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

aup any. 1 SPORTING IN

An extraordinary general meeting of the shareholders
and directors was held yesterday, at the London Tavern;

Overend, Gurne
. .

MEETING THIS DAY.
A fully attended meeting of the creditors of this com-
pany was held to-day at the London Tavern, to hear 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. Ormatim said—Gentlemen, it is proper that I
should remind you, in the first instance, that this is the
first meeting 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 I 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 uq. We have all but one, object in
view, namely, to consider the best mode of insuring pay-
ment of our claims on the est de in the shortest pos7
sible time. As you are doubtless aware, the affairs of
this important liquidation have been committed by the
shareholders to the care of two gentlemen of high standing
in their profession, lir. Tuiquand 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. Ithas, 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 all,auo doubt, seen the statement of
affairs lately issued by the liquidators. I consider it a fair
and honest statement, and I t hinkwe 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 sacrificeff would inevitably result from Any
forced realisAtions. The best opinion I can
form is, that we may reasonably etpeCt to receive,
during this year' a further ditidend of 6s. id the pound,
payable probably as follow :-2s. at once.,, and 45., before
the rising of the court about July or August. As regards
the subsequent realisations from the assets, it is impossible
to speak with 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 we
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 make 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 as 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. Lot 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 am not an advocate for further heavy
calls. I don't think it will be necessary, and all experience
shows that heavy calls are not always most productive,
but'l think that the shareholders should be prepared to
meet a further call of £5 or £lO in the course of two
or three months. They will serve- their own in-
terests 'ttertiby, --bectiuse, unquestionably, as, I have
already explained, the assets will improve, or rather
great sacrifices will be avoided by keeping them
for a time. If this programme be carried out in good faith
on both sides, I honestly believe that by the end of this
year the whole aspect of our affairs would be changed for
the better; 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 be
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' claims 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:-
ceedings 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 tho 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 get relieved from their liability,
and I rejoice that the Vice-Chancellor has, by his judg-
meni, upheld principles of such vital importance, which I
have no doubt will bo confirmed by the Court of Appeal.
So long as these repudiating shareholders continue their
litigation we, that is, the liquidators and myself, have one
duty to perform—namely, to defeat the proceedings, and
we have n 3 anxiety as to 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, I am for
peace where it can bo 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 the duty of the debtors to make
proposals to their creditors, and as no disposition Lai 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
waking 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 enterttiitting an idea
of' submitting to a sacrifice of the interest,l was influenced
mainly by a desire to stop litigation, and thereby protect
that large and influential body of shareholders who have
come forward honestly and properly to meet their enkage-
ments, and who certainly are not disposed to avail them-
selves of the defence set up by the repudiating shareholders,
even if that were open to them. I think some consideration
is dueto men in thatposition, especially when we remember
the mischief and loss which has ensued, and may yet en
sue. I will now refer to the suggestion contained in the
circular of my colleagues, Messrs. Kingscote and Grissell,
namely, that creditors should consent to release• all'eliare-
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 s Try I cannot see my
way to recommend the creditors to agree to the
proposal of Messrs. Kingscote and Grissell. I look
upon the shareholders as the debtors, and although. I
would sympathise as much as any one in the loss of
the shareholders, and in the hardship of their case,
yet this is a matter in which we must ti guided
by business, judgment, and not by feelings. Gen-
tlemen, I do not intend to submit to you any resoin-
lu-
tion. lam still not unwilling, speaking in my
own
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 front a very large
number of creditors, expressing their opinion that the
creditors' claims should be met in full off principal and in-
terest.

