The Express.
London, England, 1847-10-14 00:00:00

anamanting only to 1,791,2141. 1 ts. lid., showing a deficiency
16,248/. 75., exclusive of the lose of the entire capital of
741,0101., and a reserved fund and surplus of 43,6001. 18s. 9d.,
making a tot►l loss of 900,8871. lBs. 9,1 The affair, of the
bank have been in the coulee of winding up ever since; and
the meeting of yesterday was for the purpose of receiving a
report from the directors entrusted with the winding up of
their progress during the year, and to elect new members of
the hoard in piece of those retiring by rotation. About 50
proprietors were present, and five (tweeters. including among
the letter, Mr. O. It. Chappell, Mr. Aid. Potter, Mr. J. C.
Dyer, Mr. Spencer, and Mr. Gouldsburough, Mr. Harrop
and Mr. Farrar, joint managers of the bank, assisted the
chairman in conducting the business.—The chairman hiving
inquired it it was the pleavue of the meeting to hear the re.
port, Mr. Farrar read the following document :
The amounts eubmitted to the last gem veil meeting brought down
the affairs of the bank to the 30th of June, 1846. The edimated net
assets at that dote were 98,2661. lus. 2d.; the Itabilitie., 40,576 f. le. Id.;
and the apparent surplus, 27,8901. 9s. Id. The following 10 a state.
meat of the Min, of the bank, made up to the 30th of June, 1647 :
5.4.
Sundry amounts._ 752,218 10 9
Properties
Bills

L
Sundry =mints ... 16,073 S 3
Notes to, circulAtioa 1,333 0 0

Deduct 10,210 3
Carte available

4,999 0 6
Rank stock ..... 178,123 0 •
New cal
Furth r call 109,3198 7
Reserved fund 1,178 16 7
£805,519 18 6
3101'01IT DOWN.

.C 60.5,319 18 6
01041.1
£ 8. d.
Crooks assets 803,819 18 6
Lem
Estimated losses 778,579 18 I

