The Express.
London, England, 1849-10-11 00:00:00

THE EXPRESS, THURSDAY EVENING. OCTOBER 11, 1849.

THE BANK OF MANCHESTER.

The winding up Is the affairs of this company,
which has been spread over ee many year, proeeada bat
slowly ; but as the shareholdneLby king out of debt, are
ROW out of danger, they are Mae to exhibit more ptilteCe,
eelledelly as the dinettes no la a position at oath yearly
weesedag to exhibit a mete setiehetory balann•shest. The
sammel meeting for the presets year took place yesterday,
at the Clarence Hotel, Mmasheater, and was very num,-
reedy attended.
Mr. J. C. DYES, in the dosses of Mr. George It Ile
Chappell, the thaarillallt of the beard of directors, presided;
sad, at his request,
Mr. FARRAR, one of the two managers of the bank,
reed the klioneing report beat the directors :
The aorments submitted to the proprietors at the last
annual general wanting brought down the affairs of the
bank to the 80111 Jane, 1848. The estimated net assets at
that data were 86,2331 Os. Id.; the liabilities 18,7831. Is. 4cl
and the apparent surplus 66,4511. ilk. 9d. ; from which will
now have to be deducted the sum of 21,8771.8•., mans of
fit per share made to the proprietors, in accordance with
the resolution of the special general meeting held on the
18th December last, leaving the balance of the then esti-
mated surplus at 44.6761. 10n 91. The accounts of the
bank made up to the 30th of Juno, 1849, show the estimated
net meets 69,1101. Os. 10d. ; the liabilities, including
2,0661. of the return to the shareholders then unpaid,
21,6181. 13s. Sd. ; and the probable surplus, 47,4911. 71. 2d.
The basal, in the surplus during the past year
arises from the receipt of 181. 12s. 7d. oa so-
nata of falls, 2,2691. la. 7d. gain on the esti-
mates previously made, sad 0381. 21. 3d. net income
arising from property and interest, after deducting the
general expenses of the bank. Since the last report the
directors have (orbited 9654 shares held by insolvent pro.
piston, end have envied 9,666 original capital of 101. per
share, and 3264 received on account death thereon, to the
end; of the bed debt account. The number of shares
standing in the stack account is 66,7494. The whole of the
cells have been paid on 54,6934. The fonds in head on the
30:11 September amounted to 27,0811.7'. 11d., and the lia-
bilities to 20,4721. Ss. 11d. The directors have purchased
6,443 shares from trans's, executors, administrators, and
assignees, in pursuance of the r solution of the special
general meeting of the proprietors, held on the 18th Dec.,
1848. The directors, who retire from office by rotation ere
Messrs. Peter Rothwell, John Swainson, and George Boyle
Chappell. The directors propose the re election of Mr.
Edward Hacking, in the place of Mr. Peter Rooliwell, de-
ceased; and the reelection of Messrs. John Swenson and
George R•eyle Chappell —By order of the board of directors,
0. R. C u., Chairman.
Mr. THOS. GREW moved the adoption of the report.
and said he thought that ell who had heard it would be
Wetly satisfied to learn from its contents that there was so
large an senses of available assets as 3,0001. over the nti-
mete elves at the last annual meeting. As property con-
doned to improve la the town, through commercial pr,,s-
perky, this was to some extent to be expected, and it was
not too meek even to expect a yet larger increase, and more
favourable reports than they had heard to-day. (Applause.)
Mr. JOHN JONES, commission agent, seconded the
motion, and it was carried unanimously.
The CHAIRMAN expressed his regret that through the
death of Mr. Peter Bothwell, the company had lost a valu•
able director, whose plan it would be necessary to supply.
Mr. MILLINGTON moved the appointment of Mr.
Edward Harlin as direst°, in plaits of Me. Rothwell ; sad
also, that Mr. Jobs Swanson and Mr. 0. R. Chappell,
directors retiring by rotation, be re-elected.
Mr. FARR seconded the motion and it was adopted.
Mr. SMITH asked if there was any improvement in the
position of the property of the bank which had yet to be die-
pared of
The CHAIRMAN had 'great satisfaction in saying that
nearly all, or quite all, of those troublesome and vexed qua.
tone, those entanglements in law suits and other difficulties
which for a long time serenaded the affairs of the bank is
weeding up, had now been got rid of, so that the w tole of
the property left might be disposed of by suction or other-
wise w,th ut diffieu.ty, and at any time. The only object to
be gained by waiting was to obtain more advantageous
prices. The directors felt as curtail as men could feel that
the remaining meets of the bank would yield the tell amount
put upon that in the estimate before the meeting Is the
rert.
r. STELL (a partner in the large American house at
Ma:wheats:) teferred to the gent servitor rendered by the
directors, and particularly Mr. G. R. Chappell, over a period
of tease, in rescuing their property, or at lea, the wreck of
it, from the perilous position in which it was placed by the
stepper of the bank, the liabilities of the eminent up to so
late a period as 1846 being 146,0001., and pointed to the deep
obligrioa the sharehokivra were under to them. As they had
never been paid for these services. he now proposed that the
sum of 700 L be ett apart as an allowance to the dlrecton for
the Met tourism.
Mr. T. 011.110 seconded the motion, and spoke in high
terms el the amities rendered by the direct de.
Mr. WILSON, a shareholder, thought they might reward
the direstses fee future services, but said be thought they
*Vasa to go back.
CHAIRMAN entered the treat dlfinelliee the
lleasers had had to mounter in winding up, sad mid then
se mow of messy the bask amid bestow would use re.
araserate then he eerviees each as they had voluatasuy
Mom apse them elves. sad which they were satisfied is
Zwithout sammerstion. If the bank, however,
es Me this messy an
_evincing their stlietteriove,
and eimilame in the board, they would be proud to
tabs it is that Bait.
The matien_
_me pat I. that form and carried unanimously.
The CHAIRMAN elated that nothing had yet been doter
to avail themeleas et the Isgel position which their charter
gave them, the hosed having waited for suggestions on that
subject from the shareholders.
A SHAREHOLDER es=mhis objection to the busk
attempting to re, omINIMIP
Tee CHAIRMAN einereed that it would never be con
tesplaSed, he thoutht, that the peanut shareholders, rob es
with their own fel emu% amid maseitato the bank ;
but as parliament bed by an set foemeNy declared that v
would plat so more darters to kinglet* companies, the
charm of this aosamay was valuable, and it they could
get sem party le time fieward and offer 6001, 1,9004 or
10.01111 ler it, the herd would feel it its duty to dispose o•
bat thanes is calm fa Lessees as much as rash's the as
sees mania At diateibidea to the shareholders.
A asememilea leek nue es to the ultimate time yet re-
Lindfor atetM proseedisp, and the e`vesan ir sold
board boll Mout the bask premises to June neat, but
whether they would wind up by that time meet depend on
the opportusities of selling their . In answer to a
tarttor gmeties, the dolma as hie spinout that
the Al meessineesiney to he memo' te the abereholden.
inedift the Sa pen lien Number. wend met be less than
Si& pa awe.
On the motion of Mr. Wet. Szorrurwonvir. • rote
was given to Mr. Dyer, for his services in the nub.

COMMISSION SIGNED ET TUE LORD LIEUTENANT OF
DtimAtto—Aogoottas Batom liillo4k, lital., to be depsts
lisolowatt.