The Sun.
London, England, 1857-11-24 00:00:00

LONDON, TUESDAY EVENING, NOVEMBER 24, 1857.

CONOMIC LIFE ASSURANCE SOCIETY,

6, New Bridge-street, London.
Chairman—HENßY FREDERICK STEPHENSON, Esq
Deputy-Chairman - ROBERT BIDDIMPB, Esq.

A DVANTAGES—
Mutual Assurance.
The lowest rates of Premium on the Mutual System.
The whole of the Profits divided every Fifth Year.
An accumulated Capital of • • • • £1,575,000
During its existence the Society has paid in Claims.. 1,455,000
Reversionary Bonuses have been added to Policies to
the extent of • . .. • • •• .• • •
The last bonus, declared, In 1854, averaged 671. per
cent. on the Premiums paid, and amounted to • •
Policies in force • • ..
The Annual Income exceeds .. .. • • - •
The next Division of Profits will be made in 1859.
Assurances effected prior to 81st December,lBs9, will participate
in the Division of 1863. •
Prospectuses and full particulars may be obtained on application
to ALEXANDER MACDONALD, Secretary.

890,000

397,000
7,437
240,000

SPORTING INTELLIGENCE.

WOLVERHAMPTON AN, STAFFORDSHIRE
BANK.

..-.__..„„ .,,....-

WOLVERHAMPTON, Monday Evening.
A meeting of the shareho!&rs in this bank was
held this morning, at the Swan Hotel ; Mr. A.
Hordern, the•chairnian of the board of directors,
presided.
_ _

- In the course of Friday and Saturday several
meetings, both of shareholders and depositors,
have been held ; at the form. r, the prevalent
feeling has been that the directors should them-

selves raise a large sum of money (say 2)0,0000,
and that the eo-operation of the other parties in-
terested should be so far obtained, that the business

of the bank might be at once resumed ; this plan
being the most deiirable for the interests of all

,a► ties.

The energetic measures taken by the shareholders

and other creditors, appears to have stimulated the
board of direction to action ; Mr. Hill, the late

manager, was calle 1 in to advise ; and the result
was that late da. Saturday night a report was
issued.

That report was read at the meeting to-day by
Mr. BRISCOE, the deputy-chairman, after a few ob-
servations formally opening the business hid been
made by the chairman, whose remarks were, how-
ever, inaudible.
Mr. BRISCOE said that since the report had been
issued the directors had further considered the state

of affairs, and that they had resolved themselves
to lend 100,0001., iwitipat of the 50,0001. named in

_
the report.
Mr. DIXON said he presumed they m7ght take it
for granted that the figures in the report were

correct.
Mr. HILL, the late manager, said that he had
gone over the matter as carefully as ho could in the
time ; the figures as to the balances he had taken
from the clerks, but that ha had himself looked
through the bills, and he believed that the esiimate
of their value was not over-rated. He thought it

not improbable that they would turn out of greater
value than had been put down, but very much
would depend on the circumstances under which
they were got in. ,
Mr. DIXON thought that the committee of share-
holders to lu appointed should confer with the
committee of creditors. The best thing was for

all parties to work together. As for recrimination,
it would be the worst thing that could happen.
Mr. JOHN LEIGH, stipendiary magistrate for the
division, moved the first resolution. The first
question to be decided was whether the bank was
to be wound up, or whether they were to go on.
(Cries of "Go on.") if the latter, it must be
by the good feeling and co-operation of all
parties. Directors, shareholders, and creditors
must all work. together ; if that took place,
the mischief would be very greatly lessened. No
doubt they were much at the mercy of the credi-
tors ; if they were disposed to forbear, it was the
duty of the shareholders to show that there was a
reasonable prospect of their resuming business and
going on satisfactorily. (Hear.) He had seen
many of the creditors, and he believed that there
was a general disposition amongst the most impor-
tant ones to meet the difficulty in a fair and liberal
spirit ; if there was a wind up there would not only
be expense and delay, but a great deal of mischief
to all parties. Mr. Leigh concluded by moving the
following resolution : "That this meeting approves
of the proposal of the directors to carry on the bank
according to the scheme submitted ; and is willing
to pledge itself to carry it out sugject to the modi-
fication and approval of a coinmitee of shareholders ;
and in learning the intentions and feelings of tbe
creditors."