t d.
Liabilities 4,999 0 6
Surplus 61,940 19 10

Net asreta 166,910 0 4 trie.9lo 0 4
The directors have, during the past year, forfeited 3.439 Aare.
beta by bankrupt end insolvent proprieber, and carried 31,590/.
originsimpitid of IW. per Mare, and 801/. remind on :account of
calla, to the credit of the bad debt account, thereby reducing the
amount heretofore taken as estimated I'm to 7(ix,5:9/. Ise. 24.
The probsible ultimate eurplus 11:111 ineregated during the year
tees 97,620/. 9s. Id. to 61,940/. 19s. Dd. This mimes from the
receipt of 853 r. 10s. on amount of the calls, and the cum of
3,3971. oe. lid. realised beyond the estimates, on accounts now
fatally eland, after di-M1.14g towed and expense, On the 3 th of
Septimter the funds in hand amounted to 20.062 e, and the liabilities
to 18.411/ , %hosing a surplus of cash at command of 1,6181. over and
above the sum roil:reel for the entire licoodaton of the debt. of the
bank. With a view to place before the shareholder, an account of
their past labours, the director. would refer t the report of the sitars
of the hank, made at the general annual and cling, on the 11th of Oct-,
1812. It will therein appear that the Ibibilities of thcoonmanyamomated
to 1,810,4621.19,. I Id., which met sum has been finally liquidated, and
the proprietors leive now • deli eurplux left. They will nut fail
to perceive that tale result could not have been attained under
the embarrassed and difficult circumstances in which the hank
was then plated, without great anxiety and persevering exertion.
on the part of the director% who may venture to ewes. their own
satisfaction In having them succeeded in Addling the MA of htingimg
it to the dew presented in the prevent report. Considering that the
winding up of the affair. of the bank, PO far av relate, to the die.
ebooge of all its debt., with which the dinctone were charged• ha,
been effected, and that the proprietor., on the 6th February, 1002,
pawed a resolution that the company sbetilel not be eireiolred, it
appears proper for the proprietors to es:wielder what may be
the mod Ilthie2hte course to be adopted for ensurlre to them
the greatest benefit to be derived from the existing mots
of the bank, and from the privileges of its legal position.
The estimated amount of the newts may, it la believed, be ulti-
mately realised, but, from the mature of the property, a oonsidel able
length of time, end the not:mod care mid attention of the direetors,
will be requisite to effect this object, during which time the rent and
other expenses of the bank will have to he continued. The directors
have not thought It advisabie to recommend, in this report, any plvn
for adoption; -yet they are prepared to receive etteeePtitelit aA to the
future course to be minuted. To arrive at a mural opinion upon this
question it will he tamper to take into view that, during the, liquida-
Goa of the , etas. the uff (ire of the bank have been m conducted as to
leave unimpaind Cie leg I eehitellee of the company; and as the
btnk was established under the original low, the late enactment re.
etticting the privileges of joint.etack bunko dos not apply to this
company, and therefore the advanterce attached to it ebould hr consi-
dered as an available property, which, if judicioudy tesd, might giro
so increand 'aloe to the shares therein. 110- thin value (whatever
it may be), appertaining to its legal posit:on, can only he nolieed by
adopting some plan for reviving the bicinesn of the book, either for
account of the present proprietors, or by some other party, who may
become their succervem,—The directors ether retire from office, by
rotation, ate Misers. George Moyle Chappell, Jareph C. Dyer, and
John Gouldevbrough. They will be proposed for reelection.
Mr. Millington, a proprietor, complimented the directors
upon the activity, perseverance, and success, which had so
for characterised their proceedings in winding-cap the affairs
of the bank, and congratulated the proprietors upon the pro-
bability of seeing some, though a email portion, of their
money back again. Be concluded by moving the adoption
of the report.—Mr. W. Hill, having seconded the motion,
the Chairman observed that he had gone over every account
at present unsettled, and he thouseht it probable that every
shillieg of the sum set down (62,000/.) would be realised. In
reference to what had been stated regarding the charter of
the bank, he would remind the shareholders that the
bank bad done nothing to invalidate its charter —if the
shareholders proposed to make ante use of the powers it gave
them, the directors were quite willing to give them any in-
formation in their power ; but they suggested nothing.
There could be no doubt it had a value, if they thought
proper to take steps for realising it. The late act of parlia-
meat affecting Lanka, made it imponible, ill his opinion, for
any other joint-stock bank ever to be started, fr•m the
stringency of its clauses; and, under these circumstances,
and three or four of the joint-stock banks of Manchester
being no longer in existence, it did seem to him that their
charter might be rendered of value to them—Mr.
J. S. Stubbs wished to know if there was any
prospect of a speedy dividend of Cis. or 10s. a share
of the money saved from the wreck of their property; as to
the re.utablishment of the bank, that was a chimera—they
might as well project a railway to South America—The
Chairman said it would he impossible to realise the assets of
the bank, so as to make an early dividend, without a sacri-
fice which they were not disposed to make.—Mr. Samuel
Walker (magietrate) asked what wee the annual amount the
property of the bank up to this time (the property unsold)
was realising?—The Chairman: About 1,1110!. a year. The
Irk mills were let for 400!. a year.—Mr. Walker And
that world go to increase the surplus ? The
Chairman : Minus the expenses. The assets this year were
worth from 4,0001. to 5,0001. more than they were last year,
