THE CHARGE AGAINST THE MONARCH DIRECTORS.

Westport Times, Volume IV, Issue 702, 25 August 1870, Page 3

THE CHARGE AGAINST THE MONARCH DIRECTORS.

The charge of conspiracy against seven of the directors of the Monarch Insurance Company, has been again before the Lord Mayor this week. Mr Maynard, the official liquidator, stated that little or nothing was paid on the allotment of shares to the different directors, and that on December 31st last, the total amount of capital paid up was only £BIB. The sum paid to the members of the board for their services was £717, and the charges for preliminary expenses had been £2,575. The profit, represented to have been made last year, waa £5,000, but the amount was fictitious. Mr Lewis adverted to the case of Mr Henry CarnsII ho, he said, having an estate in Sussex, which was mortgaged for about £20,000, entered into a contract with the company on August 6th last, to sell his estate to them for £70,000, of which £30,000 was to be in shares of the company, they not having then enough money even to stamp the contract. He concluded by saying that anything more disgraceful or more reprehensible than the proceedings in which the defendants had been engaged could hardly be conceived. Lord Poulett, who appeared on the prospectus as president of the company, and whose name was down for fifty shares, was called as a witness. He said he never applied for any shares in the company, and never gave any of the defendants authority to insert his name on the register for any : —" I have never acted as president of the company, nor as director. I was in the board-room once or twice at meetings, but not in any way connected with business. I only called to see some of the directors, who were friends of mine. After I had taken the presidentship I was informed the remuneration was to be £4OO a year. I think I had only to attend twice a year, at the half-yearly meetings. I have not drawn anything on account of remuneration, nor has any one offered me any. I remained president until the Court of Chancery made an order for winding up the company." After hearing further evidence, the Lord Mayor said the Court would require bail of £2,000 for each of the defendants. They entered into the required bail, and left the Court.