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

BUSPIATION 07 TIM 1,182722 N .134211 07

SCOTLAND.

The following circular ham been iweed by the
directors of the Western Beak to the akanisoldsrs :

_.Mspipm,NovAle67.

"Ladies and Grattlemen,—lt is our pabital duty to WS-
mate to you that a concurrent* of choulnatancas of a very
adverse nature, both in thin country and abroad, affecting
oar pecuniary reeouroes and credit, has compelled us to
coma to the :embalm this day of mamodlag payment of
the company obligati:eta, both at head-quarters and at the
Imam.

"We oan morn you that this resolution bee sot bon
adopted wilhoot anxious and persevering esdesvolue to
obtain amok from kindred establishments both in
Zaglend and lmoand, as, without involving much risk
te then, might lave enabled us to tide over war must
. Moakley nod nest a esteatrophe which, ea publie as well
,rivals suotteds, we shell naver ...em to deplore. This
does not appose le as the proper time to rater into sop-
time se to the moor in which our applicstkee for eld
won met. AU that it is neomery to my is, that the hied.
deg Scotch banks, after conceding assistance to a limited
midst, on security, have sem it right to withhold ell fur-
ther aid.

" la regard to the future, two mane, of action seem open
to the teak, sad to three who ore involved la its mobaressr
rants, whether es meditate or ea shareholders. These two
courses, althoyh pointing st different results, msy both be
permed siatulmaeosay, sad, we are advised, ought to be
adopted for the interest' sad safety of ell coomened. To
aaderetend this it will be aereesery to toy a few word. es to
the meld= of the abbe of the beak.
" Although no labium bee bees made of the bode of the
beak Maw the email balsam in May lest, sad sithough,
no doubt, severe lames have beta banned she that dote,
yet we hays rata w hem lithos to gives far the graded
trindiag-ap of the Odra that the compsag mob wili
more they smillaist to pay the whole debts. This how-
ever, will soak &paid as the ghee of ommaareiel slabs
la this ore:airy omi is bowies &stag the met els meths.
Bat, at all avails, the eatieobted mean d the bilivldaal
putams el the ocmgeay, If rendered available by a j■dldens
►yd® et reatleatica, are greatly more thms sulliolsat to
gametes mama& of ell Bo deposit. and

" la theecirounietawses, the course which ft appears to
us would decidedly be most advantageous, for all parties to
perms, would be—an extension of time for payment at the
dies and obligaticiaa of the cot:limey—coupled with • eye-
tsm and menagmeent of its affairs under impectice—end
swarnally, perhaps, an amalgamation of its busing= with
that of mime other bank. It belongs, hawser, to the me-
ditate at the bask to expo= thole opinion whether Ina •
plank the one most desirable to be folkered ; snd for that pur.
pose we propose, es soon es possible, to all together &Mkt
meetings of the creditors, et the piens met convenient for
them, UM they may appoint some one to represent them
should they sot Ond it couvenient themeless to ahead at a
central meeting to be held in Glamor It is quits obvious
that this mode of arrangement lemma great (ordnance, if
not hearty co-operation on the part of individuals ; but,
where such extensive and widely-ranifeed Interests are at
stake, it is thought not cuireeeonable to hope that, should
there be • diversity of view. among them, Ms minority will
yield to the majority.
The other were to be pursued is that of at cow take;
the prel 'Misery stem for winding-cep la • legal way. Al-
though this pion would detail great meadow in the realer
lion of the manta beth of the cowpony and of the shirr
holders, It may become seetisey to resort to ft. It is for-
tunes the so set of pediment was passed_ len semi= to
usable baddeg ememene te pesos n=e=ws nadir the
operation of the Joint-neck Act of 1866, in all mem= ex-
cept as regards limited liability. The elaireholdere and their
estates most, under all eironmeneces, remain liable to the
full extent for the debts of the bank. The adoption of this
set would, In our estimetion, be of esportmee, were the
bunnies to be venial on. But the sot ecetaine, besides,
very minable end judicious dames, ambling a
'47Liy, placed in circumstances Bk. the
n wound up, and the mesas of the individual
preen to be made available for the early liquidation of
the debts. To adopt the act reCuires only the resolution of
• special general meeting of tle sharMolders. We have
therefore resolved on immediately calling such • nosseing,
to provide for the eventuality of much • course of action
Meg preferred by the creditors, or forced on the company by
edema circumitarms.
_ .

