The British Press; or, Morning Literary Advertiser.
London, England, 1826-07-11 00:00:00

THE HONDURAS COMPANY.

Yesterday a Meeting of the Shareholders in the Honduras Joint
Stock Company was held at Batson.% Colfee-hmrite, pursuant to
adjortmment, for the purpose of considering what stern should be
adopted witb respect to the propoation of the Directors to return
only W. of the' O. per cent. deposit made on the Share%
Asst Y BLAIR, Esq. was called to the Chair.
• The Report of the Directors was then read. They had an idea
of dissolving the Company, circulated this report, and put an end
to the concern without calling a public meeting of the Shareholders.
The proposed capital, it will be recollected. was one million con-
slating of 10,000 Shama. The number issued to the public was
8,350; upon 7,660 the deposits of M. each were paid, 1,050 ; Shares
were reserved to the Directors, who had engaged to " assume"
them at the expiration of six months, and to pay four per cent in-
terest for them during that interval. Of theme latter, 500 had not
been "anointed." or taken up, as the Report stated, un account of
the pressure of the times. The Directors had purchased 4,225 of
their own Sharer', then hearing a premium of one and two pound
per cent., making a sum of 25,0001. The reason now assigned for
this transaction was the necessity of preserving the creek of the
Company in the eatitiottion of the Guatimala Government, b
maintaining the prices of the Shares, which at that moment appear-
ed to want support ; as well as conceiving that such Investment
promised nn advantageous return, and that It was one adopted by
many St urlehing and touch older establialtments. 20,00 W. more
was invested in Consols.
Mr. Ptowsena, the Chief Managing Director, now attended
the Meeting. He said he did so, in pc:nuance of the wish of the
Directors, to give them any explanat:on they might deem requisite.
In a report given itt the Times newspaper of the proceedings of a har-
mer Meeting, Mr. Joyce was represented to have said, that the
Trustees had purchased the Shares Mr thernaelves, with the inten-
tion of charging them to the Company, if any loss occurred upon
them. Now nothing could equal the absurdity of such a transac-
tion, except its baseness, had it been attempted ; but he had the
authority of Mr. Joyce for declaring that he never made any such
statement, He then adverted to seemed of the charges which had
been made against the Directors. He declared that tie purchase
of Shares made by them had been done with tie advieenf their
Solicitor; that they had made the most diligent inquiring in all
quarters. previous to the Shares being lamed, and that they had
put a number of queries to the projector of the Company, which
had been answered in the most satisfactory manner. They
might be liable to the charge of indiscretion, but he defied any one
to substantiate a had motive against the Directors. Ile appeared
there, not to defend their discretion, but their honour, which he ex-
premed his confidence was untouched. They had gained nothing,
but, on the contrary, had been considerable losers.
Mr. W. CLARK said that it' any misrepresentation had been
made at the former meetings, the Directors were themselves to
blame, in not meeting the Shareholders in the first instance, anti
giving them complete information. But he understood Mr. Joyce
to have made the statement attributed to him, and several who
were penitent at that meeting understood it in the manner reported.
He was ready to chew that the Prospectus Fare(' etleenocall,
Mr. PLn ante ll—Prove only one—that will be enough.
Mr. CLARK said he would. The Prospectus set forth that an
Agent hail already been established in Honduras, and that the
Directors had entered into • long correspondence; that the ac-
counts which they had received were completely satisfactory, and
that arrangements were already in a state of forwardness to carry
