The Sun.
London, England, 1839-02-01 00:00:00

were found not to be numerously sigr.ed, the triumph would be again'
them.

Mr. HEARSEY referred to statements to show that on a fair calcula-
tion the Corn.laws affected the value of our manufactures to the extent
of 60 per cent. He was of opinion that if another year passed without
the landowners giving way to the necessity of the times, that the change
in the trade of the country would give cause to succeeding landowners to
curse the memory of their ancestors. _ _ _

Mr. CALLow was opposed to the repeal of the Corn-laws.
The resolution was then put and carried, with only the dissentient
hand of Mr. Callow being held up.
Mr. ZotortAN, with a suitab!e introduction, moved the 4th resolu-
tion—" That the prosperity of the landholders in this country has been
mainly advanced by the progress of its manufactures—for, without the
population encouraged and sustained by these the present high price
of corn, the cultivation of inferior soils, and the consequent high
rate of rent, could never have had place. That this meeting,
therefore, has come to the conclusion, that the ruin or depression
of these manufactures—the necessary decrease of population,
and lessened demand for food, would have a greater tendency to throw

land out of cultivation, and to lower the rate of rent, than any probable
importation of foreign corn; and that thus ad parties are equally inte-
rested in supporting the manufacturing interests of this country, but that
this support can be best afforded by the total repeal of all laws and duties
affecting the price of food, and generally by the absence of all protecting
duties whatsoever."
Mr. Sm TR seconded the resolution—which was carried.

On the motion of Mr. Balm, a petition was ordered to be framed on
the resolutions; and that Lord Durham be requested to present the pe-
tition to the House or Lords, and Mr. Hawes to the House of Corn..
mons, and that Mr. Tennyson D'Eyncourt be requested to support it.
After the usual votes being passed, the meeting dispersed.

MANCHESTER AND LIVERPOOL

DISTRICT BANK.

(Abridged from a Second Edition of the Manchester Guardian.)
The general annual meeting of the Shareholders of the Manchester
and Liverpool District Banking Company was held this day (Wednes.
day), in the Board Room of the Bank, and, by adjournment from thence
in the Manor Court Room. Owing to the heavy losses which were ge.
nerally knownito have been experienced by the Bank, and the numerous
reports in circulation respecting its affairs, the meeting had excited a
♦cry strong interest amongst the Shareholders, and the attendance was
unusualty k.rge ; nearly four hundred Shareholders being present, many
of them from distant places.
On the motion of JAMES Woon, Esq., Samuel Fletcher, Esq., one
of the Directors, was called to the Chair.

SAMUEL FLETCIiEIt, Esq., an taking the chair, said they had met on
this occasion under exceedingly interesting and important circumstances
—disastrous circumstances. This bank, which had stood so high in
general opinion, had unfortunately committed errors, and sustained
losses, the particulars of which would be detailed to them. He begged
to say, on behalf of himself and the Directors generally, that they had
no feeling with regard to the bank, or any disclosures which might be
made, but in common with every shareholder present. They had no
wish to keep anything back, or to refuse to answer any question which
might tend to the interests of the shareholders. They had sustaiLed a
loss of 375,0001.—(Hear.) That was a tremendous loss, such a loss as
was never experienced by any bank before; and he was only surprised
that the confidence of the public and the shareholders had been mani-
fested under such circumstances. Whilst they admitted this lose
they were not disposed to admit for a moment that there was the
slightest reason to doubt the stability of the bank.—(Elear, hear.)
Shareholders might have angry feelings; they might fe,..1 morti,
lied at the disasters which had befallen them ; but they ought not
to go and sell their shares now. It was for them, as wise men, to
look upon the details which would be laid before them in a calm
and dispassionate manner. They had met with a heavy loss, but it
was as nothing compared with disunion in the bank. That bank
could not be injured unless that meeting injured it. It was safe with
an investment of upwards of 1,100,0004 of its money.—(Hear, hear.)
That bank was as competent to fulfil its engagements as ever. But
if there were disunion there what would be the consequence? The
eye of the public was upon them, and he feared for that bank greater
disasters than double the amount of this loss. He made these obser.
vations to show them the importance of unity. They were all in one
boat ; let them take care that no individual said anything to-day that
might tend to swamp that boat. He had no doubt that, in a very short
time, they should rise rapidly to that point of estimation which they
had hitherto held in the public mind. This depended on what would
be done this day. He was their servant, and would do anything he
could to forward the business of the meeting; but he threw himself on
. . _

