The Express.
London, England, 1866-06-14 00:00:00

THE EXPRESS, THURSDAY EVENING, JUNE 14, 1866.

IMPERIAL MERCANTILE CREDIT MO-
CI4TION.--(27113 DAY.)

An extraordinary general meeting of the share-
holders wu held at noon, at the London Tavern ' • Mr. W.
JACIBON, M.P. in the chair ; for the purpose ofconfirming
the ress!intion for winding-up, passed ate meeting held on

the 28th of May. -
The CHAIRMAN mid four resolutions had been placed in
his hands to be assented to or otherwise. As the first re-
solution was simply for winding-up he would suggest that it
should be pared without discussion, in order that it
miOt go to the Court of Chancery that a reso-
lution for winding-up was canted unanimowdy.
The shareholders would have an opportunity of
cussing the affairs of the company on another resolution.
Mr. Hone seconded the rcoolution, which, without any
previous discussion, was put and carried unanimously.
The appointment of Mr. Alexander Young and Mr.
John hail as liquidators, was also confirmed without die
mission.
The Cifsiausir then moved the following resolution :
" That if from any cause it should be deemed neoessary or
desirable to have the aid of the court a proper application
be made to have the voluntary liquidation carried out

under the supervision of the conk."
This resolution having been seconded wax also at once
.

"AA CHAIRMAN mid the next quertion the appoint-
meat of two supervisors to represent the swhaagreholders.
Sheriff, member of • ant for Worcester, and Mr. 60
Feason, of the dLcanCompany, having besuchosen
by the committee of creditors to t the creditors. I%
Ile was happy to my that since they met the liabili- 1,1!
ties had been reduoed by the sales of securities a
and by the payment of calla to the amount Ex
of 210,0001., and therefore they were 210,0001. 81
better off se regarded their responsibilities than they won 81
before. There was, too, a fair prospect of the liabilities 81
being reduced more rapidly than hadbeen hoped : and he
believed that if they only got good times the shareholders '174
would be ritisflad with the course taken. He wished to at
my that after the last meeting he added 1,000 shares 81
to his own holding. He might mention, in order Bt
to ease the minds of the shareholders, that unda;the articles 84
of amociation no further call could become dm before the et
middle of September. That gave them breathing time. st
In his opinion they would not want Si. per share,tbut Mr. 84
Young differed from him on that point. They had Si
already received 200,0001. from calls, and, therefore, tit
there was 300,0001. still to come in. Immediately 81
after this meeting the liquidators would issue el
a circular stating that the calls would be en- si
forted, and that 11 per cent. would be charged for all calls al
in smear= that being the amount which was to be paid to 81
the creditors for the postponement of their claims. The 11
Chairman concluded by stating that it was his intention, 11
on account of the state of his health, to retire from the 11
11
committee immediately after the meeting, and intimating IA
that Mr. M'Andrew and Mr. J. O. Walker, chairman, of p
the Madan Railway, were willing to act
Mr. Horse made some remarks strongly condemnatory

