The Sun.
London, England, 1856-09-22 00:00:00

LONDON, MONDAY EVENING-, SEPTEMBER 22, 1856.

ROYAL BRITISH BANK.

Extraordinary General Meeting.

[The following is a more extended report than we
were enabled to give in our impression of Saturday
An extraordinary general meeting of the directors and
shareholders of the Royal British Bank was held on
Saturday afternoon at the London Tavern, Bishopsgat( -
street, in consequence of the issue of the following circu-
lar 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 one 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 reQolution of a majority of the proprietors pre-
sent, that the lasses 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 t, 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."

GeneraIAITCHISON, prior to the commencement of the
proceedings, rose and addressed the persona assembled
in the room, and stated that the present was a meeting
of shareholders, and, therefore, persona not shareholders
could not legally be present at the meeting. Depositors
in the bank could 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 la w 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 to
the police. He was sorry to have to make this announce•
client, but it was merely to inform those present of the
law on the point that ho 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-

Mr. Esdale, the governor, took the chair.
The advertisement 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 bad 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 for the
moment, and I ask but for a moment, to 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 ruin and misery
you yourselves are in course of realisation.
A SHAREHOLDER—Why (lid you not tell us that at
first 1 (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
the authors of so much mischief. (Cries of " Wko are
they I") 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 you the fullest
possible statement of the affairs of the hank ; 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 in
your own hands, and in your bands the directors leave
it. With the sanction of the three newly appointed
directors, Mr. Jellett, 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 statement
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 despatched 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 maladministration—and all ques-
tions affecting the position of the shareholders and the
policy of the shareholders shall be reserved for future dis
cussion. (" No, no.") It is entirely in your hands. I
have only got to say that the Directors are prepared to
give the fullest 'lnformation in our power on all matters
coming within their cognisance, 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 has prepared.
Mr. PORTER asked why a copy of the statement had
not been put into the hands of the shareholders as they
entered the room 1
The CHAIRMAN said the accounts were not completed
in sufficient time.
Several shareholders asked how it was the figures bad
been published in the newspapers 1
Mr. COLEMAN said that the accounts were ascertained
on Thursday, but he was unable to revise the figures
till late yesterday. IN then read the following stat:.•
recut :

present time. I will tell you the reason why I have not
attempted to value the property in Wales. The pro-
perty when it came into their hands was incomplete, and
was an unworkable concern ; it is now a complete pro•
perty, and perfectly workable, with the means of transit
right up to the South Wales Railway. A very able
report has been made respecting the works by an engi-
neer of some eminence, in South Wales, acquainted with
the nature of the property, and the result of it is, that
he has estimated that the works might be made to yield
a profit of 16,0001. per annum.
A SHAREHOLDER—What is the name of the engineer ?
Mr. COLEMAN--I must decline to state it. I may state
that he is a gentleman as well acquainted with works of
this nature as any man in the kingdom, and I had an
opportunity of personally conversing with him on the sub
jest, and through him I hope ultimately to find a purchaser
for the property. He assured me that the minimum value
of the property was certainly 40,0001., and I think if you
take works which may be made to produce 16,0001. a
year profit, they must be worth at least two and a half
years' purchase, and even if they were only worked to
half their power, they ought still to be worth five years'
purchase. I have exercised a judgtneut, for I think 20
years' experience has entitled me to some credit, and I
believe that the estimate and valuation I have put upon
the property may be realised. Before going into the de-
tails of the accounts which I have read, I will state to
you that the preparation of these accounts extends over
400 sheets of paper, and the only parties who really
knew the origin, and working, and true position of the
accounts is one man who is away, Mr. Cameron, and
the oth-r, Mr. Crawford, has been so ill that I have
never had a minute's conversation with him, and you
may form some idea of the amount of labour which I
have been compelled to go through in examining the
bonds and documents attached to something like eight
hundred separate accounts.
SHAREHOLDER—What is the total. loss sustained by
the bank?
The CHAIRMAN—If the balance be correct, the liabi•
lity in round numbers is 540,000/.
Mr. MARSH—When did the first loss take place in
connexion with these works ?
The CHAIRMAN—This great accumulation of advances
originated from cash credit and discount accounts
granted at a very early period of the business of the
bank—l think in 1850. A cash credit for 3,0001. and a
discount account of 6,0001. were open to the parties of
the name of Damellar and Scales, and afterwards Du-
mellar and Swift. In extenuation of the conduct of the
directors, I may state that these advances were made
upon the recommendation of one of the first commercial
authorities in the City of London. (Cries ef " Name,
name.") I cannot state it—l must decline to do so.
