The British Press; or, Morning Literary Advertiser.
London, England, 1826-04-07 00:00:00

EQUITABLE BANK LOAN COMPANY.

Is con•equerice of an advertisement, stating that a lee;ing of
the Pharetiolders of the Equitable Rank bout Company would
take place at the City of London Tavern, on Thursday, April 6,
Merril gentlemen, proprietors of shares in the said Company, met
esterdsv at the place appointed; but it did nut appear by whom
the mee.ing had been convened.
It ',en* stated by Mr. Vic:Efts, in the course of the day, that he
bad that morning called at the Cempany 'a office, in Cateaton-street,
to ascertain whether the advertieentent had been inserted by order
of the Dreetors, when he we answered in the negative, and was
told that the Direetora had given public notice in the papers that
bar meeting had been convened by them, and that if any fleeting
were to take Mare, in pursuance of the advertisement that hrd ap-
peared, it would be perfectly nugatory under the deed for regu-
lating the Company ; that no Director or Officer of the Company
would tweed such meeting, and that all proceedings at it would be
irregular and void.
At one o'clock about IS or 20 persons had assembled, and with-
out any one being regularly appointed to take the Chair.
31r, VIC Las proceeded to state that it' there were any person
present, on the part of the Directors, who could correct the state-
ment he was about to make, he should be happy to hear hint. He
believed the facts which he had meertained would give the share-
holder* a comet idea of the exact poeition of the Company's affairs.
It appeared that the money received by Fry and Chapman, for de-
putts, amounted to - £16,810 0
Received by Spooner, Attwood, and Co. - . 13,600 0
Value of Shares appropriated to the 30 Directory,
Auditors, &e. not taken up - 9,000 0
Amount of Shares not issued or paid upon - - - WO 0

Making a total of

- 40,00') 0

Ho that it appeared the cath which had been actually received watt
30,4101. He had sacertamed that t here was balance
to the hands of the Minkel to the amount of - -
Paid tor the College of Physicians

69 19
. 16.8:13 6

18,873 5

So that the Shareholders wanted information, in the
feet plats, as to what had been done with the re-
maining . 13,333 13
Refound that there was an account of 2,892/. 12n. 6d. against the
content, at present undischarged. being composed of bills for fur-
niture, printing, committee rooms, coals, and books ; 7s. 3d.
far parliamentary expenses, and 100 f. charged for plate to Mr.
Finlarson (as we understood.) This debt remained unpaid, and
yet 13,00/. bad venishrl. The deposits from the 30 Directors
and Auditors, amounting to 9,00 W. must be looked for at a fu-
ture day.
A SflmtEnoLnra.—Dnes the 111,603/. Gs. paid for the College
of Physicians include the repairs ?
Mr. V tutus thought it dirt not. At all events, all that the
( °moony had to show for their money was the College, against
which there existed a variety of claims, equal perhaps to half the
value of that building.
A Sia A n ?HOLD E a—The purchase of the College was at 10,000'.
J know.
Sir. Vioras--As this concern had been got up under very aus-
picious circumstances, a. far as names went, a great many stock-
hoichr. no doubt having paid their money because the Company
came one with such name., thinking it impossible that gentlemen
would lend themselves to any thing that wen nefariatia, they might
as welt pee who of those m-ntlemen had anti rho had not pail upon
their share.. (Alr.Vigers here read a list of the gentlemen who had
taken up their shares, and also of those who had not ; but as no
person attended the meeting on behalf of the Directors to correct
any mis-statement, we decline mentioning the names of the per-
sons, all of whom were highly respectable.) lie then proceeded
to say that several applications had been made to Sir William
Congreve for the purpose of getting a meeting. but that notwith.
standing sepeated promises that a meeting of the Directors and
Shareholders should be convened, no such thing had yet taken
pisce: in February last a sort of circular was sent him by Sir
Wm. Csogreve, but without any signature, though from its tenor
it appeared to be issued by the Chairman of the Board of Directors.
The letter of Sir Irm. and the enclosure were as follows

" Sir—l am, sorry to say that the attendance on Tuesday, the
•21 Instant, was too small to form a Board ; I, therefore. caused the
enclosed circular letter to be prepared, with a view to a Meetic:
this day, which, however, has been agreed to be postponed until
Nt.rdnevlay, tt.e 22d itatant, in consequence of an interview ex-
pected by one of the Directors with some of the Members of the
Board of Trade. I can assure you every effort has been mad.,
and still is makiug, to procure the Charter. and transmit you en-
ciosed a copy of a second Petition, that has lately been presented to
the Council by the Board, from a number or very principal
chants of the City of London, bn!h of which we hive reason to
believe might render imporant service.
" I doubt not, therefore, that at the Meeting on Wednesday
next something decisive may be known. and tint the result sin
be the immediate preparation of a Report, to be submitted to a
Geeetai Meeting. as soon as it can be prepared.
" I am, Sir, your most obedient Servant,
WILLIAM COXOREVE.

