The Northern Daily Times.
Liverpool, Merseyside, England, 1856-09-22 00:00:00

COMMERCIAL INTELLIGENCE.

NEW Yoßx, Sept. 10: Business affairs in this city are
in a quiet but satisfactory state. The demand for money is
very active, and the rate on business paper still very high.
Little is done ontside the B inks under eight and nine per
cent, and much is passed at ten to twelve per cent for money
well known, The reduced export of specie to foreign ports
is looked upon as a favourable indication for the future;
and the demand for bills on Europe is such as to prevent any
advance in rates now quoted. Foreign Exchanges are active,
at nearly unchanPed rates, anti the transactions for the
Niagara large. We quote Bankers' signatures, 60 days'
sight, on London, 1091 ; Paris, 5.16 k to 6.15 ; Antwerp,
5.161; Hamburg, 36i ; Bremen, 79 ; Amsterdam, 411 ;
Frankfort, 411 ; Berlin, Leipsic, and Cologne, 72.

COTTON.

25c to 7 dole ; Ohio, Indiana, &c , 7 dole to 7 dols 35c;
Canada, none ; Southern, 7 dole 25c to 7 dols 50e ; fancies
and high xtras, 7 dole 50c to 9 dole and 10 dole.
WHEAT : The receipts continue light, and with a fair ship
ping demand since the arrival of the Persia on the 3rd inst.
prices have advanced 3c to 5c per 60 lbs. Southern white,
155 c to 170 c per 601bs; Genese and Western, 160 c to 170 c;
Canadian, 163 c to 170 c ; Western red and mixed, 148 c to
153 c ; Southern red, 145 c to 133 c.
INDIAN CORN has been active at an advance of 4c to 5c per
56 lbs ; yellow, 70c to 72c per 56 lbs ; white, 72c to 75c ;
Western mixed, 66c to 683.
RYE without change. 88c to 90e per 56 lbs.
BARLEY, 125 e to 130 c per 48 lbs ; corn meal, 3 dols 75c to
4 dols 121 c per brl.
RYE FLOUR, 4 dole to 5 dole 50c per brl.
WOTHERSPOON, KINGSFORD, & CO.
ASHES remain firm ; pearls 7 dole 75c, and pot ashes 7 dols
121 c per 100 lbs.
NAVAL STORES : The market is rather quiet to-day for all
grades, but there is a steady feeling among holders of spirits at
4n-c to 43c, the latter rate generally asked. Crude continues
nominal at 3 dole 50c, at which fi4ure most of the present
receipts were taken, to arrive. Common rosins aro in fair
request at 1 dol 6.5 c per 310 lbs ; medium grades move but
slowly, while for fine there is a good enquiry as the stock is
light. Tar may he quoted at 2 dole.
PROVISIONS : Mess pork was rather inactive to-day; a few
sales were made at 19 dols 50c, and prime at 17 dols 624 c to
17 dots 75c. Beef is in good request, and prices aro firm ;
800 brls sold at 10 dole 50c to 11 dols for repacked Chicago ;
extra do 12 dots to 12 dole 50e ; state mess 8 dole to 8 dole
50c ; prime do 6 dols to 7 dole ; repacked Western mess 8
dols 1241,--c to 9 dole. Cut mess steady ; hams at 9c to 9ic ;
shoulders 81c to 83:c ; sides 91c to 10c ; smoked hams
101 c to 121 c ; sides 1 to 111 c ; shoulders 9c to 10c. 380
brls of lard sold at 131 c to 131 e, the latter price for a prime
article. Ohio butter sold at 15c to 19c ; grease do 10c to 101 c.
Cheese is in fair request at 7c to 91e.
FREIGHTS are without material alteration. To Liverpool :
Tobacco, per hhd, 235; cotton, square bales, per pound, id;
flour, per brl, Is 9d to 2s ; rosin, do, is 9d to 2s ; heavy
goods, cheese, &c., per ton, 20s to 25s ; grain, 7il to 8d ;
beef, per tierce, 4s. To London : Cheese, per ton, 27s 6d to
30s ; flour, per brl, 2e to 2s 3,1 ; rosin and turpentine, per
2801b5., 2s to 2s 3d ; furs and skins, &c., per ton, 2.5 s to 30s:
heavy goods, oils, &c., 20s to 25e ; beef, per tierce, 4s 6d.
LATEST BY TELEGRAPH.
NEW YORK, Sept. 9 : Ashes firm, sales 100 brls pot 7 25,
pearl 7 75. Cotton is 8, to lc better, sales 2,800 bales. Flour
10e to 15c lower, sales 7,200 brls corn. to strait State, 6 to
6 30; Upper Lake, 6 20 to 6 30; corn, to good Ohio, 6 25
to 6 60 ; Southern lower, sales 1,600 brls, mixed to good,
725 to 7 50 ; fancy and extra, 755 to 8 25. Canadian quiet,
extra, 650t0 7 75. Oats heavy, State, 45 to 47, Western,
46 to 47. Corn better, sales 42,000 bush, mixed 661 to 63
white 69 to 75, yellow 68 to 70, round do, 68 to 70. Pork
closes better, sales 350 brls, mess 19 50 to 19 62, prime
17 62 to 17 75. Beef steady, sales 400 brls, country mess
8 to 9 25, prime 6to 7, repacked Chicago 10 50 to 11. Lard
firm, sales 300 brls, 131 to 131. Bacon quiet at 11 to 111.
Hams 9to 91, shoulders 81 to 81. Butter steady, Ohio 15 to
19, State 16 to 22. Whisky 33 to 34. Fish firm, 5,000 qls dry
cod 4 50 for St. Georges. Coffee firm, sales 800hgs Rio 10 to 111,
Java 141. Sugars le better, sales 1,600 hhds muse 7Z to Bi. P
71 to 81. Linseed oil steady at 1 dol to 103. Spirits Turpentine
steady, 300 brls 4 39; 2,100 do rosin 165t0 1 70. Hides
firm, sales 2,000 B A 28. Iron steady, sales 100 tons Scotch
32 to 32 50, 6 ms. Lead steady, German 6 dole. Tobacco
firm, 50 hhds Icy 9to 15. Rice quiet, 110 tierces 4to 44.
Tallow firm, 6,000 lbs all. Freights to Liverpool heavy,
cotton -Id, flour 2s, grain 71d to Bd. Stocks are up, but not
very active. Money in good demand for call loans. Sterling
exchange nominal. Illinois Central Bonds 92H, N Y Central
RR 86, Erie 611„ Cleveland and Toledo 77, Reading 851
Galena and Chicago 1081, Michigan Southern 911 b 10.
NEW ORLEANS, Sept. 8 : Sales cotton to-day 600 hales,
mid Ilis to 111 c. Sterling exchange 91 pm. Sugar 91c to
91e. Flour 6 dole 12c. Corn, yellow 75c, white 95c, keg
lard 14c,

