The Sun.
London, England, 1856-12-03 00:00:00

THE ROYAL BRITISH BANK.

A rreeting of the depositors and shareholders of the
Royal Britis Bank was held last night in Freemasons'-hall,
for the purpose of considering the course pursued by the
official manager is appealing against the decision of the
Vice• Chancellor, and thereby preventing the declaration of
a dividend. There was not a very large attendance. Mr.
J. Wyld was called to the chair.
The CHAIRMAN, in opening the proceedings, observed
that Mr. Taylor, who had hitherto presided over the meet-
ings of the depositors, was prevented from being present,
but he had sent a letter, in which he expressed the greatest
indignation at the conduct of Mr. Harding, the official
manager, and called upo❑ the shareholders to denounce the
proceedings of that gentleman in the strongest terms. The
present meeting had been convened by the committee of
depositors. Since the last meeting an adjudication in

bankruptcy had been obtained, and a large sum of money
had been collected by the official manager. Tn addition
a considerable portion of the assets of the bank had been
realised, amounting, he believed, to 130,000/. or 150,000/.
After the adjudication in bankruptcy and the learned
judgment of Mr. Commissioner Goulburn, it was supposed
that the official manager appointed under the Winding-
up-Act, and acting under the instructions of certain
shareholders of the British Bank, would quietly have
allowed the affairs of the bank to have been carried on
under the superintendence and jurisdiction of the Court of
Bankruptcy; but, unfortunately, that gentleman, repre-
senting only himself, and being careful of his own interests,.
had appealed against that decision. The decision and the
appeal against it would come on for hearing to-morrow.
After the appointment of the gfficial assignee in bank-
ruptcy application was made by Mr. Harding, the official
manager, to prevent the official assignee from receiving
any portion of the assets, and indeed Mr. Harding went so
far as to endeavour to obtain an injunction against the
assignee.;,V. hill-iachaneeKty4kilie tat mace:
filed by the .offfeirit manager, and then an injunction was
applied for not to restrain the official assignee from admi-
nistering the funds, but only to prevent him from interfer •
ing with the official manager. An application was subse-
quently made to the Vice-Chancellor against the official
assignee for contempt. During the time that the affairs
in bankruptcy were going on, an application was made to
the chief clerk of the Vice-Chancellor to delay the appoint-
ment of an official manager, but notwithstanding that the
committee of depositors attended both personally and by
counsel an appointment took place. Immediately after
the appointment was made the official manager, thinking
himself in the full exercise of all his functions, looked upon
the estate as in his own hands, and from that hour to this

had prevented a proper winding up of the affairs of the
bank in bankruptcy. He (the chairman) believed that the
assignees were in a position to declare at once a dividend
of 4s. or ss. in the pound, payable on the 23,1 inst., and
they looked forward to being enabled to pay a dividend of
10s. by the end of January ; but if the official manager
were allowed to pursue his present reckless course the
shareholders would be involved in great expense, and a
delay of six or eight months would take place before the
first dividend could be paid. (Hear, hear.) The official
manager appeared to have only an eye to his ow-: interest,
but he trusted that meeting would teach him that he was
playing a rather dangerous game with 5,000 of the people
of this country, many of whom were at this moment in a
state of destitution and want. To show that the official
manager had only been actuated by personisl motives, he
(the chairman) would call attention to this one fact—that
when the adjudication in bankruptcy took place the official
manager urged the directors of the bank to appeal against
it. They refused, and the official manager then went to the
chief clerksand obtained an order from him. The official
assignee had been recommended by Mr. Commissioner
Goulburn to apply to the Vice-Chancellor to have the assets
delivered up to him, and while that motion was being
argued, and while it was supposed that the official assig-
nee might receive a portion of the assets from the official
manager, what did the official manager and his advisers
do? Why, he placarded all the different branches of the
bank with bills, and issued 300 or 400 writs against the
creditors, there being no necessity whatever for such a step,
and the only conceivable object being to put costs into his
own pocket. The Vice-Chancellor treated the whole pro-
ceeding as shameful, and ordered everything to remain as
it was. The assignees then thought that they had a right
to collect as much of the money owing to the bank as they
could, and the official manager then applied to the Court
for an injunction to restrain them. Solely through his pro-
c 2eding the administration of the estate had been delayed,
and the object which Mr. Harding had had in view ap-
peared to have been not to benefit the shareholders and de
positors, but to secure for himself the largest amount of
percentage and coats which he could possibly obtain. To-
morrow the Lords Justices would decide the appeal which
had been made; and if it were in favour of the committee,
within 24 hours afterwards they ought to be in a position
to receive the affairs from Mr. Harding; and yet it was said
that in such a case Mr. Harding would cause further delay
by appealing to the House of Lords. (Cries of " Shame !''
and "Lynch him !") This being the state of affairs, the
committee had convened the present meeting, in order
that the shareholders and depositors should be afforded an
opportunity of expressing their indignation. .The state of
the law itself was, no doubt, very bad, bus it was only by
an expression of public opinio❑ that they could hope to
shame the official manager into anything like decency.
(Loud cheers.) The assignees, in their anxiety to protect
the estate, had entered into negotiations with the official
manager, and offered him certain terms; but unless he
could have two-thirds of the estate he refused to enter
into any negotiation at all. (Cries of "Shame !") He (the
chairman) was not at liberty to enter into full details of the

