The Sun.
London, England, 1858-02-22 00:00:00

NORTH OF BOR

'4I7.IOATION CO.

A general meeting of the shareholders was held
on Friday at the London Tavern ; C. MORRISON,
Rel., in the chair.
The report, which had been previously circulated
among the shareholders, was read. It occupied 15
pages of letterpress.
The CHAIRMAN, in moving the adoption of the
report and statement of accounts, after some pre-
fatory remarks, observed that in the report they
had given a sort of approximate estimate of what
their property was worth, and the calculated ba-
lance was about 106,0001. Supposing the items
set forth realised what was expected, it would re-
main to be divided upon the shares, but that was
not to be taken as a test as to w hat the property
really was worth. In the amount of 106,000/. they
had added the amount of unpaid calls, bills, oash,
and open accounts, amounting to 25,893/. ; and,
making allowance for bad debts, he hoped there
would be in round numbers 25,8001. Their liabili-
ties were taken at 52,9351. The board had tried
to take every item at so low a cost that things
could not eventually pr•ve worse than they stated.
Then there was the ship and hulk sold in the be-
ginning of the year at 1,7501., and stores taken
at 3,0001., which had been taken at a very low es-
timate. The board had taken the lowest estimate,
and they hoped that by prudent negotiations they
might realise more, and that they knew the worst.
j But there were two large items which required
some comment ; the first was the estimate of
105,0001. for their ships (the directors not pledging
themselves to the accuracy of that valuation). It
was impossible to say beforehand what they would
get for their ships, or whether they would
get bidders —it appeared, however, to the
directors, that if parties wanted these ships
they should pay more than they had estimated
them at. If they forced a sale, to say what they
would fetch must depend upon eircunistances. The
next item of uncertainty was the sum of 23,500/.
for the factory and plant, it being the original cost,
with a depreciation of 5 par cant, per annum which
had been written off. The factory at Lowestoft was
valuable chiefly to any parties who might require
such premises ; these were uncertain matters. Six
months ago they had refused to give an estimate on
that ground, and partly on motives of policy ; but
the board felt they could not take that course again.
The directors, under the circumstances of the case,
had felt it would be better to give an imperfect esti-
mate, whereby they found that an additional loss
had been incurred, and that things were worse than
they had expected they would be. He was sorry to
say they had lost little short of 4-sths of their ca-
pital. Their property had not gone in bad debts ;
but though they lied lost no ships, their ships were
comparatively of no value; and this result arose from
various causes. Their loss was occasioned by trading.
Bad debts, interest, payment of dividen out of ca-
pital, depreciation of stores, &-c., 141,5841; realised
and estimated depreciation of ships, factory, &sc.,
197,0181., together 338,602/. Then there was the
difference of nearly 200,0001. between what the
ships originally cost. Then as to sums realised for
the ships which had been sold, there was a depreci-
ation from two causes—the state of the money mar-
ket and their very old-fashioned wooden paddle
vessels, and all the ships had been injured by sub-
sequent improvements which had been made. With
reference to what the boerel had done during the
last six months, they had two objects in view, as
suggested at the last meeting—let, to sell the ships;
and2d, to wcrk the ships remainin;, to see whether
this could be done, and save the company from the
loss of the service of their ship. Having taken in
review all the details of the leisitieu cf the com-
pany, the hen. gentleman eaid there were two courses
open to the shareholders to adopt. The company
might be put formally into liquidation by a resolu-
tion of a special meeting called for the purrose, and
the appointment of liquidators. Or, she manage-
ment might be left in the hands ()Lea° directors,
with ios'ructions to we every exertion to effect
sales of the property, but without destroying the
company's legal existence. It would he for the
shareholders to decide between these alternatives.
He next alluded to the profit which they had made
in the cattle trade during the time of the year it
was in operation, and concluded by moving the
adoption of the report.
Mr. JACKSON suggested that, instead of proceed-
ing at once to wind up the company, a new com-
pany might be formed, and let some of the ships be
sold for moneys due.
Mr. ABEL, chairman of the late committee of in-
vestigation, said that, after what they had heard he
would ask the proprietors present whether the state-
ments he had formerly submitted to them respect-
ing the affairs and management of this unfortunate
company were not fully justified and substantiated
by the disclosures of that day ? It was, he said,
just seventeen months since Sir M. Pete, after de-
claring a dividend of 8 per cent. out of the profits
of the preceding half-year, assured them that, after
the most careful examination of the accounts of the
company, he was happy to inform them that they
had a rues:: valuable property arising from the trade
to the North of Europe, a trade which could not be
taken ft oin them ; whereas the report of the late
committee informed them that at that very moment
these hal leen a loss of upwards of 4,0001. It was
exactly 12 months since a deputation cf share-
holders waited upon Sir M. Pete, who assured
them that the dividend of 8 per cent. had been well
declarel—that all was right with the company, on
the strength of and in reliance upon which declara-
tions the proprietors parted with their money, and
paid up the further call of Si. per share ; that many
more persons were by these means decoyed into
the company, wherebyjthe circle of ruin was greatly
extended. With these facts before him, he must
express his hope that the attention of her Majes' y's
Attorney-General might be called to what had
been done ' • for whether he looked at the reports
from time to time issued to the shareholders, the
false dividends which had been declared, and
lastly, to the peculiar mode which had been adopted
for concealing the truth until that day, when
they had been permitted to learn that not one-third
as was stated in the report of the committee, but
four-fifths of their capitsl had been squandered, he
must and did regard the whole proceedings as well
deserving of punishment as the conduct of the
directors of the Royal British Bank, then under
investigation within a few yards of the spot upon
which they were then assembled.

