The Sun.
London, England, 1857-03-06 00:00:00

BOELL BRITISH BANK,

(From the Times )
The a 'airs a r the Royal British Bank have, we trust,
bee consider? .bly advanced towards a settlement by the
peowsedings of the general meeting of the depositors on
Weatnesday last. On this occasion it was resolved by a
lar,r, piejor Ay that a certain composition on the part of
the sharehe elders should be accepted, and a petition to
t was agreed upon in favour of an Act which
sho W-nd the minority of the creditors to the accept-
ane of -the terms referred to. It appears that after the
leg: 1 contest between the official assignee and the official
/nal ager had been terminated a first dividend of ss. 6d. in
the pow id was promptly declared, and to this it is antici-
pated th at a second dividend of 3e. will be added in the
coo. se of two-month. The sum of Bs. 6d. in the pined
being thus obtained from the assets in bankruptcy, it
has been proposed, in pursuance of arrangements
between the shareholders and the creditors, that
the former body should raise by contributions
a sum sufficient to pay 6s. 61. in the pound more, making
altogether a return equivalent to three-fourths of the pro-
perty deposited in the Bank, and that after the 15s. in the
pound had_thus been produced the shareholders should ob-
tain an acquittance releasing them from further liability.
Thesis proposals found favour with the meeting, and if they
are carried out a month or two more will see an end of the
affir.
It is no wonder that such a transaction as this should
still give occasion to protests, denunciations, and corn*
plaints ; in fact, such has been the operation of the law
that each party appears to have been exposed to the
greatest possible suffering with the least possible ad-
vantage to the oth r. The creditors could not escape
loss nor the debtors molestation, and while deposi-
tors have been kept out of their money, and are fain
to close with a compromise at last, shareholders
have been subjected to proceedings so severe as to call down
an indignant remark even from the chairman of the credi-
tor a' meeting. One of Mr. Wyld's observations, indeed,
went far to explain another. When he spoke of the dis-
honesty of shareholders wbo, by flying across the water,
had placed the Channel between them and their creditors,
it was thin that he hal already said much in their justifi-
ea' ion by describing the sufferings of those who remained
behind and who in some instances had been di iven into the
Brae kruptcy Court and seen their wives and children turned
in'o the streets, not for the satisfaction of the creditors, but
the oflawexpenses alone. -Upon the whole, how-
ever, we are far from bei ug convinced that the principle of un-
limited liability, as applied to banking, is in itself respon-
sible for any of these deplorable consequences ; bat are die-
pom,l ruher to believe that it would have operated with
all desirable effect but for the obstacles incidentally en-
countrye.l in the way of procedure, and that even under
the present circumstances it has been the main instrument
in
_providing the creditors with such security as they have
obtained.

Mr. Wyld define I the principles of unlimited liability as
" the principle of humbug," and he deicribed its operation
in terms which appeared to command the assent of the
meeting. " If," said ho, " every shareholder of the British
Btnk had been liable for every 1001. share to the extent of
6001., he would have paid the money, and all the deposi-
trs would have received 20s. in the pound ; but as, ac-
e, riling to the present law, every shareholder found him-
self liable to the extent of 2,00 1. or 3,0001. for each 1001.,
ho was obliged to shirk his liability by every means that
the law enabled him to do." But this hardly appears to
us to be a comprehensive view of the case. The difficulties
of the creditors and the apprehensions of the share-
holders arose, not from the more liabilities of the latter,
b it from the want of such a machinery as would have

realised the assets with fairness to all patties at the leas:
c ,4t and in the s allest possible time. The law of unli-
mited lia* ility simply provides a fund out of which satis-
faction may be obtained for the creditors, and gives this
f ird the largest ,;imemiens possible. The machinery fur
nisking this security available is another affair altogether,
a-nd it is here that the system has been found defective.
What, let ns ask, constitutes the actual security, such as
it is, of the creditors at the present moment ? On what do
t !ley rely for bringieg the depositors to terms? Evidently
on the power with which the law of unlimited liability
vests them, which will ultima'ely make up their receipts
t 15a. in the pound upon their claims, and which, ac-
cording to Mr. Wyld's own admission, might even bring
them 20s. in the end, if they chose to enforce all their
r'ghts, and could afford to wait for the result. Nor need
''is principle have been attended with any embamssment
if the course of action and the line of procedure at the
vopinge of the bank had been easy, well-defined, and free
tram the chances of complication. After all, as has
b .en more than ones remarked, there was nothing in
the actual position of affairs which need have delayed
a settlement, If the matter could at once have ben
et into the hands of any skilful and intelligent men
f business. There were some 4,( 00 depositors with cer-
tain well-established claims; there' were 230 shareholders,
who were liable to be called upon fur such contributions as
"you'd make the estate of the bank equal to paying 20g. in
Vie pound. How much would have been required from
inch we ea,mot pretend to compute, but, since they have
greed as it is to make up all but ss. of this amount, is it
runt reasonable to suppose that 20s. could have been pro-
...idea at less cost if the intervening expenses could have
b !on saved?

