The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-02 00:00:00

BRITISH GAS-LIGHT CO3IPANY.

1p eoneequence of an advertisement in the daily papers, ealllng
meeting of the prnprieto rot of the British 0 es Light Company, several
gentlemen attended at the Auction Mart, in Bartholomew.lane,
yesterday; the object of the meeting, as stated in the requisition,
was to take into consideration the answer of the Directors to a re-
wqnrinn passed at a meeting of some gentlemen, whose Antes had
been declared farfeitcd because they had not paid up their deposits
on the last c'fl.

At the hour appointed (one o'clock precisely) there were about
twenty persons in the room. hut not one of .t hem seemed to know
why they were them, or what was in be done, and some were led
to think that it vas altogether a timer, an opinion which received
spparrit confirm.atitin by a written 'paper bei-g put up over the
tie.place. containing these words: The British Oas Light
Company met, and adjourned line die."
The trick in part succeeded, for many went away on the Instant ;
amongst the number were some reporters for th- daily preps. flow-
erer, the placard was anon eqrnmitted to the flames, anti in a few
minutes after, Mr. Fenton, of Austie.friars, who, as Solicitor to the
complaining parties,c.mlH4 timaditessi,mosawac_fgatagidaliaaosw
ints atersorms; eiteFfiriiirr.; sm,eral others.
Mr. HORICE, an original Proprietor, begged to know from
whence the requisition emanated, and what was the object of the
meeting ?

Mr. FENTON replied that it came from him, on behalf of such
Shareholders as the Directors thought proper to say had forfeited
their claims upon the Company. The meeting was intended for
sorb alone, and all other persons might retire.
Mr. Boast contended that, as a subscriber to the British Gas
Lig .t Company. he had a right to be pres.nt.
A long aid rather 1,:?.7,11 discurion took place on this point, and
it was finally agreed that., as no Chairman would be appointed, all
that pleased might remain. _ _

Mt. VIGEIIS then stated that ON meeting had been convened
with the view cf getting some information on the situation of the
Company.
A S2IAIEDOLDEII-.. Mr. Vigers isnotasubacriber, therefore can
have no right to demand any Investigation.
Mr. VIOEDII said he appeared there for his daughter, Miss
Vigers, who was a holder of several shares I end, Its he believed,
a parent could not be denied the right of protecting the pro.
petty of his child.
Mr. HORNE observed, that the application should have been
made before the shares were forfeited; the deposits not having
been paid up on those shares, the lady could no longer be con-
sidered a pmrrietor. He was at a lo.s to think what could be the
object of seeking for information under such circumstances.
Mr. FENTON replied that the object was simply to enforce the
claims of tiime whose shares were said to have been forfeited, or to
get back their money, because they conceived they had been un-
justly excluded. _

M. HORNE could not but think it was very natural that when
they declined paying up on their shares, that they should hat7e been
excluded.

Mr. VIGER9 was glad to meet Mr. Horne on this occasion, be.
cause he recollected that, at a former time. that gentleman had
taken • very active part against him. The object of than who
were hostile to inquiry was quite manifest ; they did all to depre-
ciate the value of the property, until they brought the shares down
to 9/. discount, and then they bought up all they could get, in order
to speculate with the public money. The Dire. tors, at the last ge.
neral meeting, had made statements without figures—they had
produced no accounts nr documents to satisfy the Proprietors that
their contracts were judiciously made, and a great majority of those
who herd shares began to be alarmed.
Mr. HORNE said, that if the conarn was as unpromising as it
had been represented, there wan the less reason for regret on the
part of thole who were now complaining of exclusion.
Mr. FENTON said that was no reason why they should tamely
submit to imposition, when they had the power to enforce their
right by an appeal to a court of law.
__

Sittaatiiot.mot observed, that all persons who put their
names to the deed were bound to pay up the calls, and having de-
clined to do so, they of course had broken their contract, and had
no longer any legal claim on the company.
Mr. rt N ON prot,sted against this construction of the thing, The
Directors were the first to break faith. It was set forth in the
prospectus, that 20.000 shares would be issued, at 601. each,
whereas only 8,000 had been given to the public. This reservation
was evidently for stock-jobbing apeculations, and, as had been said
by the first legal authority in the country, amounted to a fraud in
law.

Mr. HORNE said, that if there was anything that required in.
vestigation, those aho felt dissatisfied had only to go about and
get the names of six proprietors holding 200 shares. and they could
then call a general meeting of the subscribers ; if they could not
get six names it was proof that the Directors still possessed the con.
tidence of the puhlic, and he for one hal as yet seen nothing in
their conduct to warrant him in withdrawing it.
Mr. Ft NTOm then begged leave to put the matter fairly before
the Meeting, by reading the requisition, together with the Di-
reetore answer, as follows :

" At a Meeting of the Proprietors of the British Gas Light Corn..
party, held at the office of Mr. F. T. Fenton, Austintriars, on
the 16th of November, it was resolved—
•• That an application be made by Mr. Fenton, on behalf of this
meeting, to the Directors of the British Gas Light Company, re.
questing them to call an early general meeting of proprietors, and
to come to the same prepared with lists of the original shareholders,
distingui..hing the number of shares taken by each ; and also a
full statement of the receipts and disbursements of the Company,
with the several times when, and the names of the persons by whom,
the deposits were made ; and also a full statement of the several
contracts entered into by the Directors, together with a general
statement of the affairs of the Company."
Mr. FEN TON observed, that the demands here made were no.
thing but what the proprietors had a right to expect. How far the
Direetors performed their duty, would be seen by the following let-
ter received in wmiy _ _

" Briiiah Gas Light Company's Office, George-yard,
Lombard-street, 18th November.
" Sir,—ln reply to your letter of the 14th instant, covering
a resolution entered into at your office on the same day, I have to
acquaint you, that the Directors have no wish to withhold from any
part of the proprietors of the British Oat Light Company such in.
formation an they may demand, and at the same time consistent
with the interests of the whole ; but they do not feel at liberty to
net upon the unauthenticated document which you have been
pleased to transmit. I have the honour to be, Sir,
" Your very obedient humble servant,
" To F. T. Fenton, Esq. " CRS S. T. DILL,
&c. ay. Secretary to the Company."
Mr. FENvost said that it was perfectly clear this was a mete
evasion.

A SHAREIIOLDEII said, that notwithstanding all the objections
that bad been started, he could see no very strong ground for ap.
prehension ; he knew that Alderman -Thompson had purchased
shares when they were at a considerable discount, and it was fair
to infer that a man of his penetration would not have connected
himself with the Company, if he had any doubts as to the pro-
priety of its management, and the honour of the managers.
It was suggested that the Alderman was in the iron trade, and
therefore that he might have speculated on that account.

Several gentlemen observed that this could not be. as Alderman
Thompson was above any such mercenary feeling, and in the nest
place, that he had nothing to do with the dcscriptam of iron used
by the Company.
Mr. FENTON said that it was a waste of time and words to
argue a matter at the Auction Mart. which could be better discussed
in a Cnurt of Law ; his clients had the power, and did not want
the will to try the question of right, and he would venture to say
that every one who had been so expelled would get back their mo-
ney if they pleased.
After sotne further conversation the meeting broke up.