A meeting of the Credit Foncier of England was held
on Wednesday, when it was stated that Mr. Albert Grant, the governor, had resigned, and Mr. Mowatt, as chairman of the Board, made an unpleasantly frank speech. He said the cause of the losses sustained by the company, losses amounting to 100,0001., was that capital had been locked up in investments as met yielding no return, and it had been so locked up because inducements were offered too strong for human virtue to resist. The Imperial Land Company of Marseilles, for example, offered the Credit Fonder 386,0001. to float the stock, paying most of it in " stuff" debentures ; and so on. Messrs. Pete and Betts had also -offered them 266,0001. for "floating" the London, Chatham, and Dover Railway A Debentures for 607,7001. The directors were to receive a commission of 10 per cent. over all profits above 10 per cent., and therefore they took these bonds ; and Mr. Mowatt said the managing director received 72,0001., and the other directors as much, and he asked the shareholders if they, in the same position, would not have felt tempted too? A committee of investigation was refused, and apparently the shareholders intend to leave Mr. Mowatt, who is quite guiltless in the matter, to make the best he can of affairs, and " hold the other directors till they get them out of the scrape." Are not the directors respon-
sible for commission received if profits are unreal, or does the vote of the shareholders accepting the dividend put them out of Court?
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