The Express.
London, England, 1867-03-15 00:00:00

their liability by an agreed payment per share. There is
no doubt about the desirability of such a course, but the
preliminary question for the creditors to consider is—Will
the fourth call of U. per share make their claims safe!
If my opinion be asked, I think it will. But it is one
thing to have an opinion of this kind—it is quite another
thing for the creditor to take the risks necessarily
attendant upon the realisation of the assets of magnitude
as those which still remain for realisation of this estate.
While, therefore, I can honestly express my opinion that
ultimately the assets will realise the full amount set
down in the statements of the liquidators, by con-
senting to relieve the shareholders, upon the terms
proposed by m colleagues, I tool upon the
shareholders as the debtors, and although would
sympathise as much as anyone in the loss of the
shareholders, and in the hardship of their case, yet this is a
matter in which we must be guided by business judgment,
and not by feeling. If we submit to the latter we shall go
wrong and only complicate difficulties, and looking at it,
as a matter of business, I donut see why the creditors, who
have not speculated in profits, should now be asked to submit
even to risk of loss. This may appearsomewhat inconsistent
with my own willingness expressed in my circular to give
up the interest, but I see this essential distinction between
the proposal of Messrs. Kingsoote and Grisaell and my own
suggestions—namely, that if the latter be adopted we
should have to get our claims paid at certain fixed dates,
whereas by the proposal of Messrs. Kingecote and Grissell,
the creditors are practically taking the liquidation of the
assets into their own hands, which, I consider, would
be reversing the natural order of things, and would
be imposing on the representatives of the creditors
duties which properly devolved upon those who are
interested in the profit and loss of the business, namely
the shareholders ; and this is more especially the case in
connexion with Messrs. Kingsoote and Griasell's proposal,
which provides not only that the shareholders and (Tali-
tors should undertake the liquidation of the estate, and
run the risk of getting less than 20s. in the pound, but
in case of any surplus it should belong to the share-
holders who pay up the further call, so that
they would really be in the position of parties
who would get the profit, that is the surplus, if there
be any ; whereas they would not be liable for the
loss, if there should prove to be a deficiency. This I con-
sider wrong in principle, and I regret, therefore that I
cannot assent to it. Gentlemen, Ido not intend to sub-
mit to you any resolution. lam still not unwilling, speak-
ing in my individual character, to entertain the proporl of
liquidating the creditors' claims at certain fixed dates,
without interest ; but I am bound to state that
the suggestion has not been responded to by the
bulk of the creditors ; on the contrary, I have received
communications front • very large number of creditors,
expreseing their opinion that the creditore' claims should
be met in full of principal and interest. Gentlemen, I
have now stated to you all that I think important to com-
municate to you, and I shall be ready to hear any remarks
which any other creditor may submit ; but, to be in order,
it would be desirable that some creditor should, in the first
place, move a resolution, so that the meeting may have
something before them. lam sure I need not bespeak
limn you attention to any remarks which any creditor may
think proper to make. I will only ask that each gentle-
man will be as concise as possible, having regard to the
importance of time to commercial gentlemen in London.
(Crers.) . . . . . . .. . .

Mr. RAY doubted whether the debtors had any right to
be present at a creditots' meeting.
The CH tIRMAN thought that as long u they paid their
calls they bad a right to be considered creditors. (Hear,
hear.).

A CREDITOR feared that many of the shareholders were
making away with their property and it would ultimately
be found that there wee nil.

Mr. THOMAR Form believed that a great many of the
country shareholders were endeavouring to shirk their
liabilities by making various arrangements, and in his
opinion an early call of 10/. was absolutely necessary. He
saw no reason why the creditors should wait for the reali-
sation of the assets ; let the shareholdendo that, and after-
wards recoup themselves. (Hear, hear.) The share-
holders said they had been duped and swindled •, but surely
that was no reason why lose should fall on the creditors.
If any gentleman would second it he would more that a
call of 10/. be made. (Cheers.)
Major-General HAROILAVES seconded the motion.
Mr. Bit, a:g err observed that such • motion was beyond
the power of the meeting ; it was trespusing on the
powers of the liquidators.
Mr. F. pen expressed his willingness to amend his reso-
lution by changing it into an expression of opinion.
Mr. H. Lowman TAYLOR concurred in the opinion that
many of the shareholders were slipping away. He be-
lieved that thousands of persons had had their all in Over-
end and Gurney's bank ; and the recusant shareholders
who were now trying to avoid responsibility deserved no com-
miseration. It was no credit to commereialmentogo from
one court to another to avoid just responsibility. (Hear.)
The decision of that eminent roan, Vice-ChancellorMalins,
ought to have settled the matter. In his opinion it would
be unwise on the part of the creditors to make any propo-
sition to the shareholders. He should like to know what
amount • 5/. call was likely to produce.
The CHAIRMAN replied that he thought it would produce
400,000!. net. 150,11001. of the last 101. call was still un-
paid, bat a large amount of that was promised.
Mr. TAYLOR said he should support the resolution in
favour of a 10!. call.

