The British Press; or, Morning Literary Advertiser.
London, England, 1826-09-07 00:00:00

.t 26.753 16 U

The CIIAIIISIAN stated that he had no further observations to
make. He WWI ready to anaaer any questions. He wished to
know whether the Report was to be received.

- .
To a question from Mr. Chitty, the CHAIRMAN stated that the
Directors had not all paid on their shares.
Mr. CLARK said that Mr. Aston's conduct was honourable in
meeting the Shareholders, while the other Directors had acted
highly dishonourable. He observed that the original Prospectus
stated that the Company was formed to do away with the monopoly
of the malt distillers, which an unjustly kept up the price of ardent
spirits, and the public were induced to become shareholders, under
the expectation that the shares were much in request. a nd it been
stated to them, when the second call was made, that so few had paid
the RIM instalment. was it likely that they who hwi would have
paid it ? It appeared that, out of the 7,1100 shares divided among
the public, only 2,295 had been paid upon, and the Directors, in
order to deceive the public, gave orders, on the day the first
payment was to be forthcoming, for the purcha,,e of eight hum.
dred shares in the market, and with this purchase the Company
was chatged. The Directors well knowing that with a capital of
less than 20,9001. they could not go on with the project, had no
right to enter into engagements for the purchase of a distillery for
30,000/. If they had had any honesty they would have called the
shareholders together, and told them the truth. It was the height
of absurdity that they should have gone on increasing the liabilities
of the Company. More than 22,11001. hall been expended, and
there were liabilities to the extent of more than 28,0001. With re-
spect to the deed of settlement, that document was not valid, as the
Directors had gone on with the concern without the proper amount
of capital having been subscribed. The Directors had said that
they informed the Shareholders of the purchase of the premises,
but this was all a system of trickery, as they did tot tell them also
the slate of the funds. It was perfect madness for the Directors to
have gone ao far as they had, anclitheir non-attendance at the meeting
showed plainly that their actions ;would not bear investigation.
With respect to the appropriation of shares, he (Mr. C.) should
like to see the share minute book.
The CHAIaMAN stated that as the Secretary was not present he
could not furnish that book.

In answer to a question, the CHAITIMAX stated that there was
a writ against the Secretary, and that accounted for his non-attend-
ance.

Mr. TAYLOR Said he had been told that the Directors bad
pocketed various aunts of money, but had returned them.

The CHAIRMAN answered there was no truth in the allegation,
as the balance-sheet would prove.

In answer to the inquiries of Mr. CLARK, it Ippe2re3 that the
shares allotted
To Mr. P. Moore were - 50, and had paid on 10
Mr. Pigou 70U, - none

,
Mr. Caw t borne - 50, none
Mr. Mackinnon - 50, . none
Mc. W. Russell - 50, none
The above were all Directors ; and there were 100 shares allotted to
Mr. Martineau, the engineer, which were not paid on; and lOC
more to Mr. P. Taylor. the partner of Mr. Martineau, unpaid.
Mr. Bosanqurt paid the first call only on 50 shares, and Mr. John
Dray the same on 10 shares.
Mr. Onirr ITHS here stated that Mr. 'Martineau, as well as Mr.
Taylor, would have paid the amount called on their shares; but,
on looking over the names in the prospectus, they did not like to
be amodsted with the individuals there stated as belonging to the
Direction.
Mr. CLARK stated, that it was plain nothing but injustice could
have been contemplated towards the Shareholders when it was seen
how few of the Directors had taken the shares allotted to them.
Had they gone to a premium, no doubt all the shares would have
been paid up. It was, therefore, clear that the Directors had only
suited their own interests, and it would remain to be seen whether
the Shareholders would quietly submit to have their property taken
from them, or whether they would not proceed against die guilty
persons for their deposits.
The CHAIRMAN said that the Directors still thought the eon.
cern, if properly managed, would turn out productive. He had
many friends who would take shares if the Company was carried
on. As it was, he had advanced 1501., and the other Directors
various other sums.

CLant replied that it only remained for tbe Chairman to in-
tmduee his friends. and put them in the shoes of the present Share-
holders, who would gladly give np their interest in the concern.
After some further discusston a Resolution was tweed and se-