The Express.
London, England, 1866-02-06 00:00:00

dit LAING. ACP., AND THE GENERAL CREDIT
""AjID FINANCE COMPANY OP LONDON
gajTED).
• At the Meeting of the slows company yesterday,
A SaLlZSOLemises iDEa asked wlliellor the M OW. pat dawn
,tambold prnstea ed M messes 'of the beddiog.
••••,I,.ther that &menet was to be swollen_ by the expense
It -a-handbag sow erecting. He ale caned attention to
elliwonat a/pommy, 34,000 t., Wilaoll appeared to him too
~,.au" imperially when contrasted with those of mans other
fha C'eandue, in reply, said that the remarks if the
roatme who spoke of the nature of the badness
r.lllmote of the character of a speech on the
.„ a inattention" of this kind than of a specific
He emend to thick that so beams
he dose which could not be published
*me meld, or eat Lased at a meeting of this sort. He
gobs Impel to answer all the question' which had been
pt le him hut if any nhimittets were mae to what were
ty the fundamemal principles of the constitution
• 57ighcompanies, he mast IrA address a few observatkies
*mat mist. The mend prisoipie that a sompany like
mts was to be responsible for everything with which It bed
ao, end in which the shareholders of the company chess
; we put of their owe free will and with their eye, open,
Metier loses or nomlrellies, always remaining at a premium
paid goal* admitted for a momest. (Hear, bear.) If
they looked at the foreign' lame which had sen brought
seer is the English market during the list twenty years,
they would undoubtedly fled that a great many of them
ore d a dimwit. Bet is loins of that sort no cow-
es mercantile firm bringing them out could do
than guarantee a faithful and accurate statementof
;."-Mims relating to them, and everybody must inertias his
am discretion as to the secerity of the investment. (Hear,
*No Who in his wants could suppose that if he invested
fferldelt securities at 10 or 12 per cent. that security would
ha me PADS AS if be isvested in British Consols at 3y!
''dour," sad Isetiater.) He took the risk; he knew the pod
licalituation of Turkey, and the history of the Italian go-
mement tied its penned and financial situation, as well as
goody else, therefombe sated with his eyes copse. and
mam content to run the risk for the sake of the
high rate of interest. Them was a great derd of
token is the world, both in the way of loans and
wattmanes, which involved considerable risk, but at the
pine time yielded considerable profit, and if the company
gi irs which Introduced teem to the notice of investors
seam eseesabseet or falsehood in respect to them, bet
Named theorising to the simple facts of the owe, role-
nig theme beta truly, hiss cou'd they be responsible
among snot lOW, west to a ponninni or not' (Hear,
mar.) In referoarre to the speedo quastioa whether or sot
Chair profits ought to haws bees more, Ite would first observe
is risme* to the shores they held in the Societal G4eirale,
that the greet balk of the profit es them come into the
sweats for 1864. At the time of the meeting last year
me great balk bad been sold at 3 premium, and the prodt on
man was one main item is making op the profits of
150.000/. which was divided this time last year. Brace then
—Wised early in the year—they had placed the rest of the
mama, and realised a prim a little over 34 prem., and the
melt so made came into the accounts of the year 1866.
pat of course the' profit was net ro large as the profit of
Me year before, became as they were them valued at 31.,
the additional 10a. only had to be added. To show bow
loos the odindstioes were on which the bon. proprietor
had Used bb statedent he would refer to the Italian loan
of 8,000,0001. The hoe. proprietor thought that taking
the fair profit at 1 per cent. they ought to have made
80,000/. out of the transaction, but the fact was that of that
8,000.0004 only 2,000,000 E was taken in England, therefore
wending to that the company would have does well to have
made 20,0001., with • responsibility of 2,000,0001. What they
redly did do was to make more than that without locking
up 6d. of their capital. (Cheers.) Bo much with respect to
the Italian loan. Then with respect to the Turkish loan
and de coeversion of the debt, the 2 per cent, upon the
timuctios was altogether fabulous. There never was any-
Muncie the least degree approaching it. As regraded the
quartos of the directors trafficking in the shares and com-
ps/Ma brought on', if there had been any specific question
fie skald ham bum batter able to answer it. If delta.
proprietor wanted to know whether he had any &slings
sitter as " bull" or " bear* in the matter, he could reply,
certainly not, and he believed be might say the esme for di
hit tolltadusla Hear, hear," and cheers.) With respect
to the Turkish loan, although personally its negotiation was
a matte of great labour, and responsibility, and risk, in
thsadvansieg of capital, yet the melt was, that Melivideally
be pamonally made no profit, but the whole of the profit
motto the General Credit Company. (Cheers.) He did
not ear this in self prates, but he whaled to state that the
Terkimli government, for some reason of its owe, would only
make the cootract with biro, and not with the company.
Hs was thus placed in a delicate sadden, being at the same
tins the oostraotor sod the chairman of the company. He
consequently asked the board to appoint a committee of
three so twofer with him. They did so. If matters bad
ail gone on (lode right he would have reaped
rsy. c msiderable profit, and the General Credit also;
but to carrying the matter out in the face of great diffi-
culties the expenditure in different matters was mush
larger than had been anticipated, and the result practically
came to this, that if he had taken the share of the profit
to which he was entitle, there would not have been any-
thing left for the General Credit Company, and be simply
male over all his sham to the company. (Cheers.) Nor
did he take any special credit for so doing, because stand-
ing is the position of chairman, be thought the company
ought to participate—(cheers)—but when hon. proprietors
naed of directors' remuneration and trafficking in
shares, be considered himself justified In tolling them
that if he bad chosen to avail himself of his
right no-der the contract he would have gained more
than all his director'. remuneration and ptofit on shares
fort. years to come. (Loud cheers.) With respect to the
belt-yearly wino; he denied having used any threat on
the matter ; but he candidly told them, as it was so
opposed to the notices they had with respect to oat rying
es the Waimea effiasetly, that they could sot consent to
it, and be contended that that was the fair and honourable
node of dealing by the shareholders. Had they not been
candid on the last occasion, and the meeting had passed a
notation that a meeting should be held in July, it would
bare been very emberramitm to the directors, who did not
think such a course a wise one. The board tart year, for in-
stance, would have had to have told the shareholders at
mob a meeting in the middle of the yeez, they being just
is the midst of the critical negotiations respecting
the Turkish operation, some story which might have
materially damaged their property, or have indulged in pre-
diction, which might never have been fulfilled. It was quite
pester such of the shareholders as thought rush &mowed-
mg judicious to call an extraordinary monad meeting by
regaisitica, and peas a vote on the subject. (No, no.l
As to the number of shares held by the directors he would
state at once that, from a rough calculation, it was about
13,000, so that answered the question about their throwing
them on the market. (Cheers.) The sum put down for
freehold premises included the buddinrs on the
land at the time of the purchase they could
nil the property for considerably more at the pre-
empt moment, but it bad been put down merely at
the cost price. As to the reserve fund it was represented
in the securities they held in the form of bills receivable,
and not invested in soy special securities. If they should
adopt the suggestion of the hon. proprietor, and " shut
up shoo"—(laughter)—that reserve fund would give them
15s. a than,. He believed be sow answered all the gees-
haat anti would put the adoption of the report to the
Oahu•

