The Sun.
London, England, 1862-07-25 00:00:00

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C.

WEY3fOrfTip CHANNEL. ISLANDS
STEAM-PACK COMPANY (L.TMITED).

The sixth ordinary general meeting
o. f the share-
holders of the above company was held', tt the Pad-
dington Station of the Great Western RI ilway, on
Wednesday last, to receive the report of tie direc-
tors, to elect four directors in the room of th e four
retiring in rotation, and two auditors, in pursn'enes
of the articles of association of the company.
The chair was occupied by Abraham Bishop,
Esq., of Guernsey, the chairman of the wmpany,
supported by Robert Brooks, Esq., M.P. ; David
Ogilvy, Esq. ; R. P. Smith, Eeq., M.D. ; Captain
Prowse, R.N.; Colonel Aubin ; G. C. Welaford,
Esq. ; F. Carrel, Esq.; Captain Orange ; W. Talbot,
Esq. ; Geo, Andrews, Esq. ; and many other share-
holders of the company.
The SECRETARY, having read the notice con-
vening the meeting,
The CHAIRMAN rose and said, before calling en
the secretary to read the directors' report, and t.bo
report of the auditors, he wished to say a few'
words on the present and future prospects of the
o f
tcompany,he several
and
avrnonuuladl receiptsbeginbyofretandeicnogmapnaneyccforuonmt
the commencement to the present time. These
figures showed an annual increase of the receipts of
the company of about two thousand pounds year
by year since its formation. Ha said
that it had
been the first wish of the directors on finding so
large a balance of receipts over expenditure in the
working of last year, to have declared a dividend,,
but that on consulting the legal advisers of the
company, who had on their part taken counsel's
opinion on the subject, it was deemed advisable not
to do so, at least for this year. The company being
formed under the Limited Liability Act the direc-
tors had not the power to act as open companies
could, but if it were the wish of the shareholders
that it should be done, they (the directors) would
see what arrangements could be made for remodel-
ling the company, and thus in another year have it
in their power to pay a dividend.
The CHAIRMAN then called upon the secretary to
read the report of the directors, and the report of
the auditors, and the annual statement of accounts.
The report of the directors was in a measure an
echo of the chairman's opening remarks, and stated
that all the expectations put before the shareholders'
at the last annual meeting had been most fully and.
satisfactorily realised ; that the accounts, which had
been duly audited, showed that the balance of re-
ceipts over expenditure for the past year amounted.
to £2,356 18s., and which amount constituted a.
balance in favour of the company in respect of the
business of the year, and recommended that its
iisposal should be as follows, viz., £856 18s. to be
written off the value of the plant of the company
for depreciation, and £1,500 to be paid in further
liquidation of the outstanding debts.
The adoption of the reports having been duly
moved and seconded, the chairman invited a discus-
sion into the state of the company, and after some
brief remarks from several shareholders, the reso-
lution was unanimously adopted.
The CHAIRMAN then proposed " That the retiring
directors, Robert Brooks, Esq., M.P. ; Richard P.
Smith, Esq., M.D. ; George Culverwell Welsford,
Esq., J.P. for Weymouth, and Thomas Prianly,
Esq., of Guernsey, be re-elected."
This resolution was seconded by Colonel AUBIN,
of Jersey, and adopted by acclamation.
The CHAIRMAN then said the next thing would
be the election of auditors. Mr. Talbot was eligible
for re-election, but Mr. Wimble having accepted
the office of superintendent and agent at Jersey,
was not now eligible. He, therefore, proposed the
election of Mr. Talbot, of Weymouth, and Mr.
Elias Neel, jun., of Jersey, as the auditors of the
company for the ensuing year.
Seconded by Dr. SMITE, and carried unani-
mously.
Some conversation then ensued as to whether the
company could be so altered during the next year
as to enable the directors to declare a dividend out
of the profits of the year, without reference to the
losses upon former years ; and Mr. Gliddon, of
Guernsey, inquired if any such arrangement were
made, whether the old and new shareholders would
be amalgamated or placed on the same footing.
He (Mr. Gliddon) did not wish such a thing him-
self, and did not see how it was to be done.
Mr. BROOKS, M.P., remarked that it was a legal
question altogether, but he had no doubt the diffi-
culty could be got over if left in the hands of the
directors, who no doubt would get it done. It was
the wish of the directors to pay a dividend, and also
the anxiety of the directors that the remaining
shares should be disposed of, the proceeds of
which would be devoted towards further reductions
of the mortgage debt, and thereby save the share-
holders from a certain amount of interest. They
themselves had taken a large number between them,
and that at a time when the company was at a very
low ebb, in order to preserve it from falling to
pieces, and it would be well if all the remaining
shares could be got rid of.
Col. AUBIN expressed himself satisfied with the
Chairman and Directors, and all their acts, and said
that he should propose that the matter be left in
the hands of the directors.

A general conversation on this subject then took
place, and the chairman observed that as Mr.
Andrews, the legal adviser of the company from its
commencement, was present, he would, no doubt,
give an opinion to the meeting on the subject.
Mr. ANDREWS, on rising, said it appeared to him
that the question was whether arrangements could
not be effected in the present improved position of
the company, so as to remodel it, and enable the
directors with safety to themselves to pay a divi-
dend. He had no doubt if the question was left in
their hands such arrangements would be made, but
any proposition would have to be submitted to the
shareholders a fnodr their i amp
op
ur
so vv ao 1
t.
e of thanks to the
chairman, moved by Dr. SmITU, seconded by Mr.
GLIDDON, of Guernsey, concluded the business of
the meeting.