The Express.
London, England, 1868-02-03 00:00:00

THE EXPRESS, MONDAY EVENUTIV, Fpnwi 78,

cent. Then, again,intlienmeireseaS ansingementof thiskind
—that of the Bank of London—thureditors agreed to accept
a oonsiderably reduced rats of intermit in oonsideration of
early payment. Under all these eiresmetaisom lam pre-
pared to recommeetslzu *inept a uniform rate of 4
H per cent. all agree to these terms the sanction
of the court can easily obtained, as a similar arrange-
ment has been already carried out in the case of the Impe-
rial Mercantile, which is a liquidation under the supervi-
sion of the court, the same as in this case. All
that is n is that all parties, including
the liquidator., should concur in this arrangement.
The promissory notes will be a great convenience to many
who require the use of their money before the instalments
become due, by enabling them to raise the same by dis-
counts, which at the present low rates there can be no
difficulty in doing on easy terms ; but at the same time
I am happy to be able to amours you that the whole of the
assets as well as the uncalled capital will remain as secu-
rity for the payment of the promissory notes,
so that the security which we at present have
will in no way be diminished by the proposed arrangement.
If time be granted by the creditors, there is no doubt
that many of the assets will thereby improve in
value, as it willvalue, the better enable the liquidators
to hold the bulk of the wets for realization in the
ordinary course, and without undue sacrifice. And lam
sure that we shall one and all be only too glad to do what
we can to protect the shareholders from further sacrifices
if we can do so without giving up our own rights, which
in a matter of business of this kind we cannot be expected
to do. If, as I sincerely trust, you should adopt the pro-
positions which I have submitted to you, then there will
be no necessity for your taking any further action in the
matter by meetings or otherwise, and my office as your
representative will be practically at an end, as all that
would remain after the proposed arrangements have
been carried out would be to provide for the
payment of the promissory notes at their maturity,
which may be very safely left to the liquidator*.
I have had • great number of communications from
country creditors who are enable to attend here to-day,
and I am happy to be able to state that, with scarcely an
exception, they are in favour of granting reasonable time
for payment of the balances of their claims ; so as, if pos-
sible, to avoid the necessity of farther calls. On the
other band, they all consider that the creditors ought to
inert upon interest. The question of the rate of interest
was not, of course, before them, but, if I may judge
from the general tenor of their letter., I think the
bulk of the country creditors will be disposed to
fall into the arrangement I have suggested, if
it should be adopted by the meeting to-day. Before
I conclude allow me to congratulate you that in spite
of difficulties and dangers of no ordinary kind, our claims
are now atwolutely safe, whatever course may be deter-
mined on to-day, and I beg to add that I could not have
protected your interest as I have done on the committee
of supervision without the support of the two able liquids,
ton who have given nearly their whole time and attention
to the affairs of this estate ; and it is but right
that I should record my opinion that their large business
experience has greatly assisted in bringing about the result
shown by their statement now in your hands. I shall
now be happy to hear any of you who may desire
to make any observations on the important mat-
ters which I have opened for your consideration.
In order so place my 'impatiens in a practical form for the
consideration of the meeting, I beg to move the following
resolution :—" That the creditors present agree to accept
payment of the balance of their claims, with interest both
past and future, at an uniform rate of 4 per cent. per annum,
by time equal instalments, payable at 6, 12, and ltimonthe
from the Ist January, 1868, to be represented by proton-
Dory notes ; on condition that if default be made in pay-
ment of either of such promissory notes the whole (less a
proper rebide of interest) shall immediatelybeome dos, but
that if an arrangement on the foregoing basis be not
canted out within one month from this date an applica-
tion shall be at once made to the Vice-Chancellor to order
a call for the remaining 151. per share."
A CRenrroa thought that one point for consideration
was whether the shareholders would consent to pay so
large a rate of interest as 4 per cent. (" Oh, oh," and
laughter.)
ANOTHER CREDITOB—Four per cent. is always allowed
by the Court of Chancery.
Mr. IC neostorr, a large shareholder in the concern,
