The Express.
London, England, 1867-02-05 00:00:00

THE EXPRESS, TUESDAY EVENING, FEBRUARY 5, 1867.

it gnu inttllignut.

COURT OF QUEEN'S BENCH.-FEB. 4,

After Term sittings Ni.i Prim. at WeNtmin.ter. slsefure
Mr. Justice Shoe and a Special Jury.)
KEAtt:is r. xTultits.

Mrs. Caitlin ine lieerue, the gisterdielaw of the pi ,intiff.
said When elle went to Paris she called on the ulefeteimit
on the rith of Aegust, he having wtitteu to her to come to
hint. 14.1mM:int took her in a carriage to the :asylum. and
ahe re,mineil about an hour in her sister's eon:puny ;
she eew uothing in her conduct to lead her to suppose that
she w.,. mad. She arranged to take her away the next
day. she retuimal in the carriage with the defendant to
hie home: ; lie odd she was very dangerous to other.' and
might destroy herself. and that she would he answerable
for her in France. He said she might he worse to-mor-
row ; that if she took her home she might die in
a wor:chouse ; that he was her best friend, and could
abed tears of sorrow over her lot ; she was the hest of
women, and he bn: no trouble whiles sho iu the
house. because he '.new his father was safe with her. He
showed her het sister's clothes, and said they would be
all her* iwitne-- ;he knew she would not live long, as
alm haul a diet.,., in her bands which was getting up to leer
heel. Ile called lows: Pateman to take a lien spaper tothe
plaintiff. Winn.. replied what would a mad woman do with
a piper • he said that if she took plaintiff away she would
he wretCheil, but that be would take care of her. She left
pheintiff there. And returned to London with Mr. Storks.
He wae so caret:A About witness that be took her to his
residence in Gower-street. He opened plaintiff's drawers
and boxes and 'hosed her all her sitter's property, saying
that would be :ill hers. She declined to take it. He
we et with her to the railway station and saw her off. On
her arrival in Team she found Mr. Hoare, end the day after
her at rival she :eft with him to return to Paris. As they
were entering the Asylum at ('bareuton they ,net the de.
lenuliait coming out. In reply to his •iuestione she said she
lei 1 come for her sister. and musthave her. When she he
trounced Mr. Home to him they shook hands tit appeared
they dill not know each other before). Defenduit avid
witness wee excited, and that she wanted an opelation on
her arm. Defendant and Mr. Hoare left her, and did not
return until 7, o'u lock. Mr. Iloare said he would go and see
ibersister thefollowing morning but that witness haul better
loot go because it would excite her, and SILLS She had
mot asked for witness. she afterwards returned to Timm
without Ler sistel. she went to Peris n third time, by
betself, about the latter end of September, with a letter
stunt Wine seligious belies in Tuaiu to the lady superior at
Charenton. She !caw the lady superior, soul afterwards her
Maker
was given up to her. Defendant was sent for about
11 o'clock on the :eorniiig, but he did not come until near
o'clock in the ea-cuing. He said he wished to make a pro-
vision for her, and that she should shake bands with him.
Per sister would net -re Lim, and sent word that she never
wished to see him until she saw him in a court of justice.
She got smite 1....nty /nun the defendant by her sister's
orders with which to pay their expenses. The defendant
wished her sister to call and see his father and become
good friends again. :and look upon him as her heat friend.
She refused. Finding she would not call on him he
called on her at the lime!, in company with a gentleman.
She again declined to shake hands with him. Wise% witness
left defendant plat his hand on her shoulder, and said she
WS to tell the plaintiff that he was her lest of friends,
and that be hoped site would not speak unkindly of him.
When she spoke to the defendant about the fire, lie not
her Nish., lead nothing whatever to do with it- • Ler sister
had never at any time indicated unaouniinese of mind.
Uroasaestustined by the Solicitorattenetal —She did not
see her sister for eh, years before she saw her in Paris. She
Lad lost the letter her sister wrote her from charenton.
The Miele peer brought a letter front the defendant. It
slid not contain a lot. tote and two notes. to enable her
ti go to Paris. The money came in her sister's letter.
The defendant's letner stated that he had posted her sister's
letter, but hegged her not to alarm herself. The de-
fendant.* letter contained his card, with his auldrege. Ile
went with her to Charente's, and took down what he mid
were presents for the nuns, that they might be kind to
bet sister. :ahem, the plaintiff alone, and conversed with
her about an hour. Defendant told her he did not con-
sider it was safe for the plaintiff to leave Charenton then ;
and that if she took her away she would be accountable for
any injury the plaintiff' might do to herself or others, and
he strongly advisee: her not to take her away. He said
be was paying MI/. a yeast fur the plaintiff in the asylum.
He did not say in was tio/. ; hut that if she took
bee away he tema.d pie her Me per annum. She re-
mained at defendant's have one day, and did not again
see her sister. She left ou the 17th. She did not say that
it would not be sae dot her to take away the plaintiff. It
was on that occasion that the defendant cane over with
her. In Para, she gave the defendant between and ed.
of the 20/., and fu London the defendant gore her 11W.
with which to pay her expenses from London to Tnam.
On her return to Timm she saw Mr. Hoare for the first
time. On the 2.-.4d August she dictated a letter to the
dsfeedant, in which she stated that be would be greatly
surprised at the contents of the letter ' • that Mr. Hamm
had been there, to take her to Paris. She had also re-
ceived a letter front the plaintiff complaining that she
most have been bribed. and had treated her cruelly, hut
that witness wa. leanly to make oath before is magistrate
to the contrary, and that nothing had occurred between
her and Lim to that effect. Mr. Hoare was a
medical man. By mistake he has been re-
ferred to in these reports as a clergyman.' Mr.
Hoare said she hail better not see her sister on that
occasion. Mr. Hoare paid the expenses of that journey.
On her third visit she did not call en the defendant. She
gave no notice to the defendant, because he should not
dupe her again. She believed the defendant signed a
certificate dot the plaintiff's discharge. The day after the
plaintiff was discharged defendant gave to witness her
sister's things and hank-book with her sister', money ;
she was unable to say how much money was in the purse.
He did not give Ler Ilat francs to defray the expenses of
returning home. He said he would pay the expenses of
the return journey. All the money he gave her she'
handed to her ander. He said that if witness would take
care of the plaintiff he would 'allow her Alf. per annum.
Os 9th of October she wrote to defendant, enclosing
the account of the expenses, to which be replied stating
what he would allow, audio reference to the annuity be in-
formed her that if there was any repetition of the plain-
tiff's insane acts he should ask for an investigation
according to law, in which case she would be taken out of
the witness's hands and be placed under surveillance of a
different nature from that to which she had been sub-
mitted. That letter was replied to, and about the same
time the plaintiff came to England front Team, and
commemed this action. _ _

