The Sun.
London, England, 1859-06-22 00:00:00

WESTER- V BANK OF LONDON.

An extraordint try meeting of the shareholders
was held yesterday r afternoon, at the bank premises,
21, Hanover-square, for the purpose of confirming
the resolutions (or such of them as required confir-
mation) which were passed at the extraordinary
meeting, held at the: Thatched-house Tavern, on the
29th'ult. The chair - was taken by Mr. Roebuck, M.P.
The minutes of the last meeting having been
read and confirmed,
The CHAIRIIA`.r, after a few introductory re-
marks, moved s' accessively the confirmation of the
five resolutionF
included in the notice ; the first,
confirming ti-,e provisional agreement forthe sale of
the businews, good-will, and premises of the bank to
the London and County Bank ; the second, for the
-winding-up of the company under the provisions of
the Joint Stock Companies Acts ; the third and
fourth, for the appointment of Mr. W. Charman,
Mr. J. Stohwasser, and Mr. G. H. Pinckard as
liquidators, and the empowering them to carry into
effect the agreement before mentioned ; and the
fifth and last for the postponement of the remunera-
tion of the liquidators to some future meeting.
The confirmatory resolutions haxin g been seconded
were severally put and carried nemine contradicente.
The CHAIRMAN said he now came to a resolution
which had reference to the directors, assigning to
them as it did £l,OOO for their past services. It had
been said that the want of success was mainly at-
tributable to the humble individual who addressed
them. (Loud and general cries of No, no.) He did
not think it was so, but he was told that others did.
He would appeal to his brother directors whether
that was the case. (Cheers.) The man who said so
cared more for the enunciation of his own base ideas
than for the truth ; and believing that his brother
directors and himself were entitled to the remunera-
tion which had been already voted, he confidently
appealed to the justice of the meeting to confirm
the resolution which awarded it. He then moved
that the vote of £l,OOO for the services of the direc-
tors be confirmed.
Mr. E. F. STRAY seconded the resolution.
Mr. A. T. JAY, after referring to a letter from Mr.
Arber to the directors, dated Feb. 9, 1859, in which
that gentleman, without objecting to the payment
of the £l,OOO, said he thought that special notice
ought to have been given of the intention to propose
it at the last half-yearly meeting, moved the follow-
ing amendment :—" That a committee of inspectors
be formed from the shareholders to investigate the
past management, and the past and present condi-
tion of the bank." He thought there was ample
ground for postponement. At the meeting in
January the chairman told them that their capital
was intact, and that their losses on promissory notes
and overdue bills amounted to about £1,200. At
the last meeting it came out from the statement of
their own accountant, that the amount was £30,000.
The directors had mortgaged the Government stock
—a most irregular course of proceeding, if pursued
systematically. That also was a proper subject for
inquiry. As regarded Mr. Clack, it appeared that
they actually dismissed him.
The CHAIRMAN—I beg your pardon. He was
never dismissed. He was only suspended. (Hear.)
Mr. JAY said that neither Mr. Clack himself nor
the directors had ever offered any explanation of
that gentleman's conduct. Mr. Clack was suspended
. for misconduct.
The CHAIRMAN—No, he was suspended because
he was charged with misconduct. (Hear, hear.)
Mr. JAY continued—lf there were an investiga-
tion it should include the balance-sheets issued from
time to time, and the question whether the divid-
ends had been paid out of capital or out of legiti-
mate earnings. He asked for an inquiry, that
blame might rest only where it was really sue.
Mr. STOHWASSER, in seconding the amendment,
should like to know on what grounds the directors
considered Mr. Clack innocent. The question
whether or not that gentleman was entitled to
£3,000 as compensation depended upon what his
conduct had been, and hence there ought to be an
investigation.
Mr. ARBER, one of the auditors, hoped the
directors would accede to the amendment. Since
the last meeting he had discovered an additional
reason for investigation. It appeared that a most
important book, called " The Lien Book," had been
mutilated, a great portion of the leaves having been
torn out.
This statement led to a long and animated dis-
cussion. The book referred to being exhibited to
the meeting by the chairman, it was manifest that
a considerable number of leaves had been removed.
It appeared from the remarks of the chairman and
Mr. Charman, one of the directors, that it was
handed over, together with the other books of the
company, to the officers of the London and County
Bank when the business was transferred; that it
was admitted by one of the officers of the purchas-
ing bank to have been afterwards seen by him in a
perfect condition ; that the directors subsequently
discovered the mutilation, and that they thereupon
directed that an entry of the facts, so far as they
were acquainted with them, should be made in their
minute-book. The minute itself was read to the
meeting.
The CHAIRMAN observed that the directors were
utterly at a loss to account for the mutilation ; Mr.
Walker, branch manager of the London and County
Bank, having complied with a request to attend
the meeting, in reply to interrogatories from Mr.
Jay, disclaimed all knowledge of the matter. Mr.
Charman said he would give £5O to ascertain who
mutilated the book, although the company could
not lose anything by it, the securities themselves
being quite independent of the entries in the lien
book. .

