The British Press; or, Morning Literary Advertiser.
London, England, 1826-04-21 00:00:00

EQUITABLE LOAN BAEK.

" I'ateaton-street, April 15. 1826.
" 11,-1 am directed to communicate to you that the Directors
of this Company met yesterday, when it was resolved that a Special
leetit.tt of the Shareholders under the Deed of Settlement should
be convened for Tuesday, the 2d of May next. at the City of Lon-
don Tavern, et the hour of twelve for one, and that notice thereof
should be published in the Gazette of Tuesday next.
" It was further resolved that a Report be prepared of the pro-
_ ceedings of the Company, and the accounts were ordered to be made
up for the inspection of the Shareholders.
" I hale the honour to be, Sir, your obedient servant,
" Joltu Iltaug, Chief Clerk."
Ile did not think it worth while to criticise the letter of Mr. Hinds;
it would be trespassing too much on the time of the Meeting to do
so, as their only object was to obtain an amicable arrangement of
their equitable rights: but he must observe, the letter betrayed an
anxiety to conceal its precise meaning. There had been several
communications received from the Directors in answer to the cir-
cular, and he must say some were very extraordinary. The
first he should read to the Meeting wu one from Mr. 'terries, of
the Treasury :
" Great George-street, April 15, 1826.
" GENTLEMEN—I have to acknowledge the receipt of your
letter of the 13th inst., relating to a Meeting of the Shareholders
a' the Equitable Loan Rink Company; in reply to which I beg
leave to inform you that I withdrew my name from the list of the
Vice. Presidents of that Society, in the year 1/e24, by letters ad.
dressed to Sir. Wilke, the Secretary, a, also to one of the Di.
rectors, through whom I communicated to the Board of Directors
that it was entirely out of my power to take any part in the affairs
the Company.
" I have only to add, that I was not a Subscriber to the Institu.
tien. nor a party to any deed or instrument by which it may have
been established.

" 1 have the honour to be, Gentlemen,
'• Your obedient humble servant,
" J. if ERILIES.

" Plesarq. Freeman and Heathcote, Coleman-street."
'Rae next letter he woold submit to the consideration of the Meeting
a as one from Metcalfe:—

" DEAR San—For the last week I have been confined to my bed
t v a fever, and am totally unable to attend the Meeting to-morrow.
1 regret this very much, as I was anxious to do so.
•• I have already stated to you that, with the other Gentlemen
named as Auditors, we, some time ago, requested the Directors
would consider us as having resigned that character; and I also
rier.tioned that we had never been called upon to audit any account.
The only other circumstance that appears to me to require any ex-
placation is with regard to the 300 shares, part originally allotted
so each of the Auditors. After I had been informed that such 700
'hares were allotted to me, I received a letter, stating that 400 of
the 700 would at present only be issued.
• • In consequence, I paid my deposit on the 400, and considered
113 self liable for the deposits on the 300, whenever the Act was ob-
emned sanctioning the measure. After the first attempt to obtain
arch Act failed, I received a printed paper, called • Heads of the
p7opos,ed Deed of Settlement.' To prevent any misunderstanding,
(Ilyn and I called on Mr. I{ ilks, the Solicitor, and repre.
ser.ted w him what we had always stated, that, in our opinions,
the measure ought not to be proceeded in without the authority of
• Parliament, and that we entirely disapproved of the Deed ; but we
begged him to bear in mind that we were ready at all times to per.
torsi any engagements we were under as to the 300 shares, either
that might be necessary to procure the sanction of Government, or
sitter it was obtained. NVe were afterwards told that we might
have the shares whenever we signed the Deed of Settlement ; but,
atter what I have stated, you will not think we could do so. I have
no doubt of the Directors affording the Proprietors the fullest in.
fora:titian they may require; and I trust the result of the Sleeting
will be satisfactory to all parties. On my part, lam ready, when.
ever called upon, to co-operate in any arrangements that may be
decided to be honourable and „inst.
" You will be so good as to explain to the Meeting the reason
of my absence from it ; and, if necessary, you will use this letter
as the statement I should personally have made had I been present.
•• I am obliged to use another hand to write my letter, uut my
illness must be the apology for that, as well as the trouble I now
give you.
" I am, dear Sir, your faithful servant,
'• THOMAS METCALFE.

