The Sun.
London, England, 1851-10-14 00:00:00

THE BANK STOPPAGES.

TO THE EDITOR OF THE SUN.
SIR,-It is meet to have a giant's strength, but it
is cruel to use it as a giant—an aphorism assuredly
applicable to the heads of the newspaper press.
In your Sun of last night is a communication from
this town, headed " The Bank Failures," which is
calculated to increase the panic, to spread ruin,
and, indeed, to cause a panic throughout the
country. Your reckless correspondent states that
the liabilities of the Monmouth and Glamor.
gan Bank are said to be somewhere about three•
quarters of a million ; the cash in hand not two
thousands, and the other property of the bank trifling.
The truth of this cruel and ridiculous assertion may
be tested by the following statement:—
Crs.
By Cash in hand ...
Securities, &c. •••
Property in houses, &c.

... £15,578 19 2
... 762,939 14 11
... 31,851 9 5

£810,370 3 6

Drs.
Capital paid up ...
Due by the bank ...
Reserve fund ...
Bad debts ... ...
Balance ... ...

... £220,294 0 0
... 554,748 1 7
... 11,604 18 6
... 13,411 S 6
... 9,311 14 11

. £810,370 3 6
Now, Sir, I leave you to judge whether in any
wind-up 220,0001. be not margin enough for any loss,
and will not also leave a large return of capital to the
shareholders. Is it not most shameful that your
correspondent, in the plenitude of his ignorance or
wickedness, should fan the flame of alarm by such
sentences as these :—" Many of the smaller shareholders
will be ruined "—the town will suffer a fearful convul-
sion this winter. The notes of other country banks
are now regarded with apprehension—only gold is
current; this is a monetary crisis that will shake the
credit and the stability of trade to an alarming extent."
I will not trust myself to comment on this string of
falsehoods. The man who wrote them cannot be aware
of the awful responsibility which attaches to the paper
that publishes them—certainly anything more calcu-
lated to ruin the trade of Newport and the surround.
ing country, it is difficult to conceive. In the name,
therefore, of the common weal, I trust to your inser-
tion of this letter. FIAT JUSTITIA.
Newport, Oct. 11.

(FROM A CORRESPONDENT.)
NEWPORT, MONMOUTHSHIRE, OCT. 13. —A
numerous and respectable meeting of the credi-
tors of the Monmouthshire and Glamorganshire
Banking Company was held at the Town-hall, this
day, for the purpose of considering what " steps were
most expedient to be taken for their security in the
present position of the bank." Sir Thomas Phillips,
Knt., was unanimously voted to the chair. A reso-
lution was proposed by W. S. Cartwright, Esq , a large
coal proprietor in this district, and seconded by E
H. Phillips, Esq., " That a committee be appointed
to meet the shareholders, and that they be requested
to report to the creditors, as early as possible, the re-
sult of such meeting."
The following gentlemen were selected as the com-
mittee, on behalf of the creditors, for that purpose, in
order to ascertain the precise position of the bank,
with reference to its assets and liabilities, and to avoid
the necessity, if possible, of compelling the share-
holders to resort to a court of bankruptcy, viz. :
Sir Thos. Phillips, Knt, ' • Messrs. S. Homfray, Thomas
Brown, Vere Smith, W. S. Cartwright, W. A.
Williams, P. Woodruff, Charles Conway, E. H.
Phillips, James Rennie, James Evans, and Roger
Keene. Monday next, the 20:h inst., was appointed
as the day on which the creditors are to receive the
report of the Investigation Committee.
The greatest anxiety appeared to prevail amongst
the creditors, as to the assets of the bank, but nothing
transpired during the meeting calculated to remove
their doubts in this respect.
The only financial statement upon which at pre-
sent calculations are based is as follows :
To capital paid up ... £220,294 0 0
Due by the Bank ... ... 555,748 1 7
Reserve fund... ... ... 11,604 18 6
Bad debts account ... 13,411 8 6
Debts carried to profit and
loss account

9,311 14 11

Total Drs.

... £810,370 3 6
15,578 19 2

By cash in hand ... ...
Bills discounted, loans and

_
securities... ... ...
Property in houses, pur-
chase of banks, &o. ...

762,939 14 11

31,851 9 5

Total Cra.

..• £810,370 3 -6

REPRESENTATION OF HERTFORDSIIIRE.-Mr. C.
W. Pullen, of Youngs
.Bury, is candidate for the represen-
tation of this county, in opposition to Sir Edward Bulwer
Lytton. In his address to the electors, the new candidate
attributes the social order which has been maintained in
England, in the presence of anarchy abroad, to the timely
concession of Perliamentary Reform, and to the alteration
in the corn-laws ; and we learn also that, although opposed
to extreme or violent changes, he is prepared to support a
well-judged measure for extending the constituency within
such limits as experience may have shown to be necessary.
Mr. Pullen avows that his faith in free trade is undiminished,
and he shows that it has conferred great benefits upon the
people at large by increasing the foreign trade of the country.
lie refuses to delude the farmer by inciting him to hope for
the restoration of protective laws, but invites him to con-
fide in something better—in his own energy, and in the
justice and generosity of the great class of landowners, of
whom he is one.

THE PROPOSED FINSBURY PARS.—Considerable
progress bas been made within the past fortnight by the
authorities of the Woods and Forests, in surveying the site
of the new park, and also in collecting information required
to be obtained previous to an estimate being made of the
necessary outlay for compensation, &c., and for taking the
preliminary steps to bringing in a Bill for making the park
next session. It may be mentioned, as showing the neces-
sity of a park for the inhabitants of the northern district of
the metropolis, that in Islington alone the population, which
in 1801 was 10,600, has now risen to 95,000,rriern;rnef
aitanhsyesisottianite
other parts within the borough of Finsbury the increase is
hardly less remarkable; so that though the nepw_asspeanrgkearisst
being marked out on the margin of the suburbs, it may in a
few years be expected to be in their centre. We
further, that the Docks Junction Railway, which Was
weeklyfirstintended e forg
stationoods
nearonly,
th the
southern
t hh
er irnngsNvl3oei,l boundary
130,000
0n
attractive
worn thousands in
pro-
posed park near Highbury; and this nu
may be expected to be greatly increased
place of resort is provided for the toil worn
of healthful recreation and pure air.

The King of Hanover remains so indisposed that
he cazaut receive 1114 Aliansteo (II any 1445i40§4.