The Express.
London, England, 1866-09-27 00:00:00

ANGLO-ITALIAN SAM&

An extraordinary general meeting of a
was held yesterday at the London Tavern, giehr°l64lr,„„__
in the chair, for the purpose of consideriag
time, the effect of which bad been preview,'
in the directors' report issued on August 24,
ma be briefly stated to be the reconstruction of the
withy shares of 201. each, 15/. credited as paid en
as at present shares of WI., with 201. paid up, lir•e,
posed to extinguish 2,335 shares leaving 16,0041144
would represent a capital of 300,0001., while Qs toio
at present fixed is 400,0001.
The Swamies having read the aeries of resolleime
bad been prepared,
The CHAISMAN moved that they be adopted, eddi.,
would have to be confirmed at a second meetieLeed-11
briefly the reasons which had induced the &'7"''
adopt this course. At the time of their leet—Z,
everything looked very favourable for their fuels
poets, but in a very short time afterwards war b,oki
between Italy and Austria, one of the results a „buk,
a suspension of cash payments on the part ci thp
government ; that, of course, inflicted a been h,
the bank, as gold immediately rose to a premium,
the panic in England occurred at almost the fame
they had to bear the evil consequences of a resign&
resource*, aggravated by a distrust in any Few*,
taking. At that time their liabilities were ahem !ro.
bat they had now been reduced to 124,000 k,
thought, considering the exceptional oliareeter
last three months, we a thing almost unexampled
history of banking—(heart—andretectedthersidea
on the directors and the managers In Italy,
time that the last balance sheet was issued there ,
amount of 4,9921. on unpaid calls ; and
paid 10 per cent., they had been recent)lmi
enforce the payment. He was happy to my thet
exception of something under a hundred eh"
calls had now been paid. There had been a Ice
their securities of about 9,0001., or rather be shalt
depreciation, as they bad preferred to liquidate s
portion of their liabilities by re.diacounting god
rather than by rlisposing of their securities at 9-
depreciated value, and he hoped and believed,
that a large portion of the depreciation would be:.
The greater portion of the loss had occurred
sequence of the depreciation in the
and the directors had thought it better to
the amount at once rather than run the risk of
increased, and be thought the shareholders wield,
that this was the wiser course. At that time gold
20 premium, and the directors, looking around end
the price to which it might be expected to go—atp
it was about 50 in America, 30 in Vienna, end 21
Petersburg—thought it better to discount their'
once. This accounted for 14,00 W., and that re
the only loss actually made ; no one could have
that such a war would have terminated so apautpi,
different course might have been taken, but no Pla
have expected that three such great nations would
have laid down their arms. (Hear.) Gold wee
only 5 premium in Italy, which gave them 'mica
in the financial prospects of the country, and i
well for tile future of the Anglo-Italian Beek
ducting these two amounts, they would ses
only loss for which the management could be
accountable was something under mo,oca., end 4
the numerous failures and the enormous trials

they had had to contend, ha thought they would err
on the whole the result was not very untamed&
then described in detail the effect of the resolution, •
would enable them to start fair, having wiped off
liminry expenses by the cancellation of 2,325
the exchange of four old shares with V. paid
new ones with 151. paid, and said that although i
received affirmative replies to the circular recently
approving the course proposed, from2lBsherehelArL
in; 14,339 shares, the total being 18,335, they de
think it would be wise to press the matter tudeesti.-
supported by an almost unanimous vote of
holders.

Mr. 8. GARDF.X NICOL seconded the motion.
A long discussion ensued, and the ma**,
speakers, one of whom (Mr. Fort) held 800 shame,
favour of the proposed reconstruction, and the
ultimately carried with only four dissentients.
A vote of thanks was then passed to the chews,
the meeting separated.