The Express.
London, England, 1867-02-18 00:00:00

THE EXPRESS, MONDAY EVENING, FEBRUARY 18, 1867.

THE CHESTER " FENIANS."

(BT ILECTRIC TILLIGIAPH.)
(FRON OCR OWN CORILE,PON orsi,)
CHESTER, StosnAr.
The charge against M'Aulilli.! will net be fully
inve•t ig.th .1 until Friday.
.Ikged attack upon the engineer of the waterworks
sound b. tniced to Fenianisni, and the police are dubious
as to •ol:a' points of the story.

EAST SUFFOLK ELECTION.

POLLING. —(THIS DAY.)
031' CLECTRIC TELEcsurit.)
IPSWICH, MozmAT.

The result of the general poll, at 10 o'clock, of
seven digriets was : —Adair (liberal), 344 ; Commas (con-
servatirc), 255.

uNE IiCLuCK.—CoNSERVATIVE RETURN.
Con.,nce 1,2•2 i
flair .. 1,151

CREDIT FONCIER AND MOBILIER COMPANY,
LIMITED.--(THIS DAE)

The half-yearly meeting of the shareholders was
held at noon at Exeter-hall, the governor, Mr. JAilLs
in the chair. The attendance, though nut so
numerous as that at the last meeting, was sufficient to
mire n room of unusual size.

'the report. which had been issued and published some
time before, having been taken as read,
The CHAINJIAN wooed its adoption. He commenced by
saying that on the last occasion he reviewed the disasters
of the preceding spring and congnstulateil the shareholders
that nut only was the capital intact, but the boanl had been
enabled to add to it Y. per share. The events of the autumn
were no less calamitous than those of the spring, and their
effects were touch more lasting. Scarcely a month passed
without some important collapse, and a loss of less than a
million hinny attracted attention. The distress was re-
' fleeted on the markets of India, China, and the colonies,
and was reflected back thence to this country. Every-
where there was a sort of paralysis. Whence did this
striae ? (Loud cries of " The Point !')
A SHAREHOLDER thought the chairman ought to be
heard without interruption. (Cheers.)
The Cri ‘IRVIAN continued—What he wanted to point out
was that the difficulties of the last six months were such as
made it almost impossible for joint stock companies to
melba a profit. The policy of the boon! during the last
half-year hail been conservative and protective, and to
avoid gigantic operations, in order that they
might be in a position to take advantage of any future
improvement. The emit, ationa laid before the last meet-
ing were lower than would have been justified by facts.
These valuations bail been again reduced, in order to
provide for all possibilities ; and the profits of the last
six months were sufficient to cover all depreciations.
Many of the company's operations were far from being corm
pleted, and their value would, of course, increase in propor-
tion as completion came nearer. He thought they would
all agree that the report was as full as it possibly
could be, and he del not expect any complaint
on that score. The list of securities in the balance-sheet
were all of a safe character. They consisted of freeholds,
debentures, government concessions and shares ; and the
calls left unpaid on the last of these amounted only to
7,000/. (Cheers.) The object for which that companywas
originally formed was to artist industrial undertakings.
Several of the companies had during the late calamitous
disasters been unable to raise capital as they desired;
and the board had felt it the duty and
interest of the company to afford them assistance.
The course they had pursued was in accordance with the
spirit of Vice-Chancellor Manna's opinion that a large pro-
portion of the capital should be paid up, and the liability
reduced to a small point. Some persons had objected to
the reduction of the liability on the shares. In illustra-
tion of this kind of opposition) he referred to the Chan-
cery case of " Seaton v. Grant." The board took great
credit to themselves for haring kept the capital intact,
notwithstanding all the attempts to depreciate the
company's property, and for having had no kisses
which were not covered by profit and interest. Many
sins were laid to the charge of financial com-
nies of which they were not guilty. (laughter.)
Was there not a panic in lsil7, and were they responsible
for that' He denied that the value of shares was at all re-
presented by the market value, especially es the shares
held by the company were taken at a large discount. Ad-
verting to the resolutions of which a shareholder had
given notice by way of amendment, he deprecated their
adoption as tending to the injury of the company. The
board represented 4,000 shareholders, and if their policy
was sound it ought to be supported. The gentleman who
had given notice of these resolutions was an old acquaint-
ance —Mr. Culverwell. (Laughter.) Among the proposals
of that gentleman was one to the effect that any
shareholder should be at liberty to inspect at
any time the books of the company, a state of
things which could not but tend to the injury
of the concern. It was not the intention of the directors
to take commission on anything until the shareholders re-
ceived 10 per cent.- teheers)—and as they remained
at the office three or four hours three or four
clays a week the remuneration which they received
was, he contended, very moderate. Recurring to the
value of the shares held by the company, he observed
that it was taken in the balance sheet at 23 per cent.
below the market value ; adding, that since the company
was established the profit divided amounted to nearly 19
per cent. (" Gut of capital," and " no, no.") In con-
clusion, he congratulated the shareholders that the ship
had not started a spar nor rent a sail, and expressed con-
fidence with regard to the future. (Cheers.)
Mr. K WAesse, M.P., seconded the motion.
_ .

