The Express.
London, England, 1868-07-23 00:00:00

MB. ALBERT GRANT, M.P.

Arms= instance of fallen greatness ! Alas
for the instability of fame, alas for the bitter truth
of the old heathen saying, " Call no man happy
" till he dies." It seems but the other day that
the magnificent operations of the English Credit
Fonder Company were the admiration of the in-
vesting world. The great city houses, the Rome-
CRILDB and the BARINGS, were becoming old-
fashioned it was said; and the dash, energy, and
prescience of the men at the head of the now
company were quoted with the kind of reverential
respect financial success commands. Mr. ALBERT
GRANT was the central figure upon whom
the popular plaudits fell. His appearance
at a shareholders' meeting was the signal for loud
and prolonged applause. He was a man of the
'time, a wise spirit sent to bless mankind, a magi-
cian whose wondrous touch turned all to gold.
Had such a meeting as that of yesterday been
foretold to the Credit Foncier shareholders a year
or two ago, they would have answered the ill-
omened prophesy with a confident and pitying
smile. Had anyone then ventured to hint that the
tower of strength formed by the popularity of Mr.
ALBERT Churn would so soon totter at its founda-
tions, the smile of pity would have culminated in the
laugh of scorn. Yet Mr. Orsier's final resigna-
tion of his directorship of the Credit Fonder only
elicited yesterday uncomplimentary cries; and
his absence from the meeting was openly attributed
to his unwillingness to meeting the shareholders.
" Where is GRANT?" was the question which
opened the proceedings ; and what the reports
call " rather strong language" respecting that
gentleman marked their close. But some curious
information respecting the system upon which
the company had been conducted came from the
chairman. In addition to a salary of 3,0001. a
year, the managing director, Mr. GRANT, had re-
ceived 72,3921. as commission ; and " a like sum
" had found its way into the pockets of the direr-
" tors." The justification of the late board was
given with much frankness, and appeared
to rest, not upon their justice or honour,
but upon their inability to resist temptation.
" There was inducement enough to overpower the
" coolest Chancellor of the Exchequer that ever
" lived. They were offered 366,8001. to float a
" company. (' Hear, hear,' and 'Oh !') That
" was certainly very tempting. The managing
" director was entitled to a commission beyond his
" salary on the profits made above 10 per cent.
" That left him a very nice sum. Well, how was
" this 366,8001. paid ? It was paid with what he
" must call 'stuff.' They were paid 120,800/.
" in debentures at par, and 240,0001. in bills,
" acceptances, and promises to pay; out of this
" sum they werepaid about 21,0001. of acceptances
" at their value, and of the remaining amount
" they got 6,0001. (' Oh, oh !') The next trans-
" action was that with the London, Chatham, and
" Dover Company. Messrs. Prro and Brno came
" to them and offered a commission of 266,7871.
" for floating their A stock of 607,700/. Upon
• " tjais sum the managing director and the other
" dik,ctors were entitled to 10 per cent. on the
" profits after the shareholders received 10 per
" epnt. It did not follow that they were culpable
". for vomiting this offer. He thought tho share-
" holders were right in blaming the directors ;
. ...,