negotiation, but he believed that if he were to do so the
cries of "Shame" would be even still louder than they
were. Every one who was at all interested in the affairs
of the bank must feel that the Court of Bankruptcy was
the only proper court to deal with the matter. He did not
wish any shareholder who might be present to go away
with the feeling that the depositors did not sympathise with
them. He felt assured that the depositors felt the warmest
sympathy for their fellow-sufferers, and he believed that
the only way in which the pockets of both parties would
be saved would be to place the sole power of administering
the estate in the hands of the Court of Bankruptcy.
(Cheers.) Under the Winding-up Act the official manager
would receive the enormous sum of 21,0001., but the
whole cost of administering the estate in the Court of
Bankruptcy would amount to 6,0001. At the present
moment many executions had been taken out against share-
holders of the bank by judgment creditors ; but if the
affairs were properly managed in bankruptcy none of those
executions would be effective. (Hear, heal.) It might be
asked how much of the assets of the bank would be
administered in the Court of Bankruptcy. Mr. Coleman
stated that the assets were about 2'0,0001., and a call which
had been made would realise 150,0001., so that in round
numbers the Court of Bankruptcy would have about
400,0001. to administer. Under the bankruptcy law the
t calle
re becameL
whereas, an a
if
fs e t,
theaonffid
ccio:ls 1 be
md
anner
by immediately a
any adminis-
tered, mi
quibble
n ios
of
the law were enabled to retain the m•inagement of the
estate, it might be months before the list of contributories
would be settled and a call made upon them. (Hear,
hear.) Mr. Harding said that he had used great skill and
exertion, and that he had collected enough to pay a di-
vidend of ss. in the pound. He (the chairman) was sorry
to say that that statement was not true. The money
was lodged in the Bank in the joint names of Mr.
Harding and the Vice-Chancellor, and the Vice-Chancel-
lor had refused to give his consent to the withdrawal of
the money by Mr. Harding. That money was the property
of the assignees; they had demanded it, and, supported by
the opinion of the shareholders and depositors at that meet-
ing, he hoped "they would soon be able to distribute it.
If, however, the official manager was allowed to continue
the protracted litigation which he had commenced, it might
be months, and perhaps years, before the estate would be
administered.
Mr. MAXWELL moved the first resolution :
" That this meeting views with regret the pertinacity
with which the official manager of the Royal British Bank
resists the measures taken to secure an early, equal, and
just administration of the assets in the Court of Bank-
ruptcy, and that both the shareholders and depositors re-
gard his appeal from the decision of the Vice-Chancellor as
antagonistic to their interests, and only calculated to delay
our dividends, diminish existing assets, and create enor-
mous but wholly unnecessary law costs."
He looked upon the procedings of the official manager as
precisely similar to those of a man who, having found a
pocketbook in the street, refused to give it to the owner
unless he would divide the contents with him. He trusted
that hereafter proper steps would be taken for remedying
the present state of the law, and awarding to the fraudu-
lent bank director the same punishment which attached to
the most insignificant thief. (Cheers.)
Mr. RICHARDSON seconded the resolution.
Dr. OoppanD said he was one of the 70 gentlemen who
were alleged shareholders. He represented these gentlemen
that evening, and he was anxious to say that one reason why
they had banded themselves together was that they thought
the depositors had exhibited a desire to exact unreasonable
terms from them. It had beee stated on several occasions
that the shareholders were in a position to pay 20s. in the
pound. Tho shareholders were, however, anxious to
effect a compromise, and therefore they had formed them
selves into an association. At the same time, he could as-
sure the meeting that there was not one of the 70 gentle-
men whom he represented who did not feel the warmest
sympathy for their fellow-sufferers in this great swindle,
and who would not go hand in hand with the depositors
in putting a stop to the iniquitous proceedings of the offi-
cial manager. (Loud cheers.) He hoped that the deposi-
tors would find it to their interest to come to terms with
the shareholders. They were all swindled together—both
the depositors, who had placed their money in the bank,

