The Express.
London, England, 1857-03-27 00:00:00

TILE NORTH Of EUROPE STEAM COMPANY.
The Times giyee the following account of the
=Min of the above company, held yesterday:—
4'th Metes' few, the &einem, meameneed by ml-
wider to the dedseeMen eta dividend la July last to the
peeeter Et mode without the preeratetien of advents,
these Wig mei up The distributiou, which
herded we nob ea the ha► of a statement pro-
ws& VI 1.,e etemsegfreggiestor, Ovid& Andrews, showing
kir tbe ming Miters a pests of upwards of
AM. ad emelled by Mr. 3. E. Colman. On that
wank& Cephia Anthems y addressed the pro-
peieestieshillog le the sad prospect. of the ,olo-
pry, he me eNtleiwtoty, and it was then
mapped that when the awettes took place, in January,
hen would be at loM an equal if not an aug-
ments/ dividend. Been whir Christmas the aceountent
of the diets, and k wee found, notwithstanding
sererto mplitte the advents in time
relrileie.MlNl .Iltaehemsey. The directors, however,
m Imes to be thee tbe business had been in
fassumile leas, sad le woo alit until Tuesday, when the
hoses twee tuweght bite partial wee,
_that they sad Mr.
Colima dbievered the fact of a eembleadole low on the
'=d the year. Caplets Antbews, the wowing
um alp oitated tower& the close of the year
then. Vine% MA, although previously apparently in
he MOM of be" the Memo hum whir h he suffered
bei 11.114111051•1 hose hue usL mil he was no bringer
reepeetellth hi Ms soh 116 state of things
dr • MOM= hid lees rade to prepare accounts
he he hmeheiders, bet at poweent they were Meow-
gibe ahem& Mr. Cam= lei ascertained that the los.
was all hest 00,000 f. This ellestaseatance had taken the three-
tees pee** impel's, eng, as Captain Andrews, in whom
the bud le wen se the simenbalers had pliesd greet coal-
dews, mid km be *Howled to, the direduni ',reputed that
a cannabis, ef ehareboMree ahould he appointed to co-
operate with hew in carrying out sn estunuation of the
account. an/ Irestigatbak the elate of the trade not only I
with regard tore put, but elm to the future. With
upset to kg plrflw occupied by himself, the eldirwan
ended thst hit Wilma Widmer in flee coinpiny was 201100/.,
but
,isedeti semeinee the inante,ovneat of Cap-
ton nisi the position of the undertaking, he
hed k bekkOOM, fully (laid up. Comesquently,
V the simehellms bed been deceived, he himself largely
la the seerittee. The announcement of
rt.A.d atessiosed great dissatisfaction, and nevem! Awe-
heldws symboled the conduct of the directors fir the abeenee
ef the necesaary eiicilenee, and also the aegis! of ordinary
seesageme•am, Ante the lees of the sevices of a malinger and
the death of the principal accountant could nut otherwiee
bees thrown the company into such a shoe of ineette.alite
eeefeeiaa. la mower to questions, the chairmen mentioned
that et the bet fourteen vessels were employed. dove under
repair, and ten unemployed, and that the weekly pay-cheer
at Lowestoft amounts to tine A variety of intemendorim
were pet with respect to the thigh. arrangements, which
were replied to, but it was euggeeted that it would be
more deeirable to allow a committee to take them into
consideration. It was .fated that the position of
the share list is satisfactory, She majority being all
paid. up. A shareholder inquired a the but dividend waa
Weed' when there vim in reality no pont. 'rho chairman
mid he awed, from what had lend been meceresined, that
web would be found to be tha wee. Two or three pro-
pendent then desired If r. Coleman to explain how he came
to certify to the accounts In reply he stated that the account.
were regularly audited to De.euilicr, 18.5 i. Being ionic
out annually, dal'. we. DO behind-sheet prepared to the
30th of June, 1856. A statement of the earning. for those
six months was, however, submitted to hinuelf met the
director. by Captain Andrew., which showed, from the
employment of sweets in the transport serviee and other
warm, • total of about 21,000 e, and upon that
it wee preowned a dividend absorbing 13,000!. to 11,001!.
might be ..troy deelend. The Lies which ha. now tee rued
arises mutely from the operations of 11e56, and Mr. Coleman
teemed to place it at a maximum of 40,000 f., the whole of
the amounts not having been finally completed. One ahare-
holder complained that the direeteles "hould have given SO
favourable an account after the werniug given by the. Times.
Solely on the representation of the board, who stated duct
there W. JAO cause for alarm, he had di...heel hi, inter, ,t in
the undertaking. The chairmen metered the meeting Sint
the disown up to Tuesday were tinaequeinted with the
loss, which was then shown by the progress made
under the euperintendenee of Mr. Coleman with the
books. Captain Andrew., whose talent and energy
had recadeol the approval of the director. and the
shareholders by verde' voter" had been placed in a veri-
ties of entire confidence, and the committee would have the
opportunity of probing the whole imeetion, and of testing the
capacity of the trade and the pisition of the company. In
co-operation with them the dirtrtont would at a future day
be able to prevent a report with such mcomesendatione as
'debt appear consietent with the interests of the proprietors"
After some further discussion it um agreed that a committee
of six sharelholdere .honld be appointed to ineeetigate, with
the directors, the situatien of the undertaking, and Sir Mar-
ta* Pete pledged himself that the repot t shall be circulated a
week previoccely to the adjourned meeting. Out of the
fourteen vowels of the company at prevent employed eleven
see chartered at remunerative rates, and be begged the
abezebolders and public to reserve their jodgment, alai not
to Marley unaecerary alarm pending the general inquiry."