The Express.
London, England, 1866-05-23 00:00:00

--_____
OVERFED, GURNEY, AND CO.-{THIS lux)
-._..

A meetingof shareholders andothers interestedix
the affairs of Masora Overend, Gurney, and Oe., add
at the London Tavern, at noon, for the pave. of
steps to preserve the good will of the businasa tl.tZ
menoement of the proesedhip was delayed for disistia,
in consequence of the non-arrival of Mr. R. Patin,
who had been erpsetod to take the chair.

Mr. Maxis COvszrar having consented to pea.
having taken the chair, he was asked how many lemiaT,
held in Overend, Gurney, and Co. to which be
Mr. S. 810121,ARD then moved the following I.L.P!1&41:
"That this meeting approve of the plan ,d-r,;•
establish a discount company, according to the preeedr
now presented, and pledge themselves to support the
pany in every way in their power." He said after the bin;
ofOvermdandGurney's bank, the office of the ems which '-
represented (Mesas. Sheppard's, Pelly, and
was besieged by persons mquiruig whether eserL",
could not be done like what was now propomi-2
brokers of the oompaay which had failed, they mewl.
felt interested in the matter, especially es half seV*
was paid for the goodwill of the concern. They wart
far as to draw up • circular, which had lee *4l
to all the shareholders, 2300 in number, and had re.*
• great many answers. Many persons thought it dahoh
to
„proceed on the plea of avoig all the liabilities et 64
old company, and assurances had been received that
of the deposit accounts would be banded over to thero;
concern
had
itbee shun
in.uldteriaube formed. The
ad .apoidepernorietcem
follows:e

Gurney's.—limited.—(lncorporated under t*
25 and 26 Viet., conferring limited liability. )—cdad
1,000,000/. In 100,000 shares of 101. each. IL per 4,74
deposit on application 21. on allotment, 11, at Alm
months 2/. at six months 31. at twelve months the.
capital 'will be paid in fill]. No additional elf on
made, and no further liability can exist. A els* era
be carefully introduced into the articles of as,aiNit
that if one-third of the capital is lost, the din** id
call a general meeting of the shareholders to wind Its
oompany, thus protecting the property of gum:*
and leaving a large balance to secure prompt papas,*
depositors. The object of this company is to pawl
the valuable connexion of Overend, Gurney, said 4
(Limited)by the introduction of capital fnufrom all**
into a new concern positively separated from the del,
The business of the company will be confined to reata
ing money on deposit, at call, or at tined pertersi.
mullions, and the discounting of bills car
The shares will be offeredfirst to the sellialirietolan d
Overend, Gurney, and Co. (Limited), and those art
applied for will be distributed to the public by the am
tors. It is proposed to purchase the lease of the *odds
in which the business of Overend, Gurney, u 4 g,. I
(Limited) has been conducted, and to resume at as way,
date as t,ossible. No promoters' fees will be paid, aig ad
expenses avoided except those absolutely neceany ti
legally constitute the company. Should the allotted d
shares not take place, all moneys received will be is.
turned without deduction promptly. No application *
shares will bo received after the let June, IN!
They might depend upon it that if they did act Ws,
the business others would ; and he had received Wens
from many country bankers urging that such a coroner
that was a necessity for them. He had alsoreceived slier
from one of the former partners in the concern, Mr. Duel
Barclay Chapman. who retired seven years ago withal,*
fortune, and he would read that letter to the meeting. It
was as follows
" To Samuel Sheppard, Esq.
" Roelhampton, May 23,181
" Dear Sir,—l regret to say that it will not be Me
nient to me to attend the meeting to-day, but if Übe iv
portant that my long experience in the huMnee
known, you are at liberty to state in my name that Ism
eider there can be none better, if properly conducted I
was actively engaged in it from 1817 to 1857, she I
retired with an abundant competence, and dining
whole 40 years I cannot call to mind any loss of =get*
we made (excepting a robbery, which we immediately
wiped clean out of our books), and this embraced the pa*
of 1823,1837, and 1840; and with the exception of one was
years we never failed to divide handsome profits annuily.
The principle of the house was to confine our disallow
bills representing current mercantile trsnsactioee,ad
strictly to avoid paper drawn simply for the portend
raising money, though endorsed by a country bank or my
other substantial party. No doubt the departure free
these sound principles of money-dealing has led to the
lamentable result which has occurred. But, in my open*
there is a moat excellent opening for a new compasy if
managed on the original principles, and the altered
circumstances of the money market at present afford mak
larger scope for profit than during the greater part of ay
time, when we were content with a very mall ream,
though it aggregated to sums which ennched Ils 111—
Believe me, yours faithfully, " D. B. Ctionn."
He was bound to add that some of those who Wettings
had hesitated to take part in any proceedings until they
had more information. (Hear.)
A SHAREHOLDER having asked why Mr. H. E 09311
was not present,
A GENTLEMAN stated that Mr. Gurney had declined to
attend on the ground that the meeting was not convened
by the directors of Overend, Gurney, and Co., adding that
oue of the partners no doubt would attend if requested.
Mr. Ussimene deprecated the meeting's not responding to
the appeal now made to them. If there were any delay
the good-will for which they had paid so much would be
limit. The concern of Overend, Gurney, and Co. ins a
very profitable one. (A Voice " How did the lass
arise?") The looses arose on securities which were banded
over by the previous partner. The question for themeet•
ing to consider was whether a concern which had hen
making 200,000/. a year was worth baying or not.
A GENTLEMAN said they could not decide until timbal
seen the accounts.
Mr. CsBORNE would ask what those present had to do
with that The question for the meeting was whether.*
goodwill of a valuable concern should be thrown to the
winds.
The CHAIRMAN wished to speak on a point of order. A
desire had been expressed that one of the partners skald
attend. Wan that the wish of the meeting general?
(Cries of " All, alL")
vahglure.
sUtamientrenrthoofpale
atoe
umneet,,,timng.hewn oinuladfen:tdaisysk lea
would be given fully. He had it, however, in Mr. Gorse,
own handwriting that the returns had been mons"
and the profits about 200,000 f. per annum ; and in Nell°
a question from him, Mr. Gurney said that those
peal
were not exceptional, and that the business was lOW PE
two and a half years' purchase.
Mr. SHARP considered it very cool for anyone to l's'
pose that they should take any steps without informing.
Mr. HOARE said he could tee no advantage in the pre
sence of either Mr. Gurney or Mr. Birkbeck. The formai
however, assured him a fewdaya before the banketopped
4.
the profits admitted of &dividend of 7 per cent,sadtWsl:
the payment of that dividend, 50,000/. would beearriedo
He added that he was sure no one felt so deeply fats
luxes of the shareholders as the Gurney family, ender'
messed his willingness to go to the accountants, Mat
Coleman, and put questions to them with regard te
the
accounts.
It was then moved that Mr. Birkheck should be le
quested to attend to afford information.
blame,
,Sorbaz,, l
ed ichae exculpating thereting. a
rock, and the only question was whether
tat*
not be examined before they went any further. lie es'
eluded by moving the following amendment, "Tin
present time it is not expedient for us to form a now °'"-
pany as now proposed."
The motion having been seconded,
the stoppage was owing solely to the lock-°P
2,800,000/. in securities ; but he also said that there le"
Mr. KINGsCOTE said Mr. Gurney had &sewed him thOi
good, realisable securities, inclu d ing a landed estate:;,l,
Sarrrl
worth 500,000/., to the extent of 1,000,000/. A cab!'it
share would raise another half million and lie
would be quite practicable for the company to ge
Meese.h noblee
r shipCr
bottom n't
nee Yo fro:
(Cheers.) tbi
Mr. UsBORNE denounced the idea of resuscitatisff,
old concern. He would rather go to sea in a new 714.
The restoration of Overend, Gurney, and Co. WO 5n,,.
possibility—(" No, no")—otherwise they would sot
be in that room. (Uproar.) He protested ago+
st
ttihangt corn gcolcargwho would
inthab
noishtiFet it g 'Theore on unlesswerec theftilet
their money.
a
A SHAREHOLDER said he presumed that all tree
shareholders, and as they must pay for t e lush --
some form, he did not see why there should be • Dew ""

