The Express.
London, England, 1866-04-26 00:00:00

CREDIT FONCIER AND MOBILJNB.

After our report left yesterday,
Mr. Lev Ica, deputy-governor, seconded the motion.
Mr. CROUCH moved is an amendment, "That it was the
opinion of the meeting that the dividend proposed should
be the same as last—namely, 11. per share—which would
leave 45,000/. to be carried to next account." He had
no doubt that every gentleman present was satisfied with
the dividend suggested by the directors ; but the question
was, did they receive the dividend to which they were
entitled A reduction of dividend would injure the re-
putation of the company, and on that account he objected
to their going down the ladder. (Laughter, and cheers.)
He hoped they would not enaction a course which would
add weight to the insinuations cast against them.
Mr. CORDING seconded the amendment.
The CHAIRMAN said he did not know whether the pro-
poser and seconder of the amendment intended to persist
in the step they had taken, but he would state for their
information that on technical and legal grounds they could

not increase the dividend.
Mr. Conoco said he wanted an increase of bonus.
The CHAIRMAN—We can't do it.
Mr. CROUCH—What do we come here for?
The CHAIRMAN—A public meeting can diminish a divi-
dend, but they cannot increase it. There are two courses
open to you—either to negative the report, or to refer the
matter back to the directors.
Mr. CROUCH suggested the adoption of the latter course.
Mr. MlDDLennor, while disc/aiming anythir like hos-
tile feeling towards the board, thought it would be very
satiefactory to the directors, and certainly satisfactory to
the entire body of shareholders and the public, if steps
were taken to examine the securities—(hear,hear)—and he
would suggest the appointment of five independent share-
holders for that purpose. (" Hear, hear," and "No, no.")
If the company wished to meet the malicious reports which
had been circulated to their detriment, they would adopt
that course.
Mr. WILMON, although not in favour of the amendment,
which he believed received the support of only • small
minority of the shareholders, expressed a desire for in-
formation on a point of much importance, and one to
which no allusion had yet been made—namely, whether
the directors had any percentage or commimion on undi-
vided profits. (Hear.)
Mr. BRUCE in seconding the motion for a committee ,
investigation, said the directors had been re-discounting
trills, for the purpose of " raising the wind," to get money
with which to pay the dividends. (Uproar.)
Colonel DALZZLL wished for information, which if given
satisfactorily, would remove the doubts of shareholders
and put an end to the attacks made on the company
outside. He dissented altogether from thcesgentlemen who
wished for a larger dividend. He thought the shareholders
were bound to the opinion of the directors. (Hear, hear.)
After further discussion,
The CHAIRMAN said that in consequence of his illness he
was not in a position to answer all the questions put
but he bad no doubt Mr. Grant, their managing
director, would give all the information desired. As re-
garded the Imperial Land Company of Marseilles, he
wished to say he was ill in bed when that
undertaking came out, and therefore he could
not reply to the inquiry put respecting that company,
which was brought out by the Credit Fonder and Mob tier
with every prospect of success, and with temporary actual
mews. He took that opportunity for asserting that there
was • wide-spread conspiracy in existence for the purpose
of deteriorating the value o their property. He thought
they had information which would dials' them telexpose
individuals to • • y and contempt. As regarded the
questions put to him, he observed that some of them were of
a personal nature, inasmuch as they referred to the holdings
of the directors. It had been insinuated that some of the
directors had parted with a portion of their shares..He
did not know that information of this kind should be asked
for at • public meeting. (Hear, hear.) However, he
would tell them he had no knowledge of anything of that
kind. If any gentleman would come to him privately he
would show him his holdings ; and they recently had in-
stances of persons coming to see the holdings of each
director. His holdings were large, and perhaps more
than it was prudent he should have ; but he
held them because he had • good opinion of
the company. (Applause.) He had no doubt that in
the city, and even in that room, observations were made
which were intended to injure the company. (Hear, hear.)
A shareholder had complained that enough information had
not been given in the profit and lossatmount, and stated that
if there was no profit the directors would be obliged to say
something. (Laughter.) If the latter were the ease, a
committee of inquiry would indeed be necessary, but so