Re-examined—She did not know the Mate of the
accounts between her sister and the defendant ; what he
gave to her she handed to the plaintiff.
Mr. Hoare. surgeon, of Lancing, near Shoreham, Susie:,
employed Memo.. Field, the detectives, and they sent
Ilk. Simpson to l'aria, to make inquiries about the
plaintiff. Mr. Simpson returned, however, without the
plaintiff. The first time he saw the defendant wee
at the gate of the asylum at Cheranton, be had not com-
municated with him nor any one by hie orders. We
walked together up the carriage drive, and he informed
are that the plaintiff was deranged. That she had been
very violent and had rushed at bins with a knife, the
saliva running from the mouth. He said the attacks
were periodical, and were occasioned by her age—the
change of life—and that it bad been going on ever
since 11161 ; he mid she had run away from Boulogne, and
be producd a packet of letters which bad fallen into his
hands which he wished to show me, inferring that the
writing would indicate the changes in her state; he
showed me the one in French, but I did not read any of
them. He said it was unfortunate that I di 1 nut speak
French, as Dr. taihniel did not speak English. They went
with the interpreter and saw Dr. Cetinje!, who said
through the interpreter that the plaintiff was certainly
insane ; she was very restless walking about at night, but
that although site would cot injure herself she would
ethers • the trainlation was that she was wicked. I saw
her with the interpreter. I was with her an hour or two.
I conversed with her and informed her what the defendant
had said. So far as I could judge she was perfectly col-
lected and sane. I left her with the undervtanding that
I would call for her the following morning. When I
• rejoined the defendant I informed him Cat I did not
thank there wa. anything the natter with her.
He asked me not to take her that night, but
to go house and consider of it, for if I took Iter away she
would be at my cost, for neither nor hi. f..ther, nor the
family abonld do anything more for her. Defendant said
I could not take her withe 4 his convent. I replied that I
scold, and that I had come l.° take her awl without coa-
gulating him. by applying to the British arauassador for an
order. Defendant said.' Yon are "emir; angry again," and
that he-meant that if I wanted to.take her away he would 1
give an order for her release, as required by the rules of
the establishment. I left the plaintiff under the impres-
sion that I should take her away the following day, that I
should call and see her. I took the night to consider, and
went tle• next day and saw the plaintiff. I communicated
to her teat I hod resolved not to take her away. She was
deemed ready to Fo. and when she heard my determination
she was much grieved, and cried. I had a communication
from her in September, and a correspondence took place
between myself and the defendant, in the course of which
I heard she was in England. I afterwards saw her in
Landon. She came to Lancing, and stayed some time.
She was perfectly sane. and is so now. This is not my
action in any sense of the word. There is no foundation
ter saying so.
- - - -

