The Sun.
London, England, 1857-01-26 00:00:00

JANUARY 26 72: 5 7

THE BANK OF LONDON.

MEETING THIS DAY.

This afternoon a special general meeting of the share-
holders in this undertaking was held at the Tondo❑
Tavern, Bishopsgate-street ; Sir J. V. Shelley, Bart.,
M.P., in the chair.
The SECRETARY read the report, of which the following
is an extract :—" The account of liabilities and assets,
as vouched by the auditors, shows a balance standing
to credit of profit and loss,' on the 31st of December
last, of 16,9041. 9s. 11,1, after payment of the sum of
20,2381. 12s. to customers for interest on their balances.
The directors, having fully considered the provision to
be made for bad and doubtful debts and other contin-
gencies, have decided to declare a dividend for the half-
year at the rate of 5/. per cent, per annum (free of income
tax), reserving a complete settlement of profit and loss
until after the 30th of June next, as originally deter-

mined."
The CHAIRMAN, in moving the adoption of the report,
congratulated the proprietors upon the progressive in-
crease in the business of the bank. The bank had only
been in existence 16 months, and yet it had acquired
more business than usually fell to the lot of joint-stock
banks after several years' existence. The report stated
that the profits were not commensurate with the business
done ; but the directors had preferred to look to the
future character and soundness of the bank rather than
to the realisation of immediate at,d inordinate profits.
That was the only policy that could place this bank
among the greatest banking establishments of the City
of London. Upon the failure pf the Royal British
Bank, the auditors who were appointed by the
shareholders made a most minute examination of the
books and accounts of the bank, and it no doubt would
be as satisfactory to the proprietors as it was gratifying
to the directors, that those gentlemen found every
figure and security to be perfectly straightforward and
correct.

Mr. KING, a shareholder in the Royal British Bank,
as well as this bank, asked the directors if the report
and statement made were their own—that is, made on
their actual knowledge of the affairs of the bank—or if
they were made on the statement of the officers?
The CHAIRMAN said that he bad much pleasure in
stating, emphatically, that it was the report of the di-
rectors, prepared after a most careful examination of the
affairs of the bank.

Mr. KING asked if the directors were favoured in any
advances they might require I

The CHAIRMAN—No ; buthad to give larger securi-
ties than the general public.
Mr. ICING nest asked if the directors borrowed money
on their own shares, or if they trafficed in them 'I

The CHAIR3IAN said they did not. It was against the
charter of the bank to advance money on any of these
shares under any circumstances.

In answer to other questions, the CHAIRMAN said
that the 2i per cent, dividend for the half year would
be paid out of profits, and leave an ample balance
in band to meet contingencies, and that they had no
money locked up in inconvertible securities. All their
securities might be converted within nine months at the
furthest.

Mr. JOHNSON, one of the auditors, said that in con-
sequence of what had occurred with the other banks he
had examined the affairs of this bank, and had seen and
had every security in his hands. He could say that
everything was satisfactory, and he never saw any books
better kept, they were balanced to a farthing.
Mr. PORTER, another auditor, confirmed the above
statement, and added that they found that every secu-
rity had the initials of the directors, showing that they
had done their duty before advancing the money.
After some further discussion the report was received
and adopted, and the dividend ordered to be payable on
Monday at the head-office.
A SHAREHOLDER called attention to the Bank of
London and National Provincial Insurance office
carrying on business on the premises of the bank, and
asked for an explanation of the connection between
that office and the bank.
The CHAIRMAN said that the Insurance office had
taken the name, as they had bad a right to do, but
that there was no connexion whatever between the
two concerns, other than the insurance office being
their tenants and keeping an account at the Bank of
London. He understood it was the intention of the
insurance office to go to garliament this session, and
then power would be taken to aiter its name.
The meeting shortly after terminated with a vote of
thanks to the chairman.

POLICE INTELLIGENCE. —(This Day. )

MARLBOROUGH-STREET.

This morning Barbara Taylor was charged before Mr.
Beadon with violently assaulting Eliza Cavanah. The
assault was entirely unprovoked, and the magistrate
fined Taylor 40s. or a month's imprisonment.

MARKET NEWS.—(This ay )

CORN EXCHANGE.

The supplies of wheat on sale in mast of tho country
markets held on Saturday were only moderate, yet the
trade was in a depressed state, at drooping currencies.
Barley moved off slowly, and 'prices had a downward ten-
dency. All other articles were heavy.
Latest continental advises bring rather heavy markets
for produce. From America we learn that both grain and
flour were very dull. . .

