The British Press; or, Morning Literary Advertiser.
London, England, 1826-04-06 00:00:00

INDEPENDENT GAS COMPANY.

On Tuesdays Meeting of the Shareholders in the above Company
was held at the City of London Tavern.
Alt. TOWNSEND, a Director, apologized for the absence of
Counsellor Prendergast, the Chairman of the Company, who had
promised to take the Chair, and moved that Joseph Gratten, Esq.,
should take the Chair. This being acceded to,
Mr. IVooDwell n. Secretary, at the request of the Chairman,
read the circular which was sent to the Proprietors, which stated
that an Extraordinary General Meeting of Shareholders should be
held, for the purpose of confirming the act of the Directors in the
forfeiture of Shares; to declare certain Directors disqualified,whose
Shares had not been paid ; to receive the Report of the Company ;
and to consider and determine upon a proposal which should be
submitted for Increasing the capital ; and also to elect Directors.
Dlr. Tor/Ns END said, that the Directors felt great regret in be-
ing under the necessity of calling upon the Meeting to confirm the
resolution which they had been compelled to adopt towards those
Shareholders who had not complied with the provisions of the deed
in paying up the calls, notwithstanding the indulgence shown to-
wards them, and that had the instalments been regularly paid by
those who were now defaulters, the Directors would not be
under the necessity of increasing the amount of the capital of the
Company.
. _ . .

A S lAREHOLDER thought such a mode of proceeding calcu-
lated to embroil the shtreholders in n Chancery suit, and requested
the Secretary to read the clause which empowered the Directors to
forfeit the shares.
The SECRETARY read the clause.

A SII AR Elf °LIMB requested to know the defaulters' names, and
the amount paid upon the Shares forfeited. The Directors had, he
said received a salary, and they ought to forfeit that salary, or at
least half, and he moved a resolution to the foregoing effect.
Mr. Tow NS E n said, as the present meeting was not competent
to entertain the resolution proposed—and that, after the suspicions
that were thrown out against the Company, it was absolutely ne-
cessary that the meeting should confirm the forfeiture of the Shares
before the report was read—the Directors had acted in precise con.
fortuity with the feeling expressed at the last meeting.
The Shen Est °toe a said, the measure proposed by the Directors
was calculated to get the Company into Chancery. Ile protested
against an increase of capital, and concluded by again putting his
resolution, which recommcoded a milder course than forfeiture._

Mr. RuonEs wished the Resolution should be read passed at
the last meeting, authorising the forfeiture of the shares.

A SIIAREIII7IIDER in.ketrthe Secretary (who is a legal gentle-
man), whether or not the Company was likely to be embroiled in a
Chancery suit, by adopting the proceedings recommended.
WTOODWARD, the Secretary would not involve his pro.
Cessionsl character by giving an opinion. He then read the reso-
lution, empowering the Directors to forfeit the shares, after one
month's notice.

A SHAREHOLDER suggested that the opinion of Counsel
should be taken upon the resolution proposed.
Air. Tow ):seNn deprecated the discussion, as calculated to do
injury to the Company : if the deed did not contain a penalty, how
was it possible to carry into effect the original design.
The Clime max then put the amendment, which was lost, and
the original resolution was carried.
Air. RHODES moved that the Directors should have power to
reinstate such persons as they might think proper.—Carried.
A DIRECTOR moved that the Report of the Committee of
Proprietors, appointed to investigate the affairs of the Company be
now read.

FERNTIE. one of the Committee, stated, that throughout
the inquiry they had received every assistance from the Directors.
The Report stated, that in consequence of the calls not being paid
upon the 31S0 forfeited shares, the capital had decreased 4000/. ;
that 630 new shares of 25/. each should be issued, in subscribing
for which the present proprietors to have the preference; that the
increase of capital was indispensably necessary, as the Company
require 10,000/. to pay the claims upon it. It recommended that
the Auditors should receive at the rate of 30 guineas per year fur
their past services, and 20f. for the future, and that a dividend be
declared of 6 per cent, on the old share,. it F. concluded by
stating that the gentlemen of the Committee were holders of the
sixth of the entire capital.
Mr. Ilt.trtir moved that the Report be received, and that the
Directors be empowered to carry the measures recommended into
effect.

31r. Pluck: moved, as an Amendment, " That the Report be
received, and printed and distributed amongst the Proprietors."
A desultory conversation ensued, on the conclusion of which the
former Resolution was adopted.
A Shareholder said he was taken by surprise; he acknowledged
the services of the gentlemen who framed the Report, but he con-
tended that the statements it contained did not "amity the sugges-
t:tun of an increase of capital. He concluded by moving Thar
the forfeited shares be sold, and applied to the capital of the Com-
pany.
Mr. Tow wevrrti said, that it was impossible to pats such a Re-
solution after the one passed empowering the Directors to reinstate
the proprietor.. He denied that any negotiation had been ever
entered into wire any other Company.
Thanks were voted to the Committee who framed the Report,
and to the Directors; anti, after the election of three Directors o
the Chairasan, when the Sleeting adjourned.