The Express.
London, England, 1867-03-07 00:00:00

oviliENA mIRNEY, AND CO.

The following circular has just been forwarded
to tho creditors of Overted, Gurney, and Co.
(Limited):

65, Lombard-street, London, March 6.
Having been appointed on the committee of supervision
to represent specially the interests of the creditors in the
liquidation of Overend, Gurney, and Co. (Limited), I have
been repeatedly urged by individual creditors to call some
of the principal creditors together, and confer with them as
to the best course to be adopted ; but I deferred doing so
while the cue of the repudiating shareholders was pending
before the Vice-Chancellor. Immediately, however, his
Honour's decision had been pronounced, I was prepared to
take action in the matter ; and having obtained the
statement of the liquidators as to the present position of
the assets and liabilities, I called the principal creditors
together, and submitted for their consideration the several
alternative courses which had from time to time been sug-
gested to me, viz. :HI.) To insist on payment in full of
the creditors claims, with interest. (2.) To give up the
interest in consideration of the principal being paid at
agreed dates, Im. (making 155.) in the pound by 31st
December, 1867, and 55., the balance, by the cad of 186 d.
(3.) To accept a composition of 17s. Gd. in the pound if
paid before the end of 1867. (4.) To release indi-
vidual creditors on their payment of another call
of either 5/. or 101. per share, as might be agreed.
The third and fourth alternatives were almost unani-
mously rejected by the creditors present at the con-
rence
, but although at first individual creditors mooed
objections to it, the general feeling of the creditors present
was strongly in favour of adopting the second alternative,
viz., to accept payment of the principal, without interest,
in consideration of the former being paid by the dates be-
fore stated, but if default be made in payment of any of
these instalments, the whole claim to revive both for prin-
cipal and interest. If any one has • right to insist on pay-
ment in full of principal and interest, it is myself, inasmuch
as my claim is for 15,0001., deposited with the company only
the day before the stoppage, I not having previously had any
connection with the company either as creditor or share-
holder. My claim for interest alone is a large Bumper annum,
yet, after careful consideration of all the circumstances, I
hue determined on agreeing to accept thesecond alternative,
and I sincerely trust that you may see your way to adopt
the same course. It is impossible within the compass of
• circular to state all the reasons which have influenced
me in coming to this decision ; and in order that the
matter may be most fully considered, I have determined
to call a meeting of all the creditors at the London Tavern
on Friday, the 15th day of March inst., at 1 o'clock, at
which your attendance is earnestly invited ; hut if you
should be unable to attend, anAtiorrove of the course
which I recommend, will you be enough to sign and
return to me the enclosed communications on the
subject of this circular can be addressed to me at the
above address, or to my solicitors, Messrs. Ashurst, Morris,
and Co., 6, Old Jewry, London, am your obe-
dient servant, CHARLES OPPENHELL