The Sun.
London, England, 1856-12-17 00:00:00

V. VV, 1 G, DECEMBER 17 1856

WALTHAM RACES.—(This Day.)

TEE NEW PRESIDENT ('F THE UNITED

STATES.

(BY ELECTRIC TELECIRAPII.)
SELLING HURDLE RACE.

The President elect, Mr. Buchanan, having been
the President of the Board of Trustees of the
Franklin and Marshall College since its organisa-
tion in 1853, the students, to the number of over
100, provided themselves with a band of music,
and waited upon Mr Buchanan at his residence,
Wheatlands, for the purpose of congratulating him
on his election to the highest office within the gift
of a free people. The visit was suggested and
arranged among the students themselves, who laid
aside for the occasion all their party preferences
and prejudices. On their arrival at Wheatlands
they were received most cordially by Mr. Bu-
chanan, to whom they were introduced by the
President of the college. The address having
been delivered to Mr. Buchanan, he replied to
it at some length. He thanked his young friends
for the visit, for he was sure that their con-
gratulations were sincere, as they sprang from
the warm hearts of youth which had not yet
had time to become corrupted and hardened in the
ways of the world. The bosom of youth was the
abode of sincerity and truth, and it was indeed a
pleasure and au honour to receive the warm out-
pourings of their hearts. He referred to the ad-
vantages which those present could obtain from the
noble institution of which he was proud to he the
president of the board of directors ; he reminded
them of the responsibility which would rest upon
them in forming and administering the future go-
vernment of the country when the present genera-
tion had passed away ; and exhorted them not to
neglect or abuse those opportunities, or to idle
away the golden hours allotted for the improvement
of the mind. Mr. Buchanan said he had been a
college boy himself, and none of the best of boys
either, being fond of fun, like themselves. There
were many little eccentricities in the life of a
college student that might be pardoned or
overlooked ; but there was one habit which, if
formed at college or in early youth, would cling to
them through after life, and blight the fairest pro-
spects. He referred to the use of intoxicating
liquors, and declared it would be better for that
youth who contracted an appetite for strong drink
that he were dead or had never been born ; for
when he saw a young man entering upon such a
career, a fondness for liquor becoming with him a
governing passion, he could see nothing before
him but a life of sorrow and a dishonourable
grave in his old age. He urged them to learn
thoroughly all they undertook to learn, to acquire
knowledge distinctly, and then they would be
able to use it to advantage in after life. He
hoped his young friends would avoid the practice '
of having a smattering of everything. He thanked
them for their congratulations upon his election to
the high and responsible office of President, but
whether the event would prove to be a matter of
congratulation time alone could determine. With-
out saying which party was right or which was
wrong, the fears of the " father of his country" had
at last been realised, and they now behold a sectional
party—one portion of their Union arrayed in political
hostilityagainst the other. The object of his adminis-
tration would be to destroy any sectional party,
North or South, and harmonise all sections of the
Union under a national and conservative Govern-
ment, as it was 50 years ago. Unless this were
done the time might come when the sectional ani-
mosities which now unhappily existed might break
up the fairest and most perfect form of government
the sun ever shone upon. But he trusted that the
same Power which had watched over and preserved
them in the past would continue to smile upon
them and make them a prosperous, united, and
happy people. In conclusion, he said that if he
could in any degree be the honoured instrument o

Affghan
Hernandez
Daahaway

Three ran.
HANDICAP HURDLE RACE.

Flageolet
Victory
Cripple

Six ran.
Arrived—British Yeoman.

EAST INDIA HOUSE.

MEETING THIS DAY.

The usual quarterly Court of the proprietors was held
this morning at the East India House ; Colonel Sykes,
Chairman of the Board presiding ; but as 15 proprietors
only were present the Court was adjourned, Mr. Jones
protesting it was a shabby way to get rid of a discus-
,,ioD on an important question, viz., the abolishing the
Board of Controul.

allaying this sectional excitement and restoring
the Government to the principles and policy of the
fathers, he would then feel that he had not assumed
the arduous duties of the office in vain.
At the conclusion of Mr. Buchanan's remarks he
shook hands with each of the guests, who, after
giving three cheers for the President of the Board
of Franklin and Marshall College, and the Presi-
dent elect of the United States, separated.