Mr. T. BOLTON, in seconding the resolution, said
it was framed on the principle that the shareholders
were disposed to co-operate for the purpose of car-
rying on the bank. If they had a call of 51. a share,
he hoped not only to get it paid up, but that they
would get another Si. voluntarily paid up by mAny
of the shareholders upon a reasonable rate of in-
terest. Mr. Bolton retnarked on the evils and ex-
pense which would attend a wind up, He was not
disposed (he said) to recommend it under the Regis-
tration Act ; and under the Bankruptcy Act it
would be by an assignee, who was ill-fitted to ad-
minster the affairs of such an estate without great

loss. (Hear, hear.) Being in the position they
were, he called upon the shareholders to meet the
difficulty manfully ; not to shirk the responsibility
they had incurred to their creditors, even if ruin
were the consequence.
The resolution as moved w.s carried unani-
mously.
Mr. LEIGH then moved the following resolution :
"That the following gentlemen be appointed a
committee of shareholders, with power to add to
their number, and with power to appoint a sub-
committee of such smaller number of their mem-
bers as they think fit to act with the directors :
Mr. W. H. Sparrow, Mr. Bolton, Mr. Earl))
Mr. E. Dixon, Mr. Wood, Mr. Leigh, Mr. Hill,
Mr. C. Elwell, Mr. Fleming, and Mr. Wynn." In
moving this resolution, Mr7Leigh said it was not
to be expected that the creditors should pledge
themselves to any particular course of proceeding
until ,the shareholders had taken some definite
steps as to the future course of action. Ile had no
doubt that the shareholders would make an im-
mediate call of 5/. per share, and that many of
them would pay another 51. voluntatily. What-
ever was done, however, must be done promptly,
or it would be useless ; and to do it successfully
some portion of the burthen must be borne by
the depositors.
Mr. E. DIXON seconded the resolution, which
was carried unanimously.
Mr. LEIGH then moved the following as the
third and fourth resolutions
Teat tLe directors take no step ef importance
wit tout the concurrence of the sub-committee of share.
hollers.

" That the committee of shareholders have power to
adopt the proposal of the directors without reporting to
a general meein
Mr.
important KETTLE g of eh neholderF."
.eeorided the resolution, remarking
on thedifference between the first
offer of the directors to raise 50,0001., and their
present proposal to raise 100,0001. He hoped
that no difficulty would arise in the way of ad-
justing matters, and that the bank would again
be re-opened.
Mr. LEIGH repeated that in his opinion every-
thing dependedthe upon the forbearance of
cre-
ditors.
Mr. WOOD suggested that a voluntary amount
should be raised as a guarantee fund, which might
continue for two years.
Nr. BOLTONhrranemarked that, pending the carry-
ing out gements, care should be taken
not to allow actions to be proceeded with against
the bank without tll consent of the shareholders.
The resolution was then put and carried, as was
also the following
"Tbat this meeting. is glad to find that a temporary
committee of depositors and cre,iitors have been ap-
pointed to confer with the
elect directors, and trusts that the
meeting to-morrowpermanent committee to
we resolution."
act in tee spirit of the ab
The meeting then
of adjourned until 5 o'clock, in
order that a meeting the committee might in
I the meanwhile be held.
The proc:,edings had been of a most satisfactory
character throughout ; net
utmost unanin ity pre-
vails amongst the shareholders, and it is believed
that the forbearance and
A co-operation of the cre-
ditors will be obtained. call upon the share-
holders just now will be
apeculiarly burthensome,
many and no doubt there are
'flatters
y parties who would be
unable to pay it ; but as _latters stand it is felt
for i
that it would be the best
this kind should be made,
and the bank be re-open edfor business immediately.
In the event of the proposed arrangements being
is
carried into operation, itmost likely the small
depositors will be
paid off immediately, and that ss.
in the pound will be p aid once to the other cre-
ditors.
The adjourned meeting of the shareholders took
place this afternoon, but was further adjourned
until af..er the meeting of the creditors to-morrow,
as upon the resolve of that body very much depends
as to the future.
The directors have, it is
tunderstood, made a call
of Si. per share, payable by th
e 27th of February.
In the event of the bankbeeing ro opened and
carried on as contemplated, the share registry is to
be closed for two years.

