The Sun.
London, England, 1860-04-25 00:00:00

L~--~

_.

1-i1:11; S PAPE R

sented to his agents in the Stock Exchange that
some of his transactions were for account of that
individual. It is said that Pullinger is also a share-
holder in the Union Bank; but it is not to be ima-
gined that the fact of his being a partner in the
concern will screen him from the punishment due
to his flagrant crime.

rCillgiii*i`.i-7
upon it. me risk of detect Ati'-v941" "—k.h :4)11:01.
(
eamoriz_hpur becomes the mor 41eFts 104WNyttityliV4
co seder that two of the big pffit:4*--41/Ipilf4
rank Messrs. Scrimgeou s-apds,-Tittpg. 47,
~.--rike
themselves formerly in the Bahk'-cie Ent: lldi
.t
establishment, however, is upon 6,llarge. a le
that they were probably unacquainted with the
handwriting, perhaps even with the names or initials
of the clerks in the Bank of England Drawing-office.
Frauds to this extent could only occur in a joint-
stock bank with a large associated capital. in the
case of a private bank, the handling of such heavy
sums, instead of being consigned solely to one officer,
however worthy of trust, would fall within the pro-
vince of a partner. It is precisely in this point
that a lamentable lack of caution has manifestly
prevailed in the management of the Union Bank.
A system of check which depend nu rely upon en-
tries in the books is no check at all Jro the entries
themselves may be systematically talsit:cd for ymrs,
as in the present instarce. In any ! fleet 1111 i sys-
tem of check and counter-check the agency. and
supervision of other emplo3(s of high character is
indispensable. In fact one trusted (lingo:, (: twist
he used as a check upon another. The firA oi:a
of this astounding revelation is naturally an till-
pervading sense of uneasiness. " Who is-tu- be
trusted ?•' is the gtneral exclamation. Good will
doubtless, as usual, ensue from evil. A stimulus
will be given to caution and vigilance in every
quarter. In no establishments are these qual&us
so requisite as in joint-stock banks, the transse •
tious of which reach weekly an aggregate of mil-
lions.

It is naturally asked, how has Pullinger con-
trived to get rid of so vast a sum of money i) Con-
sidering the responsible position which he held, his
salary was manifestly inadequate. This is the
common error of employers, from which joint-stock
banks, despite their„ enormous dividends, are not
exempt. But the present is no petty case of a bank
officer exceeding his income and appropriating a
sum sufficient to meet his embarrassments. Pul-
linger was a gigantic speculator on the Stock Ex-
change. He operated largely in the securities which
present the greatest scope for fluctuation, especially
in Consols, Lombardo-Venetian Railway shares,
and Turkish and Mexican Bonds. Of the latter he
is known to have taken off the market at once no
less than £20.000, and even £50,000, stock, paying
for it in bank notes. It will be a point for the
directors (who have already taken steps to make
the delinquent's small property available) to ascer-
tain whether he has any concealed assets of this
kind. A speculative Stock Exchange firm, which
failed in the panic in May last, being obliged
to pay Gs. Sd. in the pound before its partners
could be rendered eligible for re-admission, gave
bills for the amount ; and it is stated that
Pullinger himself recently met these bills, to the
extent, in one instance, of £4,000. It is, perhaps,
the most astonishing feature of this extraordinary
case that he could so long be regarded as a man of
steady habits in Princes•street, whilst he was known
to many persons connected with the Stock Exchange
as an habitual speculator. Pullinger had other ex-
pensive tastes. He ran racehorses, in conjunction
with a well-known trainer, and occasionally repre-
.