then addressed the meeting at considerable length, and,
after remarking on the prompt manner in which the calls
had been paid, he said all the shareholder@ wanted was
to pay as soon as they could. The stoppage, had, an they
all knew, caused great distress. Fifty people had gone
through the Oautte, one hundred and fifty more
had been placed in great difficulty, and another
call would inflict further serious injury. He did not
appeal (el matrices-diem, he only asked them to give
the shareholders six months longer than the period
mentioned by the liquidators. He could not help saying
that the liquidation had proceeded very satisfactorily.
Mr. Su veuEßn, who said he was • shareholder as well es
a creditor, observed that he saw no reason why that meet-
ing should have been called. (Oh, oh.) In his opinion the
promissory notes were not required, and Mr. Oppenheim
was pressing unduly on the shareholders. He supposed there
was not • creditor present who would not be satisfied with
4 per cent. interest. (Exclamations of " Five '.") All the
depositors were entitled to was the bank rate of
interest.
A I.'l am-roe reel:irked that they were also en-
titled to their money on demand. (" Hear, hear," and
cheers.)
Mr. SHEPHERD went on to object to the condition in
the resolution with regard to the first instalment.
Mr. H. L. TAYLOR advocated the substitution of 5 per
cent. for 4, mid moved an amendment to that effect.
Mr. W. PARE seconded the amendment. He thought
that on the whole the proposition was extremely fair. The
condition with r e•mr.ll to the payment of the brat instal-
ment was essential. (Hear, hear.)
He. J. LAW, WIC considered what wee proposed vary in-
dulgent to the shareholders, especially as a large portion
of them bad moved heaven and earth, and the House of
Lords into the hargain—(laughter)—to avoid fairly meet-
ing their liahilities.
Mr. W. COOPER supported the original proposal as re-
garded the amount of interest.
Mr Gaissati, a creditor and shareholder, dwelt on the
great distress which had been caused to many of the share-
holders, and mid he believed that if • call of 10/. more
were made, hundreds of beds would be taken from uncles
those who still retained beds. (A VOTCE—HAve not the
creditors suffered *swell?) If 5!. per cent. interest was tobe
enforced, it would have been better if that meeting had
not been called at all. (Oh, oh.) The liquidators should
have been left to pursue their own course. He thought the
creditors eboulddianiss the Defence Association from their
minds. Though himself a very large creditor, he appealed
to the meeting not to press too hardly on the shareholders.
Mr. Moame (Asburt and Morris, solicitors to the credi-
tors) expressed his belief, as the result of experience in
other companies in a similar position, that a settlement
by promissory notes would prove satisfactory. He also
suggested, as an amendment in the resolution, that in the
event of the liquidators being prepared to pay before the
date of the promissory notes. the creditors should accept
payment, allowing a rebate of interest.
In reply to a question,
Mr. MORRIS stated that in all cases in which be had
been concerned professionally in which an arrangement
was made for the settlement of claims by means of pro-
missory notes, except the cue of the Rank of London, the
minimum rate of interest was 5 per tient. ; adding that
the Bank rate of interest was some time very high.
On a show d hands being taken on this question, the
numbers were :
For 5 per cent.
For 4 per cent.
The chairman's resolution was then put and carried, with
only three dissentients.
Mr. GRIMILL referred to the eau of a number of small
creditors, whose claims did not exceed 2',0/., and
recommenre."lln meeting to pass a resolution to the effect
that their debts should be paid in full at once provided
they would take payment without interest. He then pro-
posed such a resolution.
The resolution having been seconded by a Czenrroit.
who stated that the number of the small creditors referred
to was 340,
Mr. Maims, solicitor, observed that the liquidators
could deal with the case without any retolution.
Ultimately a resolution was adopted in the form of •
recommendation to the liquidatnrs.
Sir. H. L. TAYLOR, after speaking of the great services
rendered by Mr. Oppenbeim to the creditors,
propued a resolution to the effect that the whole body of
creditors bo invited to subscribe one half -penny inthe pound
on the antonnt of their debts as proved, to a fund, to be
entitled, " The Oppenheim Testimonial Fund," of which
the liquidatora were requested to act ss treasurers. He
stated that if all paid the min would amount to nine or
ten thousand pounds, but he thought it probable that not
more than half would pay, and Mr. Oppenheini had
incurred heavy expenses.
The resolution was parsed, with ow dimentient.
The meeting then separated.

