The Sun.
London, England, 1860-07-13 00:00:00

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THE SUN, LONDON, FRIDAY EVENING, JULY 13, 1860.

TWENTY-FOURTH REPORT OF THE
UNION BANK of LONDON.
At a GENERAL MEET LNG of the PROPRIETORS,
held at the London Tavern, Bishopsgate-street, London, on
WEDNESDAY, the 11th of July, 1860—present, P.
Northall.Laurie, Esq., in the chair, and two hundred and
sixty-seven proprietors—the following report was read by
the secretary :
The I hectors beg to submit to the Proprietors the ac-
counts of the business of the bank for the year ending 30th
June last, from which it will be seen that, after payment of
all charges, and including the sum of £122 Os. 6d. brought
forward from the last yearly account, the profits amount
to £124,563 14s. 6d.
The extent and nature of the frauds committed on the
Bank by W. G. Pullinger, the late chief cashier, have been
the subject of a report issued to the proprietors immediately
after their discovery, and of a circular more recently ad-
dressed to them; but it now becomes the duty of the
Directors to furnish the details of the defalcations, as they
have been traced in the course of the investigation which
has occupied the constant attention of the Directors.
The precise amount of the frauds is now ascertained to
be £2.63,125 6s. 10d., which represents the difference be-
tween the balance shown to be due by the Bank of Eng-
land to this Bank in its own books, and the amount which
appeared to be due to it by the books of the Bank of Eng-
land ; and the investigation of the Directors shows that this
sum has been disposed of in manner following :
Sums credited to four stock brokers, in their
accounts current with this Bank, which
were not received
Sums credited in same way to a bullion
broker (Nathan)
Sums credited in same way to two other per-
sons, customers of the Bank (T. Thorn-
hill and Parr)
_

to become a candidate for the office of Director at this
meeting. By order of the Court,
H. NEWMARCH, Secretary.
2, Princes-street, Mansion-House, July 4, 1860.
THE UNION BANK OF LONDON
For the Year ending 30th June, 1860.
GENERAL BALANCE.
• LIAMILITUS,
Paid-up capital of the Bank
Due by the Bank on current accounts,
deposit receipts (including interest
accrued), and other obligations 9,740,548 9 7
Rebate on billi'not due ..
Balance at credit of profit and loss 124,563 14 6

f by Filbert, dam by Lanercost, Princess, f byWild Dayrell,
—Blemish.
Betting-3 to 1 each agst Sloth and Gipsy, sto 1 each
agst the Blemish filly and Macbeth. Won by two lengths;
the same between the second and third, The winner was
sold for 112 guineas.
The Marcham Park Stakes (Handicap) of 5 sovs. each, with
40 added ; gentlemen riders, professionals Gib extra, &c.
Mr. T. Parr's Philomel, 3 yrs, 9st 71b (in Gib extra)
(Clements) 1
Mr. Milne's Remunerator, 4 yre' lOst 21b (Capt. Barclay) 2
Mr. S. Jacobs's Ipswich, 3 yrs, 9st 121 b (carded 9st 131 b)
(Mr. Thomas) 3

£10,595,00513 3

Johnny and Diamant also ran.
Betting-6 to 4 agst Remunerator, 2to 1 agst Ipswich
Won by four lengths ; a neck between the second and third

' ASSETS. •
Cash in the Bank £355,271 18 1
Cash in the Bank of

England
Cash lent at call ...1,052,020 0 0
£2,075,83912 3
_ _ _

ARRIVAL OF THE GREA7' _EASTERN
AT NEW YORK
(From the IVeto York Herald.)
After hopes. deferred, and delays almost innu-
merable, the Great Eastern is at last upon us. While
we write her gigantic shadow is quivering in the
waters of the North river, and before another sun
has set our Oriental friends will be almost forgotten
in the contemplation of this new sensation. Public
interest has so often been aroused in connection
with this huge triumph of art, and so often disap-
pointed, that the various announcements of her trial
trips and departure have heretofore had little more
effect than to excite the disparaging criticisms of
the multitude, who, with Yankee pride, are loth to
believe in the promptness of English enterprise.
Now that the leviathan is fairly here, however, no
one can be found who will gaze upon the magnifi-
cent proportions of this mighty ship and cast a slur
upon an experiment which, if successful, is destined
to revolutionise, in a measure, the maritime inter-
course of the world.
"The first announcement of the arrival of die Great
Eastern at this port was received by telegraph from
Sandy Hook in the following despatch :
" SANDY 1100 K, Jurc 28, 10.30 A.M.
" The steamship Great Eastern came in to the Lightship
at half-past 7 o'clock this morning.
" She left the Needles at 10 a.m. on the 17th.
" With the exception of two days, she has experienced'
fine weather.
" She has 42 passengers.
" She steamed the entire passage, ranging from 254 to
333 miles per 24 hours.
"The engines were not stopped until she was off George's
Shoal, for soundings.
" She came in a route south-east, direct to the Lightship,
where she was boarded by our ship news collector and Mr.
John Van Dasen, of pilot-boat Washington, No. 4, a busi-
ness partner of Admiral Murphy, who went out to South-
ampton for the ship.
" She was received, on reaching the Lightship, by Capt.
Cosgrcve, with a salute and the dipping of colours, and as
the mist blew away all the vessels in sight set their bunt-
ing and cheered her.
" She is drawing 27 feet water aft, and will be trimmed
to an even keel before crossing.
" The following is the number of miles made per day
Date. Miles. Date. Miles.
June 17 285 June 23
„ 18
~ 19 ..
25
„ 20
~„ 21
22 .. 280
- - -

