The Sun.
London, England, 1842-10-19 00:00:00

THE BANK OF MANCHESTELC.
The reports prevalent for several years past
of the instability of this Bank, and which, not-
withstanding the attempts made at the last annual
meeting to show that they were unfounded, have gra-
dually gained more and more credence during the last
twelve months, had so far prepared the public mind
to expect the event, that its actual position has created
but a slight sensation.
It was reported that 700,0001. (nearly the
amount of the paid-up capital) had been sunk
in different failures since the commencement of the
Bank, independently of the losses sustained through
the culpability of the absconded manager ; and giving
a colour to these representations, a letter signed " A
Fellow-Sufferer and a Shareholder" (and calling for
a thorough investigation of the affairs) was handed
about in not very private circles, from which we ex-
tract the following passages :
" DEAR FELLOW-SUFFERERS,-If it be not too
late, I beg to call your attention to our present posi-
tion as Shareholders of this mismanaged Company.
For some time past we have received no dividend,
and the shares upon which 101. has been paid have
become unsaleable at 31. There is also much reason
to fear, from very recent tremendous losses, that they
have now become entirely valueless. It is quite im-
possible to conceive how the Directors, who ought to
be active, industrious, and experienced men of busi=
ness, could sanction such a monstrous advance as
170,0001. to such a firm as that of Joseph Raleigh
and Co., who have just become bankrupts, with little
or no assets--consequently nearly the whole of which
is a loss ; and it must be evident to all reflecting men
that such a reckless system cannot last; and it behoves
us to take decisive measures at the approaching annual
meeting, to rescue ourselves from the present ma-
nagement, as it is impossible any longer to place con-
fidence in persons who have consented to our capital
being squandered in such an unwarrantable manner.
A moment's reflection on the following list, which
forms only a small portion of the losses publicly
known to have been sustained, must compel the
Shareholders to interfere :
Raleigh and Co .. £170,000
Heron and Sons. 30,000
Hilton and Co
Philip Gares . . 80,000
J. J. and S. Potter 40,000
• Douglas and Co. 20,000
Bancks and Co 20,000
W. G. Seed 19,000
James Bakewe 11....
S. Stocks 13,000
W. Beeson 13,000
Smith, Edgley, and Co 12,000
Gerrard and Son
James Leigh ... ... . 5,000
E. Norris.
T. Hoyland 3,000
Thirteen others, estimated at lOO,OOO
A sum very little short of 700,000/. ; and to this
must be added many other bad debts, which are known
only to the managers, and perhaps a few of the Di-
rectors."
The Bank of Manchester was the first Joint-Stock
Bank formed in this district. The prospectuses were
issued some time in the autumn of 1828. The capital
of the Company was to be 2,000,0001. in 20,000
Shares of 1001. each. The first general meeting of
the Proprietors was held on the Ist of December,
1838, for the purpose of appointing Directors, and
the following gentlemen were chosen, viz. :—Messrs.
John Barlow, Edward Baxter, John Brown, James
Burt, Emanuel Cantrell, J. C. Dyer, James Holt
Heron, Alexander Henry, James Oughton, Samuel
Smith, and John Smith. Previous to the Bank com-
mencing business, an instalment of 101. per Share
was paid, and at different periods subsequently three
calla of Si. each were made by the Directors, making
the amount paid upon each Share 251., and the whole
paid up capital 500,0001. This was the capital of the
Bank in 1636.
In the month of May, 1836, an alteration was
made in the number and value of the Shares, and an
addition made to the capital. The 20,000 Shares of
251. each were altered into 50,0001. of 101. each ; an
additional 30,000 Shares were created, upon which
10/. per share was to be paid ; and these were to be
disposed of by the Directors at such premium as they
should think best for the interest of the Company,
and the premium placed to the credit of the " Re-
served Surplus Fund." Of these latter shares about
24,000 were sold at a premium of Si. per share, mak-
ing an addition of 240,0001., and to the " Reserved
Surplus Fund" of 120,0001.
At the general meeting in October last year, it was
stated in the Report, that the bad debts had all been
written off, and that the " Reserved Surplus Fund
was thereby reduced to 19,0001., leaving the capital
of 741,0001. unimpaired. The correctness of this Re-
port was vouched for by the Chairman of the meeting
and several other Directors. In the authorised re-
port of the meeting the Chairman is made to say—
" The figures that have been read to you are carefully
and honestly deduced from the accounts of the bank.
--(Hear, hear, and applause.) I know it, Gentlemen ;
and lam quite certain that you would not of your
own accord dispute it; but that carefully looking at
the twelve gentlemen who compose the Board of
Directors, you must certainly be convinced that they
would not pledge their characters to a false statement
before you.—(Hear, hear.)"
At the meeting held yesterday, the Chairman, though
a Director, was not culpable of dishonesty in making
this statement, though it was entirely fallacious, but
that false figures and garbled statements had been
placed before him by the management. The bank has
hopelessly sunk its whole capital, and though the
weight of the ruin has been averted in some degree as
regards the public, yet there are heart-rending cases
of individual hardship among the deluded shareholders
as well as among the great body of the not-less de,
luded Directors.

