The Express.
London, England, 1868-12-24 00:00:00

UNIVERSITY INTELLIGENCE.

CAMBRIDOA, Dno.
LAW TADVin.—Erninincrs.—J. T. Abdy, LL.D., Trinity
Hal; =Voltam Y.A., Trinity College; A. C. Humphreys,
M.A., • Who; S. Ramer, M.A., Trinity EA
First ance.—Baym De. limerarity, Trinity;
Noitan, Trinity Hall, seq.
Beemed Ow.—Edey, ninny Ran ; Rowe littlatien. Hodge%
Trinity Hall; Martin, Trimly Hall; Taber, mq.
Tided OMR —Cooper, Trinity Hill ; Oray, 7 Bennett,
Trirityarg. Latham, Trinity Hail ; De. Him Trinity:
The VINO.
fob:Mug lam pond so as to entitle them to be exempted
from taming the yeni ral emunination for the Ammo of D.A. :
Chute, Thud) ; an la ?dotty ; 'uses, Jam; Rich grow& ;
Jelm'e.
V. I. Cbambarhift,_B.A. Omen's Otateno, and PL. llemptan,
B.A. of MlA's ege. having 'shaded the examinee, to the
Coonmentarica of Gofer and the 4th Vol. of Mahatma's Com-
amanita me entitled to proeed to the degree at Y.L.
OXFORD, Doc. 23.
Ilsienß finxmat.—Tlie election to the meant fellowehipe
at this renege tenoiasted Ude morning is follows:
Orin Ezuowsair.—Mr. Andrew Icing, Exhibitioner of WWI
Colby.
rill.tAnwilnir.-117. Edmund Arbuthnot Naos,
Scholar of Corpus Marti College.

CREDIT FONCIBE OF ENGLAND (LIMITED).

- -
At the present crisis in the affairs of the Credit
Foncicr of England (Limited) the directors have
issued the annexed circular, which bears the
signatures of Messrs. F. Mowatt, A. F. Cuning-
ham, and 0. Balfour :
Loedou, Dec. 23.