Cross 4 samined by the Solicitor.Ger.tral—l was on.
known to any one of the family except Mrs. Hoare. I was
married on the :ird April, DC. We bad not seen then
the Kerpiant or Sir Henry Storks. I have seen the latter
since. I gave no intimation to the family that I had pent
Simpson to Paris. I learnt by letter from Mr. Storks that
le objected to it. Simpson heal expo,: orders not to com-
municate with the defendant. No communication took
place between myself and the defendant from the time of
my marriage until July, 186.1 i, whet, I communicated to
her that we had sent Simpson to Paris, and offering to
take charge of the plaintiff, and 4., all in their power to
restate her health if he would allow her to return with
Simpson. To that the defendant replied, declining the
oder, preferring to have her unties him charge,and enclosing
espies of the certificates upon which she was confined.
(no correspondence that passed between the defendant
and wanes% WZIS put in and read. It principally treated of
what the defendant called the imiuhaorial 'meadow, which
the wittem had sought to be pi,t to hire by simpson. and
the witness repudiated any such conduct on his part. De-

fendant also, in one of his letters. said it was the decided
opinion of the medical men that she was labouring under
such hallucinations as rendered it n that she
should be confined in some lunatic asylum.) When I was
in one of the medical men at the asylum expressed
his opinion that the plaintiff was insane. (A letter was
put in and read, written by the witness to the defendant
before the former left Paris, in which lie stated that al-
though he remained of opinion that plaintiff was not in-
sane, he would not set up his individual opinion against
those of the medical men, considering the great difficulty
there was in defining certain phases of insanity, and again
offering to take charge of the plaintiff. To this the de-
fendant replied, stating her dangerous date, and express-
ing his satisfaction that she had so far been taken care
of as prevented her from adding to the list
of criminal lunatics, and that he was perfectly reedy and
willing to do everything he could ter an old and faithful
servant. From her wretched state it would he necessary
for them to act with great pruden,e awl caution in giving
her her liberty. She has always repeated her statements
with reference to the defendant's unkindness to his father
in the same manner. That was her style of conversation
whenever she got on that subject, but she was not very
excited. There was an endeavour on my and my wife
pout that the action should he settled, and that the de-
fendant should allow the plaintiff his original proposition
of 801. per annum. The defendant said it was utterly im-
possible for him to settle the action after the imputa-
tions that had been made against him. I did
not tell the defendant, after seeing the plaintiff's con-
fessor, the medical men, and some others, that I believed
the plaintiff was insane when she was placed in the asylum.
I Raid nothing to that effect in the office of MEMIL rover-
dale, defendant's attorneys. When I went there for the pur-
pose of settling the action, defendant was to pay the
costs of the action, furnish two rooms for her, and settle
on her 801. per annum ; defendant said "she was to be as
was said to the soldiers-- 'as you were.'" (Laughter.)
Messrs. Covenlale said those were sot their instructions,
and the thing went off. Defendant wrote to his sister
that he was advised that he could not purchase the plain-
tiff's silence by the terms proposed, because it savoured
very much of dishonest extortion, and there would be no
knowing its limits.
By a juror—l declined taking her out of the asylum
because I could not see how she was to support herself.
The further hearing of the case was then adjourned.

COURT OF EXCHEQUER. -F44. 4.

Sittings at Nita Prias in Middlesex.—tßefore 11r. Baron
Martin and Special Juries.)
MANFIELIi T. TrATMAN.

This wits an action to recover 18a. 2d. for the
sale of certain provincial newspapers.
Mr. Coleridge. Q.C., and Mr. Horace Lloyd were counsel
for the plaintiff; Mr. Mellish, Q.c., and Mr. Watkin
Williams for the defendant.

The plaintiff, Mr. William Man&ld, resided at For-
tisham, in Dorsetahire, and was formerly the owner of the
Donut Kepner and fifteen other local newspapers published
in different towns in the West of England. The defendant,
Mr. Maywood Sbuttleworth Yeatinan, was a magistrate for
the same county, and a gentleman of strong conservative
opinions. In January, Infi.l, a company was formed to
purchase the plaintiff's interest in these journals, which
were chiefly of a liberal tendency, for the purpose of gra-
dually converting them into conservative organs. The
title given to the undertaking was "The Church and
Country Newspaper Company (Limited)." and according
to the printed prospectus, which was issued under the
sanction of the Archdeacon of Dorset and • number of
country clergymen and gentlemen, the capital was to be
3.000 f. in sr of 12f. 10s. each, the object of
the company being "to provide cheap, good, and
independent organs of public opinion for elevating the
moral and religious tone, and particularly devoted to
town and country interests." In this prospectus the
defendant's name appeared as trustee of the share capital,
and he bad opened an account in his own name at a
load bankers' oe behalf of the company. There was a
memorandum of agreement for the purchase, signed by
Mr. William Wallace Fyfe, on behalf of himself, the
defendant, and several other gentlemen. whose names
were set out, and Fyfe had accepted two bills for I,ooof.
each for the good-will and stock-in-trade of the news-
papers, as well as two other bills for a total sum of
1,1:r2f. Ifie. 2d., being the amount for which the plaintiff
sold book-debts of about 2,01/0/. Of these debts the com-
pany had actually received $10?., which they bad used in
carrying on the papers; but none of the bills had been
honoured, and the plaintiff now sued the defendant
upon them on the ground that he was liable,
not only as a promoter of the company, but
from having taken personally an active part
in the negotiations for the sale of the property. It
triurmirint that Fyfe, who had formerly been editor
of the Counts Chronicle, a Tory journal, had
become a bankrupt, and that the company was so far un-
successful that the shareholders were about to meet to
consider the proprieV of winding it up. Out of the capi-
tal of :1,000/. only 450/. was paid by the shareholders.
The defence was substantially that Fyfe, the real pro-
moter of the company, was the responsible party, and that
the defendant could only be held liable for the amount of
shares be had subscribed for. The defendant said the com-
pany was first brought to his knowledge by Fyfe, who had
received notice to retire from the editorship of the Thirrof
Onsuffs Cisronide. and being anxious to assist him, he
agreed to take some shares and set as trustee, but he never
gave blur any authority to sign the contract in question as
his agent.
Mr. Baron Martin,in summing up, said the first question
was whether the defendant gave authority to Fyfe to sign
the agreement on his behalf, and if the jury thought he
did not they would next have to consider whether he had
by his acts subsequently adopted the agreement in which
his name was distinctly mentioned.
The jury, after being locked up for a quarter of an hour,
returned a verdict for the plaintiff for the amount claimed.