A very-long discussion followed, involving much
personal matter, but the original motion was ulti-
mately carried.

The CHAIRMAN then proposed, on the part of the
directors, a I.c-solution to the effect that the direc-
tors be required to realise the assets of this com-
pany as expeditiously as possible with a view of
winding up.
Mr. I.3AosuAw was of opinion that the concern
might be turned to profit.
Another long discussion arose, the CHAIRMAN
insisting on the fact that by the 13th clang() of the
18th and 19th Vic., c. 133, they were bound to
wind up when they bad lost three-fourths of their
capital. Amidst conflicting opinions the result was,
that the meeting was adjourned to that day four
weeks on the motion of Mr. Mathis, in order that
time might be given equally to the directors and
shareholders to mature some decided plan of ope-
rations.

RISE OF RENTS IN BOOTLIND.—TIIB farms on the
estates of the Earl of Fife in Scotland, which had just
run out of lease, have been leased again for 19 years,
chiefly to the former tenants, at rents ranging from 200
to 300 per cent. above the former rates. A similar rise
of rents has taken place in several other parts of Scot-
land.

TER PAPER D UTY. —On Wednesday evening a meet-
ing of about 1,000 people took place at the Assembly-
room, Manchester, to advocate the repeal of the duty on
paper. Mr. George Wilson presided. Mr. Milner
Gibson, M.P., who had a most enthusiastic reception
from the crowded audience, said the meeting had_ been
e
called by the Association for the Repeal of the Taxes
on Knowledge, and his object in joining
.t hcea l society
The
bad been partly commercial and partly political.
imposedthe purpose
purposes of revenue, really were imposed
ethe
taxes on knowledge, said to have beenner. for
the duty on paper,
to obtain the total repeal of
of restricting the press. The object f _
necessity to wait
society WAR
and he denied that there was any
revenue. Sir Robert
until there was a surplus
11 years, ending in 1852, had
with a deficiency, and
n anal of taxes with a gain of 5,000,000/.
Peel commenced his
iersision of our fiscal system
to the revenue.
removed 7,00-,
--b-r•. Watts had almost demonstrated
paper duty there would be in a
very short period no t
that by repealing the
.oss whatever, as ,
she increased
use of the articles paying duty consequent upon the
measure would soon compensate for the lose, He
contended that commercially the paper duty was mis.
ohievous, giving an advantage to foreign manufacturers,
who bad supplanted ses in India and our own colonies.
Amer manufacturer in the neighbourhood had informed
him that be formerly supplied Buenos Ayres and Monte
Video, but that of late the French and the Belgians
had entirely driven him oat of the market—a result, no
doubt, attributable to the pernicious influence of our
Excise system. On the motion of Dr. Watts, a petition
to the House of Commons praying for the repeal of the
security system and the paper duty was adopted, and
the meeting separated.
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