-cting of the creditors of Overend, Gurney,
.:„w.J held at noon at the London Tavern, Mr. C.
iu the chair, " to consider the report and
et of affairs just issued by the liquidators, and the
to be adopted with reference to the balance of
hors' claims."
cH IRMAN said—Before proceeding to the business
ore-eat meeting, being the second, and I trust the
of the creditors of Overend, Gurney, and Co.
perhaps I should remind you of the position of
former meeting held on the 15th March,
i the resolutions which were then passed, and
• 40,..t has been since done in the liquidation, and I
. Ldr proceed to lay before you such suggestions
to offer for your consideration on the real
of this meeting, vie.—as to the proper course
•,..,.re•liters to purees with reference to the payment
mice of their claims including interest. First,
• sle he in the recollection of most of you that at
• • • meeting of creditors we bad before us the state-
. • The liquidators dated the 25th February, 1867,
ppeared that the then indebtedness of the
sag ::,6441,655/. 16s. 7d., which was expected by
I iters to b 3 further reduced to 1,892,8811. as.,
there remained various assets estimated to
7d., exclusive of the then uncalled
„f per share, so that there was then shown a
i•cy, of 01.',74f. Is. 5d., to which would have to be
int, rest and expenses. Yon will remember
t that time a section of the shareholders
yat. .I,IIOCI ' tr,l themselves together under the
..p
te the ••Isefence Association" were disputing
About the date of our former meet- I
;we • their case before the ultimate
•, • blouse of Lords. Therefore at the
r'ormer meeting we had before us two points,
• ; that further calls on the shareholders were flees.-
•n.l _red. that a section of the shareholder were
3ispet•ae. their liability by appeal to the House of
!• i.tainst the decision of Vice-Chancellor Melina. It
1,14 r these circumstances that resolutions were then
.. • in favour of a further call of 101. per share being at
strains that in the opinion of the meeting
rm, were entitled to insist on payment in full of
with interest. These resolutions I oommuni-
•,l t•• the liquidators, and afterward" I caused applies-
; 1.. is !mule to the Vies-Chancellor Bit Richard Melina
r a coil of 1111. per share. That application was
:,Iv opposed by the Defence Association. The liqui.
• . with the appeal to the House of Lords then peed.
dol not feel at liberty to support my application, but
:•1 a!! in their power to assist me in bringing the
• . . to the then position of the affairs fully and fairly
the Vice-Chancellor, and after a full debate of the
• . ties honour was pleased to direct a call of 11W. per
t,, he stale. That all has already produced some
4. •?.• and the balance, or so much thereof as
h.e of recovery, is in course of collection.
Nth day of August, 1887, the Lord
Ali,. delivered the judgment of the House of Lord
• omitirmed in every essential point the decision of
!•31 Malins and dismissed the appeals with costa.
• Lot meeting I told you that I expected you would
11167. have received about 15s. in the pound,
.1.. a I should then call you together again to further
.4:: the matter. 'We have already received 14s. ia
1,1,1,1, and in accordance with my promise I have
lb 3 you together to consider what should be done
• ..btaining the balance due to us with interest. You
:31 doubtless seen the statement of affairs
Ilse been recently issued by the liquidators
the position of the estate on 31st December, 1667.
• -t dement shows that the liabilities, exclusive of
••r, a. wore then reduced to 1,062,e5W. 1:1i. 7d., against
there were assets estimated to realise 1.,841,9211.
• :.. thereby showing a surplus of some 620,0001.
• 'though the liquidators have, as I believe, in this
•• ,ant, estimated the assets fairly according to the
: -,1 their infotanation and judgment, yet it will be
3, any one acquainted with estates of this kiwi, that
