The Sun.
London, England, 1847-11-01 00:00:00

ASSETS.

LIABILITIES.
On deposit accounts £645,967 7 9
On current ditto ... 349,311 1 5 5

ESTIMATED LOSSES.
On unpaid bills ... £37,240 6 2
On ascertained bad debts 30,936 12 6
Depreciation of securities 42,956 10 0

Total estimated loss £111,136 8 8
Bal. of capital remaining 749,338 13 0

" WILLIAM SHAND.
" EMI.. ZWHILCHENBART.
" CHARLES S. MIDDLETON."
The report of the committee, and a synopsis of the
accounts having been read, a desultory conversation,
which, reporters not having been admitted, it would
be impossible to render with any accuracy, ensued.
It was then resolved unanimously, on the motion
of Mr. Alderman THOMPSON, seconded by Mr.'luau
DUCK.WORTH, " That the report then read be received,
and that the best thanks of the meeting be given to the
committee of the shareholders, for the trouble they
had taken in the investigation."
Mr. Alderman TnomvsoN then moved, and Mr.
JOSEPH COOPER seconded, " That a committee of the
shareholders be cpoointed to proceed to the immediate
liquidation of the hank."
Mr. Alderman THOMPSON, in bringing forward
this resolution, expressed his regret at the circum-
stance which had called them together. Considering,
however, the great number of depositors, and the
inconvenience to which they would be put by any
delay in the withholding of their money, he thought
it would be much better that the affairs of the bank
should be wound up with all possible speed.—(Loud
cheers.) Ile felt mortified that he could not with-
hold his great disapprobation at the manner in which
the affairs of the bank had been conducted. He en-
tertained a great respect for Sir T. Brancker, but
that respect should not prevent him from condemning
in tote his management of the concern. The Hon.
Alderman added also some very severe remarks upon
the conduct of the directors.
Sir T. BRANCK ER' in reply to Mr. Alderman
Thompson, said that he was as deeply interested in
the bank as any gentleman present. If the ship was
sinking he did not desert it. The course he took was,
he felt satisfied, the only one open to him, and al-
though the disaster had fallen upon him, it had arisen
from circumstances which neither he nor any other
man could have foreseen.
Mr. JOSEPH COOPER, in a lengthened speech as the
seconder of the motion, reiterated an opinion very
similar to that expressed by the mover.
It was moved as an amendment on this, by Mr.
SAMUEL lIOLME, " That the meeting do adjourn to
Saturday, and that a committee of seven shareholders
be appointed with the directors, to determine as to
the expediency of resuscitating the bank, or to pro-
ceed to an immediate liquidation, and to report the
same at the next meeting."
The following gentlemen were then named to sit
on the committee :—Mr. Josias Booker Mr. Gill,
Mr. Thomas Shand, Mr. John Stock, Air. J. Bibby,
Mr. W. Clare, Mr. W. Imrie ; and it was further de-
termined that Mr. Alderman Thompson be requested
to render his advice and assistance.
Mr. SAMUEL HOLME, on rising, was received with
much applause. He did not think that it was either
necessary or desirable to wind up the affairs .of the
bank. Their affairs were not in that deplorable con-
dition represented by the worthy Alderman, and he
was decidedly of opinion that it was neither right nor
reasonable to call on the directors at so short a notice
to sanction a proceeding which would iujure severely
a great concern like the Royal Bank. He thought
that further inquiry, and time for that inquiry, was
indispensable, and entertaining these views, he moved
the resolution.

Mr. JONES seconded the amendment, in a very ela-
borate speech.
A long discussion took place, but the amendment
was eventually carried by a majority of nine to one.
Another resolution was carried, that thanks be re -
turned to Mr. Alderman Thompson for his important
services, and that the meeting "do sympathise with
the manager, Mr. J. Chaffers, not only on ac-
count of his infirmities, but because of the difficult
position in which recent occurrences had placed him."
It was stated at the meeting that Messrs. Barton,
Irlam, and Higginson owed the bank 523,000!.
It appears that the assents of the depositors to the
proposal made to them by the directors amounted to
368,5974 ; dissents, 29,0001.—the remainder not being
yet ascertained.
The meeting broke up at about half-past one
o'clock.

