The Express.
London, England, 1850-12-06 00:00:00

WINDING-UP JOINT STOCK COMPANIES.

nig DIRECT LONDON AND EXETER RAILWAY.—
Yesterday, there was a meeting before his Honour, Muter
Brougham—Mr. Walter heirp, of Sunen-gardens,
pert, one of the direetori of this eseepaoy, was 111111.
molted under a peremptory ord. r of the Cain of Chancery,
to be examined, vitro wee, touching all the tranreo•iow of
this undertaking, and more particularly with reference to
the tbspositMa by himself and no.directors, of the deposits
paid by the shcreholdus, amounting to between 30,0001. and
40,0001. Mr. Daniell and Mr. H. Valiance appeared as
counsel for Mr. Wtyghte, the t ffbial manager, to prosecute
the case; and Mr. Berthas,e appeared se counsel for Mr.
Blisirp, who was present. The following directors were also
rt presented by their respective enunael,or solicitors :—Lieut.-
Col. Harkey, fiir Augustus Hilary, Dr. Phillimore, Captain
Pope, Mr. Chamber', and B.r Bruce Chichester, the latter
befog present.
Mr. Bagshawe, in openiog the proceedings, observed tint
the meeting had been called for the specific purpose of eta-
miog his client, Mr. Shairp ; but before proceeding to do se,
be had to suggest to the court, and to all the parties con-
cerned, whether it would not be better for them, as reasons-
Mc men, and in view of the awful litigation and duty that
might arise, to come to some amicable arrangement or com-
promise. lie had to propose for the consideration of the
court and the official managers, there being power under the
act of parlitment to enter into compromise, that 26 of the
proviii mai committee of the company who were not at
pet sent on the list of contributories should, as they came
within the decisi-n of the Thus* of Lords in the case of
Uplill, be placed thereon as liable, and u parties who were
likely to be best able to nuke contribution to comply with
the provisions of the act.
Atter some discuesion,le which Mr. Daniell, Mr. Valiance,
and Mr. Delta:awe took pert,
His Honour said he saw no reason why he should not
treat the case as he had many others under the Winding-up
Am, where, instead of entering into vexatious 'ligation,
he authorised the (Adel manager to make a compromi.e
with parties for debt, by taking 5001. instead of 1,0001. It
they arranged a compromise, there would be no Gifficulty
in getting rid of the question of fraud.
Mr. Bagsbase said that in making the proposal it was
to be distinctly understood that Mr. Shairp, in any tver-
tura of compromise, altogether repudiated the imputation
of fraud, or that he wishes to screen hime.lf from the charge
of fraud, but that it wee hued upon the prir.ciple of saving
litigation end e tress.
After a considerable discuuien, it wu determined to post-
pone the examinsCcn of Mr. Shairp and to ujourn all
farther pew. edings to 14th January mat, to give ail parties
n opportunity of considering the question of a compromise.

DIRECT BIRMINGIIAIf. OXFORD, READING, AND
BRIGHTON BAILWAT.—His H /flour Muter Brougham h■s
jut instructed Mr. Haim, the tffieitl manager, to appeal
forth 'kb, at the expense of the estate, against the order of
Vice Chant:4llr Wilts in the sue of Walstab, the effect ef
'he decision of the Vice Chancellor being to remove all
allottirea from the list of contributories ma liable, and, conse-
quently, forming one of the most important decisions hitherto
come to under the Winding up Act. Owing to the import-
' once o! the principle involved is the case, an opportunity
will be taken to obtain a hearing at the earliest sitting in the
ensuing session.