The Sun.
London, England, 1844-03-29 00:00:00

SOUTH-SEA HOUSE.

Yesterday a Quarterly General Court of Proprietors of
South-Sea Stock was held at the Company's House, in
Threadneedle-street ; Charles Franks, Esq., the Sub-Gover-
nor, in the Chair.
The minutes of the last Court were read and confirmed.
The CHAIRMAN said that the present was the Half-yearly
General Court, and that the only business before it was for
him to make the usual declaration of the amount of the
Company's bond debt, and which was 4,5001.
The CHAIRMAN then said it had been requested that he
would at each Court of Proprietors state what was the
amount of the guarantee fund—it was now 376,000/. Three
per Cent. stock. The Court was aware that a long time ago
some of the Proprietors had expressed their regret that the
Company did so little with the capital which it possessed,
and several objects had, at different times, been suggested,
to which that capital might be applied with advantage. He
could assure the Court that the Directors did not wish to be
idle ; on the contrary, it was their anxious wish to promote
the interests of the Proprietors by every means in their
power; but it did so happen that the facilities for so doing
were not equal to that desire on their parts. The Company
was originally established for trading purposes. Its capital
was subsequently advanced to Government, and its funds had
sine been treated and looked upon the same as other Govern-
ment securities. The majority of the persons holding that
Stock were persons who looked only to the amount of their
dividends, and there was consequently a very great difficulty
on the part of the Directors in undertaking any fresh matter,
the holders of Stock not being persons who were willing to
run any risk or hazard, and the Directors, therefore, felt that
any plan they proposed for the employment of the capital of
the Company must be limited to a something which did not
involve any risk ; and on considering that the plan must be
one of-that nature, it had occurred to them, and it had also
been frequently suggested by the Proprietors, that the Com-
pany might act as trustees of either public or private trusts.
They had taken that subject into their most serious consi-
deration; and although business of that kind could not be
conducted under the power of the charter, they still thought
that the 'Proprietors as a body might mhke some arrange-
ment by deed by which the business to which he had alluded
might be conducted. He was not prepared at present to
state the plan on which the business was proposed to be con-
ducted, but he hoped in a very short time a prospectus of it
would be laid before the Proprietors. He could not state the
particulars then, but the Proprietors would be furnished with
the fullest particulars in a very short time.
Mr. MOCATTA said that, if the obstacles that formerly
existed to the beneficial employment of their capital were
removed, it would be satisfactory to the Proprietors to know
that an addition was thereby made to the amount of their
dividend.
The CHAIRMAN said the charter was not available to the
proprietary. The Directors had now done their duty, in
bringing the matter under the notice of the Proprietors ; and
he thought it was better that the plan they proposed should
go forth to the public through the usual channels, so that all
holders of the stock should at once be made aware that the
plan would be brought forward immediately.
A PROPRIETOR inquired in what way the prospectus would
be forwarded to the Proprietors?
The CHAIRMAN—Either through the Post-office or by hand ;
but any-Proprietor who did not have one forwarded to him,
might obtain one by,application at the .office.

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