The Sun.
London, England, 1866-06-07 00:00:00

Stoppage of Agra and Masterman's Bank.

The apprehended banking failure which has been
hanging over the money market for the past few
weeks was unhappily announced last evening.
The Agra and Mastermau's Bank is closed. The
attacks upon the establishment, perseveringly con-
tinued in all possible forms, but which failed to
create a run on this side sufficient to break it down,
have, it appears, produced a degree of alarm in
India against which the branches in that country
are unable to stand. The following circular has,
therefore, been issued to the shareholders :
The Agra and Masterman's Bank (Limited),
Nicholas-lane, Lombard-street, June 6.
Sir,—l am instructed by the directors to inform you,
with deep regret, that they are compelled to suspend pay-
ment. the false reports of the bank's failure recently cir-
culated throughout Europe having extended to India, and
the managers of the Calcutta and Bombay branches having
in consequence telegraphed for assistance, which the direc-
tors in the present commercial crisis are unable to afford
without too great a sacrifice of securities, they deem it most
to the interest of the creditors and shareholders to suspend
further payments, and to place the affairs of the bank in
legal liquidation at once. The directors have no doubt
that the creditors will be paid in full, and that with judi-
cious management in the realization of the assets the loss
of paid up capital will be inconsiderable.-1 am, ece.,
M. BALFOUR, General Manager.
The amount of outstandingliabilities at this moment
is not known, but the total must have been much
'iieduced within the last month. In the balance-
sheet issued in March they reached £15,582,000, of
which £6,816,489 consisted of balances, fixed de-
posits, and note circulation ; £2,217,350 of accept-
ance of bills drawn by branches ; £1,379,653 of
acceptances under guarantees ; and £5,168,508 of
acceptances on exchange accounts, &c. The nomi-
nal capital is £3,000,000, in shares of £5O, of which
one half is paid up, and there is a reserve fund of
£500,000. The company was formed in April,
1864, by an amalgamation of the Agra and United
Service Bank, which dated from 1833, and the bank
of Messrs. Masterman, Peters, Mildred, & Co.,which
had held a high position in London for more than
.a century. It has branches at Calcutta, Bombay,
Madras, Kurrachee, Agra, Lahore, Shanghai, Hong-
kong, Sydney, and Melbourne, and the effect of the
disaster is likely, therefore, to be more widely
spread than that of almost any other banking failure
that could have occurred. Supposing the belief of
the directors to be well-founded, that in the wind-
ing-up the ultimate loss of capital will be inconsi-
derable, it seems lamentable that no aid could be
afforded to avert the calamity., since it may be
questioned if there is any institution that has so
large a body of old and faithful customers, or
whose breakdown could inflict so much misery
on English public servants and private families in
all parts of the world. To the general public
who witness the distress occasioned by each bank
failure—not so much from actual and irremediable
loss as from the protracted anxieties that succeed
the handing over of each establishment to the delays
and uncertainties of the winding-up Court, and the
scramble between accountants, solicitors, and liqui-
dators,—the total absence of any power to deal
otherwise with such emergencies, and to prevent a
sudden stranding from becoming a hopeless wreck,
seems a heavy reproach to the reputation of the
country. A combination of capitalists might at once
by advancing a safe percentage to depositors, not
only in such cases secure a business built up by the
labour of a generation, but might also assume a
position to work out the liquidation of the old
accounts with a speed and efficiency that would save
hundreds from ruin. But although all deplore that
nothing of the sort is done, none seem to have the
courage to come forward with a plan at the critical
moment. In a few days the opportunity passes, and
then there is nothing left but to let the estate drift
under the management of those whose spirit is
broken by failure, and who can do nothing except as
machines to execute legal formalities conducted in
tedious routine by indifferent and overworked offi-
cials.

On the Ist of January, 1865, the Agra and Mas-
terman shares (£25 paid) were at 86 premium. On
the Ist of January this year they had declined to
33 pm., yesterday they touched 15 discount, and
last evening they closed at 84 discount. At the
meeting in March the distribution was at the rate of
16 per cent. per annum. The number of share-
holders is about 900.

o=l4
ant suriar

HER MAJESTY.

WINDSOR CASTLE, Wednesday.
The Queen, accompanied by her Royal High-
ness Princess Helena, left Windsor Castle for
London at half-past 12 o'clock, attended by the
Dowager Duchess of Athole, the Hon. Flora Mac-

donald, and Lord Charles Fitzroy.
Her Majesty travelled by special train to Pad- •
diugton, and proceeded thence, escorted -by a de- •
tachment of the 14th Hussars, to Buckingham
Palace.
Her Royal Highness Princess Helena was received
at the Paddington Station by Lady Caroline Bar-
rington and Lieut.-General lion. C. Grey, and,
attended by them, visited the Botanic Gardens,
Regent's Park, and afterwards proceeded to Buck-
ingham Palace.
Their Royal Highnesses the Prince and Princess
de Joinville, Princess Augustus of Saxe Coburg,
and her Imperial Highness the Princess of Saxe
Coburg (Princess of Brazil), visited the Queen ill
the afternoon at Buckingham Palace.
Her Royal Highness the Dowager Grand
Duchess of Mecklenburg-Strelitz and the Duchess
Caroline of Mecklenburg-Strelitz also visited her
Majesty.
The Peruvian Minister had an audience of her
Majesty to present his credentials, to which he was
introduced by the Earl of Clarendon, her
Majesty's Secretary of State for Foreign Affairs,
and conducted by General the Hon. Sir Edward
Cust, K.C.H., her,.Majesty's Master of the Cere"

monies.
Sir Arthur Magenis had also an audience of her
Majesty, on his return from his mission to Lisbon'
to which hc was introduced.by the Earl of Clarendon•
The Earl of Clarendon had an audience of the
Queen.
The Lord and Groom in Waiting were in atten-
dance.
Her Majesty, accompanied by Princess Helena'
left Buckingham Palace for Windsor Castle at half-
past six o'clock.

The Prince and Princess of Wales, accolliPa"
'Allied by the Crown Prince of Denmark, drove out
yesterday afternoon.