The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-24 00:00:00

ISS.

THE BRITISH

ST'. PATRICK'S ASSURANCE COMPANY.
TO THE EDITOR OF THE BRITISH PRESS.
Sta—Obscrving in the British Press of yesterday a re-
port ofeHie proceedings of the Proprietors of this Company,
I beg-taisand you an account of the meeting which took 1
place onthe 14th Instant, which has been forwarded to me.
Every circumstance connected with these Companies is of
such vital importanie to the mercantile world, that their
proceedings cannot 'be made too public. The question as
to the liability of the Directors appears by the report in
your paper of this day to be set at rest. Indeed, it could
tat r be tolerated for a moment that they should be al-
lowed to claim an exemption from responsibility under
r ,
sereumstances of mistonnagernent or neglect.
I am, Sir, your obedient servant,
Z.
ST. PATRICK'S ASSURANCE COMPANY.
MONDAY. OCT. IC.
On Saturday. the fifth adjourned meeting of the Pinpricors of
this Company was held at their establishment in College-green.
The meeting was announced for twelve o'clock, but, in consequence
of wine expected communication from the Board of Directory., the
Committee postponed the meeting one hour. Frem twelve o'clock
the passage was crowded with the Preprietore, end the moment the
doors were opened a tremendous rush was made up the staircase
to the Board. Room.
J. M.'PritE. Esq. one of the Directors, baring taken the Chair,
read the minutes of proceedings of the last mating.
Mr.Seemer: then rose to submit the Report adopted by the
Committee • it stated in substarce that the Committee nee received
and carefully perused the opinion or Counsel on tt.e ca,e laid be-
fore It ; that this opinion centirmed the impresgon entertained by
the Committee, that the Bored cf Directors was toe certain extent
liable ; that on receiving this opicion the Committee had made n
proposition to the Board of l)irertcrs that tiny (the Boars!) should
make good the arrears tint by the agents, amounting to 41d100t.
The hoard had not seceded to this proposition, but a short time
hef.ye the meeting. the Committee had reeeived a communication
front the Board, saying, etey would meet the ComMittee on Mon.
dar, for the purpose of attiring into smile amicable arrangements.-
UUder these rereinnstanees the Committee recommended a further
adjournment, as it would be 'highly chid:able if their aVairs could
be settled by minuet contemners.
It was then moved and carried that the Report be received.
• Mr. Krewe er tleeiglit, from the !term they had lienzel, the
only course to pursue was to move an adjourrunent until Monday
next.
Some cf the Gentlemen of the Committee said this time would be
too •hurt ; if they met on Monday they would have only to adjourn
main. It was then suggested that the adjournment should be until
Saturday.
Mr. J. D. Muu.rx said, that peeling the meeting Vile rot
aware of the arrangement for an accommodation tits,. was gotug on
between the Company end the Board of Directors. It was intended
to submit their differences to arbitration; the Compane ;Appointing
one Counsel and the Beard another, with power to cal in an um-
pire if necessary. Now, as the Committee was not to meet the
Board of Directors until Monday, it was impossible the award of
the arbitrators could be bad on that day to lay berme a general
meeting.
Mr. KinweN sold, the Director had made a call for another in.
stalment of 21. 10s. Worth, they forego this call if the meeting
consented to a longer adjournment ?
Mr. M e LUNE, ODe of the Directors, said, certainly not. Under
no circumstance; could it he dispensed with ; it was necessary for
their own protection ; if, after this instalment was paid, they came
to the resolution to stop the Company. which he thought would be
very unwise, the over Flus in hand* would be refunded (laughter) •
but at th:e moment there were claims on the house for 110CiOtti.
(Hear.)
Mr. Et nwele—Wlll the Directors suspend the call ?
Mr. !queerer's—No, certainly not; under no circumstances.
Mr. KIRWAN—Then there is but the one course for us to tow.
sue, and that is, to sign the revieitinn and remove them. (Cries
of " Hear. hear, sign the requisition.")
Mr. Gent NSON thought, as they hail submitted a erne to Cou--
sel, and had the able opinion of Mr. Pennefather on it, they 'should
now wait until they could act on that opinion. (Cries of " Ad.
jourt ;" end " No. no.")
Mr. DALTON bad the highest opinion of the liish bar, but Fail
lie thought, and heft before given the advice, that they should sub-
mit a case to English Counsel, for even a minor Counsel in England
might be able to give it better opinion than the most able here, from
their greater experience in commercial matters.
Mr. CONWAY said it appeared to him there were two questions
before the meeting; one was that of adjournment, and the ether,
would the Directors, in ease the meeting agreed to an adjoarnment,
suspend the call ? (`- They will not," from several voiced.)
Mr. 17 ULLINS said he had too great a regard for those who
might succeed in the Directory to suspend the call, which was ab-
solutely necessary for their safety.
It was here observed that not one-half of the Proprietary would
pay up the present instalment, and that it would be necessary to
bring actions against the others, which would be attended with an
enormntis (event e.
Mr. KEetee proposed that the call should be suspended to she
fell November. _
Mi. alpine NS said. tLatiaer alts sbemading was not xwatc of
.1 the meteor the funds-of the Compasy. There were claims cn item
to the lonettrat of 3.3.0004.. and all the funds in heeds was 10,00e1.
There was 10,009/. meted in annuities ; but it would be some days
before this could be nrideattilfthle. and there was 46,0041. due I.y
the agents, which was not available. • (Hear.) No sooner would
the fib of November come than proceedings would be taken by the
creditors of the Company ; Baal any individual in that room might
be sued for the debts of the pnti:e Company. It was only neces-
sary to set up a nominal def dant, and the creditor, having este.
bushed ilia claim aga:nat thi nominal defendant, could bey an exe-
cution to the premiera of c ry one of the Proprietary, in sums.
aim), until the amount of hid claim was satisfied. He had hiring If
freehrld property, and soma chattel property; but it was not to
freehold property the creditor would look, fur he would have the
trouble of taking out a eustodiuni, or an allegial. It was the mer-
cantile gentlemen, who had valuable property in their warehouses,
who would suffer. Aneenceution might be laid in his house, and
his carriage and furniture would be sold ; but no creditor would be
at the trouble of going beyond this, when he could come upon The
warehouse of wealthy IIitICIUIZA. 11.11:a redress •would• the pro.
;Metter have, whose property was told under an execution ? Ile
could sue the Company, that is, he could seek to re,over from the
Secretary to the Company. (Laughter.) This would be the only
course. (Murmurs of disapprobation.)
Atter some further discuesion, it was moved and carried that an
adjournment should take place to Thursday next, at twelve o'clo:k.

