The Sun.
London, England, 1866-05-28 00:00:00

Imperial Mercantile Credit Association.

Mr. LEE seconded the motion, but he did not
think in doing so he was precluded from making a
few remarks on the conduct of the directors. This
was a company—which, in January last, carried
over £lOO,OOO, after all bad and doubtful
debts had been provided for—which was com-
pelled to make a call in April to the amount of
their total capital—,7and which in May was
an absolute wreck. (Cries of " True, true," and
" Shame.") He did say such a circumstance re-
flected great discredit on the twelve gentlemen who
were the directors of the concern. (Hear, hear.)
He denied that Mr. Jackson was appointed chair-
man of the committee by the shareholders. The
meeting at which he was elected was a hole -and-
corner one, and did not property reflect the
opinions of the shareholders at large. (Hear,
hear.)

Some interruption here took place, but the Chair_
man interposed, and said he hoped the hon. gentle..
man would not persevere in his observations. it
led to further opposition, but eventually the speaker
resumed his seat, strongly condemning the conduct
of the directors.

Some other speakers followed, but the resolution
of the chairman was eventually carried.

The Consolidated Bank (Limited)•

At a late hour last night (Sunday) we received
the following communication :
The Consolidated Bank (Limited), No. 7,
Fenchurch-street, London,
May 27, 1866, 9 P.M.
The undersigned directors of the Consolidated
Bank (Limited), not having had time to communi-
cate with their colleagues, have taken on themselves
the grave responsibility of closing it, as the only
just and honourable course, under the following
circumstances :

In their recent arrangement with the Bank of London,
the directors determined from the first to undertake no
liabilities on behalf of that bank except such as were fully
covered by available assets placed in their hands ; but they
have since found that serious errors existed in the list of
assets submitted to them, in consequence of which they
felt compelled yesterday evening to give notice to the
Bank of London that they no longer held themselves
bound by the arrangement. At the same time a suit was
commenced in Chancery to have it declared that the
arrangement involved an undue preference of certain
1 classes of the creditors of the Bank of London, and an
interim order was made by the Court on that principle,
notwithstanding that the undersigned had been advised by
two eminent counsel that the arrangement was not open
to such objection. The difficulties arising out of this state
of things, combined with what had already been done under
the arrangement, have occupied the earnest attention of the
undersigned dining the whole of to-day, and they have
been led to the painful conclusion that it would not be
to
oasne
possible longer to conduct the business of the Consolidated
in
engagementsthe
face
tt
furtherßankextentdifficul difficulties without contractingeaccotinnag-
promised the interests of their own customers and share-
holders.

The undersigned have the satisfaction of stating that
they have ample assets of the Bank of London available
to meet all obligations actually incurred by this bank under
the recent arrangement. Apart from that arrangement the
Consolidated Bank was financially so strong that no dif-
ficulty would have been experienced in conducting its ope-
rations, and the directors have now in their hands the
whole of the assets of this bank in an almost immediately
available form.

JOHN PEMBERTON HEYWOOD
JOHN P. KENNARD.
THOMAS A. HANKEY.
FREDERICK A. HAMLET.
ADAM S. KENNARD.
THOMAS FAIRBAIRN.
AUGUSTUS HENRY NOVELLL
WILLIAM SMITH.

SHIPPING INTELLIGENCE.—Ths Day.

(BY TELEGRAPH.)
GRAVESEND, Monday Morning.
Arrived, May 27—Madras, from Mauritius ; Vedra, fro
Windau ; Eider, from Itt;tock.
DEAL, Monday Morning.
Passed, May 27—Coquette, from St. Lucia, for London ,
Citizen, from London, for Bordeaux.
Passed, May 28—Cato, brig, from the north, for the west;
Prince Albert, from Sunderland, for Lisbon ; Anna, for
Bahia; Victory and Island Maid, for Cardiff ; Wave Queen,
for Jamaica; Welcome, for Halifax—all from London.

Sailed—Lamminuir, for shanghai ; Merl©, for Dominica ;
with others for the west.

Foreign Mail Packet List.