CENTRAL CRIMINAL COURT.

(Before Mr. Jwtice Blackburn.)

Mr. Justice Blackburn having summed up,
All the prisoners, who had been seated in the dock as on
the previous days, rose up and declared that they were in-
nocent. Holdsworth also stated that he bad nothing to do
with the insurance of the pretended cases of arms, except by
the direction of Pride, the witness from Liverpool, who had
been examined. And Webb also said that the second
mate bad made gross mistakes in his log, and that he
was 1,980 miles out in one day's reckoning.
The jury retired shortly after four o'clock to consider
their verdict, and after an absence of about half an hour
they returned into court and gave a verdict of Guilty
against all the prisoners, but recommended Dean to the
merciful consideration of the court, on the ground that he
had been greatly under the influence of the prisoner
Holdsworth. .

Mr . Metcalfe was then shout to take some legal objec-
tions to the form of the indictment, but Mr. Justice
Blackburn said be was too late to do so. The objections
were clearly of a technical character, and they should have
been made before the verdict was delivered. All he could
permit the learned counsel to do at present was to state
whether he had anything to urge in arrest of judgment.
The prisoners were then called upon in the usual form
to state whether they had anything to urge why sentence
should not he passed upon them.
Webb repeated the statement he had before made, that
he knew nothing of Holdswortb or Captain Leyland until
he was engaged as mate, and that the second mate had
mule great mistakes in his evidence.
Mr. F. H. Lewis said he *ought it right to inform the
court that in lso'2 Cunene, the Liverpool detective, had •
warrant against Berwick for being concerned in the
destruction of a vessel belonging to him called the Kate
Kearney, although ill consequence of the absconding of
another person who was alleged to have been concerned
with him in that offence no proceedings were taken.
When Berwick was apprehended there was also found
in his possession a letter from the captain of the Jane
' Brown, which showed clearly that she was wilfully
destroyed, and he had also to inform the court that he
held in his hand a list of fifteen vessels that had belonged
to Berwick and Holdswortb, either jointly or separately,
the whole of which had been lost at sea, as was believed,
wilfully.
The prisoner Holdsworth declared that be was innocent
of the charge of which be had been convicted, and that be
had merely acted as the broker in the transaction. He
bad been convicted upon the perjured testimony of two
men, with one of whom he had been on terms of inti-
macy and friendship. and to whom he had given money to
keep him from starving, and he would rather undee=
years of penal servitude than be at Urge with such f
as they must have upon their conscience.
Mr. Justice Blackburn then addressed the prisoners, and
said that after a very long and protracted trial the jury
had found them guilty of this moat serious offence ; and it
appeared to him that the evidence was quite satisfactory.
and that the jury were quite right in the conclusion they
had arrived at. The prisoner Holdsworth had stated that
he was convicted upon perjured testimony, and there
could be no doubt that the witnesses Pride and Leyland
were very bad people; but lie could not bring himself for
a moment to believe that he was innocent after the
evidence that had been given of his having procured the
insurance of the vessel, and the other o:Terrence' in which
he seemed to have taken • part, particularly when it
appeared to be perfectly clear from the very ffrirt that it i
was intended that the vessel should be de-
stroyed and that she should never reach her
destination. He was sorry also to be obliged to say,
that from what had transpired in this case there was too
much reason to fear that this practice of effecting large
insurances upon vessels and then wilfully destroying
them appeared to be part of a regular system. With re-
gard to Berwick the same observations would apply, and
he was afraid that he had been before connected with
similar cases, and it was also clear that his name and re-
putation were such among underwriters that he was unable
to effect an insurance in his own name, and had there-
fore been compelled to resort to the expedient that had
been adopted in the present instance, of procuring another
person to appear as the owner of the vessel. Their cases
were both, therefore, in his opinion very bad ones—they
not only commited an enormous fraud upon the under-
writers, but they also would have defrauded the owners
of the freight, Sir J. Pirie and Co., if they had not fortu-
nately effected an insurance upon it to the amount
of nearly 4.0101 W. ; and in addition to this, they bad
also iu jeoi.aidy the lives of the whole of the