An ;ttempt was roads by a shareholder to elicit the
particulars of the current awns's, bet the fashion of the
misting was so strongly expressed 'pima calling upon
t►e chairman to sawyer the question, that although he
offered to do so he was met by a general cry of " No, no."
A SHAREHOLDER said that a great wish existed to know
whether the rumour that the chairman was about to resign
was true or not.

The-dem nirstr said that, with the permiseion of the
ra"titte, he would slake a personal statement after the
badmen. (Hear, hear.)
The adoption of the report was then put to the meeting
end carried unanimously.
The retiring &editors, Messrs. Qvilter and Ball, were re-
elected.

The CHAIRY•N, in reply to • question, stated that Mr.
Alderman Bslomons bad retired on the ground. he believed,
that the pukka of director ed this company wee not con-
Must with that of the chairmanship of the London and
Menminster Bask, this company doing, to some extent, a
similar baldness. He also explained that Mr. McK saris
bad retired in ocesequence of serious ilium, sod by the
strong advice of his medical sdrisers and other friends.
This being the whole of the buinese,
The ClUallalt stated that as regarded himself he was
i'Dny to tell them that the same reason, semely, ill health,
would Prevent his meeting them again in the ospciltl ett
ehetlinan. He felt last year that be had suffered greatly
from kis residence in bid* sad especially trent • severe
liken in that country, from which he barely escaped
with life. He was so unwell during last summer
end antamn that his medical advisers strongly
"Pi upon him to refrain from doing so much
as he was doing, but he felt very reluctant, while
10 many important sad delicate affairs were progress.
"S. end especially while the easy important nutter of tits
Tonieh cooverston was in hand, to withdraw from the
chakinseship. Now that these matters had been happily
°occluded, and while the affair wee in a prosperous stabs,
and he had been able to meet the shareholders and imolai,
all natters to them, he felt that it was a proper tints to
Worm them that it would be impossible for him to go on
with the very arduous and reeponsible diarist' attaching to
theelnirmanship of this important company. lie concluded
137 saying that be would consult his colleagues as
1° the appropriate time for resigning, and that be should
retains his interest in the company, sad always be haPPI
to the ids advice and assistance in say matter in which it
"Pt be deemed acceptable. (Cheers.) He assured them '
that he would take oue before leaving his post that there
elleald be em le security that the business of the company
Bheeld be conducted in the maze prosperous manner, so far
I I theymeld commaad Incomes, as it had bees hitherto ;
and leaving himself entirely in the heads of his colleagues
till the necessary arrangements had been made he begged
"thank the shareholders foe the support be had always
received at their hands, and reapectrully to talcs his leave
w Men in the ospecity of chairman.
Sir H. WOLF amidst the cheers of the meetisg. ex.
Preload the regret: they all felt at the unfortunate muse of
the retirement of the hon. gentlemen, end offs. red to him
their „poky.
4 corded vote of *Wm be the chairman and &reales
w". 11844 tbs Prbelleamp.