Mr. Burdekin's flight was sudden and unexpected.
Those who are acquainted with his recent position at
the bank knew well that he was involved in great
pecuniary difficulties, and that his retirement from
it, ever if it could weather the storm, was certain. On
Monday he passed the whole of the day at the bank, and
in the evening did not return to his house at Burnage,
but slept at the Club House, whence, by the early
train on the following (Tuesday) morning, he pro-
ceeded to Liverpool, and at once secured berths for
himself and a lady on board the Britannia, North
American packet, which sailed from Liverpool the
same day. There have been various rumours afloat
respecting his private conduct; but with that, as public
journalists, we do not consider we have anything to
do; and equally numerous statements have been made
as to the sum of money he has carried away with
him. On this latter point we believe that no accurate
knowledge exists, and probably the amount, of moneys
he has abstracted will never be correctly ascertained.
Some surprise has been expressed that, in the official
notice of his departure, no reward was offered for his
apprehension. The peculiar position held in the Bank
by 111 r. Burdekin, as Managing Director, would ren-
der such a course difficult ; and probably his detention
in England, under the extraordinary failure of the
Bank, would have contributed little, if any, advantage
to the shareholders. Manchester Times.

MARKET INTELLIGENCE.
(From the London New Price Current of October 18.)
SUGAR.—There has been an increased demand for
British Plantation Sugar; yellow descriptions have been
in brisk request at an advance on former rates of 6d per
cwt., indeed the supply of such at market has not been
ample for the wants of the trade; brown and grey quali-
ties have been in good request at previous rates.
To day yellow descriptions of West India Muscovado
Sugar were much sought after, and the market was
nearly cleared at very full rates ; indeed, some difficulty
was experienced in purchasing, owing to the smallness
of the quantity on show ; strong gray met with a fair
sale at the former currency ; but brown moved off
slowly, holders however refused to submit to lower
rates ; the total purchases, including the public sale,
amounts to 600 hhds and trs.

This afternoon 109 hhds of Barbadoes Sugar were
submitted to public competition, and sold with much
spirit, at prices fully equal to those of Friday : fine
yellow fetched 68s 6d, good 65s ad to 675, middling 63s
6d to 655, low 62s to 63s per cwt.
REFINED.—ToIiay Refined Sugar was in excellent
request by the home trade, and prices are still looking
up ; sales made at 76s to 76s 6d for standard, and at 73s
to 74s fir brown grocery lumps ; the market closed
firmly. Treacle sells freely, common at 23s 9d-to 24s 3d,
and other sorts at 25s 6d to 3!s per cwt. Pieces have
been in good request. Of Bonded Crushed Sugar
several parcels were disposed of at former rates, and the
minket is firm.
MAURITIUS.—This afternoon the trade were ready
purchasers of yellow kinds, and other sorts were in good
request ; at auction 6,206 bags 184 casks were all sold
at full rates for the former, but at a decline of 6d per
cwt for brown; fine yelltm fetched 675, good mid to goo'd
61s 6d to 645, mid 57s 6d to 59s 6d, low Ms to 575, fine
brown 52s 6d to 535, good 50s to 525, mid 48s to 495,
low 42s 6(1 to 465, common to fine grey 55s to 63s per cwt.
EAST INDIA.—A good demand has been experienced
for Bengal Sugar, and prices have advanced 6d per cwt.
Java has been in brisk request at full rates. Siam at 20s
to 24s 6d for common to fine white. Manilla low to fine
bruwn at Iss to 16s 6d, and good to fine yellow 16s 6d to
17s per cwt.

This afternoon the large quantity of 10,476 bags 135
casks Bengal were offered at auction and mostly sold at
former rates, mid and good sound brown went at 48s to
545, damp 47s to 51s, washed 46s 6d to 47s 6d, good
white 66s to 675, mid 64s to 655, common date kind 62s
to 635, mid to good yellow 60s to 645, and ord 58s to 59s
per cwt.

FonmoN.—There has been more life in the market
for Foreign descriptions, and holders have displayed
firmness. To-day the market for Foreign was quiet ;
and 550 chests Bahia at auction went Gd per cwt under
former rates, but all sold at and after the sale ; viz. mid-
dling to good middling white at 21s 6d to 23s 6d, ordi-
nary 19s to 21s, damaged. 18s to 19s 6d per cwt.
1110LAssEs.--For West India rather lower prices have
been :leo pti-d.; St. Viticents mid 26., St. Kitts fair 265,
Montserrat 275; kntigua fine 30s-per cwt.- Foreign' Mo-,
lasses, at 7s to 7s 6d per cwt.
Coruz.—For Westin* there het) been rather more