:rh ••ach large assets as this estate consisted of, there
t he amongst the remaining arena a considerable
••1 t which will be difficult of speedy realisation.
the other band a large amount may reaseeably
As.cted to be realised from the assets withia
.1. mitively short time. It ls, of course, not the place •
. meeting of this kind to enter into a detailed "semi-
• on of the character of the remaining assets ; but I
:1., the general description I have already given will be
' lent for our present purpose, namely, to enable this
• ring to decide the question, how ter, if at all, we
et to wait for the realisation of the assets for payment
the balance of our claims. In addition to the assets
:tided in the liquidators' statement, there is the balance
the uncalled liability on the sharer., which is also an
aid so far as we are concerned. Calle have already been
.de up to per share, leaving 151. per
:re uncalled on the FM. shares. I should think
if the remaining IN. per share were now called up, it
produce about 1,200,0001., or sufficient to meet, in
I tign-es, the balance due to the creditors, without
t, .t, but it must not he assumes! that this amount,
•, if called up at once, could be realised in a short time.
.:e ..hat I have said it is obvious that the payment of
• ! dies both principal and interest —in full is safe ;
t,•I Ti. w arises the question whether we shall at once press
: burthcr calls or not. I am quite aware that it does
• ,•‘t with us, the creditors, to make any proposal to
: • shareholders. Their duty, as the debtors, is to
.•• a proposal to us. But, on the other
...1. I know the practical difficulty of deal-
t.: with a large body like the shareholders in this
amp my, and, therefore, I thought it not inconsistent with
itv to you to discuss with the representatives of the
. •• 'elders, Messrs. Kingscott and Grimed], on she coni-
,•• of supervision, and with the liquidators, the basis of
• raegonient which I beg to submit to you to-slay for
e,•n•isleration,mitl that basis is—that we should make
•Anitir arrangement in this concern to that which has
successfully carried out in other large cases
,aoly,•• accept payment of the balance of our claims in-
, • .ling interest, by tired instalments, to be represented by
...,,i9ery notes.' As to the dates to be fixed for
: • ‘• instalments I have had considerable difficulty
• . sting to a satisfactory understanding. At
it was strongly urged by some creditors
,; thc balance due to us ought to be liquidated
,' •ti the present year, bat I think a fair arrrangement
Id i.e to fix the periods for payment of the instalments
. • twelve, and eighteen months, from the Ist of
.1 y. NIA, and if this be agreed, we should, se soon
t•,: e•.enviary arrangements can be carried oat, re.
I.,,imissory notes for the bal.snces of the principal
a.. s ith the whole of the interist both past anti N-
1,. 1 ,voile in three equal instalment., the first in July,
). .r the second in January, Ines, end the third in
...v• I Thus, supposing the balance doe to any
cre.i.t•.i •• aelosive of interest) to be 1,0001., and
the :t. net part and future 200 t., together
• .".. that would be divided into three equal
I 1,, ••i hell. each, payable at the dates I have mentioned.
~.dy urge you to accept there terms, with the
'Toshio that in case default should he made in pay-1
s:.; 4.f any instalment the whole of the balance shall at
• • • l„ come due, and be enforced by immediate calla. But
Ifoe no doubt whatever that if the arrangement I have
1-.1...e5t be carried out, each instalment will be met
; ••atually by the liquidators. As to the question of
r..!..11,t,the representatives of the shareholders urged upon
i.se at first, that the creditors should forego all claim to
interest, in consideration of the balances ut their claims
submit interest being paid at a short date. In the
'rot place, I doubted if so huge a sum could be
raised by the shareholders es would Is required to pay
