The Sun.
London, England, 1857-05-12 00:00:00

ART TREASURES' EXHIBITION.

MANCHESTER, MAT 11.
The attendance here on Saturday was larger
than could have been anticipated, considering that
during the greater part of the day the unfavourable
weather did so much to deter visitors, and
threatened to do still more. Nevertheless, the
half-crown payments at the doors amounted to
more than 3001., while from the sale of season
tickets—both one and two guinea—upwards 'of
2001. was gained. The total receipts, therefore,
including the profit on the sale of catalogues, pro-
grammes, &c., were 6001. During the early part
of to-day the rain fell heavily, and, of course, for
the first one or two hours after the open the re-
ceipts were proportionably affected. Towards the
afternoon, however, the weather changed again for
the better, and with the returning sunshine there
was a steady influx of visitors till nearly 4 o'clock,
at which time between 5,000 and 6,000 had poured
into the building. Though on the whole the at-
tendance to-day was much smaller than on Satur-
day last, yet, in comparison, the money paid for
admission has been greater in amount. At a rough
estimate, therefore, the income of to-day may be
fairly set down at between 5001. and 6001. These
results are in every way gratifying, though, as we
have already said, the full measure of the Exhibi-
tion's popularity, and the certainty of success in
a financial point of view, will not be seen until the
shilline days commence, which are anxiously
looked forward to by half Manchester and all the
surrounding districts. Within the last few days
music has been added to the attractions of the
sister arts, and a choice programme is performed
each afternoon by the band under the careful
direction of Mr. C. Halle. This forms an agree-
able interlude particularly to those who, after
long promenading through the saloons and gal-
leries, are compelled to rest on the seats provided
round the orchestra. No proof is required to
demonstrate the triumphant success of the
Exhibition hitherto. If, one, however, were
wanting it would be found in the letters which daily
reach the heads of its various departments. The
possessors of many fine works of art who enter-
tained the committee's application to exhibit with
coldness, and who up to the time of the opening had
not sent in, are now anxious to repair their omis-
sions, while hundreds of persons who were never
solicited at all are besieging the management with
eager importunities to be permitted to contribute
at least one object—picture, carving, or whatever
it may be. In fact collectors at last seem to be
aware that the mere fact of their gems being selec-
ted for exhibition along with the greatest master-
pieces of the world will confer on their contribu-
tions.a status in art which hoarding for centuries in
galleries and cabinets will never give. Among the
objects, recently sent in is a bedstead of carved
oak, which, though only the work of a working
joiner at Warrington, is probably one of the finest
and most elaborate specimens -of decorative furni-
ture in the whole building. It is in the Renais-
sance style, and most beautifully carved with
mottoes, figures, fruit, and flowers, all in high re-
lief. Its origin is due to the exhibition of 1851,
which the workman visited, and was fired to emula-
tion by the sight of the Austrian furniture. He
returned home to Warrington, determined to ex-
' eel the examples he had seen, and hence the present
bedstead, which is no less a grand monument of
his industry than of his talent for design and skill in
execution. _

During Sunday, of course, the building was
closed to the public, and a brigade of photographers
took advantage of the dies non to make copies of
many of the chef d'oeuvres for Colnaghi's work on
the Exhibition, which will be an enduring record of
the marvellous works which for the first time in
England's history, at least, have ever been brought
together.
At present all the hotels here are full to repletion,
while each day adds to the number of visitors.

Marsha Magnan, who commands the army of Paris,
bas addressed the following order' of the day to the
troops who took part in the late review :—" The troops
of all arms of the Imperial -Guard, of the army of Paris,
and of the lit Military Division, who were reviewed by
the Emperor on the 6th inst., have merited the appro-
bation of his Majesty from their fine appearance, the
regularity of their lines, and the precision and ensemble
of their movements. The Marshal Commanding-in-'
Chiet is happy to report to the officers, sub-officers, and
soldiers, the expression of the high satisfaction of the
Emperor." - • -

