The Express.
London, England, 1866-07-30 00:00:00

CREDIT FONCIER AND HOUMA
(THIS DAY.)

A epeeist meeting of shareholden, htri
its object the reconstruction of the , u •
Ina newt (dueler of the bused, was "=,
V.
shareholders
tarp room at Rueter-hall. About a fl
Men were present.

The Hon. J. S. Wolin.= said that •
his having been in the country for the in
mouths, and being therefore oompmefiem,
with what had ociourred, be would
peeper tisk
should be taken by the deputy governor, yr.
Uric&
Mr. Linen having taken the chair ensss
ohearelig that It having been reported on a fns
don that neeriy a theneendpinsens went sway im
were unable to obtain andesion, it was thou
able to hold this meeting in Exeter-hall gel
oeeded to remark that, after the hurricane 41
three mouths, it was gratifying to he able is
the *mime, was in a sound, solvent, and, ss
the meeting would agree with him before the p
terminated, satidectory volition. (Cheers.)
had, . indeed, been very disastrous; hanksl
meresal beams of the peened eminence sad
standing had mocumbed; and yet, after an exists
and a half years, it would be found
company had got through with a sacrifice of I
its reserve, being only It per cent. of its alma
The meeting was clued to assent to, or diem
plan for reconstructing the company. With I
balance-sheet had been prepared reveilles ,
which, in justice to the company's clients, th,s
justified in publishing. Regretting, as be did, g
of 76,0001., he must say that on the 11th of 1
it might have been difficult to suppose that it
small. Thebalante-eheetinelndedadepreciatica
in the securities ; but this was a depreciation s
from the present state of the money market, and
became easier the securities would rise in valea
would add, that 278,000/. was the whole amour
shareholders meld under any circumstances
maid upon to pay. AA regarded the Taxman
eompany, he observed that dissent on the pm
the shareholders would imperil the manes. of I
and that in the event of its failure the 'harsh"
stall be liable for 12/. per share, while if it
out the liability would be reduced to 21.
for the reconstruction of the company
pared under the advice of the Aden
the Solicitor-General, and other eminent canna
companies were waiting for the result of the
imitate he example which he hoped would M
occasion. The board had in their hands 2,1
ndng 130,000 shares, in favour of the
Mellowed that it bad the approval of a re
portion of the shareholders ' • and he would
passing that on the last call 161,596/. had
(Cheers.) The board bed resolved that ,
piny were reconstructed in the manna
they would not propose to divide
20 per cent. until Ithe reserve amounted to
the capital. He thought it would have been
if they had not divided more than 15 re
hitherto. If the proposed arrangement shoe
out the directors generally would have to
stake, and the deputy-governor be obliged t
times and the governor five times their press
In conclusion he deprecated any disciuden
tend to depreciate the value of the shares,
filing the proprietors. (Cheers.) He a
moving a resolution approving of the pro
directors.
The following balance-sheet was circulated
but not read:
'Balance sheet, from let April, 1866, to Ye
Dr.: To capital, 8/. per share on 200,000 share
viz. :-capital paid np, 1,200,030/. ; reserve 1
balance sheet, 650,0001.; amount brought fors
profit and los seeunt, 86,6061. 12s. 3d. ; *et
12s. 3d. Lees loos on realised securities, 74,95711
sent depreciationon unrealimedsecuritiee, 241,
bad debtsmaki, 16,739/. 19s. ,• income tax to 31st
3,903 L ; ng 336,6061. 12s. 3d. ; treader'.
account, 400,0001. 736,6061. 12a. 3r1.-1,600,1
payable, 1250031: ; to debentures, 75,9101
52,212/. 13e. 3d. ; to amounts paid in Mrs
10,3971. 10s. 7d. ; to sundry crediton,
to profit and loss, balance at credit of
carried down, 5,5271. 17s. 7d. Centime,
via : guarantee of City offices debenture.
300,000/. ; on government concessions, per eel
10s. 7d. • every other contingent Baba
all radicle mils on any shares held I
pany,.per 'contra, 278,869/. Total, 2,013,1721
By railway and other debentures, vie.-Oa
takings, 384,640/. ; on British undertaking,
getber 546,6401. ; by railway stocks, vu
undertakinp, 191,2891. ; on British undertak
ether 343,214/. ;by shares, viz.-on 1
• ri 73,4321. • on British undertek
Is. , together 85,495/. Is. 3d. ;
account of the company's interest is
concessions, 244,2231. 16s. 7d. ; by loans
of freehold properties, 301,0691. 18s. 5d
debtors, 273,2711. 14s. 11d. ; by 1:41
51,7071. 7s. Id. ; cash at bankers, 128,5121 1
of call due, 39,0291. Contingent liahilitisavi
of City offices debentures, per contra, 3ix
vernment concessions, per contra, 252,5171.
other contingent liability, including all ix
any shares held by the company, per one
total, 2,013,1721. 19s. sd.
" Profit and Loss Account from Ist April
July, 1866. -To office expenses, viz. :-B.ii
tising, printing, law charges, rent, rates and
he., 7,6,53/. Os. 6d. ; to salaries, 3,0961.1`21.9
1 fees, ,426/. 10e. 3d. ;to income tax, 416/.13
net profit, 30,5271. 17s. 7d. ; total, 43,1201.
terest paidtosbareholderstoJune3o,lB66,l
carried down, 55271. 17s. 7d.; total, 30,
By interest to 26th July, 1866, 40,1491.1%
mission, 2,505/. ss. • 8y transfer fees, 465
14s. sd. ; by balance brought down, 3
by balance brought forward, 5,5271. 17a 7/1
&mined the above accounts with the comp
vouchers, and find the same to be corn
opinion that it is a full and fair balance d
full particulars and properly drawn up t
and correct view of the company's affairs.
that we have inspected each and every an
found them in perfectorder ; and that tbe
stated are the current prices of the
FAZIA11101( KATNARD and W. B. Folio,
don, July 27, 1866."
rrt
Thn. J. S. Worr in seconding t
=e Holig. full concurrence in the wham

