The Express.
London, England, 1866-10-04 00:00:00

ais
04

TILE EXPRESS, THURSDAY EVENING, OCTOBER 4, 1866.

OVEREND, GURNEY, AND CO. (LIMITED.)

PROCEEDINGS IN CHANCERY.—(IIIIII DAY.)
The ewe of Overend, Gurney, and Co. (Limited),
under the winding up application, which was before Mr.
Peaks on Thursday last, and reported in this journal, was
resumed this morning. The matter on Thursday assumed
an important phase, as an application was made on the
part of certain shareholders to postpone the call of 101.
which in the aggregate amounted to one million," until
November, as a searching investigation was taking place
and payment was resisted on the ground of alleged fraud.
Mr. Peaks, the chief clerk, made the order for the call, but
suspended the matter until an application had been made
to Vice-ChanoePor Stuart on the subject It had been
rumoured that an adjournment had taken place
till the 3rd November, and considerable interest had
been created among the creditors, principally depositors,
and the shareholders, whether the report was correct.
Mr. Hale (Young and Co.) appeared for the liquidators ;
Mr. George Lewis, sen. (Lewis and Lewis), for the Detente
Association of Shareholders ; and Mr. Denton, from the
office of Messrs. bitinard, for depositors and creditors to
upwards of 600,
000
Mr. Hale said it bad been mentioned in the newspapers
that Vice-Chancellor Stuart had adjourned the matter to
the 3rd of November, and he asked for information.

The Chief Clerk dad he knew nothing about it.
Mr. George'Lewis produced the brief of Mr. C. Sarandon,
indorsed that an adjournment was made to the 3rd of
November to Vice-Chancellor Kindersley'a court, to which

the case belonged.
As the order was made for the hearing of the application
next term, the question was settled for the present.
Mr. Denton thought a list of creditors should be filed.
He appeared fora number to a large amount, and one, he
was understood to say, to upwards of 500,0001.
Mr. George Lewis said Mesas. Aihurst and Morris ap-
peared for Mr. Oppenheim, and other creditors.
Mr. Denten thought a representative of the creditors
should be appointed.
The Chief Clerk believed that ht.ul7tcembot=re-
minted the creditors. Surely a list of
the creditors.

--"Mr7.71;;;; Lewis said that questions would arise as to
who were creditors ; there were depositors who had never
changed from the old firm, and their right could be con-
tested and points would arise as to others.
The matter stands for the 3rd of November, and Mr.
Lewis thanked the Chief Clerk for his attention and cour-
tesy. The case would now come before Vice-Chancellor
Bindersley.
Mr. Gay, from the office of Mr. Dale, Furnivars-inn,
appeared for a depositor to a large amount named Ste-
phenson.

THE MERCHANTS COMPANY (LIMITED).
(THIS DAY.)

The first general meeting of the shareholders of
ibis company was held at the London Tavern this day;
Mr. R. S. LANE in the chair. _

In thefr report the directors say they regret that they
cannot offer such congratulations on the position of the
company's affairs as they had anticipated. The late most
severe financial and commercial panic has seriously affected
all clauses of business, and this company has not failed
to suffer from it. In stating this, however, the directors
are glad to be able to add that the actual losses made,
or even anticipated, are not in themselves serious ;
it has been in the almost absolute impossibility
of ccu./ing on business transactions with the customary
facilities, and in the consequent lock-up of the company's
funds that the chief inconvenience has been felt. The re-
sources of the company have been chiefly embarrassed by
the two following circumstances ;-Ist. By the effectwhich
the late panic has had on the liquidation of Messrs. Lane,
Hankey, and Co.'s affairs ; and, 2ndly, by the inability
of several of the largest and apparently, last year, the
most reliable shareholders to meet their calls ;
this latter circumstance necessitated the making
of the second call, and the directors have, in
consequence, been obliged to decline to entertain many
most favourable business operations, and to restrict the
liabilities of the company to the greatest possible extent.
By this course, however, the directors are now able to as-
sure the shareholders that the liabilities of the company
are very inconsiderable, and considering the po-
sition of affairs, they feel sure the shareholders
will deem this real cause for congratulation. The
accounts submitted exhibit no statement of profit
and loss ; it will be readily understood that in
merchants' business it is impossible to show fairly any re-
sults until the close of the year, to which time all accounts
and account sales are chiefly made up. The directors have
in clew a plan for the reconstruction of the company on a
basis which will not increase the liability of the share-
holders, and will, in their opinion, place the company on a
more sound and satisfactory basis. They anticipate that
within a short time they will be able to submit this scheme
to the shareholders who will be specially convened for that
purpoee.
The CHAIRMAN expressed his regret at having had to
present a report of such an unsatisfactory obaracter. The
balance showed that a large number of their shares were
applied for, and 8,129 were allotted, and 425 had boon for-
feited, and 115,5430/. had been called in. They had ex-
pected that 70.000/. would have been sufficient for the
company. If the first call had been fully paid up the se-
cond would not have been necessary. On the second call
they had received only 10,000(., so that they would
have been in a better position if the first call bad
been fully paid, and the second bad never been
mode. Their register contained the names of share-
holden; who up to the panic were considered the best
names in London. They were compelled, when the panic
came, to make a second call ; it was paid badly, for instead
of 35,0001.,'it had only yielded them 10,0001. ; but it had
enabled them to weather the storm. The discredit into
which the finn of Lane, Hankey, and Co. had fallen into
had reacted to a certain extent upon this company, but
there was no statement made when the business of the
firm was taken over which was not borne out to the full.
If the second call had been fully paid up the direc-
tors would have been able to have made veiy large
profits. It was proposed to reconstruct the com-
pany, not by increasing but by decreasing the lia-
bility of the shareholders. He did not wish at
present to state what their plan of re-construction would
be, but he might observe that 425 shares had been for-
feited on which 10/. each had been paid. Then there
was due on the first call 15,200/., and pro-
ceedings had been taken to recover these cans.
If those shares were forfeited there would be 20,000/.
paid to the company which would go towards the
amount paid for the goodwill of the business they
had purchased. The call on the shares of the chairman of
the company he had reason to believe would be paid. He
believed that if the directors bad the confidence of the
shareholders they would be able to carry on • profitable
business. He moved that the report be received and
adopted.
Mr. JAMES CHILPS seconded. As an independent director
he could bear testimony to the value of the business of
Lane. Hankey and Co., which the company took over.
[The meeting was proceeding when our report left.]

