The Sun.
London, England, 1847-10-15 00:00:00

LIABILITIES.

Sundry accounts
Notes in circulation 1,335 0 0

Deduct .. •• • ••• 20,210 3 3
Cash available .. 15,211 2 9

4,999 0 6
Bank Stock 578,125 0 0,
New call
Further call
Reserved fund

£805,519 18 6

DROUGHT DOWN.

Gross assets £805,519 18 6
Less

Estimated losses

Net assets £66,940 0 4
Liabilities
Surplus 61,940 19 10

£66,940 0 4
" The directors have, during the past year, for-
feited 3,459 shares held by bankrupt and insolvent
proprietors, and carried 34,5901. original capital of
101. per share, and 8041. received on account of calls,
to the credit of the bad debt account, thereby reduc-
ing the amount heretofore taken as estimated loss to
738,5791. 18s. 2d.
" The probable ultimate surplus has increased
during the year from 57,6901. 9s. id. to 61,9401. 19s.
10d. This arises from the receipt of 8531. 10s. on
account of the calls, and the sum of 3,3971. realised
beyond the estimates, on accounts now finally closed,
after deducting interest and expenses.
" On the 30th of September the funds amounted
to 20,0621., and the liabilities to 18,4441., showing
a surplus of cash at command of 1,6181. over and
above the sum required for the entire liquidation of,
the debts of the bank.
" With a view to place before the shareholders an
account of their past labours, the directors would
refer to the report of the affairs of the bank, made at
the general annual meeting on the 14th October,
1842. It will therein appear that the liabilities of the
company amounted to 1,810,4621. 18s. 11d., which
vast sum has been finally liquidated, and the proprie-
tors have now a cash surplus left. They will not fail
to perceive that this result could not have been at-
tained under the embarrassed and difficult circum-
stances in which the bank was then placed, without
great anxiety and persevering exertions on the part
of the directors, who may venture to express their
own satisfaction in having thus succeeded in fulfilling
the task of bringing it to the state presented in the
present report.
" Considering that the winding up of the affairs of
the bank, so far as relates to the discharge of all its
debts, with which the directors were charged, has
been effected, and that the proprietors, on the 6th
February, 1843, passed a resolution that the company
should not be dissolved, it appears proper for the pro-
prietors to consider what may be the most advisable
course to be adopted for ensuring to them the great-
est benefit to be derived from the existing assets of
the bank, and from the privileges of its legal position.
" The estimated amount of the assets
believed, be ultimately realised, but from tinheaynaitturies
of the property, a considerable length of time, and
the continued care and attention of the directors,
will be requisite to effect this object, during which
time the rent and other expenses of the bank will
have to be continued.

" By order of the Board of Directors,
(Signed) "G. R. CHAPPELL, Chairman."
Mr. 111.1LuNcroN rose 'to move the adoption of the
report, and in doing so congratulated the shareholders
on the success which had attended the winding up of
the concern. After a lapse of five years, in which
the directors had experienced many difficulties, it was
to him, as it must be to the shareholders at large, a
source of pleasure to find that after paying alt liabili-
ties there was a surplus of 1,6001. He did not know
whether that was a proper time or not to suggest the
idea, but he hoped the shareholders would adopt some
substantial testimonial of their regard to the members
of the board who had done so much to save the con-
cern. He might also say that the charter by which
the bank was established was as good in law as it ever
was, and he would further add that in the charter
itself there was considerable property, which he hoped
would some day be turned to the advantage of the
shareholders.

Mr. W. HILL seconded the adoption of the report,
which, after some explanations as to the nature of
the charter, and the mode of rendering it useful, was
carried unanimously.
Mr. MARSHALL moved the re-appointment of Messrs.
G. R. Chappell, J. C. Dyer, and John Gouldsborough,
as directors.

Mr. LOWE seconded the motion, which was carried
unanimously.
Mr. J. C. DYER addressed the meeting at some
length on the desirableness of turning the charter to
some good and profitable account for the shareholders,
and suggested the propriety of appointing a com-
mittee to confer with the directors as to the best
course to be pursued. The directors had not consi-
dered it their duty to recommend any plan, and there
were two ways in which the charter might be ren-
dered profitable. The first was that there was plenty
of room for a new bank in Manchester, which want
this bank could supply, and he thought it quite
possible that parties interested in banking affairs in
Manchester might buy it, and thereby avoid another
rival.

After a good deal of desultory conversation, the
matter dropped.
A ♦ote of thanks having been passed to the directors
and the chairman, the meeting separated.