long as the directors honestly conducted the affairs of the
company they expected their confidence. With regard to
the statement that information respecting their report had
reached the Stock Exchange before the document was pub-
lished, he begged to say that he had already heard rumours
to the same effect, and w ith very great regret. If any director
allowed himself to be the channel of communication with
outside parties, it was contrary to his engagement, and a
breach of faith.
A SHAREHOLDER suggested that the information might
have been given through the printer.
The CHAIRMAN continued to say that the board had
taken fresh measures to prevent the recurrence of the
matter. With regard to the paying up of shares, the
directors did not see how to get out of the difficulty
affecting the unpaid shareholders, and they had not yet
agreed to any remedial measure. He reminded the share-
holders that the auditors were appointed at the general
meeting.
A SHAREHOLDER wished to know the aggregate of the
directors' holdings
The CHAIRMAN replied that the information could be
obtained by the payment of the Is. registration fee. How-
ever, if his belief were asked, he would state that each
director held more shares than at the last meeting.
(Cheers.) lie emphatically denied that the directors took
commission on undivided profits and on the net profits,
and he had done so several times.
Colonel Dstieu, asked if any pecuniary advances were
made to the directors or office bearers
The CHAIRMAN replied that being absent for three or
four months from London, he was unacquainted with the
details which may be within the knowledge of other
directors. He was told that some trifling advancee were
made to members of the board, but they had been accom-
panied by collateral securities.
Colonel llstiamo—lt is most suicidal to make advances
upon any consideration to the directors. (Hear, hear, and
cheers.)
The CHAIRMAN said it was not the practice to make
those advances. The advances made were trifling in
amount, and in • short time would be extinct. The state-
ment of Mr. Renee to the effect that they gave dividends
by raising the wind was beneath his notice. (Cheers and
uproar.) It had been said that two millions of their money
were looked up, and that the shareholders had not an op-
portunity of seeing the nature of the investments. If they
insisted upon such a coarse they had better shut up their
establishment. If they went to Rothschild, or to any of
the great banks, would they publish every security they
had in their chests? (Hear, hear.)
The motion as to the adoption of the report was then put
and carried, with one dissentient.
A vote of thanks was moved to Mr. Grant, the managing
director.
Mr. Virrnra protested that his questions had not been
answered. He entirely believed in the business habits of
Mr. Grant, and he would not dissent from the motion ; but
he wished to know from Mr. Grant whether at the lest
meeting he did not hold 2,500 shares, and if he had only
taken 674 instead of 1,200 odd of the new shares, and now
held only 300 old shares.
Mr. GRANT, who was received with cheers, then pro-
ceeded to deal seriatim with the questions put by share-
holders. He explained in reference to the shares held by
him, that he got new shares because he found them cheaper
than old ones, and said his holdings of both Glasses
of shares extended to 1000. He begged to say he
reserved to himself the right to hold as many
shares as he liked, just as would be the ode with any share-
holder. He thought the governor bad given the most
candid answers to the question which had come within
the scope of his observation. (" No, no.") He (Mr. Great)
joined issue with Mr. Crouch and Mr. Jones in their state-
ment that a dividend indicated the position of a company,
and the fault brought against them by eminent men in the
City was, not that they had given too small dividends,
but that the dividends declared had been too
large. Looking at the financial world and the political
'aped of Europe, he thought it behoved them
to act with prudence, and—to use a common expression—
to provide for the Today day. (" Hear hear," and cheers.)
A great deal of discussion had taken plane with regard to
the balance-ebeet and he wished to touch upon the sub-
ject and to give the shareholders an instance of the unde-
sirability of observingg that fulness of detail which seemed
to be so muchwishedfor. The International Financial Amo-
dation wanted to give their shareholders the detail of
every investment, and they formed their balance-eheet
in this way :—By cash at bankers, so much ; by sundry
debtors for advances on eseurities, so much ; by Hudson's
Bay Companyl,74o shares atper, 342,8001 They would have
thought ihe-shozeholders would be extremely gratified at
this information; but what was the fact? The moment
the Stook Exchange saw the nature of the 'sororities re-

