The Sun.
London, England, 1851-07-16 00:00:00

£l6O 840 18 4

To balance of unappropriated profits

brought down £112,158 13 4
The CHAIRMAN said he had great pleasure and satis-
faction in representing the board on the present occa-
sion. This being merely a special halt-yearly meeting
for the producion of the accoutoe, in accordance with
the wish of the proprietors expressed two or three year,
ego, i,. would oily be his dm), to call their attention to
he satisfactory state of the establishment. Each of the
tfeni contained in the report showed that the business
had progressed in a very remarkable manner. The
directors had been enabled to carry to the reserve
fund, as he unsopropriatt.d profits ot hvt halt-year, ih
sew of (Hear, he. r.) He trusted that Ike
prosperous condition of the bank might coetinue during
he next ear, aid that, at tie next meeting, the
chairmen who would then occupy the hon. arable position
he now filled, might be able to recommend to them a
mode of di sling with the unappropriate d profits over and
above the 100,000/.—(Hear, hear.) The Chairman con-
cluded by movit g that the report be re ceived, adopted,
printed, used circulated among the proprietors.
The motion•was seconded, and unanimously agreed to.
Mr. MURRAY we led to move a vote of thanks to the
directers for their services during the past hilt year;
but betore doing so he would make one or two observa-
tions in regard to a matter which had lately become
public—he meant the robbery at the branch of the Lou-
don and Westminster Bauk in St. James's square. Va.
rious things had been said to the prejudice ut the bank,
both in the newspapers and by persona in private con-
versation. The bank had, consequently, suffered to
a certain extent from those ruuwurs, but he at-
tributed this to the fact of the public being
ignorant of the real circumstances under which the event
took place. He was anxious, therefore, to give the di-
rectors an opportunity of stating to the proprietors w hat
in reality did happen, in order to saisty their minds
that nothing had been done by any of the officers to the
pie judtce of the interests of the bank.—(llear.) He
bad every reason himself to believe that no blame what-
ever attached to any of the efficers.—(Hear, hear.)
It would appear from the statements contained
in the newspapers that the cash box at the bank
is Ss. James's-square was constantly left exposed
to the depredations of thieves. Now as he kept
an account there, he had occasion to visit the bank
very constantly, but he never saw the cash-box brought
out or exposed, except on those occasions when the
manager tuck a key out of his pocket and opened a
strong box tor the purpose of taking it out. Therefore
if it had gone forth to the public that there had been
any indiscretion on the part of the officers, be, at least,
thought it right that the directors, for their own sake as
well as that of the officers, should say such was
not the case. He had certainly always seen
the contrary. It had also been rumoured that informa-
tion as to the cash-box had been given by some one con-
nected with the bank, and it was desirable that the di-
rectors should say whether they had entire confidence in
their officers.—(Hear.) Having made these observa-
tions, he would say with reference to the motion, that
he was perfectly satisfied with the proceedings of the
' directors, and he was confident the result shown
by the report was in every respect highly
pleasing to the proprietors. He had great pleasure
in proposing that the thanks of the meeting should be
given to the directors.
Mr. LEVY seconded the motion, which was carried.
The CHAIRMAN, in returning thanks, said he was very
much obliged to Mr. Murray for putting the question,
because it would enable him to make a statement of the
whole circumstances, and he begged to be understood as
speaking, not only for himself, but for his colleagues,
and the whole establishment. There could be no
doubt that such rumours as those referred to
by the honourable proprietor were calculated to
injure the bank. When they were entrusted with four
millions and a half of money belonging to the public,
they were justified in expecting that they took care of
the ordinary sums which it was necessary to have in
hand to meet cash payments in the course of their busi-
ness. Ha might mention that in the year 1834 the (le-
as 4,400,000/ to
posits were extremely small, but now they had as much
No doubt, take care of.—(Cries of "Hear, hear.")
When accidents of this kind occurred, the
public were startled,
and exsggeraied reports got
into circulation. Tae
board were convinced that, how-
ever the robbery might have been planned, designed, or
c •rrit d out. no one in
• '
the establishment was in any shape
or
way a party to giving alts inturtuatton whatever, and
they felt therefore just es sate in regard to the gentlemen
in their employ as at any former period.—(Cheers.) It
had been the anxious wish of the board in
selecting officers not. merely to select efficient
gentlemen, but gentlemen in education, conduct,
and charterer, and in regard to_their morals' and be-
haviour he believed the establishment would bear com-
parison with any other either in the metropolis or in any
part of the couutry.--(ll'ar*) He stood there to state
publicly that tatter the eirictest examination and inquiry
the directors were perfectly satisfied that no iudividual
in the bark was in any way
concerned in the deeply..
planned robber) in which the parties found themselves
so completely foiled, and to their own cost. There
were a clue of persons whose profession it was to
plan bank robberies, and
should pass h •
an establishment as the London
and Westminster Bank
under t it was not astonishing that such
their view as a place where, by ad-
dress if not by force, s
etracted. It was very likely,oize property might
into the manager's room f
also, that in the course of
business at this branch be ab-
stracted,
person might have gone
whether he could transfer into
the purposes a ascertaining
foul means a portion
of
the money
his own hands by. fir or
eventth had occurred
there deposited.
the directors had reason to beieeinveoney which might be
Saturdays at four o'clook, when the on
64' successive
s bank was most I