' the Company into complete operation ; grants of land were to be
obtained, and the labour for raising indigo was cheap ; whereas the
first letter of their Agent, Mr. Evans, negatived all this, and
proved that he had never been consulted. He stated (and it was so
found) that grants of land could not be obtained, and that labour
was too dear to enable them to accomplish, their great object—that
of raising indigo at a profit. The whole letter was at variance
with their statement. Nothing could be more reprehensible than
the reservation of the shares in the manner done by the Directors.
It exposed the Shareholders to all the Losses that might occur
during the six months from bankruptcy or death. Of the 500
shares, 1110 had not been assumed in consequence of the death of
one of the Director,. Mr. Poindestre had paid for 200 by a bill
for 33W. (deducing the two per cent. returned), which bill became
due on the fah of this month, and was dishonoured.—[This it was
afterwards alleged was an error, so far an the bill tieing disho-
noured; and it was stated by Mr. Jones, a friend of Mr. Poindea-
ere, that It would not be due until the 6th of next month.]—These
circumatancetgaliewed the risks and losses to which the Shareholders
had been improperly exposed by the Directors. Then as to the pur.
chase of the 4,025 Shares, it wa, an absurdity to call it an investment.
It was neither more nor leas than an annihilation of one half oh' the
Company—it was an act by Which they took fit, out of the pockets
of one set of Shareholders, and put it into the pockets of another
set. (Hear, hear!) An investment was putting money in some
place where it was secure, and might be made available. Then, as
to the motive, it was done, as the Directors alleged, to inspire con-
fidence in the Government of Gnatimala—a very honest mode
truly. Here were British merchants endeavouring to inspire confi-
dence, by giving a fictitious value to their Shares, in the purchase
of one half, in order to make the other half scarce, and plainly give
no 'garishe value to them. He strongly reprobated this act, as one
of gross fraud and deception, if the object was, as water', to
enhance the value of the Shares in the eyes of the Guatimalans.
Great parade had been made of the motives of the Directors ; but
where the acts were bad, they were warranted In presuming that
the motive" were bad also. He meant to cast no reflection, on the
Dire-tors finally. After animadverting with great force on the
conduct of the Director., he concluded by stating, that the Share-
holders, with whom he had the honour to act, had offered to
refer the matter to arbitration, which offer the Directors rejected.—
Those who had a bad cause, always preferred availing themselves
of the defects of the law, tWr they were afraid to encounter the de-
cisions of honest men upon the point of honour. (Hear, hear.)
Mr. PLu Nate a said the Directors hail reserved the Shares be-
longing to themselves,in order to nrevent jobbing, They had,
he declared, made inquiries of the British Officers an well as of the
Spanish Authorities here, who were acquainted with the district's,
before Shares were issued. As to the purchase of their own %hares,
it was no more than what our own Government often thought it
right todo,by purchasing its own Stock,in order to maintain its credit.
—lt was, what appeared to the Directors a tair investment, and
as much loss would have been incurred, had the money been in-
vested in the 3 per Cent. Consols. Waiving the question of discretion,
the honour of the Director. was untouched.
Mr. JOYCE b-gged, with reference to what he said at a former
Meeting, to explain, that he had said that he met Mr. Stock and
Mr. Poindestre together, when the latter stated to him, " We're
going to purchase Honduras Shares; don't you intend to purchase ?"
He certainly thought at the time they were going to purchase as
private Individuals ; but he never made any such statement as that '
attributed to him.