the Inl

/
//

.1129 10,176 33.476 AM 13
. - 11,791 31.433 WV MI

North Wait
Week ending March 4
LA Indian
Ditto March 11
Week ending March 3L
Northern of Gland*
Week mdthip April &
Detroit andrtaken l9O

- to 01

- 16.1% WO

Croat Western of Canada . 846
Week ending April 8.
8. A ustrtanLombardy&C.
(South Austrian Line) ..1219 11,640 *9BB 0,011 111
Lombardo II& Cent. Italy ♦79 6,7115 6,001 am 13
lines of the Piedmont .. alio 8,815 10,888 10,701 %I

Week ending April 15
3 Eastern Junction. 281 147 117 MI
.14Ftet ending April 20.
Limerick and Ennis
Limerick and "Penni U 111
351
Waterford and Itlkenny 3l 111 IN 341
Waterford and Limerick

- U,173 I)

Week ending April SI.
& South Western. 349
°LITZ, Brighton, sad S.
Coast
Pembroke and Tanks .... lig lei 0
South Paste= — 17,016 km. WO V
Week ending April W.
Cornwall
Lancashire and Yorkshire 403 16,792 WAD 411. 0
Manchester, Sheffield, and
Lincolnshire
North Staffordshire 264 kV V
South Devon
Wider

THE HEAVY BOMBAY Mena. —Sorradir7o7
APRIL 25.—The Peninsular and Oriental Cetcrafi
ship Syria, Captain Christian, with the above rmaa
this morning. She brings 133 pamengen, 7 pair
specie value 1,9138/., and 255 pee •Imw of call
The Syria spoke the following ships duals
On the 15th, steamers Tanjore and Clam, 6erf
on the 16th, barque Dorothy, of Shields; Vilklei(A.,
Plymouthon the 20th, barque Mary
diff, and Belgian barque Meld*. Her Britoil IWO
ships Resistance, Royal Oak, Victoria, ROC 111."...„
Phcebe, Zenith, Hibernia, Cockatrice, Hisol,lol
Firefly, were at Malta. The Doris, Star, Bed*,
, and ffit7iark, were at Gibraltar. The idioms
Jane, of Newport, brig Grace, of Llanelly, ewer
of Liverpool, steamer Pent, of Southamptea, sad
Cromwell and Sabrina, of Cardiff, had arrived it
The British barque Express, which went ashen ddal
gale of the 18th ult., was got off on the 15th.
and freights at Gibraltar were unaltered.
SOUTHAMPTON, APRIL 25.—The North GOO
Lloyd steamship New York, Captain Ernst, riled bees
day for New York direct with the usual wag, 1i °kg
paesengers, and a large cargo of general merelowiell
eluding eight packages jewellery from lierr,:l`•
62,5001. Eleven packages French jewellery Tilos
having been been much damaged by fire OD Ivan! 11100'
yesterday, remained behind.
[Advertisement.]—Hoitowee's Pais k
(Madly the best remedy for the cure of every wart
incidental to the human frame. The virtue tams
medicines possess have rendered them invaluable toiler,
debilitated constitutions, while to those mfferillS
ments of the stomach and bowels, or with disorden
and kidneys, they are equally serviceable, awl, frees tat er
V=lndle effect, they can be used with the stasiler
of persona have testified that through lls•L,' A',lo
they have been restored to health after every otter
failed to afford them relief In every case 01
oei
from the mildest die of dyksia to the .011014
ulcerated stomach, the immediately raen. 1`"."
cure.

BIRTHS, MARRIAGES, AND DUOS.

