The Sun.
London, England, 1858-08-31 00:00:00

GENERAL IRON SCREW COLLIER

COMPANY.

The sixth annual meeting of the shareholners was held
yesterday, at the London Tavern—Sir J. Easthope in the
chair. _ .

In the report the board expressed deep regret that they
had been prevented by the stagnant state of the shipping
market from snaking any progress in selling the ships at a
reasonable price. From the same document it appeared that
the balance to the credit of the revenue account for the year
ending the 30th June last was only £651 18s. 4d., which was
subject to disputed debts amounting to £12,957 10e. 10d.; a
condition of finance, it was observed, quite incompatible with
making any dividend upon the working operations of the
company during the year. The concern had also in that period
lost two of its ships, and had, in addition to the sum of
£1,531 ss. Bd. (the costs already paid for sundry collisions
and accidents) to defend itself against claims for upwards
of £lO,OOO made against the company in respect to
other collisions now in the course of legal investigation.
The directors entertained considerable confidence that their
defence against these undecided claims would he successful,
and that no considerable further loss would arise from that
quarter, beyond the legal expenses consequent upon un-
avoidable defensive measures. The legal advisers of the
company were instructed to proceed with all possible vigour
against the several parties who owed the sum of £12,057
10s. 10d. Oae of these parties, a debtor for the large
amount of £6,815145. 11d., had been declared insolvent;
the remainder not so, but it was feared they would only pay
when forced to do so by legal proceedings. The directors
could not in the present depressed condition of such pro-
perty estimate the value of the ships. Only eight were now
employed; the four others were laid up in dock. It was
impossible to form any safe estimate with respect to the dis-
puted debts, or to anticipate the result of the legal proceed-
ings now pending against the company for collisions.
The CHAIRMAN, in moving the adoption of the report,
said the board had laid before the proprietors the exact state
of their affairs. There was no use in referring to the past, and
therefore what the directors had aimed at was to place the con-
dition of the concern plainly before them, with a view to the
winding up of the company at the earliest possible period. The
great impediment arose from the investment of £lO,OOO in
Surrey Gas bonds, which at present were not marketable.
As soon as these securities had been disposed of, and a cer-
tain portion of the debts had been collected, there would be
a distribution of the proceeds without loss of time; and as
soon as £lo,ooo could be realised by the sale of some of the
ships, there would be a further distribution. The share-
holders all knew that he himself long ago advocated the
winding up of this concern, and it was now the only course
open to them.
A SHAREHOLDER wished to know how the directors
came to invest £lO,OOO in unavailable securities. The
concern bad been badly managed for a very long period,
and but for the Crimean charters their assets would hava
been totally dissipated.
The CHAIRMAN said he had himself asked the board why
£lO,OOO was invested in the Surrey Gas bonds, and the
reply was that the company received good interest, and
the Surrey Gas Company was considered a sound concern.
Before the Russian war he proposed that the concern should
stop, believing that they could not obtain a profit from the
coal trade, and their experience since the termination of the
war had proved that this view was correct.
After some discussion the report was adopted.