t• L tearindoth tt to hoped yea will see that we have
bees astaeled by the eagle than to do our duty to the
cream as era- as the shareholders in the unfortunate
pen be which they have been placed ; and, at the earliest
able momest, to take the instractione of these who
illy Gadded to direct um to all further proceedings.—
I am, -ladies eadgestlasea, your moat obedient torrent (by
air of the direolon)L
"J. S. FLWING, Manager, ati tem."
She esepeneica td payments as othedallyabove,
area= oombierable mcitamait at the had-office sad the
arise resales It Glasgow ea Monday. Miles-Acct pre-
emie! quite • moos ; in fact, theastreate hos Azgyle.street
was [deafly block= up, not, we should=, by men who bed
eazr land Is the stoppage of the lank, let Par
them whose autosity led them to aeons • crard,==o
for sereeddng of interest, bemoan et the =at of snythieg
ales to interest themselves. Deno the ahem= :way per-
t= who had a few notes of the Wadies wen to be sem
anima for obese, and no deabt their eadely we. serer
what'uMable, for a all likelihood, me the Manama tam
occurs on the Mow .4 day and they may have Spaded upon
paying their rote from their Gala snap, the km of hear
hate exchange is more Vietnams then may people, other-
wise einumetanosd, can well amp= The aowds that
=itthe principal banking °Moe diegerad themedvse
re o'clock, and there was no attempt at riot.
Meat arm o'clock at night them was a large
opike dpa be front of the ma branch of :s ee.%
impi Mad, in Trtagate. The depositon were sager
ganlogan to withdraw their savings ; but how their hen
=dim azeited we (Daily NM) bare been unable to learn.
Bath vas the math of the matinion, however, that hate
wore baeitismidist end en bass= amount of jostling took
playa 'fie Neestlietl &gen, the
Bak and we
bovine tbet Owe. Me City of Otago, Beak will be
egad la the inn& doll lb* depositors. So he as we
mil lowa. main the ablenellen of the idlers, the Mr. OA
yen* seem have been via eafelactorily arnapd with.
A Womble aegildt boa Obegeeroisted bat night,
oar, .--,'2lirdwAgeset pm we mob es the Volta, City
odf=ow, Ifervalty &Any Desks. bet the
wee pmemilly laibillad about two o'ciccit the run
had de
Ithetiall. The Mellesel Security Barium Bank
paid
beak, bet oat O p
nnorotial Doak
woo pimply min, which ceased. run on that
Y
The Ohm= eserepastlentmort:eL/Vores says of the ms.
Cardie Vedas Beek It is now well known that
imallable math has been mord by the most rookie=
almeaspmeati, =doh left the beak utterly unable to strug-
gle =lea lbe puma abb. Mr. John Taylor was sp-
=l"at ia t October, 1862, and it hen now
arowlabot this gentlemen Imo edrenced the fund.
of the Itiable Ile most .e meaner to cements which
were total uompayi wd ealerged aedit. Four of thaw
oonoerna law boom bealngt within the last month, and
the loess
eaboV lames slam eon estimated at not
Ices then At lbe ma time the directors
have cry geed anglloom It overlooking
the haeseelithe at fink resume. •Kr Taylor wee
&mind Is. bb eYem gad tear win ego, but it was
too Lae to lark le siaaialf, kr en made-sersaat of die-
trust bed at In *whisk is depaite were in the course of
being waist's le • wet meemet. Looking to thin atig-
rerating lath owl the rat amen of American bills becom-
ing den in lowilmoion earn hake found it was homiest to
sot esehla Oa V sad hence the catastrophe.
The bob bad a gigue =did of 1,600,00 W., sad pre-
vious to the_ wag* In el the withdrawal of the deposits
it wee veratinitM to held deposits to the amount of
about stiskisk oavag. Its banking powers were
thou let iima armee* Ova 'ma millions =ding. It is
esaaallafasy liat vat a Whin will be kat by any but ths
abembeline, awannt altogether to M 0 venous.
Amos dm.lousios,aara ant a lam number of widows
eephase, Whose whets mem bad been invested in the
boa *rem, whisk of bee years lam laid a dividend at the
Me et 9 per mat. Thom are also in the proprietary many
at the most wealthy ma In the Magic= of whom may be
menliesel ear of the brothers Bab{ at
who we well hams to be skis to pay the •132=
the Item et the teak eat et their own more, it Ude were
asoleemy. By
be
patlenen Antellare, every perm la
elettla to be pit le bilL The enders swe—Mr.
Them Dunlop IMegteawcas tpetetwev; Mr.
Aram Dmilop. Thomas WC'S,
menthek Olemow ; Mr. Theme iassiee Oaths= a=
thilekeladea; Mr. Theca Gray Bach. of Hestia;
alsd• alusissea of Ude ; sad Mr. Wallets Log*
relaillo.. •

DITATAL PALM'. ONE SHILLING DAT.
TIMM; Net. HlL—Adadmigss ealowswit, ; ea%
Ay soma lib, 1111 4111fil *So% 531.