The motion IRS then carried unanimously in the
following amended form :—" That in the opinion of this
meeting it is desirable that a call of 10e. per share should
be at once made."

The CHM mum, in reply to a question, said he should
communicate the resolution to the liquidators, who be be-
lieved would respond to the wish of the meeting; and if
they did not he would apply to the court. (Cheers.)
The CHAIRMAN proposed, and Mr. HOPKINS seconded,
the following:—' That the creditors at this meeting do
insist on payment in full of their claims with interest."
Mr. SHARP feared that, the official liquidators having
stated that nothing like 101. per share would be required
to meet all the debts, the meeting would stultify itself by
asking for a call of 10f.
The CHAIRMAN did not concur in that view of the mat-
ter • and
The resolution was passed unanimously.
A SHAREHOLDER having suggested that the chairman
should pledge himself not to convene a meeting for the
purpose of considering a compromise'
Mr. Mouths (Messrs. Ashurst and Morris, solicitors to
the creditors) deprecated the chairman's being called upon
to pledge himself as inconsistent with the confidence to
which he was entitled.
_ .

The proceeding. terminated with a vote of thank. to
Mr. Oppenheim.

THE ENGLISH FLEET AT MALTA.—OUT Malta
correspondent, writing on the 10th, says—" The English
fleet now in Malta, under the command of Vice-Admiral
Lord Clarence Paget, is composed of the following ves-
sels :—Victoria, 102, bearing his lordship's flag ; the Royal
Oak, 35 ; Prince Consort, 35 ; Ocean, 23, ironclad vessels ;
the steam sloop Racer, 11 ; the gunboat Assurance, 4,
the store ship Megiera; and the despatch vessel Psyche,
2, the steam frigate Galatea, 35, Captain his Royal
Highness the Duke of Edinburgh, has arrived at Gibraltar
on her way to Malta to join the Mediterranean fleet. She
is now daily expected here."
NATIONAL STEAD( NAVIGATION COMPANY.—
When the adoption of the report of the directors of the
National Steam Navigation Company was moved, at the
last half.yearly meeting, held in Liverpool, an amend-
ment was proposed by Mr. Fox to the effect that the re-
port should be rejected, and the directors asked to resign.
This was seconded by Mr. Kerr, and a poll demanded.
At a meeting for this purpose, held yesterday, the chair-
man (Mr. Dixon) announced the demand had been with-
drawn.

AN ECeLESIASTICAL NOVELTY. —A singular cor-
respondenoe is going on in the Guardian between the
Rev. T. A. Bolton, incumbent of New Raeford, and Mr.
Moss, the secretary of the bisbopof the diocese. The bishop,
Mr. Bolton complains, objected to several things in the
church, among others " to a common iron bolt on a closet
door." On this point Mr. Moss writes, "The iron bolt
was not exactly • ' common one.' In the vestry was •
dark closet, ' large enough for • man to stand or sit in,'
with double bolts inside. These fastenings, Mr. Bolton
said, were for concealment of property, and for safety in
case of • riot.' The bishop was of opinion that there in
no necessity for a clergyman of the church of England to
do anything which would render it expedient to make pro-
vision for locking himself up in a dark cupboard in his
vestry." Mr. Bolton is • ritualistic innovator.

Windsor, its vicinity, and the counties of
Berko, Bucks, Middlesex, and Surrey have been visited
by a sudden and heavy fall of snow. The frost of Wed-
nesday having hardened the ground prepared it for the re-
ception of the fall, which commenced in the evening, the
deposit yesterday morning being in some places very deep.
The " Keep," and other towers of Windsor Castle, as well
as the roofs of the houses in the town, were thickly co-
vered, and locomotion was impeded.
VERSRLEI FOR IRELAND.—A telegram received at
the office of Admiral Sir Thomas S. Pealey, K.C.8., the
Port Admiral and Naval Commander-in-Chief at Ports-
mouth, from the Admiralty yesterday afternoon, directed
that the whole of the available seagoing vessels in commis-
sion in the port should complete their preparations for sea
and be held ready to proceed to Ireland at an
early hour this morning. The Hector frigate, returning
stores alongside the dockyard, preparatory to being
paid out of commission, immediately on the receipt of the
telegram commenced reshipping her stores and bending
her sails, but the Hector's orders are just countermanded.
The Niobe has left Spithead for Queenstown. Orders
have been received for the Bellerophon ironclad, and
Pheasant, Trinculo, Netley, Stork, and Fancy gunboats to
be got ready for sea immediately. The Bellerophon will
be ready by Saturday.
AN ENORMOUS SHARE.—As the customs boat
was going off on Thursday afternoon from Queenscliff to
the barque Arctic, an enormous shark rushed at the
steer-oar, seised it with his teeth, and nearly knocked the
coxswain overboard. The shirk made a second bite at
the oar, taking a piece out of the blade. The men describe
the monster as being the largest shark they had ever seen,
and estimate its length as being over twenty feet.—Mci-
bournedge, Jan. 26.