The arrivals of English grain up to our market last week
were only moderate. From abroad we received 14,951 qrs
of wheat, 14,079 barley, 5,345 oats, 5,287 beans 935 peas,
109 taros, 3,845 linseed, 761 rapeseed, 635 sundry seeds,
400 sacks, and 28,142 barrels of flour.

The quantity of English wheat received fresh up, to-day,
coastwise and by land carriage, was limited, and in poor
condition. Notwithstanding that the show of samples of
both red and white was small, the demand for all kinds
was dull in the extreme; indeed, scarcely any business
resulted, and prices were nominally 4s to 5s per quarter
lower than on Monday last. None of the millers showed
the least inclination to purchase, although they hold very
small stocks.

We were well supplied with foreign wheat, fresh as well
es ex-granary. The trade ruled heavy, and scarcely any
sales were reported, although importers were sellers at
fully 3s. per quarter less money than on this day se'nnight.
Floating cargoes of grain were dull, and rather drooping.
The show of both English and foreign barley was on the
increase, and the barley trade was ♦ery dull, at 2s to 3s
per quarter less money.

There was a very slow sale of malt, at barely late rates,
Good sound oats supported last week's quotations, but
inferior parcels met a slow inquiry.

In beans, the show of which was on the increasa, very
little was doing, at fully is per quarter decline.
Peas moved off slowly, at is per quarter less money.
The flour trade was very dull, at 2s per sack and barrel
beneath last week's prices.

CURRENCY PER IMPERIAL MEASURE

Wheat—Essex Kent,
Red new b 34 to 64a
Ditto• • • • old —a —a
Ditto, White new 55s 72s
Ditt0........ old —s —s
Norfolk and Lin-
coln, Red, old —s —a
Ditto new •••..• 524 63s
dye—Old • • •• •• • • —s —s,
New .• •• •. 38s 4251
barley—Grlndlng .•. • • 31a 35a
Malting .•....• •• 363 383
hevalier.. • •
N• • 40s 50s
Mllt—Einfrolk and or-
folk • • •• •• • • •• • • 67s 77s
flr)wn ........•••• 63s 615
Kingstoi slid Ware 76e 78s

(Nialt—Chevaller .... 763 to 793
'Oats— Yorkshire and

Lincolnsa., Feed 21s 25
Potato
Toughal aad Cork
Black. —— •• 193 22

Cork, White . .. 218 26

Scotch, Feed. •. • • 268 29s
Keane—Tick ..... •• .. 34s 35s
Pigeons....4o 42
Pess—Grey 36s 398
Blapl .......... 40s 41s

White....... •• 388 48s
Boilers ......... 4118 42.
Flonr—Town-made... 588 608
Suffolk 4I A 438
Stoektn & Norfolk 41's 438

METROPOLITAN CATTLE . MARKET.

Only moderate supplies of foreign stock arrived in the
metropolis last week—the total import being 1,014 head.
In the corresponding week in 1856 we received 710; in
1855, 1,407 ; in 1854, 1,899 ; in 1853, 3,219 ; in 1852, 2,446;
and in 1851, 2,651 head.

IMPORTS INTO LONDON LAST WEER.
From Beasts. Sheep. Lambs. Calves. Pigs
Rotterdam lOB ... 307 ... 12
Harlingen
Antwerp lO ...
Ostend
Schiedam

- ...

T0ta1.... 377 ... 644 216
The yearly comparison of weekly imports is as follows :
Beasts. Sheep. Lambs. Calves. Pigs
1856 527 42 141 ~,
1855 Bl9 517 ... 71
1854 B5l 747 275
1853 556 2,232 428 ~,
1852 64G ... 1,477 321 ~,
The show of foreign stock here to-day was limited as to
number, and in very middling condition.
For the time of year the arrivals of beasts fresh up from
our own grazing districts, as well as from Scotland, were
moderately good, and of full average weight. All breeds
met a slow inquiry, at last Monday's decline in the quota-
tions, the top figure for Scots being 5s per 81bs. From
Norfolk, Suffolk, Essex, and Cambridgeshire we received
about 2,000 Scots And shorthorns ; from other parts of
England, 400 of various breeds ; from Scotland, 500 Scots ;
and from Ireland, 150 oxen.
We were again very scantily supplied with sheep, but
their quality was extremely good. All breeds were in
active request, at very full prices, the primest old Downs
being worth 5s 6d per 81bs.
Very few calves were in the market, and the veal trade
ruled brisk, at very full prices. The boat veal was worth
Ga per 81bs.

Pigs were in moderate supply and fair request, at last
week's prices.

