The Sun.
London, England, 1847-11-18 00:00:00

As SETS.

By total amount
of cash, bills
of exchange,
and remit-
tances in hand ...
By book debts—
Good ...
Doubtful ... 430 10 10
Bad ... ...6,685 0 91
---- 7,115 11 7}

£. e. d. £. e. d.
... 9,865 0 9 7,865 0 9

13,918 17 11 13,918 17 1

By property,
rnerehandise,
and counting-
house furni-
ture ... ...
By surplus secu-
rities per contra ...

... 1,529 3 4 1,529 3 4

... 357 3 6 357 3 6

£32,785 17 1} 23,670 5 6
A meeting of the members of the district commit-
tees and other influential shareholders in the North
of England Joint-Stock Banking Company, which
suspended on the Bth of March last, was held a few
days ago in the banking-house at Newcastle-upon-
Tyne, having been convened by the directors to
confer on the present position of the affairs of the
bank. Mr. John Fenwick was in the chair, and the
following statement was read :
" The directors hare to the present time been daily
engaged in arranging settlements with the debtors
and creditors of this establishment. Shen they com-
menced their onerous duties, in April last, the most
clamorous portion of the creditors insisted, not only
upon a cash payment, but upon bills at short dates
for the remainder of their claims ; this was resisted
by every argument the directors could offer,
but to avoid heavy law expenses they were
compelled to give notes to a large amount
at six and twelve months; several forming
a series of those at a longer date. Nearly the
whole of the former were granted in the months of
April, May, and June, therefore becoming due in
October, November, and December, to the extent,
with other engagements, of 34,798/. 17s. 10d. With
this large amount of liability before them, and the
cash derived from the first call, and the assets of the
hank so far as realised fast disappearing, the directors
were compelled, much against their inclination, to
make a second call, and had that been responded to,
even to the extent of the first, although that has
hitherto fallen short of the amount which the directors
hope may yet be realised, the necessity of the present
meeting would not have existed. To this time the
first call has produced 47,4341. 155. 9i., and the
second 28,115/. 13s. 11d., together 75,550/. 9i. Bd.
A considerable portion of the second call consisted
of transfers of loans previously made by the share-
holders; the benefit derived from it has therefore been
much lessened, and the directors regret to say that
they have engagements to the amount of 15,0001. to
meet between this and Christmas, and that their cash
is nearly exhausted. Ever since the suspension
of this bank the country has been in a degree of
panic, and matters have been brought to a serious
crisis in this district by the stoppage of the Union
Bank ; now it is scarcely possible to get any bills
discounted, and the disposal of property at anything
like its value is quite out of the question. Under
these circumstances it is clear that calls will come
very slowly in, and s -)me other mode of raising money
must therefore he adopted, by loans or otherwise, to
the extent of 12,0001. With that sum the directors
consider they can meet every engagement to the end
of the present year, and thence to May, 1848, the lia-
bilities are comparatively light. It therefore rests
with the shareholders whether they will aid the di-
rectors in their laborious and most onerous duties, and
carry out engagements of vast magnitude and import-
ance both to the welfare of the proprietary and the
public, by coming forward at once with aid to the
extent named, or allow the affairs of the concern to
pass into bankruptcy; a course that cannot be
thought of without a fearful dread of its most ruinous
consequences to every party connected with the Bank."
It was sugge• ted that " a list of the shareholders
who had not paid their calls be printed and circu-
lated;" but the motion, after some discussion, was
postponeil until the general resolutions subsequently
adopted were submitted to the shareholders. The

following general resolutions were then put seriatim,
and carried unanimously :
" That, in the opinion of this meeting, it is highly
desirable that the affairs of the establishment should
continue to be wound up under the management of
the directors, so as not only to avoid the ruinous ex-
pense of any other mode of settlement, but to ensure
to the shareholders the valuable services of gentlemen
who have now become familiar with the affairs of the
bank, are consequently best able to decide on the
course most expedient to be pursued for the general
advantage, and under whose superintendence so very
large a reduction has been made in the liabilities of
the company.
"That this meeting regret that the obstacles which
the directors have had to encounter should have been
aggravated by the serious commercial difficulties of
the present crisis, and, having heard the explanation
of the directors, they feel that the true interest of
the shareholders imperatively requires that they
should, to the utmost of their power, aid the directors
in raising the sum requisite to meet the pressing de-
mands upon the bank.
" That, in the opinion of this meeting, this purpose
can best be effected by an advance made to the bank
by shareholders upon loan notes ; and that the parties
present therefore pledge themselves to assist in car-
rying out this most desirable object.
" That the directors be requested to communicate
with the absent shareholders, to submit to them these I

resolutions, and to invite their co-operation, in car-
rying out the resolutions of the present meeting.
" That it be recommended to the directors, in con-
junction with the district committee, to wait per-
sonally upon the shareholders in their several districts,
for the purpose of inducing them to make loans to
the bank.

It was ordered that the statement submitted by the
directors, together with the resolutions adopted, should
be printed and circulated among the shareholders. It