The Sun.
London, England, 1856-10-07 00:00:00

shareholders, as true and faithful reports, have upon these
Atatements. entrusted the corporation with their property.
If, therefore, there is any preference in the choice of the
individual or individuals to protect the fature interests
of the creditors, it should he given to the depositors,
and not to those who have failed in their duties towards
their creditors and themsAves. The committee have also
taken an office in the Ci,lo, Lombard-street, at which a
clerk will attend from ten a.m. to four p.m., to receive
communications and to answer the inquiries of the depo-
sitors. They are also endeavouring, as they now possess a
list of the depositors, to effect an organisation by which
they can at once communicate with every depositor; and
they are also taking the necessary steps to ascertain the
ability of tho shareholdels to pay the claims of the deposi
tors, and the result of their present information is, that
ample means exist amongst the shareholders for the repay.
ment of all the moneys of the depositors. The interim ma-
nager has issued forms in which he asks the depositors if
they will accept a composition. It is for them to deter-
mine if they will await the realisation of the funds neces-
sary for_their full repayment; or, if it be possible, that an
arrangement be made by which they will accept a compo-
sition for their debts.
" R. TAYLOR, " A, FOLEES,
H. MITCHELL, J. ROBERTS,
G. J. KAIN, H. S. GITTING,
W. WAKLEY, G. E. HEALY,
H. RICHARDSON, WM. CLOTHIER."
That was the report of the committee, and he now moved
its adoption, but before he sat down he wished to offer a
few observations. Most of those present, no doubt, had
received a letter from the interim manager, which they
were required to fill up and address to him, stating at
the bottom whether they were willing to receive a compo-
sition or required to be paid in cash. Now, before they did
that therewere two questions for themto consider. Upwards
of five weeks had elapsed since the suspension of the bank,
but as yet no action had been taken by the directors for re-
payment of money to the depositors, or to relieve them from
their distresses. Instead of that they had been entirely
silent, and although they had shown every anxiety, the di-
rectors had evinced no disposition whatever to meet them.
He had received a number of anonymous letters threatening
them that if they did not accept anything that they could
get, that they would get nothing ; but they *odd learn
that they were not to be intimidated by such documents
from taking the course that they had previously deter-
mined upon. Now, before they accepted a composition,
or before they paid any attention to such intimidations,
let them look to see what the state of the bank was, and
whether they would accept a composition or not. If they
did, out of what element ought that composition to be
paid ? Mr. Coleman was here that night, and could answer
for himself. At a meeting of the shareholders of the Royal
British Bank, held he thought on the 20th of Sept., it was
stated that the assets of the bank amounted to 288,648/.
Bs. 11. d., and the liabilities amounted to 539,303/., that
238,6181. being exclusive of the Welch coal works. Amongst
the shareholders were many individuals of large property,
who could afford to pay either 501. or 801. upon each share,
and it would be for them to consider before they left that
room to-night whether they would accept a composition or
not. The object the committee had in calling them toge-
ther was twofold. First, to ascertain their sentiments in
respect to the appointment of an official manager who
would thoroughly do justice to both parties, to the inte-
rests of the depositors as well as the shareholders. The
other object was to ascertain if they were disposed to re-
ceive a composition for their debts, and if possible to ob-
tain a standing before Vice-Chancellor Kindersley, when
thoy should have some one to take charge of their inte-
rests. Whatever course they might take, it would be well
to consider whether two official managers would not do
better than one, and the Vice-Chancellor had the power of
ordering the second. appointment. He concluded by call-
ing upon Mr. Coleman to address the meeting.
Mr. COLEMAN said that he had attended there at the
request of the committee, and he felt it to be a duty as
a public man to accede to the request which bad been
made to him. lie thought it would be acceptable to the
meeting, from his position with the bank, to know his
views of it. He also wished to inform thorn that at the

