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

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, Bishopsgate.
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 resolution 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 tr, 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 C9urt.
"RICHARD: PADDISON, Solicitor."
GeneralAiTemsorr, prior to the commencement of the
proceedings, rose and addressed the persons assembled
in the room, and stated that the present was a meeting
of shareholders, and, therefore, persons 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 law 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.
merit, but it was merel3 to inform those present of the

law on the point that he 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.
sent.

Mr. Esdlle, the governor, took the chair.
The adverbisemeiat 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 had no right te 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 had 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 did you not tell us that at
first ? (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 s 3 much mischief. (Cries of " Who are
they ?") 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 advic; 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 bank ; 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 afterward; 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 bank—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 information 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 bad
not been put into the bands of the shareholders as they
entered the room ?

The CHAIRMAN said the accounts were not completed
in sufficient time.

Several shareholders asked bow it was the figures had
been published in the newspapers ?
Mr. COLEMAN said that the accounts were ascertained
on Thursday, but he was unable to revise the figures
till late yesterday. He then read the following stat 7,
went :

STATEMENT OF THE AFFAIRS OF THE ROYAL BRITISH
BANS, SEPT. 3, 1856.
LIABILITIES.

To Head Ofilc3
Strand
Lambeth
Islington

X B. d.
•• 256,59 15 0
•• 110,190 15 6
• • 43,317 0
• • 73,516 17 7
• • 9,831 19 1
• • 15,335 18 8
• • 14,887 2 7
• • 15.375 210

lorough
Picea(
Holborn

•• ••

Total liabilities— •• £539,131 12 9

ASSETS.

By Head

Buildings and
Cash. Debtors, &c. Furniture. Totals.
£ s. d. £ s. d. £ S. d. £ s. d.

Office 29,022 2 10 169,628 10 7 11,480 0 11 213,130 14 4
Strand .. 6,963 16 10 28,972 16 7 6,000 0 0 41,936 13 5
Lambeth 3,573 16 10 5,956 12 10 9,530 9 8
tslington 1,649 6 6 2,950 3 4 1,000 0 0 5,599 910
1,540 9 6 731 410 730 0 0 3,021 14 4
Borcugh 3,587 710 5,232 1 2 500 0 0 9,339 9 0
Piccadilly 1,51;3 1 6 5,673 17 8 1,003 0 0 8,238 19 2
Holborn 625 19 5 6,501 9 9 2,0)9 0 0 9,130 9 2

-
48,528 1 3 *225,669 16 9 25,733 0 11 299,927 18 11
* Less allowan3es for contingencies, exclusive of any

expenses, 5 per cent. on 225,6691. 16s. 9,1. •• .... 11,233 10 0

Total ass:As, exclusive of the Welsh works (sea A) 288,644 8 11
(A.) —Welch works cost (exclusive of interest) 106,8531. 49. 9d.
This statement does not include the estimate of the value
of the Welsh works, as I have not been able to estimate
their value. I may state that they stand in the books at
a cost of 106,453/. 4s. Bd., exclusive of interest on the
various advances. That is the amount at which the
Welsh works stand in the books of the bank, and that
includes all the amounts advanced to the parties con-
nected with the works, and all the outlay up to the