The Express.
London, England, 1856-08-13 00:00:00

GENERAL SCREW STEAM SEWING COM-

DAY.)---
The sizteeoth half yoarly general mooting of the
shareholders in the above company was bald this eftersoom
at the London Tavern ; Mr. RAUL= Connie, IL P. (ekWI.
mu of the board of threaten), Is the chair.
The report stated that the comps., had biome possessed
of 20,0001., owieg to the Somali Madras dee Clippele
Praeger. having tailed to fulfil their contract for the pee.
sham of eight of the compaay's largest ships. &aare
the avoidance of the contract the directors had
been considelieg the gemlike of the employs's;
it Worml of the emipany's fleet; and mut
all the oiroonostmem they were of opinion that it would he
for the iaterest of the shareholders It measures were taken
for dissolviag the company and realising their property
reader the provisioos of the deed of settlement. The stele-
meet of melted+ showed that the belongs tarried to profit
and loss account amounted to 73,8349. The earnings of the
ships. 18 in number, bad mowed to 221,6681. 184. 104.,
and their working ezpeasse to 131,8701. 18,. 9d. The ogee
ezpenses and directio• had exhausted 6,8921. 91. 84., while
the memo takes for deterioration amounted tp
20,1441. 7s. 84. The gourd result of the seemed* was
the balsam already stated. The dissolution of the sees-
pay would have to be mairmed by two extesordinasy
general meetings seamed fir the purpose, at which twe-
e:llrd' of the shareholders both in almost and value should
be present. That being done, the directors would be
@fabled to repay the capital, as it becalm Überated, sad they
would cesammes the repave's& by at coos Wanda, 3i.
share to the credit of capital. The profit sad lam
'sweat exhibited a disposable balsam of 64,9221. 19e. Id.
The CZAIIIX•It moved the adoptioa of the report and
amonsta, reserving to himself the right of eateries into
say esplanation which elhesseton might call forth as to the
proposal of the directors for dissolving the company.
The meetiteg appeared to wish that the chairman should
make his statement os that poiat at once, and
' The Cuaraitox proceeded to do so accordingly. Re
believed the company possessed one of the finest screw-
fleets in the world, but ia the present age of severe
oompetitioa, it was shame impossible to success-
fully manage a steam shipping company through the
agency of an ordinary joint stock directory. There were
exceptions to that rule, no doubt, bat a sh4pieg trade, open
to glom competition, maid sot be carried en by a board of
direction ; it meld be summated in bite bends of individual
meager.; and believing that the company woald lose ra-
ther than gain money by enteritis Leto general trade, the
direction hod determined to advise the dissolution of the
company. Bach a measure would enable the director* to
return to their proprietors the very heirlooms sane of
160,0001., sad if sanctioned within six week', 31. per @hereof
' the monist might be paid over.
After a brief discussion it appeared to be the paeral *pi-
nkie of the meeting that the mate ',commended by the
' directors was the most prudest one to take under the cif-
remotest:os, and the report and accounts were thinkers
unanhaouly adopted ia their
It was then aaaaaa ced that the &et special
authorise the winding-rep of the company would be
immediately.
The proceedings, which were of a most cordial character,
terminated with a vote of thanks to the chairman sad
directors.