.5l at once the balance doe to the creditors, even without
terest ; but, even if it could, I did not see my way to re-
, oinniend the creditors to accept it in the present position
of thismatter. I pointedout to Mesars.KingscoteandGriesell
that although the case has been one of hardships on the
side of the shareholders, yet that it has not been free from
hardships, as affecting a large number of creditors,
:amongst whom there are many who have suffered severely
1 having their money lock ed up in this unfortunate concern.
but while I have thought it my duty to insist upon the
laim for interest I do not think that we ought to press too
Kverely upon the shareholders as to the rate. should
::at forget the very large amount which has already been
collected by calls on the shares, an amount wholly en-
, ard of in any previous liquidation, nor should we forget
the spirit in which a large proportion of the shareholders
misted all the inducements held out to them to join those
who sought to repudiate their liability to the creditors.
As the result of my discussions with the representatives of
the shareholders, I think I may say that they are prepared -
to adopt the terms I have proposed as to the payment of
the balance of the ereditoriclaims by the fixed instalments . _ _
1 have mentioned, if we will agree to accept a uniform
Lae of interest of 4 per cent. per annum. I find that it The first list of subscriptions to the Cumberland
ItAy involve a good deal of litigation, delay, and ex- memorial to the late Earl of Carlisle, LG., amounts to
pease to settle strictly the rates of interest to which
the top
the different classes of debts are legally entitled, nearly 500/. It is understood that a monument on
of Brampton-mat is the shape which the memorial is
and pending the settlement of these questions (which may m.
be carried in some instances to the ('ourt of Appeal) the "'ek, totake'„
c.aryins out of any general arrangement, such as I have At Bradfordon Saturday evening a meeting was
suggested, may be delayed; and to avoid all such ques-
cases to which I held promoted by the overlookers of the town and district
lions it was. arranged in the other large
aeleb ti° nof the passing of the Fader/ Acs. Ez6ingion
eferred to fix a uniform rate of interest on all the debts
Bill. Mr
lminately, as the only practical way of carrying out . W. E. Forster, M.P., was present and spoke on
arrangement ; and although this ma involve a the benefits of the factory acts. Mr. W. Thompson,
the part of some of the creditor' who N,P., and Mr. IL Baker, inspector of factories, also
lts' be strictly entitled to a higher rate drama the meeting,
s. than four per cent, yet I trust that ' The hon. secretary to the East London Minion
sacrifice we shall be prepared to make
, promote an immediate settlement. In i and Relief Committee denies that his society mixes pro.
which I have referred, the uniform rate ; 'elitism with the relief of distress. "We provide for the
v cent., but it is right to point out that in mein *lasses the sympathy of ladies and gentlemen who
was it necessary to resort to calls on the
spook to them on the Gospel of Christ, sad bring before
le assets alone being sufficient to meet the I
is, with haute!. and that in tech oue the them from that source the strongest pounds of patience
resuscitated, and thereby enabled to earn sad comfort, and we find they receive the warmest acirw-
trees in this case whatever sum is paid feel ekes et gratitude for their sympathy and Christian inter-
tie to coons out of the shareholders. Thep I esoree. contend this is sot only proatalil to the
of money for some time past has, as we but dee fees the dime, sea that the roe mac
very low, whereas at the time when the I o."‘"s'
. were made in the other cans to which I have I the WwParal augota." the mw. trmi tile Chid". Mad'
rate of discount wee eonsiderably above 5 per awn with whisk hi Is asesispaged.'