Mr. CLARK said, the best proof that the Directors had not
made inquiries as to the grounds of their scheme, before they mis-
led others, was, that all the statements were now proved to be un.
founded. He again asked Mr. Plummer, whether the Directors
would refer the matter to arbitration.

Mr. PL 3I ME R decidedly rejected the proposition. He said the
motives of persons twelve months ago, one of whom was dead,
could not be referred to arbitration.

A long and angry discussion took place, when, in consequence of
the lateness of the hour and the subjects which. it was stated, yet
remained to be investigated, the Meeting was adjourned.

We understand that a squadron of Russian men of war,
consisting of three line of battle ships and nine frigates,
under the command of Admiral Crown, is shortly expected
in the narrow seas. It is said they are to cruise during
the summer months, for the exercise of the crews.

FATAL OCCURIIF Nl' E.—On Monday last a wrestling
match was held at Wheal Rose, in the parish of St. Agnes,
Cornwall, which was attended by a number of persons
from the neighbourhood. In the course of the day some
dispute arose between two parties, which ended in their
separation, one party remaining at the public-house where
they assembled, and the other removing to a public-house
in the neighbourhood. After the former had been drink-
ing for some time, they came to the house where the other
party were assembled and demanded admittance, which was
refused. An altercation ensued, and it being stated that
some of the persons inside were escaping through a window
at the back of the house, the assailants ran round to attack
them. Meantime some of those within took the opportu-
nity of escaping by the door. They were seen and pur-
sued, when an allay commenced, in the course of which
two men named Bray and Edwards attacked a young man
named Martin Pope, whom Bray knocked down with a
stick and killed on the spot. The ruffians immediately
fled ; Edwards escaped, but Bray was secured. During
this transaction, two or three of the companions of Pope
were severely beaten by the companions of Edwards and
Bray, but happily they escaped without any fatal wound.
A Coroner's Jury was summoned on Wednesday, to in-
quire into the cause of Pope's death, when, after hearing
the evidence adduced, they returned a verdiit of " Wilful
Murder" against Bray, who has been committed to the
county prison to take his trial at the ensuing Assizes.
HORRID Warn: a.—The Dublin Papers stare that a
man named James Morrissey, residing at Rossidrihitl, in
the neighbourhood of Belisha, died, after enduring excru-
ciating torture for several days, in consequence of a brutal
attack that had been made on him by persons named Fitz-
gerald, on the '2d Jimmie, while the ill-fated man was cut-
ting turf on a part of the Gaultee mountain. The wretches
assailed him with his own spade, sticks, and stones, and
literally smashed his skull ; nor did they cease in their
work of destruction until one of his arms and a leg were
broken. As far as we have been able to learn, the unfor-
tunate man had been unprepared for such a murderous
visit, which rumour assigns to an old grudge on the part
of the Fitzgeralds. A Coroner's Inquest has been held,
and the Jury have given their verdict—" Wilful murder
against John, James, and Morgan Fitzgerald." One of
the persons implicated (IVilliam Fitzgerald) was arrested,
and has been committed to gaol to abide his trial at the I
approaching Assizes.

THE MARQUIS OF TAVISTOCK.
A letter, Signed Joseph 'lltackeri; appetite instbeßedArd
G00.,11e, aftflOhncing from Lord Tevisttick I donation of
4,000,-, to be gpropriated to the enlargement of the lard=
ford Infirmary. The following letters from the Noble
Lord, eiplahatoty of the circumstances under which thht
very liberal adroit* was made, have allo been published
in the same Paper:—
Wohurn Abbey, October 22, 1828.
My dear Sir,--In consequence of a public declaration whidi t
made in the spring of 1821, I have felt it to be my duty, upon the
rumour of another contest for the repreaentrition of this county, td
issue an address to thq freeholders, of which I enclose a, eon,
You will Pereeivd that I have therein declared my intention of pot
again offering nielalf as a Candidate, except on condition pf an
entire exemption from participating to such disgraceful and dia.
gusting scenes as arose oat
_of the expenditure of money foe tarry-
ing on the last election. Whether the principle no which I am
about to act will be succemful or not, must be decided heamtler by
the freeholders of the county ; but in either case it will enable me
to save a certain sum of money, which would have been otherwise
spent, u heretofore, both Immorally and illegally. That seen
(whatever be the result of the contest) I intend to plasm at the dia.
posal of the Governors of the Infirmary, for the building and sup.
port of the proposed additions to that establishment; and I trust
every rational man In the county (whatever may be his political
sentiments) will agree in opinion with me, that it will be far hotter
to apply it in the formation of a permanent and useful institution
for the benefit of the poor, than in promotink, in contradicticitt so
the law of the land, practices of drunkenness soul profligacy. I wish
this letter not to be communicated to any one till after the connty
election is decided, because I am anxious that the principle on
which I have offered myself should be tried fairly and exclusively
upon its own merits; and'l should be sorry, by an art of this na-
ture, to do whst might have the appearance of ostentation. or of a
wish to influence, thus indirectly, the public feeling in my favour,
in the ebtes• which must soon take place.
I remain, dear Sir, your faithfill servant,
TavisTiSet.
London, April 2&.
Dear Sir—The prospect of as early dissolution of Parliament
renders it necessary for me to trouble you again on the suhject of
my letter to you in October last. At that time I wrote in confident
expectation of a contested election for the county, but it appear,
probable that expectation may not now be rearmed. I cannot,
however, feel satisfied that the Infirmary should lose% by this
chance of circumstances, the benefit we bail anticipated; I there-
fore propose to give towards the new building (whether there be a
contest or not) the sum of 1,0001. (the estimate being 4.0001.); and
I trust there will be no difficulty fn raising the remainder by ge-
neral subscription in the county. As I may not be able to attend
when the annual meeting of the Governors takes place in August,
I hereby authorise you to put down my name at that dimes a sub.
scriber to the amount of 2,0601.
I remain, dear Sir, your obedient servant,
TAV ISTOCE.