The Express.
London, England, 1857-11-23 00:00:00

TR' WOLVERHAMPTON AND STMORDSHIRA

BANK.

WOLVERHAMPTON. SATURDAY Ntonv.
At a late hour (his evening the directors of the
Wolverhampton and Staffordshire Bank completed, with the
assistance of Mr. Hill, the fanner manager, their examine.
don of the accounts, and determined upon laming the follow-
ing statement of their pomades, with their views upon the

course to be panmed
" To the shareholders of ths Wolverhampton and fitaßord-
dare Bankingetonlyany.
Your have to address you under panful

carremeisacee
" It was not until a few days before the 17th of this month
that your directors were aware of the extent to which the
manager bad discounted and made advances upon paper of •
character that never ought to have been received at
the bank. The result of thla mistaken line of con-
duct plead the bank In a situation of as much
embarrassment that your directors, lifter the most
'axiom' consideration of the matter, deemed it necessary
on the 17th to suspend the business of the bank, and from
that time to the present they have been unceasingly occu-
pied in investigating the position of your again. They
believe the following statement wilt be found to be accurate
as for as Ist the present state of public affairs, and of the dis-
trict, bills sad property not realised can be estimated; but
the meets ere not overvalued, provided they can be collected
in the ordinary course of baiam, bat If they are to be
realised under lige! proceedings, your directors her that an
enormous loss sillgrow, with swum &strew to individuals.

T•Lusamse.

______—
Notts b eiteulatbs £31,000
Deposits 89,000
Credit blames 408,000
Balsam dee to Loudon Beak 30,000
Beak et Baalaad 50,000
Dada la Load= Beak 20,000
818, under discount

£719,000

" MIMI.
BUI inol hand (gopP £148,000
000
Doobtr, 08,0 M , al
Ma iiiik London teak= (good)
DoabOo WOOL, ay
lUDs et Book of Eogisad (good) 42,000
=t11,0001~ may
ram, 422,0004 ay
Mk maw dkroant (good)
Doabeal, 81,500
Orb 1011,00(0i,zes
la load sod B,OOO
138181.4

cfmo.,

" tinder them circumetenem, the course now to Utitsilten
Y a matter ot ssomeatoss imieelsece to all parties. It la
usseototory to my that seleak era exist without meltdown
and caudal, and when you observe that no lees a sum then
497,0001. is held at call, It must be manifest that, unless the
customers would allow that nun, or the greater part of It, to
remain for a time oertaio and with regained confidence, any
dart au the part of your directory would be useless. It your
directors could see say certainty an that mint, they would
have but little fear for the haute. They are afraid that your
bank I. emential to the district, and the large amount which
far the last 2S years hes been divided as profits best proves
how stable en institution might ham been founded and
how much may be hoped for, If existing difficulties 'could
be removed. Until, however, the creditors of the beak
have keret its exert elate, and formed their opinion upon it,
your threaten will be unable to undertake the rtototatanoe-
toost of the took ; but if the creditors should be satiated to
etintlaue their accounu, your directors would shrink from no
trouble to restantbabiak.
" They entlinere that born the discount of Mlle in hand,
boa payments Ia additha of overdrawn accounts, and from •
cell on the shersholdem the mm of 260,0001. may speedily
he raised.
" Your directors would also be willing themselves to raise
end hod 60,0001. to the bank, and by shore means • present
Pm of 3110,001. would be amiable for current bushier,
end bean esetailice end armunta other amounts would p,.
dwell/ Sow in.
" But your directors would not disguise from you that
from 220,0001. to 250,0001. may be required for emot me,
and that from 60,00 W. to 76,0001. actualcapital Is neciesery
far the cement Mamas of the bank. Your directors are
trait prepared to remodel their board, sad to clan, with
year cansent, the register of transfers for two years, except In
ones et imolvssey or death, so that the public may have the
most emplete security.
"Fos the Board of Directors,
"ALIXANDEI HORDEIN, Chairmen.

s No►. 21, 1867."
The imeetehig document, funtlabed to the correspondent
by the disweete themeelvesmill be mad by them at a roosting
of the abeishoiders to be laid this Wealthy) forenoon, at the
Swan Hotel tu thk mem
The amount nitre the beak lea m►ided se profit duties
26 yams la 116,6001, me ceplel of 60,0001.