Ay
err
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ill
oni

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...:~.

THE PROVINCIAL BANKING CORPORATION.
( THIS DAY.)

This day the sixth ordinary general meeting of
shareholders was held at the London Tavern ; Mr. Hamm
in the chair.
The report appeared. in the Expires of Jan. 20.
The CHAIRMAN having gone over the paragraphs of the
report and the various items of the account referred to
she wish expressed by some of the shareholders to reduce
the nominal capital under the provisions of the recent act
of parlisment. The directors would have no objection
to do so if they considered it fee the interest of the com-
pany. But if they bad to go through the process
prescribed by the Act of Parliament and sent out es they
must do, notices headed, " The Provincial Bankint
Corporation, Limited and Reduced"—it would have a very
bad effect amongst the farmers of Norfolk, Suffolk, and
Kant, who were amongst their principal supporter* and
elastomers. No banking establishment would adopt such
a course. He moved the adoption of the report.
Mr. TABOR seconded the motion, which, after some dis-
cussion, was adopted.
A dividend at the rate of 74 per cent. per annum free of
income tax will declared.
The ret ring directors and auditors ware reelected, and
with a vote of thanks to the chairman and directors the
proceedings terminated.

COMMERCIAL AND MARKET&

MARK-LAND.-(rras DAY.)
Very little llsh wheat was ea male at Maitidans to-
day, the ee:Elee Win, for the most part, in very bad e-
ditroa y fine and dry samples would hue reamed
quite as mach money, but inferior runs wore quite mode-
:ilde except at reduced qaotatkne.
The trade in foreign wheals was most inactive ; we do
not, however, however make any change in value. There
wee a semonable supply on sale,
Barley continued soars., and in all sales concluded
late rates mere fully maintained.
The malt trade was inactive ; nevertheless, prices ruled
firm. There was a good supply on mk.
Oats were in little request, at about stationery prices.
There was only a small quantity of maize on sale, for
which full values were demanded.
Rye won unchanged, but not active.
Beane were in little request, on former terms.
Peas commanded let. rates, with nay little doing.
Linseed met with more demand, and prkes ruled firmer.
Rammed was dull. In clover and other agricultural seeds
• wall business was transacted at late rates.
The flour trade wee heavy, but no Mange was made in
the value of town-made qualities. Country marks and
American barrels were rather less firm.
The floating grain cargo trade has been quiet, owing to
the limited number of vessels on offer, but the quotations
generally have ruled firm. There bas been a fair demand
for wheat, and, in some instanoes, rather more money has
been paid. We quote Berdianski, 695. Mariampoli, 69e. ;
Ghirka, 675. 6d. ; Banat, 65e. to 66.. led. per 49211 m. ;
Vacua, 655. ; Danubian, 61e. ; Baia, 575. 6d. per 4601 be.
Chirka, on passage, has sold at 68s. per 4921ba. ;
Kalafat, 625. ; Saidi, 55e. 3d. to 55e. 9d. ; Danubian, to
be shipped. Ms. per 480th. Barley has oontinned stares,
and prices ham sebranoed about ed. in cargoes on pas-
sage no sales have taken place, and the quotation. are
nominally unaltered. Kr.stendje, arrived, is 34.. 9d. to
35e. 3d. per 4001 be. No maize has been on offer ; the quo.
Cations, therefore, remain unchanged. A fair business las
been concluded in rye Mahout last week'scarrencise. Aeoff,
on passage, having realised 635. 3d. to We. 9d. ; likelonkr,
51s. 6d. ; Black Sea, to be shipped, 53e. ; Enos, 50s. 6d. to
52e. Canadian oats and Prince Edward's Isle have
hands at 23e. ed. per 304th.. Beans are quoted at
Ir. fnominal).
ARRIVAL or BILFIVL--Evglish: linseed, 50 ; rapeseed,
20 ; and sundry, 230 qrs. Foreign :-Tares, 1,376 ; linseed,
7,281; rapeseed, 10,490; maize, 7,416; and sundry,
810 qrs.
Evrozrz.-Wheat, We. ; liaised, 20; and oil seed,
3,641 qrs.

Zt cir. 7i
L
k. -
64 to 75
66 to 78

PILICILS.

Oast.
Scotch potato .. • •
Mak black
„ white

" MAIM
Yampa
Tick 4O to 43
Harrow
Pigeon 44 to 14
MIL

G.y ft to 44
Mat 44 to 47
pp
Bogen
___
___ Nto 48

IL4'CL

Town made, per
lbs.
Household 69 te at
Country
Norfolk ant Suffolk
is idp 4lll So 50

ava.
Pei Qt.
OATS. P. •
Danish and Swedish TT to S 1
Basilan

Danish
417141409
Ma.
a to 43
re.
40 to 47
DIMAS Coati.
White 45 to 47
Yellow
hors.
Trench, per amok
Spanlah „
1 American, bd.
per
I Canadian ..
NTO LONDON BY LAND AND
JAN. 27 TO TNII. 1, Beall

referred to fix a
the indiscriminately,
the
';',;71:111g!
a
/7: ie those cases to vie
fixed wu '
,e per c
lay neither of them
shareholders, the
ms creditors' charm
1113 e. business was re
Need interest : .here
rel" interest will hay
stain the price f
L' IP a
,11 know, been s
yw~sursrureruents WI
referred the ran