The Sun.
London, England, 1858-01-19 00:00:00

birb IZVittort

SUN OFFICE, Seven o'Clock.

ROYAL SURREY GARDENS.

An extraordinary general meeting of the shareholders
of this company was held at the Royal Surrey Gardens
this afternoon, for the purpose of taking into considera-
tion the propriety of winding np the company, volun-
Wily, under the Joint-stock Companies Aot, 1856.
Mr. Holmes occupied the chair. The attendance of
shareholders was very small.
The CHAIRMAN said 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, he said that the largest shareholders had been
canvassed with a ♦iew to resuscitate the gardens, by
their subscribing to preference shares of 21. 10s. each,
which would give ss. in the pound down, and debentures
for ss. more to those who had a priority of claim.
on the assets of the gardens, the same bearing
interest at eight per cent. till the creditors' claims
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, in
which great expense bad been incurred, it would
be better for all that they should proceed with it.
With 15,0001 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. COOXBES advocated the proceeding with the peti-
tion for winding up now before the Court. The whole
might be settled in a month.
Mr. FLEXING, 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 a
compulsory one.
Mr. JONEB, architect, considered compulsory winding
up the best, because it would be a more effectual pro.
needing.
Mr. HALES 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 the 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 up.
In answer to questions from shareholders,
Mr. JONES, solicitor, said there was nothing to pre-
♦ent any of the shareholders from purchasing the
gardens under the rale 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-
ceedings.