The Express.
London, England, 1866-06-21 00:00:00

FS DA r.r

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nisi day an extraandiesany general meeting of
shareholfiers in the Consolidated Bank was held at the
',sacs Tavern ; Mr. J. P. HEYWOOD in the chair.
Mr. J. A. MUER, deputy-chairman, to whom the eh:dr-
awl delegated the task of making the opening statement,
said that he had already attended two meetings in Man-
chester—one of shareholders and one of creditors. When the
ne" arrived .in Manchester of the stoppage of the bank,
they experienced a great . shook, beanie they be-
lieved they were in a flounshipcondition and were doings
splendid busmen, and had ho to meet the shareholders
July with flying colours. t the meeting in Manchester
be carried the shareholders entirely with him, and if he
obtained the assent of the meeting this day he bad no
doubt that they would re-constitute the bank and see it
through its difficulties. (Hear.). He had no doubt the dilec-
tors in London acted to the best of their ability, though he
must say that in Manchester they were not accustomed to
be frightened by the presence of some difficulties. (Hoar,
bps.) The questlec now was, what were they to do.
The paid-up capital of the bank was 600,0001., and, with
the business of the Bank of London, the great majority of
the friends of that bank having expressed their medi-
ae= to adhere to this bank, he believed they would yet
rise to • high position. (Cheers.) The proposals to be
submitted to the meeting to-day were the following :
It is proposed to strengthen the position of the Consoli-
dated Bank by an increase of capital to the extent of
400,0001. This might be effected by calls on the 150,000
shares (of 101. each, 41. paid up) already issued, such calls
being payable by instalments in three, six, nine, and
twelve months respectively. But the directors foresaw
great inconvenience likely to arise from this
course, and were therefore desirous of submit-
ting the following alternative for the consideration
and approval of the shareholders. There still remained
50,000 shares of the authorised capital of the bank unis-
sued. It was proposed to give to each shareholder the
option of subscribing for his rateable proportion of these
shm.es at par, payable by the following instalments
11. per share on allotment ; per share in three months,
1/. per share in six months, 11. per share in nine months—
after allotment. This would raise the number of shares
issued to 200,000, and add 200,000/. to the paid-up capital.
A call of H. per share when found necessary would. produce
&further additional 200,0001., thus making up the 400,0001.
The directors, as a proof of their confidence in the success
of this scheme, were reedy to assume, if required, one-half
of the 50,000 shares among themselves. Any shareholder
might apply for any number of shares beyond his rateable
proportion out of the shares which might not be taken up
by other shareholders. Mr. Kirkman Hodgson and Mr.
Beale bad been requested to investigate the accounts. He
had hoped to be able to present their report to the meet-
ing, but they bad not entirely completed the investigation.
He might, however, say that they had given their assent
to the principal items of that account. The manager, Mr.
Moore, would now read the balanoeeheet, which he be-
lieved, with the exception of a few lock ups, would be con-
sidered satisfactory.
Mr. Moons then read the following balance-sheet :
Balance-sheet, May 16, 1866.
LIABILITIES.

Dr.:
To capital paid up, viz., 150,000 shares
et 41. each £600,000 0 0
To amount due by the bank upon cur-
rent, deposit and other accounts
To acceptances
To reserve fund
To balance of gross profits to date 83,129 2 1

£4,440,728 7 4

Cr.: asarra.
By investments in government stocks,
vu., New Three per Cents. and Three
per Cents. Reduced
By cash in bank and in Bank of England 275,638 9 6
By hills discounted, loans, and other
4,001,705 7 2
securities
By bank premises in London and Nor-
wich

46,348 10 4

£4,440,728 7 4
The DIMITY CHAIRMAN said it was not easy to follow fi-
gares which were read, but it would be seen from the ba-
lance-sheet that they debited themselves with the capital,
which was intact—{cheers)—with the reserve of 81,8081.,
and with the profits made during bad times of 83,0001. The
result was that, besides having their capital intact, they
had 11. per share over. (Cheers.) After that statement
he did not think the shareholders would be very angry
with them. (Hear, hear.) They had learned a lesson, and
would do their best to put things right. (Laughter.)
They might depend upon it that if they had not been vigi-
lant in the past they would be careful enough for the
future. (Cheers.)
In reply to a question by Mr. JAMES, as to the position
of the bank with regard to the Atlantic and Great Western
Railway Company,
Mr. T. RUMBA! RN, the solicitor, said that at present they
bad acceptances for 60,0001., for which they held perfectly
solvent bills to the amount of 64;000/., which bills would
fall due almost simultaneously. They had al** accep-
tances for 63,0001., for which they held bills,
to the amount of 80,0001. upon good firms which bad tem-
porarily suspended, but which would ultimately recover
and pay. About two years ago the Consolidated Bank
guaranteed the interest for three years upon a sum of
2,800,0001., and the terms of that negotiation were
thaw :—They were always to have a year's interest in
hand in cash., Each six months the coupons became due,
the railway company were to put them in possession of
the exact amount to be paid, and in addition to the
security of the railway company they had the guarantee
of five of the largest banks and financial institutions in Lon-
don for carrying out the arrangement. Up to the present
every farthing had been yard as it became due. (Cheers.)
Mr. RAL L I considered the statement of the deputy
chairman to be perfectly satisfactory, and in the interest of
shareholders, creditors, and depositors. He moved that
the report be received and adopted.
The resolution, having been seconded, was carried uaani-