mariners who were on beard. The sentence on them both,
therefore, would be that they be kept in penal servitude
for the space of 20 years. As regarded the prisoner Webb,
his case was also a very bad one; his conduct bad not been
oohed as that of Captain Leyland, with respect to whom
he could only say that he regretted that tae ends of justice
had rendered it necessary that he should be made a wit-
ness and that he conld not be prosecuted ; but still his was
a very bad case, and the sentence upon him would be that
he be kept in penal servitude for the space of ten years. As
to the remaining prisoner, lkan, there was no doubt that
be had taken a subordinate part in the affair, but no one
could doubt, looking at all the facts disclosed in the case,
that he must have been perfectly well aware of the nature
of the transaction that was going on, and although be was
anxious to give effect to the recommendation of the jury,
he still felt himself called upon to inflict a sentence of
penal servitude, but in his case it would be for five years
only.

The prisoner; were then removed.
Mr. Justice Blackburn then said he had great pleamiro
in discharging the jury from further attendance, and he
would give au intimation to the sheriffs, which he had no
doubt would be attended to, that they should not be
called upon to serve again for double the usual period,
namely, six years.
The court then adjourned to Monday, Feb. 25.

Mr. Trail said it was important that it should be
publicly known what the law really was in such cases. In
the event of rioteus proceedings taking place, which had
recently taken place in that district, and persons sustain-
ing damage therefrom, it was necessary that all claims
in respect of such damage should be lodged
with the high constable of the hundred within
a period of seven days and where the damage
claimed did not ex md 30/., the justices could order
payment of any sum to which applicant+ might be con-
sidered fairly entitled ; and where the damage exceeded
:10/. (the same notice being given to the high constable),
then the sum to be recovered would be by notice of action
at law. He was afraid, therefore, he could render no as-
sistance in the present instance, no claim having been
made until ten days after the damage had been committed,
and the only course open to persons who had sustained
injury through the riots would be to make known their
losses to local committees distributing funds raised for
relief of distress, and ascertain if anything could thus be
afforded them.

The applicant thanked his worship, and then retired.

UNIVERSAL MARINE INSURANCE COMPANY
(LIMITED).

The seventh ordinary general meeting was held
yesterday at the London Tavern ; Mr. H.tiivEv LEWIS,
M.P., in the chair.

