The Express.
London, England, 1852-01-22 00:00:00

The report of Mr. J. H. Thomas, of Newport, the
manager and accountant appointed by the coalmine° of
shareholders and creditors to act in the affairs of this com-
pany and investigate the various transactions, just made,
and verified by slBlavit, states that of the 100,4191. sub-
scribed and provided bz. 101 shareholders, representing
3,801 shares, the sum of ,a,llOO/. was promised prior to 19th
November last. The report further states, that although it
has not yet been thought expedient to take proceedings
against bank debtors. applications for peyrneut have been
made to all; mid with respect to the firm of William
Williams and Co., of l'enrhyn, the committee considered
the propriety of accepting a composition offered for their
debt, and it was necessary to come to au immediate
decision on the offer made by Meows tVilliams. The
o made a careful investigation into the en-
," of Mr. Williams, and were supplied with
a statement of his debts and assets, and found his
works to be very extensive,giving employment to 2,200
persons. and a large part of he plant and fixed machinery
were mortgaged and subject to heavy rents, mileages, and
other yearly payments, and unless the compositiou offered
were accepted Mr. Williams must stop. His stoppage
would he summarily followed by that of many other per-
sons, some of whom were debtors to and others shareholders
in the bank. They would he kept going if he were, and
after much deliberation the committees sanctioned the
acceptance of the composition by the manager. The ma-
nager states that Mr. Thos. Fothergihl holds 500 shares, and
was appointed a &motor on the formation of the bank in
1836, but the Ware of this bank were really thaw and for
several years after managed by Mr. Philip Jesse and Mr.
Reginald
James Blewitt only; the deed of rertHensent
having given this power to those &demon for one
yew, end whisk power was to them ►by rear
lunges at general meetings of shareholders in 1837 for
one year, and until April, 1841, they continued so to ma-
nage the bank without any formai resolution. Mr. Fo-
thergill continued a director until January, 1811, when
he resigned office, but was re-elected a director in 1842,
and was continued front that time by triennial election.
Mr. Fothergill served from 1812 to Mil, when he notified
his refusal to act on learning that he had been re-elected.
For the purpose of assisting the bank he, from time to time,
increased the balarice to he, credit, and is October, 1648, a
suns of 15.000/, and in March, 1840, a sum of 11,0001. were
transferred from his current account to a deposit account,
where they have since remained. Mr. Ferdinand Huddle-
stone bolds 40 share, and was appointed a director in July,
1513, and in July, 18.50 he prevailed upon his father, who
was not a shareholder in the bank, to advanee a sum of
25,000/., iu order to meet a pressure at that time oil the bank,
and fur that suns the lather is a creditor. Mr. F. Huddle-
stone also brought in 2,500/. in August last, at the urgent
request of the directors, and is a creditor for that sum. Mr.
11. W. Jones holds 610 shares, and no part of the call of 31.
made in 1848 was paid by this gentleman, but the dividends
payable on his shares were placed to his credit, and had
produced 1,0371. in part payment of a call of 104301. This
course had been pursued in all similar cases, and a re-
solution was passed on the 28th of February, 1819, that no
shares should be forfeited fur non-payment of call. Mr.
E. Jones holds 110 shares, and he brought in .5,0001. on 7th
August.last, at the urgent request of the directors, to meet
the pressing wants of this bank. Mr. J. Fraser holds 100
shares, and paid in past of the call of 3/., but his dividends
MI bus retained, and had produced 1701 in part of a call
el Mi. All these foregoing directors signed suet gave a
joint and several promissory note for 20,0001. in February,
oilit 1851, cto the Monmouthshire and Ulainurganshire
Bankieri y. in order that it might be endorsed to
She Bank of London as a security for any
*Omar dog tort come under on account of the Mon-
mouthshire and lamorganshire Banking Company, and
this note was still held by the Commercial Bank, to whom
Mr. Fothergill had agreed to pay 7,0001., and 5,0001. was
talented to be paid by Mr. Haddlestone in respect of his
liability. The same COUTOe had been pursued in respect of
the call of 3'. with Mr. 0. Bennett and Mr. W. B. Wat-
kins, the latter had proposed to pay 1,0001. a share to morn
the dieiden.l of 55., to be paid this month to the creditors
and it was be:•eved that Mr. Bennett, who was • large reile
way contractor, nal ready to contribute 10,0001. for the same
purpose. Mr. Powell had undertaken to contribute 10,0001.
