The Sun.
London, England, 1854-01-20 00:00:00

i PRICE SD.

THE SOUTH SEA COMPANY.

There was a specialtmeeting yesterday, of the proprie-
tors of South Sea Stock, for the consideration of the bill
now in'Parliament, for continuing the company for trust
purposes, and giving powers to the directors to pay those
proprietors who might object to the 'trust company their
money for the stock hold by them, ancl. also their re-
spective portions Of the assets of.the -company.
Mr. FRANKS, on taking the chair, stated that tbe di-
rectors had every wish to assist the , proprietors othsettigr
back the money now paid; to them b,_y the Chancellor of
the Exchequer, and for. that purpose they were quite
ready to lend to any proprietors who might dissent from
the Trust Company the money they required, on . the
security of their stock, and also. to purchase the stock of
any of these proprietors. He ti:night •the -facilities thus
afforded would remove many, objections to the bill, now
in Parliament, and save the. ithcessity of makini two
separate bills. In concluSion; he moved that, the' direc-
tors be authorised to promote the bill now in Parliament
for continuing the society as a Trust Company, and fur
giving power to return, to the proprietorswho disiented,
their money, and respective portions of the assets of the
company. '

Sir MOSES MONTEFIORE, Bart., seconded the motion.
In consequence of Mr. PARNELL moving an amend-
ment,' a long discugsion took place ddring which it was
maintained that the mixing up Of the tviro sulject§ in
one bill had caused the House of Lords: to throw
it out last session ; and that the object for which
the South Sea Company was established being no
longer in esse, the company ought to be 'wound
up altogether, and the whole of the assets 'divided
rateably amongst the proprietors. Mr. Ansell saw
throughout the bill only 94 lines which related to the
winding-up, whilst all the rest belonged to the proposed
Trust Company. He should like to know if any objec-
tion were again made in the House of Lords as" to any
ofs the clauses of thii Trust -Company, whether the
clauses for giving them back their money and their por-
tion of the assets would be likely to share the same fate ;
he feared this result, from the two subjects being mixed
up in one bill, now before Parliament. The chairman
would state on his part and that of the board generally
that, if in the course of their proceedings they said any-
thing now that would prejudice or seriously delay the
passing of the winding-up part of the bill, the directors
would not hesitate to withdraw or modify any such ob-
stacles. He trusted this statement would obviate the
necessity of making two bills where one would basuffi-
cient.
Mr. PARNELL'S amendment for one separate bill was
put, and 19 hands were held up 'for it ; the original
motion was also put, for which2B hands were held up.
The original motion was therefore carried.
Mr. ANSELL then submitted to a motion to-the effect
—that if the directors saw anything arise, after the
second reading, likely to prejudice the winding up, they
should be requested to withdraw any portion having
that tendency, so that the proprietors might get their
money as speedily as possible.
Mr. D. MORGAN seconded the resolution.

The CHAIRMAN said that the directors would of their
own accord act in that manner, if found necessary, so
that they needed not to be fettered by any resolution.
The SOLICITOR said the directors had power already
to act in the manner suggested by the hon. proprietor.
After the business of the day had ended,
Mr. SEBAG asked if the present directors of the South
Sea Company would be continued as the Board of the
Trust Company, or whether the choice of directors
would be open to the proprietors ? •
The CHAIRMAN said the bill contemplated the same
arrangements as regarded the directors, but as many of
these gentlemen might not wish, or could not serve the
new company, an opportunity would be given for in-
troducing those who would be more acquainted with the
objects of a Trust Company. •
The Court then adjourned.