The British Press; or, Morning Literary Advertiser.
London, England, 1826-03-16 00:00:00

AMERICAN AND COLONIAL STEAM NAVI-

GAT (ON COMPANY.

Yesterday an adjourned meeting of this Company was held at
the City of London Tavern. The meeting, though tumultuous,
was most respectably attended. Amongst those present were, Blau.
rice Fitzgerald. Ertl. M.P. Knight of Kerry ; Sir Pulieney Mal-
colm, K.C.B. ; e..ir Henry Blackwood, Bart. ; Colonel Talbot,
M.P.; Captain Beaufort, H.S. &c. Sir Henry Blackwood, Bart.
took the Chair.

The CHAIRMAN said that he was unaccustomed to discharge the
duties of a Chairman, and felt himaelt quite inadequate to the task
which this day was imposed upon him ; yet he should endeavour
to act in a manner that. he trusted, would meet with the approba.
Lion of the meeting; at the same time he entreated those gentle.
men who were about to take a pan in the disctission, to avoid all
vituperation and personal invective, lie concluded by stating that
the meeting was convened for three purposes, which were—to era-
mine the accounts of the auditora—to take into consideration the re-
ception of the Report read at the last meeting—and, finally, to con-
sider the abstract of an Act of Parliament fur the regulation of the
Company. Ile then called on the Secretary to read the Atitlitore Re.
port, whichsta:ed, that by order of the Directors, 12,31111. 17s. was
paid for 1102 sham, which account the auditors did not take into
their statement, as they conceited the Directors were accountable
to the shareholders, and they were happy to bear testimony to the
honourable conduct of certain Directors coming forward and paying
73W. 16s. being their portion of the 12.3814 17s ; that there were
Ma shares allotted, and the deposit was paid on them, and a sum
of 26,80 W. was got from the public; 19.3371. was paid for the
Calpe steam vessel, and 73421. scoured to be accounted for by the
Directors. It also shoed that there were 4112 shares still in ire
hands of the bankers of the Company, on which the deposits had
not been paid.
A Shareholder inquired whether the 4g2 Shares in the bankers'
hands formed a part of the balance of the 7342!. to be accounted for
by the Director,. ; upon which a most angry discussion took place,
and it was hi tally agreed that the shareholders hail nothing what-
ever to do with the shares at the bankers; that the Directors were
accountable to the m fur the balance of 73421., and it remained with
them to enforce the payment of the deposits on the abases in the
hankers' hands. It was also taken into eriasideration, whether the
Directors were not accountable for 19,3871.„ the sum paid for the
Cuipe, as they violated the Act in purchasing vessels, being only
empowered to build vessels and not purchase; after a very long
discussion, a majority of the shareholders did not seem inclined to
hold the Directors accountable.
The Citatasime then submitted, that the Auditors' Report be
received, which, after much opposition on the part of a certain
ponied of the shareholders, and not until it was distinctly under•
stood that the Directors were accountable for the 7312/., and that
the Omega in the bankers' hands were the exclusive property of
the Director-, was agreed to.
The next question was, whether the General Report of the Di-
rectors read at the last Meeting wait to be received.
Captain Fotir.vrost and Mr. Olt:Goat' severally addressed
the Meeting at great length, in reply to the statement of the Knight
of Kerry at the last meeting.
On the. question being put, by a show of hands there appeared a
great narrity in favour of the Report being received ; when several
shareholders demanded a ballot, which, being granted, by the Chair-
man, scrutineers were appointed, and it was found decidedly in
favour of the Reuort.

Sir HENRY 111.aciiwoon then begged to call the attention of
the meeting to the abstract or the Act of Parliament for the future
regulation of the Company. It stated to have in view three ob.
jecta, viz. c, to enable shareholders to withdraw from the Company,
receiving the amount of their shares, after deducting expenses; to
enable Directors. on taking the usual oaths of emporate bodies, to
register ships; aid, finally, in order to accommodate those anxious
to remain in the Company, to divide every 100!. share into two MU.
shares.

The Citainstxx stated, that the Bill had been read twice last
night, and would be read a third time in the usual course.
A SHAREHOLDER gave notice of a motion for calling a General
Special Meeting, to take itito consideranon the propriety of the
shareholdtrs bearing a rateable portion of the sum of 50901., which
was paid by the Directors to the Builders of the United Kingdom
Steam Boat, to exonerate theiti from their contract.
A Resolution was then motel, and carried unanimously, that
the Report which had just been received should not be printed,
'A it reflected on the character of certain shareholders.
Thanks were voted to the Directors for their zealous endeavours
to promote the interests of the Company ; after which the Meeting
broke up.