The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-11-09 00:00:00

ADJOURNED MEETING OF THE SHAREHOLDERS.

This meeting was held on Saturday, and there were
about sixty shareholders present. Mr. Josias Booker
occupied the chair, and stated that the week which had
elapsed since the last meeting had afforded time to the
committee then appointed, to report on 'the propriety of
either resuscitating the bank, or going at once to liquida-
tion.

The report was then read, and we supply the heads :
Upon the adjustment and transfer of debts and credits,
the liability of the bank will be considerably reduced.
The amount of early available assets were much under-
rated in the former report. The committee are strongly
in favour of re-opening the bank, and had taken steps in
London towards that end in a quarter where their
proposition will, they believe, be favourably received ;
and, with the leave of the proprietors, they will
follow up this step. In conclusion, they (the com-
mittee) recommend a further attempt to revive the
bank, by power being obtained to create 4,000 shares
of £lOO, to be preferent to the extent of seven or eight
per cent. per annum ; to liability only on transactions of
the bank from the date of re-opening, and subject to
the revision of the deed of settlement, as recommended.
Such shares to be first offered to the present shareholders,
and to be transferable as soon as paid up. Payment to
be made on the 10th of January, and to bear interest on
the day of payment.
The CHAIRMAN explained the proposition more in
detail, and his views appeared to be satisfactory. He then
addressed the meeting at some length in reference to the
report, and was received with much applause throughout.
It would, he said, be highly improper, if not cowardly,
for any one concerned to sacrifice his property in alarm,
in order to get rid of his liability ; and it should be re-
membered that, wealthy as were the proprietary, many
persons would be seriously injured by the winding up of
the concern. There were two courses open : one of re-
suscitation by one united effort; the other, liquidation.
He trusted their decision would be in favour of liquidation
by the continuation of business.
Mr. HOLME now saw nothing to prevent the bank from
resuming business. He advocated, for the depositors, the
rate of interest (six per cent.) proposed at the meeting of
those persons. He put it to the shareholders, that while
they resuscitated the bank, they only fulfilled their duty
to the depositors, preserved the credit of the town, and
conferred a benefit on the town at large. lie moved
the adoption of the report.
Mr. JONES seconded the motion, and his remarks were
succeeded by those of Mr. COOPER.

The report was unanimously adopted amidst consider-
able applause.
Mr. COOPER moved the re-appointment of the com-
mittee of proprietors, to continue their valuable labours,
which was seconded by Mr. Edward Bury..
Mr. TARR, after remarking on the benefits conferred
on the town by the Royal Bank, said that if the bank
were closed, the shares would only be worth £2OO, whereas
if it were kept up, there was every chance that they would
bring their original value of £5OO. Liverpool was now
suffering from restricted bank accommodation ; and if the
Royal Bank did not resume, another bank must, of neces-
sity be formed. He begged to propose five names as a
committee to form the necessary arrangements to re-open
the bank at an early day, and re-organise its constitution.
At present the committee consisted of seven gentlemen,
who bad shown great exertion and persevering labour ;
but he thought the number too great; and as Mr. Holme
had remarked on the desirability of joining the tradesmen
with them, and so enlarging the operations of the bank,
he thought it desirable to have Mr. Holme's name added
to the list. He proposed the following gentlemen as the
committee :—Mr. John Highfield, Mr. Josias Booker,
Mr. Francis Shand, Mr. John Bibby, and Mr. Samuel
Holme.

The CHAIRMAN, before the amendment was put, al-
luded to the services rendered by Mr. John Stock, a man
of good business habits, and said so highly did he (the
chairman) value Mr. Stock's assistance, that he would
not consent to act without him.

After Mr. Holme had announced his willingness to
serve, Mr. COOPER said that the addition of his (Mr.
liolme's) name would inspire a confidence in town which
would enable them to carry out the objects they had in
view.

The CHAIRMAN stated that both he and his colleagues
would be delighted to have Mr. Holme associated with
them.

Mr. Cooper's motion, with Mr. Holme's name added,
was then put and carried unanimously.
In answer to a question, the CHAIRMAN said that he
thought the question whether or not the depositors should
receive six per cent., had better be left to the directors.
A vote of thanks to the Chairman was carried by ac-
clamation.

