The Sun.
London, England, 1868-08-06 00:00:00

CREDIT '7IE-10 F ENGLAND.

A meeting of shareholders in this company crag
held yesterday at the London Tavern, Mr. H. J.
Browne, of Bristol, on the motion of Mr. Rowsall,
was voted to the chair.
The CHAIRMAN said they had embarked
£2,000,000 in this undertaking on the faith of the
representations of the directors of the company•
The directors had assured the shareholders that
they would set aside a dividend fund sufficient to
pay one year's dividend of 20 per cent. It would
have been a very prudent course if they had carried
out that plan, but, unfortunately, the dividend
fund was wasted, and the two last dividends they
received were about 11 per cent. Under the cireure-
stances they had invested £2,000,000, which now
was not worth more in the market than £500,000.
They had been two or three years without dividend,
and they had been led on from time to time by the
reports of the directors to expect better things.
Under these disastrous circumstances the question was
as to what should be done. They had not only DO
dividends, but the capital was locked up in unnego-
tiable securities. No one :could say when they
would have a dividend. The question to solve was
how they were to retrieve their position. He thought
the appointment of an independent committee of in-
vestigation to make a searching inquiry into the af-
fairs of the company would be the best course. It
appeared to him the public did not believe the state-
ments which had been issued by the directors, and
therefore might be inclined to believe the report of an
independent committee. If the public believed the
statements of the directors; he felt satisfied that the
price of the shares would be much higher in the
market than they were at present. The chairman
who presided at the last meeting of the company
made a speech of two hours' duration, and managed
the business very cleverly. He considered that it
was necessary there should be a thorough investiga-
.

tion, not only into the affairs of the Credit Foncier
of England Company, but also into the affairs

of the Credit Mohilier, from which the former ema-
nated. If the company's property should be found
worth anything like what had been represented by
the directors, the price of their shares would in 12
mouths rise to at least twice their present value.
The articles of association were all drawn up /11
your of the directors, and scarcely contained all
provision in favour of the shareholders. There
were 4,400 shareholders; many of them were ruined'
some had their hopes blighted, and all had suffered
losses in various ways. He concluded by moving
resolution to the effect that, in tae opinion of tb°
meeting, a searching investigation ought to b 3 made
into the affairs of the Credit Foncier CompanY 311'
also into the affairs of the Credit Mobilier of Bug"
land (Limited) Company, with the view to aster;
tain the causes of the present depressed condition °'
the company, and as to the recovering of all til°
moneys that might be recovered.
Mr. ROWSALL seconded the motion. He thought
there should be a most searching investigation, a°l"
that every transaction should be carefully over;
hauled. The business of bringing out compaujeA
was a questionable proceeding the market 10';
to be rigged, and what shares the public did °°
take up the company had to take. The Court o,
had
Chancery would compel those to refund who Ll 3,
taken commissions for profits that were never °b
tained. The directors had shared £72,000 01°1
them for commissions besides neir fees, od
the manager had taken a like sum. IL' bad
no doubt they could recover a very large sum"
money in respect of those transactions.
Mr. OGLE said he unfortunately invested r bis
money in the concern, but he differed entirely Ar°
the proposition of the chairman. They must r°Tia'
sider that some of the money had been squanderLe t
and spent unprofitably, and should not forget tua
the directors had given the shareholders £2 a abate
out of the dividend fund. If they could reeoct
..
the whole of the commissions back from the dire'
tors they would not amount to more than 153' per
share, but they would not get the half of it.
Mr. WILLIAMS held 250 shares, and quite agreea

with the last speaker. 1 if
Mr. BIDDER, a holder of 50 shares, believe- 4
they would only wait six months longer their aff'dr"
would be in a better position. a at
The CHAIRMAN said that what was promise 6to
the list meeting of the company WAS that de"
should be collected in, and a dividend of 3 c'r,,t
per cent. would be paid to the slureholder4
of that money. It was well known that the Coloi
pany must pay its debts before it could pay
dividend to the shareholders. the
Mr. Nixon, who held 200 shares, though- e,
company was coming to an end, but it would r
quire some years to realise the assets. t,t, the
Mr. GORDON, a holder of 210 shares, thong, Act
business should be carried on for the future 1111'

inspection.
Mr. FENTON believed that some of the as
would realise nearly the whole of the money, 1311 i,
if they appointed a hostile committee great sactso
flees might have to be made. They had 110 ,$
honest chairman, and if they put the col:0104o
affairs into the hands of four trustees they 11°/1
realise a large amount of the assets. hate'
Mr. ARGLES said he represented 23 large ty,
holders. He believed they had a valuable propeo.
and that a committee of consultation would be t

best kind of committee to appoint. go
The CHAIRMAN replied to the various remarks. of
had proposed arbitration for the settlementl rs,
matters between the directors and shareldwAect
Under sections 138 and 165 of the Companies ';-00'
1862, the misappropriations of the funds 0' oa
company could be readily recovered. He then that
the opinion of Mr. S. Lindley, which stated 030
there would be no difficulty in recovering the
that had been improperly taken for cominissi°ll,ticl
The resolution was then put to the ineetia -
was negatived.
On the motion of Mr. NIXON, a resolutio-3tv
unanimously passed, to the effect that a ec01114.,1 tlO
be appointed to consult with the directors as `ote
wisest mode of proceeding with respect to the lod
rests of the shareholders both as to the o°lo'4
present affairs of the company; the committee gr'
to consist of Mr. H. J. Browne, Mr. Itows3ll'
Nixon, Mr. W. Gordon, Mr. It. Fentoat
power to add to their number. ; el
The proceedings concluded with a vote holia
to Mr. Browne for the manner in which
conducted the business.

tae
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