The Sun.
London, England, 1846-01-13 00:00:00

BANK OF AUSTRALASIA.
-An extraordinary general meeting of the Proprietors
was convened yesterday, at their office in Austin-friars,
for the purpose, among other business, of filling up two
vacancies in the directory, occasioned by the resignation
of Richard Norman, Esq., and Bassett David Colvin, Esq.
Mr. Brownrig having taken the chair, and the advt.....
tisement calling the meeting having been read by the
Secretas.y, the Chairman was proceeding to explain the
course to be pursued in the new election, when he was
interrupted by
Mr. NEWSAM, who thought that a previous question de -
served the attention of the proprietors, which was, whether
the proprietors ought to accept the rezignation of the two
Directors, who had retired, for, considering the present
unhappy state of the affairs of the bank, especially as
they were affected by the trial which might be said to be
still pending between them and the Bank of Australia,
the gentlemen in question ought to have felt themselves
in honour, and by moral obligations, bound to
have retained their places at the board till
their affairs were somewhat retrieved from the
difficulties in which they had been involved during the
time of these gentlemen being in office. Having been
elected, and having received remuneration as Directors,
they, he thought, ought to be held accountable, and
ought to have given an account of their stewardship to
the proprietors, by whom they had been elected. The
Hon. Proprietor having observed somewhat further upon
thej conduct of the Directors in having resigned, moved
that the proprietors cannot accept the resignation of
Messrs. Norman and Colvin, as they were involved in
acts which endangered the affairs of the bank, and espe-
cially in the transaction with the Bank of Australasia.
Mr. ROBINSON having reminded the Hon. Proprietor
that they could not help receiving the resignation of tke
gentlemen in question, as they had disqualified by selling
out,
The CHAIRMAN thought it proper to say that the Dire-
ctors viewed their resignation with disapprobation, and for
the satisfaction of the meeting he would give them the
reasons alleged by the gentlemen themselves for re-
tiring from the board. Mr. Norman assigned his ac-
celeance of the situation of manager of another com-
pany, one condition a which was that he should give up
his connexion with every other company whatever ;
and Mr. Colvin, that the state of his father's health, and
tle request of his partners in business, made it neces-
sary for him to resign.
After several others had expressed themselves disap-
provingly of this conduct, and the meeting generally
having as much as intimated their opinion that they
could not pass Mr. Newsam's motion, that gentleman,
to guard against any illegality in their procedure, pro-
tested for himself against accepting the resignation of
Messrs. Norman and Colvin.

They then proceeded to fill up the vacancies by a new
election ; the voting being concluded, the Chairman de-
clared James Helme, Esq., Walthamstow, and Nathan
Atherton, Esq., the successful candidates on the occasion.
The CHAIRMAN then said, that this being ahalf-yearly
meeting only, they would have no accounts laid before
them, and if matters had been as usual his would have
been the easy duty of saying he would be happy to
answer any questions the proprietors thought proper to
propose; as it was, however, he had other disagreeable
business to lay before them. At their last meeting a
proprietor had advanced charges seriously affecting one
of their agents in the colonies, and the p roprietors then
present, not thinking they ought to be disregarded, at the
same time that they could not be investigated in a public
meeting, had referred it to the investigation of a select
committee. Attention had been given to these charges ;
two of them had been completely refuted, and others of
them much impaired by such documents as the Diree-
tori had in their possession, but it was thought ad-
visable to refer the whole to those in the colonies, and they
h ,ped that all the Hon. Proprietors would have suspended
their judgment till a decision had been returned. But
they were aware that a pamphlet had been issued and
circulated, reflecting severely upon that Director in the
Colonies. On account of that pamphlet he thought that
a statement of the affairs of the bank, which had been
offered them at their last meeting by the Directors,
should be heard to-day, fm. though it might do them
injury, yet refraining from making it public might
in teem much mere. He then stated that
at the last meetin , they had been t .Id that
though there was a residue of 15,0001. en the
I in.l for 1).:d ch bts they were also told that the pro
liable woukt more than absorb that sum. Ile
ea. happy to s tate that since that time their affairs,
with one exception, were much improved; their loss had
been 79,1.32/ That sum had been stated as the
result of the correct estimates of their agents
and superintendents in the coloniee A security on one
individual had become better than they expected, which
would be likely to reduce that amount to 71,0001.
Mr. FA RRER here said, that leaving out the suit
pending with the Bank of Australia, the capital was
ui-itouched. lie then proceeded, at the request of several
proprietors, to give some details of the suit which had
been instituted against the Bank of Australia. At
fir .t they had been unsuccessful, and on the second trial,
which was on a point of Ilvr at bar, they had
the opinion of Chief Justice Dickenson in favour of
them, but that judge being in a minority,
a verdict was directed unfavourable to them,
aid he added against the opinion as well of the Chief
Jusiiee as of the jury on the trial.
An Hon. PROPRIETOR then moved that the body o'
the Proprietors view the resignation of Messrs. Norman
aril Colvin with displeasure at so critical a moment in
the affairs of the Company.
This vas seconded and carried unanimously.

The thanks of the meeting having been warmly voted
to the Threetors, it broke up.