Mr. CULVERWELL, the shareholder alluded to by the
chairman, then rose, amid great interruptions, to address
the meeting. He contended that it was desirable that the
shareholders should elect some new directors instead of
having only beard composed of self-elected gentlemen. As
regarded the remuneration of the board, be said
nine directors were dividing 7001. per annum
each for doing nothing. (" Igo, no.") As to the
report, it was a tale of fiction and not • reality.
(Laughter.) The board would not admit any new share-
holder among them because he believed there was some-
thing behind which they wished to conceal. (Cheers and
expressions of dissent.) He would move that seven addi-
tional names should be added to the board, in order, he
said, that the shareholders might be fairly represented.
(" Oh, oh !") He had too large a stake in the company—
= shares—to desire to do it any harm. (Great interup.
tion.) _ _ _

This CHAU/MAI begged that the speaker might be fairly
beard.

Mr. etuszumrt.t. went on to argue that the qualification
for the direction—namely, 400 shares—was too high, 56
shareholders only being now qualified under that regula-
tion.

Mr. BALDWIN seconded the motion, the passing of
which was, he maintained. necessary to restore confidence
in the management. As the articles of association now
stood, the number of directors would up to 1870 be a-
thing front 8 to 16, at the pleasure of the boar;
and besides this the directors were to be at liberty to vote
any remuneration they pleased to each other for extra ser-
vices. (Laughter.) The proprietors ought to have •
much larger share in the management of the concern.
He advised the shareholders not to give way to
panic, but to stand steadily on their guard.
As to the directors, he admitted that they were men of
ability and integrity ; but they were the only men who
made a farthing profit out of the concern. (Cheers.) The
board were indemnified by past gains against the contin-
gency of future loss ; and he asked them now to give the
proprietors a reasunable share in the management of their
own undertaking, so that if the concern should fall it
might at least fall with honour. (Cheers.)
Mr. GEORGE STEPHEN/40N denied that the shareholders
had taken 700 f. a year each for doing nothing. They had
saved the ship, and brought it safely through the
late crisis. (A voice, " No, no, I have lost 2,0001."
Laughter.) If that great man Mr. Grant had acted
like the directors of the Joint-Stook Discount
Company and thou of Overend and Gurney,
he might well be blamed ; but that was far
from being the case, and if Mr. Grant had been on
the direction, those companies would not have come to
ruin. (Cheers.) He deprecated any want of confidence in
the direction as tending to the injury of the shareholders.
A SHAREHOLDER inquired of the chairman whether the
proposed alteration could, under the articles of association,
be legally made ou that occasion. (Hear, hear.)
The SoLiciroa (Mr. F. Heritage) said it was impossible
for the resolution of Mr. Culverwell to be carried out at '
once, but if any such resolution should be passed, the
directors would, of course, take the steps necessary for
giving it effect. (Cheers.)
Mr. Sorsa supported the resolution ; at the same time
expressing his confidence in the manager, Mr. Grant, than
whom, health!, be did not believe an abler tuauager was to
be found. (Cheers.)
-

[The meeting was proceeding when our report loft.]