Investments in Government Stock, Ex-
chequer Bills, City Bonds, Debentures,
&c
Bank Premises—consisting of freehold
buildings in Princes-street, Mansion
House-street, Argyll-place, and Fleet-
street, and lease and fixtures of No. 4,
Pall, mall East
Loans, bills discounted, &c., including
the balance at the debit of the late chief
cashier 7,319,441 18 2
Dividend and bonus declared• on 11th
January, 1860.

£10,595,005 13 3

PROFIT AND Loss ACCOUNT.

Amount of the frauds of

the late chief cashier £263,125 610
Less amount realised out
of his property
£252,003.12 0
3,40 g 18 4
Balance carried to next year

1,543 15 0

Sums received from the counter cashiers to
take up bills, but not so applied
Sums credited to various parties, and sup-
posed to be in cheques bawled to the
counter cashiers, but afterwa-rds with-
drawn by Pullinger, and not presented
for payment
Amount of gold charges as paid to the Bank
of England, but not received by it (small
amounts of which were abstracted in coin,,
but the bulk of it is believed to have been
exchanged for notes in the office)

£255,415 10 4

Profit unappropriated on
30th June, 1859
Amount of net profit of the
year ending 30th June,
1860

£124,563 14 6

Out of which a dividend
and bonus was declared
on 11th Jan., 1860.... £54,000 0 0
And it is now proposed to
declare another divi-
dend of 12s. per share.. 36,000 0 0

£263,125 6 10
Of this amount £117,274 15s. 2d. has been traced as pay-
ments to members of the Stock Exchange, and is supposed
to represent losses sustained by Pullinger in time bargains.
The investigation also shows that £62,799 6s. 2d. has been
traced to the bullion broker referred to—who is known to
have been largely engaged with Pullinger in speculative
operations, but was not a member of the Stock Exchange.
These sums, amounting together to £180,074 ls. 4d.,
leave an amount of £83,051 ss. 6d. not yet traced to parties
as having received it.
It is now known that Pullinger had an interest in cer-
tain race horses, and that he had betted largely on races ;
but nothing has transpired to throw any doubt upon his
own statement that only a small portion of the money was
lost in that way.

£90,000 0 0

Amount proposed to be reserved £34,563 14 6
Proceeds of reserved fund realised 100,851 15 10
Amount proposed to be debited to capital
account to meet the frauds of the late
chief cashier . .. . 120,000 0 0

£255,415 10 4
It was resolved (one Proprietor dissenting) :
That the Report submitted to the meeting be, and the
same is, hereby adopted and confirmed, and that the Direc-
tors be authorised to carry into effect the recommendations
contained in the said report.
Whereupon the Chairman declared a dividend of 12s. per
share for the last six months, ending the 30th June last,
which, with the dividend and bonus paid in January last,
makes a total payment of 121 per cent., clear of income tax,
on X 720,000, the paid up capital of tho Company.
It was resolved unanimously :
That Arehibald Boyd, Esq., be re-elected a Director of
the Bank.

It will be seen, by the accounts appended to this report,
that the Directors have realised £11,116 14s. 10d. from
property of various kinds that belonged to Pullinger ; and
though they have taken the safe course Of assuming the
balance as a loss, they can assure the proprietors that the
subject engages their constant attention, and that no steps
are neglected which may lead to the further recovery of
property.
In their circular letter of the Bth June, the Directors
informed the proprietors that they had been engaged in a
close examination of the system of checks existing in the
bank, and had, in some departments, introduced others
which they trusted would prove:effectual safeguards against
any repetition of fraud ; and the result has been to ensure
the greatest stringency in the administration of the office.
It would be impossible to make the effect of these regula-
tions clear to those not conversant with the daily working
and necessarily complicated operations of the bank ; but
they are based on an extension of the present system of
double responsibility—that is, of each operation of one
clerk requiring the check of another, and on a rotation of
duties by the clerks in certain departments, whereby the
accounts kept by one clerk are, from time to time, trans-
ferred to another clerk.

That Charles Lyall, Esq., be re-elected a Director of the
Bank.

That Fleetwood Pellew Wilson, Esq., be elected a Direc-
tor of the Bank.

