The Sun.
London, England, 1867-06-19 00:00:00

CEN TrAL NORT LIUMBERLAN D.

paid, would become assets, then stood in the books
of the company at £5,397,947, thus showing a
nominal surplus of £743,503, consisting of £500,000
paid-up capital, £98,790 on account of the £5 call
made in March, 1866, and a balance of £144,713.
On the 11th of May, 1867, the direct liabilities of
the company were reduced to £2,095,040, from
which there rnustbe deducted £426,459 for dividends
already paid, leaving as the balance of direct liabili-
ties £1,668,581, to which must be added £71,940
for engagements and calls on shares which have to
be provided for, making a total of £1,740,521, while
the assets still standing in the books (iucluding
liabilities on bills re-discounted, and other liabilities)
amount to £3,014,623, showing a nominal surplus
of £1,274,102, representing the following items :
Capital paid up at the date of the stoppage,
£598,790 ; further amounts received on account of
£5 call made by the directors, £269,221 ; amounts
paid in respect of the liquidators' call of £5 per
share, £316,320 ; and a balance of £89,772 remain-
ing at the credit of profit and loss on the 11th of
May, 1867. Tkere had, therefore, been a total re-
duction of liability to the extent of £2,487,463 dur-
ing the past year. The engagements to contractors
and others, which at thellth of May, 1866, reached
a total of £417,000, had, partly by payments and
partly by reduction of amounts agreed to be advanced
by the association, been brought down to £4,750 ;
1 and the liabilities in respect of calls were £67,190, as
u.
aamst £374,220 in 1866. The advances made dur-
ingis
the liquidation were absolutely necessary in ful-
filment of binding engagements entered into by the
association, and for the purpose of securing assets
which would otherwise have been in great danger of
being altogether lost ; and with reference to the
call on shares held by the associations the sums paid
and remaining to be paid related chiefly to one of
the most important securities. With regard to the
assets in the present statement, of £3,014,623, they
were taken at the figures at which they stood in the
books. In consequence of the prolonged and un-
expected continuance of the monetary crisis, and
its serious effect on the realisation of securities, the
disposal of many of those belonging to this associa-
i tion had been a matter of impossibility, except at
such sacrifices as they have not felt justified in mak-
ing. After the most deliberate and careful consi-
deration, they were of opinion that, if these assets
were submitted to immediate or forced sales, the
proceeds would fall very far short of the present
amount of the liabilities ; and having regard to the
large number of the shareholders who had not yet
been able to complete the payment of the cills
already made upon them, notwithstanding the pres-
sure which had been applied, and to the great num-
ber found to be utterly unable to contribute further
in aid of the liquidation, the future must be looked
upon as demanding from all concerned the utmost
care and consideration. Under these circumstances,
to have recourse to forced sales of the securities, or
i to heavy calls upon the shareholders, would be dan-
-1 gerous alike to the interests of the shareholders and
I the creditors. They had had conferences with the
principal shareholders and creditors, and believed
that the following modification of the committee's
original proposal, if cordially adopted by the share-
holders generally, would be favourably entertained
by the creditors—viz., 1. That the remaining 15s.
in the pound, with interest at the rate of 5 per cent.
per annum on the entire debt, should be discharged
by six equal half-yearly instalments, the first of
these being payable on the 15th Jan., 1868. 2. That
the liquidators should issue to such of the creditors
as might require the same promissory notes, payable
at the Bank of England, for the above instalments.
3. Each creditor to surrender one-eighth of his
securities to the liquidators on the payment of each
instalment vote. 4. That the liquidators should be
at liberty, on giving notice to the creditors of their
intention so to do, to discount or anticipate the
payment of all or any of the promissory notes from
time to time before they fell due, under a rebate of
interest at the rate of 5 per cent. per annum, and
that so soon as they had given such notice respect-
ing the last of the promissory notes no further call
on the shareholders should be made. The liquida-
tors were not without hope that not only would the
amount of all further calls be returned, but that
some portion of the amounts already paid up would
1 alio be ultimately returned to the shareholders.