[Advertisem• nt.]
REPORT OF THE DIRECTORS.
AT THE
ANNUAL MEETING OF THE SHAREHOLDEBS
OF THE UNITY BANK,
Held on Monday, the 11th day of May, 1557.
The directors have great pleasure in meeting the share-
holders, and in submitting for approval the following
balance-sheet of assets and liabilities.
The difficulty attendant upon introducing the principle
of mutuality into the business of banking was one which
could not be accomplished without considerable trouble,
delay, and expense. All arrangements wore completed to
begin business on the Ist of January, 1856, when the Board
of Trade, deeming it necessary to consult the law officers
of the Crown as to the legality of the new principle of
mutuality without responsibility on the part,of the deposi-
tors, delayed the grant of the charter until the Ist of May
—thus entailing four months' establishment expenses on
the bank before it could commence business.
Great outlay was also incurred by the establishment of
the following branches : —Leicester-square, Watford, St.
Alban's, Hertford, Were, Brighton, and Pimlico, and the
preparation for branches at Aldgate, Holborn, Regent-
circus, and Exeter.

Experience having proved that the success of these
branches was doubtful, the directors have determined to
close those at Watford, St. Alban's, Ware, and Pimlico,
at Midsummer next.

They have also declined opening branch banks which
had been prepared at Aldgate, Holborn, Regent-circus,
and Exeter.

These circumstances have largely increased the amount
which appears under the head of preliminary expenses.•
The Charter empowers the directors to diffuse the preli-
minary expenses over a period of 20 years, the average
charge on the profits of each year will not therefore exceed
1,500/.

The current expenses 'have been considerably reduced,
those for the six months ending 30th April, 1857, being
1,762/. less than those of the preceding half-year.
At the urgent request of a large body of the sharehold-
ers, it. was determined by the Board, that the connection
of gr. Thomas H. Baylis with the bank should cease. Ne-
gotiations entered into, for that purpose were successful.
Notwithstanding tpe recent failures and irregularities of
two metropolitan joint-stock -banks, with the disgraceful
exposures in connection with the failure of a private bank,
which shook the confidence of the public in all such insti-
tutions, this bank, although suffering in common with
others from those causes, has taken root in the commercial
world.

It has opened upwards of 1,400 accounts, discounted
bills to the amount of 1,500,0001., on which a loss has
accrued of only 1,1001., and after payment of current ex-
penses, interest on deposit' and current accounts, and
making deduction for bad and doubtful debts, ,has realised
a net profit of 2,4151. 4s. 10d.

It i; the opinion of the directors that it would at present
be undesirable to diminish the funds of the company by
the payment of a dividend, but as the balance admits of
3 per cent. to the shareholders upon payments made by
them up to the Ist May, 1856, it remains for the share-
holders, having all the facts before them, to determine
how the surplus shall be disposed of.
Friendly'' communications have been established with
most of the leading banking firms on the Continent and
India, and arrangements are in progress for the appoint.
ment of agencies in the chief towns of Canada and the
United States, for the transaction of business, and for the
granting of letters of credit At Birmingham, Manchester,
and Southampton agents have been appointed to receive
and transmit cash to the head office on reasonable terms,
and the directors have it in contemplation to open similar
agencies in other large mercantile districts.
The directors suggest that the future half-yearly meet-
ings of the Bank should be held in the months of January
and July, and that the books should be balanced at the
usual periods, in conformity with the practice of similar
establishments.

The following members of the board retire by rotation,
and offer themselves for re-election :—J. J. Mechi, Esq.,
R. J. Snape, Esq., R. Garland, Esq,
The Directors feel it their duty to express their unani-
mous conviction that this Bank will succeed, and are anxious
to impress upon the minds of the Shareholders the facts,
that the business of banking is profitable, and that this
Bank is ably and honestly conducted ; they therefore con-
fidently urge the shareholders to recommend and expound
its peculiar principle of mutuality amongst their friends
and connections, so as to ensure its increased and perms-
nent prospsrity. _ _ _

J. J. MECHI, Governor.

BALANCE SHEET OF THE UNITY JOINT-STOCK
MUTUAL BANKING ASSOCIATION, 30Tu APRIL,
1857.
DR. £ s. d.
To shareholders' paid-up capital 150,000 0 0
To amount due to customerson current and
other accounts
To amount tarried to profit and lass account
after making provision for bad and doubt.
ful debts, and payment of interest on cus
tomerb' balances 15,334 12 8

• CR.
By preliminary expenses—
Advertising and news-
papers £4,276 13 1
Books
Commitaion on shares and
drafts
Directors' fees .......
House expenses and mes-
sengers' wages 221 12 3
Incidental ex-
penses £257 11 10
Opening din-
ner at Lon-
don Tavern £591 0 6 •

