The Bill was divided three times, once on the question whether the shares were proved not to be readily marketable; again on the question whether the Preamble should be adopted, and thirdly on the question that the Bill do pass. In all three divisions the minority consisted of the three unofficial Members. There Mr. Guttemin opposed the Bill as being a bad precedent, which would be quoted by other Companies; and as being a special favour to one company, and unnecessary as much as the Company might obtain the same object, by winding up voluntarily, dissolving the Company, and starting afresh with smaller shares. It was answered that the case of every Company must rest on its merits, but that this company is in a different position; no other company having shares of similar amount; and that while all English companies have the right to subdivide their shares, it would be unreasonable to require this company to go through the disastrous, expensive, and discrediting process of a public dissolution and winding up, in order to obtain the power of reducing its shares to the amount of 300 Guineas a piece. The Ordinance passed, Mr. Rysie on behalf of his co-dissentients giving notice of protest.
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