and the shareholders, who had gone a step further and
taken for their deposits those villanous pieces of paper
which were called "shares." The shareholders were now
endeavouring to ascertain what every one of their body
was worth, in order that a common fund mightbe raised,
to which each would be called on to contributeaccording
to his means. They did not countenance the step which
Mr. Harding had taken, but, on the contrary, trey desired
that the affairs of the bank might be administered by the
Court of Bankruptcy. (Cheers.)

In reply to a Shareholder,
The CHAIRMAN stated that the Messrs. Linklater had
been indefatigable in their exertions on behalf of the de-
positors and shareholders, and that if the affairs of the
bank were in the Court of Bankruptcy the whole estate
would be distributed i❑ a few mouths.

The resolution was then put by the Chair:33:m and una.
nimously agreed to.
Mr. FOSTER, then moved the next resolution :

" That the early division of existing assets among the
creditors of the Royal British Bank and the immediate
cessation of further litigation on the part of the official
management is of paramount importance both to depositors
and shareholders, upon whom exclusively the hardship of
delay and the eventual payment of the law costs must fall;
and the depositors and shareholders, therefore, concur in
denouncing the litigious conduct of the official manager,
dictated with a view to his own interests rather than a re-
gard to those of the depositors and shareholders."
In regard'to the statement of Dr. Goldard, be wished to
state that if the shareholders had been anxious to effect a
compromise they ought to have met the depositors long
before this, and offered them so much in the pound. (Hear,
hear.)

Dr. WARLEY seconded the resolution, which was unani-
mously agreed to.
A vote of thanks to the Chairman then brought the pro•
ceedings to a close.