176,013 18 11

£341,348.11 7

--- 848 1! 4
Postage and carriage of
parcels 4Ol 11. 7
Rents and taxes 2,365 16
Law charges
forobtaining
charter. 1,587 8 1
Fees to the
Board of
Trade 1,500 0 0

2,887 6 1
Stationery and printing (in •
eluding the pamphlet and
stamps for power of at-
torney) 3,342 9. 9
Travelling expenses 519 9 S
Salaries and ex-

tra services 4,216 3 2
Gratuity toMr.
Lake ...... 500 0 0

...... _ _ _
4,716 3 2
Telegraphic messages. 3 1 0
Loss on Holborn premises 96 3 11
Loss on Regent-street pre-
mises 217 9 4
Mr. T. H. Baylis (copy-
right)
28,882 15 5
By in vestment in bank premises, freehold at
• Brighton, Sze .
By bills' discounted, loans to customers,
and other securities . . 185,253 9 10
By current expenses for chief office and
seven branches
By cash on hand at chief office and
branches, and at call

£344,348 11 7

PROFIT AND LOSS ACCOUNT.
Dn..
To current expenses for chief office and
seven branches £12,919 7 10
To balance ~ 2,415 4 10

£15,33412 8

CR.
By profit, after making provision for bad
and doubtful debts, and payment of in-
terest on customers' balances £15,334 12 8

£15,33412 8

We, the undersigned, have examined the foregoing
balance-sheet, and compared the items it comprises with
the several books and vouchers relating thereto, and have
found the same to be correct.

(Signed) WILLIAM GOULD,
W. S. AITSTIN)
Unity-buildings, 7th May, 18,57. }Auditors.

AUDITORS' REPORT.
Unity joint-Stock Mutual Bankiug Association,
May 8, 1857.

The auditors of the Unity Joint-Stock Mutual Banking
Association, in submitting their report to the shareholders,
have much pleasure in exprassing their satisfaction with
the method in which the books and accounts are kept.
They feel, moreover, bound to tender their thanks to the
manager, accountant, and the gentlemen acting under
them, for the alacrity they have shown in affording every
facility to them in this investigation.
The auditors have not only tested the accuracy of the
accounts, but have thoroughly examined, to the best of
their ability, the vouchers and securities, and consider
them to be quite satisfactory.
They find that the whole of the capital of 150,0001. was
paid into the London and Westminster Bank.
These being the subjects essentially involved in such. an
examination, the auditors feel that this report, however
concise, is here technically complete ; but in their capacity
of shareholders, they venture to add a few observations
which may tend to satisfy the shareholders—the public
mind of late having been so much disquieted by the fai-
lures and frauds of those in whom confidence had been too
unreservedly reposed.

The condition of the balance-sheet is; in their opinion,
owing to three causes :-
1. The failure of the Royal British Bank, which alarmed
the community and created prejudices against all new
companies and joint-stock banks.
2. To an unnecessary and indiscreet expenditure in the
preliminary outlay, and more especially by the establish-
ment
of branch banks in places where it was obvious the
small amount of business to be transacted could not com-
pensate for the expenses.
3. To the supposed but mistaken connection between the
bank and the fire and life assurance companies, and the
notoriety gained by the latter in the public press in the
discussions which led to the resignation of Mr. Baylis.
It is the opinion of the auditors that the bank has
passed safely through a crisis of its existence imperilled
by the above causes, and that nothing is now required but
a continuation of its present system of management, and
the efforts of the shareholders, to entirely restore public
confidence and ensure considerable success.
A large discount business has been transacted with a be-
neficial result, the losses having been extremely small.
The deposit and current accounts are both of a promis-
ing character.
The auditors have regarded with jealousy and suspicion
loans made to directors, or any monies received by them
from the bank, they find, however, that such transactions
are of a moderate character, and have been made upon the
same principles as those to the customers generally.-
The auditemhad theymet with anything in the account'

which justified their doing so,. would have at once availed
themselves of the services of a pi ofessional accountant.
• The present mat has cost them s) much time tali
trouble, that they propose for the future, with the consent
of the board of directors and shareholders, to examine the
books once a month, in order to facilitate their labours at
the regular half-yearly audit.
(Signed) WILLIAM GOULD.
W. S. AUSTIN.