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THE CONTRACT CORPORATION (LIMITED.)

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THE CONTRACT CORPORATION (LIMITED.) The second ordinary meeting of the shareholders corpora- tion was held on Thursday at the London Tavern Joseph Robinson, Esq., in the chair. The report stated that the directors proposed that a dividend be declared at the rate of 10 per cent. per annum, free of income tax, which will absorb Z3000, and, with that paid at Midsummer, make the dividend for the year 126 per cen t. The Chairman, in moving the adoption of the report, said, the accounts submitted sufficiently explained themselves. Observations had been made, and letters, had been addressed to the board, expressing dissatisfaction that the dividend via reduced for the half-year. He wished to call attention to the fact that besides paying 12Q per cent. for the year they bad a reserve fund of 44500, which was on the paid up capital n per oent., making 20 per eent. profit. Their ex- penses had necessarily been large compared with their small amount of business. On entering on the duties of this cor- poration they came new to the work. They had basinese Drought before them he might also say of an appalling nature, it had been enormous—such, indeed, as a corporation with so small a capital paid up coold not possible entertain, except in a very small degree. They had, therefore, con- fined their business very much to fiuancial operations con- nected with contracts, and from those operations the profits of the company had accrued. They now proposed, with the additional experience they had, to extend their operations to the purposes for which the company was actu- ally formed, to do actual contract work, and for that purpose they had made arrangements, which would be submitted for their approval, with Messrs Watson and Co., and they anti- cipated very satisfactory results from this arrangement. A eommittee was appointed by the board to go into this business with Messrs Watson and Co., of which Captain Jarvis was the chairman. They wrnt very minutely into all matters connected with the arrangements proposed, and ke thought he may say in a very conservative spirit, and Captain Jervis would explain the mode in which it was proposed to carry out these arrangements, they asked the shareholders to sanction those arrangements, and he begged to propoae that the report of the directors be received and adopted. Captain Jervis said many large railway undertakings had been brought before them, but they felt they ought not to  into tbeH without the assistance of a proper overlooker. In dealing with this arrangement, he entertained his doubts as to the propriety of going into existing contracts. The result was they made no arrangements as to the existing oontraets; they did not take a single contract they had on hand, but got their entire management and co-operation for all future things. That was to say, they entirely eliminated everything in the shape of a bad undertaking, bat they got the co-operation of the two best men in Eng- land in all future contracts, the exceptions being the Tot- tenham and Hampstead Railway and a small line in Sussex, both of which were profitable contract schemes: There was one point that required great consideration, and that was the amount of capital required to carry on the business. After careful investigation they considered if they made Galls of A7 10s per share, extending over a period of 18 months, that was all that would be required to carry out the undertaking properly. Under all the circumstances he thought they were justified in taking the step they recom- mended, and he hoped it would have the hearty approval of the shareholders. They had not made a bad debt of any kind. The Chairman, in reply to questions, stated the directors could not disclose the nature of their business; they would be committing a breach of faith in doing so. The business had been satisfactory to the board, and done on proper security in every case. Their expenses were heavy, because they had done a very small business, but this would lessen in proportion as their business increased. There were certain fised charges which were inevitable, whether business was done or not. They carried over JEHOO to the credit of the profit and loas account. They could have paid a larger dividend, but it was considered prudent to carry forward a large sum. The motion was unanimously adopted. The meeting was then made an extraordinary one, to take into consideration and confirm a provisional agreement, dated the 2nd February instant, entered into between John Watson and Co. of the one part, and this corporation of the other part, for the acquisition by the corporation of the business of John Watson and Co.; and to pass a resolution, 1 pursuant to section 50th of the Companies Act, 1862," making now regulations in liao of the existing articles of association of the corporation. Mr Alderman Dakin, after a few brief remarks, moved that the agreement entered into between John Watson and Co. and this corporation for the acquisition by the corpora- tion of the business of John Watson and Co., be, and the same is hereby confirmed, and the directors be authorised to take the necessary steps to carry it out. Captain Jervis seconded the motion which was unani- mously agreed to. On the motion of Mr Beescroft, M.P., seconded by Mr Dent, a series of new regulations, suited to the altered state of the corporation's affairs, on the absorption of Messrs. Watson's business, substituted for the original atioles of the ooporation, but a limitation was inserted to the eBeet that the directory .hould not, in any mereale of capital, exceed a sum of 92,000,000. The Chairman, in reply to a question, stated they were making an application to parliament to reduce their £100 tharea to 920 shares. The proceedings then terminated.

THE WEEK AT HOME.j

COUNTY COURTS,

j THE CORN TRADE.

I TRADE REPORT.'1

THE CATTLE TRADE.

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FAIRS IN FEBRUARY.

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