Per Sibs to sink the offals.
s. d. s. d.! s. d.
Inferior Beasts.... 3 4to 3 61PrimeSouthdown 5 4 5 6
Becend quality.... 3 8 4 01.a.rgc crse. calves 4 4 5 6
Prime large oxen 4 2 4 BlPrime small do 5 6 0
Prime Scots, 61c. 410 5 eiLarge hogs
Inferior Sheep ...4 0 4 4 Small porkers 4 6 5 2
locond quality ...4 6 410 Suckling calves 23 0 30 0
Prime crse.-wlled.s 0 5 2 Quarter old pigs 22 0 28
TOTAL SUPPLY. FOREIGN SUPPLY.

Beasts .... • • ........ •• .• 3,778 8ea5t5.................. . 310
cheep • ....16,590 1 Sheep ZOO
Calves 117 Calves..•• •....... .......• 54
A statement and comparison of the supplies and prices of fat
stock exhibited and sold in the Groat Metropolitan Cattle
Market. on Monday, Jan. 28, 1856, and this day, Moaday,
,
Jan. 26, 1857.
Per 81bs, to sink the offals.
Jan. 28, 1856.
e. d. s. d.
3 2to 3 4
3 6 3 10
40 4 6
4 $ 410
32 3 6
3t 4 0
42 4 6
4 5 0
•0 0 0
48 5 4
5 6 6 II
3 8 4 21

jJan. 26, 1857
e. d. s. d.
3 4to 3 6
36 4 0
;4 4 4 8
15 10 5 0
;4 • 4 4
14 • 415
0 5 2
1,,5 4 5 6
10 8 0
44 5 6
6 0
4 4
6 5 2
3,778
16,590
117
205

Coarse and inferior beasts ...
Second quality ditto
Primo large oxen
Prime Scots, &c ~„
Coarse and inferior sheep
Second quality ditto „,
Prime coarse woolled ditto ,„
Prime Southdown ditto „,
Large coarse calves ...
Prime small ditto
Large hogs ..,

eat small porkers ... 4 4 5 0
Beasts... ... 3,046
Sheep ... 15,770
Calves... 56
Pigs ... ... ... ... ... 253

SUPPLIES ON SALE, Jan. 29, 1855.—Beasts, 4,275 ; ghee' ,
18,870 ; calves, 79 ; pigs, 205.
January 30, 1854.—Beasts, 4,141; sheep, 18,750 ; calves,
61; pigs, 214.
NEVITGATE AND LEA.DENHALL.
These markets are moderately supplied with each kind
of meat, in which a steady business is doing at our quota-
tions :

SETTLEMENT OF THE LIST.
On Friday a numerously att ended meeting wag held
at the chambers of Vice-Chancelbr Kindersley, before
Mr. Pugh, his chief clerk, to further settle the list of
contributories liable to pay off the debts of the bank .
Messr3. Chilton, Burton, and Argles, and Messrs.
Amory, Travers, De Metz, and Co., appeared for Mr.
Harding, the official manager ; and Messrs. A.shurst
and Co., Messrs. Linklater, Messrs. Wingate, Mr. H.
Harris, and other legal gentlemen for various share-
holders. During the day one of the " new" eirectore
was examined.
The first case taken was that of Mr. Ritchie, of Dor.
set-square, holder of 16 shares. It appeared that he had
formerly been a director of the bank, and had become
indebted to them ; and at some period, alleged to be in
1852, a settlement had taken place between him and
the bank, upon which occasion he had handed over
to them the shares, in respect of which he was now
sought to be fixed. It was contended, however, that,
as no transfer had been carried out, and that the mere
leaving a blank transfer, and thereby to that extent
withdrawing from the list of shareholder.; so many shares,
could riot bind the company, cr be held to release Mr.
Ritchie.
The Cnief Clerk intimated that the name must be
placed on the list as liable, having credit given them for
the amount of any dividends they had not received, and
with liberty to appeal to the Court above.
In the case of B. L. Hue it appeared that the usual
practice of the Royal British Bank, on applications for
transfers of shares through a banker, was for the broker
to furnish to the transfer clerk of the bank a notice of
transfer, containing the name of the proposed purchaser,
and then, in cases where the broker was known to the
transfer clerk, the latter usually waived the seven days'
notice required by the charter, and gave out at once to
the broker the blank form of deed for the transfer to be
filled up by the broker. The transfer deed itself, when
signed, was i❑ all cases laid before the court of directors
by the transfer clerk, and was not registered without
their authority. Latterly, when the brokers came to
he bank they did not always give the formal notice of
rra-,fer, but merely a name, and Mr. Gatherer, one of
the officer 4 of the bank, submitted the transfer or name
to the directors, and got their assent before he regis-
tered t.enn, and he never registered them without their
assent.