and those which had not been realised might be more valuable
again next year.—A proprietor tasked what were the annual
expenses of the bank ?—The chairman said, for last year,
they were 1,'11491. 19.. 10d., including rents, salaries, law
charges, and taxes. The motioa wee carried unanimously.—
Mr. Marshall moved that Mews. Chappel, Dyer, and
Gouldesbrough, the retiring directors, he re-elected.—Mr.
Lowe seconded the motion. In the course of a con-
versation which followed, Mr Dyer offered some ob-
servations on the mode in which the Bank Charter
might be rendered available (guarding himself against
the supposition that he or the directors suggested the re-
establishment of the bank), which be thought was quite poe-
sible, and might be made to realise them a sum of money
' equal to the whole amount of the present assets. There
appeared to him to he two modes of doing this—one by par-
, ties purchasing up the shares and opening the business again,
so as not to let the powers of the charter lapse, and the other
by inducing the directors of other and existing establish-
ments to purchase them out of the field, -Ile thought
that this bank, if started on a moderate scale, might
yet become a powerful rival to other joint-stock banks
on Manchester ; and it was not at all improbable the other
establishments might be willing to purchase them out of
the field.—Mr. Millington suggested the appointment of a
committee or deputation to confer with the directors as to the
best means of rendering their property in the charter avail-
able ; but the Chairman thought, as this meeting had been
called for a specific object, this would be hest accomplished
at a future special meeting. The motion was then passed;
and, after a vote of thanks to the director*, the meeting
separated.
COMMERCIAL BANK OF ENGLAND.—This Wag a
similarly unfortunate speculation, but had a smaller capital
than that of the Bank of Manchester. It stopped payment
in the year 1139, and the directors have since that time been
engaged in winding up the affairs. They lost the whole
amount of their paid-up capital, and like the Bank of Man-
chester, had to make a further call upon the shareholders to
meet the liabilities— a call of 30s. per share. Out of the wreck,
they were enabled lest year to make a return of a few shil-
ling* per share, and, yesterday, they issued the following
circular announcing a further return of 31. per share:
The directors appointed to wind up the again of the Commereal
Beek of England here the pleasure to aminunoe a further return of
three shiliinge per ,hate to these shareholder, who field the call. The
directors would not have had the means, of returning the amount had
they not been enabled to acenapieh the unexpectedly early and
(avowable realisation of a portion of the aseete. They have eon-
eiders-A h anxious deliberation the subject of the return, and have
concluded to distribute the utmost possible amount which can
be spared consistently with the rafety of the duireboldem, and the
sanefactory winding up of the bank'. again. If a further reboil
should eventually be made, it cos only be expected at a distant period
when the direct and contingent liabilitke beteg all discharged or pro-
vided for, and the whole of the meets reuhred, the directors may and
theovelves in ouch a eituation as will warrant them in the dimolution
of the company. The directors, in the eighth year of their talcum,
have still to lament the necereity which exists for the continuance
of their exertions; but while they retain the esteem and support of
the great body of the shareholder. they will not shrink from remain-
ing in office, notwithstanding theliersonal inconvenience to which they
are subjected by m doing. The direetors embtaee this opportunity of
mating that the sum of 5001. which the general meetiag awarded to
be distributed by the inepeetore, bah been paid, under their direction
to the following gentlemen:—Mr. lboteon Walker, Mr. W. F. John-
non, Mr. Liarial Price, Mr. Wm. Young, and lir. James Ogeten."—The
return will be made payable ether to-morrow, the lith fist.
INnusvvi.tt bcnooLs volt Fv.mAtt s.—A corre-
spondent of the Mau/ester Guardian says, " The evils re-
sultiog from the want of education, so common amongst the
female factory operativn, are too well known to require any
comment. 1 het the present period of total or partial want
of employment ought to be made beneficial to this large and
important clam of our population is a serious consideration,
and ought to he pressed on the attention of the educated and
influential members of society. It cannot be expected that
a 'few months can undo the evil habits formed it may
almost be said from the cradle ; but there is no doubt that
efforts judiciously made, and perseveringly carried out, will
be in a great Measure successful. The experiment has
been made in Warrington. A school for unemployed
females was established in May, and continued open for
sixteen week:, when the exhausted state of the funds
obliged it to be closed. It is now reopened. By
teaching the young women to sew, a means of usefulness
is afforded them which a g. ft of money could net equal; the
evils resulting from idleness are greatly lessened. and the
intercourse with their superiors in education and manners
tends to soften the roughness so mach, and so deservedly,
complained of. The report of the school preen the
_benefits
resulting trot. t. estahlishenent
every district
could be

tainly a
been usefull,

7 • el= 1-7 ;0:11i.,;:oi it, in
from its es men .7
district where there is t deficiency of work, schools
be established on • similar plan. The expense is MT-
coneiderable, but it is believed th • money has
us:fully employed, and has ~...,anttly,f flied a
number, who, without this
„To* • •
_eAfis
rd us helpless misery. If •
n
it time to superintending • "}",
engaged for the regular
the object would 10011 • .. ,
be done to lessen the feufu s.. rfirll
.• , I
414-