The Sun.
London, England, 1856-09-20 00:00:00

ROYAL BRITISH BANK.

Extraordinaiy General Meeting This Day.

An extraordinary general meeting of the directors and
shareholders of the Royal British Bank was held this
afternoon at the London Tavern, Bishopsgate-street, in
con6equence of the issue of the following circular to the
shareholders :

"Royal British Bank, South Sea House,
Threadneedle•street, sth Sept., 1856.
"Sir,—l beg to inform you that, pursuant to the 71st
clause of the Bank's charter, a special general meeting of
the proprietors of this bank will be held at the London
Tavern, Bishopsgate-street, on Saturday, the 20th Sep•
tember, 1856, at ono o'clock, p.m., when the directors
will submit to the meeting a full statement of the affairs
of the company, and, if required, verify such statement
by the production of the necessary books and vouchers ;
and if it should appear at such meeting, and be declared
by a re olution of a majority of the proprietors pre-
sent, that the losses of the company have exhausted the
"Reserved Fund," and one fourth part of the paid•up
capital, the chairman at such meeting will declare the
company dissolved, except for the purpose of winding
up the affairs of the company, unless such a number of
the shareholders present at the meeting as shall be en-
titled to two-thirds, of the votes shall desire to continue
the concern, and shall undertake to do so, and to pur
chase the shares of dissentients, And to idemnify them as
provided by the said clause.
"The directors will also submit to the meeting such
other statements and proposals, and take such other
proceedings as may be approved by the shareholders.
" By order of the Court,
" RICHARD PADDISON, Solicitor."

General ACHESON, prior to the commencement of the
proceedings, rose and addressed the persons assembled
in the room, and stated that the present was a meeting
of shareholders, and, therefore, persons not shareholders
could not legally be present at the meeting. Depositors
in the bankcould not be allowed to remain, so, with the
exception of the reporters and the shareholders, those
persons present not being such must withdraw. They
were assembled for a specific object, and therefore under
the 71st section of their charter depositors could not
legally be present. He, unfortunately, was both a share-
holder and a depositor, and hoped, therefore, that those
gentlemen not so situated would withdraw without
any disturbance, and by so doing would enable those
who remained to conduct the business of the day
in a becoming manner. In the making this announce
ment, he had merely declared what was the law on the
subject, and he trusted that those persons present who
were not shareholders would see the propriety of leav-
ing the room. They would not be allowed to remain,
and if they attempted to do so, recourse would be had t
the police. He was sorry to have to make this announce
ment, but it was merel3 to inform those present of the
law on the point that he had addressed them.
Some of the persons present who were shareholders
left the room, and signed their names at the door, but
others remained.

The chairman and directors entered the room shortly
after 1 J'clock, when about 100 persons only were pre-
sent.
Mr. Esalle, the governor, took the chair.
The adverti-,ement, calling the meeting, having been
read by the solicitor,

The CHAIRMAN said that if the few preparatory re-
marks I shall make before the business of the day com-
mences are considered to be made in bad taste, I trust
you will conceive it to be an error of judgment on my
part, holding me personally responsible for the same.
Six weeks have barely passed, since under this roof a
vote of confidence, in the personal integrity of your
directors, was freely accorded to us. We did not ask for
more, and you may remember that we felt that
we had no right to ask for more. Since that period
events beyond the control of your directors have sufficed
to pull down the edifice which, under altered circum-
stances, emancipated from the unhappy influence of the
past, we bad hoped gradually to have redeemed and still
to have upheld with honour. It is passed. Gentlemen,
sufferers though you be--indignant sufferers though you
most justly are, it is grievous and galling to add that
many of you, I fear, are lasting sufferers. I still believe
you are men of feeling, and that you will allow the
natural indignation under which you are labouring fur the
moment, and I ask but for a moment, and be held in
check by the conviction entertained, I am certain, by
many present, that the mental torture under which some
of us—myself first and foremost—have endured for
months past, is only equalled by the rum and misery
you yourselves are in course of realisation.
A SHAREHOLDER—Why did you not tell us that at
first t (Cries of " Order.")

The CHAIRMAN—I thank you for your forbearance
even so far, and I avail myself of the moment, through.
the righteous resentment which you must express against•
tha authors of so much mischief. (Cries of " Who are
they ?") I avail myself, I say, of this brief interval to
state to you that the course of conduct adopted
by the directors since the suspension of the bank
has been in accordance with the opinion of coun-
sel. Acting under their advice, and in accordance with
the 17th clause of the charter, we have called this meet-
ing, first, for the purpose of laying before yo the fullest
possible statement of the affairs of the bank ; secondly
to elicit from you the declaration of the fact, that the
capital of the bank has been lost ; and thirdly, for the
formal dissolution of the corporation, save for the pur-
pose of winding up. The course of the procedure is it
your own bands, and in your hands the directors leave
it. With the sanction of the three newly appointed
directors, Mr. Jeflett, Mr. Butt, and Mr. Hurst, it was
deemed advisable to place the accounts of the bank in the
hands of Mr. Coleman, who has prepared a statemen•
of our acccounts which will be submitted to the meet-
ing, and which exhibits losses far exceeding our worst
apprehensions. Mr, Coleman, with your permission, will
place a full statement of the accounts before you, and
inasmuch as the mere routine and formal business of the
day can be dispatched in a few moments afterwards, I
suggest to you—but it is for you to determine what
course of procedure shall be adopted—that all matters
and questions affecting the past history of the hank—its
administration, its mal-administration—and ail ques-
tions affecting the position of the shareholders and the
policy of the shareholders shall be resevred for future dis
(Cries of "No, no.") It is hntirely in your bands. I
have only got to say that the Directors are prepared tc
give the fullest information in our power on all matters
coming within their cognizance, and with these remarks
I leave the business of the day to follow the prescribed
routine, and I call on Mr. Coleman to read the state-
ment he hay prepared.

Mr. PORITR asked why a copy of the statement hhd
not been put into the hands of the shareholders as they
entered the room /

The CEIAIRBIAN said the accounts were not completed
in sufficient time.

Several shareholders asked how it was the figures had
been published in the newspapers.
Mr. COLEMAN said that the accounts were ascertained
on Thursday, but he was unable to revise the figures
till late yesterday. He then read the following state
ment

STATEMENT OF THE AFF SIRS OF THE ROYAL BRITISH
BANE, SEPT. 3, 1853.

5. d.
.. 256,59 15 0
.. 110,190 15 6
.. 43,317 0 6
73,516 17 7
.. 9,831 19 1
.. 15,335 18 8
.. 14,887 3 7
.. 15,375 210

Total liabilities .... £539,131 12 9

ASSETS.