The Sun.
London, England, 1847-10-23 00:00:00

GLORIOUS NEWS FOR BIRKEN.

HEAD.

ADVANCE OF MONEY BY GOVERNMENT.
The tide of fortune is again setting in towards
Birkenhead. The docks, and the important works
connected therewith, which were almost spurned
by the Liverpool Dock Committee, the other day,
are about to be completed at Government expense.
Yesterday, a proposal was received from Govern-
ment. The Dock Commissioners ,were summoned
at three hours' notice, and thirteen of them attended
a meeting at three o'clock. At that meeting the
proposal waslaidbefois before
to resumethem.lt
is
to
this of
Government
effect :—The Government
possession of the piece of made land on the north
side of the entrance to the great float, and on con-
dition of that land being recovered to the Commis-
sioners of Woods and Forests, they engage to pay the
expense of completing the sea• wall, reserving to them-
selves the right of making any use they think fit of
the land, and to make as many slips and sluices as
they may require. It is supposed that this stipula-
tion is made with the view of converting a portion of
the land into an arsenal.
The amount already expended on the sea wall is
21,0001., and it is estimated that, to complete it,
44,0001. more will be necessary. This amount Go-
vernment offers to give, on the conditions above
named ; and, in addition, to advance 150,0001. for
the purpose of finishing the great float and embank.
ments, so as to bring the dock into condition for
business : not to do all that was planned by Mr.
Rendell. The Government are to receive, in part,
as collateral security, township bonds to the amount
of 55,0001.
It is further proposed to remodel the Trust by an
Act of next session. Instead of the present board, the
Dock Trust will be placed under the direction of
thirteen commissioners, six to be elected by the rate-
' payers of Birkenhead, three by the rate-payers of
Wallasey, three by the dock bondholders, and the
Government to have the right to nominate one, who
shall be chairman of the board.
We understand that these proposals met with
general concurrence, and that a favourable answer,
signed by ten of the commissioners, was dispatched
to London last night. The reply of the Government
is expected in a few days, and then the bargain may
be said to be complete.
This will, indeed, be glorious news for the land-
owners and others interested in property in the
splendid, but at present almost deserted, town of
Birkenhead. We may expect now to find the town-
ship every day improving, and we hope the day is far
distant when any further check will be given to the
increase of the trade and commerce on either side of
the Mersey.—Liverpool liercury of yesterday.

REPORTED STOPPAGE OF THE
NORTH AND SOUTH WALES BANK.
TO THE EDITOR OF THE SUN.
London and Westminster Bank, Lothbury,
Oct. 22, 1847.
SIR,—A report having been circulated in the City
respecting the North and South Wales Bank stop-
ping, I beg leave to say it is wit'nout foundation.
I am, Sir, your obedient servant,
W. S. HIGLEY.

SUSPENSION OF THE NEW-
CASTLE UNION BANK.

We regret to announce that the Newcastle, Shields,
and Sunderland Union Joint-stock Bank has been
under the necessity of yielding to the pressure of the
times, and suspending payment.. This event took
place on Thursday morning, when, it would seem,
some assistance from the South had been expected,
for on the receipt of the London letters without the
required aid, the managers came to the determination
of suspending, and accordingly about twelve o'clock a
notice, of which the following is a copy, was poste d
on the door :

" The Union Banking Company, in consequence
of the extreme difficulty in obtaining discounts, are
under the painful necessity of suspending payments.
—October 21, 1847."

The intelligence quickly spread through the town,
and the bank was soon beset by the holders of
their notes, who continued to crowd the street
during the hours of business. This bank has for many
years carried on a very extensive business in this
town. It was commenced by the Messrs. Chapman,
and continued as a private bank until 1836, when it
was:converted into a joint-stock bank, under the ma-
nagement of W. Chapman, Esq., as general director,
assisted by a board of seven directors, chosen
annually by the shareholders. It has always issued
notes, and for some time has been the only local
bank of issue in this town. According to the
Act of 1844, its issue was not to exceed 84,1301.,
and we see by the last return published in the
Gazette, that its average circulation for the
week ending October 9, was, 75,0051. The shares
of the bank were of the value of 10/. each, one
half of which is paid up ; and according to the list of
shareholders, published in this paper, on the 19th of
February last, the number of shareholders was then
451. The bank has branch establishments at Aln-
wick, Berwick, Durham, North Shields, South
Shields, and Sunderland, and has always had the ap-
pearance of being a very prosperous concern, having
never, we believe, since it became a joint-stock
bank, divided less than ten pev cent. per annum.
At the annual meeting of the shareholders, held the
25th of July last, the following report was pre-
sented by the directors, and adopted by the meet-
ing :
" The net profit of the past year, after paying all
current expenses and the income-tax, and placing
a sum to the bad-debt account, amounts to
20,5081. Gs. 7d., on which the directors paid a divi-
dend at the rate of 10 per cent. per annum for the
half-year ending 31st December, 1846, and they now
recommend a simi'ar dividend to be declared
to the 30th of June, 1847. The directors also re-
commend that the surplus, aftxr paying the dividends,
amounting to 5,2681. Gs. 7d_, shall be added to the
guarantee fund, which will then amount to
60,4441. 15s. 10d. Notwithstanding the general re-
striction on trade, the business of the bank has in-
creased, and has been of that legitimate character as
to afford the prospect of continued advancement."
It hence appears that the bank was in a flourishing
state only a few months ago, and there is:consequently
every reason to hope that its embarrassment will be
only of a temporary character. From the above re-
port we also learn, that the paid-up capital of the
company is 152,400/., and the number of shares is
consequently 30,480. The suspension of this bank
at the present time cannot fail of being produc-
tive of very serious inconvenience to this dis-
trict, though the great number and respectability
of the shareholders are an iply sufficient to secure
the public from any ultimate loss, let the resources
of the bank be ever so deficient. We cannot, how-
ever, believe that the deficiency can be very great,
and we would fain indulge the hope that the bank
may soon be enabled to resume its payments. At
any rate, we trust some arra.ngement will speedily be
come to to cash their notes, as the consequences may
be very serious to many poor persons who happen to
be holders of them. —Newcastle Chronicle. o

WHEAT FROM VAN DIEN IEN'S LAND. The vessel
Lydford, arrived in the S't. Katherine's
Docks from
Launceston, Van Diemen 's Land, has brought, besides a
cargo of wool and other merchandise, 2,710 bags of
wheat, the produce of the place; and the Sydney, from
Launceston and Sydneyt las brought 720 bags of wheat,
wag 50 bags Avg',