Of the utility of limiting liability in general commercial
transactions we have no kind of doubt, but the principle
involved in that decision does not touch the obliga-
tion of a banker to return a deposit to the uttermost ea-
t, nt of his means, nor do we see that the case has been
; fYected by the example now before us. The embarrass-
ments in this affair have been produced, not by the law of
unlimited liability, but by the impracticability of applying
it effectually. What is wanted to secure prompt payment
is the power of giving a corresponJing discharge. Every
thould carry its receipt, nor can it, be expected that
any man will b 3 ready to produce his money when he
may be none the better after doing so than he vas
11,3 fore. Mr. Wyld's remarks seemed to point to
a species of intermediate liability—something between
limited and unlimited obligation--as likely to insure the
desired result. He did not argue that the creditors would
have been kept harmless if each shareholder had been
Diable solely to the extent of his share, but that this would
ii .ve been the case if a limitation had been pat upon the
xcess of his liability—if, for instance, he might have been
hound to pay five times the amount of his investment, but
not more. We understand this observation, which amounts,
in fact, to our own remark, that ready payments aro only
to be obtained by ready quittances; but surely the en is
desired, that is to say, the satisfaction of the creditors and
tbe release of the debtors, are to be accomplished by a pro-
)er machinery for bringing the law into action. It is
highly natural to advocate such a limitation of liability as
I.:mild, at all events, secure the honest debtor from further
annoyance after he had paid his share, but we should pri!-
fer to see his liability limited, not at any possible expense
to the creditors of the Bank, but by the fair apportionment
of the entire obligation among the whole numbers liable,
and the prompt recovery of the contributions thus due.

MATIKET NEW 3. (This Pay.)

CORN EXCFLINGE,

To-day's market was very scantily supplied with English
a heat fresh up, coastv:ise and by land-carriage. The few
prime samples on offer sold steadily, at full prices. Other-
wise the demand was in a sluggish stat-, at Monday's cur-
l- •ncy.
The imports of foreign wheat this week are only 2,620
quarters, but the supply here this morning was rather ex-
t. nsive. The business doing was wholly in retail, at late
:ItCB.

Fine malting barley moved off steadily, at Monday's ad
vance, but malting and distilling scris were less active.
There was a moderate inquiry for malt, at previous cur.
rencies.

We were only moderately supplied with oats ; neverthe-
-I,ss the oat trade was inactive, at late rates.
Bean; peas, and flour moved off slowly, at Monday 's
quotation..

ARRIVALS TIIIS WEER.

Wheat. Barley. Malt.
English..... 2,610 1,550 6,820
Irish.
Foreign.,... 2,620 9,663

Oats. Flour.
310 1,33;
2,490
14,090 530
Baas

METROPOLITAN CATTLE MARKET.
We had only a mo:lerate show of beasts in to-day's mar-
kt-t, and their gener4 quality was rather inferior. The beof
traderuled stea.ly, at Monday's improvement in value. The
show of sheep was rather limited, and the demand for thorn
was brisk, at' very full prices. The best old Downs in the
wool realised Gs.; out of the wool, per Blbs. The few
I .mbs in the mallet realised Bs. per 811).. Calves were in
fair supply, and good request, at full quotations. Pigs
changed hands at Monday's cuirency. Milch COWS Were
but not cheaper.

Per bibs to sink the offal*.
s. 8. d. I
O.
Inferior Beasts.... 3 4to 3 6 PrimeSouthdown 510 6
4
Second quality.... 3 8 4 0 I,Arge crso. calves 4 2 5 4
Prime large -oxen 4 2 4 B,Prime small do 5 6 510
Prime Scots, 44c. 410 5 o!Large hogs
Inferior Sheep ...4 6 410 Small porkers
o,cond quality ...5 0 5- 2 Suckling calves-23 0 30 0
Primo crse.-ivlied. 5 5 6jQuarter old pigs.2l 6 28 0
FOREIGN SUPPLY.

TOTAL SUPPLY;

Feasts
1,104
S'ieep
C Lives
Pip 3OO

Beasts
Sheep
Calves
Pigs

NEWQATg AND LEADENEIALL.
Tho trade generally ruled steady, at very full prices.
81be by toe carcase
a. d. l3,
ef, interior ...... 3 0 B 3 4
miclatutg.....3 6 3 10
D pri .
smo large.. 4 0 4 2
13.. 4°mall ....4 4 4 6
Park,
large
...3 8 4 4 f

8. 4. Y. R.
Hutton, Inferior 3 6 3 10
Do., midiling 4 0 4 6
Do., prime 4 8 4 10
Veal 3 10 5 0
Pork, small 4 6 5 1

BOROUGH HOP.
Oat* marka, continues to be Reasonably well supplied
It ith marly all kinds of hop,. The best samples move oft
at,:44lily, at full quotations.; but inferior kinds are rather
Licitd tbis week.
11. Saver:Al plreels have come to band from the coral-
mid and East Kent pockets, 31 159 to 51 12s ; Weald'
of Kent, : 5s to 5/ 03 ;
Susßox. 3/ 3, to 41 0, Worcester,
3/
41
13 to 515, ; yeailings, 11 103 to
'3/ 15,. per cwt. ---