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

LIV_ERPOOL BOROUCIIi
DANK.

DIEETM OF SHAREHOLDE7tS YESTERDAY.

A general meeting of 'the proprietors and contribu-.
torics of the Liverpool Borough Bank was held at noon
yesterday, in the boardroom, at the bank, in Water-street,
for the purpose of considering an account made up. by
the liquidators appointed to wind up the affairs of the
company, showing the state of affairs and the progress
which has been made in the winding-up ; and a report,
stating the reason why the winding-up has not been
completed. Mr. John B. Branckcr was called to the
chair, and there was a very large attendance of share-
holders.

The CHAIRILIN said that the liq-adators, in adcordance
With a request made by many of the- shareholders, had
taken steps to circulate their report ; but, although he
had no doubt that every shareholder had a copy, it
would still be incumbent upon them .to read the report
and statement, as it was for that purpose that meeting
had been convened. With their permission he would
read the report, and would then call upon Mr. Banner
to read the account. He then read the following report
of the liquidators •

REPORT 01', TEE LIQUIDATORS TO Tim SEAREEOLDLRS OF TEE

LIVERP,IOT, BOROUGH BASK, DECEMBER, 4859.
The liquidators, in accordance with the provisions of the
Joint Stock Companies Acts, under which they are acting,
ha:•e, at the close of the szeond year after their appointment,
called the shareholders together, for the purpose of submitting
to them an account showing the state of the affairs of the bank,
and the progress which has bee's made in winding up, and a
report stating the reasons why the winding up has net been
completed.
The accounts appended to this report, which are precisely
similar in form to those presented to the meeting held in
December last, supply the information which the liquidators
are required to furnish respecting' the position of the Bank,
and the progress which has been made in the winding-up. It
is satisfactory to the liquidators to be able to state that the
experience of the past year has improved the prospects of the
ultimate result of the liquidation, as may be seen by a com-
parison of the general statement of the affairs of the Bank
appended to this report with the corresponding statement
which accompanied the report of list year. It must, however,
be borne in nund that this result will depend upon the accuracy
of the estimates referred to in the statement, which, though
prepared with the best assistance that could be obtained, and
with as much care as the liquidators could bestow upon them,
are still liable to the same observations as were made upon the
estimates cm which the statement of last year was founded.
The liquidators at one time entertained some doubt whether
a sufficient sum would be realised from the assets, and the call
made at the commencement of the liquidation, to enable them
to meet the third instalment, which fell due to the creditors of
the bank on the 27th of April last, but as the time approached
this doubt was removed, and the settlement was effected with
less difficulty than had been anticipated.
It soon, however, became apparent that the utmost amount
which the liquidators could expect to collect from the sources
just referred to would fall far short of the sum necessary to
meet the fourth and last instalment, due on the 27th of October
last; and the measures to be taken to meet this exigency be-
came a matter of anxious deliberation with the liquidators.
Two courses were open to them ; one was to make another call
on the shareholders, and the other to . borrow on the security
of the remaining assets of the bank (as the liquidators were em-
powered to do by the Joint Stock Companies Acts) a sum
sufficient to meet the deficiency, upon such terms as they
trusted would enable them to repay the loan out of the assets,
without again resorting to the shareholders.
Their experience of the ruinous effects produced by the firs
call on some of the shareholders, and the inconvenience ;to say
the least) which it occasioned to many others, induced the
liquidators to prefer the latter of these two altern tires, and
in this view they were strengthened by many appeals made to
them on the part of shareholders that they should use every
possible effort to avaid making a second call. They, accord-
ingly, witk the approbation of the Shareholders' Committee,
and with the sanction of the Master of the Rolls, to whom the
matter was also submitted, entered upon a negotiation for a
loan of 8259,000, the estimated amount of the deficiency, and
they succeeded in obtaining this sum upon such an agreement
for the repayment of it by .instalments as in all reasonable
probability will afford sufficient time to enable them to dis-
charge it out of the outstanding assets of the bank, as these are
collected.