The report of the directors has already been published.
——- - - -

The CHAIRMAN said that the report was so explicit and
ample that but for the natural anxiety of some shareholders
to obtain more detailed information be should have
contented himself with simply moving its adoption. They
(the board) had been asked what was the total amount
insured in 1866., The amount underwritten in that year
was 12,000,309/. which was considerably lees than the
amount underwritten in 1865, when it was 16,799,947/4
the diminution wax, therefore, in 1866, upwards of
4,400,000/. as compared with 1865. That was accounted
for by the general state of commercial and shipping busi-
ness. and to some extent by the greater care and attention
bestowed on the underwriting, the practice being to refuse
business that was not advantageous. On the 31st of
December there was outstanding on account of the
12,000,3091., 2,678,0001. They had given in detail in the ac-
I counts the amounts standing to the credit of the under-
writers' account for each year from 1862 to 1865. The ad-
justments and returns paid during the yearwcre on account
of the year 11460, 8711.;1861, 757/.; 1862, 3811.; 18413, 4,790 t. ;
1864, 18,883/.; and in 1865, 99,876/. ; and comparing that
statement with the following they would see the amounts
outstanding in December, 1866,were for the year 18110, nil ;
for 181$1, nil ; for 1862, nil; for 1863, 8,1701.; for 1864,
34,6701.; and for 114115, 10,8501. ; whereas they had
standing to the credit of the underwriting account for the
year 1862, 18,500/. ; 1863, 42,3961. • 1864 (which was the
disastrous year in which so many losses by shipwreck oc-
curred), 18,0101. ; and for 186.5, 51,4271.—(bear, hear)—
making a total of 130,433!. In answer to a question which
had been sent to him previous to the meeting he wished
to add that upon the account for 1845 they had only been
called upon since the Ist of January to pay 1,100!., out of
the 51,4271. outstanding ; and at present he knew nothing
of any other claim. He had also been asked
I what was the meaning of the item premiums returned
in 1866, on account of 1863 to 1865? That represented
, sums paid back to the insurers on account of limitations
of risk and short interest, matters which were contem-
plated in the policies, but could not be ascertained when
the policy was granted. Then the expenses of establish-
ments and management, 17,800/., had been commented
upon as being in excess of the charges under the same
head in previous years. (Hear, bear.) The reason of the
increase was simple. If circumstances had remained the
same as they were in 1865, this item would have appeared
801. less than in the previous year. But their !superin-
tendent of the underwriting department, Mr. Harper,
became entitled to a commission upon the assurances
effected during his tenure of office. This amounted to
1,0681., which of coarse the board had great pleasure in
paying him, and in consequence of his giving up his agree.
meld for a term of years he received 1,200/. These two
I sums accounted for the increase, and but for this, as be
bad said, the charge would have been 800 f. less than in the
former year. Another question was as to the character
'of the securities held by the company. 120,000!. of the
sum mentioned in the balance-sheet was in govern-
ment securities, viz.-37,1591. Consols, and 84,2.110.
Three per Cents. ; the red were 15,0001. of it in
India government bonds, 10,000/. in Canada govern.
ment bonds, 10.04101. is cash on deposit at call,
15,0001. Madras Railway bonds, 8,000/. ficinde Railway
bonds, and 7,000/. North British and 5,000!. Great Eastern
preference shares; besides which they hail a balance of
8,0001. at the bankers'. All the securities were therefore
perfectly safe —the only exception that could The taken
being as regarded the North British and Great Eastern
preferences which were improving, and from which
they might expect to receive the interest in future years,
and probably that which remained unpaid for the past.
That the assets shown were diminished in the present
accounts was accounted for by the fact that the company
underwrote • great deal less and received • leas amount of
premiums in the past than in previous years ; but on the
other hand, they had • lighter outstanding liability, and
upon the best consideration the directors could give to the
matter they were decidedly of opinion that, taking all
things into account, the company was upon the whole
much better off now than it was at .the same period last
year. (Cheers.) Their position had gone ,on improving
from year to year, and was still progressing ; and, as they
could point to a considerable recovery of assets, the
board felt that they could out of the profits
fairly recommend • distribution amongst the share.
holders of 9a. lid. per share by way of interest.
This would involve only about 6,9001., and would not in
any way interfere with the credit of the company, and was
fully justified by the gradual but continuous improvement
which had taken place in the affairs of the company since
the year 1862. They had experienced some exceptional
losses during the past year, such as no underwriter could
have anticipated, occurring as they did upon the very best
risks, but they had suffered only in common with their
neighbours, and he hoped the accounts of the year
would run off satisfactorily. After paying a compliment
to the ability and prudence of the company's underwriter,
referring to the great attention paid by the directors to
the business of the institution and taking credit for the
punctuality with which the company met all claims, which
be said bad contributed largely to the high position of
credit it commanded, he concluded by moving the adop-
tion of the report and accounta.
Mr. De Pans seconded the motion.

In reply to a SHAREHOLDER,
The CHAIRMAN said that the securitieswere alwaystaken
at wet price ; bad they been taken at the price of the
day, it would have made a difference of about 7,0001. to
the debit of the company ; but then credit should have
been given to a far larger amount for re-inaurancea de-
bited to 18G6, but which rightly belonged to 1667, and
other matters.

The same SHAREHOLDER inquired whether, if the men
charged with scuttling a ship should be convicted, it was
the intention of the board to take steps to recover the
I,OOW. which had been paid on account of the insur-
ance.

The CRAIRMAN replied that the matter wee in the hands
of the solicitor, who would advise what course should be
adopted.
The St! AILIIHOLIDER next demanded a detailed statement
of the 17,8001. charged for the expenses of the company,
which he considered excessive, especially the amount paid
to the directors.

—.—
Several Proprietors, " No, no ;" and others, " Yee,
yes."
The CHAIRMAN repeated that, but for the exceptional
items which he bad explained, the expenses of the putt
year would have been las than those which in previous
years the proprietors had sanctioned. The remuneration
received by the directors was 3,6001. • year. The under-
writer received 3,0001. • year, and the rest was made up of
salaries and other ordinary charges.
Mr. V. K NIGHT complained that the directors should have
gone on taking . a year, more than 25,0001. in all,
while the shareholders got nothing. He believed they
were only entitled to be paid according to the profits
made, and seeing that, as far as he could ascertain, they
had made no profits, the Court of Chancery in his opinion
would make them refund. He held that such securities
as those cd the North British and the Great Eastern ought
not to be taken at the cost price but at the present value.
After remarking that the chairman had, in the shape of
salary, received a great deal more than his entire invest-
ment in the company, he concluded with a resolution to
the effect that the directors should be paid by • per
centage on the profits. In the past 3 oar he believed the
profits had been nothing, and that the proposed 2a. lid. per
share, therefore, would have to be paid out of cipital, or
from some other source of which the shareholders knew
nothing.
Mr. SuATER thought, under the circumstances, the di-
rectors ought not to take any remuneration, but leave it to
the shareholders to make up the lee way to them when
the company was in • better position. He asked whether
the board had diactumed the question of the policy of join-
ing some other society, such as the Ocean Marine. The
proposal to give the shareholders 2s. fwd. a share, or 2i
per cent., was • mockery, and he thought the directors
would have done better had they proposed 3a. Cal., which
would have allowed them still to carry over • balance of
more than 700/. He preferred that they should have
shareholders to audit the accounts rather than profes-
sional auditors, and he further objected to having • per-
manent chairman.