_ -.. ..
the good feeling of the meeting, that no questions should be asked, nor
anything mooted, that would injure the interests of the bank.
_ _ _

..
Mr. GISBMINE said, he, as one of the public, did not know what had
been done; and he thought they should have the Report read to learn
the circumstances. Whatever misfortunes befel them would only affect
themselves.—(Hear.) They possessed a broad security. There was
more property pledged to the security of every man to whom that bank
owed a pound, than there was in any other bank in the world.—(Hear.)
They were only talking about their own present loss, not about anything
which related to the public. They ought to meet their own situation
and their own interests in a rational way; and, therefore, he should
propose that the Reports be read, and the shareholders placed in posses_
sion of information before they chose Directors.

The CHAIRMAN said he was quite willing that that course should
be adopted. Mr. Jackson would read first the Report of the enlarged
Committee, which contained information respecting the two disastrous
accounts. This Report was read at their meeting a fortnight ago, and
he thought it would put the meeting in possession of all thematerial facts.
Mr. JACKSON, the Manager, then read the report of the enlarged
Committee on the two accounts of Taylor, Son, and Gibson, and Brown
and Powell, to the General Board of Directors of the Manchester and
Liverpool District Banking Company, the conclusion of which gave the
result in the following terms :

" The estimates of loss upon these two accounts, furnished to the
Committee by professional and competent parties, are presented with
this Report for the information of the General Board; and these esti-
mates exhibit a loss of 375,4621.45. Id.
.. _

" In a result so disastrous, it is felt that the General Board and the
shareholders at large will naturally inquire what degree of censure, if
any, attaches to those Directors and others more immediately connected
with the management of these two accounts ; and the Committee
report, that hitherto so much cf its time has unavoidably been oc-
cupied in considering what steps were necessary for prevent..
ing further loss, and for securing the best disposition of the.
property, that it has been unable as yet to go into the investi-
gation ; but legal possession of all the property being new obtained, the
affairs arc in such a state, that the Committee hope shortly to be able to
report specifically upon this important branch of the subject. Thus far
they feel it incumbent on them to state, that, in the absence of all evi-
dence to the contrary, the character of all the parties acting for the
Bank in these transactions does protect them from any imputation as to
want of integrity.

(Signed) " JOSEPH CROSSFIELD, Chairman."
The CHAIRMAN said they should now read the Report of the Directors
of the Manchester and Liverpool District Bank, to theninth general an-
nual meeting of shareholders, held on the 30th January, 1839.
The Report was then read, the following is the substance :
" The shareholders will expect from the Directors a full explana.
Lion regarding• the issuing of the new shares In 1836, and the con-
tinuing to recommend a dividend at the rate of 71 per cent. per
annum, pending the existing of accounts which have since resulted
in such disastrous consequences, and, although they cannot •expect
to escape censure, yet they are exempt from being justly charge-
able with having acted in this, or any other of their proceedings,
with an intention of misleading the public, or the shareholders
of the Bank ; the facts of the case being, that at the time the now
shares were created, at the half-yearly meeting in July, 1836, the ac-
count of Brown and Powell was not believed to be likely to cause any
loss to the bank; and the account of Taylor, Son, and Gibson was, with a
view to the bank's interests, confined to the knowledge of a Special Com-
mittee, which had been appointed by the Manchester Board, in which
Committee the Directors have the fullest confidence; and, as will be
seen by the detailed Report (appended hereto) of a further Committee,
appointed by the Special Board, it was not believed by the members of
the former Committee, that the loss at that period was likely to be such
as seriously to affect the value of the bank's stock. It was under these
circumstances the General Board of Directors recommended the divi-
dends which were paid. The confirmation of the truth of this will be

found in the facts, that the Directors do now collectively hold 13,000
shares, or nearly one-sixth of the whole stock of the bank; that they
not only took the full proportion of the new shares at 51. premium, but
they took also nearly 4,000 shares at 61. premium ; and those Directors
more immediately concerned in the management of Taylor, Son, and
Gibson's accounts took as large proportion as any others.
" In communicating to the shareholders the extent of the very serious
loss which is expected to arise upon the two accounts referred to, the

