The Express.
London, England, 1866-01-31 00:00:00

INAUGURAL BANQUET OF THE LORD MAYOR
OP DUBLIN.

SPEECH OF THE LORD-LLECUTENANT.
DUBLIN, TOBEIDAY NIGHT.
The inaugural banquet of the Lord May or took
ome to-night. His lordship, in proposing the toast of " Her
ibitsiy,* said, now that she had resolved to open who-
opee in person, he hoped she would pay a prolonged visit
to Irelgl, in order to show that the bulk of the Irish
paepie were not Icily warm-hearted, but really loyal. (Most
thibudestio cheering.)
The toast of "The Lord-Lieutenant" was received with
great cheering. The Loan MAYOR stated he had acted
with vigour, tempered with respect for opinion in this free
country, in the administration of the laws.
Lord WODIEOOBI said he had passed through a period
of anxiety in Irish affairs, and he was to be judged
by his acts. He had constantly striven to understand
the wants of the country. The past year had been
• ohicollid one ; they had been menaced with a eon-
apbsey—(great hissing)—which, though powering to
,danger the peace of the kingdom, had inflicted great
injury on Inland. Emissaries front America had been
employed in raking up the almost extinguished embers of
sedition, but the government would enforce the laws and
maintain the peace of the country. (Great cheer-
ing.) He appealed to all whether political trials
bad ever been conducted with greater impartiality.
The prisoners themselves had confessed this. He
would add that the government would employ every
tones to maintain the peace, knowing they had the sup-
port of all classes in Ireland, for not one man of position
bad joined the oonspiracy, which aimed at the confiscation
oe PrePtetl-
Then was great cheering during the delivery of these
sentiments.

JOINT-STOCK DISCOUNT COMPANY
(LIMITED).-(THIS DAY.)