of the oonduet of the late directors, -who, be rid,
if they had faced the shareholders, would have
been thrown out of window. He also censured the
chairman for having recently bought • thousand shares.
He saw no reason why the directors in this case should not
be prosecuted as the directors of the British Bank were,
an he would move that the liquidators be requested to
inquire and report whether there were not grounds for •
prosecution. Mr. Chapman and Mr. H. I. Barker sold
shares at the time when the company was represented to ;
be in a flourishing position. 1
Mr.SURGEZE defended the Chairman against the censure
of Mr. Hoyea. As regarded the directors, no one could t,
doubt that there had been great mismanagement, but he ri't
could not believe it was wilful. He should like to know go
how many shares Mr. Chapman held when the concern gi
stopped. (A Voice—" Two hundred.") It was 19
astonishing what • number of shares the dint-
tors
tors held among them. The aggregate holding was 9,684 P,C,
shares, or one-tenth of the whole number • they must, I',
therefore, have felt confidence in the undertaking. The gi
manager, Mr. H. J. Parker, held no less than 2,539 shares. RI
(A voice, "On which he has not paid.") He believed that
he paid up to the time when the concern stopped.
Mr. VALENTINE KNIGHT said at the 'sat meeting the
chairman said the late directors would not shirk ; but they
had shirked or they would have been present on this
°cession.
The CHAIRMAN said what he meant was that after the
investigation had taken place they would not shirk.
Mr. V. KNIGHT continued—He should like to know
why the secretary, Mr. Winterbotham, was associated
with Mr. Chapman in holding 700 shares?
The CHAIRMAN (pointing to Mr. Winterbotham) said he
was present.
Mr. V. KNIGHT then asked Mr. Winterbotham, who sat
behind the table, for an explanation of what he referred to?
Mr. WINTERROTHAM replied that he obeyed orders.
Mr. V. KNIGHT did not consider that a sufficient
excuse.
The CHAIRMAN observed that the directors, with one
exception, paid all the calls up to the 15th of May.
Referring to Sir Morton Peto, who had been re-
ferred to by Mr. Hoyes, he said he was proud
of the honourable baronet's friendship, and repeated
hi. opinion that the company was bound to endeavour to
fulfil its engagements towards the firm of Peto and Betts,
adding that • large portion of the assets which had come
in were paid by that firm. Mr. Jackson then used some
very strong expressions, including the words " that fellow,"
in reply to Mr. Hoyes's censure of himself.
At this point the scene became one of great uproar, and
it was some time before it could be allayed.
Mr. YouNG, one of the liquidators after stating that •
call of 5/. would be necessary, confirmed the statement of
the chairman as regarded the cells of the late directors, to
the extent of saying that only one or two of them were in
arrear up to the 15th May, and that they claimed a set-off.
He added that as liquidator he had called upon two or
three of the directors to pay amounts due from them ;
and that in the same capacity it would be has duty to
investigate and report upon the conduct of the whole
board. (Cheers.)
A SHAREHOLDER here appealed to the Chairman to
withdraw the expression " fellow " applied by him to Mr.
Hoye..
The CHAIRMAN expressed his rowdiness to do so, pro-
vided Mr. Hoyes withdrew the imputation upon himself
as an honest man.
This was done by Mr. Hoyes, and after s few words from
the Chairman the matter terminated amicably.
Mr. APAndrew was then appointed a member of the
committee.
On the question of the appointment of a second member,
Sir W. CLAY deprecated the retirement of Mr. Jackson,
of whose conduct on the committee he expressed great
admiration. The meeting backed up this appeal with loud
cheers.
Mr. JAY strongly urged Mr. Jackson to continue on the
committee if only as an honorary member. As regarded
the charges against the directors be assured the meeting
that the matters referred to and others of a more serious
nature had been before the committee.
The CHAIRMAN expressed his willingness to remain upon
the committee, on the understandin3 that if his health
should compel him to retire, Mr. J. 0. Walker would suc-
ceed him.
(The meeting had not terminated when our report left.)