0011.MERCIAL BANK OF LONDON.

Mr. O. E. TEAKLE had addressed a letter to the mana-
ger on the previous day, intimating his intention, in
consequence of the rumours alluded to, to put various
searching questions to the board in reference to the affairs
ot the bank, He had put the questions he intended to
ask upon paper, and would proceed to read them seria-
tim. His first question was : "It has been reported
that the bank has sustained considerable loss by the
failure of the firm of Fox and Henderson. Is that cor-
rect ?"
The CHAIRMAN—We have lost nothing by the failure
of Fox and Henderson ; nor have for a long period had
any acceptances or bils of any kind of theirs in the
house. (Hear, hear.) We are sorry for the misfortunes
of Fox and Henderson, but it did so happen that we
were warned beforehand not to take their paper, and
after that were not likely to do so. What I say can he
confirmed, for the balance-sheet of Fox and Henderson's
estate is now in the hands of an eminent man in the
City of London, and can be seen. (Hear, hear )
Mr. TEAKLE—Has the bank within the last six months
sustained any special loss ?
The CHAIRMAN—No, nor for many months previous.
(Hear, hear.)
Mr. TEAKLE—I have heard that you have obtained a
loan of 60,000/. from Jones Lloyd. Is that true. ("Oh,
oh," and laughter.)
The CHAIRMAN—If the question is asked seriously, I
should be wanting in respect to the hon. proprietor and
to the meeting if I did not answer it. I doubt whether
Jonas Lloyd would have lent us the money if we ha,l
asked them ; but we never did, and never bad occasion
to do so. (Cheers.)
Mr. TEAKLE— Have any advances been made by the
bank upon Westminster bonds, or share, or stock, that
is not readily convertible.
The CHAIRMAN—Upon the whole, I can safely answer
that question in the negative. It is true that we have
some Westminster bonds in the bank, which were depo-
sited with us as collateral security ; but we do, not value
them at the worth of the paper upou which they aro
written, and no credit is taken for them in our general
statement of assets. (Cheers.)
Mr. TEAKLE—Are any of the direct irs or officers
debtors to the bank ?
The CHAIRMAN—WeII, I believe there is one unfor-
tunate clerk who owes us 501. He was hard up, and I
was induced to lend him the money. (" Hear, hear,'
and a laugh.)
Mr. TEAKLE—Affer the answers you have given, I
need scarcely ask the next question I have put down—
whether the securities upon which the bank has made
advances are good ?
The CHAlRMAN—Certainly they are.
Mr. TEAKLE—Who decides upon the applications for
advances, and the sufficiency of the securities offered ?
Tne CHAIRMAN—The ordinary mode of proceeding is
for two directors to attend at the bank everyday for that
purpose, one of them being a trustee and the other not.
The trustee is expected to attend the greater part of the
day, that is from eleven in ate morning till about four in
the afternoon, and he generally does so. Tne other, that
is the ordinary director, comes in between 12 and 2, and
consults with the trustee as to all bills and securities
that may have been offered, and upon their decision
they are accepted or received. If it should happen,
which can scarcely ever be the case, that either of those
two gentlemen are in any way interested in the securi-
ties or the matter brought before them, then it is usual
to call in some other director to see that all is right. I
should state that, in the ordinary course, every transac-
tion goes to the manager in the first instance.
Mr. TEAKLE—Is any member of the board security for
any other person connected with or employed by the
bank ?
The CHAIRMAN—No. As a rule the directors are not
allowed to be security. Some time ago, when 'introduced
a person in a subordinate position, I was not permitted
to he his security. In reply to the other questions, and in
reference to a circular that had been addressed to the
shareholders from certain .proprietors of Jersey, the
chairman added, that if it was the wish of the majority
sf the shareholders to reduce the minimum number of
directors, the board would not oppose it ; and with re-
gard to Sir Joseph Paxton, who was alluded to in the
circular, he was one of the most valuable members of
the board, and had rendered them most efficient assist
ante in promoting the interests of the bank. During
the year ending June, 11856, the amount paid to the di
rectors in attendance, fees, and all other allowances
was 2,460/.
Mr. TEAKLE suggested that it might be desirable to
specify in Gheiannual balance-sheet the nature as well as
the amount of the securities held by the bank. (No, no.)
He also thought it would be well to hold their ordinary
