The Express.
London, England, 1864-08-27 00:00:00

EAST OP ENGLAND BANK.

The deficiency to be made good by the share-
holders is this bank is now officially returned at 126,728.
• very keg and able report has hew prepared by Messrs.
Harding, Pullin°, Wisiouey. and Gibbose, es to the eases
which bare contributed to the failure of the beak. After
sousing irregularities and losses from the commencement of
of operations in 1835, the report attributes the ultimate
collapse of the bask to undue speculation in railway shares.
Mears. Harding, Pullen, Whiaoey, cad Gibbose express
their Dion that there can be no justification for the an-
speculation in which the directors embarked.
• the three yeah ending April, 1884, there
have bees transactions to an enormous extent, and
the ordinary funds of the bank were ialaseicient
for the Os the 25th of July last,
year the way investments alone amounted to 623,8231.,
while the whole Amount due to customers oe sunset a-
ccounts and deposit account. was 815,0411. or 8,2411. km
It is sot a matter of surprise that the bank found it a-
oarray to obtain money in other quarters ; this was
=y does by borrowing was the asesuity of some of
ray shares, and these loans were frequently obtained
at a ruinous rate of interest, as much as 81. and W. per coat
per annum being occasionally paid for the use of the mosey.
It apoean that about 1848 the director. read a resolution
that the general manager (Kr. W. & Wilson) should no no
amount make say railway innetroents without the consent
of the board- These instruction were not attended to by
the general manager in later years, as it is stated that be
ears orders last autumn for the purchase of
Irish railway iitocks to a very large amount, the
lon by which to the company amounts to'
sawn thougaed pounds, some of the stock so purchased ,
rely a twelvemonth ewe being utterly unsaleable at the
pre--a-ant time. It must not be supposed, however that the
directors were ignmant, as • rule, of the traseictioas in
railway securing., for the minute books prove that at '
nearly every meeting of late years broken' DOW of sale or'
purchase were laid before them and approved. Invenesesta I
were made in no less than 70 railway uodertakbigs, the list'
including companies in England, Scotland, Ireland, India,
and Belgium. Not only were the fonds of the
bank employed in railway speculations es the
bank's own account, but in 1845 an advisee wee
made to the thou chairman tithe board and the coma ma-
roger, who appear to have watered into epaulette= in rail-
ways on their joint account ; the ultimate adveutee far ex-
ceeded the amount originally applied for. The ill-advised
investments of the beak were not coshood to railways, for
is 1854 they purchased Westminster Improvement Bonds,
and in 1851 and 1881 Netherlands Lad Compaq shares,
both of which investments amounting to 5,2751., seem likely
to malt in a total loss of the sem invested. Messrs. Hard.
bag, Pol4in, Whinoey, sod Gibbons add : "We ban
avoided as far as possible uernoeseary comment upoa the
esoduct of individuals, since this conduct and the re.
sponsibelity of the past and present directors may hereafter
foam the subject of legal proceedings. It is not
foe us to do more now than to refer to the fact that
ieg to the deed of settlement the company should haw ham
wound up may years nom, when more than ono-fourth of '
its capital wee lost." In tracing the early history of the
bank, Mesas. Harding, Pullen Whimsey, ad Gibbons
show that it was angularly unto:innate in maay a its early
operations hem frauds and failures, and they Wpm, as
opinion that la 1841 the ocapsny ought to hare base woad
up, Mr. W. Cargill, it may be added, was ireasnd
from 1835 to 1841, and in September of the latter year
was succeeded by Mr. W. 8. Wilma

WIT LONDON RAILWAY. —The half-yearly gene-
ral meeticg of this company took plans yesterday at the
offices, Tokenhonas-yard, 3fr. Stephen Bird in the chair.
The secretary read a brief report, which 'toted that the
directors had not yet concluded the proposed arrangements
with the West London Extension Railway Company with
• view to the dissolution of this company. They would
still, however, use their beet endeavour, to accomplish
that object, and they recommended the re-appdotment
the committer of shareholder. nominated on the 2nd Sept..
1862, to 00-operate with the directors on this matter. The
balance-sheet for the half year ending June 30. 1864,
showed that the receipts, including 317,0741. 18s. Bd. to
the 31st Decerabar. 1863, senourited to 317,0941. 6e. 2d. ;
and the disbursements, including 316,3651. 6s. sela to the
31st December, 1863, to 316,4204 21. 9d., braving
• balance of 6741. 3,. sd. In the Union Beak of London.
la mower to questions, the &anima observed that the
delay in the carry's& out of the proposed arrangsmooto Da
teem the two companies bad mum freer the feet of Mr.
Caner, Um solicitor to the other company, to whom the
negotiations had been estrusted, halts' tees so deeply coon-
pied in parliamentary bushels that he had been unable to
Mired to this matter ; but the directors hoped that by the
neat half-yearly meeting some debits nodorstandiog would
be mind at. no report, on the voodoo of Mr. George
Godwin, was then adopted, and ths besieges amainatid.
Boanntan's Tea is choice and strong, moderate
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