The CHAIRMAN replied generally to the remarks of Mr.
Knight and Mr. ter, pointing out the difficulty the
directors bad in meeting their conflicting views es to
dividend. With regard to the auditors, they had been
chosen by the shareholders, not by the directors, and if
they were dissatisfied with what they had done, they
could at the present meeting set the thing right, not only
as regarded the auditors, but as to the directors, who
retired by rotation (of whom he, the chairman, was one),
neither of whom need they reelect unless they desired.
Mr. V. KNIGHT wished to have a distinct assurance
that the 25.61. per share would be paid out of profits.
Sir J. LUBBOCK (a director)—ln regard to the chairman-
ship, Mr. H. Lewis had been anxious to retire, but he re-
tained the chair at the earnest request of his colleagues.
On the 31st of December the difference between the cost
and market price of the securities was 7,00 W., but that
difference was now reduced to 5,00 W. He admitted it
would be as well to put down the securities at their pre-
sent value, but the accounts as made out were in accor-
dance with the usual form. The proposal to pay thi. 6d.

a share was not resolved upon without taking the advice
of the solicitor on the point.
A SHAKEHOLI,ER recommended a redaction in the value
of the shares. I No, no.
Some other remarks and questions in reference to the
accounts and the legality of the dividend were made, in
the course of which one gentleman contended that en
examination of the accounts for the past three years
showed they were 55,000/. to the bad, while another, who
described himself as an experienced underwriter, held that
the report was moat satisfactory, and proved that the di-
rectors had not only successfully exerted themselves to
keep the company afloat after it had lost all its capital,
but was rapidly placing it in a sound position.
Mr. U. BELL, a director, compared the present state of
the company with what it was in 1862, when the company
had lost the million it had received aspremiums in the first
year of its existence, enforced his conclusion that the
company hail most satisfactorily progressed, and depre-
cated some personalities which had been directed against
the board.

Mr. MORRIS, the solicitor, gave his opinion that the
dividend might be legally paid under the section of the
articles which directed dividends to be paid out of profits,
the profit out of which it was to be paid having, according
to the audited accounts, been m►de during the year. The
directors, too, were entitled to receive their remuneration
from the same source. They could not alter the shares
except by s reconstruction of the company, which would
be difficult and unsatisfactory.
Mr. CROSBY, of the firm of Quilter and Ball, the pro-
tensional auditors of the compass, testified to the accuracy
of the accounts.

After some further discussion of a somewhat noisy
character, and a charge, which was met by a denial, that
greater losses had beau sustained last year than before—
the resolution adopting the report and balance-sheet was
carried unanimously.
A dividend at the rate of 2s. Cd. a share free of income
tax was then declared.

The directors retiring by rotation—Meson. Lewis, M.P.,
Gladstone, Noire, l'eanie, and Samoa—were re-elected.
Sir JOHN LUBBOCK. in proposing the resolution, re.
marked that the company had since 1862 been making
profits at the rate of 20,0001. a year. The directors, there-
fore, who had, by their own influence, brought business to
the company showing a profit of 50,000/., and who held
one-sixth of the entire capital, were hilly entitled to the
remuneration the articles authorized them to take.

The election of Mr. Mutticbury, who hail been appointed
a member of the board by the directors in the mom of
Major Usborne, deceased, was confirmed.
The auditors, Mesas. Quilter and Ball, and Mr. W. H.
Ashurst, were re-elected.
Mr. Kluottr submitted •motion for altering the clause in
the deed which awarded remuneration to the directors,
and directing that the amount should be appropriated to
the benefit of the shareholders, but, in compliance with an
almost general demand, withdrew it.
" '" • " ' • '

A vote of thank% and confidence in the directors OM-
chided the proceedings.

NEW ZEALAND LOAN AND MERCANTILE
AGENCY COMPANY (LIMITED.)

The second ordinary general meeting of this
company took place yesterday at the office', Old Broad-
street ; Mr. P. VANDEKBYL, M.P., in the chair.
The minutes of the last meeting having been confirmed,
the report, an abstract of which has been published, was
taken as read.