MEETING OF THE SHAREHOLDERS OF
THE ROYAL BRITISH BANK.

A meeting of the shareholders of the above bank took
place on Saturday, at the London Tavern, on which occasion
the directors submitted a full statement of the affairs,
Previous to the opening of the proceedings, a gentleman,
who stated himself to be both a heavy shareholder and a
depositor, complained that no means had been taken whereby
all persons save the shareholders in the British Bank, and
representatives of the Press, might be excluded, for no other
persons has any legal right to be present ; upon which the
whole of the persons assembled retired, and previous to again
entering, each signed his name, and produced his authority for
being present.
There were about 250 shareholders present.
Mr. Edward Esdailo, chairman of the board of directors,
occupied the chair.
The 'advertisement convening the meeting having been
read,

The Chairman said that a vote of confidence had been
passed upon the directors some time ago, but since then
circumstances had occurred over which they had no control.
Sufferers though they might be, it was grievous, indeed, for
him to add, that many of them were lasting and irremediable
sufferers, but he hoped that any indignation the shareholders
entertained would be laid aside. He thanked the assembly
for their forbearance; and, acting upon legal opinion, he had
called the present meeting for the purpose of submitting the
affairs of the bank. The bank affairs had been put into the
hands of a professional accountant, Mr. Colman, by whose
investigation, be was sorry to find, the losses far exceeded their
most serious anticipation. (Hear, hear.) He would now call
upon the accountant to produce his statement of liabilities and
assets.

Mr, Colman, after some few prefatory remarks, read the
following statement of the affairs of the Royal British Bank,
3rd of September, 1856 :

LIABILITIES.