The directors of this company state in their re-
port that they were without any further available
resources for the prosecution of the work, or even
for meeting the outstanding claims upon them. The
property of the company they had, however, reason
to believe, was more than sufficient to meet these
claims, provided all further expense was at once
put an end to. In these circumstances they were
compelled to express their opinion, that it was no
longer possible to avoid finally abandoning the un-
dertaking, and they recommended to the share-
holders that they should appoint a small committee,
with authority to sell the property of the company
and to apply the amount realised in discharging its
liabilities. The directors recommended this course
to the shareholders with pain and reluctance, which
involved the entire sacrifice of the capital expended
on the line, without any advantage having been de-
rived from it; while they remained firmly convinced
that if a comparatively small additional sum of
money could have been raised, the line from Scott's
oap to Rothbury might have been completed so as
to yield a moderate interest on the whole expendi-
ture, and to afford very great advantages to the
past of the country through which it passed.

HUDSON'S BAY.
The governor and committee of this company in-
tend to recommend a dividend at the rate of 10s.
per share, payable on the 10th of July next, in ad-
dition to the Ss. paid is January last.

IMPERIAL MERCANTILE CREDIT (LIMITED).
The report of the liquidators, Messrs. A. Young
and J. Ball, state that the liabilities, calls,atd engage-
ments at the date of the stoppage, on the 11th of
May, 1856, amounted to £4,554,444, and that the
assets at the same date, including liabilities on bills
re-discounted and otk.er engagements, which, when

THE SUN. LONDON, WEDNESDAY EVENING, JUNE 19, 1867.

out of Portsmouth harbour to Spithead yesterday
morning, and was employed during the day in ascer-
taining the deviation of her compasses. According
to the present arrangements she was to leave this
day, taking a few passengers for India. _

Admiral Sir W. F. Martin, K.C.8., Commander
in Chief at Devonport, has struck his flag on board
the Royal Adelaide, and has proceeded to London.
It is supposed that this visit is connected with the
intended naval review at Spithead. Rear-Admiral
the llon. J. R. Drummond, C. 8., Superintendent
at the dockyard, will do duty during the Port Ad-
miral's absence. All the available ships from Ply-
mouth are appointed to arrive at Spithead on the
7th July. Among them will be the iron add wood
armour-plated, double screw gunboat Vixen, 4, of
574 tons, which has engines of 160-horse power.
Her present master is Mr. Silas 11. Liddell, at pre-
sent borne on the books of the Indus.

The iron screw storeship Alegcera, 4, Captain J.
Simpson, is expected to call at Plymouth en route
for Rio de Janeiro.

The Devonport, Indianian, 1,188 tons, com-
manded by Mr. P. Lodevick, arrived at Spithead
on Saturday morning, with passengers and military
invalids from Madras and Cape Town. ller pas-
senger list comprises the Rev. Mr. and Mrs. Leem-
ing and two children, Mrs. Lys and three children,
Mrs. S. Mortland and one child, Mrs. Dickenson
and three children ; Lieut. Michell, 2d battalionl9th
Regiment, Mrs. Michell, and two children. Her
troops comprise 178 men from various regiments,
under the command of Capt. Caldecott, 75th Regi-
ment ; Lieut. Shortland, Royal Artillery ; Surg. J.
Dickenson, medical charge ; 16 soldiers' wives and
38 children, from Madras ; also Mr. and Mrs. Clap-
perton and the Misses. Clapperton, and the Rev.
Mr. Walters, from Cape Town. The invalids were
immediately sent by Government steamer to the
Royal Victoria Hospital, Netley, aad the ship pro-
ceeded to London to land her passengers and dis-
charge her cargo. She left Madras on the 9th of
March and called at Cape Town on the 25th of
April. On-the 10th of June, in lat. 47 N., long.
16 W., she spoke the Hope, bark, from Sunderland
to Aden.