The Sun.
London, England, 1860-07-12 00:00:00

UNION BANK OF LONDON.

Notwithstanding the proceedings at the annual
meeting of the Union Bank of London occu-
pied about two hours yesterday, the discussion was
of a much less disorderly character than expected.
The gathering of the shareholders, however, took
place some short time prior to the hour fixed, and
before the business commenced, at 12 o'clock punc-
tually, the room in the London Tavern assigned
for their deliberations was crowded to excess. The
appearance of the directors at the time stated was
hailed with loud applause, and although some few
hisses were heard when the governor and his col-
leagues took their seats, the repeated' cheers which
followed at once decided the general tone and pro-
bable result of the meeting. Mr. P. Northall Laurie
presided, and made a temperate and business-like
address, explaining with great clearness the position
of the bank, both with reference to its present
and future prospects, the principal points
of which elicited strong marks of approval. The re-
commendations contained in the report for making
good the defalcations of Pullinger, and at the same
time apportioning part of the profits in the shape
of a dividend, were stated to be offered under the
guidance of the best legal authority, and it was
hoped, the governor said, that the course suggested
would be received with favour. Although in carry-
ing out this arrangement it had been found neces-
sary to re-transfer the amount a short time since
placed to capital, the shares would still stand £l2
paid, the proprietors not being liable for more than
£3B, if it should ever be required to make up the £5O
To prove that the bank was in a sound and satisfac-
tory state, it was only necessary to refer to the profits
of the past year, which amounted to £124,000,
exclusive of £lOB,OOO paid to customers as interest.
Of course the frauds of Pullinger had been a deep
source of regret and mortification to the directors,
since, if they had not occurred, the bank on this, its
21st anniversary, would have been in a most unas-
sailable position. As it was, their progress had been
most surprising, forsince the date of their commence-
ment the amount paid in dividends and bonuses had
reached £1,000,000, while nearly £1,500,000 had
been disbursed in the way of interest. With depoSits
over and above £10,000,000, with an increase in the
number of their accounts after the discovery of the
frauds,and with an increasein the number of tie share-
holders, it was quite evident that great confidence
still existed in the institution. The future depended
in a great degree on the proprietors themselves—
the decision arrived at that day being sure to exer-
cise vast influence on their affairs, and the direc-
tors, who had already experienced their great for-
bearance and sympathy, relied on the vote of the
general body to support the property, in the ulti-
mate position of which they were all so deeply
interested. The effect of this address was at once
conspicuous, and the disposition shown to furnish
information and meet the wishes of the share-
holders caused the feeling in favour of the directors
to be more than ever strongly developed. During
the discussion which subsequently ensued—a
variety of questions having meanwhile been
put to the governor—it was certain that the report
and dividend would be agreed to, the largest
proprietors manifesting impatience at the delay in
arriving at a conclusion. It was, however, elicited
at an early stage that the bank would be no suf-
ferer by the failures in the leather trade, the prac-
tice being not to discount except for customers, and
then only when they possessed the whole account.
The threats of suits in Chancery which one or two of
the shareholders assert they are prepared to institute,
did not disturb the strong opinion of the general
body, and the interrogations concerning the ap-
pointment of Pullinger, the period of the original
defalcations, and their gradual increase, having
been freely replied to, the
dividend and report
were all but unanimously adop
dente in the directors and the management concluded
the business as in periods of full prosperity, the re-
tiring directors being re-elected in the ordinary
form.

SUSPENSION OF PAYMENT.—The suspension of
Messrs. Robert Freeland B.rot.h.op, Manchester shippers to
India, is announced. The liabilities are reported at £60,000
to £lOO,OOO, but well-informed people say £60,000. It is
feared that one or two smaller stoppages may follow, but
moat of the creditors are large and wealthy houses,

qi.WSPAPER

e 4
BE BRASS BAND C;* ri;
CRYSTAL • "-;
7fr,
0— 4, 7,44
,-a&.Aitapi
tezdancie e‘ yesterday afiertin'' '
and final contest; .v. r more nterq the at
the first, the numbers present being considerably-
over 22,000. That tills helped to give vigour and
and spirit to the proceedings may be readily be-
lieved.wilds in various parts of
The preliminary
the grounds began, as before, at 10 in the morning; .
holeh force
bt
ther assembled
united
and, as before, at 3 p.m., the w.
in the Handel Orchestra to ZA
strength in a select programme. The pieces thus
.
performed, under the able and energ-etic direction
of Mr. Enderby Jackson, of Hull, were vrocisely
the same as on the previous occasion. This' ,time,
,
however, the effect was still more astounding, the
host of players eerting themselves with a zeal all d
unanimity worthy of unqualified praise. Throe
encores were demanded and accepted, viz., " Rule!
Britannia," Mendelssohn's_Wiedding March, and.
the National Anthem, all of which were executed
with surprising brilliancy and precision.
The bands selected by the judges as worthiest to
contend for the prizes—again 12 in number—there
suecesively exhibited their strength in the Handel
Orchestra. The first prize £3O in money, with a
silver cup for the band master, and a complete set
of Boosey's Brass Band Journal, in 16 volumes,
presented by the publishers—was awarded to the
Cyfarthfa band (conductor, Mr. R. Livesey), fronr
Messrs. Crawshay's Ironworks, South Wales. The
piece selected for this band was Verdi's overture to

Nabucco." The second prize—£2o
in money---
fell to the Dewsbury band (conductor Mr. John
Peel), who played a selection from the same com-
poser's " Ernani ;" the third prize—Xl5, to the
Saxhorn band of Mr. James Bagnall's Ironworks,
Goldshill, Staffordshire (conductor Mr. J. Bland-
ford), for a scena and polacca by Perry ; the fourth
prize—£lo—to the Chesterfield band (conductor
Mr. H. Slack), who (in the costume of the Derby-
shire Rifles), gave a selection from " Lucrezia
Borgia ;" the sth prize—is—to the band froli.
Meltham Hills, Yorkshire (conductor, Mr. 11';
Hartley), for a performaice of the Hallelujah'`
Chorus of Handel. The Blackdyke and Saltaire
bands, who had won the first and second prizes on
Tuesday, were prohibited from contending on this
occasion. Two extra prizes —an electroplated.
cornet-a-pistons by Courtois (presented by Messrs.
Chappell and Hammond), and an electro-plated.
euphonion in B flat (presented by Messrs. Boosey
for the best solo cornet and bass players), were con-
signed to Mr. W. Blandford (Goldshill band) and
Mr. John Walker (Cyfarthfa band). The prizes
were delivered to the successful competitors by Er..
Bowley, general manager of the Crystal Palace,
who addressed them in brief and appropriate terms,.
expressed his belief in the good results that must
accrue from the movement, acknowledged the libee
rality of the donors of prizes, and paid a well-de-
served compliment to Mr. Enderby Jackson for the
ability with which he had organized and directed
the performances. A great deal of enthusiasm was
elicited, and it was nearly 9 o'clock before the pro-
ceedings had come to an end. For a first experi-
ment of this kind the success was quite extraordi-
nary.

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