time of this catastrophe—for so he must call it—he was
at the Isle of Wight, and unable to attend to his busi-
ness, and those gentlemen who called at his office had
only seen his chief clerk ; bat on hearing of the circum-
stance he came to town on the Wednesday, and sue.
03eded so far in investigating the affairs of the bank as
to enable him to taylbilltiXement which had been pub-
lished before the raeeting on the 25th ult. This was done
without fear either of directors or shareholders ; for he
considers lit to be his duty, as a public man, to Icy all
the proofs that had come to his knowledge before the
meeting. He spent no little time in doing so, well know-
ing that, as a public man, he would be called upon to
verify his statements ; and it was his firm belief that all
the assets fib had stated could be realised. He was
strong on that point, for he bad made a statement, and
he would be guilty en no fraud in his assertion of what
the depositors ought to have. He had gone carefully
through the assets, and Gen. Aitchison had compli-
mented him upon it, and given it as his opinion that, if
the assets were as he had stated, the affairs of the bank
might be brought to a speedy termination. After a very
long investigation of the affairs of the bank, it was hia
advice that the depositors should accede to a composition.
(No, no.) Those were the principles which he had advo-
cated at the general meeting ; those were the principles
ho advocated that night. If they did not accept those
terms, and went on to obtain the full amount of their de-
posits, the shareholders would contest their liability ;
and, therefore, he recommended them to get the rebate
into their hands, which they could use in trade, and he
at the same time relieved from all litigation. That was
the coarse which he advised them to pursue. He was not
aware until he entered that room, and heard the report
of the committee, that any one had put forward so
bold a proposition as 15s. in the pound, and he did not
think the property would realise it. He had attended be
fore Vice Chancellor Kindersley at Bury St. Edmund's,
and he had been complimented by that learned judge on
the way in which the accounts of the depositors had been
brought More him, and he would advise the meeting
before they came to any conclusion to reflect on the sug-
gestion which he bad made, for the assets did not show
more than 12s in the pound, independently of the liabili-
ties. He urged a compromise between the depositors and
the shareholders, feeling satisfied that the shareholders
would be but too glad to meet them, for they were now in
Chancery, and could not get out of it without the judge's
sanction. If he was appointed as official manager he would
do all in his power to get as large a dividend as possible.
(Cries of " We will have all or none.")

A DEPOSITOR wished to know if the 70,0001. was in.
eluded in the 288,0001. set down as assets ?
Mr. COLEMAN said the account of Mr. Brown was in.
eluded, with many others. He had gone through 800
bonds and ♦alued the whole of them, and he believed that
the whole of the assets he bad set down ought to be rea•
Used. He had gone through the securities given by Mr.
Brown, and had put a very different value upon the pro-
perty to that placed upon it by the directors.
Another DEPOSITOR wished to know what proportion
of the assets belonged to the depositors /
Mr. COLEMAN said the gentleman had put rather a
legal question than one of fact; but he would answer it
to the beat of his ability, by stating that he thought no
distinction could be drawn between them and those of
shareholders.

Mr. R. TAYLOR said he was about to more the first
resolution, and he would recommend the meeting to
adopt it ; but before be did so, as one of the committee,
he wished to express his own feelings of what he had wit-
nessed in the course of the inquiry, and he was bound
to eay, as a commercial man, that he never met with
anything so completely disgusting as the way in which
the affairs of this bank had been conducted. He felt that
indiviation which every man ought to feel when a wrong
had been committed upon him, and money had been taken
out of his pocket against his will, and that by men who
lived as patriots, but wbo had shown themselves—should
he say it ?—little better than swindlers. (Hear, hear.)
He would speak plainly, but he would not go ono hair's
breadth beyond the truth. He would except in his ob-
servations three gentlemen, who had entered the direc-
tion within.a few weeks, one of them being a neighbour
of his own, and he felt assured be was not a man who
would do a dishonest action. The bank had been
launched into the world by Mr. Macgregor, who had
been selected by the citizens of Glasgow to represent
them in Parliament, but had no sooner introduced the
British Bank to the public than he made use of his
position to use the bank funds just as much as the
honest manager would allow him. It had been chro-
nicled that Mr. Macgregor was a debtor to the extent of
many thousands of pounds, and if Mr. Coleman could
be asked the question, he had no doubt he would tell
them that his assets were not worth much. Then there
was Mr. Brown, another member of Parliament, and if
they could not get it from a member of Parliament,
from whom could they expect honesty and integrity
Surely, then, it was fitting fur them to express their indig
eation, for he believed that if Mr. Brown had not been a
member of Parliament ho could never have been able
to get 70,0001. out of their bank. It had been said that
ror the sum Mr. Brown had taken he bad given securi-
ries ; but they were only personal acceptances. When
they found a number of individuals thus plundered, the
fleeting had a right to know what had been learnt by
:,he committee in the progress of their investigation.
there were two gentlemen in the direction who were at
the present time debtors to the bank, and he hoped they
would be able to pay 20e. in the pound. (A Voice.—
Where's Cameron ? He (gr. Taylor) bad got his.eame
down, and he would say a word about him. Ho was
Wu) greate4 deUnquents for he had allowed wrong to be