The Express.
London, England, 1867-11-25 00:00:00

LAW niTnurcaracz.

(TlllB DAY.)

EQUITY COURT.
(Before Vico-Chancellor Sir W. Page Wood.)
Di BS TILE ANGLO-DANISH AND BALTIC STEAM NAVltaTlia
P COMPANY Ix PAM 9ARLOBLEC AND CABBALL.
This was a motion on behalf of Messrs. SaAlgres and
Carroll to be removed from the list of members and lht of
contributories of the Anglo-Daaish and Baltic Steam
Navigation Company, which is now in the mom
of liquidation. By a contract entered into en
the 9th of November, 1866, between the company sad
the applicants, it was agreed that the company sald
establish agencies in London and Hull, and should appoint
Sahlgreen and Carroll as their agents at those places ; thee
Sahlgreen and Carrell should enter upon such agencies on
the eighth day after the allotment of shares in the core.
pony ; that Carrell should be one of the first directors;
and that Sahlgreen and Carroll should subscribe for abuse
to the amount of 6001. On June 22, 1866, a new meat
was entered into between the parties, whereby
and Carrell agreed to enter upon such respective agencies
as soon as the arrangements entered into between tha
company and the Danish General Steam Navigation Can.
pany should be completed ; and they also agreed, during
the continuance of this agreement and so long as they Asa
be the agents of the company, to hold shares
in the company to the amount of 6001, at
the least. The capital of the company, which was moor.
porated in December, 1885, was 900,0001., in 20,6004
shares of 101. each. By the articles of association it was
provided that the directors should adopt and carry into
effect the former of the above two contracts. The fast allot.
went of shares was made on the 31st of July, 1866.
Neither of the applicants ever applied for any shares,
and in August Carrell sent in his resignation as director,
An allotment of 60 shares was made to Sahlgreen sad
Carrell, wheels names were found on the register for 60
shares, and they were accordingly placed by the official
liquidator in the list of contributories for that number,
The arrangements with the Danish company were never
carried out.

Hr. Ro:bnrgb Q.C., and Mr. Swanston, for the appli-
cant' contended first, that u there had been no applica-
tion for and no acceptance of shares, Mews. Bahlgreen
and Carrell were not liable ; and, secondly, that the con-
dition of the agreement (which they said was precedent)
ad never been foinlled.

Mr. Kay, Q.U., and Mr. O'Norgan appeared for the
effikdal liquidator.
The Viasklhanceller (without hearing a reply) said that
undoubtedly very nice pointe arose in these cases, as to
whether there had or bad not been a binding agreement
between the company and the &fledged contributory, that
is to say, whether the agreement to take shares was un-
conditional or not. But in this instance that sort of
question did not arise. No doubt if the former agree.
meat bad remained unoancelled, Mewl. Said.
green and Carrell would have been contribu-
tories, though of course they did not become
shareholders until an allotment had been made,
and registration bad taken place. But hie
Honour had no doubt that the mood agreement (which
the directors were perfectly competent to enter into) ope-
rated as a cancellation of the former. By the second agree.
meat the company was not to commence till after a new and
difficult epbob, from that which was at first filed, bad ob.
caned—namely, the carrying out of certain arrangements
which was never effected. Under these circumstances hie
Honour thought the applicants could not be considered an
shareholders : they never ought to have been written down
as allottees ; and their names must be removed from the
register and list of contributories, with coats out of the
estate.