The Express.
London, England, 1866-12-01 00:00:00

THE WUEKJYG MEN'S PROCESSION ON

MuNDAY.

The Times admits to its correspondence columns
a series of alarmist letters respecting the procession on
Monday. "E. T.," who lives in the neighbourh .a of Beau-
fort House, shudders, as he thinks of the consequences to
the poor misguided and innocent men. There is every
prospect, he says, of something dreadful coming to pass.
In the sight now proposed " certain death seems to me to
await numbers of innocent men who will be led to death
to satisfy the vanity of a few, • who know not what they
are doing,' but who can make no recompense to those
who will have lost their lives, through the vanity and
ignorance of their self-constituted leaders."
Another correspondent, " May-fair," assures " Marshal"
Potter,that if 200,000 men leave St. James's-park in proe,es-
sionat noon they will notarrive on the grounds of Beaufort
House before midnight. As a householder, he adds, "I shall
aid in keeping the peace, as far as in me lies, by strictly
forbidding my family and servants to leave the house
during Monday." Another corespondent who assumes an
arithmetical signature computes that a procession of
230,51 v men would reach 30 miles six abreast, and so the SI
last rank will leave St. James's Park in just ten hours :I
from the starting of the first rank,lwhich will be four hours
and a half after the breaking up of the meeting at Beau-
fort House. 11_
An " Ex-Solder" says that a line eight abreast of 100
200,000 men, at marching distance, would reach eighteen
miles, and allowing that they marched two miles an hour, et.
the last section would not move off until nine hours after fr,„
the first had started. In his opinion 20,000 men would
be sufficient to fill the Mall in St. James's-park. An Si
" Old Staff Officer of the Indian Army" has been 4.'
entering into a variety of calculations which St.
bring to the result that it would take 200,000 rs..
men nearly fifteen hours to pass through Marlborough- et,
gate in ranks of air abreast. Should the advance reach its
destination in two hours, the rear could not arrive for 20
hours. BR
Masers. Myers and Son, the builders, of Lambeth, state rt..
that their works will be open as usual on Monday. at.
The Tones urges upon the marshals of the procession t.
that if they are resolved on a preliminary gathering in et.
St. James's Park, instead of ordering the processions to
march to Beaufort House at once by various routes from Zo
their various quarters of the metropolis, at any rate " let IA
them not persist in marching their whole army of working SR
men through the narrow defile of Marlborough-gate, e
and then losing their time by parading Pall-mall and
Piccadilly. There are two roads which lead with sg,
comparative directness to Brampton. One is by Constitu- St.
tion-hill and Knightsbridge, the other by Buckingham- r's
gate, Pimlico, and Chelsea. Why should not both three Si.
be utilised? By such an expedient not only would the :t4
crowding and confusion be diminished by the separation of te
the artisans into two processions, but the distance would 15. c
be materially diminished, and the conclusion of the pro-
ceedings at a reasonable hour rendered less impossible."

LONDON BANK OP SCOTLAND (LIMITED).
(THIS DAY.)