(Confusion, and repeated cries of "Name.")
Mr. MARSH—We wish to know the name of the party
who recommended the firm. You are responsible for
the actions of your co-directors, and I want to know
why you take upon yourself to advance our money ?
We have a right to know that. (Cheers, and great
uproar.)
The CHAIRMAN—I am sorry I cannot give the gentle-
man's name. I must decline to do so. (" Oh, oh," and
" Hear.")
Mr. Stapleton, one of the directors, here essayed to
address the meeting. but was met with a storm of "Sit
down," " Mr. Metall, go on," &c.
Mr. MARSH—You decline to give it. Well, I leave
the shareholders to put their own construction upon that.
(Hear, hear.) The next thing I have to ask you is this.
You have told us that you gave a 3,0001. cash credit and
a 6,0001. discount credit, making in all 9,000/. Now,
when did that transaction take place ?
The CHAIRMAN—I will give you, if you allow me, a
history of the whole transaction. Upon the strength of
the same recommendation the parties were allowed to go
beyond the original limits.
Mr. MARSH—When did that commence ?
The CHAIRMAN—I think in the autumn of 1850.
Mr. MARSH—Then you had commenced your irregu-
larities. (Hear, hear.)
The CHAIRMAN—Yes ; if you deal with the transac-
tion as such. (Cries of "Of course we do.") Trusting
to the same information, we allowed these parties to have
credit beyond the original amount. We called for col-
lateral securities, and granted money on what, at the
time, was deemed fair commercial value. This was only
what any bank would do. When the advances reached
19,0001. or 20,0001. these parties failed, and then we had
to consider what we were to do. We expected that we
should have been able to recoup ourselves for the whole
of the original bad debt by working the mineral property
ourselves. It may now be said that it was a grievous
banking error of the bank to have endeavoured to cure
the mischief ley increasing the liability ; but, gentlemen,
I can assure you that weeks were given to the conside-
ration of this matter, and, at last, the policy of the mea-
sure was carried, and we became the proprietors of the
property.
Mr. MARSH—At what time ? (Hear, hear.)
The CHAIRMAN—I think this occurred in 1850 or the I
early part of 1851. At that time the iron market fell flat.
(Oh, oh.) There was no longer a profit on the working
cc Aft,. l;isey came into your :
possession ")—but most providentially, as we thought,
the general properties were endowed with a value which
the original proprietors, the Galvanised Iron Company,
had not been aware of. One of the advantages to which
I allude was the coal mine on the property, and which I
extended over nearly a lineal mile. The value of that
coal vein was clearly proved by the fact that the Messrs.
Ford had been for years working with profit a con- 1
tiguous coal mine—one situated on the neighbouring I
property, and held under the same landlord—Mr.
Talbot, of Glamorganshire. But we found that we
e mid not make the value of this mine available
without an out-pit—that "slips," and a " vent," and
other constructions were requisite. Prudently, or other-
wise, we undertook to supply those requirements ; and
as a matter of course money kept going out of the bank
week aher week and month after month. (Oh.) Gentle.
men, I know that this was matter of speculation ; but,
prudently or otherwise, we thought that by making our
property available for due working we were taking the
best means to recoup ourselves for the advances we bad
made. (" Oh, oh," and " Shame.") Gentlemen, it is
very easy to take a retrospective view of the matter and
say that it was imprudent for us to take that step ; but
(to Mr. Marsh) if you, sir, or any other gentleman had
been admitted to our councils at that time you would
have acted on the exigency of the moment, and the
expedients that presented themselves. (No, no.) Shortly
after that, in 1853, we conceived that it would be expe-
dient to get rid of the works, and we received a proposi-
tion from Mr. Frederick Clarke, who expressed his
opinion that if he took the works in hand he would be
able to pay a certain interest on the outlay of the bank,
and ultimately to recoup ns. Mr. Clarke took the
works in hand, and went on for some time ; but finding
that he had not enough of capital to go on, he threw
the property back upon the hands of the bank. (Hear,
hear.) However, in so doing he expressed his convic-
tion that he was throwing up a large fortune—(laughter)
—yes, gentlemen, that if he had another 10,000/.
of his own to enable him to work the property, he
would make his fortune. (Laughter.)
Mr. MARSH—Now, when was that
The CHAIRMAN—I believe it was in 1853, but the
particular moment I cannot tell. We had thus again
to make ourselves masters of the works,
Mr. MARSH—What amount had been incurred when
you took them back !
