The Sun.
London, England, 1847-11-08 00:00:00

ROYAL BANK OF LIVERPOOL.

A. meeting of the proprietors and directors of the
Royal Bank was held at the Royal Bank-buildings,
Liverpool, at eleven o'clock on Saturday, to receive
the report of the committee which Ilea been appointed
to act in conjunction with the directors in the inves-
tigation of the general affairs.
Mr. Josias Booker occupied the chair, and the fol-
lowing gentlemen were present :—James Molyneux,
Anthony Molyneux, IV. Potter, J. Heath Leigh,
Esq., Belmont ; Robert Bickersteth, IV. Tyrer, Ed-
ward Horley, F. Shand, J. Bibby, J. Wilkinson,
Esq., Hartford; Rev. Frederick Parry, George
Booker, Joseph Cooper, Mr. Moult, J. Holme,
Thomas Bold, James Gerard, Crosby - Mr. J. Stock,
Air. Gerrard, James Tyrer, J. C. Molyneux, Robert
Gill, Mr. Kendall, John Heyes, Prescot ; H. Duck-
worth, Mr. Dover, Sir Thomas Brancker, Edward
Bury, W. J. Tomlinson.
The CHAIRMXN, in opening the proceedings, pre-
-I;minary to reading the report, stated that the object
for which they had met was to decide whether the
bank should be resuscitated, or whether all the
accounts should he closed at once. The delay which
had resulted from the postponement of this very mo •
mentons question from last Saturday had enabled the
committee to devote for a whole week their undivided
attention to the affairs of the hank, and that their
exertions had been in some measure beneficial was
evidenced in the report which they would then pre-
sent. The following report was then read :
" The first step taken by the committee was to
re-examine the accounts of the bank, and they have
the satisfaction of stating that after the necessary
adjustment, transfer of debts and credit, the amount
of liability will be considerably reduced. Your
committee have also the gratification of stating that
the amount of early available assets had been much
underrated in the former report. It will be seen that
in the course thus taken, the committee have done
nothing but what would be available for any future
proceedings. They are alike, however, strongly
impressed with the importance of re-opening the
bank ; and, fortified by the conclusion before stated,
a deputation of your committee proceeded to Lon-
don with a view of ascertaining whether they could
make any arrangement for that purpose. The depu-
tation, being much restricted for time, were unable
to bring the matter in question, as they wished, under
consideration in a quarter where they had reason to
believe that their propositions may be favourably,
entertained; and, with the approbation of the pro-
prietors, the committee will immediately follow up
that which has been left incomplete. Your com-
mittee are now busily engaged in a revisal of the
deed of settlement of the bank, with the object
of placing the control and government of the estab-
lishment on a footing of security to the proprie-
tors, a measure of great importance in any project for
reviving; the bank. In conclusion, your committee
recommend that a further attempt be made to revive
the bank, and with this object, that power be taken to
create 4,000 shares of 1901. each, the subscriber to
have preference to the extent of seven per cent. per
annum, to take liability only on transactions of the
hank from the date of re-opening, and subject to the
revision of the deed of settlement, as recommended,
such shares to be first offered to the present share-
holders, and to be transferable as soon as paid up.
Payment to be made on the 20th of January, and to
bear interest from the day of payment.
" JOSIAS BOOKER, Chairman.
" Liverpool, Nov. 6, 1847."
The CHAIRMAN, in explanation, said that those gen-
tlemen who put down their names for preference
shares would supersede the call, and that the money
already paid would go as a moiety in payment of the
preference shares. The bonus shares had been can-
celled, and the money paid for the bonus would be
carried to the credit of those taking preference on ac-
count of payment. If the preference shares were de-
clined, then the call would have to be paid. Gentle-
men might take their choice.
Mr. COOPER—Suppose a person chose to take pre-
ference shares, but who had already paid up the bonus
of SO& ?
The CHAIRMAN—That would go impart of the call.
The CHAIRMAN, after replying to several other
questions, went on to say that the report had been
most carefully drawn up, and, after the most mature
consideration, the conclusion to which he had come
was, that under existing circumstances the recom-
mendation made was the very best to promote their
interests.—(Cheers.) He was sure that that report
would recommend itself to every one of the intelligent
proprietors present ; and he could not refrain on the
present occasion from expressing the gratification
which the committee had experienced at the dignified
forbearance manifested at the meeting last week. He
trusted that a similar tone would pervade at the ad-
journed meeting, for he was certain that nothing
would more tend to enable the committee to carry out
the intentions of the great body of the constituency,
and by restoring the bank to its former position, to
sustain the high character of the merchants of Liver-
pool.—(Cheers.) If there should be any person then
present so far alarmed as to be ready to sacrifice his
property to get rid of his liability, he would say to
that person, " Cease your alarm—struggle with your
,iifficulties like a man, and do not turn your back
on them like a coward."—(Applause.) It was true
that they could boast of one of the wealthiest
proprietaries in her Majesty's dominions ; but it
was also undoubted that amongst them there were
many individuals whose property would be very
seriously injured, should a winding up of the con-
cerns of the bank be inevitable. He would speak out,
however; they bad no cause whatever to be alarmed.
