The Sun.
London, England, 1866-07-27 00:00:00

GREAT EASTERN.

A special general meeting of the East Anglian
shareholders in this company was held yesterday at
the London Tavern ; Mr. C. IL Turner in the chair.
Mr. J. B. Owen, the secretary, having read the
notice convening the meeting,
The CHAIRMAN said the meeting had been con-
vened in compliance with the Great Eastern Amal-
gamation Act, 1862, for the election of a director
to represent the East Anglian shareholders at the
board of the Great Eastern Company, in the room
of Mr. W. H. Shaw, who had resigned, for the
purpose of accepting the office of law clerk to the
Great Eastern Company. The only candidate to
fill the vacancy was Mr. Makins, jun., and he there-
fore moved that Mr. Makins be elected to fill the
vacancy caused by the retirement of Mr. Shaw.
Mr. CHADWICK seconded the motion.
_ _

Mr. C. WHETHAM said that sufficient notice had
not been given to the shareholders to consider the
matter. He objected to the election of a profes-
sional gentleman to fill the vacancy, as the proprie-
tors most particularly wanted a mercantile man to
represent their interests at the Great Eastern board.

A PROPRIETOR suggested that the East Anglian
shareholders should have copies of the Great Eastern
directors' report sent to them every half -year in future.

The CHAIRMAN said he was desirous that all the
shareholders in the company should have the fullest
information, and a copy of the report would be sent
to the East Anglian shareholders in future. He
stated that the Great Eastern board had nothing
whatever to do with the present election or the
proxies that had been sent in respect of it.
Some discussion then ensued, in the course of
which the motion was put to a show of hands, when
there appeared three in favour of and six against
the election of Mr. Makins.
A poll was then demanded.

Mr. NREINS, jun., in reference to the observations
of Mr. Whetham, stated that-ever since he had left
the University he had been engaged in commercial
pursuits, and had been a long time connected with_
railways. Ile had no doubt that, if elected, he
should be able to promote the interests of the East
Anglian proprietors at the Great Eastern board.
(Hear.)

While the poll was being taken a vote of thanks
was passed to Mr. Shaw for his valuable services
when a director of the company in prOmoting the
interests of the East Anglian proprietors.
The poll resulted in a majority of 290 proprietors
in person, and by proxy representing £362,716 East
Anglian stock in favour of the election of Mr.
Makins, who was accordingly declared duly elected.

GRAND TRUNK OF CANADA.
The traffic receipts on this company's lines for the
week ending the 7th inst. amounted for local pas-
sengers to £7,836, for foreign passengers to £2,800,
for emigrants to £719, for mails, &c., to £1,007,
for local freight and live stock to £11,062, and for
foreign freight and live stock to £l,7Bo—total,
£25,204, against £23,589 for the corresponding
week last year, showing an increase of £1,615.

NATIONAL DISCOUNT (LIMITED).
A general meeting of this company was held on
Wednesday at the London Tavern, Mr. F. W.
Russell, M.P., in the chair.

The report stated that the paid-up capital now
amounted to £649,470, and the reserve fund to
£349,470. The gross profits for the half-year
amounted to £133,888, which added to the balance
of £4,050 brought from December last gave a total
of £137,938. After deducting all charges and re-
serving £57,737 for rebate of interest on bills not
matured, and £2,500 against doubtful debts, there
remained an available balance of £d6,931, which
enabled the directors to recommend the payment of
a dividend at the rate of 20 per cent, per annum free
of income tax, both upon the old and new capital,
and to carry forward £3,633 to the next account.

The CHAIRMAN, in moving the adoption of the
report, alluded to the peculiar difficulties of the half-
year, which would be long remembered in the history
of the country—a monetary crisis of unusual seve-
rity, far beyond anything they ever before experi-
. enced, a European war, and a change in the Admi-
-1 nistration of the country. They had never experi-
enced such a severe trial before. He believed that
general it was mainly owing to the prudence with which their
affairseneralhd manager been
conductedthe
ybsyte Aeldr. . i
ntheirWebber,
a
position. Although they had set aside balance
£2,500 for doubtful debts, he believed
every
eeroyf
that
one of them would be paid in full. There was a
class of bills taken in the ordinary course of busi-
ness to which he ought to allude—namely, the ac-
ceptances of great companies standing at the time in
high repute, which bills were accepted by one cons-
pang and endorsed i
by another. To meet those bills
they were not
required to set aside anything, because
they considered it unnecessary, as they had every
reason to suppose that the whole would be paid in
full with interest. (Hear.) He would much rather
they had not entered into some of those transac-
tions, as their present experience showed it was in-
expedient to do so, but as he believed they would
sustain no loss it was experiencepurchased at a cheap
rate. He believed they were conducting their affairs
with that steadiness and prudence which would guard
them against any serious misfortune. Their progress
had been considerable. The number of new accounts
opened in the half-year ending December last was
692, and for the half-year ending 30th June, 941,
making together in that time 1,633 new accounts,
the large proportion being deposit accounts.
Air. CHAYTOR, deputy-chairman, seconded the
motion for the adoption of the report.
Mr. BASS, ALP., congratulated the directors, the
manager, and the proprietors on the very satisfactory
state of their affairs. He was glad to find that the board had even resolved •
with more strictness: than
ever to carry on the business of the company strictly
as a commercial discount company. (Hear.) The
Times had told them that a d'
iscount business ought to be one of the safest in the world, and their expe-
rienee of the last half-year Went far to corm that