The CHAIRMAN—I think that, including the original
debt, and the purchase of the second and third mort-
gages, with the equity of redemption, the amount must
have stood at 70,0001. or 80,000/. (Oh, oh.)
Mr. MARSH—And this was so far back as 1853 !
The CHAIRMAN—Yes. (Shame.) You may say,
gentlemen, that serious as the loss would then have
been, we should have closed. (Hear, hear.) Gentle.
men, we could not—we dare not have closed then.
Mr. MARSH --No, not Nu long as there was a hope
of bringing fresh shareholders, (Cheers, and " Hear.")
The CHAIRMAN No, gentlemen ; but it was our duty
to make every endeavour to induce capitalists to come
forward and take the works, in order to recompense the
sbareholders for their advances, or to Otablish a public
company to work the property ; and I aasure you that
a short time ago there was every prospect of our doing
so under the Limited Liability Act.
Mr. MARSH—I have no wish to go further ; but it ap-
pears, from your statement, that in 1853 you had in-
volved the property of the shareholders to the amount
of 70,0001. or 80,0001., while at that time the paid-up
capital amounted to only 50,000/. (Hear.) I was not
then a shareholder, bet the representation made by you
then induced me in 1855 to become one ; and therefore I
I have a right to say, that by your own admission, you
and the other directors made use of our property to the
amount of 70,000/., in advances on account of this single
concern—these works— although your paid-up capital
was only 50,0001. (Hear.) Can any man, whether be
be acquainted or unacquainted with business, say that
that was a prudent thing ! (Cries of " Hear.") Why,
sir, was it not a fraudulent destruction of my property,
and of the property of my children (Renewed cries of
" Hear, hear.")
The CHAIRMAN--Will you, air, kindly point out to me
what you would have done had you been on the board
at that time ?
Mr. MARSH—My reply to you, sir, is, that in the first
place you are begging the qnestion. (Hear.) Your
inquiry is not a fair one. (Hear, hear.) But I shall
now tell you, sir, that though not brought up to com-
merce, I would never have consented to such a proceed-
ing. Had I been a director, I should have opposed such
a proposition, and if it were carried I should have left
the board. (Cheers.) I would have stated my reasons for
my opposition, and stated to the world that as honest
and honourable men it became the directore to wind up
the concern. (Cheers.) Eat instead of that, in 1353, so
flourishing was the concern represented to be that I was
asked to invest in it by a friend who had a conshleral&
number of shares. (Hear)
Mr. Cameron was daily put-
ting forward a statement that the half-yearly capital
was to be increased with every prospect of success.
(Hear.) App ication for liberty to issue more shares was
to be applied for ; and I sent an application fcr shares,
but did not then get them. Now was that proceeding
on the part of the bank a just one ? Was it an English-
man's act ? (Hear.) I have visited every quarter of the
world, and I know the estimation in which English
merchants are everywhere held. I have known their
bills to be accepted when those of even American mer-
chants were refused; but, gentlemen, will this confidence
in our countrymen ocmtinue if such proceedings as thiv

be allowed to pass uncensured or to be repeated ! (Hear.)
I say, sir, that I am smarting under the swindling of
myself and my children. (Cheers.) lam not like the
merchant making, perhaps, his 10,0001. a year. The
investment made by me in the bank was a part of the
small patrimony which my children had a right to, and
seeing that the act of those directors may send us to
beggary, or to depend upon half pay,—my brother
shareholders will pardon me if I may appear a little
importunate. (Hear, hear.) I now wish to ask the
chairman whether ho does not think that this bank waq
insolvent when those new shares were issued! (Cheers.)
The CHAIRMAN—The bank was not insolvent so long
as those securities were taken as worth the money they
represented. (Oh, oh !)
Mr. MARSH—But those securities were not worth
their money. (Hear, hear.)
The CHAIRMAN—In our estimation they were. (Hear,
hear, and Oa, oh !)
Mr. MARSH—But, unfortunately for us, the fact is,
they were not. (Hear.) I now come to Mr. Humphrey
Brown, an M.P.
The CHAIRMAN—You are going through all our blots.
Several Voices—And he has a right to do so.
The CHAlRMAN—Certainly.
Mr. MARSH—WeII, sir, I read of a manager of a bank
at Tewkesbury who embezzled money, but could not be
legally convicted because he was a shareholder.