NORTHERN RAILWAY OF
FRANCE.

A general meeting of the shareholders in the Northern
Railway of France (Deccan and LebeursUnited Company)
was held yesterday at the City of London Tavern
Bisghopsgate-street, for the purpose of receiving a report
of the proceedings of the Managing Committee, and tot
determine upon what measures shall be adopted for closing
the affairs of the Company, Mr. F. Mowatt in the chair,
The CHAIR3IAN, in opening the business of the meet-
ng, said they had expected a somewhat more numerous
mooing of shareholders, but perhaps the scanty attend-
enc.. was to be explained by the fact of the matter
Laving been almost as it were disposed of already. lie
might say, however, that the Committee of Manage-
ment had deemed it but right and proper to
invite the shareholders to meet them that day.
for the purpose of hearing them explain what had taken
piece with reference to their affairs, and of having sub-
mitted to them a report, with a view of enabling them to,
clone. the affairs of •the Company altogether. Ile had no
doubt. it wou'd be matter of notoriety to all present that
they lied entered into a fusion of companies, which
took place in Paris some time ago. By virtue of
trt aty of fusion, that Company obtained a certain portion,
of definitive stuck, or rather shares in the definitive
Company. A great portion of these shares had boo n
distributed amongst the original shareholders, and
one of the main objects of their inviting them
there was to receive the instructions of the shareholders
as to the mo le in which the residue of the shares shoult
13 disposed of: lie had before stated generally the na-
ture of the treaty of fusion, but he would now state more
speo.ificeVy i tie (-meet, conditions of that treaty. This Coon-
pany,e,lllo., o..Linally represented 400.000 shares, received
the. ts,,ocia.ted companies their proportion ot
41,000 of definite shares, e hick was at the rate of one for
ten original shares, including 1,000 over, but he should
ex pl tin that their French allies failed at the last momen•
to rase their part of the capital, representing 200:000
,earee, end they had to provide the deficiency, which
(wren sed their proportion of definitive shares to 125,000
,hares, while the French Company had raised a
stem which only entitled them to 195,000 shares.
The Committee had distributed their portion amongst
the original shareholders in the manner he had berme
stated, namely, one share for every ten ; and after that
distribution there remained a balance in hand of 512
shares. He should, however, explain that they had not
that entire number at their disposal, owing to some little
confusion which took place in consequence of their
having to raise capital, as it were, under three dis
ti net companies, that was to say, ander the Northern
Railway of France, the Creil and St. Quentin, and
the Fampoux and Hazebrouck Companies, and
they had committed an error in the office of
over-issuing a number of definitive shares amounting to.
120. This confusion arose out of Their French col-
leagues not being able to raise their proportion of the
capital, and they had only 392 shares at their actual
disposal. It was for the meeting to determine how they
should be disposed of. Before, however, inviting them
to express an opinion upon that point, he wished to ob.-
serve that the Committee had incurred some expense in
managing the affairs of the Company, and under the
circumstances he bad already steted, they did not hesi.
tato submitting these expenses to the meet-
ing as an ultimate question fur their conside-
ration. It would be in the recollection of most
of his hearers that, in the event of there being
no adjudication, the Managing Committee guaranteed to
wiatreturnl the deposit in full, without: deducting any sum
for expenses, it being customary for commit-
teesteover
rely upon the interest on the deposits for defray-
ing the irarneeliate and ordinary expenses of the com-
pany, Bat he must remark that their having received
the deposits at the last moment, it was out of their power
to make use of them, and they obtained no interest
whatever oa any portion of
, therefore. t
no o them. They deemed it
more prudent
own bankers to the
Bank
oftransferEngland,
the capital from their
enotverloyanieldr, where it remained
until they required it to se to France. They
made some little money, however,
the exchanges with
France, about three-quarters of a franc
ender these circumstances, and in consequence pound sterling.
pereen of their
having obtained what was considered inse
Englandtheir haysioime.
thing better than an adjudication, and
surplusage of shares in hand, the Committee had" having
re-
solved upon recommending the shareholders to allow
them to sell some of the surplus shares to defray
the
expenses which had been incurred, which would take
about 170 shares, and leave the remainder to be disposed
3f as the shareholders thought proper. The expeeei.
ture amounted to 4,338/. 193. 5d., and the receipts to
2,738 L 14s. 6d., but the shareholders would
tr. pleased to bear in mind that the sum of
!1,0001., which was advanced by the Managing
'ommittee in the first onset of the under-
:"ung, appeared on both sides of the balance-sheet.
,
.lofore sitting down he felt it right to state that the
ttfrairs of the Company might have been wound up long
i.go had it not been fur some minor disputes which had
taken place with the
companies in France.
Mr. Deputy CORNRy
wished to know who would be
ntitled to
puticipatea
r the original ahare in
holde e surplus shares—the present
el the market, or those who bawl ewe who had purchased
their shares allotted to
them ?
The CHAIRMAN said he Nast not in a position to an-
,wer that question.
matter
Mr. LIGGINs said he intended to move a resolution
which he had no doubt would set the at rest. He
thought they oncy.„ it,,,sista,,,Arhaz. . ..glMtde. •-teethe