The British Press; or, Morning Literary Advertiser.
London, England, 1826-04-27 00:00:00

LONDON BRICK COMPANY.

Tuesday. a Meeting of the Directors and Shareholders of this
tompeny took place at their office, Lemmata-plats ; Capt. Ren.
too, 11."1. in the ( hair ; who observed,that as them was a Reporter
resent. he wished to make one remark about an article that ap-
peared in a Morning paper, respecting the l'ompany, which was
written by a Reporter who attended the last 3leeting. The ar-
ticle allude/I to said there was something " rotten in th- state of
Denmark," or the Reporter would have been admitted. The Re-
porter was admitted ; and he (Capt. R.) thought it unfair to repre-
sent the Company as rotten,when it was perfectly sound. He wished
mat every thing should be fairly stated. Ile then requested the
Secretary to read the Resolution passed at the last Meeting, which
sledared the Shares to be forfeited that had not p-,id the 51. call on
die felt of March, hut gave a discretionary power to the Directors
to reinstate those Shsteholdere who should pay the calls before the
f.fvh :,it. Mr. Webb, a Director, then read the statement, which
gave a 1111,11 t flattering account of the affairs of the Company • only
that there was a great want of cash to catry the plans into full ope-
ration. It stated that there were demands upon the Company to
the amount of 14,0501.; that they had bricks which would produce
7 000 f. ; that the call now due, with another call for the same
amount, would meet this demand ; that in July there would be ma-
nufactured a sufficient quantity of bricks to leave a profit to the Corn.
party of 15 per cent. and at the expiration of the year there would be
a considerable stock, after paying a large dividend ; that in June all
the accounts should be made up, and vouchers,produced for every
shilling that was expended. The Directors pledged themselves to
the accuracy of the statement, and felt that it would be highly in-
judicious to dissolve a Company which held out such prospects of
profit to the Shareholders.
A SnattsuonuEa Inquired whether two calls would be suf.
iciens.
Caste sax—Yes. _ _

illll7lEHOZnia:Arc there any debts due to the Company ?
Clam a MAW—About 4001., which are perfectly good.
Col. Ctr•MAC said, it was the desire of the Directors that the
time of paying should be further extended. The inattention of the
Shareholders to ray the calls probably arose from the pressure
of the times ; but it was impossible and unreasonable to expect that
the Directors would make themselves personally liable fur the in.
terests of those Shareholders who would not pay the calls. It was
the wish of the Directors to set in the most indulgent manner, and
not to avail themselves of the power they were vested with by the
deed of settlement. They mulct not think of puttingahe property
of any man in their pockets. He felt 'satisfied that when the
Shareholders were aware of the precise state of the Company's af-
fairs, they would most cheerfully co-operate with the Director; in
carrying into erect the original object of the Company. He ob-
served. that there could not be a more convincing proof of the
stability of the investment than that the banker of the Company,
who was an Auditor, had examined the accounts that day ; and so
satielled was he of the prospect of ,access, that he expressed his
readiness to pay op his instalments. The Company was not got
sap for stock-jobbing purposes ; it was a bona
,fide investment, and
the Directors held 475 shares: they were under acceptances on an.
•count of the Company ; and lie trusted the Shareholders would
come forward and pay the calls. He concluded by moving, that
the time fur paying the call should be extended to the Bth of June.
Sir FELIX A r.Ait seconded the resolution, anti said that every
indulgence ought to be shown to the Shareholders.
The CHAIRMAN said that one more cull besides the rres,nt
would be quite sufficient, and proposed a resolution, pledging the
Directors not to require more.
Mr. WENS opposed the resolution, on the ground that two
sells would only be sufficient to meet the demands of the Di.
frCtOTA ; and suggested that no more calls should be made until
the affairs of the Company were submitted to the Shareholders, at a
general meeting.
CetalfAC approved of the resolution proposal, as calculated
to inspire confidence. The deed gave the Proprietors liberty to al-
ter any resolution at a future petiud, if expedient.
Here a desultory conversation ensued, as to the propriety of the
Directors pledging themselves by a resolution, or coring an •SP•r.
snot that not more than one call would be required; when it wu
steed that the resolution should pass.
Mr. N'Ess—ln the event of the calls not being raid, whatt o
be done?

- - _
A bn It zit oLDER--11 the calls are rot paid, the Company
MUM atop.
Cot. CUR MAC said he had no doubt that in such a cue the Pro.
rietors of real property would unite, but it was the wish of the
Diraetors to induce the defaulters to pay their calls, and render the
Company elacient, as there was every prospect of its proving a va.
lusble investment.
The CO A I A MAIA then read a letter from Mr. Harris, a solicitor,
who reeuested that his Shares should not be forfeited, and that the
money due to him by the Company should be allowed in lieu of the
al&

Col. Ctrs sac—The revolution we have just passed enables Mr.
Barris to become again a Proprietor.
Mr.IVE3 a said he felt it necessary to state, that the claim which
Mr. Harris required to be admitted was the fees and emoluments
due to him for his attendance as a Director.

Col.Ct:l3lAC—..StOr), atop
Sir P. AGAR—That is private.
A Inacc-roa—That is irrelevant.
The Sim ETARY then moved that Mr. Harris's letter should be
taktn into tutors eonsideratton.

The CHAIRMAN said he would feel much obliged to the Re-
porter if he would omit the subject of 3I r. Harris's tetter in his
report.

The REPORTER replied in the negative, from which moment a
foaling of regret was evinced at his being admitted. and a desire to
conclude the business of the day was very visibly betrayed in the
countenances of the Directors.
Cot. FAIRMAX moved a Tote of thanks to the Directors and
Oakum, and the Sleeting broke op.