The Sun.
London, England, 1859-05-20 00:00:00

'HE WESTERN BANK OF LONDON.

A meeting of the Western Bank of London war
held yesterday, Mr. Roebuck, M.P., presiding,
when the agreement for the transfer of the busi-
ness of the bank to the London and County was
approved, and resolutions were passed for winding
up. A long and stormy discussion took place, but
the facts elicited can be comprised within a narrow
compass. It appeared that the auditors had made
certain allegations against the manager and had
requested his suspension. This the directors acceded
to chiefly, as they allege, from compulsion, and the
circumstance becoming known was circulated with
a variety of exaggerations. The result was a
withdrawal of public confidence, and consequently
a gradual but steady reduction in the balances and
deposits, a falling off of 18 per cent. having occurred
between the Ist of March and the 30th of April. It
became necessary to take immediate steps to dispose
of the business before its entire value was lost, and
a;transfer to the London and County was accord-
izigly arranged. The directors, after a full and
complete investigation, have come to the unanimous
opinion that the charges against the manager are
groundless. A xording to the accountant employed
by the board, the assets are sufficient to pay all
creditors, and to return £4O of the £5O per share
paid up. An instalment of £l5 is expected to be
divided in August. The ultimate loss is thus
stated at £40,000, of which about £20,000 arises in
the realisation of stock, &c. The auditors, who
have carefully examined the books, estimate the
total deficiency at £50,000. The unfortunate
termination of the career of the bank was charged
on the one side to general mismanagement, and on
the other to the alleged intemperate conduct of the
auditors. Notice was drawn to the large amount of
overdue bills, promissory notes, and overdraughts
on current account. Annexed is the balance
sheet :

WESTERN BANK OF LONDON.
BALANCE-SHEET, MAY 17, 1859.
DR.
_ _
To Liabilities : s. d.
To London and County Bank .. 82,888 7 3
To sundry creditors .. 3,108 6 2
To contingenciess,ooo 0 0
To Bank of London loan, secured by deposit
of New Three per Cent. Stock and Rail-
way Debenture Bonds .. 30,000 0 0
To Thomas Gibbes and Son loan, secured
by deposit of Consols

.. 40,000 0 0

160,996 13 5
To balance surplus to meet debts other than
on share capital .. .. 191,953 11 0

352,950 5 5

To shareholders' capital paid up 200,000 0 0
CR.
By Assets, viz.:— £ s. d.
By Government Securities, £83,167 ss, 2d.,
cost - .9. 79,832 13 0
whereof there is deposited as security for
loans, with the Bank of London, £30,000
stock, and with Messrs. Gibber and Son
£45,000 stock.
By Railway Debenture Bonds 20,000 0 0
falling due on or before Ist of August
next, deposited with the Bank of London.
m 620 0 0
By bills discounted current .. 103,267 1 6
By promissory-notes ditto 682 u ,097 17 8
BB); loansbank Opnresnse eiciurist,Yfurniture, &c. (sold for
£28,350) • • • • .. .. 30,418 13 9
By stamps and check-books , . • 170 4 9
By bills discounted past due . .. 9,492 14 0
By promissory-notes ditto .. .. 15,850 3 6
By overdraughts on current accounts 8,240 16 3
Subject to realization .. 352,960 4 6
1 953 11 0
0
By surplus per contra . 91
By balance deficiency , • • • • ,
046 9 8
to meet share capital, which will be in-
creased by the loss sustained on realiza-
tion of the assets, 200,000 0 0

STATEMENT ACCOUNTING, FOR DEFICIENCY', .
MAY 17, 1859.
r7TIT,Jo
parsdi
nheriattsoatteefiroorre:eihD:ssf
tenotunßlf u
,st,:emadapci
et
oal undivided paidt up .. Xs. a•
2,243 16 0
spense
• • .. 200,000 0 0
nd
, . • 13 441 0 9
• 51
301 7,7 681
11 711 9
To'commissionents l4 5 9
, , • . . . ~ .

Cis.
By surplus assets, per balance sheet
By prelkainury expenses • • • •

210,249 ,3 5
s. d.
191,953 11 0
10; 500 0 0
• •

202,45311 0
By interest paid 1,318 8 2,
By charges ' ' 1,477 4
By contingencies (inc ;111,100 5,000 0 0

£210,249 3 5