BIRTHS.
BICHIR-CAARTILY. —pril at WarheferViii4
wich-road, W., the wiL of A O Rieker-Cate, 11*
dlgg.
MAL .
_—April 23, the wife of G. R. Hallett. 111......"
fit
MACKIN= —April Si, at Beddlngtoa. Saner, the
J. H. Madmemie, of a son. not If
ROBRRTSON. —April U, at Relearn-road. 111hIgh..— '
of J. C. Robertamt Reg., of • KC.
SPOTTISWOODI.—Apra 24, at Vietorisetreet, Westmits4
G. A. Spottiewoode, of • daughter. ..tee
warm —April ti, at New Name* Chigwell, the
frolth, of a son.
XARRIAGEIL mod'.
YRAllift—MOXON.—April U. Maryiebene 01 ,
Rev. 0. F. W. Mortimer. Mr. Thomas Leclde,
yrr
A. Prises itaq., of Calcutta, to Louisa J llosoe.
the late dew Mown, leo. HALLS
RA HAIG—G .—Apdi 2S, at the Presbyterian Chett.h.
mum, by the Rev. J. Manditon, Anne, atter:
O. °feat, las, Ise., of rortatossa, to the ""
Nrourhant, Imila-cm-Tweet
PATIY—WILYTOCK.—ApriI It. at St Mardis.
J. G. Polo/. US-, to Miss Janet Mewl Yrkliock
DRAMS.
rAwetrik—APrtl It at mato. can., 11 the countl
Ida, wife of H. Pawcfs, Esq., seed 32.
of WO
FAIRBURN.—ApriI 24, Hannah Fairburn.
Med BR
HlLT.—dfill 23, at Leighton-road, Kentish-tam ragla
Aged 60.
LEPPINOWELL.—ApriI 23, at Ford-end Noose, 00... to!
T
Jane. widow of the hate T. W. Lepinf,,„," elt_thtt
11011SON.—Aprii at Tldonetreet
Mkt of the We 1 Robson, Ise., if ed JI.
ft, at etargiretreet. Towe'"'"
A. the at wile Coplin G.

o`
PrMei awl Pabdiatel Wrlliaa ink d",/.
Larabor‘alreak la the o=l of
OSO, k Lanlard-atreat. la ea
Tavaimar. Aram fO. 1115

