THE EAST INDIA COMPANY.
The proprietors of the East India Company held a meeting in Leaden- hall Street, on Monday, to consult as to the future management of their affairs. Colonel Sykes occupied the chair. A portion of the proprietors, Mr. Crawshay, Mr. Jones, Mr. Helps, complain that the Company has been thrust out of its House without ceremony ; they demand permanent accom- modation, an establishment, and contend for the duty of paying the divi- dends of the Company—it is essential to their dignity and independence. A Committee has been Bitting on the subject and has arrived at these con- clusions. Mr. Crawshay, its chairman, set forth these views before the meeting. Lord Stanley has offered to pay the dividends with the aid of the present establishment. He was willing to give them occasional, he did not see that they require permanent accommodation. Mr. Crawshay contends that the management of the funds by the Company is necessary for the security of the dividend. All the affairs of the Company should be managed in the India House. Lord Stanley, on behalf of the Council of India, claims the unclaimed dividends. Mr. Crawshay says he has no right to them. Mr. Arbuthnot, Sir William Hayter, and others, were ready to accept the proposals of Lord Stanley. The meeting, without deciding anything adjourned until Tuesday.
The meeting resumed its deliberations on Tuesday. Mr. Arbuthnot's amendment was negatived, and Mr. Crawshay's resolution carried by 28 to 7. Next a majority adopted a resolution claiming the unclaimed dividends as the rightful property of the Company ; and instructing the directors to obtain a "legal" settlement of the question. Next a reso- lution was moved embodying the conditions on which the Company would accept the offer of Lord Stanley, to make his establishment avail- able for transfer and audit in reference to business connected with the capital stock and dividends of the Company. They were these-
" That in accordance with section 11 of the 3d and 4th of William IV. cap. 85, there shall be paid to the Conpany, to their own use, that is to say, to the account of the East India Company with the Bank of England, the yearly dividend after the rate of 10/. and 10s, per cent per annum on the present amount of their capital stock, and that such dividend be so paid by equal half-yearly payments on or before tne 6th day of 'January and the 6th day of July in every year, and further, together with the first half-yearly dividend so paid, the amount of all unclaimed dividends. "That all dividend warrants be signed by two directors and the secretary of the Company. "That accommodation be provided in the East India House for the di- rectors and proprietors—viz, that the proprietors' room be devoted to its former use.
"That at least one room be assigned to the directors for their general use.
"That a room be provided for the secretary of the Company. "That the General Courts of the East India Company be held at the East India House.
" That with reference to sections 69 and 72 of the late Act, 21st and 22d of Victoria, cap. 106, by the former of which the number of directors of the East India Company is for the present to be maintained at 12, and finally to be reduced to six, provision be made by the Secretary of State in Council for India for the payment of salaries to such directors, and of a salary to the secretary of the Company, and also for defraying other expenses inci- dental to the legal management of the Company's affairs not otherwise pro- vided for by this arrangement.
"That the Secretary of State in Council and the East India Company, respectively be at liberty to terminate this arrangement on giving six months' notice."
Colonel Everest insisted that the Company had no "rights." The act provides that the payment of salaries to the chairman, deputy-chair- man, and directors, should cease to be payable. At the suggestion of Colonel Sykes the two last clauses were omitted, and the resolution, thus altered, being earned, Mr. Crawshay moved and carried the omitted clauses separately. A resolution was also carried declaring that a by- law should be enacted requiring the consent of the General Court to any requisition for the application of the Security Fund to the payment of dividends ; and another that the by-laws should be revised.
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