It was proposed by George Hodgkinson, Esq., seconded by
Thomas Hislop, Esq. ; and resolved unanimously,
That the cordial thanks of this meeting be presented to
the Governor, Deputy Governor, and Directors of this Com-
pany for their services ; and that this Meeting desire to
express their entire confidence in their management.
Proposed by James Anderton, Esq. ; seconded by G. B.
Gunton, Esq., and resolved,
That the best thanks and wishes of this Meeting be pre-
sented to W. W. Scrimgeour, Esq., the tried and faithful
Manager of the Bank.
Proposed by Donald Stewart, Esq., seconded by Andrew
Graham, Esq., and resolved,
That the thanks of the Meeting be presented to Mr.
HenryNewmarch, the Secretary ; Mr. Robt.F. Ingpeia, the
Manager of the Regent-street Branch ; Mr. John St.
Barbe, the Manager of the Charing-cross Branch; Mr.
John Beattie, the Manager of the Temple-bar Branch ;
and the other Officers of the Bank, for the zealous discharge
of their several duties

`~~

~~'~~ z~.

—=
"or

acE STAMPED, 5D

the Great Eastern. In the one case each horse
power propels about three and a half tons, and in
the other each horse power propels nearly 91 tons,
and corkequeutly to this extent the one ship is more
effective in its mechanical result than the other. If
the consumption of coal in the larger vesiel was
equal in proportion to that of the Persia it would
amount to something over 800 tons a day ; but, as
already stated, toe Great Ship will do better than
this under circumstances more favourable to an ex-
hibition of power, when, of course, the advantages
will he still nmre apparently in her favour.
The day's run was looked upon generally
as pretty satisffictory, considering the speed and
pressure at which the engines had been work-
and people thereupon began to speculate
,upon the time we should reach New York.
The general cunclusion arrived at was that she
would gut across the bar at Sandy Hook by three
o'clock of Wednesday, June 27. A few sanguine
people expressed an opinion about her making the
shortest passage that had ever been made ; but
these were not quite so well aware of the ex-
pressed determination of the officers in charge to go
slowly but surely. One or two bets were made
that she would beat the Adriatic, who left three
days after her. Attention was diverted from this
topic by the announcement that they were getting ,
canvas on the ship; At 1 o'clock p.m. the fore and
aft canvas was set, with the effect of slightly in-
creasing her speed and diminishing the amount of
rolling motion. As the wind kept pretty steady
the foresail and foretopsail were set. By 6 o'clock
p.m. the fore and aft sails were taken in, and by
midnight the square sails were clewed up, the wind
having increased during the night to a fresh gale.
Up to the time of setting sail the wind had been
from the westward, with too little northing in it to
make sails draw ; it then veered round to the east-
- ward,.and blew 111 gusts, with rainy 'sintilli'lrOFtEW
rest of the evening.

TUESDAY, JUNE 19.
From midnight to 9 a.m. it blew strongly from
north to east, and the ship increased her roll very
perceptibly. Two or three of the trysails and the
fore staysail were set, but the wind soon hauled to
the westward again, and they had to be taken in,
Ship quite lively at breakfast time, but not enough to
prevent all the passengers putting in appearance and
discussing the good things set before them. The
rolling motion of the great ship, though sufficiently
decided, is so easy and long that it is not likely
that the most squeamish voyager will suffer much
from sea sickness ; if it is not escaped entirely, it
will most certainly be reduced to a minimum.
At noon this day, our latitude, by observation,
was 48 deg. 41 min. N., lon. 16 deg. 12 rain. W.
Distance run, 310 miles. Calculating the day at
24 hours, this would give a speed of 14.1 knots ;
but it must be borne in mind that the day from
noon to noon, in running to the westward, exceeds
24 hours by the amount of longitude made. The
difference in longitude between New York and the
Needles is about five hours, so that in making a ten
days' run a ship would gain about half an hour a
day. As the ship gained during this fine run fully
that amount, it reduces the average rate per hour
to 13 and 8-10th knots. The paddle engines ave-
raged 91 and the screw engines 301 revolutions per
minute during the day. The consumption of coal
was 246 tons; average pressure of steam, 171 b. to
181 b.

WEDNESDAY, JUNE 20.

Light breezes from the W.N.W. all the morning,
which veered at 8 p.m. to the S.W. Set trysails
and fore topsails. This morning, to test the accu-
racy of the ship's compasses, steamed for 50 minutes
due north and for 50 minutes due south, thus losing
1 hour 40 minutes in the day's run. Only one
compass was found to be in any way affected by
the attractive power of the ship's hull.
At noon we were in 47 deg. 40 min. north lat.,
and 22 deg. 54 min. west lon.—distance run, 276
miles. The paddles averaged 10 revolutions, and
the screw 31 per minute, during the 24 hours. The
consumption of coal for the same period was 272
tons ; average pressure of steam, 191 b. Towards
evening the wind increased
.oensidcrably, and by
midnight blew up heavy rain.
THURSDAY, JUNE 21.