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

THE MONEY PRESSURE.
LIVERPOOL, SATURDAY EVENING.—The second
week :of ithe extreme financial crisis in Liverpool is
now closed ; and fortunately, the curtain falls under
circumstances more cheerful than those which at-
tended the termination of last week. The daily pro-
gress of the one was marked by ruin among our com-
mercial firms ; that of the other, save in one instance,
has been unattended by any new disaster. The end
of the one was coeval with the suspension of a vast
and important firm ; the close of that which we now
chronicle is free from any new tinge of gloom or mis-
fortune. Discounts were then almost beyond attain-
ment; now good paper is at least received by the
banks, though at heavy rates ; and railway property,
which in the one was reduced to a ruinous degree, is
now considerably enhanced in value, North-Westerns,
which on the 23d were quoted at 145/. 10s., being
held to-day on the Stock-Exchange at 1491. The
price of cotton, it is true, has participated in this
movement ; yet prospects of the crop are more
favourable ; and there exists little, if any, of that ten-
dency to speculation so much abhorred by the manu-
facturers of Manchester.
Such is the satisfactory statement with which this
evening it is my duty to gratify your readers ; and
happy would it be were the accounts received from
our;sister city, Manchester, and the manufacturing
districts, similar in tone and tendency. There, how-
ever, ruin has fallen upon several mercantile estab-
lishments. Among the houses announced are the
following :—Messrs. Rodgett and Brierly, spinners,
of Blackburn, with liabilities estimated at 70,0001.;
Messrs. Swainson and Birchwood, with ample assets;
J. Barton and Co., silk dealers, 25,000/. being the
debt, according to report; W. Hartwright, twist,
silk, and cloth agent; Inglish, manufacturer; J.
Barton and Co., the assets being estimated at one-
fourth of the entire liabilities of 20,000/. ; and J.
Gillow, manufacturer, of Preston, the latter having
been involved in the suspension oißarclay and Co., in
the City. The total liabilities, however, do not, it
would appear, extend to any very large amount.
From Glasgow we have accounts of two suspen-
sions of mercantile houses in that city; Messrs.
Pearson, Wilson, and Co. foreign merchants, being
the first, and Kilgour and Leith, a shipping and West
India firm, the second. The suspension of the latter,
we learn from the Glasgow Argos, has arisen from
the general monetary pressure and the recent im-
mense depreciation of West India property. The
firm had been for some time past reducing its trans-
actions, and their liabilities to Glasgow houses are
estimated to be under 6,000/., but the debts due in
the metropolis are believed to be about 50,0001. The
assets are represented to be considerable, though the
amount they are considered likely to realise is uncers
taro, from the depreciation of property and prices.
The general accounts from the manufacturing dis-
tricts of Lancashire are also of a gloomy character.
Fresh instances of reduced employment had occurred,
and the markets for manufactured goods exhibited no
improvement. As an instance of the extent of the
panic last week, it may be mentioned that 1,3001. in
small deposits were withdrawn from the savings-bank
in Preston in distrust of its safety.
Our local' commercial affairs have since yesterday
remained unchanged to any important extent. At-
tention has been absorbed almost exclusively by the
proceedings of the Royal Bank shareholders, a semi-
official report of whose proceedings is hereto appended,
and from an inspection of the report and accounts
you will perceive that they fully warranted the in-
tbrmation previously communicated to you with re-
gard to the position of the bank and the responsi-
bility of its management. Mr. Alderman Thompson,
as a large shareholder, was present, and led that
section of the proprietors which advocated the liqui-
dation of the liabilities and subsequent dissolution of
the bank. The feeling of the meeting, however,
was opposed to this measure, and an amendment,
moved by Mr. Samuel Holme, adjourning the deci-
sion of the question during further inquiry, was
adopted by a very large majority; and, accordingly,
the decision in regard to the establishment is now
postponed until Saturday next. Of the whole, you
will, of course, form your own opinion ; but in order
to a correct understanding cf the responsibility of the
management, it may be remarked, that three di-
rectors whose signatures appear to an annexed ex-
position of the matter, had exhibited to them weekly,
as well as to their chairman, the balance-sheet of the
bank ; and much sympathy is expressed in all quar-
ters for the position of Sir Thomas Brancker, the
chairman in question. There can be no question as
to the mismanagement; but justice should apportion
censure with an impartial hand. In relation to other
banking establishments we have no new intelligence;
and as yet we are uninformed as to the nature of the
measures contemplated by the directors to liquidate
the claims of the depositors.
An investigation into the affairs has established a
more favourable balance-sheet than had been antici-