The CHAIR), tN, in moving its adoption, mid that as the
report had been upwards of • fortnight in the hands of
the shareholders he presumed that they had all carefully
read it and would probably agree with the board that they
might congratulate themselves upon the successful result
of the year's labours. By the latest advioes they had
received from the colony they heard that the prospects of
the business were daily increasing, and that it was of a very
remunerative character. They had established an agency
at Auckland and Christ Church, and in consequence of the
number of branches possessed by the Bank of New Zealand
they had also the advantage of some 30 or 401°04 agencies.
Referring to the late commercial panic, he might say that
during the whole of it they were in so fortunate a position
that they never felt the slightest pressure, but were always
able to meet every liability ; and their securities were all of
that class that they could always have realised them imme-
diately if required, and have done so at • profit. (Cheers.)
The rate of interest, however, was so bad, that it entirely
prevented a great many people depositing money of which
they might otherwise have had the benefit. In conse-
quence of that they had not issued so large a number of
debentures as they might otherwise have done ; but he
was happy to state that during the last few months the
debentures had been coming in gradually and steadily;
and the directors had reason to believe that next year there
vrould be &considerable increase in the amount of debentures.
(Cheers.) One point had been broached very frequently by
the proprietors, namely, the amount of liability on the
shares. (Hear.) As they were aware, their shares were
25/. each, on which, with the exception of 100, only 2/.los.
had been paid, and some people thought that the amount
of the capital called up was too small as compared with
the large amount of the liability on the shares. Hitherto
they had made no calls, because they found that they
could work well with the money in hand ; but as they
were now paying such handsome dividends, be had no
doubt that should they require to make • call (and he
hoped that the increase of the business would be such
that they would require to call up more), it would be
cheerfully responded to. (Hear, hear.) At the same time
it had come to the knowledge of the board that many of
the shareholders were desirous to pay their calls in antici-
pation, and the directors being quite agreeable to the
movement, thought it fair to allow gentlemen desirous of
doing so to pay up 10/., or 15/., or more if they plowed,
allowing them interest at the same rate as was allowed to
depositors for any length of time. They were desirous of
meeting the wishes of the shareholders by reducing the
liability on the shares, but there were so many legal diffi-
culties in the way of doing so, that it was almost an ini-
ponibility, nor did he think it was in any way
desirable that such liability should be reduced. The
profit to be derived from their having a large amount of
debentures was likely to be very considerable, and they
wished to show the debenture holders what a splendid pro-
prietary body they had, and which be really would match
against the proprietary body of any other company in the
city, and therefore to induce debenture holders to deposit
money with them on the faith of the security represented
by such a large amount of uncalled capital, and for that
reason he thought it would be unwise to reduce the lia-
bility on the shares. (Hear, hear.) New Zealand was a
colony in which commerce was rapidly advancing, sad ones
element of its prosperity was sheep fanning, which was
now carried on very largely and very prosperously as com-
pared with Australia. He would not refer to the question
of the gold fields, because advantages of that kind were
almost always of a temporary character, but the steady
progress which the country was making in regard to wool
growing was very important indeed, and as that was a
business which they intended specially to take up, be laid
great stress upon it, and looked forward to this company's
reaping considerable profit in connexion with it. He
concluded by again congratulating the shareholders on
the prospects of the company, and by the formal motion
for the adoption of the report.
_

Mr. EAGLE, in seconding the motion, expressed his opi-
nion that the dividend was, under all circumstances, a
very satisfactory one, and he was pleased to hear from
the chairman that there was every probability of its being
kept up. He, however, expressed his regret at finding
that the shares did not stand No well in the market as the
respectability of the direction and the profitable business
of the company seemed to justify, and could not help at.
tributing that to the uncertainty which prevailed in re-
ference to the intention of the directors to make a call.

A SHAREHOLDER thought that it would be desirable
that en opportunity should be offered to the shareholders
to pay up 10f. or per share before a call was made.
The CHAIRMAN explained that what he meant to say
was, that the business was developing itself to such an ex-
tent in New Zealand that it was possible that at some
future time a call would be required, but at the present
they did not require any more money. At the same time.
they would eerily accommodate hon. proprietors by taking
any money which they deposited with them in anticipa-
tion of calls, and by so doing, the probability of having to
make a call at all would be remotely deferred. He wished
it to be clearly understood there was not the slightest in-
tention whatever of making a call. With regard to the
debentures, they had poured through such a year of panic
that they could not expect, as a new company, to receive
a very large amount. (Hear, hear.) At the same time,
they had reason to be proud of the class of men who had de-
posited money with them, and of the amounts** deposited.
Ho did not think that it would answer any practind pur•
pale to state the total amount of the debentures taken up.
The report was then put and carried unanimously.
A dividend was next declared at the rate of 12 per cent.
per annum for the half-year, free of income tax.
The retiring director, Mr. It Boutcher, was re-elected, as
were the auditors, Messrs. R. Tucker and W. P. Pattison.

In reply toe SHAREnciI.DER,
The CIIAIMMAN said that the amount of remuneration to
the directors, of whom there were twelve, six being in the
colonies, was 1,r,0r . per annum.
Mr. GIULHANE, one of the directors, reminded the share-
holders that the ppttoossppeecity of the company very much
depended upon thsosalvas, and called upon them to use
their influence with their friends to take debentures,
which were fully secured, and formed a most profitable
investment.

A cordial vote of thanks was given to the chairman end
directors, and a similar compliment having been paid to
the manager and officers of the company, the proceedings
terminated.

ADMIRALTY, FEB. 4.—APPonermllNTS.—Sub-
Lieutenants—S. G. Smith, to the Rodney marcw. I.
Bridger, to the Racoon. Midshipmen—F. Logan. to
the Royal Alfred ; C. B. Neste, E. B. Brietseke, and G.
IL Menial to the Itaioos.,

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Boston 'Transcript.