[ADVERTISEMENT:I
LRIT4'II.I inoN

TO THE EDITOR OF THE 13RITISH PRESS.
St 1.--I perceive by your paper this morning, that the Managers,
Auditors, and Corrm»ttee, Engineers. Agonts, and Surveyors,
Miners. Lecturers, anal (,ieologists, Clerk', Accountants. and Solid.
tors, with all the ususl train of hangers-on and dependents, place-
bunters and place-Iteepirs, have now sat in judgment one whole
week on rrt, a Letter to the Stuirehotilers," without daring to dis-
prove a single fact or inference of imporiance, partieotarty n•ith
iey'reace te /1:2 Cowpony's affairs in .SS.i.fliirdshirc. Mr. Sheers
endeavours to wriggle out of the question, by declining a newspaper
cos esporaicnce; though I know ho would he the last to exhibit
such a coyness if he vnuld oily con3;ct me of any serious misrepre-
sen.atiun. Out, as if he were destined not to succeed by such
manoeuvres, every step be tatcs to get out of the serape seems
only to plunge him still deeper in the mire; and the shieli
lie adopts tor his pmteetion- Kerins to attract only greater
notice to the crows ho tier committed; for one of the new
Directors enlisted to cA-rokirate his own- denial of my state-
ments wu a Member of the Committee whose lteport I
have revie-.erd, and proved to be pliacions and defective in
many respects another is one of the Managers, still holding fast
to a salary of 1,0007.-per annum ; a third sipped into the place of
Mr. Shealy, the moment lie slipped nut cf office, after lie had
firit
.paid himself twelre la! 'mired adi ftji,, pounds fbr his valittaik
seresees ! whilst a fourth, nearly related to the /jet!, is destined
to enjoy one of the most luetauve trusts in the concern. Now I
uk, is this a tribunal to be depended upon for a contradiction
of my statenuets, and that—opinion unsupported by one single
solitary plea %nix aver. on oath. it necessary, that
nearly the to ri net pal feet, are deemed trout cranes
printed aad publiaised.to,shc discredit of she Managers by the au-
dimity of the (3oramittereajone P and the very member of this body
who is cow onoof sot veil Diregsorrk and also one of the nes: de-
fenders of Me. Shears, .was the first and foremost to pronounce
the heaviestjatlrcent ittlinst Myr at the Gettig' Meeting on the
7th Sept:n:36er