A History of Horncastle, from the earliest period to the present time

by J. Conway Walter

THE CORN EXCHANGE.

The Corn Exchange is a spacious and lofty building of brick, with stone facings, capable of holding 500 persons, situated on the south side of the High Street, and standing on what was formerly the eastern wall of the old Roman castle; a well of pure water, still in use, under the adjoining house, having been just within the wall of that fortress. It was opened on July 5th, 1856. From the terms of the original deed of settlement of the company we may give the following items.

The Indenture, dated July 18th, 1855, was registered the 31st of the same month; the agreement being, on the first part, between Thomas Armstrong, Merchant; Henry Turner, Land Agent; George Wright, Merchant; Henry Nicholson, Draper; William Preston Carlton, Chemist; and others, all of Horncastle; with certain residents in the neighbourhood on the second part; and Frederick W. Tweed, of Horncastle, Gentleman, as trustee to give effect to the covenant, on the third part. The said parties agree to form themselves a Joint Stock Company, within the meaning of the Act 7 and 8 Victoria, c. 110, to provide a building for the purposes, according to these presents, viz., a Corn Exchange, which can also be used for concerts, exhibitions, and other public objects, on such terms as the committee may think fit.

The capital of the company to be £3,000, in 600 shares of £5 each; annual meetings of shareholders to be held on May 2nd; any five, or more, owning 25 shares, may require the directors to convene an extraordinary meeting. The capital may be increased by additional shares of £5, not exceeding 300; money may be borrowed on mortgage, not exceeding at any one time £1,500. [140] One-third of the original directors to retire in May, 1856, being eligible for re-election. In May, 1857, one-half of the remaining original directors to retire; and similarly in succeeding years one-third to retire in rotation, according to seniority. Any director to forfeit office on ceasing to hold five shares; anyone intending to apply for directorate, to give at least 10 days’ notice. Directors to meet at least once every three months; any two directors may require the secretary to convene a meeting, at any time, for any desirable special object.

The Court of Directors to apply to the Privy Council (Board of Trade)

for permission to purchase, or rent, land or buildings, as may seem to be needed; or to let, or lease, buildings, offices, &c., as they may think fit; or to make mortgages, conveyances, &c., for the purposes of the company. A reserve fund (by clause 67) to be established, by setting apart one per cent of the profits in any year; the accumulation to be employed for the benefit of the company, as may seem to them desirable. Shares to be sold (by clause 68) for the benefit of the company, by a vote of a majority at a general meeting. No sum beyond £400, at any one time, to be negotiated by promissory note or bill of exchange.

That a report be presented, and dividend declared, at an annual meeting, on March 25th, with seven days’ notice to each shareholder. A common seal to be kept in a place of safety, and affixed to all legal documents, by the secretary, in the presence of three directors. Henry Nicholson, Draper, to be the first auditor, paid as committee of directors decide. Samuel Sketchley to be the first solicitor; and the Lincoln and Lindsey Bank the company’s bank. Thomas Armstrong, Timothy Collinson, and Robert Edwin Kemp to be the first trustees of the company.

The books may be inspected by any shareholder, between 10 a.m. and 4 p.m., in the presence of the secretary, or other person nominated in accordance with Act 7 and 8 Victoria, c. 110. By clause 89 it was provided that, in case of the company being wound up, the chairman should declare the company

to be dissolved with all convenient speed; all property to be sold, and converted into ready money, to meet all claims; a final distribution of assets to be made; no sale by private contract to any shareholder being allowed. This deed was signed, sealed, and delivered by the said F. W. Tweed, and witnessed by J. S. Cropper, Horncastle, July 18th, 1855.

On Nov. 6th, 1889, a meeting was held to consider whether the company should be wound up; but it was decided to continue it, and of late years the financial position of the company has improved; the report for 1906 shews total receipts for the past year, £145 13s. 1d.; expenditure £87 2s. 10d.; leaving balance £58 10s. 3d.; allowing a dividend of £1 10s. per cent., the sum of £6 0s. 3d. being still in hand. Offices on the same premises are rented by Mr. Reuben Roberts, Corn Merchant.