The Express.
London, England, 1860-06-07 00:00:00

MN UNION ISAPI !AWAY.

The Stock Exchange Committee have issued
their report relative to their investigation into
Pullinger's transactions with members of that
establishment. The principal results of their
inquiry have already transpired, including the sus-
pension of seven of the members, and the inability
of the committee to trace any larger sum than
6!,!661. as having been actually paid by Pul-
Wty the house. The mystery which surrounds
s connexion with Nathan, and the
meant of his losses or involvements with that
person, the committee have no power to unraveL
It ought, one might imagine, to lie more within the
province of the Union Bank to trace the history of
the large credits, amounting to 57,0001., passed by
Pullinger to Nathan, who was • customer of that
bank. Having no powers of a judicial character,
the committee are obliged to leave without further
solution the question of the mode in which 'he
enormous balance remaining unaccounted for has
ham disposed of. Their report contains some
MINIM but just strictures upon the utter laxity of
system which is shown, upon irrefragable evidence,
to have marked the management of the Union
Bank. They observe that Pullinger's specu-
lations' in the Stock Exchange could not pos-
sibly have been carried on even to the extent
traced had not his " operations been greatly facili-
tated by the extraordinary power which he appears
to have possessed in passing entries to the accounts,
and in the pass books of those brokers who kept
accounts at the Union Bank" Properly jealous of
the honour of the body to which they belong, the
sonunittee comment upon the hasty character of
the assertion originally put forward by the directors
• the Union Bank that the whole amount of the
aufaleations had been lost on the Stock Exchange.
The committee point earnestly to the fact that, out
al a body numbering upwards of one thousand
members, only five firms are proved to have
e crthemselves to reproach by infringing the
the establishment against speculations by
clerks. One of the new features which will be
regarded with great dissatisfaction by the public and
by the shareholders in the Bank consists in the
conduct of the directors and manager in concealing
the transactions between Pullinger and Messrs.

ur, the brokers. Messy Scrimgeour in-
formed the
mmerhe manager of the bank of these transao-
tions, but the information was withheld from the
Stock Eichange Committee, who were known to be
engaged at the time in a laborious inquiry into this
branch of the affair. This apparent attempt to
suppress a fact of importance demands the fullest
inquiry, if the public confidence in the Union
Bank is ever to revive.
The committee's report is as follows :
TO THE =MU Or THE STOCK IiCIELSOZ.

Centimes, —The Committee for General Purposes have
already made known to you their several awaits of punish.
asset @genet Yr. R. Johnston, Mr. 8. Sheldon, Yr. T.
UskMi, Mr. W. A. Bradoek, and Mann. R. S., J. S., and
C. J. Scrimgeter for having carried ea speculative transac.
Moos for W. G. fall= when chief maim to the Union
Bank of London, t communicating with his en-
=mod having also recorded their severe censure of
duct of Mama. Bell and Ball, their duties, under
ordieary circumeassis, might hem bee considered at an
end. They think, however, that It sliseld be publicly
known that the offence for which the sausthees emgended
have been so seemly dealt with was, a die sgard of the
warning contained ia a Isle (No. fig)
sad by the com-
mittee for the erecisl pielsetion of and other in.
errata, and they dims it an act al to yonreelves
to give publicity to the result of a long end wild
investigetos, whke esialaim them to stets, that nelithar tram
dee harnished le the Cake Beak aor by evidence
afit olenleed. lave they ang knowledge or
Get Mbar members at the Bea Feeltaage are is
be then tramacitions. The COMOlligke wile to
mks these fees known se speedily se poseihis, is they ma.
aim that the Stock Exchange, a body number* soon than
LOOS members, and largely representing the commercial and
thread patients of We country, bee been suffering too
loan from a general reproach which, in reality, should only
attach to Ave al its pewot Irma—one of the offending
rties, them lbw d and Ball, who carved on
by far the
iams forPelletier being, in
le red Ake April, MO, beyond-tie
=liras sees miline