THE UNION BANKING COMPANY
OF NEWCASTLE.
NEWCASTLE-ON-TYNE, OCT. 29.—A special meet-
ing of the shareholders in the Newcastle, Shields,
and Sunderland Union Joint-Stock Banking Com-
pany was held at the Assembly Rooms in this town,
' on Friday afternoon, and was very numerously at-
tended. Air. W. Woods was called upon to preside,
and Mr. J. Clayton, at the request of the meeting,
attended to afford the benefit of his counsel and
Mr. Woorks,
advice.
circumstances
in opening the business, alluded to the
under which the meeting was held.
lie stated that severalof the largest shareholders ha.d
e;.d
that
somet the
idnafy. days inaesamining the accounts
obr tnheenbganat
titohn they had hitherto
received showed that althou h
.h
taod a , beenfew
cases,losses
to a large amount they wg
poConfinedsesree
e t
of
due to
doors,
and that the bank we.% in
amount of lucrative business. iiseluotal of a large
the directors, who had been blamed
to call the attention of the shareholderof the
terms of the deed of settlement of the :orate'
which precluded the directors from any control
the management and from all right to require infor-
mation from the manager. The committee, however,
felt that as they had not power to require the produc-
tion of the necessary papers and documents, it would
be premature for them to lay any statement before
the meeting, or to give any decisive opinion As to the

Cash bills ... ... ... ... X 143,617 13 6
Dormant account ... ... ... 116,289 11 0
Cuerrnt accounts ... ... ... 1,500,847 0 4
Royal Bank-buildings ... £65,000
Profits since June, estimated at 30,000

95,000 0 0

£1,855,754 4 10

995,279 3 2

£1,885,754 4 10
The following report was also read:—
" Report of the undersigned, three of the directors
of 1846, to the meeting of proprietors in the Royal
Bank of Liverpool, appointed to be held on Saturday,
the 30th of October, 1847.
" We, the undersigned, in addressing ourselves to
our brother proprietors, in reference to the stoppage
of the bank, cannot refrain from giving utterance to
our bitter regret and keen disappointment at the pre-
sent position of this great establishment, and all we
can urge is, that in the course adopted, unfortunate as
it has proved in result, we had no better object in view
than to serve the interests of the proprietors.
" But our first act on the present occasion is one of
clear and obvious duty. It is well known that over-
weening confidence in the stability of one great mer-
cantile house, followed by the extraordinary pressure
of the times, has csused the stoppage of the bank. In
that confidence your manager, Mr. Chaffers, did not
continue to share. Nay, when the debt was about
one-third of its present amount, and Mr. Chaffers was
on the eve of departure from home on account of his
health, he earnestly remonstrated against any further
advance being made to the house in question ; but the
directors were of a different opinion, from the assur-
ances of honour, wealth, and integrity of the principal
partner, and fear of the bank being stopped, and did
not act upon Mr. Chaffers' recommendation.
" In June, 1846, Mr Chaffers went from home,
and, with the exception of one short interval, was
absent from the bank about seven months. During
his absence, Sir Thomas Brancker undertook the
office of manager of the bank, and held, in addition,
the office of chairman of the directors.
"In the position in which Sir Thomas was now
placed, confident of the stability of the house and
reposing implicitly in the integrity and good faith of
the principal of the firm, he was led on by degrees to
make advances, even in the face ofpromises unfulfilled,
until the amount was literally too overwhelming to
contemplate, and the firm was then upheld, least the
hank itself should go down.
" In thus adverting to the name of Sir Thomas
Brancker, we have no wish to cast an undue share of
blame upon him; but it is right that the proprietors
should know that we were not acquainted with the
details of the transactions as they occurred. Whilst
Mr. Chaffers was at home Sir Thomas Brancker alone
was admitted to a knowledge of the accounts of the
customers ' • during his absence Sir Thomas alone
possessed this knowledge. But we are bound to con-
fess that Sir Thomas Brancker did occasionally con-
sult us in reference to this account, and that we beheld,
with consternation, its increasing amount.
" In the steps taken from time to time by Sir
Thomas Brancker alone, as well as those taken with
our sanction, we can solemnly assure the proprietors
everything was done, as was supposed at the time, for
the best. 'We now see, however, that the resort to
concessions, where firmness against encroachments
ought alone to have been displayed, was a grievous
error of judgment, and one which we shall never
cease to deplore.