. _
cern.
Another SHAREHOLDER said he would rather Pill°Ll
share to resuscitate the old company than to form lin
one. (Loud cheers.) It should be ecall':
that the same of Overend, Gurney and Ca. ",
• century old. As soon as the affairs a
the concern had been investigated, let the director, at
vene a meeting ; and in the meantime let a committee ;
formed to communicate with them with a new
11
resuscitation of the concern. (Great cheering.) be
Mr. HoARR said although he was nut a shareholder,
would, with permission of the meeting, move the Ole'
ing :—" That this meeting be adjourned, and that ear
'Mane be appointed, with Mr. Kingscote for ita oilstone.
to meet the directors and the liquidators, and after„ t+
before the meeting of the company, as they shall se
call another meeting." (Cheers.)
Mr. SHIIPPARI) intimated his concurrence in this aroes6
ment, and his desire to withdraw his own in favour clf._il.* „
Some conversation ensued with regard to the PL....ill'''.
before the Court of Chancery for winding up, and Ir."—
wish was expressed that it should be withdrawn.
Mr. SitsPeaßD's original resolution having been witt
drawn, Mr. Sear's amendment, which was
soak
Mr. W. Pare, was put and carried.
folliatrowilrr:MsendedroPmformwas:—'lTlterwariat tilsiissubiunieeitttedini ibne!,4-1
journed, and a committee formed, with Mr. Kinge:a
chairman, to communicate with the directors
_....."'
liquidators, and make a report as early 0 t 53
sible of their recommendation, and 11.:..0 to
such steps as they may be advised and deem relaa• or t,
withdraw the petition from the Court of Chancel.
get it to stand over with liberty to apply."
(The This rezeltuintigonwas, onproebeireieding rugt,towasarcitt.ririnetdounealil;e4ll'
when our report left.]