An extraordinary general meeting of this corn yt
-
pany was held this afternoon at the London Tavern ; Mr. g'
SCARAMANGA, one of the liquidators, in the chair. Rt.
The following report and accounts were presented : le
" The liquidators beg to submit to the shareholders the
following report, accompanied by a statement of the coin-
pany's affairs up to the present tome. In conformity with
the resolution of the shareholders, the liquidators have
completed the amalgamation with the Mercantile aud
Exchange Bank. It was impossible for them to have
foreiwen the depreciation which the shares of that bunk
have suffered, and by which the shareholders in the
London Bank of Scotland have experienced great
losses. According to the original arrangement with
the directors of the Mercantile and Exchange
Bank, it was agreed that the shareholders in this bank
should take 10,000 shares with 10/. paid, and an additional
10,000 shares with 5!. paid, but the liquidators, con,eivieg
it desirable to modify this arrangement, succeeded, after
much labour, in obtaining a release from that part of the
agreement which bound them to take the latter 10,000 shares ,
with 5/. paid. These shares were to have been exchanged h.
for those of the second issue of the London Bank of la
Scotland, but by virtue of this arrangement, the holders 100
of the second issue of shares will be only liable 100
to such proportion of loss attending the
dation as shall be excess of 10/. per share,
the holders of original shares having received
Mercantile and Exchange Bank shares to that amount, out 10
of the 13/. paid for those held in this bank. It is unne- 20
cessary to point out that this arrangement has benetitted ,2°
the holders of the new shares in this bank to it great '6l`.
degree. The arrangement made with the London and it,
Scottish Bank to take off the business of the branches, we
WAS a very beneficial one, but owing to that bank WS
having been compelled to suspend payment, there 100
has been a protracted delay in the settlement of I°°,,,
the affairs, and there may be possibly Rome loss 4',,!
arise to the shareholders of this bank ; but the liquidators at.
have no doubt that such loss will be much less than would at.
have been if they had liquidated the branches 20
themselves. Thee() are still some assets belonging to 20
the bank which have yet to be realised, the most 1.;„,...,°°
important being the Lombard-street property, which "
is now of much greater value than when it was at
purchased by the Bank, inasmuch as a title has been ob- at
tamed to a lease of sixty years, dating from Midsummer, 20
1864. This property has been submitted to a sale by public 14.
auction, but the liquidators have not been able 32.
to obtain a purchaser at a price which they
consider adequate ; nevertheless, they attribute this to
the unusual absence of speculation in this class of pro- Ni
party, and they still hope that before long they may re- ea
ceive a substantial offer for it. It will be observed by the to
annexed statement of account that the actual deficiency 40
up to the present time amounts to 73,441/. 4s. 5d., which 100
is about 10,000/. in excess of the amount the liquidators ~,11
anticipated would have been the result, as stated at the ri
last meeting of the shareholders, and they attribute 10
this excess to the great depreciation in the value of the Is
securities then held by the bank, and the small divi- 19
Bends realised on bankrupts' estates : to this sum
must be added 5,000/., being the estimated loss on the :14
settlement of accounts with the London and Scottish Bank. 1(
The holders of new shares who have paid the second call
of 5!., are legally entitled to have that amount returned
to them with interest, and the liability under this head
is about 22,500!., which, with some outstanding claims
against the company, estimated to be about 8,0001., makes
the total sum to be provided by the liquidators, in order to
meet immediate demands, upwards of 30,000/. It is im-
possible to say what amount will eventually be obtained
for the Lombard-street property, but should it realise its
full value, the present additional loss to the shareholders
will be materially reduced. In the meantime the liqui-
dators have thought it prudent to estimate the sum to be I
received front this source at its original cost to them,
namely, 14,000/. This, with other assets yet to be
realised, taken as worth 4,000/., will leave a de-
ficiency to be provided for of rather more than 12,000/.
The liquidation of the company's affairs is now approach-
ing a termination, and the liquidators only regret they
cannot lay a wore satisfactory statenteut before the share-
holders."
" General Balance-sheet, Nov. 15, 1860.-Dr.: To
capital paid on 10,000 shares, at 13/. per share, 129,885/. ; 1
to capital paid on first instalment of 5/. per share
on new issue. 44,580!. ; to capital paid on second I
instalment of 5/. per share, 19,250/., making
193,745/. ; to premium of 41. per share on new
issue, 39,132/. ; to discounts, interest, end commission
received fom customers, 22,4807. 13s. ;to outstand-
ing liabilities, 3,523/. 7s. 2d. Total, 258,889/. Os. 7d.
Cr. : By Mercantile and Exchange Bank, 101,915/4 by
cost of Lombard-street premises before new lease was
granted, 14,000/.; by London and Scottish Bank, balance
of agency Recount, 9,077/. 13s. 3d.; by preliminary ex-
penses and business purchases, 9,272!. Is. 70.; by
interest on deposits, current accounts and loans, 5,296/.
9a. lid.; by interest to Mercantile and Exchange Bank
On capital accourA, 6,992/. de. 2d. ; by law charges, sta-
tionery, advertisements, and incidental expenses,
4,904/. lls. 84. ; by salaries, directors' fees, rent, travelling
expenses, and other charges at head office and ten branches,
23,431/. 18s. Cal. ; by bad debts-losses on loans and bills
discounted, 23,540/. ; making 73.443/. 4s. sd. ; by cash at
Bank of Eng Land, 423!. 2x. I Id. ; total, 158,889. Os. 7d."
The CHAIRMAN regretted that they could not make a
more favourable report, but the difference in the estimates
arose in consequence of several of the assets which had
been calculated upon having failed to produce anything.
This ha 1 lost them about 10,000/. to 15,000/., and beyond
this they were unable at present to dispose advantageously
of the Lombard-street premises. They now required
30,000/. which would have to be met by a call upon the
old shareholders in the first instance, and next upon the
new shareholders.
In the course of the discussion which ensued the CHAIR-
MAN stated that the old shareholders would have to pay
2/. a share before the new shareholders were called upon,
but in the event of a call of 3/. being made the new share-
holders who had not paid the second call would have to
pay 1/., and the call would be written off the 5/., the
amount of the second call, in the case of the new share-
holders who had paid it.
tad I

REGULATIONS OF CATTLE SHOWS AT MARKETS.—
We again repeat, for the information of fanners and
graziers, that animals that come to a market under a
store stock license, and are subject to the rules of the
market, remaining there onlyfor the market-day, although
exhibited for prizes, can leave that market with a market
pass in the same way as other animals, and need not be
slaughtered in the place.—Surrey Standard.
EARLY VISITORS.—A ewe on the Quernmore
Park estate yearned a pair of lambs on Thursday week,
I which meat certainly be the first arrival of the sea on.—
Gruetk.