in wily, with applause.
Mr. MORRIS, • director, stated, in reply to a question,
that it was the intention to re-open the bank on Monday
week. (Cheers.) He hoped that the arrangements with
respect to the Bank of London would be left in the heads
of the directors. (Hear, hear.) That was • dif-
ficulty before them, but as they had overcome
greater difficulties, he hoped and believed they would
overcome this one, as it was for the interest of the share-
holders of that bank to act harmoniously with them.
(Hear, hear.)
Mr. JAMES said he believed the union with the Bank
of London had been a great error, and that it was
for the interest of this bank to get rid of it. He therefore
moved a resolution to the effect that the heads of the
arrangement which had been come to for dissolving that
connection should be agreed to.
The resolutionhaving been seconded, was put and carried
nem con.
A DIRECTOR moved the following resolution, which
he said was merely formal, and which, he believed would
never be acted upon, though necessary for strengthen-
ing the bands of the directors, and giving them more
liberty of action :—" That this company be voluntarily
wound up under the Companies Act of 1962, but
in the event of the arranged scheme being carried out,
that the meeting for confirming this resolution be not
held." As he had said, it was a formal resolution, but it
would give additional power to the directors to carry out
the scheme for resuscitation.
Mr. SLATER seconded the resolution, which was adopted.
A vote of thanks to the chairman terminated the pro-
ceedings, which appeared to give much satisfaction to the
shareholders present.

THE SOUTH EASTERN RAILWAY COMPANY'S
ADJOURNED MEETING.-(THIS DAY.)

THE NEW LINE TO BRIGHTON.
This morning, at 11 o'clock, the adjourned
special general meeting of the proprietors in this company
was held at the Bridge-house Hotel, London-bridge, for
the purpose of receiving the result of the poll which
was demanded yesterday, in opposition to the
motion for the approval of the bill promoted by the South
Eastern and the London, Chatham, and Dover Com-
Fanlea conjointly for the construction of a new
flue to Brighton, by which the traffic from that
district would be conveyed to Cannon-street, Charing-
cross, Ludgate-bill, and other parts of the me-
tropolis. It may be mentioned that the bill was
approved almost unanimously at the meeting of the Lon-
don, Chatham, and Dover Company yesterday, and that
to-morrow is the last day upon which the bill can be intro-
duced into the House of Lords.
Mr. Nowms occupied the chair, and there was a very
truce attendance of shareholders.
The CHAIRMAN declared the result of the poll asfollows :
For motion approving bill.
No. of Props. Holding stock.
56 £202,420
1,163 2,287,030

Present in person
By proxy

1,219 £2,489,450
Against.
18 £21,040
344 431,510

Present in person
By proxy

362 £462,550
The motion for the approval of the bill was then de-
clared to have been earned.
The meeting then separated.

Orders have just been issued by the Austrian
government for the purchase of 50,000 infantry muskets,
4,000 carbines, 4,000 lances, 2,000 heavy and 5,000 light
cavalry sabres, 25,000 pioneer sabres, and 112,000 bayonet-
sheaths, absorbing a million and a half of the credit.
Some French statistics give the subjoined details.
Thirty millions of bottles of champagne annually sold are
thus distributed :—Africa 0011119MC4 but 100,000 of these ;
Spain and Portugal, 300,000 ; Italy, 400,000 ; Belgium,
500,000 ; Holland sa much ; Germany, 1,500,000 ;
2,005,000 ; France, 2,500,000 ; thirsty England, 5,000,000 ;
lcdta, ditto ; and North America, 10,000,000 bottles.
Timm figures refer to the consumption of aims really
grown in the champagne countries.