Northern Times.
Liverpool, Merseyside, England, 1859-12-30 00:00:00

he:thought it right for the bank to stop advising hills."
They were told to go on without fear, as the bank was
able and willing. lle says "he was struck with the
noble way in which they were treated." So will you
be, gentlemen. (Laughter.) "And he would make
the interests of the batik his special duty, and whenever
he.could serve it he would do so." (Laughter.) He
fives over the valuation as £BO,OOO, and states that "the
course of the bank had been good for itself;" and
thinks a change ofTeeling with"referenee to trade would
be to the best interests of the bank. • "He was justified
iii thinking 'that nothing but gross mismanagement
would prevent his estate from paying at least 20s. in
the pound; but that in other hands than his own, the
hank miftht make it as bad as Oliver's." He-Condudea
thilsol--" I think you can make enough out of the above
to inspire Confidence. 'lf .not, I must submit to the
worst." The next letter is of the 29th December, in
which he admits his nneueeessful management ; and
says he had dime all "he could to relieve. tiled:mak ; the
bank mint be aware of hii et!'n-ts to a certain extent,
bet it could not know, the wholc,sfur whenever lie could
enforce payment without the bank's interference he did it,
eager to avoid bringing too many instances before it, for
he knew Mr. Smith 'had enough to think of otherwise.
He does not fear now telling Mr. Smith that he sup-
pose:i he has had not lcss,if not a great deal more, than a
quarter of a million bills payable and receivable, that
were of a character,of the fhrmcr, to get through since
Oliver'sotoppage ; and however anxious Mr. Smith was
to prevent such: a state of things, it was only in Unison
with his own determination, as he had no 'desire to buy
what he could not pay for." (Laughter.) He alludes-
to the unpleasantness of meeting Mr. Crosby, Mr.
Croat, and I,lr. Smith. With the above letter was a
further note, as follows :—" I may add, as I consider my
affairs virtually to be in liquidation, it wOuldrelieve me
of responsibility, perhaps, :if took into my office
a clerk from your appointment." The next is dated
January, 18.55. In that letter he said "ke ought now
to enjoy some comparative quiet. He fancied he saw
some indications on their part to interfere with matters
which 'would only end. in mutual loss, but in that tie
hoped lie was mistaken." . The next letter, of 23rd of
-March, 1.856 states, " When it was decided at the time
of Oliver's failure that my accounts should be kept
good, 1 may mention I individually was- disappointed,
beeause though I felt at the time, and feel still, that
any other course would have been fearful to- the
bank, yet I would gladly have escaped from gaining
your confidence, as I knew better than any one
many complications I had to unravel, and. how •
much money it would take. At that time ray affairs
were desperate—almost more than desperate—if the
slightest passe had taken-place ; awl how many others
may stoppage would heve,readered-eadally so, I will not
stop to enumerate.. On a review of all that ha taken
place, I belie've you will -find .you began (here are
names) on paper ; and as they were rained up to
euell'an amount, if a _stoppage had taken place, a most
contemptible dividend, not only on all the paper,
but -on those parties, whose tame is legion, who ••
are implicated them, w-37-dd have Wen the result."
I'li. i next letter s dated • the 13th of March, -1856.
It refers to the letter of the 23rd, and to "the
peacelhaviag deranged his: affairs. " Had the war•gone
on for. a year, all would have been right. If the receipts
were stopped, and if the Government did: not keep the
steadiers, there would be such an accumulation of interest
and bum-k charges as would 'swamp the account before
the end uf December, even if he had :L51,000 realisable
surplus; But at all events, sash being hip conviction,
he Considered it thee to lira ei cc well as to them, to
state these things." Now, gentlemen, in giving yon
this epitome, with, the accounts, I have only given you
the skeleton ; because, as is -justly obserteed in one
of those letters, 'their- name is legion; and In go-then and understand them properly,- and
•to edeeote• the time I -have. devoted to them,
tto'n'ld ocelq)y not only, the rem:lin:ler of this day
y64r4igle, on a future oceaskn. This bfings,me to
a uStem..whieh -I have to advert to in conneeti 'With
the'statement 'T have •made—to a system adopted fur. the
Krs6 ...time in 13: 3—that 1)4:- and I might say
ruinous.oyetern,•Whicb alwayi rinds ie ruin, as far as our
expeeicacegoeserthe system oferesdiscounting.• (Hear,.
bear.) That 'system ±coinenerenetln 1853, and it come
, menced at that.time•eeeve know vc.ey•well why—because
the bank vise in ;straits- and difficaltiee, and in want of
money, And may not be uninteresting to you to'
know to what extent this. part of the banking bnaines§
had been carried' on. I' think the shareholders are
entitled to every information • that it is in our.
power to hive who have ..obtained information, because
it has been studiouslyswithheld, from you hitherto, and
you have •notbr been. able to obtain- any particulars at
the meetings helrl in.thh;- rO ,(Applause) That
system began, as I have said, in 1853; It went on;
because when the ball once begin, in that, manner, it.
meet go on, and like a snow:l-34i inexe*. In 1856,
the re-discouats amounted to £l-1,224,533 19s. lid. In
1857, the arnotrat was £1•5;216,999 lse n and from.