LONDON,

•
crowded with customers, certain persons were in the
habit of prowling about the premises. It bad been asked
how a stranger could know what was going on in the
manager's room. The explanation was this. Though
there were blinds which closed the manager's room from
the view of persons in the public part of the bank, yet
when the place was crowded, it would not be difficult
to see a box or anything else in that room. For
four successive Saturdays the parties came, but were
unsuccessful. When information of the intended rob-
bery was received the box was purposely exposed, and
the manager turned his back intentionally; accordingly,
when the box was secured by the two thie►es, instead of
finding a valuable prise, they discovered that they bad
laid hold of a bait. The public had now reason to con-
gratulate themselves on having got rid of two old prac-
titioners, at least for some years to come.—(Hear,
hear.) He could not believe it possible that any
proprietor thought such a large amount as had
been stated was constantly kept exposed on the
counter in a tin cash-box. That was contrary to
the practice and usage of all banks. Bankers were
usually in the habit of keeping notes in actual use in
what were called note-books, and the objt et
of this box was to deposit new notes,
which customers sometimes required or preferred,
That was the plain history of the whole affair. It was
a circumstance to which every body was liable.—(Hear.)
He hoped the explanation he had given would be satis-
factory to the wetting, and do away with the false im-
pre,,sion which now prevailed on the subject.—(Cheers.)
In reply to a Proprietor, the CHAIRMAN said no such
a sum as 100,0001. ever entered the box under any cir-
cumstances.

A TOW of thanks having been accorded to the directors,
to Mr. Gilbert, the general-manager, and to the Chair-
man for his conduct iu the chair, the meeting separated.

STATE OF TRADE.
(From the Manchester Guardian of this day.)
MANCHESTER, TllESDAL—According to the official
list. the receile 2, of cotton at the Am. rican ports to the
2d July were 2,263,465 bales. The better qualities were
per lb. bigger at New York than on the 25th ult.
(mainly through the influence of accounts from this side)
—the lower grades, however, being very much neglscted ;
and these grades bad lost in the southern markets,
while the better ones remained firm. The general prospects
of the growing crops were highly favourable, genial
rains in the Atlantic States having improved its condition
in those districts from which alone any, complaints have
latterly been received. There is nothing inthese accounts
to weaken the prevailing opinion with us, that the raw
material has not yet run its downward course; and this
opinion continues, therefore, to exerci►e a somewhat de-
pressing influence upon the value of our staple produc-
tions. Good spinniugs of No. 6's to 12's water twist, in
the bundle, have indeed commanded last week's prices
in to-day's market; and the engagements sttll :in hand
for warps of the lower counts, say from 16's to
24's, enable the makers to maintain their quotations
with firnsness,—these only (and not all of them) being
disposed to concede *d. per lb. whcse contracts are ex-
piring. But, in 20's and 30's water, suitable fur Ger-
many, spinners find themselves -at a disadvantage of id.
as compared with this day week; in warps, above tae
counts just named, there is also a little giving way;
and, although there is a good deal of steadiness in
cops, yet business is scarcely practicable at the rates
of this day week. The India merchants are quite
out of the market ; and their deecriptions of yarn, to-
gether with 40-inch shirtings, are consequently more
depressed than almost any other articles. DAnestici,
T's, and long cloths are steady, as are also i printing
cloths. Looking at our market in general, it is
evident that business is very much kept in
abeyance by that prevalent opinion in regard to
cotton, which we have before referred to ; and an
increasing irregularity in prices is a consequence.
In addition to the smell failure of Raphael and Co. we
are sorry to hear of that of another Levant firm—viz,
Ralli and Mavrogordato, of London, with their Man-
chester branch, C. P. Ralli. Fur several months back,
little has been done by the latter, whose debts, therefore,
consist only of some trifling balances. The London firm,
however, is stated to owe about 20,0001., chiefly on ac-
count of bills drawn upon them in favour of Levant
houses in this country.
ROCHDALE, MONDAY.—The flannel market has under-
gone little or no change since that of the preceding
week, except in coarse goods, such as kerseys, which
have been rather more inquired after. The wool market
has been full as easy, except in low-priced English wools,
which are scarce, and maintain good prices.
MACCLESFIELD, TUESDAY.—The demand for manu-
factured goods, though by no means extensive, continues
slowly to increase; complaints are, however, general
at the present low current rates, which seem to
be totally unremunerative. Home-thrown—This mar-
ket has not sustained the improved character
of last week ; less business doing. Price re-
main firm, without alteration. Foreign-thrown—
Some business doing. Prices, in some instances, may
be quoted higher, limits to that effect having been re-
ceived from the continent, where the crop, according to
the latest advices, is stated to be short, probably to
the extent of five to ten per cent. Raw Silk—
Rather more doing. Prices extremely firm, and, in
some instances, looking upwards.

HALIFAX, SATURDAY.—The trade in our Piece Hall
continues in the same languid condition. The only sort
of goods in request is low &stings, which are not pro-
dotted in quantities large enough for the demand. There
is a moderately good sale of power-loom damasks; but,
for those woven by band, the inquiry is very
limited. The depressed state of the spinners has under-
gone no improvement. The quotations for yarn are
inadequate to the coat of production, at the current rives
of wool; and there seems to be no prospect of relief, ex•
cept by running short time. The sales of wool are not
extensive, as the spinners purchase only to supply im-
mediate wares; and prices remain as they were.
HUDDERSFIELD, TUESDAY.—On the whole there has
been en noprovemeet in cur paw k,it on last week's.
More business hue been transacted iu the Cloth Hall.
Striped woollens acid tancir s are in request. Stocks are
low in the hall, and more is being done to order. In the
shipping trade net much has been done. The wool
mat ket is flat, as is usual at this time of the year.
LEEDS. TUE-DAY.—The woollen trade continues ac-
tive. The market at the Cloth Hall, on Saturday last,
was brisk, cud a fair business has been dune to-day.
Prices remain firm.