The Sun.
London, England, 1867-03-15 00:00:00

Overend, Gurney, and Company (Limited.)

MEETING THIS DAY.

A fully attended meeting of the creditors of this com-
pany was held to-day at the London Tavern, to hoar a
statement from Mr. Oppenheim as to the future prospects
of all those interested in the company.
The notice convening the meeting having been road,

Mr. OPPENHEIM said—Gentlemen, it is proper that I
should remind you, in the first instance, that this is the
first mooting of creditors of Overend, Gurney, and Co.
(Limited), since the stoppage. The matters to be sub-
mitted to you for your consideration to-day are of serious
importance, and trust that we shall be able to bring to
the consideration of them calm and impartial minds, and
that we shall not be influenced by feeling or prejudice, but
be able to bring a good judgment to bear upon all matters
to be brought before us. We have all but one object, in
view, namely, to consider the best mode of insuring pay-
ment of our claims on the estate in the shortest pas-
sible time. As you are •doubtless aware, tbo affairs of
this important liquidation have been eommitted by the
shareholders to the cert. of two gentlemen of high standing
in their profeesioe, Mr. Turquand and Mr. Harding, aided
by a committee of supervision, of whom I am one, having
been nominated especially to represent. the creditors, and I
have given to the affairs of that liquidation my constant
and at times almost unremitting attention since my appoint-
ment. I assure you that if 1 had had the faintest notion of
the labour, anxiety, and difficulties connected with the
office, I should have declined to accept it. It has, I assure
you, been no easy task up to this time, and although we
have overcome many of our difficulties, I do not anticipate
the future will be free from difficulties. I will, in the first
instance, shortly explain to you the present position of the
matter, and I will then offer you such suggestions as occur
to me as to the proper course to to be adopted in the fu-
ture. You have allano doubt, seen the statement of
affairs lately issued by the liquidators. I consider it a fair
and honest statement, and I think we are all indebted to the
liquidators for bestowing the care and attention which they
did to make it correct and reliable ; but on the other hand
it would be useless disguising from you the fact that many
of the assets will take a long time to realise, and that seri-
ous sacrifices would inevitably result from any
forced realisations. The best opinion I can
form is, that we may reasonably expect to receive
during this year a further dividend of 6s. in the pound,.
payable probably as .follow —2s. at once, and 4s. before
the rising of the court about. July or August. As regards
the subsequent realisations from the assets, it is impossible
to speak wish any confidence ; so much depends upon the
revival of confidence, which is now, as you all know, no
doubt, to your cost, so thoroughly shaken, that it is almost
impossible to realise securities of the class comprised in
these assets. But we all hope that things will revive before
long. It's a long lane in which there is no turning. If wo
are to judge by past experience there will, however, be a
strong and rapid revival both of confidence and enterprise,
and assets, now difficult, if not incapable of realisation,
might then become speedily productive. It is impossible
to go into details as to what the assets consist of ; it would
be difficult to snake particulars intelligible to a meet-
ing like the present; but there is a still more seri-
ous objection—namely, that it would hamper the liqui-
dators in theirarduous duties if the particulars of the various
securities in their hands were raised abroad. From the
assets alone, therefore, it is impossible to reckon with
confidence ate to the time within which our full claims can
be liquidated. We now turn to the question of calls—we
have, as is pretty generally known, a very good list of
shareholders, and I have no doubt that with prudence
and judgment a sufficient amount will be realised by calls
on the shareholders to make up any deficiency in the
assets in order to pay to the creditors the full amount of
their claims with interest, and I believe further, although
it would be unfair to ask the creditors to wait for the re-
sults of realisation of assets, yet that the shareholders will
in time recover back from the assets anything further
which they may have to pay in respect of further calls,
and trust also that if commercial confidence shall revive
the assets will realise well. I see no reason to doubt that
the creditors will by giving reasonable time obtain pay-
ment of the whole amount of their claim of 20s. in the
pound, with interest. It is a question of time, and if the
question of concession is at all entertained by the creditors,
it would solely, in my judgment, be with reference to that
point, " time." I will now explain to you, as concisely as
I can, the present position of the matter. Let us consider
what is the best policy to be adopted in future, in order best
to promote the creditors' interest. lam not for making
great sacrifices in the realisation of. the remaining assets,
as would have been the case if we attempted to realise some
of them now. My motion is that the. liquidators should go
on quietly and patiently:entering the assets without undue
sacrifices, and thus get together as much money as they
can during the present year towards further dividends.
Then, as to calls, I tun not an advocate for further heavy
calls. I don't think it will be necessary, and all exp •rience
shows that heavy calls are not always most productive,
