The Sun.
London, England, 1867-07-24 00:00:00

LONDON FINANCIAL (LIMITED).

The half-yearly general meeting of this company
was held on Monday at the Baltic, Threadneedle-
street ; Mr. M. E. Rodocanachi in the chair.
The report stated that during the past half year
the affairs of the association had received the con-
stant care of the Board. Considering the disastrous
condition of railway property in general, the direc-
tom were able to report that satisfactory progress
had been made in regard to those lines in which the
association was interested, and many difficulties had
been overcome by arrangements. The directors con-
tinued to believe that time alone was required to
render the property of the association valuable. In
accordance with the assurance given to the proprie-
tors the directors had declined to enter upon any
business involving even the smallest risk. The lia-
bilities of the association were now £284,000, and
they would be further reduced to about £200,000, by
the balance of call now in course of payment. The
contingent liabilities had been reduced to £30,000.
The balances at credit of special suspense account
and of profit and loss account had been absorbed by
losses and depreciation of securities. The call due
the 10th of July, 1866, not having been met on 826
shares, on which £2O were paid, had been forfeited.
'The balance sheet showed that £1,095,666 had been.
'received on shares, and the liabilities were £303,115,
,making together £1,398,781. The assets amounted
;to c 1,:393,731, including £13,990 in cash.
'The CHAIRMAN, in moving the adoption of the
report, mid the greater portion of their assets were
in securities of new English lines of railway. It
was to the action of Parliament in sanctioning so
many undertakings they had to attribute the great
depreciation of railway property. The directors
had done their duty to the association. They might
have made
a great mistake in lending their money
to railway
companies sanctioned by Parliament, but
on very carefully looking into the affairs of the
lines in which they were interested be thought there
was no cause for despondency. They had during
the half-year been engaged
in imrroving the posi-
tion of their assets. Thanks to the
their able solicitor they had awaited litigation, and

assisted those alone requiring means to develope
traffic. Railway property must improve, and were
it not for the result of the great panic that had dis-
couraged so many he thought that several persons
having money available could not do better than
pick up good railway property at low prices. The
association had real security at the back of their in-
vestments, but time would be required to develope
the resources of those undertakings.
In reply to a question it was stated that the
nominal value of the investments was £2,231,000,
on which the association had advanced £1,400,000.
They had power to foreclose, if necessary.
Mr. MoenisoN thought it very extraordinary thht
they could not get plenty of money without making
calls for their purposes, as capital was going a beg-
ging in the market for 2 per cent. interest. Ile
sugo-es'ecl that they should reduce the liability of
the shareholders to £3O per share.
Mr. J. PENNY said he had travelled 240 miles to
attend the meeting, he had several questions to ask
the chairman, and would insist on answers to them.
Mr. GALSWORTILY proposed the appointment of
a committee of shareholders, with full power to in-
quire into the affairs of the company, to examine
documents, books, &c., to obtain legal advice, and
to report the result to a future meeting.
After the rejection of various amendments on Mr.
Galsworthy's proposition, it was agreed that the
directors' report and statement of accounts be re-
ceived and entered on the minutes, that a committee
of seven shareholders be appointed to investigate
the affairs of the company, to examine books,
papers, &c., to employ professional assistance if ne-
cessary, and to adjourn the meeting to a day to be
named by the committee.
Objections having been made to names proposed,
it was agreed that Mr. Holloway, Mr. M'Daw, Mr.
Fotheringham, and Mr. Galsworthy be members of
the committee, with power, in connection with the
directors, to add three more shareholders to the
committee, holding not less than 100 shares each,
for 18 months.
In reply to a question it was stated that the di-
rectors had paid up all the calls on their shares.
Thanks were voted to the chairman, and the meet-
ing adjourned.