Directors confidently rely upon the large paid-up capital of the bank,
the well.known wealth of its proprietary, and the extended and safe
connection it has secured, as sufficient guarantees that its stability and
prospects of future success will be most amply protected.
" It has been brought to the knowledge of the Directors, that rumours
of other losses than by these two accounts have been industriously cir.
culated, as well as the bank's having been obliged to borrow money in
aid of its capital. To such rumours the Directors beg to give a brief,
but emphatic denial.
" There is still another point, and one of the greatest importance,

upon which the Directors feel that the shareholders will be naturally
anxious ; and that is, to know what measures (if any) have been adopted
to prevent the recurrence of such calamities as those which they have
now to deplore. A Special Committee has been appointed by the Gene-
ral Board, to examine minutely the whole accounts and affairs of the
bank. From the Report of this Committee, the Directors have much
pleasure in submitting the following extracts :
" Vie. your Committee, have accomplished the object of our ap.

pointment as carefully and circumstantially as we have been able ; and
we have to report, that the bank's accounts are, with very few excep-
tions, in a healthy and active state, and that the exceptions are not of a
character or magnitude to prevent the future growth and prosperity of
the concern. And farther, we feel a happy confidence in stating, that if
the means hereafter recommended be promptly applied by the General
Board, those exceptions may be expunged from our record. And we
recommend to the General Board that a rule be made to appoint a Corn.
mittee of Inquiry, at certain periods, to examine into and report upon
the state of the accounts, as at the present time.'
" The Directors hope, that in these unreserved communications, the
Shareholders will feel convinced that they know the worst ; and that
large as is the expected loss (far beyond the anticipations of any of the
parties most conversant with these accounts), there are well-founded ex-
pectations of future prosperity.
" The Directors have now to refer to the result of the business of the
bank during the past year, and it is truly gratifying that they can re.
port a considerable increase during the last half year, upon the profits
of the preceding one; not arising from any adventitious circumstances,
but from a regular progressive increase of the business of the bank.
" The balance-sheet for the year 1833 shows, after the customary
deductions, viz., all current expenses—the usual proportion of pre_.
flashier), expenses—and (excepting the two accounts of Taylor, Son,
and Gibson, and Brown and Powell) an estimate of the loss likely to
arise upon bad debts whirls have occurred during this period, or which
having occurred and been estimated upon in preceding years, have
now been finally ascertained.--.a profit of 36,079/. Bs. 10d., of which
sum there has been paid a dividend for the half year ending 30th
June, at 31 per cent., 45,783/. ; leaving undivided pr0fit,40,296/. 88.10(1.
" It will be remembered, that the dividend recommended to the last
half-yearly meeting exceeded the net profits of that period by 7,0681.
19s. 3d., which sum the Directors were authorised to take from the
reserved surplus fund. This, however, has not been done, and conse-
quently the undivided profit, now reported, is the produce of the busi.
ness of the year, without any extraneous addition, after paying 3/ per
cent. It is for the shareholders to say what dividend shall now be
declared for the half year. The recommendation of the Directors is,
that it be fixed at 2i per cent. for the last half year, making til for
the year.

"For the details connected with the accounts of Taylor, Son, and
Gibson, and Brown and Powell, the Directors now refer to the appendix
to this Report (Signed) " JOHN CHEETHAM, Chairman."
The recommendation of the Committee for making a dividend for the
half year of 94 per cent., was unanimously agreed to, and the meeting
separated.

From inquiries made in circles likely to be well in-
formed there appears to be no foundation for the rumoured
return of the Earl of Granville from Paris, and we can
positively state that his Excellency's relatives do not antici-
pate his arrival in town until April next. There is a rumour
in the diplomatic circles of the probable recal of Count
Sebast iani.

The Countess of Tankerville, who has been indis-
posed, was so much recovered yesterday as to be able to pay
Visits.