In a letter to one of his constituents, Mr. Clay,
M.P., intimates that he shall probably withdraw his
Educational Franchise Bill. He says the adjourned de-
bate upon it is fixed for Wednesday next, and though he
has not finally determined what course he will pursue,
he thinks it most likely that he shall reply to the argu-
ments against the bill, and then withdraw it.
The death took place at Rome a few days ago,
from the fever of the country, of the young and beautiful
Lady l'ottinger. She had barely reached her twenty-fourth
birthday. Sir Henry had just before suffered greatly from
the same malady, the fever having attacked his brain.
There seems to be a misapprehension abroad
that the church patronage of the Earl of C.ainsborough
lapses immediately to the Universities, whereas it is only
when a living of which the patronage is vested in n Roman
catholic is actually vacant that the presentation (for that
turn only) falls to Oxford or Cambridge. As long as the
livings are not vacant the noble earl has the same rights as
any other patron, and can dispose of his patronage, or
place it in the hands of protestant trustees.
The funeral of the persons burned in the late
fire at Dublin took place yesterday. The shops were closed
along the route, and large numbers walked in the pro-
cession.
The fact is recalled that in the year 1858 a great
house connected with American trade—Denistonn's—went
for 2,000,0001., yet that within a short time this firm paid
in full, with interest at 5 per cent for the time lost.
Last Sunday Prince Napoleon and Princess
Clothilde gave a grand dinner to Princess Mathilde, the
Prussian Ambassador, Count de Gat:, the Italian Ambas.
seder, Chevalier Nigro', M. Emile Girardin, editor of tho
Liberte, M. Havin, editor of the Ude, MM, Gueroult and
Lab)* of the Opinion Nationale.
A letter from Berlin says :—" I have to conclude '
with a painful and, under present circumstances, an no.
commonly serious piece of intelligence. The cholera has
now broken out in the neighbourhood of Berlin. There
were three oases yesterday at Frankfort-on-the-Oder, and
sixty-five eases within the last two days in the little town
of Arnswalde. The number of deaths is not mentioned
in the papers. As the poor are poorer than ever, at a
time when work is scarce, it would not need the congre-
gation of large armies to aggravate the evil. Bankruptcies
multiply."
L 05.4 OF ANOTHER HULL STEAMER.—Last even-
ing telegrams were received announcing the loss of the
screw steamer Eagle, belonging to Messrs. Cammell, Woolf,
and Haigh, of Hull. The Eagle foundered off Leesso Island,
while on a voyage from Aarhuus, Denmark, to Hull. The
crew and passengers were saved.

SHARE L

rIB DAY.)

aho.4???1
loom'

Ons o'Osoem.
The operations in British railway securities
to-day are upon a restricted scale, and very few
changes have occurred in prices. The dealers are
chiefly engaged in the settlement of the account,
which will be completed this afternoon. Great
Western stock has declined per cent., and Mid-
land and South Eastern 4. The other lines are
quoted the same as yesterday.
London and North-Western stook is quoted LI
1161 to Ink, ex new ; Metropolitan, 1274 to 128 ;
Great Western, 52 to ; 1234 to kaatelstran-
cashire and Yorkshire, 1214 to 1 ; South-
-64 to 70 ; Great Northern, 121 to 122 ;
ditto A, 131 to 132 ; Caledonian, 1254 to 1264 ;
Great Eastern, 37 to 1 ; and London, Chatham,
and Dover, 261 to 264. 1.

SD. I Pd. I RAILWAYS.

-28 I 8
201. all
10, all
100 100

Itiscs.7

Was today
to 1 p.m.

M 2
1321 12

521 15

1211

26 Iti-

119,1612 178}181in

1271 8

-
1231

last

64 6 ak 5

148 :1
4*; xd

n;7

27 --
14 di'
6 dis
44
bas
as

•761

Pd I CL prices. 1 Ikate.

Broom
British Cohn. llp.ct..
Do.
Ogs. %map. e.,187744.
Do. Sperct,Feb.aatoi.
Do. • parct.Msr.
Do. 6 peratasarri
Do et. Ina. Stoc
°reHopetper.l
d 0.1890-

_.__ __
0-90 .. 1 Do. do. 189
4) Do. do. 120041
, Da.10.6.4.*0ct1900
0300 Ceylao,Nov.lBoB,6 p.a.
,000 Do. 1878, d 0...
,000 Do. 1879 do..
~000 Mauritius(' Mt:L.lB7i
,000 Do. 1878
000 Do. 1887
1, Do. 1806
1, Natal. Gov. Bpes amt..
1,000 New Brami3ov.Bp9ect.
.. New South Wake Gov..

M 05
91 95
91 96
78 80
78 93
90 101
103 101
101 108
103 106
88 810
101 108
108 106

102 106
106 106
11l 108
106 106
97 100
91 96

p. etat..lB7l to 1876
Do. 6 p. 0.1888 to 1892
MO New Zea/ond 6per amt.
,080 Do. bper omit
.000 Nora Scotia Op. c., 1876
.000 Queensland Go•. Op. et.
B.Auat.Gov. 6 p. et.,1868
.. Do. 1878 mod upwda.
Vie.Got.6p. c. Jen. July
.. Do. 6 p. et Aplildoc.