DUE.
p
Australia and New ZtaltA tIIIeLI, viSa ham ton June ig.
Ditto, via Marseilles
Brazil and Cape Verde, b Brit June
.13.
Ditto, by French packet
June 22;
Cape of Good Hope, Ascension,
and St. Helena June 1:2
China, rename'. and •
Singtipore' via Southampton.. June 3'.
Ditto, via Marseillesles
. .... May 23:.
Falkland Islands '
Gibraltar, via Southampton May 29.
India (Calcutta), and Ceylon, via:Southampton June 3.
Ditto, via Marseilles .................. . - ....May 2a.
India (Bombay), via Southampton....... May 29i.
Ditto, via Marseilles .. ........................ June 7.
Malta, Egypt, and Aden, via Southampton May 29..
June 2a.
Ditto, via Marseilles ..................
. .June !3
Mauritius, via Southampton ............................
. .June 7.
Ditto, via Marseille3 .................
.......... .4, . June 7.
Newfoundland ................
..... • June 4.
Portugal ..................Lisbon ......
Ditto, by private ship
North America, by Bri-
United ?Mateo and British
fish packet ................. .._. .. .. may
31.
Ditto, bY United States packet, t
e , via Southamp-
....
ton ........ -
Ditto. via C"k ... • • ...... . ...
Ditto, by Canadian packet, via Londonderry ..
West Collet of Africa, Madeira, and Teneriffe .. June 1.
West Wise and Pacific (except Bahamas .. .. June 10.
Honduras)
Cuba and Mexico ...........
.. ........... May
19.
Bahamas, via New 'Y ork. .............. ...... May 29.
Bermuda, via Halifax .............................. May 31*
.......... . ..
_____
.......... .June O.

THE BAR.—
The Benchers of Lincoln's-inn have
admitted by Mr. Benjamin, late Secretary to the Treasury
in the Confederate States, without
obliging him to eat his
terms.
They say they are compelled to accept him in ex-
change for Mr. Edwin James, who was admitted in the
same way to the New York Bar—an odd compliment to
Mr. Benjamin ; but there seems little doubt his admission
the
was smoothed by the strong Confederate sympathies of h
English Bar.—Spectator.

A CONFERENCE to discuss a meteorological expe-
dient for dispersing clouds, wittily remarks the Spectator,
is proposed as a remedy for an inevitable and very formid-
able storm. •
Pills should now
[ADVERTISEMENT.]—Holloway's I:iffPcielltss.—ovCeornithinenedeoltl.
—in place of the usual six weeks of cutting winds their
duration has extended over double that period,
gef the late trying
and, of
course, has exercised delicate,
binefiTkenantdo
season; nothing beyond these Pills and their accompanying
aged.ayert pheolilloiwcaoyn':eqPuuernifeyeisn
" instructions" is necessary for every invalid to root out
the latent seeds of disease, and to secure future good
health. Depraved and poor blood will thus be purified
and enriched, all congestions of the circulation in the
lungs, liver, kidneys, brain, or elsewhere will be dispersed,
he system will be relieved from oppression, and the whole
animal machine Will 1,0 r94pyated. _

MEETING OF SHAREHOLDERS—THIS DAY.
A meeting of the shareholders of this association
was held this day at the London Tavern, for the
purpose of receiving the report of the committee
appointed to investigate the state of the affairs of
the company. There was a very crowded meeting.
Mr. JACKSON, M.P., took the chair, and after
some slight opposition said he attended that day at
the express wish of the committee, and although
the directors were not officially present it was the
wish that they should absent themselves. It was
no good to talk of the past, their business was with
the future, and if they conducted themselves as
men of business they would eventually arrive at a
satisfactory result. He held 250 shares in the con-
cern, and before the stoppage he had purchased
250 more, which, although not transferred, rendered
him liable for all calls. If the concern was
amicably wound up, under good arrangement,
he felt satisfied there was enough to pay
20s. for every share. (Hear, hear.) He
did not attend that day to make a speech
or to be publicly insulted, but, as a practical man
of business, he thought it was the duty of all pre-
sent, as honest men, not to bandy personalities,
but to see how best they could pay their just debts,
and preserve their honour. He did not mean to
say there had not been some bad management, but
the great mistake of all was the trying to unite
the business of bankers and finance agents. (Hear.)
However, he hoped they would agree to the proposal
of the committee, which was that the association be
voluntarily wound up, and he moved a resolution
to that effect.