" No. 13, Cecil-street, Strand."
(Circular.) i
" Sir—As Chairman to Equitable Loan Company. I feel it
due to the general body of the Proprietary, to the few Directors
who have of late attended the Board, and to myself, to request the
earnest attention of' those Directors who havo for some time ceased
to tate an active part in our proceedings, to the present state of the
Company's affairs, with the view of obtaining their speedy advice
and assistance as to the course which it may be thought necessary
to pursue, at a moment when our exertions might be of the greatest
Importance to the public.
Whilst I have, in common with the Directors who have at-
tended, to deplore the want of the co-operation of the majority of
oor colleagues in the Direction, and to lament that their absence
has, in no inconsiderable degree. retarded the progress of our melt.
ouse, still It gives me much pleasure to state, that the period is not
yet pained when their active (actions may be productive of the
but effects, and may at an early day bring our united labours to a
surxesaful termination.
" You ere, pedlar,, aware that our petition t* the King in
Council, praying for a charter, was referred to the Board of Trade.
with whom several communications have since taken place, 'although
their first report was unfavourable. .Being still convinced of the
utility of the general principle of our plan, aod at the same time
anxious to meet the wishes of many individuals who considered
pans of it objectionable, we lost no time in preparing another pe-
t:lion. In which those parts were removed ; that petition is now be-
rate the Council. . . . .

" lo the meantime, not only the general utility, but the almost
absolute necessity, of the proposed establishment, have become
daily more and more apparent; and such is now the conviction of
that aecessity, that petitions jyt support of our prayer have been
*mad by a most respectable body of merchants and traders, and
presented to the King in Council and Beard of Trade; and it gives
roe pleasure to be able to state, that amongst those now warmly
interested in our success are very many intelligent and respect-
able individuals who had hitherto been foremost among our op-
ponents.
" Thus our affairs at peseta stand, mid I feel convinced, that
If the whole of the Directors will now come forward, and show
themselves disposed to carry the business of the Company into
stove operation, there would be no longer any doubt of the corn-
piece success of our exertions. At the same time, I cannot conceal
any fears that a continuance of apparent apathy, on the pan of so
many Director, who were so actively engaged in promoting the
Cats any at its outset, will have an effect extremely irjurious if !
PM altogether ruinous to its interests. Allow me to add, that, as
a body, we owe it to the proprietors, a great portion of whose
money has been already exhausted in e. deavours to carry
this measure into effect, to lose no opportunity and to Mkt
no exertion on our parts, by which they may be saved from
low We owe it particularly to those, who, confiding In our
premise" as men of honour. and in our diligence, as men
tut business, were Induced to join the Company while its
shares were at a premium, to do everything which the most unwea-
ried application can effect. in order-to show that their confidence
was n.it misoleced. In fine, we owe it to our own characters, which
ears been so grossly maligned by daily and hourly talumnies,
connected with this Company, to disprove these slanders, and to
allow the world that this was not a plan we had taken up lightly,
er pullout having duly considered the means by which it might
be resltsed , and thin we ran brat do by omitting no exertipn that
human inelionry can accomplish, to carry it into effect.
" Taking these matters into your consideration, may I hope
that we shall have the advantage of your cordial co-operation in
the measures which are now going forward. and your personal at-
tendance at the future meetings ul' the Board, Krtirtilarly at a
meting of the Directors, fixed lot IVednesday, the la h instant,
when inure full details as to our proceedings since the recess will I
be laid before you.—l hare the honour to be, Sir, your must übe.
clam humble servant." •
reottutte, however, having been done, professional application was
then made to Sir William, in answer to which a commuoication
was received en the ltith of February, front Mr. Hind, the chief
clerk to the Company, stating that the Meeting proposed had been
unovoidebly postponed, and that Sir William Cottereve would
write the following day. This was on the 1611 of Febeeary
now Csec the Coli of April, and yet no meeting had been able ,
be obiaiiied. The expectation held out in Sir William Congreee'•
totter, ahoct obtaining the charter, he (Mr. Tigers) would take
statunlitincif to say, upon the very best authority, was delusive.
apd that there was not the slightest chance of ever getting it. This
hr bed from tbe highest authority, which he should b.! happy to
communicate t, confidence to any gentleman appointed Inert for the
41tereholders. There was not the least hope of any such thing, and
this sort tit' talk was for no other purpose that; to amuse the Share.
battier.: Fret all the documents, therefore. which he had been
able to obtain, this Company appeared to he nothing more nor ICS,
than a thing got up by certain individuals who had 'nude a good
dome of it upon the Stock Exthnene.
A Sitennitonusa—Who have been acting as managing Di.
Stecaord?
Mr. Vtozne--That he had not yet got at. The copy of the
deed stated three Trustees. withoen whose sanction it seemed no-
date, retold he door. There Appeared to be 'efficient facts betoie
thew to atitboriee the necessity of their fakir* some steps to icing
the 'natter to a etWittaann one way : the OMIT. And be would
propene the appointment of a comnottee of threegeotlemen to in.
oar woe the &teapots (which by the deed they bad a right to do),
Anil to report at a subsequent alerting, to be convened, the result of
that investlgatinn.
A Seteenetoadllia observed, that font', the statement jnst made,
there certainly appeared to be the most Foss end fl Knott aburai
embewhore I and It was absolutely triteamay foe the proprietars
ashes they submitted ton barefaced robbery) to tome reword.
Is was awed la she deed that the Directors should call two ne*tel