meetings, half-yearly instead of annually.
Tne CHAIRMAN did not see any particular advantage
that would arise from doing so, but if a majority of the
shareholders entertained a strong feeling on the subject
the board would not interpose any difficulty. At the
same time any shareholder might, if he desired, ascer-
tain at the office what was the amount and nature of the
securities held by the bank at any period. With regard
to the ordinary meetings the directors could have no
ejection to meet the proprietors half yearly, but as it
was provided be the deed of settlement that the meet
ings should be held annually, it would be necessary to
pass a resolution at a special general meeting, to be
afterwards confirmed, before the alteration could be
effected. It should also be remembered that the ac-
counts were made up annually.
Mr. TEAKLE—What is the aggregate amount of shares
held by the directors ?
The CHAIRMAN did not know what effect his answers
might have on the minds of the shareholders ; but he
was prepared at once to say that the present directors
held together about one-sixth of the whole number of
shares, and the four largest shareholders, himself being
one, were present. He might add that besides his shares
he always kept a very large balance at the bane. (Hear.)
Mr. TEAKLE declared himself perfectly satisfied with
the explanation he bad elicited, and only wished furtber
to ask generally whether the monetary affairs of the bank
were in a perfectly pound state, and whether, the books
and accounts were open to the inspection of any proprie-
tor who chose to examine them ?
The CHAlRMAN—Decidedly so. Ido not believe that
even the Bank ot England is in a sounder state than we
are at this moment. (Cheers.)
Mr. MANNING remembered that amongst the rumours
to the prejudice of the bank which had been circulated it
had been said at the West-end that the directors, or
rather a gentleman who had gone out of the direction,
had done as some of the directors of the Royal British
Bank had done, viz., put his hand into the till. (" Oh,
oh.") Now it would, he thought, do great good to the
establishment if it were to go forth to the world with
the very satisfactory statements which had just been
made, that not only bad the directors not themselves had
any advance frem the bank, but that in no case were
the funds in the hands of the trustees ever used for any
other than those which were strictly the purposes of the
trust. (Hear.) It was with this view that he begged to
ask whether Mr. Oxenford was indebted to the bank ;
and if so, to what extent, and upon what security the
money had been lent ? (Hear, hear.)
The CHAIRMAN—Mr. Oxenford's debt to the bank is
about 3,000/ , but it is amply secured. No loss, as far
as I can imagine, can possibly arise from that source.
Mr. MANNING—What is the security ?
The CHAIRMAN—To some extent his shares will be a
security, but we have ample seaway beyond, which I
have every reason to believe to be good. However,
hold the shares as an additional security, and shall' w
not
allow them to be transferred until the debt •
With regard to the directors generally they 11151apdainde
omcocdaasitoiennt,oarnaddvthaantcews.as
also
suchntehveerporeBirioinrebdooftnme o
st accom-
modation, (t)mirt-
tgheentntl:mhoewnevaeror,unwdhohibmeing
connected There
Werewith trade,am °onccga-
sionally brought ordinary trade bills to be discounted.
The whole amount advanbed to directors was not more
than 20,0001., and the security taken was even greater
than would be required from auysthparriveastwe
acsusstotrimcetrly,
cTohne
upon the security of the banken
clause iu the deed of settlem
formed to. prohibiting advances
Mr. CLAY_Have your operations been so conducted
as to necessitate an application to the Bank of England
for advances, as has been rumoured D not, I should
say you conduct the affairs of the bank properly.
The CHAIRMAN—I am very glad the question has
industriously
di directors, on beenwere
sp o put. It is true that amongst the rumours that
ocnircaulpaartedtiewualasr oeneeeathsiaetnt,heeat Bank
ot England two
hours in consultation upon our affairs. It certaiely was
Very kind of them if they did so, but we never asked them
nor do we know anything about it. You can, however,
if you
tain that there isnot one word of'truth in the statement.
please, go to the Bank of England, and &seer.
(Hear, hear.) We have never gone to the Bank of Eng.
lan, or to anybody else for assistance. (Cheers) Our
obuiscinoursrese
conducted is g p
r i
is n cipnl eost.
the money
uponytha sound
comesi handsantaboekuin r
always lying idle in the till. We employ it on profit on

THE REPRESENTATION OF
SOUTHAMPTON.