92 0
8$ $8
94 06
74 76
97 100
87 100

104 106

103 106

-
104

87

98 6j

too

MONET MARKET.-(THIS DAY.)

Owe o'Clocre.
The dealings in the Stock Exchange to-day are
very moderate, attention being directed to the fort-
nightly settlement, which will be concluded this
afternoon, and fresh news from abroad being
awaited. Consols are steady, at the dosing prices
of yesterday. English railways show dulness, and
a decline has occurred in a few cases. As regards
foreign stocks, the principal feature is a somewhat
important advance in Spanish Passive and Cer-
tificates. Financial shares are quiet, but a slight
improvement is observable in Credit Foncief and
Mobilier, and International Financial.
The directors of the Bank of England have not
made any alterationito-day in the rate of discount.
The demand for money in the general market is
quiet, and transactions continue to be effected in
choice bills at to below the official minimum.
Consols are now quoted 861 to /, ex div., for
money, and 861 to for the account (July 10).
In the foreign stock market there is a good
demand for Spanish Passive Bonds and Certificates,
which have advanced about 1 per cent. Turkish
of 1865 have also improved 1, and Mexican 1,
while Greek Bonds have declined 1. Turkish of
1862 are firm, at the important improvement of
yesterday. Turkish Bonds of 1862 are now quoted
51 to 53 ; ditto of 1865, 261 to / ; Greek, 101
to 111 ; Spanish Passive 104 to a ; ditto Certifi-
cates, 14} to ; Italian of 1861, 361 to ;
Brazilian scrip, 61 to bi dia. ; and Mexican,
15e, to 4.
American securities are steady, at the closing
prices of yesterday. 5-20 Bonds are now quoted
641 to ; Erie Railway shares, 401 to 41 ; and
Illinois Central, 74f to 751.
The City of Manchester, from New York, has
brought 18,0001. in specie.
International Financial shares are now quoted
2 to 11 dia. ; London Financial, 16 to 14 dis. ;
General Credit, 21 to dis. ; Imperial Mercantile,
91 to 81 dis. ; Credit Fonder, 3 to 3a aut.; and
National Discount, 61 to prem.

It will be remembered that last year the govern-
ment was applied to on behalf of the bondholders
of the Imperial Ottoman Loan of 1862, because it
had been subscribed under the auspices of the
British government. It was arranged, through the
mediation of Lord Lyons, for a syndicate "to
receive the revenues set apart for payment of this
loan (as contradistinguished from others), and to
see that they be exclusively applied to that pur-
pose." It is well known that these resennes are
derived from tobacco, stamps, and licenses, esti-
mated to produce 1,885,2201. per annum, while loan
and sinking fund only require 640,0001. The
annexed communication has now been received by
one of the parties interested from the Foreign-
office, and has caused a considerable rise in the
Anglo-Turkish Loans.