It remains for the liquidators to state, as they are required
to do, the reason why the winding-up of the affairs of the bank
has not yet been concluded. The reason is, as indeed may be
inferred from what has already been stated, that there is a
large quantity of the assets of the bank, consisting partly of
fixed property, which the liquidators have not yet been able
to dispose of, partly of debts which, though due, they have
hitherto been unable to recover, and partly of instalments not
yet due of debts which the liquidators found it would be most
for the interest of the bank to accept by certain deferred pay-
ment., still remaining to be realised and collected.

JOHN B. BRANCKER,
PETER SERJEANTSON, Liquidators.•
PHILIP RAWSON,
HARNOOD W. BANNER,
Mr. BANNER then read the following statement :

]'HE LIVERPOOL BOROUGH BANK IN ACCOUNT-CURRENT WITH

Tfl} LIQUIDATORS.

Dn.
To General Liabilities Paid :
Pomissory notes to creditors
on deposit accounts and
on letters of credit £488,810 17 0
Promissory notes for credi-
tors on bills of exchange 193,282 15 8
Creditors for deposits under
£2OO, by cash payments 6io 7 4
Cash instalments upon de-
posits above £2OO 9,399 2 6

' £ e. (1,

992,101 2 is
To paid bill holders en account of dishonoured
bills
To amount repaid on account of loan 2OOO 0 0
To general charges :
Salaries, stationery, stamps,
taxes, &c
Solicitors and accountants 3,080 2 10
5,283 5 2

To remuneration to liquidators :
Salaries
Commission

3,456 16 7
V,356 15 0

To balance

£819,894 14 9

CR. £ s. d.
By Balance, per Account 12th November, BM ... 13,762 17
Assets ‘Nalleeted, viz. :
Bills of Exchange for Debts £102,951 1 4
Good Debts 70,275 4 10
Doubtful and Bad Debts 135,545 18 0
Carpets bold
308,787 4 2
By Amount received on Account of Dishonoured
Bills, vie.:
Good 137,7C9 18 9
Doubtful and Bud 47,748 16

By Amount received for Interest and Commis-
sion
Amount received on Account of Calls, Viz
Bills of Exchange . 25,753 2 1
Good 5,398 4 3
Doubtful and Bad 12,641 19 10
• . 43,793 6 2
By Amounts received on Loan 250,000 0 0
The Liquidators have also in their hands
£105,031 Bs. 44. it. Bills of Exchange not yet
due, received on account of Debts and Calls,
viz :—For Debts £82,937 2 5
„ CalIP 23,974 3 11

£106,031 8 4

When paid they 'ill appear to credit under
their different heads.

016,894 14 9

By Balance, being Cash in hand and in Bank ...£9,366 15 0
Liverpool, November 12th, 1859.
JOHN B. BRANCKER,
PETER SERJ EA NTSON,
PHILIP RAWSON, Liquidators.
HARMOOD W. BANNER,
GENERAL STATEMENT OF THE AFFAIRS OF THE r.m.nroor.
BOROUGH BANK, AS ESTIMATED ON THE 12th NOVEMBER, 1859.
ASSETS. s. d.
Good Debts, Property, &c.
Estimated to Produce 72,561 9 4
Doubtful and Bad Debts £280,549 18 9
Estimated to Produce 86,114 7 6
Good Debts for Calls 5O 0 0
Doubtful and Bad Debts, for Calls, 50,059 4 0
Estimated to Produce 10,452 52
Good Debts for Dishonoured Fills
Doubtful and Bad Debts for Dis-
honoured Bills 64,171 11 6
Estimated to Produce 25,281 16 1
Bills of Exchange on hand. Estimated Good ... 100782 0 11
Bills of Exchange on hand, Doubt-
ful and Bad 5,299 7 5
Estimated to Produce 3,400 0 0
Cash in hand and in Bank

£445,926 9

£ e.
2,964 7
5,00 G 13