The Express.
London, England, 1868-04-09 00:00:00

DIY.) • SPOR!

THII

A meeting of the ehareholdere we hold at noon
at the London Tavern to receive the report of the liquid-
&toes upon the affairs of the company ; abet. emeider •
proposal to armee* fee the settlement of the balsam due
to the creditors by paying a further dividend of ls. Bd. in
the pound daring the meth of April, rod by honing
to such creditors as may require the mho
promissory Notes fee the remaining 10a. la the rimed with
miereet, payable to equal instalments at six, twelve,
andeighteint months from the 15th AL Mr. Whine*:
elm of the liquidators, earopied the
The 0n5.11114.1111. in opening the proceedinp observed
that there would have teen an earlier meotieg, but for the
nowdelay Gamed a separate liquidation in Pans, which was
_

Mr. CON YBILLIE, interrupting the chairman, said be
thought there ought to be en impartial chairman so that
oecasien and auggerted that Mr. John Venable, abould
occupy the chair instead of Mr. Whinney.
The CHAraman observed that the Court of Chancery
always appointed a liquidator to set as eltairman.
A SHAIZZOLDER said that we, s mistake.

The CRAIIIMAN then put it to the meeting whether or
not he should ocempy the chair, and the question was
decided in the affirmative. He afterwards proceeded to
read the balance-sheet. On debit aide it wan as follow, :
Dr. To sundry exeditore--as in books—Bahama remaining
unpaid on bill, which are ultimately expected to be taken
v. by the - for whose amount •
Slit "

167,5i41.1eite1el .c;ther areditore-biils-Pawere , 79 9881'
14.. 11d. ; de'poeit aooounts, 64,8481. 2a.; -current or,
49,149/. L.%. ; loans 75 1371. Bs. 11d. ; together,
269,125. 18s. 3d. ; 'making 327,6381. 140.
To capital, as in books, 644,4901. ; to mane fund, as in
b00k5,45030W. ;to profit and loes,as in books, 28,4261.65. 7d.;
total, 1,045,5641. o.lod. ; to this was added-call made
by liquidator, 104,6421. 10s.; together, 1,150,1961.
10s. 10a. ; surplus of &mete over liabilities, enclitic's ef
interest and coat of liquidation, 183,7731. 10s. 741..
making, with the 327,63 M. 14s. 3d., 511,4121. 4s. 10d;
The credit side showed the following:-By cash fa bead
ea in books, 17,9101. Is. 10d., estimated to realise'
17,910/. le. 103. ; by debtors, head office, as in books-
Oriental Commercial Bank (Limited), British and South
American Company (Limited), for bills accepted for their
account ; amount paid by the European Bank (Limited)
in respect thereof, 54,1731. Et. 13. ; amount still to be
paid as per coatis, 68,6141. 16s. • together,
1V,6871. 18s. id. ; estimated to realise 122,6871. 18a. IL ;
It is expected that the European Bank will not ulti-
mately sustain any for by these companies. Goad as
in books, 12,6741. 2s. 7d. ; estimated to realise
12,174/.25. 7d.; doubtful, as in books, 131,123/. 10s. 9d.;
estimated loss, 93,863/. 10s. 9d. ; animated to
realise 37,2 W. ; bad, as in books, 79,0681. Be. 10d. •,
The loss by taking over the London, Birmingham, and
South Staffordshire Banking Company (Limited), Is in-
cluded herein. St Nazaire Company (Limited),
and Societe de Commerce (Limited), as in books,
165,409/. ss. 43. ; estimated lois, 64,4091.
4d. ; estimated to realise 101,0001. By branches,
as in books : 53,0411. 12e. 3d.
do., Comptoir des Hallos et Marches and Balla aux entre,
112,529/. 9e. Bd.; do La Villette Company, 121,8591. 4s. 7d.,
together, 287,4301. 6s. 6d. ; estimated loss, 173,0301.
6s. Gd. ; estimated to realise, 114,4001. • Marseilles-
Capital, as in books, 125,1391. 15t. ; estimated loss,
70,139/. 15e. ; estimated to realise, 56,000/. Rotterdam
and Amsterdam-Capital as in b00k5,58,6701.15.10d.; esti-
mated loss, 48,6701. la. 10d.; estimated to realise, 10,0001.:

