The Sun.
London, England, 1826-10-18 00:00:00

BRITISH IRON COMPANY.

A Meeting of the Proprietors was held yesterday at the
City of London Tavern, for the purpose of receiving the
Report of the Committee, and considering the expediency
of certain alterations iu the Deed of Settlement therein
recommended. •
- -

Mr. R. SMALL having taken the Chair, requested the
Secretary to read the minutes of the Meeting held on the
7th of September ; after which, the Report of the Direc-
tors was read, referring to the decision of a Committee,
whether it was expedient to continue or dissolve the
Association; and if a dissolution were not to take place,
empowering them titi suggest proper alterations in the
Deed for the future conduct of the Company's Affairs.

Mr. MoSum' read the Report of the Committee, which
stated, that after a full consideration of the subject, . they
were of opinion that it would be inexpedient to dissolve
the Company, and that they entertained, good hopes of the
future success of 'the concern, under improved management
and regulations.
The report was received and ordered to be printed.
The Secretary next read the proposed alterations, which
were in substance that the
,capital of the Company should
be (not as heretofore,, 2,000,001)/. consisting of 20,000 .
shares of 1001. each) but 1,000,0001. consisting of 20,000
shares of .50/. each. That the number of Directors should
be reduced from 16 to 9, and that Messrs. R. Small, J.
Mackillock, J. Morrice, and J. Burton should continue in
the direction, together with Messrs. J. G. D. H. Larpent,
J. H. Palmer, R. Moshet, W. Crawford, and D. Moshet,
newly appointed. That the Directors might appoint any
two of their number to act as Managing Directors, with
power to transact all business except certain matters re-
served for the controul of the Proprietors at large, of which
the purchase of lands Was the most important.
BOWEING objected to the vague terms in which the
poivers of the Managing Directors were described.
Mr:BAILEY was astonished that no explanation was
offered to the Meeting to show why the Directors were so
anxious to relinquish their situations, and relieve them-
selves of responsibility, when a very important law-suit
was pending., This Meeting was in fact nothing more
than a solemn mockery.
Mr. PALMER said, that, by a change in the direction,
public confidence would be more firmly established.
Mr. _MINI UM; objected to the arrangement, by which it
was provided that the Directors should, go out by lot.
The Company might thus be fortuitously deprived of the
most valuable services.
A DutEcTou said, that the mode of proceeding proposed
by -Mr. Bowring, would be likely to create jealousies, and
would, in fact, be imposing a most invidious task on the
Directors.
Mr. Bowl:LING further objected to the clause declaring
Directors re-eligible. He would therefore move an amend-
ment to this effect, limiting the period of ineligibility to
one year, in conformity to the views of some Proprietors,
who had made the suggestion.
Mr. Fqx seconded the amendment.

Mr. Fuss said, that -,vhether the period was limited to
one or three years, Mr. Bowring had given an answer to
himself, when he contemplated the possibility of losing
the best services by the event of the lot.
Mr. BOWRING.-4 beg to say that !Inn not inconsis-
tent with myself. My object was to secure the most
competent Members in the direction, and if any arrange-
ment had been made to that effect, I should not press the
amendment.