The Sun.
London, England, 1859-06-28 00:00:00

NEWCASTLE.

STATE OF THE POLL AT TWELVE O'CLOCK.
Headlam • . 4 • • . 1,578
Cuthbert 855

HALIFAX.
Sir C. Wood was elected this day without opposition.

NEWCASTLE RACES.-(TIIIS DAY).

[Br ELECTRIC TELEGRAPH.]
TRIAL STAKES.

Shaft()
Buttercup
Gem

- Ten ran. ,
MEMBERS' PLATE.

Duneany
Rachael

Sixteen ran.

THE AFFAIRS OF MESSRS. CALVE.RT
AND COMPANY.

The inspectors of the affairs of Messrs. Calvert
having issued a proposal for the reconstruction of
the brewery- on the joint- stock principle, .with
limited liability, accompanied: by a Rein:recom-
mending the unsecured creditors to take over the
balance of assets, after paying secured creditors,
and accept stock at par, in the proposed company,
or debentures payable in 1867, at the rate 'of £75
for every £lOO of present claim, bearing interest
at 5 per cent. per annum, payable half-yearly, in
satisfaction of their claims, a meeting was held
yesterday at the London Tavern, in pursuance of
the following resolution, unanimously agreed to at
a meeting of the deposit creditors on the 11th of
May, 1858, to take into consideration such pro-
posal :—" That this meeting strongly recommends
that the proposed three inspectors do allow Mr.
Smalley, the chairman of this meeting, to act on
the part of the depositors, and to be allowed to in-
spect the books of the firm that now exist and
which may be in future used ; and that the three
inspectors be requested to supply Mr. Smalley with
every information that he may require on the Part
of the depositors, and that Mr. Smalley do report
to a future meeting of the depositors,
to be con-
vened when and for such purposes as he may see
fit."

---
length, entering
Mr. SMALLEY addressed the meeting at oonsider-
ableto prove the soundness of the scheme. He stated
into a variety of statistics
that the brewery produced a profit of £45,000 dur-
ing the last
year, and there was no reason to sup-
pose that, in the event of the formation of a
company, its profits would diminish, so that by
creditors getting their money, whilst
adopting the step-- suggested. there would be a fair
chance
if such a course were not adopted very considerable
loss would ensue in the altered circutances
arising out of the deficiency on the sale-of the
of the
private estates. It was believed that debentures to
the extent of about £lOO,OOO would be taken; but
oven if they extended to £200,000, there would still
remain a considerable dividend from the profits of
the brewery after paying the interest on the deben-
tures, while the debentures being available in the
market could be immediately realised. Not a
shilling would be required to be invested beyond
the amount of the debt, nor would any shareholder
be liable to the holders of debentures.
Mr. FUNNELL moved a resolution to the effect,
" That this meeting having considered the circular
of the inspectors of the 14th inst., distributed
among the creditors, and also the circular of Mr.
Smalley of the 13th inst., convening the present
meeting, and having heard the explanation given
by Mr. Smalley of the altered position of the affairs
of Messrs. Calvert and Co., which works to the
detriment of the joint estate, are of opinion that it
is highly desirable, and in the interest of the credi-
tors generally, to avoid the fearful consequences of
ymwa
will
e i te o n
dea.
the
winding-up the estate by a sale of the property, to
that
the
adopt the suggestion made by the inspectors in
their circular of the 14th inst., and. that this meet-
ing!n inspectors,
ercetsoorlsv,ewti ot h referthe l
request
e suggestionst
your without delay to carry out the suggestion
made by the letter of the 14th inst., and
to report
to a further meeting of the creditors."
The motion was seconded by Mr. v °INLET', and,
after a lengthened discussion, Was carried, there not
being more than about half a dozen dissentients.
A resolution was then passed, authorising the
issue of circulars, and requesting the
unsecured
creditors to return them signed within a month,
expressing their approval or otherwise of the
scheme. Another resolution was also Passed, re-
questing Mr. Smalley to continuo his supervision
of the affairs of the estate, and the proceedings
then terminated. . .

THE GREAT DRAUCIIIT MATCll.—Three additional
games of this Match were played on Saturday, and like the
great majority of the others were drawn. . Thirteen games
only now remain to be played, and from the cautious man-
her ,in which Martin handles his'inen; it 'is very doubtful
whether Wyllie will be able to regain the advantage he has
lost.