The Sun.
London, England, 1857-11-20 00:00:00

-

- ,
•____ ~ . ~.•
~ - •
.#,i• '''.' „ti•• " i p , ' 1,,r4 St.,,- 'f. '4.
-IJ/\ \ li t \ ...„`'`,
..,,,.;,---: ‘,- - i ,---- —. : -..P,,x-47-'%).; - -...r 10-Ir4f.' - .I'.l'-. ' 'IMF .44) ''''..),,j4.* ;,,Jl,ll\- -4
... *X '''''-' •.*-,;ir, . , 1 14),/,46.,
•
),
'..-4., . .' : N.,
~._.. , , ~... •
..
i
,
~,, . 6) ' r •,..,k, • , ea% , ~,0,40.,: -0::,5410-,......----,5:,,A 04 ',,,iii.t. ~'1:1,,,' ' ' .z- ''• -
-
-,

~4

[PRIM 4D. STAMPED 572

MEETING OF GLASGOW WESTERN BANK
DEPOSITORS.

On Wednesday, at noon, a meeting of the deposi-
tors in the Western Bank was held in the Trades-
hall, !Glasgow, which was crowded to the door.
There were a number of ladies . present, and hun-
dreds of persons were unable to obtain admission.
Mr. J AMES DUNLOP, of the Clyde Ironworks,
took the chair, and, after a few introductory re-
marks, introduced
Mr. FLEMING, Manager pro tempore of the
Western Bank, who made a statement with respect
to the affairs of the bank to the following effect :
The failure of certain houses in Glasgow to whom
excessive accommodation had been granted, the
monetary crisis in America, and the*are t pressure
in the money-market at home had great
the
affairs of the bank so much as to oblige them to apply
to the other banks for assistance. Tue publicity
given to this by the demand of the other banks for
a general winding up had the effect of canning the
withdrawal of deposits to such an extent that in 3
weeks 1,000,0001. was withdrawn, till at length
there was no course left but to suspend payment.
On the 6th of Novi:miter an examination was
made into the affairs of the bsnk, from which
it appeared that while the liabilities amounted to
7,671,6111. its 'assets amounted to 9,398,1841.,
leaving a surplus of 1,726,5421. of assets over lia-
bilities. (Applause) As a preliminary step, the
directors proposed that the responsibility of the
wealthy body of shareholders should be secured by.
closing the transfer of shares till the annual meet-
ing in June, 1860. (Applause.) The proposal
now to be submitted by the directors was :-1.
That they thou]. ' be enabled to relieve the pressing
reeessities of the poorer c'asses by being autho-
rised, as s,-tou as bus ness was reeiimed, to pay a
sum of 101. to account on all deposits not exceeding
501., and also to pay off the whole of such deposits
as soon as possiti., after the Ist of January, 1858.
(These small deposits it was mentioned amount to
500,0.100 2. That when required by depositors,
the interest on all deposits should be paid up to
the 9th of November last. 3. That the directors
should have a discretionary power, in cases of ur-
gency, to allow operations on current deposit ac-
counts with parties engaged in business. 4. That,
suirject to the exercise of the above provisions, all
deposits above 501. should remain in the bank for
two years from Jan., 1858, beating interest at the
rate of 5 per cent., and at the end o that period re-
payable at a month's notice. 5. That the directors
should have power, in cases of urgency, to make such
arrangements with individual depositors as to enable
them to make their deposits available as a fund of
credit elsewhere, either by. granting promissory
notes or otherwise. Mr. Fleming also stated that
it was the intention of the directors in future to
confine the operations of the bank to those trans-
actions generally held as more legitimately the
business of banks than those in which they had
previously been to some extent engaged. (This
intimation was received with loud cheers.)

Sir JAMES FERGUSON having taken the chair in
the room of Mr. Dunlop, who vacated it at this
stage, made some general observations as to the im-
portance of supporting the bank, after which
Mr. DRIGHORN moved—

"That this meeting, having perfect confidence in the
stability of the Western Bank, and impressed with the
great importance of supporting it through its present diffi-
culties, agree to the proposal now made by the directors,
and recomm-nd all absent parties, having claims, forthwith
to accede to it."

Mr. T. NAPIER seconded the motion, after which
a little skirmishing took place between the manager
and a few outspoken depositors, who did not seem
to relish the idea of lying out of their money for
the peii,,d contemplated. Eventually, after Mr.
Fleming bad with welt temper and judgment ex-
plained away the various Objections, the resolution
was put to the meeting, and carried amid great
cheering, one gent!einall only persisting in his
protest.
A vote of thanks to the chairman closed the pro 7
ceedings.