Creditors.
s. d.
To Head Office
„ Strand
„ Lambeth
~ Islington .......... 73 596 17 7
„ Pimlico. 9,831 19 1
„ Borough
„ Piccadilly. 14 887 3 7
„ Holborn
..... 15,375 2 10

Total liabilities.
ASSETS.
Cash. Debtors, &c. Buildings &
Furniture.
£ 1. d. £ s. d. £ s. d.
Head Office 29,022 2 10 169,6''8 10 7 14,180 0 11
Strand 6.963 16 10 28,972 16 7 6,000 0 0
Lambeth 3 573 16 10 5,956 12 10 • • •
Islington 1,649 6 6 2,950 3 4 1,000 0 0
Pimlico 1,54') 9 6 731 4 10 750 0 0
Borough 3,587 7 10 5.252 1 2 500 0 0
Piccadilly 1,565 1 6 5,673 17 8 1,000 0 0
Holborn 625 19 5 6,304 9 9 2,000 0 0

£48,528 1 3 *225,669 16 9 25,730 0 11

TOTAL ASSETS.

Head office .. ... . , „
.. £213,130 14 4
Strand ... ... ... .. .. 41,936 13 5
Lambeth .. „, , .
9.530 9 8
... ..
Islington .. ... . , 5 599 910
... ..
Pimlico •• • •
•• • • • • • 3 021 14 4
Borough .. ,.
Piccadilly , , , , .
• 8.238 19 2
..
Holborn ... ... .. ... ... 9,130 9 2

£299,927 18 11
Lees allowances for contingencies, exclusive
of any expenses, five per cent on
16e. 9d.* . 11,282 10 0

Total assets .., £288,644 8 11
(Exclusive of the Welsh works.)
Welsh works cost, exclusive of interest .. £108,453 4 9
Some discu,sion then ensued between the directors and
shareholders upon the value of the Welsh coal works, in which
the bank had invested £106,000,

Upon which the Chairman remarked that, although that
investment was large, they would, according to one of the best
judges, sell at the present time for £40,000, and will return
£16,000 annually when in full working operation. He then
proceeded to state the working of the bank -for the last few
years, doting which he was interrupted by several of the
shareholders, accusing the directors of want of skill and
judgment in the executive of the hank.
Ono shareholder said that in 1851 he had been misled by
advertisements to deposit money in the Royal British Bank,
which, he said, had put forward false statements, and which
must necessarily have the effect of making, not only him, but
many others, look with suspicion upon commercial men. He
had, he considered, been swindled out of £lO,OOO ; and said
that, in 1853, when he applied, for his shares the bank was
insolvent,
The Chairman : No, sir; the bank was then solvent.
The Shareholder then proceeded to review the proceedings
of the bank, and said that Mr. Humphrey Brown was at one
time creditor to the hank of upwards of £70,000.
The Chairman said that, although that was the case, when
he was elected as chairman of that board he was not aware of
the debt of that gentleman. (Great sensation, and cries
"You ought to have known." " Shame,'l,4lt's a swindle."
(;)1
Another Shareholder said that, owing to a statement put
forward by that bank, he had not only placed his money in
that interest, but induced many members of his family and
other relations to folloW his example. In reply to a question
put by him to the chairman, he was answered that Mr.
Cameron, the general manager, was at the present indebted
to the bank X 30,000.
"Swindle.") (Great senqtient " Shame,"
OP of the directors here attempted to speak, but a call was
made for Mr. Colman, who pro ceded to publish the items of
amounting deficit, aounting in all to £270,000. There had been a
loss by Mr. Gwynne (who had been a director) of £13,640,
which had been growing from 1850. The adjusting interest
oretst
account, which was the main cause of fAilur-et amounted
£22,356. The next creditor was Mr. Macgregor, M P., to
the anammt of 47,360. cgreat confusion here ensued, and