meetings yearly; this bad not been done ; the deed was therefore
violated. It was really lamentable to see the moves of persons ex.
erciaing 'mole of the highest functions in the country mixed up with
transactiors of the disgriteeful deacrimion that hail recently occurred
in the way of joint..tock htihbliw. The speaktr then made some
allusion to the condnet of slettibers of Parliament, and said, that
on making mph, chin to a certain Member, now about to retire
from the repre.entotion of —, to present a petition of a public
nature to the Douse, that honourable individual declined doing so,
alleging that " they did not come to the Douse except to serve
their friends." flat the prayer of the petition been granted, it
world hare saved the country one or two millions of money. but he
could not get it preiAtted. Well might 31crulters ray that they
could not attend to these things,when they mitered thernaelrea to be
I connected with such speculations a. these oat of the House. With
regard to the que.tion immediate•y before then', he conceived that
the Director.' were hound to return all the money. How elate they
expend four or tire thousand pounds in ri o.tra without any so.
thorny ? It appeared too that they had paid to a celebrated
Fentleman, who had lately been the candidate Inc an office
in the earieh of St. Luke'.. 'lice or six themostol prottuls.
There was a pretty jab! Well might the mow.), fly when inch
things were tolerated. NotliMi.: coo!il be done better than the Rp-
Imintnicnt of a Committee to carmine into these thin n. It was
absolutely the fact. fer he had aseettained it, that the charter had
been refused two months ago. lie thought the history of throe
Joint-stock Companies. if put together, would form inc of the
prettiest novels that ever was printed.
A Sig ArtrwoLDElt —You mean a tragedy, Sir.
Mr. PincusdiAininied taking up the matter otherwise than as
a man of business. Notody was impugned—nobody implicated—
nobody charged; their object WWI to acquire intbmiation, and to
give the Directors and every other party ad opportunity to explain
that which required exploration.
A Gentleman thought it woubl be better to advertise the proceed-
, ingot of this day, nod cull another meeting, at which a Committee
might he appointed to investigate the ofrairs of the Company.
Mr. Vitt as was then called to the Chair, and proposed a MR.
lotion to that effect ; observing that the result of his information
was a conviction on his mind that the whole thing was an impu-
dent job; and he trusted no English gentlemen who knew their
rights would suffer a few individuals to obtain their money, and
spend it, and then turn round and laugh at them. He and those
for whom he acted were determined to go on, anti; if there was a
shilling in the pound to be got, they would have it.
The resolution for convening another meeting on the 20th inst.,
at the same place, was then agreed to, and the meeting adjourned.