The Express.
London, England, 1867-03-28 00:00:00

SERIOUS EXPLOSION.-SEVERAL PERSONS
INJURED.

Last night a serious explosion took place in
the premises of Mr. Laidlaw, Chinese firework maker, High-
street, Stepney, by which six unfortunate persons were
seriously burned, via., Jane Webster, aged 47 ; Samuel
Webster, aged 19; Charles Wilson, jun., aged 8; Charles
Wilson, aged 3.5; Matilda Wilson, aged 31 ; and Matilda
Pain, age not known. The whole of these were fixed in
between the debris, and their cries for help were piteous.
They were all removed to the hospital, and this afternoon
it was stated that three were dying.

CITY OFFICES COMPANY (LIMITED).
(THIS DAY.)

A general meeting of the directors was held at
1 o'clock at Palmerston-buildings, a new building
belonging to the company, Old Broad-street, Mr. E. Ma,-
TERMAN in the chair.

The report said the directors in submitting their fourth
report to the shareholders, with batince.sheet made up to
the 315t11ec.,1866, have much pleasure in stating that not-
withstanding the unprecedented monetary panic which has
taken place during the year, the company has progressed
rapidly towards the completion of its works, while the
revenue derivable from rents has steadily increased,: and
now amounts to about 26,0001. a year. These rents arise
from the portions already let of the following properties.
viz.:—St. Clement's Horse; 63, Great Tower-street; 17
and 18,Cornbill ; 27, Lemlenhall-etreet ; Palmerston-build
logs. The directors have to report the completion of the
company's important premises extending from Old Broad-
street to Bishopsgate-street, called Palmerston-buildings,
containing upwards of 200 rooms, and also the free-
hold building in Nag's Head-court, Gracee.hurch-street,
adjoining St. Cleme.ut's-house, which will be ready for
occupation in a few weeks. A satisfactory rental may
confidently be expected from both these properties. The
only uncompleted property of the company will then be the
extensive building at the corner of Lombard street and
Gracechurch-street, which is being rapidly proceeded with,
and will, it is expected, be finiabed by next Michaelmas. Both
for situation and the extent of the ground floor area,
without intervening walls, this building promises to stand
unrivalled. The frontage in Lombard-street is upwards
of 120 feet, and in Gracechurch-street 80 feet. The
value of this estate will be materially increased
by the open space occasioned by the removal
of St. Bent's Church. The completion of these
premises will terminate all building operation, and
the capital account will then be practically closed.
The directors feel confident that the collective properties
of the company will prove a safe and remunerative invest-
ment. The directors have had under their consideration
the reduction of the nominal amount of the shares of the
company, but as they are advised that this could only be
effected by a reconstruction, which would be attended
with much difficulty and expense, they are of opinion it
would not be desirable to take any steps for that purpose.
The amount standing to the credit of the leasehold re-
demption fund is 9951. Os. 9d. It is the intention
of the directors to invest this fund in satisfhritog.
securities, when all the building °entracte are discharged
The directors recommend that the amount of 3,8991.
la. 74., standing to the credit of profit and loss, be
carried forward to the next account. The directors who
retire from office are J. C. Pickersgill-Cunliffe, Esq., and
K Warner, Es' q., M.P. who, being eligible, offer them-
selves for re-election. The auditors appointed at the last
meeting, viz., Frederick Maynard, Freq., Breadmtreet, and
S. Lowell Price, Esq., Gresham-street, retire, but, being
eligible, offer themselves for re-election.
The Ocoee/It said, although the notice did not con-
tain an announcement of a dividend, there was no
cause for despondency •, on the contrary, a close exami-
nation led the board to anticipate success. The rental
of 26,0001. was obtained under unfavourable circum-
stances, and from a small portion of the company's pro-
perty. Throughout the late disastrous state of things all
the old completed buildings bad continued full
at satisfactory rents. The hurricane of last year
had seriously affected the company, retarding the
progress of the buildings and hindering the borrow-
ing of money ; but the board bad kept two objecta
steadily in view, namely, the completion of the buildings
and the closing of the capital account as early as pos- I
Bible. Although the course adopted as to calls in-
volved inconvenience, he believed it was sound,
and would conduce to beneficial results. The money of the
proprietors had been judiciously employed, and as regarded
the building in which they were resembled, the hoard were
thoroughly satisfied with the manner in which the con-
tractors had performed their task. The financial petition
of the company, though not as good as the directors
could desire, was an improving one. In conse-
quence of the difficulty of obtaining money on mortgage
the directors had had to make two calls of 5/., and he was
happy to say that out of the large number of 29,000 shwa
only 2,767 had been forfeited. Of the last call only 19,0001.
remained unpaid. The temporary loans had been reduced
in the aggregate from 108,0001. to 67,000/. Another call in
the summer would enable the board to get ridof that liability,
but, bearing in mind the character of the times, the direc-
tors would exhaust every meatus of borrowing
on good security rather than resort to another
call. (Cheers.) It was hoped that the Lombard-street pro-
perty would be completed by Michaelmas, and then all
the company's properties would stand in the same position.
The directors had devoted their best attention to the
question of reconstructing the compare with a view to •
reduction of liability ; but there were difficulties in
the way, and the expense" would have been
very great. The legal difficulties were connected
witn the 300,000/. of debentures which were out ; and
the directors had thought it best on the whole
to abandon the scheme. The dread of liability, however,
could only extend to 25/. per share. As regarded
the future, the board saw no reason to doubt the animates
which had been placed before the shareholders. Last
year it was stated that the capital account would be closed
at 750,0001., but he regretted to say that the amount would
be 777,6001. After payment of the debenture interest and
all expenses, there would be, he believed, ultimately a
dividend of 6 or 7 per cent, for the shareholders.
He regretted that, in consequence of absurd rumours,
many shareholders were throwing away their property
just when land was in sight. A depreciation of 250,0001-
in capital was quite unwarranted.
The lion. J. S. Worrnir seconded the motion.
A SNIAXIIIOLIMIL moved an amendment to the effect that
no further purchases of real estate--(cheers)—or calls be I
made without the consent of the shareholders ; and that
meetings be held henceforth half-yearly, instead of once a
Tear: . . . . .

The CHAIRMAN appealed to the honourable proprietor
before the amendment was seconded to withdraw it.
(" No, no.") There was not the learnt desire on
the part of the directors to make any further
purchase; they had been too much bitten already. As
to calls, he bad expressed the views of the directors in the
strongest manner that he 000ld. He had no objection to
the holding of half•yearly meetings. (Cheers.)
Mr. CONTBISARE objected to the directors being deprived
of their legitimate power se regarded calls.
[The meeting was proceeding when our report left.]

THE REPRESENTATION OP GLOCCESTER.—We
have heard it whispered, on very leasable authority, that
Sir S. Baker, the African explorer, is likely to be salted to
stand for Gloucester in the conservative interest, in the
event of • general election. Notwithstanding the nature
of our authority, we repeat the whisper as to be taken cum
gram =tic Flowerer great the personal respect for the
worthy knight's achievements may be, the liberal majority
in Gloucester is almost unassailable, and we can hardly
believe that the conservative party would presume upon
Sir Samuel's long absence from the country and possible
ignorance of the real state of matters to ask him to lead
their very forlorn hope. The position of Messrs. Price
and Monk in relation to their constituents was never, we
believe, more assured than at present. —Earner* anodise
Herald.