SOUTHA M PTON, TUESDAY EVENING.

A!1 hope of reconciliation bet Ween the opp:ising sec-
tions of the Liberal party seems pow to be at an end,
and the electors will have to decide at the poll be-
tween the rival claims of Mr. Weguelin and Mr.
Andrews, the present mayor of the town. A private
conference took place on Saturday evening between
half-a-d4,zen of the supporters of each gentleman,
other g
gentleman
e; m Anda
n
both of whom were present, with a view tf coming
to some arrangement, if possible, to heal existing
differences. Three courses of action were suggegted -
canvasl, a
and
s eballotciu e
n tof c
comparing
ri
ibtlegraol
fp electorsrom is 4
promises,
ascer-
tainjoint
support. The
ti
rew which
s,
,n d waso joint
ts tsreolnecgteisotnoof
ftisteomtwoo
e third was
3, the withdrawal of both Mr. Weguelin
and Mr. An-
aqnudestion, and then
whom the Liberal party could unitedly
Y decision that might
tfiirlistmtownodpayroepvoesitniinognstswedreeediaisec:rsdtehde,_
take.' into consideration, the meeting finally adkurnit g
assembledw on Monday even-
submit to the two committees an
be come to.
The adjourned oonference
meeting
even-
ing,
tiwnhgeonf thehis supporters
committee
laid upon the table a written document,eguelin attendel and
series of resolutions which had
evening. The most important of these containing a
en
resolutionsagreed
were
et r ae
" That as Mr. Weg eli Mr,at an earlier hour that
every respect Worthy of nag:pi:gee:: before the electors, and believing him in
dthideaf,t.e,
worth of his private nis the only declared Liberal can-
cannot sanction any
euelin
Liberal constituency and bl' • g also that, from the
the undivided supportof the entire
e ievin
holds in the commercial
majority of the constituency;
and the eminent position he
world, he ought to command the
electors of S thampton, they, therefore,
de-
termination
so h
we, •inno ly arid tinreserve y dlexpressed by Mr.
steps thatu would compromise the
pledge themselvesplace him at
head to spare no exertion to
of the poll.
his address published on the 12th inst., and
" That.,this committee, while it deplores the differences
existing in the ranks of the Liberal party, deem it incum.
bent on them to assert that no terms of compromise can be
assented to until the principals interested can meet on
equal terms, which present circumstances do not permit.
Aud this committee regret to find Mr. Waguelin engaged
in a conflict of an intangible character with Mr. Richard
Andrews, already holding the highest offices and honours
the town can bestow, and who, by an apt of magnanimity
honourable to himself, could restore union and insure suc-
cess to the great Liberal cause, which he has hitherto
upheld."
Under these circumstancesnegotiationa were at an end,
the conference immediately separated, and the friends
of Mr. Andrews returned to his committee, who were
awaiting in large numbers the result. They immediately
resolved to continue the contest on behalf of Mr. An-
drews, and that gentlemae's address is just issued. We
undem,and that the number of signatures to the requisi-
tion and the promises of those who would not attach
their names to the document amount to very nearly the
required number.

litS. L 14

DUBLIN, TUESDAY.
Mt:MEM% OE UR. LITTLE.

an engine-driver employed
byAtbmearnainlawmayedcp:dpany, made a most important
announcement this day. He says that after mid-
night on Friday he had occasion to go into a back
yard in the rear of his house, when he saw a man
muffled up come to one of the windows in a side
of the building where the money was found on
Thursday last ; he shoved a plank through the
window, and rested one end on the window-sill
and the other on a high embankment in a garden
adjoining.
He went out by the plank with some-
thing in a handkerchief, and returned in a quarter
of an hour, entered the building by the plank,
which he pulled in after him, and closed the win-
dow. Dowd is under the examination of the
police.

