The Express.
London, England, 1866-07-30 00:00:00

Grime rose amid cheers to_reply on behalf of the
board. lie commennesdroar%aeknowliwong the fairness of
ow questions. &ad of the various speakers,
sad observing that if • thaw spirit bad
ihozootocised the former nuiehnp„ the property
• the company would have had a. is: higher
false addle!' that hoped the teatimeof the new
wallow would be of • similar thwarter to this one. Ad-
verting to the visit of Mr. Ckfiverwell to the company's
ace, he said one reason why so mach iaforsia.
Mao was
.itiven to that gentle:nut wea that
hq seemed le have taken ids shares fa' invest-
ment It would not have done to give
scab Wformation to 4,900 shareholders, as in that case the
wrote of the board could not be kept. lie hoped the
westing would consider that in Mr. Culyerwell's person
yaw had had • committee of investigation, and Le sr
slued it that the balance-sheet was • lhir, true, and can-
did statement. Me then proceeded to reply to the various
questions 'which had been put. Mr. Wakefield wanted
what was rather difficult ; be wanted to have a badmen
that was not risky. That was what be (Mr. Grant)
wanted, but it wee • philosopher's Woos that could sot be
bond. (Hear, hear.) U five sovereigns wore given fix a
S. acts it might turn out that the note was not good.
When business was offered the first qualities with the
board was solimbat might be the prefita, Wt what were the
risks. The Atlantis cable afforded an Ijiustretion. Tha
board had as opportunity of advansing snowy for the Whi-
m& which bad just been established ; but they de-
ailed to de so because they considered the
risk beyond what they were justified in incurring
(Cheers.) Of muse if the money had been advanced the
=y would have its profit. The expense of litigation
be almost solely that of the of liquidator. The
remainder would not exceed 5001. or 600/. As to the ISM.
Attie be believed that, with pesos secured, their
value mould sere rise, so that much of what Wis written
off would have to be written on. As regarded the pro-
posed reconstruction, the board, looking at the late crisis,
felt that oome what might it was desirable that the liability
should,after &that had occurred, be reduced to 2/. per share.
(Cheers.) The simple object of the plea was to enable the
shareltoldwa to meet any kind of liability, and it had the
improve], of men who were perfectly incispindeat of the
past. As to the articles of amodation they were
riot going to have anything new. The oom
w pany
only be new as regarded the amount of halm-
. As respected the amount of commission, the gover-
nor,
the deputy-governor, and the other directors, desir-
ous of acting in wooed and concord with the shareholders,
though equitably entitled to • commission onall the wufita,
had authorised him to say that they would merely take
oenuoission on the amount divided among the shareholders.
(Cheery-) .4e regarded the power of meeting future calls,
seeing that only 21. could be called altogether. be thought
that question might be safely left to the directors. Should
• call become neaesary to pay creditors, it must of
course be Made. He denied that Mr. Bernard's
representation as to lessee was correct. They had received
315,0001. in dividends, and deducting 5 per cent. from that
for interest on capital, there remained 315,0001.
They had to account for 1,337,0001., and to
meet that they had 1,600,0001.; so that they had
redly got 260,0001. in excess of their debits.
As regards the_ legality of the proposed arrangement, the
directors bad cffitaMed the following legal opinion :—" We
are of opinion that the proposed reconstruction of the
Credit Ponder and Mobdier of England, through the
medium of the formation of a new company on the basis
of the plan suggested in the printed circular submitted, in
this case may be legally effected. This opinion was signed
by Mr. Cairns, Mr. Bovffl, Mr. Lloyd, and Mand
three cheers
r. Foots."
The motion was carried unanimously,
were given for the directors.

ENGLISH, SCOTTISH, AND AUSTRALIAN
CHARTERED BANK.-(THIS DAY.)

This day the 26th ordinary meeting of share-
holders was held at the offices of the company, Comhill ;
Mr. ROBERTSON in the chair.
The report, which has already been published in the
B 2 having bean taken as read,
Arr CHAIRMAN, in moving the adoption of the report
and of the dividend at the rate of 7 per cent. per annum,
free of income-tee: on 600,00 W., the paid-up capital of the
bank, said he dill not know there was anything to say
beyond what the report itself contained. The business in
London was not so profitable as it might be, owing to the
high rate of interest which prevailed, but it answered their
purpoae very well on the other side.
Mr. ELDER seconded the motion.
Mr. THOMPSON said he regretted that the result was not
so satisfactory as he had anticipated when he addressed
the shareholders the last tune from the chair. He took
perhaps too sanguine a view, but still he had the fullest
confidence in the stability and success of the bank.
In reply to a question by a SHARZHOLDEB,
The CHAIRMAN said the accounts were made up as fully
and completely as it was possible, and if any further de-
mands came upon them for bad debts they would come
tipm the directors by surprise. The reserve fund of
60,0001, was invested in the business of the company.
The motion was then put and carried.
A vote of thanks to the Chairman and directors termi-
nated the proceedings.