Star.
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 ex-
pediency of certain alterations in the Deed of Settlement
therein recommended.

Mr. N. 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
Directors was read, referring to the decision of a Com-
mittee, whether it was expedient to continue or dissolve
the Association ? and if a dissolution were not to take
place, empowering them to suggest proper alterations in
the Deed for the future conduct of the Company's affairs.
Mr. Mustier read the Report of the Committee,
which stated that after a full consideration of the sub-
j ct, 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 im-
proved management and regulations. Oa investigation.
they found that the Company owed debts to the amount
of 90,5521. and that its funds did not exceed 28,5001.
leaving a balance of 62,0521. against the concern. They
therefore recommended that two calls should be made
upon the Proprietors within a given period, to the
amount of 90,0001. which would leave a surplus of
28,0001. after the discharge of all demands. The report
concluded with an expression of thanks on the part of
the Committee to the Managing and Ordinary Direc-
tors, who, they were convinced, had been actuated in
every part of their conduct by the purest motives.
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 Com-
pany should be (not as heretofore, 2,000,0001. consisting
of 20,000 shares of loot each) but 1,000,0001. consist..
ing of 20,000 shares of 501. each. That the number
of Directors should be reduced from sixteen to nine,
and Oat Messrs. R. Small, J. Mackillock, J. Morrice,
and J. Burton should continue in the direction, toge-
ther with Messrs. J. G. D. H. Larpent, J. H. Palmer,
R. Mosher., %V. Crawford, and D. Mu.het, newly ap-
pointed. That three Directors should annually go out
by lot, and that their places should be supplied by
the general election of the Proprietors, the displaced
Directors being at all times re•eligible. That an
accidental vacancy occurring in the direction should be
ailed by an election of the Proprietors, and not as here-
tofore by the nomination of the Directors. That of the
three Auditor!, one should annually go out by lot, and
that their appointment should be subject to the same
regulations as that of the Directors. That the Trustees
should be at liberty to attend the meetings of the Di-
rectors, but should not be allowed a voice in their dis-
cussions. That the Directors might appoint any two
of their number to act as Managing Directors, with
power to transact all business except certain matters
reserved for the controul ul the Proprietors at large, of
which the purchase of lands was the most important.
That the Proprietors should annually elect a Chairman
and Deputy Chairman out of the body of the Directors.
That besides the Annual General Meeting held in Fe.
bruary, Quarterly Meetings of Proprietors should be
held in the months of May, August, and November, or
in twenty days next thereafter, to receive an account of
the affairs of the concern.

Mr. Bowasno objected to the vague terms in which
the powers of the Managing Directors were desctibed.
They were restricted from executing any "material and
expensive alteration." Now a great diversity of opinion
might arise as to what was material or expensive.
Would it not thetefore be better to limit the discretion
of the managers to a certain amount, suppose 5001.?
lir. Pauses assured Aim that it was not designed to mead the
Managers' discretion beyond the disposal of 1001.
The Resolutions were then put seriatim, and agreed to—almost
ail of them unanimously.
Mr. BAILEY was astonished that no explanation was
oared to the Meeting to chew why the Directors were
so anxious to relinquish their situations, and relieve
themselves of responsibility, when a very important law
suit was pending. This Meeting was, in fact, nothing
more than a solemn mockery. It was well known that
many persons had become connected with the Associa-
tion, whose sole inducement was the tespectability of
the names which appeared in the Direction; and yet the
♦ery persons who had caused this delusion were now
deserting their posts in the hour of peril. From such
conduct, Gentlemen, no doubt, could draw their own
conclusions.

Mr. PALMER said that, by a change in the Direction,
public confidence would be more firmly established. If
respectable Gentlemen were going out, men of equal,
if not superior, respectability and talent were coming in.
Should Mr. Bailey feel dissatisfied with the nz,mination
made, he was, of course, at liberty to propose other
more competent persons, and it would be for the Pro.
ptietors to. decide on their eligibility.
Mr. HAIL KY never heard the Directors censured: it
was to the Managers he attached blame. He could not,
however, but complain that Gentlemen would lend their
names to a Direction, and nut attend to the duty which
they had thus undertaken.
Mr. Foss—Mr. Bailey has completely answered himself: if the
Directors have neglected their duty, it is the hest of all possible'
reasons why they should resign their situations.
Mr. Bowl, Imo objected to the arrangement, by which
it was provided that the Directors should go out by lot.
It wasp very inconvenient mode to determine on the
Aptitude of individuals for office. He could not conc •ive
any motive for leaving that to chance which might be
settled in a much better way. It might indeed be said,
that the retiring Members were re eligible; but surely
the Directors were more competent to decide upon the
merits of their coil' agues than the body of the Pro-
prietors, who could not be supposed to be so well ac.

quainted with the tapatity of the candidates. The Com.'
pally might thus be fortuitously deprived of the most
valuable services.
A Maims said that the mode of proceeding proposed by Mr.
Bowring, would he likely to create jealousies, and would in fact be
imposing a most invidious task on the Directors.
Mr. BOWRI NG further objected to the clause declaring
Directors reeligible. It would go to confirm and per-
petuate the Direction in the same hands; thus increasing
the power of the Directors, and diminishing that of the
Proprietary. It was highly important that members
should not be re-eligible for a certain period at least; he
would say for three years. This would produce an in-
fusion of knowledge, a succession of information and
activity in both bodies, Directors and Proprietors, which
could not otherwise be attained. He would therefore
move an amendment 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. Fox seconded the amendment.

Mr. Foss said, that whether 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.—I beg to say that I am not inconsist-
ent with myself. My object was to secure the most com-
petent Members in the Direction, and if any arrangement
had been made to that effect, I should not press the
amendment.

The amendment arm then put, and lost by a majority.
Mr. Moxosi said that gross misrepresentations had
been advanced by the old Directors. He was proceed-
ing to say something about swindling appearances, when
a universal shout of indignation was raised against him.
A PROPRIETOR begged him to desist from the use of
such language as might not be heard by Gentlemen,
He defied him to point out a more respectable body of
Directors in the Empire, not even excepting those of
the Bank of England. He concluded by moving that
the language of Mr. Moxon appeared to the meeting
highly indecorous.

A littoratrrols hoped that Mr. Meson would be allowed to ex-
plain his own words.

Anotbtr Paorairrox.--He bad no business to employ the lan-
guage, whatever explanation he may now think proper to give.
Mr. SHEAR:is called on Mr. Moxon to make whatever charges
he pleased, and the Directors were prepared to reply.
Mr. Moxox—Mr. Mittman, I had not the slightest idea of say-
ing that the Company and their servants were swindiers—{Much
laughter).
A motion was made that the new constitutions should
be printed; but, after some discussion, it was deemed
better that manuscript copies should be left at the office
of the Company, for the inspection of the Proprietors.