The Sun.
London, England, 1842-11-10 00:00:00

his conduct whilst a Director on the General Board,
and also whilst a Managing Director. He first alluded
to the fact of his accuser, Mr. Greig, having only re-
cently become a shareholder, and therefore must have
purchased his shares at a very reduced rate.
Mr. GREIG said he paid 51.11 s 3d. for the 112 shares
which he now held.

Mr. ROBERTS then entered into a review of the cir- 1
cumstances connected with the management of the
bank since he became a Shareholder, in 1831, when
he was appointed upon the General Board. For a con-
siderable period after he became connected with the
management he had no account withthe bank, and did
not open one until the bank with which he had previ
ously transacted .business (Messrs. Jones, Loyd, and
Co.), intimated to him, that as he was a director of an-
other bank, they did not think it right that he should
be a borrower of them. He said that when he became
connected with the bank as a Managing Director, he
was in easy circumstances, and attributed his subse-
quent losses to the badness of trade, and to the fact of
his having paid upwards of 8,0001. to the bank as in-
terest. He also alleged that at the period of his re-
tiring from the bank in May last he was not aware
that anything like the losses had been sustained which
were now represented. He concluded by calling upon
the Directors present to state whether they had any-
thing to allege to his charge which called in question
his honesty and integrity .
At the request of a Shareholder,
Mr. Smith, the manager, read the statement of
Messrs. Hilton, of Darwen, and of Messrs. Raleigh
and Co., from the period of their opening an account
with the bank to the time of their respective failures.
It appeared that on the 31st of December, 1840, the
debt of Raleigh and Co. was 169,1191. Gs. 7d.; on the
30th of June,
,1841, it was 183,8761. 15s. 2d.; and in
December, 1841, it was above 235,000/. ; and on the
Ist of March last it was 225,8071..195. 10d. Mr.
Smith said that in the present state -of the affairs of
Raleigh and Co.; it would not be prudent to go fur-
ther into the particulars of the debt.
Mr. ROBERTS entered into a lengthened explanation
oE the state of the law accounts, the. particulars of
which had been read to the Shareholders, and said,
Has regarded that of ilton's, he had yet to he informed
as to whether or not the bank was in possession of
security to a very large amount, and which he be-
lieved would nearlycover the whole of their liabilities.
It was not his business as Director to investigate those
securities, but the duty- of the then solicitor of the
bank. That -account was taken up in 1836, and
there appeared to be a good working account, and, as
far as the Directors knew, up to the time of his (Mr.
Robert's) leaving -the bank, the securities were good
and adequate to the debt; and when the Report was
made in October, 1841, it was his honest opinion that

the account of Joseph Raleigh and Co. Could have
been paid to the bank. Mr. Robert's explanation oc-
cupied a considerable time, but afforded no satisfac-
tory explanation to the Shareholders, a part of it being
a justification of himself, on some charges brought
against him by some of the newspapers.
After some further discussion,
Mr. STUBBS moved that the meeting be adjourned
till -Wednesday, at eleven o'clock.
Mr. WALKER moved an adjournment for three
months, r.s an amendment.
_ .

The CHAIRMAN then put the amendment, which
vas carried by a considerable majority.—After a
rote of thanks to the Chairman, the meeting
ieparated.