The Sun.
London, England, 1857-12-03 00:00:00

THE ROYAL BRITISH BANK.

A meeting of the shareholders of this bank was
held last evening at the Guildhall Tavern, to receive
a report of the progress made in raising a sum of
180,0001., necessary to effect a compromise of 6s.
6d. in the pound, in addition to 10a. in the pound
expected from the estate.
The CHAIRMAN• (Mr. Wyld, M.P.). said proposals
had been received from shareholders which he might
arrange into three classes. From class 1 proposals
had been received to the amount of 65,4051., and
which bad been considered satisfactory. These
shareholders would consequently obtain a release.
From class 2 proposals had been received to the
amount of 27,965/. These proposals were under
consideration. From class 3 proposals to the amount
of 2,0151. had been received, which were regarded
as less satisfactory, the total being 95,3851. ss. 9d.
Now, that total fell very far short of the proposed
composition, and the assignees had that day held a
meeting, when they thought it might expedite the
affair if they took in hand cases which had been in-
vestigated by the committee, because those cases
had been very carefully gone into. In some of
these the assignees were disposed to give an im-
mediate relief to those who bad contributed as far
as they could ; and the effect of this would be, that
those who bad so contributed as far as they could
would receive, upon payment of the money, a total
and entire rele Ise from all liability as soon as the
legal formalities could be gone through. The com-
mittee had, in the course of the investigation,
taken much on the assertion of the parties them-
selves as to the capability of each party to pay.
But in their circular, issued by the committee in
conjunction with Mr. Harding, the official manager,
it was stated that the committee were not prepared
to state what they would accept, but that it was
estimated the sum of 1501. per share would be re-
quired on the whole amount to be raised. In thus
dealing with these cases they had received only
95,3851. ss. 9J., which fell very short of the sum
still further required to make up the 6s. Gd. in the
pound.

Mr. HARDING said the amount promised was
95,3851. The committee had carefully gone over
the list of shareholders, and the numerical result of
proposals was this-1n Si) cases the proposals were
satisfactory, in 12 further evidence 'was required,
56 were under consideration, and there were 105
persons who had not made any proposal whatever.
The 95,385/. would barely suffica to pay 45. in the
pound out of the required 6s. 6d.
Mr. MITCHELL intimated an opinion that if all
the shareholders would come forward honestly th- re
would be no difficulty in raising the required
18), 0001. He instanced six persons, holders of 102
shares, who had off red only 9,0001., whose contri-
bution ought to be 23,0001. -
Mr. WYLD observed that the remarks of Mr.
Mitchell showed the propriety of the course taken
by the committee. It was the intention of the
assignees to give discharges to shareholders whose
offers were satisfactory, and to apply the amount
received to the payment before the end of the year
of another dividend, whatever the amount might
be—whether 2s. or 3s. in the pound.
Mr. GILLOTT stated that he had paid 1501. per
share on his 26 shares. His business had fallen off
fully one-third in consequence of the uncertainty of
his position. The requirement of 1501. per share
ought not to be applied as a rule. Many share-
holders were tradesmen who had been knocked
down by this unfortunate affair, and who felt the
difficulties of their position in a peculiar degree.
Mr. TAYLOR said that of the many painful duties
imposed upon him during a somewhat long mer-
cantile life none had equalled those he had had to
discharge as an assignee under this estate. The
assignees were obliged to make inquiries into the
private affairs and position of shareholders, and to
receive theirstateraents upon affidavit. He believed
that the 6s. 6d. in the pound would be realised for
the creditors ;he had no doubt of it. He said this
taking into account the amount that would still be
obtained from original shareholders.
Mr. LINKLATER cited the case of an unsatisfac-
tory offer feorn a shareholder who, to his own
knowledge, had 20,0001. in Consols. The meetings
to c,rry out the compromise had done some good.
With many of the proposals the assignees were satis-
fied, and a considerable sum had been realised.
From that time every other shareholder
must be dealt with piecemeal, and they must ba
told plainly that forbearance was now at an end.
Those who had contributed honestly would obtain
a release ; Lhose who had not contributed honestly
must be made to. do so. The assignees never had
and never would relinquish the terms of compro-
mise ; from the 6s. Gd. in the pound they would
never swerve for one moment.
Mr. WYLD repeated his opinion that :the com-
promise could be accomplished by the rasing of the
required amount. The parties acting with him had
been inflnenced throughout by feelings of benevo-
lence and mercy in a matter that to a certain de-
gree might be considered a public calamity, and
they would not relax their exertion]. It remained
now for every shareholder who had not yet done so
to do his duty.