The Sun.
London, England, 1858-03-20 00:00:00

NORTH OF EUROPM STEAM NAVIGATION
COMPAIV Y.

The adjourned half-yearly meeting of the share-
holders or this company was held yesterday at the
London Tavern, Mr. Morrison in the chair.
The SECRETARY read the advertisement con-
vening the meeting, after which,
The CHAIRMAN said that they were aware that
was an adjourned meeting, in consequence of a
wish expressed by the shareholders at the last
E e
opinion ‘f
that the
i ships.nthtehye
meeting, to see if they could form a new company
in order to avoid the compulsory
Some shareholders expressed an
present distressed stete of the shipping trade
should not attempt a sale, but that some time
should be given to see if they could form a new
company. The directors did not wish to oppose
that proposal, although they had objections to it
on account of the expenses that were running on.
They had refused to have anything to de in the for-
mation of the new company, for they could not-aet
as the trustees of the new and the old companies.
Some shareholders blamed them for not having
done enough, and others with having done 'too
much ; but they had done nothing but lend the
board-room for a meeting and issue circulars for
calling the meeting. The Meeting that day was
called for the purpose of considering the propriety
of forming a new cowpony, which could only be
done by the new directors piing down a sum of
money to liccridate the debts of the old company.
This they were not in a position to do, and this
appeared to be a great obstacle- to carrying out
the wishes of the shareholders. The ships, upon
the sale of which they most relied for ready
money, were those that the new company would
require. A similar arrangement bad been carried
out by the General Screw, but they had money in
hand to meet all their debts, and the purchasers of
the vessels paid down one-fifth of the purchase-
money to be distributed among the dissentient
shareholders who opposed the sale. This company
was in a different position, and could not act in the
same manner. Their debts were something over
52,0001,, while their assets were 22,000/. Those
assets were, however, in a great many instances,
di,puted • and they could only rely for money on
the sale of the ships. They had the power of bor-
rowing money, and had expected to receive 20,000/.,
but they had not received it, and the company was
now driven into a corner. They had been advised
to make the creditors wait, but they could not do
that, for the creditors could drive them into com-
pulsory liquidation. The best course would be to
appoint official liquidators ; but to do that it would
require two meetings, at intervals of a month, to
sanction that course ; and to save time it was his
intention to move at that meeting that the com-
pany should be wound up. Since the last meeting
the directors had valued the property, and at the
present time it was considered worth 120,000/., in-
stead of 105,0001., as formerly stated. But this
estimate must be taken for what it was worth.
Mr. CRIDLAND thought this was the happiest
possible statement fi r the shareholders, The value
of their stock had been increased from 105,0007. to
120,0001., and, if they procrastinated, it might be
more. It was in c msquence of tke -wretched mis-
management of the boat d of directors that their pro-
perly had been wasted. He did not think that the
present board of directors, who were the nominees
of the old directors, ought to be liquidators, but
that others should be appointed, who would bring
the evildoers to public justice.
Mr. TAYLOR rose to a point of order, and asked
whether a gentleman who bad nut, paid up his calls
had any locus stanch, in that meeting. (Cries of
" Yes, yes.") He also wanted to know what motion
there was before the meeting. (Great uptoar fol-
lowed.)
The CHAIRMAN said there was no motion before the
meeting, and the reason he did not propose one was,
because he thought some gentleman would bring for-
ward a motion relating to the new cow pany they had
attempted to form. If no such motion had bleu
proposed he would have decided that the meeting
was at an end. With regard ,o the other question,
a shareholder in arrears could not address the meet-
ing by tbe rules of the charter • but ho was very
unwilling to stop any attack that was being made
on the directors.

Mr. JACKSON moved that the rule of the charter
which prohibited a shareholder in arrear of calls
from speaking should be waived on the present cc-

casion.

Mr. CRIDLAND again attempted to address the
meeting, when
Mr. GAINSFORD wished to know if Sir S. d.
Veto or any of his friends had any proposal to make
to the meeting, as it was by their negligence the
shareholders had lost their property. Would they
make a proposal to take the who'e of the si ock off
their hands, and pay a :AIM of money to meet the
liabilities of the coirp•iny ? He for one would be
prepared to meet them at a sacrifice in the most
friendly muter.

The CHAIRMAN said that the ships were valued
in the books at 130,0001, and it could not be -ex-
pect'2d that the direct )rs would be in a position to
get up at once and make an offer for so large a
purcbase.

Mr. CAZENOVE said that as chairman of the meet-
ing that bad been call, d for the purpose of forming
a new company, he regretted tbat it was a private
one, for if it had not been so, the proceedings
would have been correctly laid before the world.
As it was, their proceedings were Vitally misrepre-
seuted. The result of that meeting, however, was
that they did not carry out the wishes of the share-
holders.

Mr. GAINSFORD again urged that his proposal
ought to be met in a bee ,ming spirit by the old
directors. He was told that Sir S. M. Peto wai in
the room, and he appealed to him to meet him in
this offer.

Mr. CRIDLAND explained that he had not paid up
his calls h-cause they had been made in fraud.
The CHAIRMAN said that Mr. Abel took the same
objection, but on reflection he paid up his calls.
Mr. JACKSON mid that in consequence of his eon-
nE.xion with Sir S. M. Peto in this undertaking, he
was a sufferer to the extent of 3,000/., which he had
written off to profit and loss. He had many other
transactions in money matters with Sir S. M. Peto,
and in all of them he had found him thelife and
soul of honour. He thought that if the proposal
of Mr. Gainsford were made without the harsh
language that had been used against the late direc-
tors, they would be doing that which was best for
the interest of the company. If a proposition was
made to Sir S. M. Pcto and the old directors in a
proper manner, he did not know those men if some-
thing did not come out of it ; but if they were to
Le called rogue, then nothing would come out of
it. They should give them a week or ten days for
consideration, and no doubt those gentlemen would
make a reply.

Mr. GA-IN- SFORD responded to the suggestion,
and availed himself of the benefit of the assurance
of the hon. proprietor. He therefore moved,
" That, in the hope that the late directors, or some
of them, may make a propoAal to discharge the
liabilities and take the assets of the company at a
fixed net sum, a committee be appointed" to re-
oetve, and consider, and confer with the directors
on such proposal i?made, and to report thereon to
the next meeting of this company."
Mr. JACKSON seconded the motion, which was
carried unanimously.
b e Mr. .
appointed,
GN ersr
ao thenthat
tmovedconsist t hoaft
tth
rh e e
e committee
members.
Mr. GODSON moved as an amendment, " That
the committee consist of five." _

The amendment was carried by a large majority,
and the following gentlemen, after a long discus-
sion, were nominated :41r. Gainsford, Mr.
liausley, Mr. Wheeler, Mr. J. Lee Stevens, and
Capt. Young, the deputy-chairman of the company.
Mr. ABEL—Do I understand, Mr. Chairman,
that the committee will thoroughly investigate the
past transactions of the company or not:
Mr. MORRISON—No, I do not understand that
to
mbentAheßoEbtLecTthoefuthleairppaprephoeinnta therement
having
an endth to
allTLope b
business
e ss investigation.of then€ra
gel meeting avin
imeetingscussionw, atsh emmadoetiZeciva It; band gthe altcbearir
us
w
disorderly discussion,
d
iyi
man as carried, "That the company be, and are
hereby required to be, wound up yvoluntarily "
The meeting closed with a vote of thanks to the
chairman, after a sitting of nearly three hours.