but I think that the shareholders should be prepared to
meet a further call of £5 or £l.O iu the course of two
or three months. They will serve their own in-
terests thereby, because, unquestionably, as I have
already explained, the eneeete will improve, or rather
great sacrifices will _be avoided by keeping them
fur a time. If this programme bq carrieel out in good faith
on both sides, I honestly believe that by the end of this
year the whole aspect .of our effairs would be changed for
the bettor; and I hope the shareholders and creditors
would look more cheerfully on the prospects of the estate.
In that case I should propose to call you together again
about that time to consider further the course to bo
adopted. I believe that by that time we should be able to
fix upon some early date for the liquidation of the balance
of the creditors':claines with interest. This, gentlemen, is
the substance of what I -have•to report and suggest to you
both as to the present and the future. My statement, how-
ever, will not be complete without referring to two or
three matters which have from time to time come under
your notice. In the first place I would allude to the pro-.
coodings of " The Defence Association." I should be
sorry to say one word to-day which should cause pain to
any gentleman who may be actuated by what he conceives
to be honourable motives, but I must say I cannot sym-
pathise with the principles which actuate those who repu-
diate their liability as shareholders to this company
I have, as most of you may have observed by the proceed-
ings in the law courts, appeared by my counsel in all the
important proceedings connected with the attempt of cer-
tain of the shareholders to got relieved from their liability,
and I rejoice that the Vice-Chancellor has, by his judg-
meni, uphold principles of such vital importance, which I
have no doubt will be confirmed by the Court of Appeal.
So long as these repudiating shareholders continue their
the liquidators awl myself, have ono
to defeat the proceedings, and
litigationdw uet,yhat
voepneNrvioa,
perform—namely,
anxiety
is,
ntn3,ase
tl
yo
the result. I don't think I need
further allude to that subject. I will now allude to the
two circulars addressed to you. One by myself, convening
this meeting, and which we have taken as read; and the
other, issued within the last two or three days by my col-
leagues on the committee of supervision, Messrs. Kingscote
and Grissell. Mr. Kingscote, I should mention, is a
shareholder only. Mr. Grissell is both shareholder and
creditor. With reference- to my own circular, 1 am for
peace where it can be obtained without undue sacrifice, but
while I adhere to what I stated in my circular as to my
own willingness to submit to an individual sacrifice for the
sake of peace, I am not here to make any proposal to the
shareholders. I think it is tho duty of the debtors to make
proposals to their creditors, and as no disposition has been
shown to suspend litigation; on the contrary, within the
last few days the Defence Association have presented a
petition of appeal to the House of Lords, and have been
making fresh applications to the Vice-Chancellor. I con-
sider that there is only one dignified coarse for us to pur-
sue, namely, to insist upon our strict rights, and I might
say, by way of justification, that, in entertaining an idea
of submitting to a sacrifice of the interest, I was influenced
mainly by a desire to etotelitigation, and thereby protect
that large and influential body of shareholders who have
come forward honestly and properly to meet their engage-
ments, and who certainly are not disposed to avail theta-
selves
if
that by the repudiating shareholders,
even upone e t l'p
tothem. I think sone consideration
is du oto ef tl
menie d
nte were 'ena h
t position, especially when we remember
i t
the mischief and lose which has ensued, and may yet en
sue. I will now refer to the suggestion contained in the
circular of my concaves, Messrs. Kingscote and Grissell,
namely, that creditors should consent to release all share-
holders who Will consent to pay a further call per share at
an early date, those shareholders still to be entitled to
any surplus assets on the ultimate winding up.
I should be sorry to throw cold water on any
attempt to lessen the time and consequent evils
of this litigation. I am ,rey I cannot see my
way to recommend the creditors to agree to the
u proposalpon
th osfh
shareholders
,Messrs.
Kingscote and Grissell. I look
e
ers as the debtors, and although I
would sympathise as much as any ono in the loss of
the shareholders, and in the hardship of their case,
yet this is a matter in which we must bo guided
by business, judgment, and not by feelings. Gen-
tlemen, I do not intend to submit to you any resolu-
tion. lam still not unwilling, speaking in my own in-
dividual character, to entertain the proposal of ,liquidating
the creditors' claims at certain fixed dates without interest,
but I am bound to state that this suggestion has not been
responded to by the bulk of the creditors; on the con-
trary, I have received communication from a very large
number of creditors, expressing their opinion that the
creditors' claims should be met in full off principal and in-
terest.

LIVERPOOL COTTON MARKET.
(This Day.)

The Market opens steady. Sales probably 12,000
bales.

SCOTTISH RAILWkiAMALGAMATION.—The pro-
posed amalgamation of the Glasgow and South-Western
Railway with the Midland Company was approved of,
though not without encountering some opposition, at the
ordinary half-yearly general meeting of the former corn-
pau, which held is tilaspw ou Wed'lesday,