The filth ordinary general meeting of the pro-
prietors was held at noon at the London Tavern ; Mr. W.
Due in the chair. The meeting was a very crowded one ;
and the directors on entering the room, were received with
marks of disapprobation, mingled with cries of " order "
end "fair play."
The report, which appeared in the 'Express of yesterday,
baying been taken as read,
The QUITMAN said he could assure the meeting most
nafeigaedly that this was the moat painful occasion on
eltioh he had ever had to addreis a public meeting. He was
army that the state of things was not so satisfac-
tory as he could wish ; but the state of things
was by ao means as bad as the quotations in the
money market would lead anyone to suppose. In such
CAM rumour always magnified and west to extremes. He
did not hesitate to any that by judicious management any
very heavy losses might be averted, though no doubt it
would take time. As stated in the report the capital
of the company was to a certain extent locked up.
(A Voids—" A second time.") He feared it wee not a se-
mad time. He thought the capital was locked up when a
Stet call was made, but he repeated his belief that by
judicious management any great lose would be averted.
There had been a difference of opinion between the
auditors and the board, and the result was that the latter
determined tocall in the assistance of Messrs. Quitter and
Ball. Those gentlemen at once undertook the office of
examining the accounts, and are would now read their re-
port. It was addressed to the directors, and was as follows :
"Having at your request made an inspection of the
company's accounts to 31st December last, and duly con-
sidered the facts in connexion therewith, as explained to
us by yourselves and the auditors, we find that certain
parties for whom you have come under large advances
amid liabilities are unable to meet their engagements to
the company in due mune, and also that a considerable
amount of securities held against such advances and
liabilities are not susceptible of immediate conversion."
A Mummeries—What is the data of that report ?
The CHAIRMAN—The 29th of January. He then
continued reading se follows:—"Under these circumstances
we arrive at the conclusion that the most legitimate and
efficient course for you to adopt in order to meet the
exigency in which the company is thus placed is to increase
the paid-up capital by maned a call upon the shareholders,
and, although some natural and not unreasonable objections
may be felt against the making of a call, we do not hesi-
tate to recommend that measure as the only adequate
alternative that has been suggested for restoring and
strengthening the credit of the company." (A
voice, "It will occur again.") He hoped effectual
means would be adopted to prevent its occurring again. The
directors were willing to continue to act • but if the
shareholders preferred it they would retire. (Hear,
bear.) An exhibition of feeling on that occasion
could only tend to injure the concern ; and on
that ground he deprecated it. No doubt the cell
was distressing to many shareholders ; but they must look
at the state of the concern. It was necessary to make the
call in order to retrieve their credit before the public, and
to enable them to carry on, and be treated eventually to right,
the concern. (Hear, hear.) Suggestions had been made
for winding up. (Cheers.)
A SHAREHOLDER—Has Mr. Wilkinson resigned!
The CHAIRMAN said be should come to that preaently.
If the company were to wind up, the Court of Chan-
cery would, he believed, immediately order a call. The
directors bad postponed the meetiog as long as they could in
order that the proprietors might have time to make their
arrangements. He held io his hand a letter of resignation
from Mr. Wilkinson. (Loud cheers, and cries of
"Hurrah.") He (the Chairman) could well understand
dissatisfaction; but let them look at the circumstance.
Mr. Wilkinson was an admirable discount officer; but,
unfortunately, in the early history of the company,
they were led to embark in financial operations, and Mr.
Wilkinson, as managing director„ was left alone to manage
the concern. (Cries of " Your own tulle") There must be
managing control somewhere. Mr. Wilkinson undertook
too much ; he had broken down in mind and body, and
binee he now asked to be released. Mr. Wilkinson, before
tendering his resignation, saw the necessity of re-organis-
ing the concern and realising the assets; and if the pre-
sent directors continued in office they would take steps
for that purples. Again entreating the shareholders not
to show temper, he begged to move that the report and
statement of accounts now submitted be adopted. (Loud
cries of "Na.")
Mr. BROWN, deputy-chairman, in seconding the motion,
said the company held securities which could not
at present be realised. Some of those securities
depended on the development of railway traffic,
sal without time their property would be sacrificed.
Who were to hold those securities in the meantime?
It was always best for men to work with their own capital.
The company was not involved in treineedons losses, hat it
held securities which it could not part with without
sacrificing them. They were not alone in that
position—the London Financial Company was in a
similar (me. One word as to the manner in which their
great difficeltiee arose. Not an atom of responsibility
rested on the chairmao, wha had only recently joined the
board, and there were other direct ,rs in the same
position. He (Me Brown) must, however, take his
sham of responsibility. The difficulties of the
company arose from what was vaguely termed
a " financial operattoo." An advance was made to the
Atlantic and Great Western Railway Company on its
second mortgage bonds, taken at the rate of 45. He would
give 70 to-day for some of them if he had sufficient capital.
—(A Voice The amount"')—He thought it was sot de-
sirable to state the amount—(ob, oh !)—not that he was
afraid to state it.
The Caaramate observed that there were other parties
concerned in this matter who did not like their affairs to
be exposed. The meetiog had the report of Messrs.
Quitter and Ball before them, and it was open to them to
appoint new directors.
Mr. Beowe continued—He was not present at the first
board meeting at which an advance was made. The neat
advance was made without the board beiog consulted, and
it was twice as much as that advancer' first. That brought
him (Mr. Brown) into collision with the inaaaging director.
who had a considerable amount of discretion left to him as
regarded the discount of bills. The managing director
was a person of great experience as a bill broker, and
Imam the discretion vested in him. The upshot of the
matter was that they were dragged on, advancing
money by driblets to keep the thing going, and
this was the explanation of the call of 1864. He
himself preposed a number of resolutions at the board with
the view of checking the evil, one of which was that no
transaction of the kind in question should be entered
Into in future without the inaction of the board.
He wasted to stop the evil from going on ;
but the thing appeared to have got beyond his control. He
wrote repeatedly to Mr. Wilkinson on the subject, and that
gentleman was not very well pleased at his interference.
(Biwa) Mr. Brown was proceeding to read the corre-
spondence, when.
The Onenteen objected to such a course as irregular,
adding that Mr. Brown had said enough in his own defence.
Mr. Baowe having bowed to this appeal, expressed him-
self in favour of making a call.
Mr. Banes thought it would be best for all parties if no
amendment were attempted. (Cheers.) He thought they
should know to what extent they had suffered. In his
opinion if 151. were paid up out of W. it was not likely
they could ever have a good dividend. Moreover, what
security was there that the whole amount would not be
celled up, sad what security would there then be for cm-
toners or the public! He was io favour of amalgamation or
winding up. He thought a committee of five shareholders
should be appointed to confer with the directors as to the
best mode of proceeding. The locking up of the capital was
ao doubt the weak point of the coders; bat wheeetault was
that? (" Hear, hear " and einem) Mr. Wilkinermai re-
fignafioa would release 4,C:./1. a year to be added to
dividend. (Hear.) The total expense of management was
12,000 r. a year, sad he submitted that under the
eareurnstances the directors were not justified in taking any
manneratien. (Cheers.) There were some directors whom
he meld not acquit of blame for not having acted earlier in
reticence to th's matter. He then asked fee information
with regard firths state of the company's affairs.
The Catmint observed that Me Wilkinson's resignation