The Sun.
London, England, 1858-01-20 00:00:00

to know if was true that tile reserve of the
Commercial Bank was larger in proport'on to the
capital than that of the London Joint Stock Bank.
The CHAIRMAN—It is just the same as the Lon-
don Joint Stock, as compared with the capital ;
but as compared with the amount due to cue-
tomers, our reserve is larger than that of any other
bank. (Cheers.)
Another SHAREHOLDER expressed au opinion in
favour of dividing up the balance more closely,
because the amount of dividend alwa 3-s rcg elated
the value of the shares in the market.
Mr. W. JACKSON, M.P. (a director), thought it
would be exceedingly imprudent for them to divide
up to the last penny, for who could tell that the
securities they held on the 31st December would
be of the same value on the 30th June ?
Another
panic might arise ; and his experience, which bad
gone through four panics. taught that at such
times securities were like marlinespikes, tapering
off to nothing. (Hear.) He did not appr.hend that
anything would arise to diminish the value of secu.
rities. On the contrary, he hoped that the low
price of money would increase the value of those
thsy had in hand, and that they would thus gain.
something back out of the losses to which the chair-
man had alluded. But it was due to themselves
that they should keep a reserve, and not divide up
to the last farthing. (Hear, heir.) As to the
value of the shares, with that the directors had
nothing do ; and generally when shares went down
it showed that there were some weak holders, and
when they were soli somebody with a broader
back came in. and the concern was rendered morn
safe.

The motion adopting the report was then put and
carried unanimously. _

The CHAIRMAN -declarel the dividend for the
half-year at the rate of 6 per cent. per annum, and
announced that it would be payable on and after
the 29th inst.

The usual vote of thanks terminated the pro•
ceedings.

SURREY GARDENS COMPANY.

[The following appeared in oar late edition of last
evening :—]

An extraordinary general meeting of the ehareholderi
of this company was held at the Royal Surrey Gardens
this afternoon, for the purpose of taking into considera-
tion the propriety of winding up the company, volun-
tarily, under the Joint-stock Companies Act, 1856.
Mr. Holmes occupied the chair. The attendance of
shar.hAders was very small.

The CHAIRMAN Baia the object of calling the meet-
ing was to wind up the concern. Having stated what
had already been done in reference to the state of the
gardens, be said that the largest shareholders had been
canvassed with a view to resuscitate the gardens, by
their subscribing to preference shares of 21. 10s. each,
which would give ss. in the pound down, and debenture.
for ss. more to those who had a priority of claims
on the assets of the gardens, the same bearing
interest at eight per cent. till the creditors' claim
were paid, but without success. The proposition of the
directors in that respect had not been responded to, and
as it would be neither fair nor honest of the directors to
withhold from the creditors what assets the company
represented, the only course they could now recommend
was an equitable distribution of what remained amongst
the creditors. The question, therefore, was, whether
they should proceed with the petition now before the
Court, or by a voluntary winding up by the shareholders.
He thought the former course the best, because in a
voluntary winding-up it would not prevent adverse cre-
ditors or shareholders from filing petitions for the inter-
ference of the Court.

Mr. JONES, the company's solicitor, said there were
objections to a voluntary winding-up of the company ;
and as there was a petition now before the Court, is
which great expense bad been incurred, it would
be better for all that they should proceed with it.
With 15,000/ mortgage and 10,0001. debt, it was not
to be expected that the company could be wound up so
as to pay 20s. in the pound, and give the shareholders a
penny in return for what they had advanced. He con-
sidered they could not wind up an insolvent estate
voluntarily, more especially whilst a petition was on the
rolls of the Court.

Mr. COOMBES advocated the proceeding with the peti-
tion for winding up now before the Court. The whole
might be settled in a month.

Mr. FLEArrwo, solicitor, considered voluntary winding
np the best mode of proceeding. Less would be spent
in litigation by such a course, and the property would
realise as much by a voluntary winding up as under t►
compulsory one.

gr. JONES, architect, considered compulsory winding
up the best, because it would be a mere effectual pro-
ceeding._

Mr..llAras also urged compulsory winding up as best
for the creditors. The court had no power to interfere in
a voluntary winding up to compel a dissentient creditor
to take ihe dividend the assets would give.
Mr. TODD moved, and Mr. H. JONES seconded, that
the company should be wound up under the powers of
the Court.

The CHAIRMAN said it required three fourths of the
number of shareholders and amount of capital to con-
sent to a voluntary Winding np.
In answer to questions from shareholders,
Mr. JONES, solicitor, said there was nothing to pro;
vent any of the shareholders fro. purchasing the
gardens under the sale of the court. The money would
be received and paid under a liquidator appointed by the
court, On the suggestion of the shareholders.
The motion was put to the meeting, and carried
unanimously.
A vote of thanks to the chairman terminated the pro.
ceedi