The Greenville times., 1884-12-06
GREENVILLETIMES.
The IaHd Mortgage Investment and
Agency CemPany.
ILondon Times, October 81

London Times. October 3d.
The adjourned extraor dina
general meeting of the land MOI
gage Investment and Agen'
Company Of America Limited VI
held yesterday at the City Tie
minus Hotel, Mr.. George
Martin presiding, 10 consider u
report Of the committee which vi
appointed at the meeting held q
the 9th of May last. The seer
tary read the report, which
signed BY Messrs. Christian Al
husen, Joseph Diekie, Henry
King, John Low, james M'Fa
land, James Meston, L. A. ID. Wi,
drington, and Captain W. c. Pa
mer. The report stated that th
committee has found that all III
investments Of the company up &
the end of last year were mad
upon the direct recommendation
and advice Of the Corbin Bankin,
Company, "npon whom the re
sponsibility for these investment
must therefore rest.n The dlrec
tors had not interfered in any way
to prevent the development of the
properties. The Corbin Banking
Company had at all times had :
large sum Of money in their handt
which might haye been applied ia
this purpose, and the directors had
on several occasions called theiI
attention to the little progress
which was being made In this di
rectinn, and the necessity for in,
creasing the company's income,
In the judgment Of the committee
there had been q failure on the
part of the Corbin Banking Com,
pany to keep the board informed
Of what was taking place on the
other side, 80 they might be ac.
quainted with the reasons for a
slower development of the proper,
ties than at first was contemplated,
and promised; "and the commit.
tee must also point out that the
absence of proper accounts has, in
one instance the Calhoun Land
Company, at any rate, placed tho
board In Nh awkward position =
After careful investigation of all
the circumstances, the committee
could only como to the conclusion
that the differences, and alleged
want of harmony, between tho
Board aud the Corbin Banking
Company, although undoubtedly
existing In Mr.. Corbin's mind, were
not based on any real foundation,
and probably might have been dis.
persed had he visited this country
and had u frank Interchange of
views with the board. The com.
mittee had, so far as IL was within
their power, without causing a
special examination to be made in
America, examined into the invest.
ments of the company, and they
regretted to say that In no ease
had the hopes of an immediate re.
turn held out by tho Corbin Bank.
Ing Company at tho time the in.
vestinents were mado been real.
lied. The investment In the bonds
of the Calhoun Land Company
they considered most unfortunate.
The interest on these bonds ap.
peared to have hitherto been dis.
charged by tho Corbin Banking
Company out of their own funds,
and not out of the earnings of the
Land Company. The di.
rectors, however, were not in.
formed Of this circumstance until
The spring Of this year. The valu.
alton tei0,35s) placed on this in.
In the balance sheet was
misleading. The committee
thought all the directors were TO
blame for accepting an increased
ralue (f9,2i6) for this asset with
,ut further evidence than Mr..
Prescott's statement. The com.
nittee did not consider that either
,f the two dividends which had
'een paid had been earned, aud
'ut for the above mentioned in.
'rease In the value of the Calhoun
Investment, no declaration of div.
dend would have been possible.
Or. Corbin, while pledging him.
elf to cooperate in every way in
no future with the direct ors for
he successful developcment of
he properties of the company, had
lecllned to continue the agency
kept with an entirely new board,
t the same time rcsigning his seat
8 a director. The committee
ould not conceal their regret at
his step. They were of opinion
hat immediate steps should be
aken by the directors to appoint i
new energetic agent in New
'ork, and they thought it of great I
that this agent should
o one who could work harmoni.
usly with Mr.. Corbin. They rec.
mmended that Mr.. preseottis ras {