The Express.
London, England, 1848-06-27 00:00:00

The CHAIRMAN having made some observations upon the
various topics contained in tit- report, expressed a hope that
the shareholders would not place the directors in an embar-
rassing position by a king questions upon subjects with
regard to which it would be more to the interest of the bank
to remain silent.
Mr. ROBINSON, M.P. observed that after the appeal
thus made he would not ask any idle questions. There
were, however, one or two points on which he hoped to
receive some information from the ehairman. He wished to
know whether any communication had taken place between
the directors of the bank with the shareholders of the Bank
of Australia on the subject of the debt due from the latter,
and if so, what was the nature of the communication
The CHAIRMAN said the directors knew no more of the
chances of payment than the proprietors. It was necessary that
the judgment should be sent over to the colony, and the judg.
meat reversed in the court there before any proceedings
could be taken. It had been stated on a former occasion,
that overtures bad het n made by several gentlemen to effect
a compromise of the claim, notwithstanding which the
company had gone on with the suit. Since then the over-
turn had been renewed, and a wish expressed to pay a
certain sum upon certain terms,which the directors were
now taking into consideration.
Mr. Etxtor, M 1' , said it was as well that they should be
aware of what he knew to be a fact—that the Australian
Bank Shareholders had teen called on to make an arrange-
ment with a view to meeting their claim. He had been eo
informed by one of the shareholders in question, who had
further stated that there was a general wish among them to
meet that claim, which he and many others had thought
good from the beginning.
Mr. ROBINSON said hie question had no reference to legal
proceedings. As far as it went it had been satisfactorily an-
swered. The other question he wished to ask was: What
were the respective amounts estimated by Mr. Hart and Mr.
Atherston u likely to be realised from the old debts in the
colony ?
It having been intimated that it would be injudicious to
answer that question, the hoe. gentleman withdrew it.
The CILIAIUMAN, in reply to another question, stated that
the expenses of management were, in 1844, 32,900/. ; in
1545. 30,6001. ;in 1346, 27,2001. ; and in 1847, 25,4001. He
regretted that there was no prospect of the amount being
reduced; in fact, the probability was the other way.—ln an-
ewer to Mr. Newsom, he said that he believed there had been
no bad debts incurred in those places during the past year.
With regard to a rumour that a debt of 46,0001. had recently
been compromised by Mr. Atherston for a small sum, he
begged to deny the statement altogether.
Mr. Newsom seethed to know if Mr. Hart had overdrawn
his Recount with the bank.
The CHAIRMAN regretted that Mr. Hart had an account
at the bank, which was in a condition that had caused the
directors considerable anxiety, which would continue until
it was settled.
Mr. BROW:SR100 (a director) said the subject WY under
the consideration of the beard, and the proprietors might
rest assured that they would not leave the drain of the bank
for ene moment in the hands of a man in whom they had
ceased to place confidence.
The report was then received unanimously ; and the three
retiring directors, Mr. H. de Castro, Mr. S E. hlagan, an l
Mr. W. Sergeant, having lien re-elected, thanks were passed
to the chairman, and the proceedings terminated.