The Express.
London, England, 1866-05-24 00:00:00

had been caught by wily native speculators, b--,Tmillyeaa
by WO rates of interest sad sheet ileb;e7'
large amounts on securities of &tannin% ages.
Mr. ARAVICCINI complained that, knowing
el affairs in Bombay, Mr. Cartwright omitted to
and allowed the board to dealers a 10 per cent. ' •
at the meeting which wee held alter his exsagnatia,
previous to the receipt of his letter.
The Chisrestair stated that Mr.
wee
severely from the out, and was ba°eari tdoewtky
his own affairs, which were in a critical state. Be was
sent out by the bank. He then read the histsenthea •
to Mr. Angus on his going out, authorising hies to take
most stringent measures to got in the lase&
Mr. HARRISON asked whether the directors wen a
when they made the certificate required by the
Trade that half a million of money had bean Hat t%
rifles, not only unauthorised, but absolutely • 1,,
the charter. His own belief wee that thew of
capital was lest, and that the ahareholders would be
on to contribute to meet their liabilities, sad to lama
the bankrupt stock that had been advanced.
The CHAIRMAN—The question is of a very offembee I
ture, because it imputes wilful misrspreseatatiaa to
board, but I can state that the first unimatka es
these loans was from Mr. Cartwright's letter. plea.)
Mr. ANGUS stated that when he left Boob..
14th of October, 1864, they had not a single die4:'"'
in the Bank of Madras and Bombay, and he belie*
had some railway securities in their possession, boa
could not exactly remember whether any money bag
lent on them, or whether they were merely Wald*
custody. At the time the loans were maaa bla
Guadros thought that the security was peen*
being considerably under the market value, bat
tinned bad since. The loss seemed principally t,
been on reclamation shares, which went to an nano
premium, said he himself wrote to Mr. de Guiana ,
ploring him to disregard all such premiums, and lab
lend the money on shares. Before the Imitated
present corporation took place, it was intended tie
charter should be applied for for the old Calmeei
Bank of India, but when the solicitors in tke
were consulted, they recommended, as the sell
course, the re-formation of the bank under • a#•
and, on the Ist of June, 1865, the presenteorpankeik
over all the business and liabilities, bill reru * fee
nd
.0
on.

Mr. lilaav7rr thought it would be very desire* If
Angus would state the amount of the loans at Shoo
Mr. Annus accordingly stated the amount at the
agencies, the total being 1,075,1451., be also me
account from the balance-sheet of the nature of the
ties, observing that some of the loans which lad psi
out bad were made prior to December, 1884, bit
time they believed them to be fully secured.
Some further conversation of a penonal sainshia
sued, in which Mr. Wilson charged the directors-.sick
exception of Mr. Campbell, who still held 200-inshi
=their shares down to the qualificthos six
ce with taking advantage of his knookip
shares at a premium, and escape loss.
Mr. LEGAT inquired of Mr. Angus whether, sessh,
was with such stringent powers from the board, rat,
to realise were futile or not, and whetherhe had*
some further loans?

Mr. AN01.78 replied that when he got to sal!
found affairs generally in such a state that the Ali
seemed to be utterly prostrate and insolvent, NMI
quite impossible to make any sales worth Maga*
comparison with the vast amount of the stock isekei •
He attempted to realise, but at that time he cosy et
10,0001. Things Improved a little afterwerds, od s
sales were made The public had an ides that'll%
could not keep its doors open long, and there mitt
distrust of it that he found it absolutely neomsomi
to revive public confidence, to make some rug keen
upon promissory notes, but no loss had occurredthatha
(Hear, hear.)
Mr. Pruwwenrl said that they bad bad a guar,
talk on the subject, and it was nukes to diameter&
further ; the whole facts would come out in the *am
and he should move the following resolution
corporation be wound up pursuant to the Competakh
1862, and that the pending petition for that rape I
proceeded with ; also that Mr. Robert Palmer &do
the firm of Harding, Tully, Whinney, and Oibtes,kpi
posed and recommended by the shareholders r tie&
liquidator."
Mr. HARRIRON cordially seconded the resole* et
was supported by Mr. Connor, who blamed the UM
not only for the manner in which they had sirup
the affairs of the company, but for selling their in
with the single exception named, down to the mom
their qualification, and also for the mode is sir
shares were allotted, and the undue numbers Isis #
the board.
The CHAIRMAN said, that as to the allotment, in •
some doubt as to whether the shares could be Amid
the premium at which they were issued, thatXr.
brother acted as the broker of the compsny, sods
tion was made that no more than 200 should be
to any single individual, and be, in comma wifi
members of the board, had 200.
Mr. WiLisow—How many do you bold now?
The CHAIRMAN said it was quite true that keld
down to his qualification on account of the high
to which the shares went, and everybody sou at
do what he thought proper with his own pererty,
saw nothing to justify the shares being at sots
premium, but the public were of a different spurs,
he sold. (Derisive cheers and laughter.) 1111
upon Mr. Wilson that he had himself gone to gut'
mation from Mr. Allardice with respect to the
of the shares, and having bought in consequence
no right, now his expectations were disappointed, to
that gentleman with taking advantage of the mate
sell his shares. The fact was it was the ashy
action Mr. Allardice had had, it had been brought is
attention of the board, and Mr. Allardice had INK
and would not have, any dealings in the Marta A
was afterwards passed restricting the compare'
from dealing in the shares. As fa as he (the
was concerned, although he had sold kiosks/widget
the qualification, he had never, in the ordiary
the term, trafficked in the shares of the company.
In reply to a question from a SHAREHOLDER,
The CHAIRMAN stated that the communication sole
the directors of the London Joint Stock Bank rims
their own shareholders the London Joint Stock Mid a
ivnegrbfheancretha partlyt
was inthwriat alsingth'eanbadlanoncee aheetreakmdidfwa=
prehended that greater losses had occurred Ma &pre
and therefore they did not deem it prudent to cam
the credit or make further advances.
lutions,es
Th The
resolution
oneremwurentdinghen dithviedwed
lding up of into tw io seperthe
and the other the appointment of Mr. Enda( M
liquidator, and both of them were carried unasimosit
The proceedings, which lasted nearly three WA&
terminated.