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

No. 17,180.]

S AT7 OCTOBER 15, 1847.

all. The number of persons in attendance at the
Bank for dividends was again numerous, and the
amounts paid out yesterday and to-day have been
large, almost beyond any former example in the
same space of time.. This will sufficiently account
for the rigour with which the repayment of the
loans is insisted upon, but it will at the same time
produce a greatly increased pressure on !ommercial
credit.
There has been more than the usual fertility of
rumours respecting the difficulties in which several
leading houses in the City are placed, and although
the names have been bandied about with very little
ceremony, we do not feel ourselves justified in giving
them formal publicity, or even in making such
pointed allusions as might become injurious to any
arrangement in progress to sustain them from
falling.
According to the letters received yesterday from
Liverpool, considerable apprehensions were enter-
tained that the accounts to-day would be disastrous
in the extreme, but it appears that, to a considerable
extent, the danger had been overcharged. One of
the banks, it is stated, however, but one with only a
small extent of business and amount of liabilities, is
embarrassed, but whether it will be compelled to stop
altogether is not known.
CHRONICLE.—Money matters have been in an
unsettled state in the City to-day, owing to the un-
certainty respecting the meeting of the Bank direc-
tors, and the fear which was experienced that an
increase in the rate of discount would be its result.
No change has, however, been announced, and a
temporary improvement in the price of Consols took
place, but which gradually disappeared at the close
of the day. Whatever may be the gravity of our
financial position at this time, and however true it
may be that the pressure under which all classes are
labouring arises from an excessive expenditure of
national wealth, still there can be no question that
the general want of confidence is a cause only second
to it in the importance of its immediate effect upon
the general welfare. The wealth created by credit
has at this moment scarcely existence in the com-
mercial world. The transactions of trade are forced
down to their narrowest limits, and in the operation
those houses whose business has been conducted upon
the faith in this wealth, rather than on the fact of its
existence, hare had to struggle with the utmost
difficulty to maintain their position. At what amount
of sacrifice these efforts have been made we can only
imagine, unless suspension of payment gives publicity
to their affairs.
There is, however, much popular error respecting
the influence exercised by the failures of mercantile
houses upon trade. The supposition that a stoppage
of a firm whose liabilities amount to any given sum
involves dishonoured paper to that amount is a mis-
take, and one which it is very advisable to remove.
Common report gives the sum total of recent failures
as between ten and twelve millions, and it is a fre-
quent question, " What will become of all that dis-
honoured paper ?" We believe the fact to he that
the acceptances of the firms who have recently failed
scarcely reach 3,000,0001. sterling, and in many cases
the items of that amount were drawn for by the bill
holder here on the foreign countries from whence the
drafts originally came.
When, in 1837, the three large American houses
suspended payment, their acceptances amounted to
a larger sum by some hundreds of thousands
sterling than the aggregate of those dishonoured by
the whole amount of failures which have recently
occurred; and yet the effects of the present crisis
are generally believed to be unparalleled in their seve-
rity. With reference to this particular point, the
state of our exchanges must sooner or later bring the
bullion back to this country, and with its accumula-
tion will come a period of greater ease in all depart-
ments of trade. But the restoration of credit even
in a trifling degree is a matter of almost as great
consequence in this emergency; for its effect would
be to let loose the money which the fears of the
ifc it were buriedapitalisthaver
rendered as
gold minestodhasuseless of Peru the
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ntryais
state of doubt and uncertainty will pass away.
Severe as is the pressure, there is no cause for doubt.
ing either the elasticity or power of the national re
sources.

That elasticity has proved superior to disasters
greater than those occurring to-day, and with the
foundations of future prosperity in a sound condition
there is but little fear of the ultimate result.

BANK OF MANCHESTER ANNUAL

MEETING.
MANCHESTER, WEDNESDAT.—This morning the
annual meeting of this unfortunate concern was
held in the large room of Heyward's Hotel, for the
purpose of receiving the report of the board of
directors, and of re-electing those directors who re-
tire by rotation. Mr. G. R. Chappell, chairman of
the board, presided. The meeting was not nume-
rously attended.

The advertisement calling the meeting having been
read,

The CHAIRMAN called upon Mr. Farrar, one of the
managing directors, to read the annual report.
Mr. FARRAR then read the following report to the
meeting:—

" The accounts submitted to the last general meet-
ing brought down the affairs of the bank to the 30th
of June, 1846.
" The estimated net assets at that date were
98,2681. 10s. 2d.; the liabilities, 40,5781. Is. ld.; and
the apparent surplus, 57,6901. 9s. id.
"The following is a statement of the affairs of the
bank, made up to the 30th of June, 1847 :

[PRICE SD.

" The directors have not' thought it advisable to
recommend, in this report, any plan for adoption ;
yet they are prepared to receive suggestions as to the
future course to be pufsued. •
" To arrive at a sound opinion upon this question,
it will be proper to take into view that, during the
liquidation of the debts, the affairs of the bank' have
been so conducted as to leave unimpaired the
_legal
existence of the company; and as the bank was es-
tablished under the original law, the late enactment
restricting the privileges of joint-stock banks does
not apply to this company, and therefore they advan-
tages attached to it should be considered as an avail-
able property, which, if judiciously used, might give
an increased value to the shares therein. But this
value (whatever it may be) appertaining to its legal
position, can only be realised by adopting some plan
for reviving the business of the bank, -either for ac-
count of the present proprietors, •or • by sorne• other
party, who may become their successors.
" The directors who retire from office, by rotation,
are Messrs. George Royle Chappell, Joseph C. Dyer,
and John Gouldsborough. They will be proposed
for re-election.
" By order of the Board of Directors,
(Signed) "G. R. CHAPPELL, Chairman."
Mr. MiturNoTox 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
souroe of pleasure to find that after paying all liabili-
ties there was a surplus of 1,6001. He did not know
whetht 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 bad 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 affair, in
Manchester might buy it, and thereby avoid another
rival.

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

ACCIDENTS UPON THE MIDLAND

RAILWAY.

On Tuesday afternoon a man in the employ of Mr.
Oliver met his death at Clay Cross by getting upon
a loaded coal waggon, in which he rode through the
tunnel, when he got off, and the Government train
from Derby, passing on the down line, knocked him
down, and cut him to pieces. The unfortunate man
was alone to blame, and has paid the penalty of his
rashness.

On Tuesday night some of the waggons in an
empty luggage train got off the rails at the Trent
Junction points. The earth was ploughed up by
the wheels, the waggons scattered in all directions,
and many of them smashed. Some of the electric
telegraph posts were knocked down, and the wires
entangled with the waggons, so that the telegraph
could not be worked. The train that should arrive
in Derby from London at eleven o'clock was delayed
more than two hours by the obstruction upon the

On Wednesday last a collision took place near to
Derby, on the;Birmingham line. Two labourers in
the employ of the company, whose duty it is to light
the fires and get up the steam, without any authority,
and contrary to all orders, took an engine on the
Birmingham and Derby line at the time a train was
due from Birmingham. The driver of the Birming-
ham train immediately he saw them reversed his
engine, and blew his whistle for the guards to put on
their breaks. The guilty parties, as soon as they saw
the train coming, jumped off the engine and ran
away. The force of the collision was happily broken
by the precautions taken ; but the passengers were
much shaken and alarmed. The man at the points,
seeing the engine running into the station at Derby
by itself, turned it to a siding, or considerable da-
mage might have ensued. The two men who had
taken out the engine were both committed the same
day by Mr. Arkwright, to take their trial at the en
suing quarter-sessions.—Derbyshire Chronicle.