The Sun.
London, England, 1858-01-23 00:00:00

NORTHUMBERLAND AND DURHAM
t•DISTRICT BANK.

NE WCASTLE • ON-TYNE, JAN. 22.
A densely-crowded meeting of shareholders of
the Northumberland and Durham District Bank
was held in the Central Exchange Assembly-rooms

this afternoon—Mr. G. Ridley,M.P., in the chair
—for the purpose of winding up the company and
appointing liquidators for that purpose. Mr. Mew-
man, solicitor to the Bank of England ; Mr. Mur-
rough, solicitor to Glyn and Co.; and several local
solicitors, wera present. The meeting was very ex-
cited.

Mr. OGDEN read a report from the directors.
They regretted to announce that not only had the
losses of the company exhausted the whole of the
guarantee fund, but also, in their opinion, the en-
tire paid-up capital. They had hoped that some
small portion of the share capital might have been
preserved, but a further examination of the ac-
counts, the continued effect of the monetary crisis
on parties indebted to the bank, and the necessity
of placing a value on the assets, compelled them to
take that view. The directors further stated that

the following gentlemen bad been agreed upon by
them, the shareholders' committee, and deputations
from the creditors, for nomination as liquidators :
—Mr. John Fogg Elliott, gentleman, Durham ;
Mr. Wm. Bainbridge, barrister ; and Mr. Joseph
Fairs, chemist, Newcastle. The shareholders' com-
mittee also reported that they had had access to the
books and securities of the bank, and that their ex-
amination had satisfied them that the figures in the

undermentioned balance-sheet, proposed by the di-
rectors, was an approximation to the truth. The
result thus shown was founded on the presumption
that the securities of the Derwent Iron-works, the
Elwick estate, and the Messrs. Carr, Brothers,
were sufficient. The investigation of the committee,
they stated, led them to the belief that the bank
had long been under circumstances threatening to
its safety, and that the present acting directors,
Messrs. Ogden, Hawkes, and Silleck, had
struggled most anxiously, though ineffectually,

to overcome its difficulties. The committee re--
gretted that many of the shareholders had not met
the call of Dee. 15 with promptitude. The follow-
ing ::.approximate statement was read :—Debtor :
deposits, 1,304,2801. ; ditto, interest, 35,0001.:
credit accounts, 818,493/. ; ditto, general or sus-
pense account, 21,4271. ; sundry banks, 162,1741.;
balance, 46,456/. ; total, 2,377,830/. Credit ac-
count : bids in hand, current, or overdue, and
debit balances, after allowance for bad and doubt-
ful debts, 2,296,590/. ; sundry banks; 49,589/. ;
general or suspense accounts, 8,377/. •, bank pre-
mises, 18,000/. ; cash in hand, 5,2741.; total,
2,377,,8301. This account includes 62,2791. received
in part of new call, a large portion of which arose
from transfers of parties' own credit balances ; the
bills rediscounted, amounting to 1,627,0931., were
not included in the debtor statement. The divi-
dends paid since the formation of the bank amount
to 676,483/. 7s. 9d. The shareholders' account
showed that 66,775 shares had been issued at 101.
each, amounting to 667,7501., while the bank owns
10,470 shares, of the value of 104,7001. It ap-
peared that the bank held life policies maintained
by debtors amounting to 22,0991., and policies
maintained by the bank at an annual cost of 2,0631.
which amount to 45,000/.
The CHAIRMAN moved the adoption of the re-
ports.
Mr. MILNER seconded.
Questions were asked, and a warm debate ensued
relative to the security given by Mr. J. Richardson
recently a director on the Consett Iron Works.
The agreement between Mr. Richardson and the
bank was read. It was made after the stoppage of
bank and guarantee payment of 765,0001., 50,0001.
'raving been written off by directors in considera-
tion of his giving the guarantee, interest of the
whole to be at the rate of 5 per cent. The portion
of the principal to be paid yearly to depend upon
the price of forged iron. In answer to numerous
questions why such large advances were made to
Mr. Riciardson,
Mr. OGDEN said the debt had commenced before
he entered the bank, in 1845, and was then 500,0001.
The directors who were in power then had died, except
Mr. Richardson, who was the only survivor. Mr.
Richardson was not legally, only morally liable,
and they had done the best they could. His part-
ners in the iron works,—Messrs. W. Backbone.,
E. Richardson, T. Richardson, Mr. Richardson's
brothers, Mr. Smith (of Derby), M. Bigg, and C.
Bragg—were liable with him under the agreement.
If their property were brought into the market at
this moment, it would probably not realise the
amount cf security, but under improved manage-
ment it would ultimately be worked out. Mr.
Richardson's real property was not secured to the
bank; he was reputed a rich man, but his property
was encumbered.
The Rev. Mr. FEATHERSTONHAUGH asked how
it happened that in the directors' report last Feb.
the profits of 70,0001. were declared gain on the
year's transactions, and that a dividend was de-
clared. Was not suspension hanging over them then!
Mr. OGDEN said that that profit was made upon
living account, everything bad and desperate being
struc off. Part of it was divided, part carried to
n.,enunt. Which had baou plitucd. bolos°
the eyes of the shareholders every year.
Strong objections were made to confirming re-
ports, and the motion was not put.
A string of resolutions was submitted to the meet-
ing ; the principal points in them were the dissolu-
tion and winding up of the company, subject to the
provisions of the company's deed of settlement and
Joint-Stock Banking Companies' Act, 1857 ; ;he
appointment of liquidators named above, and re-
commendations to creditors •to appoint a committee,
to represent them during the winding up.
The CHAIRMAN read a letter from Messrs. New-
man and Murrough, solicitors to the London credi-
tors, dissenting from winding up by the three gen-
tlemen named, and suggesting the addition of Mr.
Coleman, accountant, and Mr. Williams senior
clerk at Messrs. Glyn's. ,
It was objected to Mr. Coleman, that he was
accountant in the affairs of Messrs. Carr, Brother*
and Co., who are debtors to the bank.
After some discussion the resolutions were unani-
mously carried.
The CHAIRMAN declared the meeting dissolved.
A private meeting of the creditors was after-
wards held in the room.

IRELAND.

DUBLIN, FRIDAY MORNING.
THE PRIEST'S PROSECUTION.

The fate of Father Conway is stillinthe balance.
To the disappointment of not a few who were early
in the Queen's Bench yesterday morning, the threo
J udges took their seats and proceeded to the rou-
tine business without making allusion to the judg-
ment which was set first in the list of the day 'o
work. It is understood that the Court is, divided,
Mr. Justice Perrin differing from his two learned
brethren. Yesterday was the last day for serving
notices of trial for the present term, so that, even if
the Attorney-General succeeded in his motion to
change the venue to Dublin, there woull be either
a trial at bar, or the case would be postponed to
the after sittings of Trinity Term, no speCial jury
cases being triable in the short sittings of Easter
Term.