questions having been put to the accountant, he said that ho
must confess himself unprepared to provide details.) He had
estimated the \talus of the debts, but he thought it would be an
act of extreme injury to themselves to publish them in a public
room. There had been bad debt losses of £O,OOO ; the bad
debts incurred by Mr. Cameron's account amounted to
£21,000, and £B,OOO by his traffic in shires. Toe directors
had believed that there were policies on Mr. Cameron's life,
and also some securities ; but be believed that the valuation
of those shares had been over-valued. The late solicitor owed
£7,000, which forms a loss of £121,000 by directors ; £2OO
had also been lost by one of the auditors ; loss on sundry
accounts £59,000, which he called, at least, doubtful debts.
The losses by bad debts on branch establishments were
£10,408, and the estimate upon the value of the promisee
showed a loss of £14,220 ; hut he deemed that no loss would
result from the head office. There has been a loss on the side
of securities of £3,706. The bank had begun with a theory,
which in practice had proved a failure. The person who had
started the bank had started upon a spacious and subtilc p-oce-
dure. Ho had stated facts, and would only say that there
never was a board strong enough to garble his accounts, but
he would refute that with indignation. The bank, he said,
in answer to a question by a shareholder, that if the bank had
been conducted as it ought to have been, there would never
have been a dividend delayed.
A Shareholder said that in many cases the board had seemed
to play and adapt the charter to their own particular require-
ments. A failure of this bank at all times would have been
serious, but would it not have been hotter, more honest, and
far more principled, if, when it was found to be a commercial
failure, they had made known the state of affairs; but he would
not help saying that the curse of many would for ever rest
upon Alderman Kennedy. The accounts presented last year
were fallacious to the extent of some hundreds of thousands of
pounds, and he could not, therefore, exculpate the board when
such facts as these were known. He could not conceive how
any honest board could meet the proprietors with a statement
of their progress and flourishing condition. He would advise
that the proprietors decline to pay any call into the hands of
the existing board: not considering them the safe custodians of
OUT money,
General Aitchison was determined to have a most searching
investigation into the affairs. He was perhaps the greatest
loser in that room, but he thought it was due to the hoard to leave
he thought the affairs in their hands. He was also a depositor, but
that it was their duty to endeavour to pay the depositors 20s in
the pound. If it were possible he would he one to make the
defrauders amenable to the criminal law. He had early issued
a circular, which stated that they must, sooner or later, go to
law, to give them the power of bringing to justice those vaga-
bonds by whom they had been misled. (Rear hear.) They must
co to Chancery to press those parties who had evaded the law.
There is no other course but that of seeking the benefit of the
Winding-up Act. Ho then proceeded to read extracts from
that act which had reference to their case. The moment, he
said, you appeal to law, not only the present shareholders, but
those also who have been shareholders withil the last three
years, are also liable. Writs have already been issued upon
the bank, but if he found any depositor claiming from that
bank any sum, be would himself bring a writ against it. But
the only way to obtain justice to all parties must be done by
seeking the benefit of the Chancery Court. He thought if the
shareholders could come to any arrangement, even after the
decision of the Court of Chancery, the best thing would be to
confer together upon the ultimate proceedings to be taken. He
would suggest that the present meeting be adjourned to a future
day in order to examine accounts, and deliberate upon their
position, He knew that the accountant would give every
possible information that could be afforded.
Another Shareholder, who described himself as a poor man,
~
said he thought that from the antecedents of that board the
directors were unfit men for the custody of their money.
Mr. Gillott (a director) said, as he was one of the sufferers, he
claimed a hearing, and he said that if the advice which ho some
time back gave had been acted upon they would never hive
been in their present position, and with that subtlety which
had marked Mr, Cameron's conduct, had said that if he had
tried to amplify the proceedings of the bank instead of meddling
with its affairs, he would not only be doing the bank a service,
but maintain his status in the bank monofrrnent• II hoped
that all would do all they could in order to decrease the ex.
1
penses attending the winding up of this corporation, for if each of
the depositors presented his
would
clainitionctific:3oMtah: scerxtpheenysewofoutilide
each cost two guineas, which
corporation nearly £lO,OOO.

John Stapleton, Esq., (another director), said, under the
circumstances no wher course but that which had been
adopted was left open to the corporation, for as soon as the bank
doors had been closed Mr. Coleman was sent for, and placed
in possession of the facts concerning its affairs. Referring to
Mr, Cameron, he said he had gained securities under false
pretences from his eon in-law,
A Shareholder, who, it was said, was a surgeon in Clerkeo-
well, but whose name did not transpire, after a few prefatory
remarks, proposed the following resolutio❑ :—" That the
directors of the British Bank, excepting the three who had
recently formed part of the directory, by their systematic
misapplication of the funds of the bank, and also by their
uniform and culpable misrepresentation of the state
and condition of the bank, and also by the discredit-
able proceeding of issuing new shares after having become
insolvent, thus bringing dishonour and ruin upon many families
have shown themselves unfit for the position they occuly, and
totally unfit for. holding a similar capacity in any other pro.
primary."