OXFORD ELECTION EXPENSES.—At; abstract of the
expenses incurred by Mr. Card well and Mr. Thackeray
at the last election for the City of Oxford has just been
published by Mr. G. P. Hest( r) ejection auditor, from
which it appears that the total of Mr. Cardwell's ex-
penses was 7851. 11e. 111., and that of Mr. Tbackeray's
831/. 17s. 9d , the latter having spent 451. 5s . 10d.
more than his competitor, and lost the seat into the bar

gain.
RUSSIAN RAILWAYS —Oar readers know that the
great Ru•sian railway scheme, of 40 millions sterling for
railways, failed to float in our and most of the C Arlen•
tal markets. To drive the Eu3sians into it the Go /en •
ment has reduced the rate of interest, 4 per cent., al-
lowed by the bank to 3, whilst it guarantees 5 per cent.
to the railways. We suppose this is a milder inducement
the n to say " Subscribe or go to Siberia," for which
there is never wanting a pretext against an intractable
subject,-21frapath.

NAVAL AND 1111LITARY iNTELLIGEN6T,

Reinforcements for the 94th Regiment in India.
to the number of 42.n0n-commissioned-officers and
men, are ordered to proceed from the depot of that
corps at Chatham garrison, and embark at Wool-
wich on board the steamer Leopold, for Kurrachee.
A large party of the 500 recruits now being
raised at Sheffield have arrived at Brompton Bar-
racks, Chatham, and joined the depot companies of
the 98th Regiment, the head-quarters of which are
serving in India. It is intended that the whole of
the recruits raised at Sheffield shall be attached to
the 98th Regiment.
The Heron, 12, Commander W. H. Truscott,
left Chatham yesterday afternoon in tow of the
Adder steamer, for Sheerness, whence she will sail
for the West Coast of Africa.
The Racoon, 22, screw steam-coive te, is ordered
to be commissioned at Chatham by Capt. J. A.
Paynter, late of the Brilliant, 20.
A court-martial, comprising Captain the Hon.
F. T. Pelham, C. 8., of the Blenheim, president ;
Captains H. Eyree C. 8., of the St. Vincent ; G.
H. Seymour, C. 8., of the Victory ; R. Harris, of
the Illustrious ; W. Muorsom, C. 8., of the Dia-
dem ; W. Crispin, additional of the Victoria and
Albeit ; and Mr. W. J. Hellyre, deputy-judge-
advocate of the fleet, assembled yesterday morning
on board the St. Vincent, in Portsmouth Harbour,
to try Mr. Hugo Beaumont Burnaby, First Lieu-
tenant of 11. M. ship Juno, on the following
charges
" 1. For having, on the 27th of March, 1856,
behaved himself with contempt.towards Captain S.
C. Fremantle, his commanding officer, by perform-
ing an impertinent and provoking action sf,er re-
ceiving from his commanding officer instruction'
relative to certain visitors then on board the said
ship, and by procrastinating the departure of the
said visitors, he having been previously warned and
perfectly aware of his commanding officer's anxiety
to have the ship cleared of strangers and prepared
for the duties of the following morning.
"2. For having, on or about the 2d of June,
1856, behaved himself with disrespect towards his
commanding officer by going into his cabin with a
frivolous grievance, and attempting to enter iuto
altercatit.n with and to criticize the couclact of bit
commanding officer in a manner unbecoming a
junior officer,with reference to a painted handker-
chief, and to his own duties as senior lieutenant of
the ship.
"3. For having, on or aboutthellth of January,
1857, behaved in a manner unbecoming the charac-
ter of an officer by breaking his parole.
"4. For having, on or about the 15 de of January,
acted in violation of the general printed instruc
tions and the custom of the service by forwarding
to hie commanding officer a remonstrance upon un-
justifiable grounds, addressed to the Commander-
in-Chief in a covering letter unnecessarily hasty and
dictatorial."
The prisonerwas assisted in his defence by Messrs.
James and Edward Hoskins, of Gosport.
The evidence for the prosecution was not con-
cluded when our report left.
