The Sun.
London, England, 1853-12-21 00:00:00

GREAT LUXEMBOURG.

On Monday an.influentialmeeting of the holders of the
6/. per cent. guaranteed shares in the above company
was held at the London Tavern, for the purpose of taking
into consideration the best measures to be adopted for
the protection of their interests with reference to the
proposed scheme of the directors for the destruction of
the privileges of these shares ; Mr. G. E. Taunton, of
Liverpool presided.
The CrioramArr, in opening the proceedings, stated
that he represented a large number of gentlemen in
Liverpool, the holders of 7,000 shares, 4,000 of them
guaranteed, and the remaining 3;000 of various classes.
Since he had entered the meeting he had received letters
from numerous gentlemen, all of whom disapproved of
the scheme of the directors, and one of them so entirely
expressed his opinions on the subject that he would read
it to the' meeting. The writer stated that the statutes of
the company could only be altered by the Belgian Legis-
lature ; that if petitions were presented by the sharehold-
ers, showing the injustice of their being made liable to
further calls of 101. a share, the sanction of the Legis-
lature would not be obtained, and the Belgian Govern-
ment would be jealous of the French influence in the
company, and of the gross injustice proposed to be car-
ried out. The letter concluded as follows :—" If it is
said the company offer to pay preference shares at par,
it may be assumed that it would be most unfair. I
myself purchased them at a premium ; but there are
still the other shares, as to which no such offer was
made. The above should be brought prominently be-
fore the meeting, as it is generally supposed that the
arrangement is complete if voted at a meeting here and at
Brussels, and consequently holders are inclined to think it
is hopeless to stir in the matter." Having remarked that it
WAS stated at the meeting last week that the objection-
able scheme had only been settled the day before, and
then presented to the shareholders in an elaborate re-
port, he said that such a report should have been given
to them at least one week before, for it was impossible,
from the hurried way in which it was read over, to form
any adequate idea of its details. He might mention here
that their interests were not identical with the general
body of the shareholders, for they had boughttheir shares at
a premium, or at a great cost. lie should now read the pa-
ragraph in the report which referred to them, and which
was as follows :—" For the holders ofthe 60,00010/. half-
shares guaranteed 6 per cent., upon which five pounds
have been paid, the following is the amount proposed:—
That they shall receive in exchange 30,000 shares (101.
paid) to bearer, subject to the payment of the other 101.,
and a bonus of 30,0001. paid up 41. obligations, bearing in-
terest at Si. per cent., and reimbursable at 51.; there would
thus be given to the shareholders of this class one share of
201. (101. paid) and one 41. obligation, reimbursable at
51. for two half-shares of 101. each, upon which 51. have
been paid." By that paragraph they would see that they
were called upon to receive 5 per cent. instead of 6 per
cent., and which, with the obligations, was tantamount to
buying shares at a discount of 4. The gentlemen whom
he represented did not want any change, and would
sooner remain as they were than accept the terms pro-
posed by the directors. He had purchased his shares as
a security, and [not as a speculation ; and he knew se-
veral persons who had invested trust-money in them.
After entering into the subject at length, he concluded
by moving the following resolution :—" That this meet-
ing disapproves of the proposed scheme of the directors
for the conversion of the 6 per cent. guarantee shares,
as submitted to the meeting held at the London Tavern,
on the 14th inst., and pledges itself to resist the same."
Mr. READ& seconded the motion, and said that the
plan proposed by the directors was a deception and a
cheat.

Mr. MooRE entered into a lengthened statement, to
show that by the plan proposed by the directors, he
should, by selling his 5001, worth of the proposed new
stock, at the current quotations of to-day, viz., 71, be a
direct gainer of 50/. ; and said that it was admitted on
all sides that the directors' plan would greatly benefit
the company.

A PROPRIETOR stated that he was so dissatisfied with
the directors' proposal, that he had written a letter to
the board, in which he told them that he would not ac-
cept their terms, aad that if they attempted to force it
upon him he would take the matter into the law courts.
A long discussion having taken place, the motion was
put and carried.
A committee having been appointed, and subscriptions
entered into, the meeting separated.