. . •
. .
Mr. SELIAM—That last one would,be•lBs6.:

Mr. Bas.-7.ler.y-Moene—No ; "to-June, 1857. From
June, 1857, to the -37th of. October they amounted to
£3,70,292 les. ld. NoW, commentary upon that is
altogether bunecessary. It is a dry fact which -I lay
before you, and, as you are men of biesincee, you' will
know -how to appreciate it, and what importance to
.rlttech to it. -Bat -there is one subject in connection-with
it which I have ex tracted from the balances of June, 1858,:
and they are pretty much the same in. December, 1854.
There were about forty accounts, involving at the time
about £1,600,000. In Octbber 1857, when the bank
closed—l have: taken the laa4r.ces -of the same
viduals, and then they show about X 1.70.0,000. (Sea
cation.) Now, I will put to-you, With such a balance
611oki.t. in December,
.1853, and June, 1854, 'and the
balanees of 1857--the;whole of those parties have failed
and gone to nothing—l put it to you, with the infor-
mation the- directors'possessed, willa.the; caonmeue sums
I have already_ read, whether ignorance could prevail in
this building on the part of any ,man connected with
the- Management as to the rotten state of the,
bank so -far back. 'as that ?' -'(Applause).. I don't;
believe the bank had a .shilling at *at time.
have, been us brief as I possibly could, because you
Must bo well aware,lii making statemeifts such as Lame
doing, that if I .Were ,disposed-lo make
.a runnine..cem-
mentary upon them, much, might be said'; but I con-
strain myself frOm doing anything of the `kind, knowing,
that I speak to men of business, and that the dry facts
are sufficient for"-you.
A SHAREHOLDER—Can you tell us whether those
parties are-retatiens or friends of the directors ?
Mr. BeAsteEv-Moorit-Well T could answerethat,
but I think I had better not.
Mr. SF:LIARS—Is there one ? I think it should be .•
answered. •
Mr. DIXON—I -think Mr. Draehley-Moore should-•
answer the:"question. It had better' be answered.
Mr. BRAMLEY-MOORE ,—I have mentioned no natnes
yet ; and as I have not mentioned names on one side, -I
don't' feel callel upon to mention names_ on the other.
Therefore -at present, et all events, I shall leave that--
Mr. Dixon—This is net a question of mentioning
names. It is a question of whether or not the parties
by whom the bank has lost money were or were not
connections of the directors.. No names are mentioned.
Mr. Bietereely-M00n..-7For the
.present I decline to
answer.' .
Mr. DixoN—Then allow me to answer. As far as I
have been..able to see, or know— ,
Mr: Bakeri.E-t-Moont —I rise to or•ler. Last year I
experienced a great deal of interruption—some of it..
rather unseemly. '(Bear, hear.) Now, sir, when I
have finished what I have got to say it will be competent
for ally gentleman in this room to make any remarks he
pleases, asd to answer anything I may have stated.
The CHAIRMAN—Mr. Dixon will have an opportu-
nity,afterwards.'
IJr. 'the nest • point to
which I shall call attention, or rather for your informa-
tien, is the shareholders who are debtors to the bank
And I need not tell you, gentlemen, that no shareholder,
according to the deed of settlement is entitled to receive
dividends for-one thing, and that the shares at all events
ought to be paid for. I now briase. before you twenty of
them who are debtors to the bankas shareholders.
The first" is a smell amount, 38 shares, on which -he
•
- •
appears tohe•debtor £lO7.
" Mr. Berrxe—Debtor on account of calls ?
Mr. BRAMLEY-,MORE.—No. The next is 30 shares,
debtor - account £655; next, 143 shares, with. a debtor
account of £1,634. In that case the calls -were paid,
and dividends credited to his account, and he had been
debtor for mauy years for the above amount. The next
is .the holder of 1,000 shares ; and that you have
already had the particulars of.
.It was one of the direc-
tors, and the case is notorious---4 mean Mr. Crosby's-
case. The next is 702' 'shares,. with £1,607. The
next is -90 shakes; debtor £722. The next is
one of 200 shares, debtor £19,355 .10s, 3d. ;
.and.
of • course you' are; aware ,_there will. be a call made
upon you- to add to this. These were required
lin 1851-2-3-4, and Li was paid on them.