50,c0w a asses.; 11111011.51anyou
by preliminary expenses, as in books, 22,3131. 11a. 4d. ;
by purchase of hennas, as in books, 27,0001. ; by bank
ramie= and feriae= in England, as in books, 20,36 W.
la. 3d.; together, 60,6731. 12s. 7d. ; estimated lose,
68,6731. 12e. 7d. ; estimated to realise, 1,0001. ; total, as in
books, 1,069,7771. 3s. 4d, ; total estimated loss, 597,84 W.
Os. 106.; total estimated to realise, 471,932/. 2a. 6d. To
this = added-By salaries to officers of heed offioe, rents,
taxes, &c , 7,0131. 10s. 10d.; by travelling expenses, 8561.
Bs. Bd.; by law charges, paid petitioners' coats, fees, fie.,
9241. 15.. $3.; by liquidators' clerks' services, 2.5001.; by
all of 21. 10s. per shout made by the liquidators remain-
ing unpaid, as in books, 69,1V.1. 12s. 4d.; estimated loss,
29,642!.10a.; estimated to realise 39,480/. 2s. 4d.;-making
the total, sa in books, 1,150,1961. 10a. 106.; total esti-
mated loos, 638,784/. tie.; total estimated to realise
511,4124 4s. 10d.
In explanation of the balance-sheet the CHAIRMAN ob-
served that the amount owing to the creditors was
327,638/. 14s. 3d., against which the Resets were estimated
to realise 511,412/. 4s. 10d., showing an estimated surplus
of assets over liabilities, exclusive of interest and
cost of liquidation of 183,773/. lers. 7d. He then
proceeded to read a very long and elaborate report
of the liquidators, which entered into minute de-
tails and explanations connected with the foregoing state-
ment. A great deal was said in this document about the
relative positions of the bank and the St. Nazar' e Com-
pany. The chairman expressed, in passing, •
hope that both that company and the Societe
de Commerce, which had been connected with
it, and like ft is in course of liquidation, would
prove to be legatly liable for the large amount advanced to
the St. Nailer. Company There could be no doubt, the
chairman also remarked, that the chief seat of the bank's
losses was Paris, and that the company fell into bad hands
abroad. Bad, however, as the state of things wee, it would
have been infinitely worse had they been handed over to
the tender mercies of a French syndic or liquidator.
The creditors agreed at a meeting held yesterday to accept
payment in the manner proposed in the notice oonaming
the meeting. The total number of creditors was 512, of
whom 25.5 were creditor, tor balances of 501. and under.
It was proposed to pay these balances at an early date,
and he Ithe chairman) hoped it would be done next month.
A summons for • further call on the shareholders bad been
pending since January last. It stood adjourned till this
month, in order that the liquidators might ascertain
whether or not the creditors would accept payment in the
way now proposed.
Kr. Kirraza expressed his thanks to the liquidate= for
affording such fall information, which he thought, however,
should be followed by further invertigations. (Hear, hear.)
Ho blamed those gentlemen for not having called •
meeting earlier. The shareholders were much indebted to
the creditors for their forbearance and for their resolution
on the previous day. It wee, he maintained, the duty of
the creditors to prem for a fell payment of the 50,000/.
advanced to the London, Birmingham, and South Stafford-
shire Banking Company. The bead and front of the
lames of that bank was the St. Emir, Company,
but for which the European Bank might still be carrying
on business. Sir Robert Carden, who was a director
during the transactions with the St. Nasal= Compw,
ought tos how it was that 'wallowed the beak todrift
th intoe of &gambling financialinstitution. (Cheers.)
He soul wish that Sir Robert was not one of the liqui-
dators in order that he might tell them as a witness the
history of one of the foulest companies that ever existed.
He should like to know on what authority that bank took
shares in that wretched company. (Hear.) In his opinion
they were individually responsible for pureeing such a course.
He concluded by moving that the offer of the creditors
be accepted, and that this meeting do stand adjourned
till this day three weeks, the report being printed and
circulated amongst the whole of the proprietary in the
interval.

Sir ROBERT CARDEN could not understand why he
had been selected for attack any more than other di-
rector,. He took hie seat at the board in June, 1864 ;
the St. :Zemke bunessetion, which had been in negotiation
for 6or 9 months, took place in the following month ;
and Mr. Colchester, the chairman of the board, haying
stated that it was a good one for the company, he (Sr R.
Carden) would nothavebeen justified in offering opposition.
He had been one of the greatest sufferers by the beak,
having held 800 'harem at the *Me whet it. stopped, I
and If all had held their shame, ae he had dons,
the beak would not be in its present poetics. He had
also a deposit soment of 6,0001. when the bank
closed. He defied any one to put his Anger
on any transaction of his in which he was not
actuated by the most honourable intentions.
A diecumion arose as to whether the report read, which
was in menweript, should be printed. and it terminated
with a promise from the Chairman that the greater part
of it should be printed far she use of the shareholders.
In reply as questions,
The Cusnistan stated that there bad beset may ces
compromise with a shareholder, and that was net made
till after a full investigation of the affairs of the
concerned. Mr. Colchester was settled on the=
oontributorias for 450 shares, and bad paid his sills. Them
was a dimple as to his allepd liability for other shares,
maldnnp
_a total of 600. At the preview meeting he
had Ailed that in his opinion the lame would
not exceed 260,06001. In forming that estimate In Paris I
he was misled by fake and fraudulent
I made by ream who embezzled the in isiZyllia
1 the bank. of getting husk 30,0001., ss he was
led to expose in Paris, they bad had to pay 97,0001.
(Hear, hear.)
On the motion of Mr. HI TUT, seconded by Mr. Dun.
cry, a resolution was nnsaimenaly carried, to the effect"
thistihe meeting swept the offer made by the creditor!,
and that the me stand adjourned to the 30th of April
for the souiderallee of the liquidators' report, the mass
to los printed sad eirenlakd the siterehaldess.
A vo6s of thanks to the Chairmen oeght the promedlop
to a elms.