We learn by electric telegraph from Plymouth
that the hired screw steamer Austria, Capt. Heydt-
mane, anchored near the Mewstone,, five miles
south of the Breakwater, early yesterday morning.
She left for Kurracbee, with the 94th Regt., under
command of Col. Mills, on Monday, Oct. 5, re-
ceived damage in the Bay of Biscay, and put back
to Plymouth on Saturday, the 10th. After repair-
ing she sail d again on Saturday, Nov. 14, and on
Monday morning, at half-past 3, when 400 miles to
the westward, she broke the crank of her engine,
which drove the piston through the cylinder and
completely disabled t'i.e machinery ; her propeller
became fixed, and she would not answer her helm ;
light winds prevailed, and seven days were occu-
pied in returning to the Mewstone, where she was
compelled to remain unit two Government steam-
tugs went to her relief. The troops are to be landed.
Captain James J. M'Cleverty (1848), C. 8., who
commanded the Terrible, 22, paddle steam-frigate,
in the attack r.t Odessa, and in the operations
against the Russians in the Black Sea, and Cwt.
Fred. D. Montresor (1851), who was promoted for
coast of Africa service, have been appointed to the
commands—the former to the Cambrian, 40, at
Devonport.
The Hong Kong Register states that blank
commander's commission was sent out to the com-
mand, r-in-chief, Sir M. Seymour, to bs given to
one of the lieutenants who commanded a gunboat
in the late affairs wi h the Chinese, and that the
admiral conferred it upon Lieut. R. Hamilton
(1851), who commanded the Haughty.
Commander William Wilkinson, whose death
has been announced, was the senior of the masters
promoted to the retired rank of commander. By
his death a vacancy occurs for the promotion of an
eligible master to the 12s. 61. per diem list of re-
tired commanders.
Lieut. Keith Stewart (1855), in command of the
Plover, screw gun-boat, at Hong Kong, died on the
4th September.
Assistant-Surgeon Dr. William Ray (1851), of
the Acuson, surveying vessel, died at Hong Kong
Sept. 3.
A China paper states as a current report " that
the powerful French fleet now present in these
seas has been placed under the command of our
worthy admiral, Sir Michael Seymour. A leader
more gallant and yet more wary they could not
desire."
The claim of the owner of the schooner, Mary
Aune, Bourchier, of Rochester, fur damage sus-
tained by collision with the screw line of-battle
ship Renown, off the Garrison-point, has been com-
promised with the Admiralty for 1751., which has
been paid by the Admiralty solicitor, in full. of all
demands.
A concert took place on Saturday in the carriage
department of Woolwich Arsenal, which was at-
tended by upwards of 3,000 persons, the clear pro-
ceeds of which amounted to nearly 2001., and are
intended in aid of the fund for the reliet of the
wives and-families of the soldiers of the garrison
who have left for India.
The following appointments have been made at

the Admiralty :
Lieutenants—T. Stackhouse, to the Ardent ;A. J.
Chatfield, to the Alacrity ; R. Adams, to the Cambrian;
H. Dunlop, to ditto ; J. D. Hopkins, to the Racoon ;
F. R. Blackburne, to ditto.
Surgeons—G. F. Banks, to the Alacrity; P. D. J.
Durgan (additional), to the C,)rnwalli4.

MILITIA.
The 2d Regiment of the Warwickshire
will leave Leamington this morning for Aldershot.
The regiment is about 800 strong.
The Shropshire Militia, numbering 650 rank and
file, and 1i) officers, under the command ofLieu`.-
Col.
F. Hill, left Shrewsbury yesterday for Dublin,
where it is intended 'ley shall perform garrison
duty. The regiment is a very fine one, and many
thousands assembled at the railway station to wit-
ness their departure. They were preceded to the
station by the baud of the South Shropshire Ca-
valry. The regiment proceeded to Birkenhead in
two special trains, and embarked for Dublin in the
evening. The depot remaining at Shrewsbury con-
sists of 1 lieutenant, 2 sergeants, 1 corporal, and 60
privates, under the command of Capt. Pechell.