and Mr. Latch, 1,00/. The amount of shares in the company
was 18.053. and of these. 4,150 were held by Mr. l'hilip
Jones, and 1,060 by Mr. Reginald James Blewitt. The
call of 31. per share was paid on 9,393 shares, and the ma-
nager believed that contribei'i me to pay creditors may be
expected from and in respect tai 6,000 snares, but that no
substantial contributions are to be expected from or in
respect of the remainder. Mr. P. Jones and Mr. R. J.
Blewitt acted, the one as chairmen, the other as deputy-
chairman, until April, 1842, soda,' other directors did not
take any real part in the management until 1842, whoa
they discovered that 15,000/. was owing from Mr. Blown*,
and that the obligations of Mr. Philip Jones amounted to
an equal sum. The directors 11. •11 took steps to
obtain all the securities they i mid from these
gentlemen, and mortgages were given :.. both. In Jaly,
1842, Mr. Blewitt resigned the appointment of manager, and
in August, 1612, Mr. Jones ceased is he a director, and Mr.
Blewitt, who was re-elected a director, nes r attended a
meeting of directors, nor did either of them !eke any part
in the management of the bank after that 'inn. Xr.
Blewitt was paid .5001., as managing director, u,' to Deena-
bee, 1842, under resolution of a general meeting of August,
1837. At the thirteenth half-yearly general 'lnca.; of the
proprietors, held on Fob. 13, 1843, u report was mal • by the
directors, stating, among other things, that " since the last
meeting Mr. Blewitt had retired from the direction, and
that Mr. B. Jones, of Llanarth, had been elected in his
place, pursuant to the 40th clause of the deed of settlement.
In making this announcement, your directors would refer
you to the latter part of clause 15, by which you will ::o
that, on the establishment of the company, Mr. Jones and
Mr. Blewitt (the old firm) had alone the right to inspect
and regulate, and control the ledger accounts and discount
operations of the bank fur one year. This clause had
been renewed from time to time, at every general meet-
ing, and was in force until they retired, although the board
has latterly assumed the direction of your affairs. The
accounts have all been investigated, many advances have been
recalled, other large and unprofitable accounts have been
put in train of liquidation, and in every case where practi-
cable the be security has been taken." The actual debt
of dr. Philip Jones, exclusive of claims on customers,
which he promised to guarantee, does not exceed 86,0001.,
in respect of which debt a mortgage of 40,0001. is held by
the London Joint Stock Bank, and a mortgage for 5,0001. by
the Monmouthshire and Glamorganshire Banking Company,
both which sums are expected to be realised. With respect
to the 5,0001., the manager has been informed by
lba solicitors to the banking company, who have
recently inspected the deed, that it is extremely
probable that such mortgage deed would be Mfg
and construed to be a security to the said banking comp
not for such sum of 5,0001., but for a sum of 35,0004 .1
least. The manager further reports as the result of
in that 100,4631. would be amply sufficient to
Mlgo auditors whose debts do not exceed 20!., ma
s boa agreed to accept that sum in discharge of ei,
larger debt, and to pay all the other unsecured unsilletelle
not Wig diarehoiders, a dividend of five shilliao Ms AO
pound. -That this sum of 100,4631. already subeedled anal
provided by 101 shareholder', holding 3,801 shares cane
slated of 64,6361. in cash, and 35,8921. in bills, and iota,.
and creditors' Mows, the latter being only for the sus of
fire.shillials io tbs pound ; the members of the sasmalos
hay saboalbod m follows .—T. Wintle, 2,0001. ; ff. RIF
nett, ; T. Powell, 1,0001. ; T. Fothergill, 10,0001. ;
T. Misbaboo, lAN. ; O. Lowrance,
_1,5004. • and others.
Creases In as amsom of between 30,0601. sad 300,0001.
Ind Is assigt the progssol smagsitisa of 16s. in the
ia dlosbagg of Mew dobli.

THE AUTHORITIES OF ST. PAUL'S.