Tear seemthese she eemilse that some notke should be
table of the thealar imaged in April last to the shareholder
dike Liebe thank of London, in which the directors, from
the medetheme of Pullinger most hastily adopted by thorn-
ier' the robin to infer that the enormous amount
of 600 L, mitheeded by the delinquent clerk, had been
led by him in thsculatithe on the Stock Exchange.
Year committee refrain from commenting on the evident
leanly of that system of check which has proved itself not
ealytinsat to prevent the commence of • gigantic
hand, bat hsa *Bowed it to remain undetected from year
te year.
Year eanwillai wish distiectly to date, that the only
donanate pothreed by the directors of the Union Bally
epee which they adopted the emertions of Pulliam, wen
certain brokers' ann awl evacuate, generally
headieg or eisalmere, mad repropeatiag a trWag lon el
about 1,290 f. Up= tado plat thenna he ao bout, se
the newainte have Ewa and ezuened the whole of thole
paws ; sad the directors of the Union Bank admit that
they wither had when they Wad their circular, nor have
Be
toned, saly ether documents than three referred to.
By_ an mond el Dank Dotes Famed and credits gime,
the Union Beak et Leaden have furnished to your COM-
IRWIN MISPiIIIII. ',Mme/ to enable them to carry through
a and emesiskag inquiry, including a rird met am-
id the brokers accused of having undertaken
etu Imam= for Pullinger ; but in order to obtains a
lrcwriedie of the facts, • rub-committee wee specially
appointed to amine and report upon each somata m-
atinee ; and, hag their investigation, it remits that the
balance el morns actually paid by W. G. Pullinger, on ao-
count of speculative tramections, carried on through mem-
bers of the Stock Exchange (including Messrs. Bell and
Ball), from January, 1855, when the defalcations first com-
menced, up to April of the present year, amounted to a total
of 53,1165/. It is but reasonable to suppose that this amount
would not have been so large bad not s operations
been greatly facilitated by the extraordinary power which
he appears to have powered in pun entries to the se-
counts, and in the pass books of those brokme who kept ac-
counts at the Union Bank. Through what channels the in-
memo balance of above 200,0001. has Rimed k i sisrthlY •
question for this °eternities to decide. But it appears, Ia as
scrotum furnished by the Union Bank that the delinquent
Pulliam had passed credits amounting to 57,000 e to an
individual named Nathan, who is reported to have died
lately at Park, possessed of considerable wealth, and who had,
at the time these entries were made, an account with the
Union Bank ; but se Nathan never was a member of the
Stock Exchange,the committee have no knowledge of his
transactions. There is also very sufficient evidence that
Pullinger was largely interested. mitt° reealtkeof hono-
ree*.
To cop irate with theArectors of the Union Bank, and
to render there every aesistanoe, has been the constant wish
et the committee, and they have mach pleasure in knowing
that, from information forwarded through them, and by
individual members of the Stock Exchange, the directors
have been enabled to realise valuable meets, placed by
Pullinger in the names of other persona. On the other
head, the directors of the Union Bank not only furnished
information leading to the auspennen of 114111•711. Bradoek,
Johnston, Sheldon, and Utielli, but, in answer to the
earnest requests of your committee, promised to forward to
them, as soon as obtained, every intelligence as to
the participation of other members of the Stock
Exchange in speculative tranmethee for Pulliam.
The following frets will enable yea to decide
whether the promises made by the directors of the
Union Bank have been fulfilled. Immediately after the
discovery of the enormous hue susteined by the Union
Bank, Messrs. Scrinageour communicated to the beak,
through the manager, Mr. W. W. ticrimgeour, that they,
the brokers to the company, bad carried on a speculative
account for W. G. Fullmer ; but the committee regret to
may that no communication was made to them on this sub-
ject by either manager or directors, and the knowledge of
the offence committed was obtained by your committee
through an entirely different channel, and at an interval
of more than a month after the find communication
of News. Scrimgeour to the manager of the Union Bank.
Determined as your committee leave been to administer
strict and impartial justice to all, sad believing that the
feelings of the directors of the Union Bank of London were
entirely in unlace with their own, the discovery of this
important suppeethon bee emend them considerable pain
and surprise.
In conclusion, your committee cannot bat exprwregret
that even six firms of the Stock Exchange should have car.
nod on speculations cm amount of a clerk in • banking
establishment ; but they trust they have shown that they
an determined to token obedience to a law pried .peg= pr toect the Wends el the puke ; rod they feel
t they renewal the feel* of the nein body el
the Stock Exchange in saying that they deeply deplore the
acts of those who, by thew misconduct, have comprowieid
the character of the Stock Exchange. --By order el the
eennittn, Oaotioa Loyana, lkornazy.
Stick Exchange, June 5, 1860.

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