Upon the reading of this resolution great warmth of feeling
was evinced, tho Chairman stating that any resolution not
proceeding from the Chairman would be informal, which the
meeting would not allow.

The-Chairtnan, in continuation, said he repudiated with
indignation the charge of dishonesty or dishonourable dealing&
on the part of proprietary, and said that as that room was then
full of honest men, so had the directors in the whole of their
actions been actuated by pure and honest motives. (Cries of
" Question," and other marks of disapprobation.)
Mr. Owen having offered a few remake, in which he vindi-
cated the character of Mr. Sheriff Kennedy, complained of
the working of the bank. Although he was entirely ignorant
of all that had occurred at the disclosure to-day' such confl-
dence had he in the bank that not six weeks ago
the manager
said he could return our shareholders 1& in the pound, putting
aside minor matters. fle had been deceived up to the last
but he pledged his Honour that he would not willingly deceive'
anybody.
The resolution condemnatory of the proceedings of the
directors having been presented to the meeting (given above.)
The Chairman appealed to the sympathies of honourable
men to pause before they put that resolution.
The FeEol.llt 0 t was thtn passed, with but some seven or eight{
dissentien ts.

The Chairman then announeed that a resolution had been
placed in his hands to the• effect—" That it appears to this
meeting that as the reserve fund had been lost, together with
a fourth of the capital, the affair be wound up."
Before this resolution was passed, s-we discussion ensued as
to the effect produced by this step. It was, however, resolved
that under tbo circumstances, the passing of that resolution was
the only means left open to them by the charter.
The resolution to the effect that the affairs of the batik are
dissolved except for the winding up was then passed.
At the close of the proceedings, a committee or shareholders
was formed to adopt the best means compatible with the urgency,
of the case,—London Standard.

Coaltinigt.

COMMUNICATION to end from LIVERPOOL
and LONDON, calling at PENZANCE, FALMOUTH, and
[Oi] SOUTHAMPTON (on the voyage to London), and at
VF.'T COWES, 1.W., PLY %lOU PH, FALMOUTH. and
PENZANCE. on return to Liverpool.
The ~ONDON & LIVERPOOL STEA‘f SHIP
\COMPANY beg to announce their intention of
despatching o. e of their powerful steamers from
, each port as under, unless pre,ented by any
unforeseen occurrence
Tons. Po

ROSR
r.OIRE

_.a all drat-class, and have superiot accommodation
_.,gers. combined with great speed and capacity for goods.
~wading h rtlL—Liverpool, south east coiner Nelson Dock;
London, West Kent Wharf, Southwark, and Liverpool and Dublin
Steam Wharf, Lower East Smithfield.
RJSE Monday . at 5 o'clock, afternoon
...Sept 22,
For P. nzar,ce, Falmouth, and Plymouth only.
LOIRE Satm day.... Sept 27, at 11 o'clock night
For Penzance, Falmouth. Plymouth. Po tsmoutb, and London.
Returning from the Liverpoa and Dublin Steam h hurt, London

Captains.
HIGGINS.

RAMSAY.

EMPRESS EU

These vessel sa

SIMPSON

every Saturday. at 7. p.m.
For freight, &c., apply in Penzance, to John Matthews, Jun.;
Fa, mouth, to W. Carne; Plymouth, to Robert Clarke; Portsmouth,
to R. Hatch ; Loneon, to James Hartb-y & Co.. Liverpool and Dublin
hart. Lower East smithtield, and 137, Leadenhal)-s'reet;
Lmpton, to W. J. Le Feuvre; In West Cowes, I. of W.,
to W. S. Day; and in Liverpool. to _

TAMPLIN (Managing Owners),

Columbia-bnildings.Thriinswicx-street.

I COMMUNICATION to &from A BERYSTWITH
VERPOOL call'ng at PORTMADOC, and ABERYSTW ITH

STOL calling at LLANELLY

rner Nelson Dock