(Laughter.) Well, the gentleman received in payment
of an advance of 1,0001. to Mr. Humphrey Brown two
cheques of 5001. each on the Royal British Bank. I
want to know, were those cheques honoured I
The CHAIRMAN—No. (Hear, hear.)
Mr. Marisa—Were Mr. Brown's liabilities to the bank
as much as 70,000/. at one time!
Tne CHAIRMAN—I believe they were, with running
securities. (Oh, oh )
Mr. MARSH—Was it fair to allow him to incur liabi-
lities to the amount of 70,0001. (Hear, hear.)
The CHAIRMAN—Perhaps you will hardly believe it
credible that, until I was called to the chair in 1855, 1
did not know that Mr. Brown was in debt to the bank
at all. (Oh, oh.)
Mr. MARSH—WeII that was a sin of omission which
was quite as unfortunate to us as a sin of commission.
As a paid director was it not your duty to have fully
informed yourself as to the finances of the bank I
The CHAIRMAN—WeII, when we had officials munifi-
cently paid, and when we had no reason to believe that
they were not acting in a perfectly straightforward man-
ner, and when you remember that much was done below
stairs of which we had no knowledge, then you have a
clue to much of what has occurred. [A. Voice—" That
is the very thing."] Don't think that I am excusing my-
self.
Mr. MARSH—The general manager of a bank ought
to be the servant of the board, and nothing more. Yet
I was told that the directors of this bank had not the
confidence of the people of London, and that Mr. Came-
ron's manner was most disagreeable to the customers of
the bank. May I ask, what is his debt ?
The CHAIRMAN—About 30,0001., as it appears on the
books. (Shame.)
Mr. MARSH—I wish to know what is the value of Mr.
Cameron's security for the 30,000/. ?
Mr. COLEMAN—I will answer that. (Hear, hear.)
General A ITCIIESON rose, amidst cries of " order,
order, and chair, chair," to insist that the whole of the
general expenditure should be given to the meeting.
Mr. COLEMAN—I think you will find it most conve-
nient if you will allow me to go on with my statement.
I will endeavour to account for the whole of the defici-
ency, and also as to the assets of 238,644/. 83. lid. I can-
not give, as I have said before, the exact value of the
Welsh mines, but simply that their cost was 106,453/.
4s. 9d. At the commencement I found there were
placed down as charges and expenses 7,123/. 118. 10d.,
and another item, preliminary expenses, of 15,7931. lls.
11d. Then there was the adjusting interest account
amounting to 22,3521. 103. 6c1., the entire losses being
270,4121. 103. 6d. (" Oh, oh," and "Shame.") I be-
lieve that the adjusting interest account is one of the
painful causes of plunging the concern into inextricable
debt. (Hear, hear.)
A SHAREHOLDER.—We want to know what were the
bad debts of the directors and officers.
Mr. COLEMAN.—The loss by Mr. John Gwynne, for-
merly one of the directors, is 13,640/. (" Oh, oh," and
"Shame, shame.") That was increased between 1850
and 1855. He retired from the directory in October,
1851, and,leannot find that any debts have been incurred
since, except the interest charged ou the original
amount.
A SHAREHOLDER.—Go on. What is the next swindle
("Hear, hear," and laughter.)
Mr. COLEMAN.—The next account is that of Mr.
M'Gregor (groans, and cries of " How much 1") The
loss by Mr. M`Gregor amounts to 7,302/. (Shame,
shame.)
A SHAREHOLDIR.—IS it true that he was a director
with one share—(hear, hear, and "no, no") ! How
many shares had he
Mr. COLEMAN.—I believe he held ten shares. There
can be no doubt but that a further inquiry into the af-
fair. of .e. meet toe.. pie., is seal eo se- duty
of the shareholders to insist upon further inquiry, and
they have a right to demand it ; but there is one fact
which I desire to bring under your notice, and that is
that since the present governor had filled the chair there
has been no increase of the debt at all, and, as you are
aware, there are many other new directors whis knew
nothing at all about the matter until they became mem-
bers of the board. (Hear, and oh.) Another point I
feel it to be my duty, as your accountant, to lay before
you, is a fact I have endeavoured to ascertain, namely,
that I think there is not one farthing lost by any one
gentleman now sitting on this side of the table as a direc-
tor. (Hear.) I think it highly impolitic and indiscreet
that I should disclose the value of every debt, as it may
be of disadvantage to the shareholders themselves, if I
were to disclose the value I estimate them at. (Oh, oh.)