self-constituted nommittee has agreed upon us a
requisition, signed by the neteroary number of share-
holekre, to convene an extraordinary general meeting.
In consequence of this uisition, • copy of which is
l.ercwith wed, and dr the exception. that plied
e taken to it ro the ground of its illegal character, we
have fixed on the whist day, after the holidays, likely to
suit the majority of the shareholders fur holding such
me neg. In doing so we have been iuflueneed ,by the
consideration, that it is of vital importance to the in-
terests of the compute" that the question. rraasel by this
committee should be brought to issue, and our own warm
of action tent red from the state of doubt and suspeneee,
I y which it is ut i.re-, ist inepeehd, with the lead possible
d. lay. We must at the muse time, however, *melee; our
astonielmeut and 'rivet that this conimith e should have
refused, as they Lave persisteutly done, to allow these
questions which, in point of time, have uo importance
whatever, to etand user till the day of the ordinary
g, seal meeting of at at month. and have thus. for the
sake merely of having them discussed • fortnight
either, put the conipatiy to the expense, and the
shaieholders to the incouvenienoe, of holding tw
meetings indeed of one. • • • • With
re fueuce to their proposed to "tulip"' we think it
our duty to point out, that the tint is so weirdo' that any
and every proi coition, iterating therein *Are the liquid:s-
tint of the company, might he entertained and dee tied
ender cover of it; that, by the second, Clause (6), the
action and reponsibility of the director, might be entirety
steitrieded by the appointment of itopectors ; that, by
Clause (d). all the directors might be simultaneously
removed from office, and before any provision coral
be legally made for electing their suctiosors ; and that,
by Clause CO, the qualification of directors would be
reduced to the very insufficient amount of 200 shares,
whereas we are of opinion that it should be increased
from 400—the precut qualification—to, at bleat, 600
shares. Again, it is evident that Clause (6), for putting
an rod to the issue of proxies, would, if adopted, have the
effect of depriving all those who could not attend the
postings, or, in other words, tour-fifths of the share-
holders, of all voice in the management of their property,
and of placing it entirely in the hands of the comparatively
small number that do attend meetings. In truth, however,
the teal difficulties of the company, and which are such as
to require our most anxious attention, have but little
connection with the Articles of Association, much as they
may nerd amendomit. They have arisen from past 1014.
mai:ageinent, which occurred before we joined the direc-
tion, and are mainly to be attributed to the following cir-
cumstances. The capital of the company has been all
called up, and both its borrowing powers and its credit
have, orrerequently, been greatly restricted. The capital
has also teen Klmost entirely locked up in investments
that nand for the present be made availslele but at a
serious sacrifice, and which are yet yielding no return,
while some of them require additions! exponli-
ture be ensure both their safety and ultiinste
success. To provide for this necessary expenditure,
under these circumstance., and without exposing the
company to danra r, has been, and must for some time
rot:trate to be. cur of the moat responsible of our duties.
Ilitbetto, howeser. we have succeeded, although not
without toinuderal !es diffieulty, in effecsing this important
object, mud Lave hate doubt that. if unmoloste4, we shell
still be able to do ro. la tie meaLtano, white nursing
these investments, and waiting for a favourable oppor-
tunity for realising them, we hive—you will be glad to
hem—cut down the relievers of management in ec.ry
teethe way, and reduced them, in tart, to the lowest
point practicabte. We have also avoided adding in
any way to the liabilities of the company, having,
under existing circunistacces, refrained from undo.-
taking any new business. We think it right to
mention titre, too, that all the books and prat
transactions of the company are undergoing a searching
ins estiLation, by thoroughly independent and colepotent
persona, with reference to the proceediags we have con-
sider el it to be our duty to take for recovering the coin-
limey's claims upon the old directors, the result of which
we have every reason to expect will be highly retie
fictoiy. Indeed, to sum up, we cannot better convey to
you our opinion of the preseut position of the company,
and its prospects in general, than by Mating our belief
that, if protected from vexatious interference. and allowed
the tree exenise of our own judgment in the manage-
ment of your affairs; we should be able, within a reason-
able time, to extricate the company from its difficulties,
stud to place it in a comparatively successful condition.
It is obvious, however, that to accomplish this
we must be sustained and misted is oar
efforts by the confidence and support of those we are
endeavouring to serve, and we think it tight to inform
you that, unless the result of this ill-timed meeting, now
being forced upon as, should show that we enjoy the
confidence of the great majority of the shareholders, we
should consider it useless to continue our efforts to save
the company tram disaster, and therefore should resign
our office as directors. We, consequently, earnestly re-
quest and advise you to attend the meeting personally,
X 0 that you may judge for yourvelf, from the explanations
we shall then give, of the state and prospects of the com-
pany, end of the propriety of the measures we have
adopted for its safety and improvement, and act accord-
ingly. If, however, it 'should, unfortunately, not ho in
your power to be present yourself, we should strongly
recommend you to own and return to us tau enclosed
proxy, that we may use it, not ter auy personal advan-
tage to ourselves', but to defend our common property
from the imminent danger with which it is threatened, by
the injudicious interference of persons who, however well
meaning, are not in a position to appreciate the difficul-
ties with which it is, for the moment, surrounded.
The meeting above referred to is oonvenel for the
6th January, and in a further memorandum thee
directors state, its follows :

7A"

Ile notice of the objects for which the meeting called
having been drawn up by counsel in legal terms, the
dii relay; think it prow, in onler to avoid any mircon-
ciption on the subject, to espluin that the resolutimoi they
hat red to propose at the meeting will be to the following
effect, vie. :—To reduce the number of diroctoni to a maxi-
mum of live and a nineuiuni of three. To give power to
the general meetings to remove any or all of the directors
on a previous name of twenty days. To rodeos their
remuneration from 0.400 L to 2.,0001. per annum, or any
other sum which the meeting may determine upon. To
increthethe qualification of the directors from tiltl to 4100
shame. To shah& the titles of Oovemor and Deputy-
Governer, and sobatibutr those of Chairman and Deputy-
elfilblell2l. That the ideation by fka board of any director
to till up a weal vacancy SWIM subject always to con-
thibatioa at the neat general atiatisi.

PROPOS/a) tiziv Rasx.—There is a propawl
now before the Wad Han Local Board of H.rlll for the
pnrchose of Uldompark, war Stratford. The park.
which le the preaarty of Kr. J. Gamey, of Neowieht he.
been sawed le Oa board for the sown el 265000 f. Of this
an Maui moiabete of the thaw, sad elaa family
offer to eatearlbe about 6,000 t, eat lardbor
matted, cas be had from other quarters.
will 0100 be mate to government Ser saiatasfres, oadmr:
is to wait ulna** Home leeretary at es early
aderitilPoodble.
Ca wrAL Paircii.—Ors BAWLING ats.—
WYDNINIUT, DEO. 23.—AdasYsioas by MOOS 416114,
2,1106: ran paymont. 1,612. Total miettele._&lo7_
To 0113 AND CATTLE KINNIONL—The Nu-
AMA • ..SVC
a _weeriet4
I ,
ariatliEE • 1
figo4o.ll.t Withal* 11111.