The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-22

N
government 10 send any considerable body Of
loops through Egypt though, 1t the Same time, An
opinion was EXPRESSED that under other circumstances
the public services Your directors approach sub
iect which has eeen 10 them Of great anxiety
they submsed TO the shareholders an approximate es
mate Of the expense, which was then supposed would
be IN fri sns %ss
upon me information furnished TO your directors would
amount to about f84 000 and was not until the works
had been brought conclusion, some time afterwards,
that your directors became Of the nsuciency of
the data upon which that estimate had been based and
for the RESTORATION and Improvement OF their property
would not be less in fact than f163 0b4 The necessity
for 50 % a undsr ws Ss
been incurred and the question whether adequate bene
fetal value bad been received in return for large
outlay have been the subject OF frequent COM
munication between Messrs Croskey Co. and the
Board. Unable themselves to form Satisfactory
illusions the subject the accounts rendered by Messrs
Croskey Co. TO the were referred by mutual con-
for the examination and report Of Mr. John Yates
whose experience in the cost and details Of iron ship con-
structon il justly supposed entitled to confidence
respect To that genteman report the subject and
to Messrs Croskey Co.'s letter addressed TO the Beard
both appended to this report your directors desire to refer
the shareholders conentng themselves with expressing
their opinion that the additions and improvements effected
in the condition and capacity Of the ships have mainly con
rbuted their employment such satisfactory terms in
the service Of the East India Company. The articles Of
association require that printed copy Of the balance sheet
shareholder previous to each ordinary general meeting
This document accordingly circulated herewith together
an o S .
Mt Of profit and loss will be subed as soon as possible
after the LIST June next, when closed account will be
rendered by Messrs Oeskey Co. in respect Of all their
proceedings down to that time, in accordance with their
agreement and by which time is hoped the results Of
the Indian voyages WILL in many instances have been
statement
ted must be considered necessarily incomplete inas-
much as q anal adjustment has still to be made with
Messrs Croskcy Co with respect to the Ne York and
Brazilian voyages which will more or less modify the &C.
neral results shown under these heads Your directors
desire draw the attention Of the shareholders partcu
arly the state OF the capital OF the 900
preference shares authorized under the resolution passed
the extraordinary general meeting held the ed April
last only 200 have been taken up, and until the remain
der shall have been subscribed for the annual charge for
money raised debentures and by loan TO make good
the deficiency must remain heavy burden on the
The CHAIRMAN opened the business by moving the adop
ton Of the report and proceeded to offer explanations and
upon the various points alluded 70 therein
especially regards the great outlay for adapting the
hee an outlay which exceeded the expectations OF an
had refused to certify the directors statement of
counts although they had formally concurred in day
two previously He offered explanations also upon va
rous items alluded to in the separate report subsequently,
issued by the auditors themselves. The explanations
given appeared TO be received with satisfaction but
siderable discussion arose respecting the position OF the
company in relation TO Messrs Croskey Co. During
this the chairman expressed his conviction Of the integrity
and good faith of that firm, and his belief in the correct
Of their antcpaons regards passage money and
freishts which have been fully borne out in the working
Of those vessels employed last summer The meeting
having expressed itself strongly against the large outlay
upon the vessels, explained that the carrying
pacity and the amount from charters the
India Company had been increased thereby As per cent
After very prolonged discussion the report of the d.
rectors adopted.
ton of Mr. Round (wbo retired), elected. Capt
Peot r. NJ elected 10 m the vacancy caused by Mr.
Rounds retirement. Mr. Alderman Phillips and Mr.
Nathan thereupon retired from the authorship; Thos
Higgins and - Francis, Esqs, were elected in their
stead.
special vote of thanks was given TO the chairman
who in acknowledging refused to commit himself by
statement Of estimated profits to be divided at the
meeting, but stated that there would be balance
then TO deal with He called the attention OF the share
holders the necessity of reducing the loans made To the
company by taking up the balance of shares or those
then Invisible. During his remarks the chairman stated
that two OF the oompanys vessels were under local en-
gage ment India remunerative terms The Indiana
and the Golden Fleece (now the way home with good
cargo) would be anticipated and be employed very shortly
for the conveyance Of troops to India.
vote of thanks TO the directors closed the proceedings
The Financial swinsaleA In England.
From the London Times (Cty Artcle), Feb. 81
In the surfeit of nsolvencics q must now have
something than the usual monotonous features TO
title q single remark. For the commercial historian
the evidence already collected is sufficient 70 enable him
TO hand down. short and decisive page the character
of British trade in the epoch from 1853 TO 1857 il true
that each day throws up illustrations more com.
plee than any that have gone before, and To which IL
nars deny eaa he ,a sSas
about IL, and have arrived at point at which they can
take any amount OF matter for granted. II Joint
stock bank In question: they do not want 10 be told that
the first accounts showed surplus impudepty vouched
by all concerned that II next turned out the
finally the shareholders informed they would
have TO make up an enormous deficiency: Neither
hese stages carried everything before them BY the aid Of
lawyers and accountants employed 10 increase the terror
Of the victims by pointing out that, bad their fate may
be- could be made worse by resort 70 the law OF the
land, and that this resort would infaby be adopted
unless unanimity were the only cry. II the instance
is that Of private individual stale particulars
qured TO the effect that the nsolvent . boy with
turn Tor horseracing, or . clerk set up by banking
manager or an older and more practised charlaan who
had failed two three previous occasons starting the
last time with capital Of 10000 the wrong side,
sstng Of accommodation bills granted by established
buyer his district that the old and respectable traders
around him were gradually obliged to succumb in the
nnsvos se n a Ss e,yonos
10 speak 10 his character; that when his career OF
DELINQUENCY was broken up be complained Of misrepre.
senation, and Of being attacked when he down. and
that 6nallythe law here agan coming In 10 do good
servcehe dared his creditors take any steps against
him pain Of losing 10 the meshes Of the bankruptcy
Court the two shlings and threepence In the pound
which he considered he could offer not driven
ssance From one end Of the kingdom TO the other the
experience has been the and people do not seek TO
hear any more Of H. The dividend offered In
may be 5s in another Cd the liabilities may be f2ooo
100000 but these small matters Of detail, which
give variety the main chronicles II Is doubtless
ie 70 be grevous thing that the state Of the law should
insure immunity for the offenders and persecution for
their dupes but what Is the hope Of a remedy In
that respectY great storm OF putlic ndgna-
ton might cause the crown lawyers 80 move, but
what would be the result lntolera5le DISGUST
tons and finally the enactment OF set Of
restrictions more impractcabie and complicated than
that have gone before and consequently serving
improved instruments in the hands u adventures who
would carefully study them So there choice but
init and 70 let The theme die out like any other that has ery.
ed the purpose Of creating few months excitement
year two, at all events, the system will have been
broken up and that the INSCRIPTIONS hurry Of modern
fe enough TO look forward Today the shareholders
OF Western Bank Of Scotland lick the hands
10 which they their fate while in the London Court OF
Bankruptcy Judgment " 10 be pronounced the strk
ing case Meesrs Evane Hoar, whose failure occurred
ut an early stage OF the late crisis and embodcs
the orthodox characteristics OF q great
tile career. But these proceedings will too late
10 receive the attention they deserve Meanwhile,