I may be wrong, and am liable to error as well as other
people, but I think it will not be advisable, unless the
proprietors demand it, that I should disclose the value
of all the bad debts, because if people know what esti-
mate I put on the debts they will not pay you more.
Then there is a debt of parties connected with the direc-
tors through Mr. Humphrey Brown of 50,0001. (Oh,
oh, groans, and Shame, shame.) The direct loss
through directors has been 70,9781. (Oh, oh.) The next
loss is one occasioned by the firm of Oliver, of Liver-
pool, who were introduced through Mr. Wharton, one
of the directors. It amounts to 13,486/. (Oh, oh.) The
next account is that of Mr. Cameron—(groans and
hisses)—whore liabilities, standing in his own name,
amount to 21,250/., besides a further loss by his traffic
in shares of 8,752/., making a total sum of 29,902/.
(Shame, shame.) The directors were led to believe that
there were policies existing on Mr. Cameron's life
amounting to 10,000/., that there was security upon his
property at Dingwall, and other securities, upon which
he was said to have claims, amounting to between 3,000/.
and 4,000/., making from 24,000/. to 26,000/., and in
addition to this there were 200 shares in his name.
Those were the securities which the directors supposed
they had from Mr. Cameron, but I regret to say that it
has been discovered that the whole of these securities
and policies had been previously charged and encum-
bered by other parties to the extent of their value.
(Shame.) The value of the property at Dingwall would
not realise anything like that which was represented as
its value, and my opinion is that what you will be likely
to get back would not exceed 3,000/. or 4,000/. (Lou'.
cries of " Oh, oh.") I find that there is a loss also by
Mr. Mullins, of 7,0001. This forms a total loss of
121,840/. occasioned by directors directly or indirectly.
(" Oh, oh," and " Shame, shame.") The next item of
losses arising from various accounts in the same form
amounts to 49,735/. The next item is a loss of
59,3651. on 492 sundry accounts. (" Oh, oh, shame,"
and cries of " These are for the friends and relatives
of the directors.") These were general cus-
tomers of the banl.. The next item belongs to the
branches of the bank. The bad debts or losses by the
branches appear to be 10,428/. (Shame.) The esti-
mated loss upon the value of the premises occupied for
the business of the bank and its branches will, I believe,
amount to 14,022/. There will, I think be no loss upon
the South Sea House premises, with the exception of a
claim of the builders, which is disputed. Indeed, I
think they will prove to be of more value than,their cost;
and I will tell you why, and that is that the directors
have been from time to time been offered a premium for
them. I think that four-fifths of the whole value of the
establishments will be likely to be realised. There are
only two items more—namely, 2,7061. loss on sale of
securities, and 11,000/. allowance for contingencies,
which I think you will find make up the total loss of
270,000/. Having given you these facts, I may perhaps
be permitted, as a man connected with commercial mat-
ters, to make a remark upon this subject. (Hear, hear.)
It appears to me that the promoters or managers of this
bank began with a theory which practice has shown was
enti rely wrong. (Hear, hear.) In fact, the persons who
started the bank did so upon a principle which is spe-
cious and false, and I have no hesitation in telling you,
as a public man well acquainted with these matters, that
unless the public and commercial men do something to
arrest the progress of specious individuals such as those
ivho concocted the scheme upon which this bank was
tau-tided, more serious occurrences of a similar nature
will
.recur. (Hear, hear.) I have placed before
as you
the facts which have come within my cognisance ex-
plicitly .es possible, without the slightest influence being
exercised over nee by the directors or any one else.
(Hear, heats) It hies been asserted that I have been en-
gaged by the directors to cook the accounts. (Shame.)
Now, I do in common fairness and common justice ask
c
you, the shareholders, ti refute that.
ra Ticeaerinhetahri.s)eitly
do assure you, after au ILonpurabio p
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A PROPRILTOR—What was the financial condition of
to‘2olrayik"re uis'eteheeerek. tnbeevierracwceausaYts3.t a(
Hbeoaairsd)
the bank prior to the new slo.res being issued !
Mr. COLEMAN—If lam to give a fair and explicit an-
swer to that question, I must say that if the account; of
the bank had been properly made up, the shareholders
ought never to have had a dividend in any one quarter.
(Hear, hear.) I regret that I have been compelled to
give you a verbal statement, but I really have not had
t gett you out the entire osition of the bank in
every p aricular, as I first undertook the duty last Wed-
nesday week.
In reply to Mr. MITCHELL,
Mr. COLEMAN stated that within the last few months
a director bad transferred tome shares to Mr. Oholeron,