--(Cheers.) With fresh tackle and good manage-
ment, with the blessing of Providence, the Royal
Bank would weather the storm, and cast her anchor
in a harbour of safety. There were two courses
before them, and it was for them to decide which
they would adopt ; one was by restoration, which
could only be secured by their united efforts; and
the other was by liquidation. If they were deter-
mined upon the latter, let them take a comprehen-
sive view of their interests, and let a fixed period be
named.—(Hear.)
Mr. S. HOLME had had the honour, at the preced-
ing meeting, of moving that there be a postponement
of question of the liquidation of the hank ; and
he thought the the meeting would agree with him
that the most beneficial result had arisen from that
delay. He agreed with the Chairman that the
temper and forbearance which had been displayed
by the meeting on the last occasion calamitous
as that occasion was was calculated to assure
every individual, whether depositors or otherwise,
that, bound up, as the bank was, with the credit
and prosperity of Liverpool, no exertion would
be wanting to enable the bank to resume
business.—(Cheers.) it was his conviction that in
the present calamitous state of the public at large,
nothing would tend more to restore public confi-
dence than the resumption of business by the bank.
Ife thought that it was highly desirable that in the
proceedings they were now about to take some efforts
should be made to esOblish the concern for the future
upon a far wider bade, and upon more sound prin-
ciples, that the confidence of their constituency and
the proprietors might hereatler be implicitly vested
ie their management. He rejoiced at hearing two
things in the report ; first, that their liabilities had
been considerably reduced, which was as much as to
say that a larger sum was now in the possession of
tip.' bank than at their last meeting; and, secondly,
that gie early available assets had been much under-
rated—that a very large sum, much larger than they
had any reason to anticipate, would shortly flow into
their coffers, and thus enable them to resume busi-
ness. He most cordially agreed in the revision of the
deed of settlement ; he thought that was decidedly
necessary. Connected as he was with the great
tradesman body of Liverpool, he did not hesitate to
say, on the part of his fellow-townsmen, that it was
absolutely indispensable that the basis of the ope-
rations of the bank should be extended, and for
that reason he was glad that they had come to
the resolution of issuing shares of 1001. each—the
more extended the basis the firmer would be the apex.
He had attended the other day the meeting of the
depositors, and, as he had paid a compliment to the
meeting of the proprietors last week, he was bound
Nisn to speak of the great feeling indicated by every
Individual at the Clarendon Rooms. The depositors
Have determined to demand an interest of 6 per cent.,
and such interest, he thought, was justly, due to
them. They
and some a had trusted their ' money to the bank,
them were undoubtedly,
severe distress. Mr.
Alderman Thompson was not
then present, but he (Mr.
reference to the motion li°lnie)
might observe, in
tendered at the last meeting
by that Hon. Gentleman,
had been adopted the consequencesat those suggestions
most calamitous.—(Hear, hear.) would have been
lihadec position, even
onfieent hopes
in a week, had improved ; and he
town,
enabled
that in a short time the committee would
to come to a conclusion beneficial to the own,
satisfactory to all parties. Mr. II 1 and
o me concluded by
moving the adoption of the report.
Mr. A. F. JONES seconded the motion.
Mr. J. COOPER would not have troubled the meet-
ing had he not thought it incumbent on him to reply
to one or two of the remarks of Mr. Samuel Holme.
That gentleman had cast
.some reflections on Mr.
Alderman Thompson and.himself (Mr. Cooper).
midst loud
Mr. S. HoLsis, addressmg the m. eeting a
no," denied the imputation in tote.
rcries of " No,
He had wished to be understood in saying only that
if the decision recommendedldhave been most unwise. by the Hon. Alderman
had been come, it would
Mr. COOPER resumed. He had, however, to justify
(himself and his conduct on the occasion referred to.
When he had found one account showing that
00,000/. had been lent to one party, and that
0001.. some on certain .
lie
a S. e
assets, was owing to the
abrett z AIM that, in justice to the public,
of: ieir own individual interests, the
have been to proceed at once to a
,shear.) In supporting Alderman