PE 4T,1,1 BE

7CH4

In our obituary of the 2d instant are have recorded the
death of this celebrated Arctic navigator. Admiral Beechey
was the son of the late Sir Wm. Beechey, R. A., portrait
painter in ordinary to their Majesties Queen Charlotte and
William IV. He was born Feb. 17, 1796, and entered the
navy at the early age of 10 years, under the immediate
patronage of Earl St. Vincent, in the Hibernia, 110. After
a brief service in the Minotaur he accompanied Sir Sidney
Smith in the Foudroyant, 80, to Rio de Janeiro. In 1811,
while serving in the Astrasa, 42q under Capt. Scbomberg,
in company with the Phoebe, Galatea, and Racehorse, be
assisted, after a long and gallant action, in the capture of
the French frigates Renommea, Clorinde, and Nereide.
On his return to England after some Channel service he
was appointed to the Vengeur, 74, forming part of the ex-
pedition against New Orleans, where he served in the boats
which dashed across the Mississippi with a detachment of
troops, seamen, and marines, as a successful diversion in
favour of the general attack upon the America lines ; and
his first commission bears date March 10, 1815. In Sept.
following he was appointed to the Niger, 33, on the North
American station. It was on the 14th of Jam, 1818, that
Lieut. Beechey commenced the first of those four voyages
to the Arctic regions, the hardships of which, we fear, laid
the foundation of that constitutional derangement which
subsequent years of indefatigable bodily and mental exer-
tion have brought to its present premature termination.
He was appointed to the Trent under Lieutenant and
Commander Franklin, with whom he was thus one of the
earliest companions, as he always remained his warmest
friend. An interesting account of the voyage of the
Dorothea and Trent on this occasion, which extended
in the direction of Spitsbergen and terminated in
both ships being compelled to enter the ice, by which
the Dorothea •.vas so much disabled that Captain Buchan
of that ship (the senior officer of the expedition)
ordered its return, was published by Admiral Beechey in
1843. In January, 1819, he was appointed to the Hecla,
under the command of Lieutenant (afterwards Sir Edward)
Parry, with whom he penetrated to long. 113 deg. 54 min.
within the Arctic circle, and wintered in Kelvins
Island. 'ln both the above Arctic expeditions Lieutenant
Beechey rendered great service by artistic and general
observations. On the sth of November, 1821, he was ap-
pointed to the Adventure, Captain W. H. Smyth, who
was then preparing to resume his survey of the northern
coast of Africa. While attached to this ship Lieutenant
Beechey was promoted to the rank of commander, and ap-
pointed, in conjunction with his brother, H. W. Benchey,
Esq., to examine and report on the antiquities of the Cy•
renaica, and of the ancient cities composing the Pentepo-
lis. Commander Beechey executed a survey of the entire
coast from Tripoli to Derna, and the narrative of the ex-
pedition and description of the country, ruins, and anti-
quities has been published by that officer and his brother.
In January, 1625, Commander Beechey was appointed to
the Blossom, 24, in which he proceeded to the Pacific and
Behring Straits to, co•operate with the Polar expeditions
under Captains Franklin and Parry. During the three
and a half years that he was absent from England he pro-
ceeded twice to Behring Straits, and in August, 1826, pe-
netrated to a point northward of Icy Cape, whence the
ship's barge, under Mr. Eisen, the master, reached lat. 71
23, long. 156 21, only 116 miles from the extreme point
reached by Captain Franklin overland. In the interval
he pursued his researches in the Pacific, thus passing more
than once from Arctic to tropical climates, where he dis-
covered and took possession of several new islands, among
which ho once more brought to notice the crew of the
Bounty on Pitcairn's Island (lately removed to Norfolk
Island.) It was in 1827 Commander Beechey, now pro•
moted to the rank of captain, discovered in the frozen
regions a spacious and commodious haven, south-east-
ward of Cape Prince of Wales, which he named after
his godfather, William Iv., Port Clarence. After a
voyage of 73,000 miles, and rendering the most essen-
tial service to the science of navigation, the Blossom
arrived at Spithoad in 1828. The na. rative of this voyage
was also published by Captain Beo•ehey. Ia 1835 Captain
Beechey was appointed to the Sulphur, for the purpose of
continuing the same valuable survey in the Pacific; but
his health gave way before he reached Valparaiso, and he
was compelled to return home. From 1837 to 1847 Capt.
Beechey was continuously employed in the survey of the
Bristol and Irish Channels, and it 'is difficult to say whe-
ther his minute and accurate charts or his valuable tidal
observations have rendered the more useful service to his
country. From this important occupation Capt. Beechey
'was removed by the Government to constitute and super-
intend the Marine Department of the Board of Trade, in
which he was actively and usefully employed at the date
of his death. He was promoted to the rank of Rear-Admi-
lral in September, 1854, and filled the office of President of
the Geographical Society. He only lately delivered his re-
port of the proceedings of that society, and an interesting
obituary of those eminent members who had died during
the past year, leaving a name to be added to the future
list than which few can lay claim to the merit of a more
laborious, talented, and useful life in the service of his
country.