prietor, the dividend was agreed to unaniutottaly.—The court
them adjourned.