The British Press; or, Morning Literary Advertiser.
London, England, 1826-08-25 00:00:00

NORFOLK, SUFFOLK, AND ESSEX RAIL•ROAY

CVIIPA N k .

A Meeting of the Shareholders in this p-ojected Assviatlon
was yesterday held at Bason'a Coffee-house, Curnhill, to take into
consideration the state of the Company.
Shortly after one o'clock. on the motion of Mr. DELEVAII,
Wat. CLARE. Esq. was culled to the Chair, and proceeded to ade
dress the l'lleeting. Ile had lately had reason to addeoss Meetings
convened almost under similar eircumstanees ; bet there was this
difference between the projected underial.ing which the Meeting
was interested In, anal some others; that it was one s bleb, had it
bren carried into effect, would have been productive of consider.
able benefit to all concerned. That these advantages did no: re-
sult to the Proprietors was owit g to the misconduct of the persons
to whom the application of the Ccmpsny's funds had been in-
trusted. The undertaking was suggested early In the year 1024.
It was calculated thut the scheme might be carried into effect
with a capitol of one ninon sterling, which sum it was deter-
mined should be raised by 10.000 shafts of 100/. each. Advertise-
toms to that effect were inserted in the newipavrs, but only
3,3411 shares were subscribed fee, on which the Subacrihers paid a
deposit of I!. each share. is must appear to every mon that this
very limited capital of 3,:". OW. ass quite inadequate to carry on a
work for which it had then declared a million would be required;
and therefore in the very outset the projectors were to blame for
persevering in an undertaking, which by no possibility could be
carried into effect : every shilling laid out by them subitnuently
must be considered as done for the purposes of private gain, or be
deemed at least a wasteful expenditure. The original projector of
the Company wen a Mr. Goddard, who laid it before Mr. John
Wi ks, jun.; which latter gentleman thereupon undertook to carry
it into effect; and upon the trifling deposit of 3,3461. incurred all
the heavy expense of a survey, which would have astesided the
carrying of the plan into execuzion. Among the Directors he ad.
muted that there were to be tound tome very respeetable names,
but there were a few of a very different description. By these per-
sons measures were taken to obtain information respire ing the
prospects of success that would attend the work; and they almost
immediately ascertained that eVery proprietor of land tlactigli
which the projected road was to run wits deterrn:ned to oppose
it. Here was a second and a stiffici.nt ground for abandoning the
undertaking; for it must have struck the Directors, that even with
a competent capital, it would be in vain to apply for the sanction
of Parliament, while the proprietors of land, so likely to be affected
by it, had set their faces against the projected rail-road. (liar.)
After a year and a half had elapsed fro it the pert el at which the
scheme had been first suggested, it was found to le impracticable.
In the interim all the usual officers, with liberal salaries, had been
appointed, amongst whom there was a Secretary at 4001. per annum,
an Engineer at 4001. per annum, and an afire was taken
at a rent of 1501. per annum, &c.; the whole being placed
under the management of Mr. Wilke. At the period just referred
to, the Secretary, Mr. Shentick, by order of the Directors, circu.
hated among the Shareholders a paper showing the state of the Com-
pany's funds ; from which it appeared, that of the sum of 3,34t;1.
paid into the hands of the bankers by the SubAcri;ters, only 1110/.
retrained; minis at the same time it was made to appear that
large sums still remained due to the Surveyor, Engineer, and
Solicitors. That stwethent was drawn up by Mr. Wiika, he be-
lieved.
31r. SRELDTITCIC—Tt was.

The Ctsma 31 nar—lie should now, with leave of the Meeting,
read front that extraordinary document some of the items, arel•thets
proceed to show their inzorreetness, indeed fallacy. (Applause.)
After giving credit lot the 3,311 d. he found that Mr. W ilks further
said there aas a stint of 1011. nee to the Company, being the value
of the furniture of the Offi:e. On the opposite side he found a sum
of LOW/. paid to Me. Palmer. the Surveyor paid to Newton and
Co. for advertisements 4921.155. to., rent NW., salaries 5881.75. 6d.,
tradesmen's bills and other charges amounting to gm. Ids. 2d.,
which. with the balance in liana of 1301. amounted to the whole
snm subscribed ; besides which, it would appear from the state.
meat, that Wilk. had paid to the Surveyor 5731- nicking in the
whole 1,5731. paid to that gentlemen. while in fact Mr. Palmer had
only hems pa d 75u/. In like manner Messrs. Newton and Co.
had only received 2001. of the &mann' of their bill 4921. 15s. lid.
In Mr. %Vilks's acomnt there was a charge of 7711. Cs. 81. for the
Solicitor's bill, of the items of which he (the Chairman) and the
Meeting knew nothing. So astonished had the Directors been by
it, when furnished, that they returned It to Mr. %Vas, who had
not since presented it. He (the Chairman) understood that it con.
mined such charges at these;--five guineas a day paid a clerk for
bolding letters—five guineas a day f aurae. ing inquiries. (Loud
laughter.) One further choirs at dace required observation. It had
been originally determined that the Chairman and Deputy Chair-
man should be paid two guineas a day, and the Directors a guinea
a day each, for their attendance. To tha honour of the Directors it
should be mentioned, that when it win ascertained that the scheme
must be abandoned, they refunded the money they had received
(hear. hear), but which was immediately taken possession of by
Mr. Wilke. (A laugh.) The Chairman cencluded by tenant
severe observations upon Mr. Wilks's conduct, and entreated the
Sharehsaltlers not to submit to the lass of the money they had sub-
scribed.
_ _

