The Sun.
London, England, 1867-10-24 00:00:00

LATEST INTELLIGENCE, THE FAILURE OF THE ROY AL BANK
OF LIVERPOOL.
(REUTER'S TELEGRAMS.)

AMERICA.

NEW YORK, Oct. 23, 6 p.m.

COMMERCIAL IN rELLIGENCE.

Closing Prices :—Gold, 143 k. Sterling exchange
on London, 1081 ; 5-20 U.S. Bonds, 112 i ; Illinois,
122 ; Erie, 71 ; cotton, middling upland, 19c.
PHILADELPHIA, Oct. 23.
Petroleum—Standard white, 35c.
The steamers llorussa, Ville de Paris, Columbia,
and Atlantic have arrivel out.

A meeting of the shareholders of the Royal Bank
of Liverpool, which suspended payment on Monday,
was held yesterday in the bank premises. There
was a numerous and influential attendance of share-
.holders, and the proceedings passed off with unani-
mity. Mr. J. Brancker was called to the chair, and
after a few formal remarks, he called upon Mr. H.
W. Banner, who could, perhaps, he said, give the
meeting some idea of the present position of the
bank's affairs.

Mr. BANNER said he appeared before the meeting
bath as an accountant and as a shareholder. Ile
had been called in on Monday to look over the books,
and from that hurried examination he had been
enabled to form some idea of their position. Mr.
Banner then gave a statement of the affairs of the
bank, compiled by the officials of the bank, of w hich
the following are the main points : :
Deposits on credit accounts, £1,200,000; bills bear-
ing the endorsement of the bank, estimated to
come back, £450,000; total to be provided for,
£1,650,000. The bank estimated their losses at
about £770,000, against which there would be capi-
tal, reserve fund, and undivided profits, £820,000.
Assuming these to balance each other, the assets
ought to be equal to the liabilities, or £1,650,000.
Mr. Banner guarded himself, however, by stating
that the time had not allowed him to investigate the
affairs of the bank, and it would require at least a
fortnight to have the necessary valuation made for
arriving at an accurate result. Mr. Banner, in con-
clusion, said that their only course was to look their
affairs boldly in the face, and to at once arrange to
settle with their creditors, who would doubtless meet
them in a friendly and considerate spirit. As to
the causes of the disaster which had so suddenly
befallen them, that would be a fair subject for a full
and searching investigation hereafter ; but in the
meantime, until they were better informed, all angry
discussion and recrimination could do no good, and
he would therefore advise the meeting to keep to the
plain duties before them, viz., the arrangements as
to their future proceedings.

The following are the resolutions, which were agreed
to nem. con. :—" 1. That, looking to the wealth and
position of the shareholders of the bank, and the
amount of its sureties, there is no doubt that all its
creditors are amply secured, and will be paid in full ;
and this meeting expresses its readiness to submit to
any call which may be found necessary to meet the
claims on the back with the least possible inconveni-
ence to the claimants, and resolves that an immediate
call be made which shall not be less than equal to
£5 per share on the original shares. 2. That a com-
mittee of shareholders be appointed with a view to
the speedy realisation of the assets of the bank, and
the inspection of its affairs, and that the following
gentlemen constitute such committee--Messrs. John
Bibby, J. B. Brancker, Harold Littledale, W.
Myrtle, H. W. Banner, Alderman Dover, and Mr.
John Weightman. 3. That it is most desirable,
having regard to the advantageous realisation of the
bank, and of the value of the goodwill of the busi-
ness, that steps be taken by the committee for the
speedy resumption of its business, if found desirable.
4. That, for the purpose of carrying out the above
objects, steps be at once taken to register the bank
under ' The Companies Act, 1862,' and to present
a petition to the court for the protection of the
assets of the bank, and the appointment of a provi-
sional liquidator. 5. That Mr. H. W. Banner be
requested to act as provisional liquidator. 6. That
a committee of shareholders be requested to have a
proper petition presented to the court. 7. That to
afford time for the careful realisation of the assets
of the bank, and to allow for the resuscitation of the
bank and secure the value of its goodwill, the credi-
tors be requested to accept promissory notes of the
bank for the amount of the debts duo to them at 6,
12, 18, and 24 months, with interest to be agreed
upon between them and the committee, and with
power of anticipation, and that the committee be
requested to confer with the principal creditors on
the subject. 8. That the creditors be requested to
attend a meeting, to be appointed by the committer.,
to consider theso proposals, and if they see fit to
appoint a committee to represent them in the realisa-
tion of the assets."

After the meeting a circular was issued calling
two meetings of shareholders—one on Nov. 7, for
obtaining the shareholders' assent to the registration
of the company as a limited company, with the view
to its being wound up under the Act of 1862 ; and
another on Nov. 11, to pass a resolution to the effect
that the company should continue its business, and
that it is advisable not to wind it up.