Northern Times.
Liverpool, Merseyside, England, 1857-10-30 00:00:00

3.629 6 8

61 879 6 8

Balance carried to reserve fund ... ... 7 439 6 0
Nearly the v.hole of the leases above mentioned have
been cause] by the frauds uf a customer.
In winding-up the affairs of 1854, a year which it is
w,ll known was most din stri us to those customers of the
bank who were engaged in the colonial shipping trade,
heavier Fss has been tristainei in the realisatim of the
assets then taken over by way of security, and in the liqui
deli m of estates then considered good, than could possibly
have been an'icipatcd.
The directors have thought it their duty at once to re-
duce the divid.nd to the rate of 5 i.er cent. per annum, on
the gr.auntis that, taking even the mast favourable view of
tht ligaidation of these accounts, the whole of the reserve
fund will be required to meet the 1 tsses incurred; and
that, on the other hand, raking the most unfavourable
view consistent wi h prcb.l) lity, tho go :d current
business of the bank wi 1, in their opinion, b; suffleient
to
alma f the regular c.ntiouance of the divideml, wi:bout
encroaching on the capi'al at the same period is the coming
year.

In laying this statement before the shareholders, the
directors desire strongly to impress upon them that its
orsa.is'actory character is to be attributed to the affairs of
1854, and that, apart from these, the sound and legitimate
business of the bank would have enabled it to pay the
ordinary dividends, and also to add la-gely to the reserve
fond, notwithstaading the 13sses that have been incurred
subsequen ly to that year. They wish also to stare their
confident expectiti-n that the change they are making in
the policy and regulations of the bank will effectually
gnarl against the recurrence of similar restfts.
M. Smith having stated to the directors that his health
would not longer p-ritit him to ufldergo the lab ale of
conducting the details of the manager's duties, and having,
in consequence, requested to be relieved from his office,
they have, with reluctance. complied with his wish, and
have made arrangements that Mr. Th 'lnas Seller, who is
in every respect emitently quiliEd for the post, shall,
from the Ist of August next, rsrume the po.ition of
manag,r. Mr. Smith has, at the request of the directors.
ironsented to take a place it the botrd, and to continue to
give the bank the aid of his valuable ars:staece.
WILLIAM RATRBONE, Chairman.
Adviaes from Glasgow state that a banking
establishment in that city has suffered largely,
and will have to wipe off nearly half a million in
hail debts." That enormous losses have been
sustained in that quarter, through the reckless
discount of a mass of aecommodation paper, has
been known for some weeks pest ; but it is now
stated, apparently with confidence, that the inst:-
tution in question will he furnished with all requi-
site aid by other and more solid establishments to
carry it through all its engagements. The belief,
however, is that an ultimate winding up is among
the conditions en which this assistance has been
agreed to. With regard to the final safety of the
noteholders and depositors there could not have
been the smallest doubt, even if help had been
totally withheld, since the individual weal h of the
propriety is estimated at not less than 5,000,0001.
or 6,000,0001

The Huddersfield letters state the suspension of
Messre- Thornton, Huggins, Ward, and Co., of that
place and Manchester, with liabilities for £300.000
in the American trade. Several other American
houses would be severely tried, but it was expected
they would get through ; and there seems a general
disposition on the part of all strong establishments
to encourage confidence and to assist those who
have been unexpectedly struck by the New York
crisis. At Manchester Messrs. Charles Smith ond
Co., in the muslin trade, are stated to have been
brought down in connection with the diffilulties in
Glasgow.
There is no change to report in our Cotton
Market, which remains very dull. The sales to-
day were 2,500 bales, including 700 on specu-
lation.
After exhibiting some activity, at rather better
prices than yesterday, the Liverpool Share Market
closed firm, notvvi hstanding the local gloom eansed
by the abseil:hi of all hopes as to an early resump-
tion of payments by the Borough Bank. The
transactions tc-lay wore— Lancashire and Y 311z-
shire. 92k; Lancaster and Carlisle, Third Shares,
71 p; New Third Shares, 71 p ; London and North
Western, 96+; Midland, 82k, 821, 82a.82~ ;
North
Eastern, 22i c ; Dovers, 18 15-16, JBl e; Duteh
Rhenish, 5d ; Grand Trunk of Canada, 91.,
9 13-10, e. The following were the