PALMER, the engineer, said, that having seen in the newt:-
papers the advertisement by which the present Meeting had been
convened, he had felt it his duty to -attend, in order to give any in-
formation that might be required of him. It was very true, as
stated by the Chairman, that he had re. caved in cash 7402. only,
but he had in addition received the acceptance of Sir. Was and
his late partner, Mr. Verbeke, fur 250/., making together 1,0001.
This sum barely covered his costs out of pocket ; the sum of 573/.
referred to, he was entitled to charge in addition, for his trouble;
but finding that the concern had not been prosperous, he did not
mean to press for the amount, and the Meeting would perceive it
had not been charged as paid by Mr. Wilka, but only as liable to
be paid. (Hear.)
The CHAIRMAN here referred to an opinion given by Mr.
Verbeke, early in the business, that the undertaking must fail.
and reiterated his former observation, that it was the duty of the
Directors and others concerned to have stopped at that point.
A SHAREHOLDER—What number of Shares were the Directors
required to hold ?
CliAtitataN—Ten shares. All the Directors except one (Lord
Teynhatit) complied with that regulation, and paid their deposits.
The Chairman here, in order to show to the Meeting, as be said.
what the character of Mr. 'Wilk' had been, previously to his coo-
n& in with shares and speculations, read the following advert' it-
nunt, which had been. originally published in 1822, and which was
yesterday republished in Vic Morning Neta/d:—
`• Mr. Jchn Wilka, jun. having received into partnership a soli.
citor of the first respectability, has a vacancy in his ctlice for art
Articled Clerk, who may board and lode in his family, and receive
the benefit of moral and religious superintendence. Premium 350/.
Apply to John ‘Vilks, jun. Solicitor, 36, New Broad-street."—
(Roars of laughter followed the reading of this document.).

Mr. SHELI7RICK, the late Secreim; to the Corripany,'here en-
tered into a long reply to some observations made respecting him by
Mr. Wilks, at another meeting. Mr. Wines charged him with be.
ing at one time so attached to him, and so zealous in his defence,
that he had gone to the Royal Exchange, and with his own hand
burned two copies of The Morning Herald, which he, Mr. Shel.
drick, conceived contained libels upon him (Wilk.).—(Loud laugh.
ter )—Now the fad was, that his (Sheliirick's) indignation had
been roused, not by an attack upon Mr. Wilke, but by a paragraph
containing an insinuation against the credit of a most respectable
banking firm, Sir Peter Pole and Co. and he did, as 'Wilke had said,
actually with his own hand bum the newspaper in question.—(A
laugh.)—But Mr. Wilks might depend upon it that before ha
(Sheldrick) had done with him, he would make the vet, hair upon
his head iiitake.—( Roars of laughter.)
A SHAREHOLDER—Me much ovnty is there now at the
Banker's to the credit of the Company ?
111 r. SHELDRICK—Not a farthing.
The CHAInMAX here repeated his former observations, contend.
ing that the Directors were not so much to blame as Mr. Wilks.
A SHAREHOLDER—Why do you not proceed against them ?
The ettarkatax—l am but a small proprietor; I have no time
to devote to this affair ; but it is competent to the Shareholders to
appoint a Committee to prosecute the claims for the recovery of the
deposits.
A Ge. unman here defended the conduct of Mr. Verbeke in the
transaction alluded to. The opinion given by him of the undertak.
ing in a letter to Mr. Wilk. was, that it (the scheme) was ail
nonserse. lie also referred to the !acts' that although
Palm
Wilks had not paid Mr:Pal and Messrs. Newton and Co.
the full amount of their accounts, he had rendered himself re-
sponsible fur t'lem.
After further lung and desultory conversation, a Committee o
seveu was appointed to consider the afiiirs of the Company, and to
report thereon to the Shareholders.

Thanks were then v.ited to the Chairman, and the Meeting sepa.
rued.

ROCK LIFE ASSURANCE COMPANY.

A General Meeting of the Proprietors of the Rack Life Aesur.
ance Company was held on Wednesday, at the London Coffee-house
Ludgate-hill, for the purpose of receiving the Report of the Duet.
tars as to the state or the Company's ;:ff-irs.
JAMES BROGEEX, Esq. ALP. took the Chair, at about tweltie
o'clock; and having stated the object of the Meeting, moved the
reading of the Report.
The Report was then read, but was extremely short; and the
only part of its contents deserving notice wan, that the suns of
1167,4La1. was now at the disposal of the Proprieiaty, 1-eing the
profits of the Company since the last bonus was declared. The
Directors recommended to the Court of Proprietors that this sum
should he divided among the Proprietery at large, in the shape of a
bonus. The Directors were extremely happy in having such a flat-
tering statement to lay hefore the Proprietors.
A Pnope mr on said he was surprised that so little informs.
tints should have bzen supplied in the Report as to the state of the
Company's atiiirs.
After some discussion, a Resolution war SIOVIIKI—
That the Meeting be adjourned, in order to afford the Directors
an opportunity of drawing up a balance sheet, to be submitted to
the Proprietary at another Meeting."
This motion was negatived ; and subsequently Resolutions were
passed, foe the purpose of carryiug into effect the recommendation
of the Directors.

Another Sleeting will be held this day, in order to adopt Resole•
Cons fur paying the Proprietors the boars.

The carriage of S:r B. Copthorpe wu robbed, o:t Tat-t-
-chy evening, coming to town, when a parcel was cut from
the back of it, the footman being behind, No traces
been had of the robbery, although 1001. reward his by It
Of*red fur the apprehension of the thieves.