Northern Times.
Liverpool, Merseyside, England, 1857-09-28 00:00:00

THE ROYAL BRITISH BANK.

Wednesday last was another field day for the unfortunate
creditors and shareholders of the British Bank, that day
having been appointed for the last examination of the direc-
tors ; but as the balance sheet, extending over upwards of
800 folio pages, was only then filed, an adjournment was
agreed to for two months, ai it will take quite that time for
the different shareholders and creditors who intend to
oppose, to make thermgelves masters of the details of this
monster enormity. Mr Linkiater, however, improved the
occasion to ht the shartholders and depositors know what
ha 4 been done since the meeting in June last.

It w'll be recollected that dividends to the amount of
eight shillings in the pound have already been paid, and
the assignees now hold out hopes that a farther div lend
of two shillings will be realised out of the bankruptcy, but,
that the remaining ten shillings, if it ever is paid, will
have to come out of the pockets of the shareholders. No
one, however, an'icipates such a result. T e utmost that
is hoped for is a furthee dividend of 6e. 6d , and this ap-
pears to be very problematical. To nay this dividend a
sum of £170,003 will be required. Where is this large
sum to come from ? Mr. Linklater and the assignees rely
upon the set which passed last session to facilitate a com-
premise, and which empowers the assignees to make terms
with the shareholders and creditors, and to grant protection
from process and ultimate release to the former body.
These anticipations may be realised, but considerable
doubt exists on the subject, and indeed the tone of
Mr. Linklater's speech was not very sanguine.
Numerous meetings have already been held at the Free-
masons' ravern and h.e, where, and a proposition to pay
this additional Gs 61 was partly agreed to by a certain
portion of the shareholders, and £lO,OOO was raised and
placed in the hands of the assignee as a security that the
£170,000 should be raised by the end of October. To
this amount (e.P, l 0 030) Mr. Alderman Kennedy and the
Hon. Mr. Stapleton lwgely contributed, but it does not
seem as if much progress had been made in getting
the larger amount in. Before this sort of compromise
was entered into, most of the shareholders who had
anything to pay with, were pounced upon by several of
the more pressing creditors. Executions almost without
number were issued, and those parties were7,eidier ruined
or fled the country. The great body of the share-
holders are small tradesmen, ladies, and professional men,
and these have lost their all, and have not sixpence to
pay with, so diet it is hopeless to expect any' hing from
there, and it is hardly to be anticipated that those vary,
very few who have money will consent to be beggared.
Most of those parties have fled the country, and although
the official assignees have sent a circular to each, asking
them to return and compromise their liabilities, is not
very peobable that they will at present accept the polite
invitation. As long as they are abroad they can set the
assignees at d .fiance, and they doubtless feel they will be
able to make much better terms when they are beyond the
reach of the law than if they were at home. It is not,
improbable, therefore, that they will prefer the tetupora-y
inconven ence of a foreign residence to the wholesale loss
of their property.
At present, under the new act, all the shareholders are
protected from process; at least no one can be proceeded
against except by permission of the official manager,
which permission, will be readily granted, at least so
says Mr. Linklater, if the £170,000 is not forthcoming The
objects of the act ace very excellent, as it permiis the
official assignees to make such terms with individual share-
holders as each case admits of. For instance, a share-
holder may, perhaps, be eble to pay a shilling per share,
but who could not pay a larger sum. To proceed against
him for the full amount would only thud to involve him
in irratrievat le ruin, and the estate would not be
benefited. It would, therefore, be better to get a
little rather than none at all ; but on the other hand,
the assignees are not united as to the demand they
may make upon the shareholders who have money; they
may call upon them to pay even £lOO per share, and they
have no option, as their estates are liable to the utmost
farthing. We fear, therefore, that a final settlement of
this unfortunate concern is still far distant. The expenses
already incurred in law proceedings are enormous. Mr.
Harding, the official manager in Chanc6ry, was allowed to
retain £20,000 to cover his costs. The little bills of
Mr. Linklater, Mr. Lawrence, Mr. Freshfisld, &c , will,
in the aggregate, amount to no trifling sum. The
accountant's charges will also be very large, and ell
these will have to be paid out of the pockets of the
unfortunate shareholders.

Mr: Linklater farther remarked that some misappre-
hension existed as to the nature of the criminal proceed-
ings now pending over the heads of the directors. It was
imagined by some that the ex officio information filed by
the Attorney-General embraced all the points in Mr.
Commissioner Ildlroyd's celebrated judgment; but this
is not the case. There has been no information as to
the manner in which the original charter was obtained
from the Board of Trade, nor as to the representations
'bat were male to the Board of Trade to induce that body
to grant the supplemental charter. The information
embraced the point' on which all were interested
—namely that these gentlemen conspired together with
intent to defraud the shareholders and the public. Mr.
Linklater further stated that it was under consideration
whether an information 'should not be filed against another
gentleman, who was a parry to obtaining the original
charter, but his name did not transpire. These celebrated
trials will come on in November, and already most of the
leading members of the bar htld retainers for either one or
other of the defendants. The interest excited is quite
equal to, if not greater than, the trial of Paul, Strahan, and
Bates. It is expected that Lord Campbell will be the
presiding judge on the occasion.
One very sad case was mentioned the other day with
reference to the failure of the bank. Three ladies, past the
prime of life, had quite sufficient to live comf wtably on for
their lives. It was all invested in British Bank shares.
Every penny is lost, and even their furniture has been
taken, and they are tow in situations as governesses
Observer.

BOYS' CLOTHING MADE WI CH GREAT TA'>TE AT LE WES ant
COMPANY'S, Ranetagh-street.

" ONLY PAUPEES."—Five years ago the chaplaincy of tlit
Leicester Union Workhouse became vaeint, and from that
time to the present the glardi ms have pertinaciously refused
to appoint another chaplain.
THE INSURANCE COEPANIE9 OP NEW YORK.—We have
received a e.,py of the special report of the Insurance
Commissioners, appointed by the Comptr tiler to examine
into the condition and affairs of the Fife Insuratic.e Com-
panies of New York and Brooklyn, in pursuance of
instructions dated March 14th, 1856. It forms a volume
of 446 pages, embracing the ,affairs of sixtv-Light com-
polies. Two companies, the Ilopo and New World,
organized since the appointment of the Commissioners,
are not included. The ageregate capital of the companies
lacattd in the city of New York and Brooklyn, incorporated
ender the laws of this State, and examined by the Corn-
missione,s has reached the sum of 13,606,000 dole. The
bonds and mortgages held by them amount to 13,923,763
do's., which are in Fen upon real estate estimated to be
worth 28,650,5.50 d ls: • The amount at risk on policies of
insurance is 498,151,744 do's. With two exceptiorls, the
companies examined were found to be in all respects son-
formed to the n quirements of the State Law. Additional
enactments are recommended to prevent organization of
fraudulent institutions, such as a law requiring au annual
investigation, or a public registry of securities, and the
Comptroller should be possess d of power to designate 'a
bank of deposit until the capital is all investe4, in order to
prevent the use of borrowed capital as evidence of a legal
right to commence business. It is further recommended
that all insurance companies, whether domestic or foreign
agencies, should be limited in the amount of risk assumed
at one time on a single building ; also that insurance com-
panies be encouraged to strengthen their position by
enlarging their surplus and re-insurance fund, for which
there is now no inducement.

At LEWIS & COMPANY'S. Ranelegh-street.
BOYS are CLOTHED : cm the Ages of Siz to Twoty Yettrea