Mr. Isaiah Butt, an alleged contributory for ten
shares, was then examined. He first became a dep,sitor
in the Royal British Bank in the beginning of 1853.
After that time he received the half-yearly reports of the
bank, and, believing therm to be true, he became an ap-
plicant for ten new sharee. He received these reports
down to the etoppage of the bank, and, believing them to
be true, bougbt 10 old share. in June, 1856, which shares
appeared to have been the property of Mr. De Wolfe Coch-
rane, and previou,ly transferred from Mr. Cameron to Mr.
Cochrane. But for the statements in the reports, and

particularly from what took place at the meeting in
February, 1356, he decidedly should neither have taken
new shares nor have bought old ones. The statements
in the report of February, 1856, were confirmed by three
or four speakers at the meeting, and particular reference

eras made to the readiness with which shares were take❑
at a premium, and to the flourishing condition of the
bank. He was present at the half-yearly meeting of the
bank, on the Ist of August, 1856, when a favourable
report was again presented. It showed a reserved fund
beyond the dividend then declared, and after meeting the

liabilities of the bank. He was elected a member of the
direction on the Ist of August, 1356. It had been pre-
viously stated that all they wanted was some good men
of business in the City as directors. He should not have
consented to have become a director had he not believed
the reports to be true in all respects, and he was in no
way aware that the bank was in a different state to
that represented in the reports.
Cross-examined by Mr. Burton, for the official mana-
ger.—He first applied for shares in the Royal Biitish
Bank in March, 1855. Re had a circular sent him, so-
liciting him to take shares, and was at the same time
asked to join the Bank of London, but he gave the
Royal British Bank the preference, considering that six
per cent, was better than beginning with nothing. He
could not recollect who it was suggested that the Royal
British Bank wanted new directors, but it was at a
public meeting. It was the position of the bank that
induced him to become a director, believing that he was
a proper party to fill the office. They appeared to go
on very pleasantly for about a week after be took his
seat at the board. It was the "drain" upon the bank
that first opened their eyes, and then it came out by de-
grees. He really couldinot say when the state of affairs
became known to the directors, but they felt there was a
drain about a week or ten days after he joined. None of
the directors were as ignorant as himself of the state of
the affairs of the bank, inasmuch as Mr. Gillott and Mr.
Huai', who were elected with him, had been share-
holders in the bank from the commencement, in 1849
He (Mr. Butt) did not know that the bank. was insolvent
until Mr. Coleman investigated the accounts after the
stoppage. When the run took place upon the bank,
they did wit discover its real position. He began to
learn a little by degrees from the chairman—first, that
they would find the Welsh works a very important affair ;
and then probably it came out that one of the directors
was a debtor to the bank. Mr. Gillott, Mr. Hurst, t:nd
himself, evinced great anxiety to learn the state of the
affairs ; bat up to the time of the stoppage, notwith-
standing their exertions, they could not make themselves
masters of the real state of the affairs. It was enough to

paralyse any alma to attempt to go into the affairs of so
large a concern. He proposed to Mr. Giliott to call a
general meeting of the board to investigate the affairs,
but this being in the month of Aug. several of the direc-
tors were absent, and there was a difficulty in getting the
board together, A few days after this the " drain" upon
the bank showed them that it was proceeding in a
downward course, and it came to a stop ou the 3d of
September.
The various reports of the bank were put in evidence,
and the chief clerk decided that Mr. Butt's same must
be placed on the list as liable in respect of his shares,
with liberty to appeal.
It appeared in the course of the proceedings that the
fallowing directura were indebted to the bank as
under :

Mr. Humphrey Brown, M.P. (director) £70,908
Mr. Cameron (manager)
Mr. Gwyn (director)
Mr. M`Gregor (director)
Mr. Nlullens (late solicitor)
Mr. Chandler (auditor)
It was alleged that against these sums certain securities
were held by the bank.
The no, te of C ilonel Phibbs was placed on the list in
respect ,d eight shares, and several other names were
also placed upon the list to contribute to defray the
debts of the concern.

It was stated, amid some amusement, though it must
be regarded as rather apocryphal, that Mr. Mullens,
the !ate secretary and solicitor to the bank, whose de-
cease was sometime since announced, has been seen, like
the shade of Sadleir, by one of the detective police,
perambulating the metropolis during the last few days.