aosi

oil

they
In ►e
than

a at(
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that
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tained by the International Financial flee
coffers, they naturally supposed they did not mat ken;
a permanent investment, but would sooner or Imes .3
them, and the company were in masequeese moue -(7.
=ay months to get rid et those securities. Wits '''''
to the price of their shares on the Stock ihohanivi'lle -. •
expremed • hope that the period would b. fse k ;
when they would be ineueseed by alke , . its
barometer of the wild rumosn eareakted to . . ..r
City. Of course if people could by hiss
reduce the value of their shares to next to .. •
they would do so. Their shares were Made So l'alti .
diem of large speculative operations ea the jilik.
Exchange, and it would be natural to mem Fun
jobbers went;about buying and calling, rails O elm oe • -----1
own selfish interest, making venous representations
influenced people outside. Persons wrote letters to ;4 >r••••: -
company, asking if they had lost two millions ea s
tract loth a man of whose same they had near - .1
(I&ughtsr.) Other persons, having ones dis ~'
use to make further inquiries, and, in theseay , imam
further information, relied upon the isles stateminis '.' •id ...
misted, sold their Ghana, and when the pries of then •
became lowered, speculators who had "revive* sum . pee
a fall had thus an opportunity of clomft thole
a profit With respect to the commission alegmio in,o,
received
vitedwasbY tioTilydireonettre Web. teledglilde his word
:Lk I-M.l
commission. With respect to the statement of .
Diked as to the advances made upon enmities of Fr i • •
Ades, he wished to say that the security is Mon 1i A I
was aeoosnpanied by the security of the is
• 0811/A
hear.) In conclusion, he assured the provision • . .. •
although, as it had been stated, other compass* hod ~
, •
through in consequence of the absence of Mosby, ~ • .(,
part of shareholders, he thought such mug tot is •, , ~,,nn•
i ease with them. (Loud cheers.) • . siiiiii
i The vote of thanks to Mr. Grant was carried with - 40151
• motion, and a vote of thanks to the chairman
l the business of the meeting. "TX
)
l 1: i .
MARKET& 11
-...__
- .
t TALLOW.-WZDNISDAT EVZIIINCL-The add '
r steady to-day. Spot and April to June, 4%; Jim •
1 47a. 6d.; October to December, 48s. tki.
i ,_,,,,.; •
-‘"
00170N.-LnikrooL, Aran 25.-Quiet rest ~.., •
yesterditsauprices. Sales to-day,
__,lo 000 bales, '
, 3,000 Lion and export. 5,M0 Americas, ni Nth
I" 18d. ; Pentane, /to., 15d. to 18d. ;50 Ifsnehm, . *----
's 1,000 Maceio and Bahia, 13d. to 16K ;MO , 13
i„.: 71158Kact Ptil.°t•lto2e4L4itOld.;; 13"6.400;
10011WEPYrni4.el2m!L1171d.tt&ilid.t6 M;
1411.4• lik
di
1..::..211.1.71
LEATHER TRADE.-A fair avenge, amount . IfilM-•
to
ness has been tranmeted in leather during the met . - Ara. .
Pi On Tuft& there was only a small
.supply d gook 'Wien
e-
Pi
, and the transactions are limii4is nun Ater .
• 314 al about late prima. Good crop hides, kik' donne ksi
4 shaved hidea, and oaf skins of all weighty, wen Os is
.' CUSH,. ;
eke mod some and in demand.
Pi • and Om
it CORN.-BOSTOS, A!IIL 25.-A fair Ripply of
lig
all our market ; the trade ruled dull, and in awn seer
n- le. lower. i3prinF seen supported late ram Wien, Capikl
to 445. to 46e. ; white, 48e. to 521. Beams, 441. Is '-fa
ker Oats, 245. to 275. Mune
di- GLusiow, Aram 25.-To-day the Turkel ess .
thinly attended, and the demand slow for both wit -
of flour, but previous quotations may be repend. OM •
•
MI to 6d. per boll, and oatmeal about Is. pre lead
my which cheeks the demand. Barley wiliest Tble
peas, and Indian corn were saleable at the fall pas and of
'en Ism week. • for she
ere
. D°
ny CATPLE.-SOUTVIALL, Aran 25. -There was a . - 104 .
'ho trade to-day, and everything was sold. lima aa ~ sesg
era from ss. to 7a. ; lamb, 7s. to Bs. 2d. ; pork, le to kln .
) per stone of bibs., sinking the offal. 1 ' 47, I
• --..--
he 00A1/4. - LONDON, Aram 25.-Ompea brit • Til
ut, 17e. 3d. ; Walls Bad Braddylla Enka, 17s. 6d.; WA us
ing End Haswell, 18s. &I. ; Walla god Renck lk k .
re- Walls End Kelloe, 17s. ; Walls End Ten, 18e. 34--le A
he at market, 27 ; sold, 14.
hat , OEO. :
old Om
ny, TRAFFIC RETURNS. glair
T. Bel
tier -4,-- W. Bo
ual Mlles Far Ma, Toilol Dag.
ZAILWAYS.
are open ringers chinew 181 II Ara
ocee Week ending Feb. 4. tt 1 i .3
Mee
ght Great Indian Peninsula .. MI 6.860 men KIN f 0
Week eatgZeb 10. 1
.1.... Bombay, &central 306 3,686 3,809 vs a
: Week end Feb. 14
emf Madras-Souingth Weal-foe. 492 - - /X II 80140
11P North West Line. 119 - - US I OM