Stock on hand this day..casks 60.800
Delivery last week ' 2.086
Ditto from lst June 67,161
Arrival last week 129
Ditto from Ist June 80,203
• a d. s.
YriceY. C. on it this day 4O 6
Ditto Town but Friday

46,401 144253
1,636 2,290
71,372 84,367

7i,703 92,137
B. dd. Ld.
40 9 47 9
44 3 I 480

35,180
1,672
73,1014
100
80,180
2. 0.

Arrival for tbe week eliding 28th Yen, lasi year, 43 casks,
and delivery, 2,171 casks. The arrival last week comprised:-
84441 i America, 100 casks.

METROPOLITAN CATTLE MARKET.
(THIS DAY.)
The number of beasts Is about the same as on Monday
last. Trade is very dull, and lower prices are taken. We
have a larger supply of sheep, and a very small de-
mand ; consequently, they cannot well be sold ;
notwithstanding there is a disposition to take
even lower rates than we have quoted. The
supply of calves is very small, consequently they are
readily disposed of at higher prices. Our foreign supply
consists of 1,140 besets, 4,970 sheep, 8:1 calves, and 90
pigs. From Scotland there are 26. bonds, Ireland 40,
Norfolk and Suffolk, 1,120, and 715 from the north and
midland counties.
Per stone of Vita 5, d. ad. Per stone of 01,8 ad. s. d.
Best Scots, Herefda 6 0 6 2 Bost Dna& Ilf-bdaSh 0 0 0
Bost Short-horns 4 10 5 0 Best Loma-w0015.... 6 4 3
&mond ituaL betas S 0 3 10 Do. do. Shorn.... 0
Calvet
PIP
Best Dnsk frlthreds 5 10 6 0 i Lambs
Beasts at market, 3,l80: sheep and lambs. 18,460: calms. 30 •
pigs, 470.

BOROUGH HOP MARKIET.—(THIS DAY.)
Messrs. Pattenden and Smith report that the trule
continues quiet, though firm, present prices being sue,.
Mined in consequence of the very limited nature of the
stock of hops in general.

The Hon. Secretaries to the East-end Central
Relief Committee write :—" The committee are plead
to bear their testimony to the general good conduct of the
distressed during their long and severe sufferings. Many
families have been obliged to pawn their household goods,
and oven their own and their children's clothing, to obtain
food. We have to thank those kind friends who have sent
us clothing, and feel assured that our request for further
contributions of clothing, blankets, and bedding will be re.
sponded to in a manner that will enable the committee to
clothe many families that now go about almost naked.
Many children are kept indoors in consequence of being
absolutely nude. An impression prevails that the destitu-
tion is on the decrease. We believe it is, but the decrease
is ou so small a scale as to be barely perceptible. The
committee assure the public that the moneys received by
them are distributed among those who are destitute from
causes over which they have no control."

TESTIMONIAL To MR. W. A. CARE. —Tho pre-
sentation of the testimonial to Mr. Case on his retirement
from the vice-mastership of University College School is
fixed to take place in the Botanical Theatre, University
College, on Friday, February 22, at 2 p.m. The chair
will be taken by Eb. Charles, Esq., LL.B., member of
the council. The subscriptions have reached close upon
300 f. The testimonial will consist of a copy in silver of
Cellini's ewer and stand, an illuminated address, and a
purse of 220 guineas.—lnquirer.
It is proved that bachelorhood is more destruc-
tive to life than the most unwholesome trades, or than
residence in a unhealthy house or district, where there has
never been the most distant attempt at sanitary improve-
ment of any kind.—Scack Rivithor-Grenerat.