The Express.
London, England, 1866-06-22 00:00:00

LaA "OLD MASTERMAN'S BANS.—(THIS DAY.)

An extraordinary, general meeting of the share-
holders of this bank was held it the London Tavern this
dxy, to pass a resolution to wind up the company volun-
WAY-
Oa the motion of Colonel DALZILL, Colonel Holland, one
of the directors, took the chair. The meeting was nume-
mealy attended.
The Camas/AK said if the Court of Chancery could be
bdeeed to consent to the voluntary winding-up, it
would be of great consequence to the shareholders,
but this it would hardly do if the shareholders disagreed
among themselves. This was not the time to go into the
eatlaell of the downfall of the bank—that matter would
come on in due time. He might, however, observe that
the directors and their immediate relatives held 1-6th of
the shares of the capital of the bank, and in addition to
that had a large amount deposited in the bunk. The row-
mtion that would. be proposed had been carefully framed
aa was in accordance with the act of parliament. It
might be said that there was something in it that would
prevent a resuscitation of the bank, but they had had advice
on that and were advised that there was nothing in it that
would prevent a resuscitation of the bank to-morrow. The
figures would show that there was a prospect of re-
suscitation at no distant, and he hoped in a very
short, period. But unanimity was the one thing
that was essential. He moved that—" It is resolved that
it has been proved to the satisfaction of this meeting that
the company cannot by reason of its liabilities continue its
business, and that it is desirable to wind up the same ;
and it is further resolved that the Court of Chancery be
applied to in order to the voluntary winding-up of the
company under the supervision of the court."
General BOILEAU seconded and Sir Mosi•vcoatat sup-
ported the motion.
Mr. Casa/at, the accountant, then read the following
statement of assets and liabilities. Estimated amount of
liabilities in London, 5,1541,02/. Against this there are
assets, after writing off 864,0001. as loss, amounting to
15,1;7,5/..2/., shewing a deficiency in London of 128,400/. The
total amount of liabilities at all the branohes—Paris, India,
China and Australia amount to 2,850,8611., and the
estimated value of the assets at all the branches, after
deducting 3317,0001. loss, was 3,829,945/., showing • sur-
plus at the branches of 1,279,0014/. The total liabilities
were 7,906.8tt4., and the assets 9,067,4971., showing a
surplus of 1,150,604/., or within 50,0001. of hree-fourths
of the capital of the bank.
Sir F. said it had fallen to his lot to become a
trustee for a family largely and deeply. interested in this
bank, and he possessed some interest in it himself ; and
having been solicited to attend the meeting, he had agreed
to do PO. The alternative of a voluntary winding-
up was a compulsory winding-up, the effect of which would
be that their property would become the prey of the law.
He had every confidence that the whole of the creditors would
is paid in full. He learned with great satisfaction that
creditors to the amount of between 3,000,000/. and 4,000,000/.
concurred in this course. But above all things he im-
pressed on the meeting the necessity of unanimity in their
proceedings this day. (Hear.) If they
.were unanimous,
and the court agreed to a voluntary winding-up, he saw
no reason 'why they should not forthwith enter on the
question of re-opening the bank. (Cheers.)
The motion was then put and unanimously agreed to.
Colonel DAIZZLL then moved, and tie. SIMMONA
seconded, that Mr. Canaan be appointed as liquidator,
which was also unanimously agreed to.
A vote of thanks having been given to Sir F. Kelly for
his able and judicious speech, and to the chairman, the
meeting separated.