pated. A dividend of ss. in the pound is stated to be
certain, and possibly it may subsequently reach the
proportion of 15s. Messrs. Barton, Irlam, and Hig-
ginson's estate exibits liabilities to the extent of up-
wards of 800,0001., and the assets a deficit of about
10,0001.
The cotton-market has again been depressed, with
drooping prices and small sales. The wool-market is
somewhat improved since our last report on the 23:1.
Flour continues firm at the recent rise.
From Newcastle the accounts with regard to the
meeting of shareholders of the Union Bank are, as
you will perceive from the report annexed, indeter-
minate. As in Liverpool, a committee of shareholders
was formed to examine into the affairs of the bank,
and it is stated that, should the results of the investi-
gation sanction such a step, the committee are em-
powered to resume the operations of the establish-
ment. It was considered probable that a call of 2/.
per share would, in that result, be made. The capital
of the District Bank it was intended to increase to
the extent, it was reported, of 300,0001., the new
shares being open preferentially to those at present
holding stock. The pressure upon the other banks
had ceased.— Tinzes.
MEETING OF TII E ROYAL BANK OF
LIVERPOOL.
A meeting of the directors and shareholders of the
Royal Bank of Liverpool was held on Saturday, at 11
o'clock, at the Royal Bank. Mr. Josias Booker was
in the chair. Mr. Alderman Thompson, of London,
VMS present, and the room was crowded with gentle-
men of wealth and eminence in the town.
The report was first received. It was as follows :
" Report of a Committee appointed at a Meeting of
Shareholders, held at the Royal Bank of Liverpool,
on Saturday, the 23,1 of October, 1847.
" Having been deputed by a body of shareholders
to inquire into the position and circumstances of the
Royal Bank of Liverpool, and the causes which led.
to its present difficulties, we have been engaged dili-
gently in carrying out the onerous and very respon-
sible duties assigned to us, and beg leave to report—
" That the main feature of the case is that which is
already matter of public notoriety, the absorption of
a large portion of the paid-up capital of the bank by
the operations of one house—Messrs. Barton, Irlam,
and Higginson, and the simple history is, that the
manager, having advanced a large amount upon as-
surances which were not fulfilled, he would then have
brought the account to a close, but was not supported
by the directors of the day, in his strongly-expressed
opinions ; and upon resuming his duties, after an ab-
sence of a few months, consequent upon ill-health,
Sir Thomas Brancker acting as manager in the mean-
while, the advance had reached an amount which put
at hazard the existence of the bank.
" Although we instance the one great account, we
think it our duty to state that our attention has been
directed to other instances of large advances for which
the bank has only securities of so unconvertible a cha-
racter as to be unavailable for banking purposes ; and
at a period of general pressure such accounts have
necessarily added to the difficulties which the bank
has had to encounter.
" We have had under our review the balance-sheet,
in every possible detail ; the bills of exchange in hand,
and the obligations of the bank by endorsement, and
the letters of credit outstanding; also the various spe-
'did securities held by the bank, and though we
cannovalue t pretend to pronounce absolutely upon their
and effect, we look upon their validity with
confidence.
"Not havingareedeeigd any statement from Messrs.
Barton, Irlam,
Thursday, the shortness
o'f the time has precluded that
and
dinwait `that so important a
document requires,
of the
enable us to
form any opinion of the result
the estate.
" A synopsis annexed hereto of
the
ter liabilities and
assets of the bank will show that the
latter
the former ; but, whatever may be theatd far exceed
e
shareholders as to resuscitating the banicision of the
,
it in liquidation, we recommend a call of el plring
share to be forthwith made, in order that the claims 13er
of the depositors may be paid with as little inconv
nience to them as possible; and we hope the
share-
-
holders will feel it an imperative duty to respond to
this call, for the benefit of those who have given their
confidence to the bank.

" We think it due to the directors and managers to
state that they have afforded us every facility in the
prosecution of our inquiry, and that we find the books
snd accounts kept in an efficient state; at the same
time we cannot refrain from expressing our deep
regret that an establishment so well calculated to
maintain the highest character and position, and to
be of such essential service to this great commercial
community, should, in its operations, have produced so
grievous a disappointment to the shareholders and the

public.
" It now remains for the proprietors to determine
'whether they will endeavour to resuscitate and re-
construct the bank, or that they will proceed to im-
mediate IiquiNEWSpApER
" The di;.s--arret frierally in the foregoing
Deport, and:.heiefore 4-:-,a6t,Q9nemskie. r it necessary to
snake a minteurid.-----.4
"-77T74,-,,,:.

860,475 1 8