Northern Times.
Liverpool, Merseyside, England, 1857-11-13 00:00:00

AFFAIRS OF THE ROYAL BRITISH BANK.

On Wednesday evening a meeting of the shareholders
in the above unfortunate concern was held at the Guildhall
Coffee house, Gresham-street, City, for the purpose of
!siting into consideration their present position. Mr. J.
W3ld, M.P., in the chair.
The Chairman, in opening the business, said he took
the chair as one of the trade assignees, and in that
caaacity he had, with hie colleagues, taken on himself to
call the shareholders together to consider what should be
done. There was tot much doubt but that this would be
the last meeting. (Hear, hear.) With regard to the bill
which had beea carried through Parliament, he thought it
would tend to settle matters most amicably for the Share-
holders. Although this bill gave powers to the share-
holders, he had found th y had done nothing, and
therefore she trade assignees deemed it advisable to call
them together. There was a majority of the crelitors
who had exereieid the greatest forheirarce, and he
thought it would be as well for all actions to be stopped,
and the incarring of costs thus prev:_nted, and then to
endeavour to get the shareholders to carry out that
entopromise which had teen offerred and accepted in good
faith by the depositors for the payment of 16s 6d in the
pound, which, if carried out, would finally put an end to
the affair, and close the accounts in this disastrous
concern. In conclusion, he said that many propositions
had been made ha the shareholders as to the amount that.
they should contribute, and if any other were present who
wished to make any proposition he should feet happy to
have them.

A Shareholder wished to know if the amount was sub-
scribed in the room would thole who paid have their
release at once, or would they have to wait till all the
£lBO,OOO was paid ?
Mr. Linklater, in reply, said that as each shareholder
paid his 6s 6i in the pound he would receive his release.
(Hear, hear.) In answer to further questions he said
that the assignees did not want any further information
as to where the money came from, or what the means of
the shareholders were, all they wanted was the money,
6s 6d in the pound. The assignees would not. have called
them together if they had organised themselves before to
say what they intended to do.
Mr. Lowrance hoped the total amount required would
be stated. The shareholders bad pledged themselves to
pay 63 6rl in the pound, and he thought they should pay
it, as they were entitled. to pay. Ilc embraced this op-
pTrtutity of expressing an opinion that the assignees and
creditors had acted with the gre.itest fairness and honesty.

(f-lear, hear.) He thought-, when they beard Mr. Her-
ding's report, they would find it a matt r of• impossibility
for the £lBO,OOO to 1),?, raised, and therefore he it, que.;ted
that the asFigoees should reccmsicler the matter, and say
that a lesser sum, which might be raised, shoild st.ff se.
Mr..Liuklater thought differortly to Mr. Lawrace for
in his opiniau the nauses of those wh.) had not contributed
should be re,d aloud. _ _ _

Mr. Hording then stated that the number of persons
holding charts at the time of the sto)p2.ge, was 231, of
whom 123 held oti7inA shares. Thu numh..tr of persons
supposed to be able to pay had been diminishing, and now
it was 17, holding 295 bares. 02 the persons applied to,
69, holding 517 shares, had not made any ( liar at all. He
h td rtteived premisss to the anytunt of £33,899 2s 41, to
which these were set-offs, lcavirtg it about £55,000. Of
the persons from whom no offer had boot received, en
assessment had been made, and it was found that £113,000
could he got from them. Therefore, that would be
sufficient to pay the 6s 61 in the piond.
After a few remarks from Mr. Charteris, Mr. Lawrancc,
and Gtht-rs,
Mr. Hardin2t, with Mr. P. Taylor, far the assignees, and
two shareholders on behalf of the body, repaired to an
adjoining room to r6ceTve off re of subscriptions.
A Sharehol ler asked Mr. Lirklater whit would ba the
am,uat realised front the securities of the defaulting
directors.

Mr. Linklater said the aniouct wcula be added towards
:be 103 of the comnromise.

Mr. Humphrey Brown wished to make a fem obseiva-
Cone, as the question of the c'.ireetors' securities had
been mentiened. He oely attended the meeting at the
request ot some if his friends. Ben)re he aisWerel the
question as to his securities, he observed th:t, although
thorn were many of the shareholdo- s competent t) pay the
amount required, the question h d not been raised, that if
they we re going to make some pay the en 61 in the pound,
what wete they going to do with those who refund to
pry anything ? It app tired from Mr. Thrtl;nes state-
ment, that about £115,000 was wan ed to make up the
amount of the cyriposition, and that that amount was
enimited to be obtained from the shirehohle s who hail
not sent in any offer. If the assignees thought that could
be realised, then his opinion was that the most fair and
legitimate course to he chalked out would be to make such
a margin the', if it was found that some of the wher
shareholders who at fist refused, paid, the amount should
be divided amongst the ()liters, who had come ferny trd
readily, pro r‘Vio. lle blievrd that then the time would
arrive when the shorehoiJers enild obtain their r,?leise. He
trusted it might not be considere l i mpsrtinence in him attend_
in;; the meeting, hut the question of the state of the hank was
not one to be discussed then?, for, u o fort u eats ly, they were
placed in such a position that it would have to be discussed
in another place. Referring. to the question of his
securities, he soil that one of the result; of the stoppage
of the Royal Briti4h Bank, anti the disastrous slstcm of
mismanagement of this Intnle, was, that the securities had
alßays been in the hands of ci4ht different lawyera and
tne.ln:rs. He was not geing to woke any complaint against
the a.,siguees, the legal parties, nor her Majesty') Attorr ey-
Gmeral, for the prec-.edings that had been taken against
him and the other direeors; but lie w,s happy to say that
he was in a position to meet them. He declared, before
G and man, that if Mr. Linklater would offer him a
release from those pn:ceedinns to-marrow, he would not
accept it. (Loud cries of'' Order, order.")
The Chairmen Considering the peculiar circumstances
in which Mr. Brown is situated, I have given him more
than usual latitude, but no v I hope he will confine himself
to the question. (Hear, hear.)
Mr. Humphrey Brown: I will confine myself to the
question, tut I disagree with Mr. Licklater. (ocder.)
Mr. Mexweli Ole of the assignees) . If we begin recri-
mination, I do not know where it will end.
The Chairman : If Mr. Brown confines himself to the
question I will hear him, but not wi hurt. (Hear.)
Mr. Brown then rcsum:a his seat.
Mr. Harding and his assistants then entered the room,
and reported that fresh offers to the amount of £11,700 h'nd
been nntcle. Mn Stapleton (she only direc'or who had
offered any contributions) bad offered £4,000: and, with
others, the offers amounted to £lO7 700. (Hear, hear.)
That included £27,000 from old shar-holders, who would
pay when the remainder of the £lBO,OOO was sithFerbe•-%
Some discussion then rrsu-nl, in which the chairman
stated that he hoped in a fortnight or so, some advance
would be made in the state of affairs, thea he hoped those
who bad paid would have their release ; but it was the
intention of the assignees to pnoe-ed to the rtmest of the
law against these who hid net paid, out of justice.
Reselutious were passed authorising Mr. Harding, and
one of the assignees and two of the sl-Ardholders, to c en-
municate with the shareholders that had effrred no c in-
tributions. reforming them what amount would procare
them their release, and the meeting was adjeurned for
three weeke.