,vo form.
lie dirtot4

LIVERPOOL COTTON MARKET.
(This Day.)
The Market opens steady. Sales probably 12,0 a

Palace C

A. C. lonides, Esq., in the chair.
The CHAIRMAN, in opening the business of the day,
entered into an explanation of the various items in the
report presented, and, on coming to that portion of it with
reepect to the proposal to raise £lOO,OOO additional capital,
said such a step became necessary in order to restore that
part of the Palace which had been unfortunately destroyed
by lire. After considering various suggestions the direc-
tors had come to the conclusion to re-establish the Palace
just as it was previous to the fire. (hear, hear.) 'Nothing
could be more beautiful, and it was thought it would be
the most benefielal to do so. Of cours,, iu carrying out
that Work certain improvements would ba introduced and
novelties adopted, but the main work would be a complete
and perfect restoration of the Palace in its original attrac-
. \rations matters had b,eu fully considered by
_ amongst which was the erection of a larger
concert-room. The directors hal the matter fully
under cousidoration, but there was a danger of
a concert-room too large, as well as too

small. The greatest buccesi had hitherto attonled the
concerts at the Crystal Palace, and it was a matter that re-
quired the greatest deliberation before that suc-
cess was interfered with in any way. The propo-
sition would. receive that attention which it repaired.
The course .proposed to be adopted by the directors to
raise the new capital was tha most advantageous plan
that could be adopted, :and the directors in the first in-
stance proposed to offer it to the holders of £5O and up-
wards of the ordinary stock of the company in proportion
to their holdings.
Mr. R. READ seconded the motion of, the chairman for
the adoption of the report.
Mr. GOEZ said it was most important that the directors
should point out to shareholders how they were to in-
crease their revenue, so that the preferential charge should
be no burden on them. He thought the propotial of the
chairman to ask the assent of the shareholders to the pro-
posed application to Parliament for power to raise the new
capital was premature, at least at the present moment.
The estimate for the restoration he believed was
£Bl,OOO, but before that • liability was incurred
he thought it was not too much to ask
what was to be done with the new building after it was
erected. The explanation, he thought, witS absolutely
necessary, because it was too much, in his opinion, to ask
the shareholders to sacrifice their dividend until there was
an urgent necessity for it. He contended that as music had
Contributed so much to the success of the company, that
instead of spending all their new capital in the restoration'
of a tropical department it would be far more desirable that
a new concert-room, calculated to hold 10,000, should
be erected. This could bo d3ne for little more
than ramoo, leaving a great deal of the proposed new
capital for after contingencies.
Mr. Buts said the present concert-room was quite large
enough, and if not it could easily be increased at a sum
very far below that mentioned by the last speaker. He
had contemplated the great concerts that had been given
in the Palace on holidays and other occasions, and he
never heard any person express dissatisfaction because he
had not heard every note of music; the splendid sight
presented seemed to him quite to compensate for the loss
of a few notes of music.
The CHAIRMAN said the object of the present meeting
was not for the purpose of entering into details, but to
obtain the assent of the shareholders to their application to
Parliament for raising £lOO,OOO of additional capital.
Mr. PUNCHER said he thought it would be more deco-
rous to the shareholders if they had been consulted before
the application to Parliament. He by accident happened
to be in the house, and when he went into the committee-
room the first question put to the parties representing the
company was, " Have the shareholders been con-
sulted ?" lie contended that, supposing the direc-
tors got the assent of the 'meeting to raise
£lOO,OOO at 7 per cent., they could not get the money
without paying at least 11 or 12 percent. Before the lia-
bility was increased he asked the chairman whether be
believed the company would ever be able to pay one
farthing in the way of dividend to tho original share-
holders. The company had got into a state of insolvency
and beggary, because they had not auditors selected from
the great body of shareholders, and the sooner the system
at present in operation at the Palace was got rid of the
better. He would hold up both hands and a log, too, against
the proposal of the directors.
A SHAREHOLDER said the directors would never be able
to pay a dividend to the whole of the shareholders until
they had a theatre erected, which could be converted into a
concert-room, a ball. toot'', and in which operatic, dramatic,
and equestrian performances could be given. He thought
if they broke up the uniformity of the building by erecting
a theatre in preference to reconstructing the tropical de-
partment, they would thereby create a source that would
be remunerative to the highest degree. [Owing to the
confusion created towards the end of the meeting we are
unable to state, whether the motion of the chairman was
assented to or not.