The Sun.
London, England, 1858-03-20 00:00:00

NORTH 4_lF EUROP fST EAM N k GA (lON

COMPANY.

The adjourned half-yearly rues-ing ef the share-
holders or this company was held yes'erday at the
London. Tavern, Mr. Morrison in the chair.
The SECRETARY read the adirertisement con-
vening the meeting, after which,
The CHAIRMAN said that they were aware that
was an adjourned meeting, in- consequenee of a
wish expressed by the shareholders at the last
meeting, to see if they could form a new company
in order to avoid the compulsory sale of the'ships.
Some shareholders expressed an opinion that in the
present distressed state of the shippingtrade they
should not attempt a sale,• but that some time
should be given to see if they could form a new,
company. The directors did not wisli to oppose
that proposal, although they had objections to it, -
on account of the exp-nses that were running on.
They had refused to have anything to do in the for-
mation
of the new company, for they coirld -not act
as the trustees of the new and the old companit s.
Some shareholders blamed them for not having
done enough, and others with lieving done too
much ; but they had done nothing but lend the
hoard-room for a meeting and issue circulars for
calling the meeting. Tne- meeting that day was
called for the purpose of considering the propriety
of forming a new company, which could only be
done by the new directors preying down a sum of
money to liTridate the debts of the old company.
This they were not in a position to do, and this
appeared to be a great obstacle to catryiug put
the wishes of the shareholders. The ships, upon
the sale of which they most relied for ready
money, were those that the new company would
require. A similar arrangement had been carried
out by the General Screw, but therhad. money in
hand to meet all their debts, and the purchasers of
the vessels paid down one-fifth of the purchase-
money to be distributed among the diSsentient
shareholders who opposed the sale. This company
was in a different position, and could not act in the
same mariner. Their debts were something over
52,000/., while their assets were 22,0001. Those
assets were, however, in a great ~any instances,
di,puted ; and they could only rely for money on
the sale of the ships. They had the power of bor-
rowing money, and had expected to receive 20,0001.,
but they had not received it, and the company was
now driven into a corner. They had been advised
to make the creditors wait, but they could not do
Attat, for the creditors could drive them into com-
pulsory liquidation. The best course would b 3 to
appoint official liquidators ; but to do that it would
require two meetings, at intervals of a month, to
sanction that course ; and to save time it was his
intention to move at that meeting that the com-
pany should be wound up. Since the last meeting
the directors had valued the property, and at the
present time it was considered worth 120,0001., in-
stead of 105,0001., as formerly stated: . But this
estimate must be taken for what it was worth:
Mr. CRIDLAND thought this was the happiest
possible statement fir the shareholders. The v•lue
of their stock had been increased from 105,000/. to
120,0001.,-and, if they procrastinated, it might be
more. It was in consquenoe of the wretched mis-
management of the board of directors that their pro-
perty had been wasted. He did not think that the
present board of directors, who were the nominees
of the old directors, ought to be liquidators, but'
that others should be appointed, who would bring
the evildoers to public justice.
Mr. TAYLOR rose to a point of order, and asked
whether a gentleman who had not paid up his Calls
had any locus standi in that meeting. (Cries of
" Yes, yes.") He also wanted to know what motion
there was before the meeting. (Great upt oar fol-
lowed.)
The CHAIRMAN said there was no motion before the
meeting, and the reason he did not propose one was,
because he thought some gentleman would bring for-
ward a motion relating to the newcompx iy they had
attempted to form. If no such nation had been
proposed he would have decided that the meeting
was at an end. With regard ,o the other question,
a shareholder in arrears could not address the meet-
ing: by the rules of the charter • but he was very
unwilling to stop any attack that was being made
on the directors.

Mr. JeocsoN moved that the rule of the cbarler
which prohibited a shareholder in arrear of calls
from speaking should be waived on the present oc-
casion.

Mr. CRIDLAND again attempted to address the
meeting, when
Mr. GAINSFORD wished to know if Sir S. M.
Peto or any of his friends Lad any proposal to make
to the meeting, as it was by their negligence the
shareholders had lost their property, Would they
make a proposal to take the who'e of the stock off
their hands, and pay a sum of money to_ meet the
liabilities of the company ? He for one would be
prepared to meet them at a sacrifice in the most
friendly manner.

The-CILURINIAN said that the ships were valued
in the books at 130,0001 , and it could not be ex-
pectA that the direct3rs would be in a position to
get up at once and make an offer for so large a
purchase.

Mr. CAZENOVE said that as chairman of the meet-
ing that had been called for the purpose of forming
a new company, he regretted that it was &Trivet°
one, for if it had not been so, the proceedings
would have been correctly laid before the world.
As it was, their proceedings were totally niisrepre-
seuted. The result of that meeting, however, was
that they did not carry out the wishes of the share-
holders.

Mr. GAINSFORD again urged that his proposal
ought to be met in a becoming spirit by the old
directors. He was told that Sir S. M. Peto was in
the room, and he appealed to him to meet him in
this offer.

Mr. CRIDLAND explained that he bad not holdup
his calls because they had been made in franc].
The CHAIRMAN said that Mr. Abel took the same
objection, but on reflection he paid up his calls.
Mr. JACKSON said that in consequence of his con-
nexion with Sir S.M. Psto in this undertaking, he
was a sufferer to the extent of 3,0001., which he had
written off to profit and loss. He had many other
transactions in money matters with Sir S. M. Peto,
and in all of them he had found him the life and
soul of honour. He thought that if the proposal
of Mr. Gainsford were made without the harsh
language that had been used against the late direC-
tors, they would be doing that which was best for
the interest of the company. If a proposition was
made to Sir S. M. Peto and the old directors in a
proper manner, he did Rot know those men if some-
thing did 'not come out of it ; but if they were to
e called rogues, then nothing would' come out of
it. They should give them a week or ten days for
consideration, and no doubt those gentlemen would
make a reply.

Mr. GAINSFOKD responded to the suggestion,
and availed himself of the benefit of the assurance
of the hon. proprietor. He therefore moved,
" That, in the hope that the late directors, or some
of them, may make a proposal to discharge the
liabilities and take the assets of the company at a
fixel net sum, a committee be appointed to re-
oeive, and consider, and confer with' the directors
on such proposal if made, and to report thereon to
the next meeting of this company."
Mr. JACKSON seconded the motion, which, was
carried unanimously.
Mr. GAINSFOKD then moved that the committee
be appointed, and that it consist of three members.
Mr. GODSON moved as an amendment,: ",That
the committee consist of five."

The amendment was carried by a large majority,
and the following gentlemen, after a long discus •
sion, were nominated :—Mr. Gainsford, Mr.
HaUsley, Mr. Wheeler, Mr. J. Lee Stevens, and
Capt. Young, the deputy-chairman of the coxnpany.
Mr. ABEL—Do 1 understand, Mr. Chairman,
that the committee will thoroughly investigate the
past transactions of the company or mot_t •
Mr. MORRISON—No, I do not understand that
t.
bas
to be the object of their appointment.
Mr. ABEL—Then
thle apprehend
gen general
r al
meeting
there
havingis a n end to
closed,allThehope
t the businessmeeting o
investigation.f
was made special d
disorderly discussion, the motion
chair-
man was carried, "That the company
The meeting closed with be, and are
hereby required to be, wound up put' bayn the ai a
voluntarily." _
chairman, after a sitting of
a nearlyvote otifirteehaihiokusrxt.o the