GRAND TRUNK OF CANADA RAILWAY.
(THIS DAY.)

The half-yearly meeting of the shareholders was
held at the Lon don Tavern, st:l o'clock ; Mr. R. WASKIN,
M.P., in the chair.
The report,w hie& was issued some time ago, having been
taken as read,
The CHAIRMAN moved its adoption. He said at the last
meeting he stated that the policy of the directors
would be to reduce the engagements of the com-
pany as far as possible, to keep down the
capital, and to have remitted home as large a
net profit as could be obtained. The addition to capital
in the last half year was only 4,000/., and the payment of
the interest on the first bonds and preference stocks was a
very satisfactory feature. In the last half year there
had been a net profit of 207,0001. in American cur-
rency,against 139,000/. in the corresponding period of 1865.
True the Buffalo returns were not included in the latter
period, but still there had been a large addition
to the revenue. There had been a larger re-
ceipt per passenger, and a smaller receipt for goods per
ton. From 1862 to the present time they had lost
222,0001. by depreciation in American currency. Latterly
there had been some diminution in the traffic receipts.
One cause of this was the cessation of the Reciprocity
Treaty ; to which he must add that the same sort of
weather that had existed here had prevailed in Ca-
nada, and had materially injured the harvest.
Under these circumstances, the shareholders must
not be surprised if the traffic of the next few weeks
was not quite satisfactory. The falling off arising from the
weather had equally affected many of the railways of the
United States. When the weatherwas constantly bad people
would not travel, and the crops were sure to be damaged.
He then adverted to the fire at the importantport of
Portland as another source of traffic lose, and observed
that' many of the poorer inhabitants having been deprived of
their homes, the officers of the company subscribed no less
than 1,0001. (Cheers.) Mr. Brydges had, he said, re-
ported that there were good openings for an exten-
sion of traffic between Canada and Nova Bootie, New
Brunswick, and other provinces. As regarded Fenian
invasion, he thought that subject had not been treated
with sufficient gravity in this country. The whole of the men
of the company had been enrolled as volunteers, and would
• he believed, if necessary, prove efficient soldiers. There had
been some threatenings of further outrages, but he trusted
it would in tlat case be found that Canada was equal
to the emergency. A distinguished American officer in
command near the district especially concerned had
' assured Mr. Brydges that he had possession of
the Fenian arms captured in the last outbreak, and that
he would do tem /thing in his power to prevent any
L further invasion. (Cheers.) The officers of the Grand
L Trunk Railway Company rendered, as was acknowledged
in Canada, most efficient service in opposing the enemy.
L Mr. ADAMS observed that they had had good promises
• ever/ half-year since 1861, bat he did not per-
', eeive any actual improvement. (Hear, hear.) The
reports reminded him of one of the late Mr. Cobden's
travellers, who never sent home any orders' but gave
beautiful descriptions of the countries which he ,:sited.
I (Laughter.)
[The meeting was proceeding when our report left.]