The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-03 00:00:00

JMPERIAL DISTILLERY COMPANY.

Yesterday a Mooting of Share widen in the Imperial Distillery
Company was held at Ilaaion's Coffee-house, pursuant to &dyer.
verasernent. One of the persons present moved that Thos. Bond,
Esq. should he called to the Chair.
Mr. BOXD, without waiting to have the motion duly parsed, at
once assumed the office, and proceeded to state the objette of the
Meeting. The shareholders had invalid their capital on the faith
of the prospectus, which had been and he therefore con.
sidered the Company as null and void. When first it was proposed
to establish the Company, it occurred to hint that there was a
great chance of success, in consequence of the monopoly that
existed amongst the distillers; and tilt proposed capital of 030,0001.
appeared to him to be adequate to the establishment of a concern
calculated to enter into competition with those monopolists. He
paid deposits upon several share* under this Impression; but he
found, upon inquiry, that the Directors bad acted in direct opposi-
tion to their expressed intention. They had purchased the preening
of Mears. Booth and Co. of Hampstead, without saying a word to
the shareholders, and then they (the Directors) cslled upon
the shareholders to sign the Deed, and to pay 61. on each share.
Two or three months afterwards he received a quiet letter, calling
for dl. more on each share. On inquiry the Secretary candidly in.
formed him that no more than 1,400 shares had been subscrtbed,
that GOO had been forfeited, and that the whole amount deposited
did not exceed 70,0001., of which 30,0001. bad been given for the
premises. There was a breach of tattle upon the part of the Dircc.
tors. He did not ascribe it to any want of honour on their part.
They ought to have been commercial men. What could it. bit sup-
posed Mr. Rotor Moore, hi.P., std ntheleigentlemen of that
class, knew of the business in which the Company had embarked ?
With a capital of 70,0001., 36 0001. of which was to be expended in
premises, what could be done ? What was to pure/nun carts arid
horses, to convey the raw material. and bow could the Company
give the usual credit nt twelve months upon the article which they
were to produce ? The shares were, in fact, not worth haifs.
crown each, and he would as soon cut his throat as buy shares. Mr.
Bond then read the opinions of the Attorney andSoliettor Generals,
on the subject of the Royal Stannary Mining Company, and stated,
that the analogy between the condition of the two Companies was PO
strong as to jusufy the Sleeting in acting upon those opinions. He
then rend the Requisition, calling upon the Directors of the impe-
rial Distillery Company to re:urn the deposits, as the shareholders
considered the deed of uttlement a complete nullity. Mr. Bond
concluded by moving that the requisition be signed by the share-
holders present, to which it was objected that the motion ought not
to be made by the Chairman.
A SIIAREUOLDER begged to know whether any Director of the
of the Company was present, or whether any person attended upon
the part of the Directors, to give any inforniation that might be
considered necessary. •

There was no answer to this question.
Another SHAM:HOLDER—In my opinion, it would be very lm-
prudent to sign this requisition, without hearing from the Di-
rectors.

Fcr a considerable time nothing was done for want of a mover.
At Lust the llentlemen who had moved Mr. Hood into the chair,
said, I would most willingly move, but I am not a shareholder.
Here there was some laughter, and it was generally agreed that
all that had taken place WAS of no avail, as there was actually no
Chairman.

hlr. BOND was then regularly voted to the Chair, in a small
majority.
The requisition was again read ; and a conversation arose, which
proved that nines of those present altogether disapproved of it.
A SHAREHOLDER—It would be absurd to sign a requisition
of this description. It is here said that a deed drawn up with all
the formalities of the law, is hot binding, and yet we are to pre-
sume that this piece of paper (pouring to the requisition) is bind. ,
ing. It is also said that tin se who sign ilia requisition do so
upon advice. Now this would be stating a falsehood, tut we have
had no advice.
The CHAIRMAN said, the Stasnaryll ining case was so exactly
in point, that there was no occasion for consulting COMM!.
A SHAREHOLDER—If we sign this Requisition, how do we
know whether we shall not be all thrown into Chancery, and then
what will be our condition ? The opinions of the Attorney and
Solicitor General give us reason to suppose that we stand uo
chance, either in a Court of Low or Equity.
After some further observations upon the subject claiming the
Requisition, it was withdrawn, and the followtog Resolution was
proposed and seconded :
" Rowlved, that it is the opinion of this Meeting that the sant
• of 60(1,00W. held forth to the public in the original Prospectus as
the intended capital of this Company, not liumg been subscribed
for by payment of a deposit on the stipulated number of 12,000
Shares, such a Company as the above has never been legally coo.
atituted, and therefore never existed."
A SHARDHOLDER said, lie must declare his determination to
oppose the Resolution, inasmuch as the principle an which it went
affected Companies of established character.
The CHAIRMAN st last put the question, whether the Rotolo-
, tiou should be agreed to ? and it was negatived by a majority of
one.