The Sun.
London, England, 1857-12-29 00:00:00

IVORI'IIUMB

ERLAND A

D DURHAM
DISTRICT BANK.

NEWCASTLE, SATURDAY.

A speeial meeting of the shareholders of this com-
pany was held to-day at the hank, "for the purpose
of assenting to the said company registering itself
as a company other than a limited company, under
the Joint-Stock Banking Companies' Act, 1857."
Mr. W. B. OGDEN, the acting director, was called
to the chair, and explained that the effect of register-
ing themselves under the act in question would b
that the separate property of individual shareholders
could not be affected by legal proceedings. There
were some actions already pending, and the parties
suing would be in a condition to issue executions
against the separate property of any one share-
holder, whichever they might deem best to select.
But if they placed themselves under the provisions
of this act, the shareholders individually would be
protected, and the funds of the bank alone could be
proceeded against.
Mr. JONATHAN PRIESTMAN having moved, and
Mr. J. GRW, of Dilston, seconded a resolution for
registering the company as suggested by the chair-
man.
Mr. BAINBRIDGE, as the representative of a large
shareholder, asked whether it was the intention of
the directors, after taking the bent fit of this act, to
take advantage also of the winding-up clauses of
the act of 1856, and appoint liquidaters ? That
would dispense with the necessity for a compulsory
winding-up, such as was provided for in previous
acts, and he was firmly conviuced that if they did
not take that voluntary step for the satisfaction of
the creditors, even of the debtors and of all parties,
they would at last come into the Cow t of B
tnk-
ruptey, or the Court, of Chancery, under the com-
pulsory clauses, for he did not think the creditors
of the bank would submit to be unrepresented in
the process of winding-up. He believed such a mea-
sure as he suggested to be absolutely required tor
the ultimate safe=ty of the whole concern, while it
would give great satisfaction to the whole mercan-
tile community if they took steps to make their
affairs properly known. He recommended that
another meeting should be held, with a view of
adopting his suegestion.
The motion of Mr. Priestman having been put
an, i carried unanimously,
The CHAIRMAN stated, in reply to a question,
that the amount for which actions had as yet Leer
raised by creditors was comparatively small, not
exceeding 8,000 t.
Mr. FAIRS said it would be the most satisfactory
mode of investigation to have an inspection of the
affairs of the bank, under the authority of the Board
of Trade, according to other provisions of tb.e Bank-
ing Companies' Act, and the directors might now
undertake to call a meeting to consider that pro-
posal. It was clear that there must be a full and
proper examination without delay. The committee
of shareholders, appointed the other day to aet
along with the directors, could not be expected to
devote sufficient time to it, and it would be more
satisfactorily done under the authority of the Board
of Trade.
Mr. GREY supported the resort to one or other
of the two plans now suggested, it being the obvious
interest of all parties in this miserable affair, that
the business should be wound up at the earliest
possible period, and at the least expense.
After some conversation,
The CHAIRMAN, in reply to questions addressed
to him. gave a ready pledge on the part of the
directors, that they would agree to any mode of
inspection which the shareholders might call for,
and that they would takethe initiative by calling a
meeting of the shareholders, to consider the pro-
posals now made by Mr. Bainbridge and Mr. Fairs,
as soon as ever it should appear desirable.
This pledge appeared to give general satisfaction,
and the meeting then separated.

THE BUCKINGHAMSHIRE ELECTION.

been actuated by a feeling of public duty in offer -
ing himself to represent the county on this occa-
sion, and that they would also feel that, &hough
ho had been unFuccessful, that this result was
owing to the peculiar circumstances under which
the election had taken place, and that it ought
not to be looked upon as any-picofof a dimiou-
tiou in the Comervative cJunty.

(Cheers.)
A vote of thank; to the Hi2ll Sheriff was then
proposed by Captain HAMILTON, and seconded by
Mr. CAvENnisli, and carried unanimously ; and
The Mall SHERIFF having briefly returned
thanks, the proceedings of the election terminted.

TIIE INDIAN MUTINIES.

-~

MARCH OF THE AVENGERS.

"It was a glorious sight," says an officer, "to
witness the troops under Grant marching proudly
along, one solid mass of stalwart fellows, of robust
and vigorous frames, but active and energetic—
under thorough discipline, and every man having
an air of firm determination. The natives gaze at
the Highlanders with astonishment and dread, and
style them (with reference to their garb) 'the ghosts
of the murdered Englishwomen risen to avenge I.'
The Delhi column looked as if they had had hard
fighting and great exposure, but the men were in
capital spirits. The Bth and 75th were iu mouse-
colourrd dr e,ses, which looked odd at first, but un-
que-tionahly was a capita colour to fight in, as it is
so difficult to perceive it at a distance. The Sikhs
were dres-ed in the same way. Two of our guns
were drawn by elephants, which somewhat asto-
nidied the Royals, and would rather create a sea-
, 'a:ion at Woolwich."—Letterfrom Bombay.