The Sun.
London, England, 1847-01-06 00:00:00

COLONIAL BANK.

The usual half-yearly meeting of the proprietors of
the Colonial Bank took place yesterday at the London
Tavern, in order to receive the report on the proceed-
ings of the corporation, and for the election of five di-
rectors and one auditor. Mr. Caulfield took the chair.

The SECRETARY haying read the advertisement con-
vening the meeting,
The CUAIR3tAI4 said that he was happy to say that
the report which would be submitted to their notice was
a very short one, but, short as it was, it would show that
the affairs of the company were in a very satisfactory
state.
The SECRETARY then rea,l the report, from which it
appeared that tlo debts due by the bank were—
Circulation ... ... ..£2.08,425 11 8
Deposits, &e. ... 713,951 15 9
Paid-up capital ... ... 500,000 0 0
PrAt ... 19,486 13 9

£1,439,864 1 2

Total
And the assets were—
Specie £263,346 13 0
Due to the Bank, on bills purchased and
discounted in the colonies ... ... 716,598 9 6
Due on cash credit in the colonies ... 147,636 0 5
Due in London, on bills remitted ... 240,349 310
Balance of bad and doubtful debts ... 51,231 19 3
Bank premises and furniture ... 18,295 16 7
Balance of preliminary expenses ... 2,505 18 7
The balance of bad and doubtful debts was much on
the decrease, and it was proposed that out of the
19,4831. 13s. 9d. profit, 7,0001. should go to pay a divi-
dend of IL 10s. per cent. for the half-year ending June
30,1846, which would give a dividend of 3 per cent. per
annum on the paid-up capital. The remaining sum it was
proposed to place to the account of bad and doubtful
debts, in order that the total might be reduced as much
and ns soon as possible. It afforded much gratification
to the directors to be enabled to say that, in spite of
many adverse circumstances, the profits were still in-
creasing, and had every appearance a continuing to
do so.—The report was unanimously received.
The CHAIRMAN then proposed that the dividend
should be payable on and after the 11th inst., which was
agreed to.
The CHAIRMAN then said tbat the directors who re-
tired in rotation were—J. A. Mulkey, Esq. ; Wm. T.
Hibbert, Esq. ; Chas. M. Garel, Esq.; Thomas Master-
man, Esq.; Abraham J. Roberts, Esq. ; Henry Barkly,
Esq., auditor. These gentlemen being eligible, had
again offered. themselves tor the vacant offices.
Their names were then separately put to the meeting,
and carried without opposition.
Mr. J. Fletcher having been elected a director in the
room of P. M. Stewart, Esq., M.P.. deceased, Mr. Ellice
was elected auditor in his room. This closed the busi-
ness of the day.
Mr. Hai:Aliso:a, a proprietor, expressed his satisfac-
tion at the conduct of the directors ; as did also other
proprietors, and a vote of thanks having been given to
the chairman the meeting separated.

MADRID and VALENCIA RAILWAY
COMPANY.
An adjourned special general meeting of the share-
holders in this undertaking was held yesterday after-
noon at the London Tavern, Bishopsgate-street ; Mr.
Chadwick, chairman of the English board of directors, in
the chair.

The CHAIRMAN stated that the present was the third
adjourned meeting of the company. At a former meeting
a resolution was agreed to authorising the directors to
ascertain if the company could not be dissolved accord-
ing to law, but it was subsequently ascertained that it
could not be legally broken up. That was the exact
position of their case, and it was now for the share.
holders to decide what should be done. The directors
would do their best to carry out the wishes of the scrip-
holders, and he was sure that the meeting could expect
nothing more from them.
Mr. BIGG protested that the legal opinion which had
been taken for their guidance was based upon an erro-
neous case. The Spanish statutes by which it was said
they were to be bound were repugnant to the feelings of
an Englishman, while their provisions were trivial and
illogical. Besides, the Spanish board of management had
failed in performing their part of the contract; and he
contended, therefore, that they wero free to break up the
concern. The shareholders never authorised the directors
to agree to the stringent and partial powers given to the
Spanish board by the statutes ; and be hoped the meet-
ing would not suffer John Bull to be duped by
a self-elected Spanish confederacy. At all events,
if the Spanish law would not allow them to break up
the concern, he was convinced that an English court of
equity would compel the directors to refund the deposit,
because they had entered into acts and deeds without
due and proper authority from the scripholders. The
Spaniards undertook to subscribe a portion of the
deposits. They had not done so, however,
and that was iinother ground why the Spa-
niards could not prevent their breaking up the
concern. He moved a resolution, in effect declaring
tsheiittve.tisie the directors had concealed matters in the case they
had submitted to counsel, and hail taken upon them-
power of doing certain acts and deeds without
previously obtaining the consent of the shareholders to
110 co.

Dr. 111swanto moved as an amendment that the vote
of the scriptiolders upon the question of dissolution be
taken by ballot; and if the majority were favourable to
a dissolution the directors be authorised to take the
necessary steps to break up the concern.
Mr. D. W. llAnvEv opposed the amendment. At
their last meeting they were told that there
were some great capitalists prepared to take up
the shares of discontented shareholders, but
now they were told that, because he had hinted that
the majority of the holders would part with their scrip
at a loss of 12e. 6d. each, these great capitalists had
been frightened, and declined to have anything to do
with them. Who were these great capitalists ? Let
the chairman disclose their names, and if they were
eldea
really great capitalists, and wbouutldfewmahko
there were, he was convinced, rlsibwehroalwooffueld