After this interlude, which was of an unusually
exciting character for a bank meeeting,
Mr. MAYNARD, the accountant, presented the fol-
lowing statement of the present condition of the
affairs of the affairs of the bank :
In the matter of the Western Bank of London.
June 20, 1859.
Approximation of return to be made to share-
holders :
In the balance-sheet submitted to the ex •
traordinary meeting on the 19th ult. the
assets of the bank were stated at £352,950 4 5
(subject to realisation.)
And the debts due by the bank at .. 160,996 13 5
(other than shareholders)
Of the above amount of assets there has
been realised up to the close of Saturday
last sufficient to pay off the loans on
securities of
And to the London and County Bank about 60,000 0 0
Of the £82,888 7s. 3d. due to them 17th
of May, leaving due to them June
18
Against is to be set the
purchase money of bank
premises.

22,350 0 0

Net balance due to Lon-
don and County Bank..

£328 5 S

Total of debts paid off
The debts of the NV3,7
e sqtesr nl5 Bs. a
sndk of London are
all paid now except L
there will be sufficient funds in to hand In
afewdays
extinguish
these.
The time, therefore, has nearly arrived when a
fund will begin to accumulate applicable to make a
return to the shareholders towards their subseribed
capital. I have no reason to doubt the estimate
first made, that with careful management £4O per
share will be returned.
To pay £2O per share will require OO,OOO 0 0
.It is expected by the 19th August (three months
from the date of the first meeting) there will be got
in further as follows, - viz• •
Railway debenture bonds.
Bills discounted

£20,000 0 0
34,000 0 0

Promissory notes
Loans
Land adjoining bank premises
Past due obligations

15,000 0 0
1,600 0 0
6,000 0 0
9,400 0 0

£86,000 0 0
Mr. Maynard added that he had every reason to
believe that, with careful management, at least
£4O per share would be returned to the share-
holders. (Cheers.)
Mr. CLACK, the late manager of the bank, said
as that was probably the last time he should have
the honour of meeting- the shareholders, he begged
permission to say a few words with regard to the
past. (Hear, bear.) He would first briefly advert
to the circumstances under which he became the
manager of that bank. He was first invited to
come there by one of the auditors. Twice he re-
fused to accept the invitation, and he believed
almost any terms would have been given to secure
his services. Very soon after he accepted the office
of manager he found that certain transactions had
taken ce between the promoters and certain in-
dividuals in the bank which were extremely dis-
creditable, and other circumstances occurred which
had the effect of creating a prejudice against the
concern. Re brought
and throughout with him a very large con-
nection, roiighout his best energies were di-
rected to the serviee of the company. The late so-
licitor of the bankhis_ having been disappointed of the
payment of
orthbieil3endeavourect to deprive him
(Mr. Clack)
which had been referred
to, and which had been'ooo
At the meeting in January such a bone of contention.
Mr. Arber was elected
an auditor. He would say
re-
gard to that gentleman's anyletnivothing now with
had pursued. He was, he believed,es in the course he
one of the ori-
ginal promoters of the company; at all events, he
had received a portion of the promotion money.
(Hear, hear.) His appointment asauditor
matter of very little concern to him.
Theaccounts
a
of this bank were in a sound state ; and at
the
period of the meeting in January be confidently
believed that the company had got over all its diffi-
culties, and was going smoothly forward to ulti-
mate prosperity. (Hear, hear.) To his great sur-
prise, Mr. Arber and his brother auditor came to
the board and stated that they had certain allega,