good security, without risk, but always holding a re.
serve within call, equal to one-third of our liabilities.
Yesterday a special general meeting of the proprietors So far from applying to the Bank for assistance, we
of this bank was held at their iiffices in L )thbury, to elect
that I firs have
always,
theard y we
money
the
lyiag
there,
ando the very
day
a director in the room of Mr. Edward Oxenford, resigned,
h attention of the bon. reportproprietor ahudedwh I callede
mentioned it to theme
Mr. M. Hunter presided, an I explained the cause of to the hank-hook, showing that we had at that time
Mr. Oxenford's resignation to be that his engagements £120,000 in the Bank of England—(hear, hear)—and
£
abroad on his own private business prevented his attend-
at this moment we have 108,000 there.
ing to the duties of the direction. Mr. Herbert Taylor, A DIRECTOR—And £llO,OOO at Gurney's.
the son of the former chairman of the bank, being duly The CHAIRMAN—Yes ;in this way we have our re•
qualified, offered himself to fill the vacancy.
serve in cash, in money in the funds, and on deposit at
Overend's, Alexander's, and Saunders's. Aconsider-
Mr.ider-
Mr. JOSEPH UNDERWOOD moved and Mr. H. BARNS- able portion of our money being also employed in dis-
WALL seconded the resolution that Mr. Taylor be elected. counting good bills for our customers, and in making
A PROPRIETOR remarked that Mr. Oxenford had advances on unexcep.tionab!de securities.
ills 0
upon A
n SHAREHOLDERadvauceisn q
bankse securities
iht
combined the office of trustee with that of director, and
had been made by ther
inquired whether Mr. Taylor would do so likewise ? ever been parted with ?
The CHAIRMAN replied in the negative. It was not The CHAIRBTAN—NeYeT.
usual for a director to be appointed a trustee until he bad Mr. BROWN thought nothing could be more satisfac-
been tried and found fitted for the office ; and in answer they than the explanations which had been given, but
it would be an additional source of satisfaction to him
to other questions from the same proprietor, he added if the two directors who joined the board in August last,
that Mr. Oxenford had not attended the board meetings and had, as a matter of course, gone narrowly through
for the last twelve months, but part of the time had the books
hadbookst‘aaindd. accounts, would confirm what the chair-
drawn his salary, he (the chairman) doing the duty for man
Mr. E. S. CAYLEY, M.P., one of the newly-elected
him, so that the bank might not suffer in any way. By
the deed of settlement they were re wired to kee directors, said be was perfectly erf tlprepared to respond to
qp up the the challenge, though he thought
h Alr Price's (the other
minimum number of directors at 16, unless a resolution new director's) testimony would be more conclusive, as
were passed by a general meeting of the shareholders, he, being a thorough man of business, had instituted a
confirmed by two sub-equent meetings, to reduce it. regular and mast searching audit into the whole of the
company's affairs.b Mir. Cayley spoke of his former con-
nexion with the ear , which had been severed by ill
The resolution appointing Mr. Taylor to fill the vacancy
pleasure he felt in being again connected
was then put and carried unanimously,
confidence in Mr. Cutbill, the manager,
The CHAIRMAN said that the object ter which the pro- heialth!.,thle• •
prietore had been specially called toga her being now
ww.htihchint had been a mainh inducement with him to return
fulfilled, his duty under ordinary circumstances would
satisfaction t e perfectly sound and healthy
be to declare the meeting at an end, but he was informed —his
that some gentlemen present wished to put some ques-
state in which he found it, and his conviction that the
tions to the directors as to the state of the bank, in Cori- rumours which bad been promulgated against it owed
n-
sequence of certain rumours which had been promul-
their origin entirely to the malice of two or three ens-
tourers bad been refined refu accommodatione upon the
gated, and if so he should be happy to answer them,
ground that the securities they offeredw re not approved.
and afford every explanation that might be required
(Elear.) It was generally considered that a bank should never
_
have less cash in hand, or within arm's length, than was
sufficient to meet one-fourth of its liabilities. When he
entered the direction, in August, he found that instea d
of a reserve of one-fourth they had a reserve of one-third
—(hear)---and though the drain consequent upon the ru-
mours adverted to continued three mouths (be was happy