----
" Queen-square, April 19, Iffi. - -- ---.—
Freeman, Esq."
Be should now request the attention of the Meeting to a letter
from Sir William Congreve, on which he should abstain from
waking any observations—it was in answer to the circular :
" Brighton. April 17, 1820.
" SlR—The state of my health having obliged me to leave Lon-
cos don. I regret that It will not be in m power to attend the Meeting
of the Subscribers to the Equitable n Bank Company, which
I should otherwise have done. I fee confident, however, that it
requires only a thorough understanding of the proceedings of the
the Director*, to satisfy the Proprietary that they have done every
thins In their power to carry the Institution into effect. But it
must be obvious to every one that an Institution, the direct object
of which was to exercise a trade, especially provided for by Act of
Parliament, could not move without the sanction of Parliament
by an Act, or of the Crown by a Charter.
" Hence, therefore. measures to obtain these privileges were of
necessity the preliminary steps, and they bare been almost the only
sources of expense t since it is to be hoped that the male of the
bui.ding in 11'uwiek-lane, may realise all that it has cost.
" With respect to myself, I can conscientiously aver, that I eni.
barked in this undertaking on principle. and that I have devoted to
it the most unremitting exertion and the most unabating zeal, with.
out either fee or reward, and without ever having sold one single
%hare. _ .

" The plan of this Institution was first taken up by several gen.
04864113 in the Direction. I was subsequently requested to be Chair-
man. and in that capacity had the satisfaction to find the plan im.
madiately supported on my solicitation, not only by some of the
Bret charactes of the country, but by several members of the Go-
vernment, and by Royal patronage also.
" That an Establishment so highly approved of, and so popular
at this was in the first instance, should have failed to the ground
ur.der all these circumstances, can only be attributed to the most
extraordinary revolution in public opinion, which has taken place,
and which has brought universal dissatisfaction upon all.
" I am. Sir. your most obedient servant

Messrs. Freeman and Co." " W. Co et
In t!,et lcurr, there was one very important observation, which was
•• That an Institution, the direct object of which was to exercise a
trade, especially provided for by Act of Parliament, could not
move without the sanction of Parliamen, by an Act or by a
Charter." Now, if such was the impression of Sir IVm. Congreve,
*be wculd be glad to know why did he permit the purchase of the
College of Physicians, or why did he suffer a house to be taken,
(Hear, hear,) and an establishment kept op before an Act of Par-
Paltsent. or a Chanel bad been obtained ?
The Cu kIRMAX then said, since he entered the room, he had
rceived a letter from Mr. Hinde, Chief Clerk of the Company,
which he would not read to them ; but he thought one expression
in it deserved notice. It was the contusion of it; and said, that
the Directors must of course decline attending any other Meeting,
except the one advertised by them on the 2d of May next. He
farther begged leave to state that several Directors paid no atten-
tion whatever to the circular. They, he supposed, considered
themselves quite exonerated from any responsibility.
A Sit ARTIIOI.DE it—So much the worse for themselves.
The observed, that the Act of Parliament and
ilZarrer had been refused in I p 24, and the house and establishment
had becn kept up ever since ; and many gentlemen in the Direction
had taken no notice whatsoever of the concern. It is probable that it
was from an implicit confidence in their Co-Directors that they con.
aired It lithe unnecessary to trouble themselves about it. He
world be sorry to make any invidious observations, nor did he
rnean to use any explesoion that could be construed into such, but
he was anxious to point out to those gentlemen the peculiar situa-
tion in which they, as Directors, were placed ; they had affixed
th.-ir name. to a public document, and had assumed a responsibility,
arid world they now be permitted to secede from it ? No ; if they
were mrlined ro do so, there were plenty of ways to hold them to
their responsibilities. It was upon the faith of the respectable
oamts of the Directors that they had advanced their money, and
they could not now think of exonerating those gentlemen, upon
whose respectability they had risked their property, He then
called on the Meeting to cdopt such measures as the expediency of
the ease required.
Mr. W. Cr.ana moved for the appointment of a Committee to
investigate the accounts of the Association and the books generally.
ANNICHIXI begged to state to the Meeting that he had
purchased 600 shares in the Company, at at a share premium, by
the advice of a Director, who assured him that the shares would
rise to HU. In a day or two.
Mr. CLARK said, he believed the only plan to be adopted with
effect sophist fraudulent Directors. was to bring them before the
Dui Mayor, who already had shown his disposition to deal with
pt rsona of that description by committing one of the fraternity—
and one, too, who had done much less mischief than the majority
of them. (Laughter and cheers.) In fact, most of the Directors
tioglit to be treated (and he believed many of them would be), as
criminals. (Hear.)
A Sua.aEuousza said, the name of the Dyke of York appeared

at the head of the list of Directors and he thought the Duke ought
to be written to upon the subject, in order that he might be informed
of the condition in which the other Directors were. (A laugh.)
Mr. Ciark's motion was then agreed to, and a Committee was
appointed.
The :fleeting separated, alter thanks had been voted to the
Chairman.