The Express. — 1868-12-17 (London, England)

SHAREHOLDERS' PROTECTION ASSOCIATION. (THIS DAY./  A meeting was held this day, at 1 o'clock, in the London Tavern, the object of the promoters being to form an association for the protection of shareholders._ _ .  Mr. Heat Bacon, who was moved into the chair, opened the proceedings by expressing his regret at not observing a larger number of shareholders present. He was induced to call a meeting in obedience to a vast number of communications from shareholders and joint-stock proprietors complaining of the doubt and anxiety under which they were suffering in regard to the proceedings of their respective companies and their liabilities therein, and strongly urging him to take the initiative in the establishment of some society that would have the effect of protecting them from the dangers to which they were exposed. The lawyers were always considered to be a great social plague, but it appeared to hint that the liquidators were • muck greater one. It was a shame that the liquidators should be allowed by the court the enormous sum of 12 guineas a day. He confessed he did not believe that many great bankers or merchacts of the City would take a leading part in the organisation of a protection society. The sooner they gave up the pernicious syetem of following great names, which so often led to nun and destruction, the better. He proposed that they should establish a self-supporting orgamastion which would enable them to gain all the information they might need, and to obtain the best legal advice in regard to the condition, the circumstances, and the accounts of the various companies with which they were connected, and that the subscription should be two guineas • year. Under the existing system there were no means by which shareholders in town and country could commnnicate with each other. Such a society.. he proposed would furnish such means. The law at present was in a most disgraceful state. They saw frauds of the grossed kind concocted by men in a good mercantile position. These frauds bad been perpetrated in the most barefaced and abominable manner. Shareholders had been plundered to an enormous extent, and the proceeds of the plunder had been either invested in the purchase of estates or expended in the way of securing seats in parliament. (Hear, hear.) Out of • great number of frauds there were only within • considerable period two convictions, and those for fraud. connected with a certain well-known bank. One of the offenders was still in durance vile, but the other had been released by the Secretary of State, on the ground that further confinement in prison would be injurious to the culprit's health, and that within a period of seven or eight months he had lost 121bs. in weight. (Laughter.) (hi the other band, there had been twenty-seven premature deaths within twelve months, including seven suicides, all to be traced to that unfortunate transaction. The hon. gentleman having stated some other facts connected with this subject, concluded by urging upon the meeting the necessity of immediately forming themselves into such a society as he suggested. After much discussion a resolution, moved by Dr. Toil, and seconded by Mr. Nun, was carried, which delarod the necessity for the immediate formation of the rociety, that its objects be to enable members to obtain every information respecting companies in which they are interested, to obtain the best legal advice, and to institute prceocutions in cases of welluseertained frauds. A resolution of thanks to the chairman concluded the proceedings.