Foreign-office, June 12, 1866.
Sir,—With reference to my letter of the 16th ultimo, i
am directed by the Earl of Clarendon to state to you that
her Majesty's ambassador at Constantinople has spoken to
Ali Paths on the subject of the communications contained
in your lettere of the 10th et May last, on behalf of the
bondholders of the Imperial Ottoman Loan of 1862, and
that his Excellency has repeated to Lord Lyons in the
strongest terms, the assurance he had so frequently given
him before, that the charges on the foreign loans falling
due in the month of July next would be punctually paid.
Ali Pacha also informed Lord Lyons that he believed the
arrangements for fonning the new syndicate were nearly
complete, and that he thought they would not interfere
with the special syndicates already existing.—l am, sir,
your most obedient humble servant,
(Signed) E. Hammon.
J. A. Franklin, Esq., London Institution,
Fiusbury-circus.
About 94,000/. in gold was sent into the Bank
yesterday, viz., 54,0001. in bar gold and 40,000
sovereigns from Alexandria. The operations of the
week comprise the receipt of 1,196,000!. and the
withdrawal of 170,0001. The gold by the Tripoli,
from New York—about 92,0001.—has been taken
for abroad.
The amount of 439,000/. in specie from New
York is announced. The City of Boston has brought
345,0001., the America, 57,000/. ; and the Saxonia,
37,000/. A further considerable sum is annol:nced
as on the way from the same quarter.
About 100,000/. in bar silverwasbought yesterday
for transmission to Spain. The price is l.ru, at
ss. 2d. per ounce. There is little or no business in
Mexican dollars, and the quotation is nominal at
ss. odd.
One of the New York telegrams published yes-
terday morning stated that " the Fenians have cut
the telegraph, and destroyed a portion of the
track of the Grand Trunk Railway." It ap-
pears, however, from the following despatch, which
bears the same date—namely, June 2—and has
been received by the Grand Trunk Company, that
no damage has been inflicted upon the company's
property :
Fenian had left Fort Erie. Done no damage to com-
pany's property. They are supposed to be about three
miles from Fort Erie, and moving. Engagement is said to
have taken place between them and Toronto volunteers,
the latter driving the Fenians, and behaving splendidly
No other part of the line attacked or damaged. We shall
hear to-day, probably, of Colonel Peacock having come up
with them a :th regular troops.
A circular has been issued by the English Joint
Stock Bank (Limited), which points to a probable
resuscitation of the concern—a course which seems
highly desirable, inasmuch as it is only by this
means that the 150,000/. paid by the bank for the
acquisition of its various old established businesses
can be saved.
The arrangements are notified in preparation for
the payment of the half-yearly interest on the
shares of the Rio de Janeiro City Improvements
Company (Limited).
A call of 5/. is to be paid on the sth Extension
shares of the Madras Railway Company by the 19111
of July.
The London and North Western Railway traffic
return shows this week a decrease of 3,384!.: the
Great Eastern, a decrease of 4,517/. ; and the Mid-
land, a decrease of 5881.
The receipts of the Great Western Railway of
Canada for the week ending the Ist inst. were over
12,1151., being 3641. more than in the cormopen-
ding week of last year.
A petition for the winding up of teediigto
Freehold Colliery Company (Lit) is t-, be
heard before the Muter of the Rolls on the 23rd
inst.
A petition for the winding up of the Universal
Banking Corporation (Limited) in to be heard
before Vice-Chancellor Stuart on the 22nd inst.
With reference to the market for American secu-
rities, Messrs. Satterthwaite and Cu. report as
follows :
In American securities there has been a fair amount of
business during the past week in the London market, and
on the whole prices have been well maintained. United
States 5.20's at one time touched 66, but from this point
there has been a reaction, and the eloping quotation is
about the same as this day week, viz., fdl to Illinois
shares remained without alteration at 75 to 1, but Eries
on the lower prices in New York have given way nearly
2 dols., the last price being 404. to 41. The settlement in
course of arrangement to-day has developed a scarcity of
both 5.20 bonds and Erie shares, and tee " contango" on
the former had entirely gone off by the close of business
this afternoon. There is a continued good demand for the
Debentures and Consolidated Bonds of the Atlantic and
Great Western Railway. The first and second Mort-
gage Bonds of the various sections are steady at former
quotations.

The India Five per Cent. Stock was a little more
offered.. There was no change in Exchequer
the March being quoted 15e. to sa. dia., and the
June, ss. dia. to ss. prem.
Turkish Bonds showed heaviness in the morning,'
and were dealt in at a fresh reduction, owing to the
unfavourable tenor of the news from the continent,
but a rise immediately followed the publication of
the communication referred to below, and the loans
of 1858 and 1862 closed respectively 3 and 4 per
cent. higher than yesterday. The Turkish Five
per Cent. of 1865, however, only partially recovered
from the morning's fall, and closed.* per cent.
worse than yesterday. owing to its beingdoubted
whether the reply from the Turkish minder is to
be interpreted as referring to this portion of the
debt. Egyptian Bonds (of some descriptions) also
improved to 1, and Italian of 1861, t. On the
other hand, Buenos Ayres Deferred and Russian
of 1850 and 1862 declined 1 per cent ; Spanish
Passive, I Turkish of 1866, ; Mexican, Ito ;
and Spanish Certificates,