Mr. Otivenswxm. saidhaving taken en a
the board he felt bound to my a few word
Mon. The board had promised to giee
information at the office, and that prongs
filled. Mr. Grant requested Mr. Main
to let him see everything. He was alloy
securities and he believed that the 'totem
the balance-sheet was perfectly a
=ehThe books were also throw]
; traced items from the each
to the present time. In fact he ea
to convince him that he was being deal
honestly. He held upwards of 100 shm
paid 51. premium, and up to this time he
Being in arrear with his call before he
Mon he had since paid, and be was pale
his investment. (Cheers.)
Mr. WAKIPTLLD also expressed his sati
balance-sheet. His only doubt was whet
nem would not be carried on with more
shareholders,if they could have an asset
notbe (LanOter.) There shouldu
cient margin for depreciation. Be w
there was am much talent on the board
London, and be believed they might cern
fitable business, and see their shares
ru
minm as those of the London and We
Mr. Cava wished to know what mule
the c and whether by holding or
they wouldhange, be likely to re l• • larger
was set down in the bslance-sheet.
Mr. WILSON believed that the c
entering on a course which wu
satisfactory. It would be a great
who had bought shares for meat'
to feel that they could hold on wi
hear.) He was glad to find that the
directors was proposed to be reduoed
cent. ; but he ',add move as an amend
mission should be on the profits saw

the shareholders.
A finasariouirri made some COMM
amount received as remuneration by
tl
Mr. BIRMARD wished to know what
tended to pursue with regard to deb
departure, and would like to pool
company had been reconstructed no
without the sanction of the shareh o l
meeting. What was the position of I
it was now proposed to wind up•
lost 76,0001. only, it had lost 336
the oumpany was wound up, i
standing all the dividends whic
oeived, be 30,0001. worse off tha
beginning. (Hear, hear, and • voice,
property.") He did not cars about
was spearing of theirs. (Hear, heel
Colonel MONEY deprecated criticis
depreciate the value of the shares.
Mr. Joiren thought it was • mat
that the directors had consented
to take 5 instead of 10 per oent. as
agreed with • preceding speaker that
to be on profits actually divided. He
the dividend bad ever been too much
Mr. Gaunt wished to know wheths
vary part of the proposed revert-re
the dissenting shareholders would be
whether the solicitor of the companY
Mr. CcoorunWeLL repeated his erp
in the emunineas of the undertaking.
Mr. KLIICI complained of want
plan of the directors. He wished to
mg shareholders would be liable for
dation, and whether new shareholdi
Fury would be liable for former call
After some further dricuasoo,