The Sun.
London, England, 1846-10-23 00:00:00

THE MANCHESTER BANK.

MANCHESTER, WEDNESDAY, FOUR O'CLOCK.—This
morning at eleven o'clock the annual meeting of the
proprietors of this very disastrous concern was held at
Ilayward's Hotel, Bridge-street, in this town. The
directors present were Messrs. G. R. Chappell, chair
man of the Board of Directors ; J. C. Dyer, John
Pathus, John Gouldsborough, and John Spencer, deputy-
chairman. Mr. G. R. Chappell presided.
The CHAIRMAN having briefly opened the proceed-
ings, called upon the managing director to read the
report. _ _

Mr. FRAZER then read the following report:—" Re-
port of the Board of Directors to the annual general
meeting of the proprietors, held at Hayward's Hotel,
Bridge•street, on Wednesday, the 21st of October,
1846:—The accounts submitted to the last general
meeting brought down the affairs of the bank to the
30th of June, 1845. The estimated net assets at that
date were 159,7121. 6s. sd. ; the liabilities, 110,1981.
18. 5d.; and the apparent surplus, 49,5131. Bs. The
following is a statement of the affairs of the bank, made
up to the 30th of June, 1846:

ASSETS. LI 1113ILIT lES.
£ 8. d. £ s. d.
Sundry Accts. 803,959 15 4 Stindry Accts. 39,213 1 1
Properties 45,204 1 9; Notes in circul. 1,365 0 0
Cash ...... 193 11 4
Bills 27,711 13 9

40,578 1 1
Bank Stock 612,715 0 0
New Call
Further Call 108,659 17 5
Iteservetll'und 2,611 3 8

£877,072 '2 2
BROUGHT DOWN.
£ 8. d.; £ s. d.
Gross Assets.. 877,072 2 2 Liabilities ... 40,578 1
Deduct Esti- !Surplus— ..... 57,690 9
mated losses 778,803 12 Oj

£877,072 2 2

Net Assets ... £98,268 10 2/ £98,268 10 2
" The directors have cancelled 7,907 shares held by
the company, and also forfeited 4,9241 shares held b)
bankrupt and insolvent proprietors, and have carried the
amounts received on the same, say 128,3151.; original
capital of 101. per share, 4,3371. 13s. 10d.; and 7321. 10i.,
first and second calls, to the credit of the kid debt ac-
count, thereby reducing the amount heretofore taken a,
estimated loss to 778,8031. 125., as stated in the present
repnrt.

The wobable ultimate surplus has increased during:
the year from 49,513 t. Bs. to 57,6201. 9s. -Id. This arises
trom fur-her sums received on account of calls amount-
ing to 4,5131. 10s. and 3,6631. I Is. Id., which have be,i.
realised beyond the estimates and accounts now firitll,
closed, af.er deducting interest and expenses.
" On the 30th September the liabilities were 29,6091.,
being a reduction of 10,9691. since the 30th of June ;
and the directors have much pleasure in being enabled
to state that they have, in the present month, paid 5,0001.
in full discharge of the debt due to their London bankers.
Messrs. Denison, Heywood, Kennard, and Co., to whom
the shareholders are much indebtcd for the liberal treat-
ment experienced at their hands during the liquidation.
" There are still some arrears of calls, and in a feet
instances, where parties have the ability to pay, it will
be necessary to resort to legal proceedings.

" The lainented death of M. Alexander Bannerman
caused a vacancy in the direction, which was filled Liu
by the appointment of Mr. John Bannerman.
" The directors who retire from office by rotation are
Messrs. John Bannerman, Peter Rothwell, and John
Swainson. They will be proposed for re-election.
" By order of the Board of Directors,
(Signed) "G. R. CHAPPELL, Chairman."
Mr. S. WALKER moved the adoption of the report,
which was seconded by a Shareholder.
The CHAIRMAN said that he had much pleasure in
putting the resolution, but regretted that there were not
more proprietors present. He had the pleasure to inform
them that the concern was out of debt and out of danger.
Their London bankers had b(ea paid off, as would he
seen by a letter which would be read to them by Mr.
Harrop.

The following letter was then read to the meeting
" London, Oct. 7, 1846.
" Sir,—We are favoured with your letter of yester-
day, and hare received the remittance of 5.000/, therein
mentioned, being the amount of the last of the pro-
missory notes given for the debt owing to us by your
company. _ _

" We have now the pleasure to enclose the said pro-
missory note, and to offer our congratulations to the
directors on the discharge of their engagement with us.
" At the period when our embarrassments pressed so
heavily on your establishment in the autumn of 1842,
when our cash advance was so considerable, and we
were under acceptances for a still larger amount, we
could not but feel a natural anxiety respecting our posi
tion. We, however, placed reliance on the honour and
good faith of the gentlemen engaged in the direction of
the bank, and accepted their assurance of the ultimate
repayment of our advances. Depending upon their ex-
ertions, we allowed time for the winding up of its con-
cerns, and looked forward to a result by which we should
incur no loss. This confident expectation is now realized
by the payment of the last of the promissory notes with
interest, and it is as gratifying to us ,that our reliance
has been so fully justified, as it must be satisfactory to
yourself and colleagues that the undertaking entered
into has been so completely and honourably fulfilled.
" We remain, yours respectfully,
" DENISON and CO.

" G. E. Chappell, Esq ,
Chairman Bank of Manchester."
A SHAREHOLDER asked how much money was still
due by the bank.
Mr. FRAZER, in answer, said, in round numbers
24,0001., and the available assets 45,0001.
The report was then put to the meeting, and carried
unanimously.

After some conversation as to the propriety of
reducing their annual expenditure, thanks were voted
to the directors and the chairman, and the meeting se-
parated.