The Sun.
London, England, 1854-03-31 00:00:00

SOUTH SEA COMPANY.

The proprietors of South Sea Stock met yesterday, Mr.
C. Franks, the Sub-Governor, presiding, for the purpose
of general business, and also to take the opinion of the
majority on the bill now passing through the Legislature
for winding up the original company, and organising ano-
ther to carry out the administration of trusts. In opening
the proceedings, the Sub-Governor stated that it had been
usual, at ordinary half-yearly courts, to present a detailed
account, showing the goneralposition of the company. The
last occasion on which that course was pursued was the
sth of January, but since that period the condition of
their affairs had become so totally altered that he had
considered it desirable to prepare a statement in a general
form, containing the latest information. This document
was in a shape to show simply the assets and liabilities of
the South tea Company, and the surplus to be ultimately
divided, and the items condensed in the shortest space,
were as follows :

ASSETS.

Cash in hand

Exchequer-bills (actual amount, irrespective of in-
terest, premium, or discount)...

ndia Bonds (stated on the same terms)...

34 per Cents. 150,0001. (valued at yesterday's
price, and ex. div. viz., 86)
3 per Cent. Reduced 5,0001. (valued at yesterday's
price, viz., 85D
3 per Cent. Consols, 501. 18s. ld. (a small nomi-
nal amount, valued at yesterday's price, viz.,
86)
Loans repayable with interest (money advanced in
the shape of loans upon stock, generally at the
rate of 3 per cent.)

Old South Sea Annuities to be received on the sth

of April
Due to the company by the Government, in refe-
rence to the 3 per Cent. Annuities of 1751, and
Old South Sea Annuities

Value of the company's premises at thz old esti-

mate

Making a total of 3,349,0001., or in round num-
bers..

4,275

LIABILITIES,

197,10

113,488

25,000

£3,350,000

Half-year's dividend on Old South Sea Annuities,
due the sth of April
Unclaimed bonds
Unclaimed dividends ou South Sea Stock
Unclaimed dividends on South Sea Annuities
Arrears of Taxes, &c., applicable to 1853
Liabilities on the amount in the hands of the com-
pany not yet claimed on New South Sea Annui-
ties, 1751

£41,078
17,095
25,000
10,000
200

175,934

Making a total of 269,0001., or in round numbers £270,000
Taking the assets at 3,350,0001., and the liabilities at
270,1:00/. the amount remaining was 3,080,0001. It was a
satisfactory feature that the assets were principally such as
might be described as money assets, and not liable to
fluctuation, the only stock held being about 150,0001. In
dealing with the surplus of 3,030,000/. the purchases of
South Sea Stock made by the court from trustees and
others would have to be taken into account, and, these
having reached 1,038,5181. the amount represented by pro-
prietors interested in a final distribution would be
2,621,2651. The result was that the assets would yield a
little over 1171. per 1001. stock. The only expenses would
be those incurred in winding up the company, which
were likely to be very small. In answer to questions
the Sub-Governor intimated that the amount set
down for unclaimed dividends—via., 42,0001. (and half of
which has probably been unrepresented for nearly a cen-
tury), will have to be retained, in case claimants shall
come forward and establish their right to payment. The
whole sum, making allowance for 10,0001. to be arranged,
does not exceed 1 per cent, on the capital of 3,000,0001.,
and hence it is considered a question of small importance.
The next half-yearly dividend will be at the rate of those
previously declared, and the directors considered it gratify-
ing that, although they had to contend with great difficul-

ties, they had been able to bring the assets into such order.
With regard to Exchequer-bills, no loss had yet been incur-
red. They had been taken at 3s. 6d. per cent. as an
investment suitable to the employment of the company's
funds at a period when it was considered advisable
to avoid risk. Although the premium of these securi-
ties had since reached 205., it would not have been easy to
dispose of them, while a further reason for holding them
was, that they would at a fixed date, if the money were
required, be repaid at par. Of the 2,700,0001. originally
taken 60,0001. only had been sent into the market, 50,0001.
having been sold at 18i., and 10,0001. at ss. premium. The
Court then proceeded to the consideration of the bill for
distributing the assets of the South Sea Company, and
arranging an association for the administration of
trusts. According to the statement of the Sub-Governor,
this bill has received favourable consideration in the
House of Commons, and stands for the third reading to-
night. Previously to its introduction into the House of
'Lords, in compliance with the regulations, the necessary
sanction of the great majority of the proprietors was now
sought to bo obtained. The bill with its several clauses
having been read, one dissentient, Mr. Parnell, objected to
its contents, and urged that the proper course would have
been to confine it to the dissolution of the company. On
taking the votes of the proprietors of South Sea Stock,
both separately and in the character of trustees, a large
majority approved the measure. At the close of the meet-
ing the sub-governor and directors wore specially thanked
for their services.