to say it had now stopped), instead of their means being
exbausted they had precisely the same amount of cash in
their till that they had at the beginning. (Cheers.) As
showing the confidence the directors had in the s ability
of the concern he might mention that their chairman, to
show his own confidence in the bank, had since these
rumours were afloat, increased his deposit by 30,0001.
in the height of the panic. [Ttis announcement was
loudly cheered, whilst the chairman, who is said to hold
nearly 1,200 shares, was deeply affected.] Some of the
shareholders had most nobly supported them in their dif-
ficulties, and others had increased the number of their
shares. (Hear, near) When one gentleman came to
him (Mr. C.), and asked, "Is it true that your bank is
going to stop ?" heanewered, "You had better go to the
Bank of Etig•and or to Gurney's, and ask them." The
gentleman did eit t• Gurney's, and their reply was, "The
Commercia' Bank of London is about one of the stiffest
cencerns in the City." ("Hear, hear," and a laugh.) He
was glad they had been exposed to this trial, fur, having
come so triumphantly out of it, he believed it would
quadruple or quintuple their business, and he should not
be surprised if they found within the next four years their
profits double what they were now. (Cheers.)
Mr. R. PRICE, the other director alluded te, said he
was happy to inform them that he and his friend might
be said to have audited the accounts of the bank up to
the 30th of September last, when all their securities
were found to be not only of a convertible character, but
of the most satisfactory description for a banking esta-
blishment. As far as the present time went they were
iu a better position than they were that time last year,
and it only required their friends to continue their sup-
eon and to bring a few additional customers to the
bank, to make it one of the most prosperous establish-
ments in the city.
The CHAIRMAN, in reply to a proprietor, said that tbe
bank had lent 15,0001. to carry on the business of Mr.
Mare, after he was a bankrupt. Of this sum 10,000/.
had been repaid, and the remaining 5,0001. the assignees
were bound to pay, and they would pay it almost imme-
diately. (Hear.)
The PROPRIETOR in question expressed his satisfaction
at the misuser in which the question bad been answered.
Mr. JAMES CLAY was sure that all the gentlemen
present would agree with him that the replies given to
the questions put to the chairman were of the most satis-
factory kind. They were marked by a degree of frank-
ness that was not usually met at meetings of this de-
scription, and, indeed, a frankness that was not to be
expected under ordinary circumstances. He could not
but deprecate the malevolent and malicious rumours that
bad been circulated to the prejudice not only of the
bank, but of the directors ; and be hoped that some
in• ans might be arrived at to bring the calumniators to
the bar of public justice. After some further observa-
tions, Mr. Cloy moved "That this meeting expresses
its entire satisfaction with the statement of the affairs of
the bank made by the chairman, and its approbation of
the course—unusually frank and unreserved—which,
under unusual circumstatices, he has adopted ; and that
this meeting further wishes, in an especial manner, to
record its thanks to the chairman, directors, and mana-
ger, and its unabated increased confidence in their
sagacity and rectitude."
Mr. G. RENNIE, late Governor of the Falkland
Islands, had great pleasure in seconding the motion,
which was put to the meeting and agreed to.
Mr. Deputy PEACOCK suggested that. the proceedings
of tbe day should be advertiesd in the daily journals, in
order that the public might be made aware of what had
taken place that day. (dear, hear.)
The CHAIRMAN, in returning thanks for the compli-
ment paid to him and his brother directors in the reso-
lution that bad been passed, said that all they asked the
proprietors to believe was that they (the directors) were
honest, industrious, and that they did the work they
were called upon to perform. (tlear, hear.) Whil,
they had directors who were honest and who did their
work, danger to their establishment was impossible.
(Hear, bear.) As it was, they were able to pay every
shareholder 14s. in the pound. (Hear, bear.)
Mr. CAYLEY, after passing a warm eulogium upon
Mr. Cutbill, the manager of the bank, moved a vote of
thanks to that gentleman and the other officers of the
bank.
The resolution having been seconded, it was put to
the meeting and adopted.
Thanks were then voted to the chairman, and the
meeting separated.