The Sun.
London, England, 1867-02-18 00:00:00

MEETING THIS DAY.

The ordinary meeting of the directors and share-
holders of the company was held this day at Exeter
Hall. The report, an abstract of which has already
appeared in The Sun, having been taken as read,
Mr. LEVICK, the chairman, in moving the adoption
of the report, proceeded to refer to the state of

commerce during the last year, amidst some im-
patience, and eventually, in obedience to calls of
'Come to the paint," he sail he was, he
thought, coming to the point by tracing
the position of the company during the
period of the last six or nine months. During
the last half-year the policy of the directors had
been conservative and protective—their great efforts
being directed to the consolidation of the securities,
and to make their property as sound and safe as
they could by possibility do. (Hear, hear.)
They were desirous of s o doing in order
to form a basis to work upon when business came
round, rather than run an extraordinary risk
to secure a small profit. With respect to
the valuations in the report everything had
been put down at the lowest, and profits
made during the last six months have been quite
sufficient to cover the depreciation in valuations.
(Hear, hear.) Many of the operations in hand had
years to go before they could be completed, and
therefore it was impossible to value them,
but the nearer those works approached com-
pletion the nearer would they be to the
profit that was certain to accrue. The
alteration in the constitution of the company he
thought would be followed by the best result ;
and with respect to their shares, the amount
of call left unpaid amounted to the mere baga-
telle of £7,130. The directors had exerted
themselves during the last six months most
anxiously for the benefit of the shareholders, and it
would have been impossible to have securities safer
than they had been during the period he had men-
tioned. The case that had appeared iu the newspapers
of Seaton and Grant had created great uneasiness
abroad, but on the part of the Company
he contended) that nothing could be more false and
scandalous than the charges brought against them ;
and had Mr. Seaton's charges been. made in any
other form than proceedings in Chancery he would
have been indicted for libel. It was not to be
wondered at that their shares felt the ill effects
of the unfounded charges made against them, but
they did not stand alone in not paying a divi-
dend. No finance company could have made a
profit during the last six months, and no sen-
sible shareholder in a company of that description
could have expected it ; but it was a great
satisfaction, for the directors of the Credit Foncier
had made no losses which were not covered by inte-
rest. A great source of difficulty the directors had to
contend with was the desire that was shown by certain
shareholders to inspect and demand explanation on
matters it was quite impossible for the directors to
comply with. (Hear, hear.) What the directors
wanted to carry on the business successfully
was confidence ; that would keep their affairs
in a secure and satisfactory condition, but
as long as their affairs were continually being
condemned without the slightest reason they would
always have a very up. hill work to perform. There
was one thing that he wished clearly to
be understood by the meeting, that the
directors took no commission upon profit
until a dividend was paid of 10 per cent. (Hear,
hear.) The directors had done all they possibly
could for the benefit of the shareholders ; they had
brought the ship home safe ; although the voyage
had not been a profitable one, they bad arrived
in port withou t the loss of a single sail or
spar. They hoped when they started on their
next voyage to return with better success, and al-
though he did not anticipate they could pay as large
a dividend as they had done, they would be en-
abled to pay as good a dividend as any reasonable
-man could expect for his interest.
Mr. WARNER seconded the adoption of the report.
Mr. CULVERWELL objected to the receipt of the
report. He contended that the directors were too
highly paid for their services, as by the reduction
they had made in their number they would each
receive a salary of £7OO for doing nothing. He
thought that the number of directors should be
fifteen, seven of whom ought to be elected by the
shareholders. The qualification for the direction
he thought was too high, because it entirely excluded
talented men who Shad not the means of holding
400 shares in the concern. lie concluded by mov-
ing :a resolution that seven gentlemen elected by
that meeting should be added to the direction.

Mr. GORDON seconded the amendment, because
he believed that the shareholders ought to have a
more distinct and specific v. ice in the concern. He
was not antagonistic to the directors, because he
felt they had done all they could for the sharehol-
ders, but what he thought right was that the share-
holders should have a greater voice in the manage-
ment of the concern.
Mr. G. STEPHENSON said the directors have been
accused of taking £7OO for doing nothing. But
instead of doing nothing the directors had raved the
ship. Their managing man, Mr. Grant, the Napo-
loon of finance—(hear, and laughter)—had brought
them through the crisis safe. Had he imitated the
policy of Overend and Gurney, Barned's Bank, and
other companies, they would have been in their
position. He hoped the meeting would not dis-
turb the unanimity that at present existed at the
board by carrying the resolution of Mr. Culver-
well.

A SHAREHOLDER asked whether it was compe-
tent, in accordance with the articles of association,
for the meeting to carry such a resolution as that
proposed?

Mr. HERITAGE, the solicitor to the company, said
the meeting could not legally carry such a resolu-
tion, but if the meeting desired that such a resolu-
tion should be submitted to the shareholders, the
directors would take steps to enable them legally to
do so.

Another SHAREHOLDER suggested that the addi-
tion to the number of directors should be three,
instead of seven.

Mr. GRANT, the managing director, then pro-
ceeded to vindicate the course pursued by tho direc-
tors, which he did to the entire satisfaction of the
meeting.

The report was adopted,