The CHAIRMAN said he wished them to understand
that those who took the preference shares, superseded the
call. The preference shares were to bear interest at seven
per cent. from the time of payment, and this ended the
bonus shares.
. A great many preference shares were then signed for,
and the meeting broke up.
In pursuance of the report, a circular has been issued
to the proprietors, requesting them, as the number of ap-
plications for the preference stares is very great, to signify
before Wednesday, (to-morrow), how many they will
require.

THE DOCK COMMITTEE.
At the weekly meeting on Thursday, there were present
fourteen members, including the Chairman, J. B. Moore,
Esq.

The Committee of Works recommended the erection
of sheds for shipwrights at the graving docks, namely,
two at the Clarence Graving Docks, one at the Queen's,
and two At the Brunswick—cost, £67s.—Confirmed.
Mr. HENDERSON stated that the new Crosby lighthouse
was lighted up on the 2nd instant : that Lieut. Lord had
inspected the whole of the arrangements and considered
them most efficient.

The Harbour-masters' Committee reported that they
had had an interview with Mr. Cubitt, in the presence of
the harbour-masters, as to the removal of the landing
stage one hundred yards further to the north. Having
heard Mr. uubitt's explanation, they concurred in the
recommendation that the stage be removed as proposed.
Some conversation followed as to removing the stage,
and Mr. J. lIARTLEY stated that the depth of water at
the bank had latterly increased ; but if the bridges were
fixed it might be necessary to remove them again, at
great expense. The bank had been going and coming,
and could not be depended upon.—Mr. ROYDEN sug-
gested cross-moorings to secure the stage more effectually.
—Mr. TOBIN thought it should be fixed properly at once,
and take its chance of the removal of the bank.—Mr.
HENDERSON said that from the great cost of the stage
it ought to have a fair chance.—Mr. Mimi said he had
no hesitation in saying, in spite of engineering opinions,
that if it were removed further north, the entrance to
the Dock (George's) Basin would be obstructed.—Mr.
HARTLEY said (to a question) that if one end of the stage
got aground it would break immediately.—Finally, on a
division the recommendation was confirmed by a majority
of 11 to 3.

RETIREMENT OF THE CHAIRMAN.
Mr. BOLD said he had a pleasing duty to perform, and
that was to propose a vote of thanks to their chairman,
who, on that occasion, was presiding over the committee
for the last time. He believed all would join with him
heartily in the feeling he was expressing as to the conduct
of their chairman during the four years he had been ap-
pointed, and it was unnecessary to point out the services
he had rendered, or the ability he had displayed in carry-
ing through the various acts of parliament entrusted to
him by the committee since he had been their chairman.
Many months, taken from the attendance to his private
affairs, run it have been involved in the great sacrificer ho

had made, which no man, without being paid for his ser-
vices, could have been called on to do. He concluded by
moving the thanks of the committee to the chairman.
(Applause.)
Mr. ToBIN seconded the motion, which was carried by
acclamation.

The CHAIRMAN thanked the committee for the flatter-
ing manner in which they had been pleased to speak of
him, and said it had always been his endeavour to dis-
charge his duty faithfully and impartially. He felt con-
siderable obligations for the kindness he had at all times
received from the Trust generally, and the facilities af-
forded him by the committees. He could not but express
his gratification, since he had the honour of sitting there,
at the increased prosperity of the estate. When they met
there six years ago, the tonnage of the port was 2,425,000
tons, but this year it had increased to 3,351,000, being an
increase of 926,000 tons during the time he had had the
honour of sitting there. Such a course of prosperity was
without parallel in any port in the world. He had also
to notice with satisfaction the previous measures which
had been passed for 'facilitating the 'carrying 'on of the
commerce of the port. It was admitted that the ex-
tension of the docks at the north end of the town was
very much wanted, and if one fact were wanting to
confirm that point, it would be the increased tonnage
during the period he had quoted. It was such an in-
crease that the new docks would scarcely be able to meet
it, and, under present circumstances, lie looked forward
to the proposed dock at Wapping being attended with
great advantage. There was one gentleman, however, to
whom they owed deep obligations in carrying out their
measures, and that was Lord Sandon ; on all occasions he
had come forward to give them his services, and he hoped
to see the day when that name was to receive the full
honour to which it was entitled. In conclusion he said,
that in taking leave of them he thanked them for the
honour they had conferred upon him.
The financial business was then proceeded with, and
the reporters withdrew.
[The proceeding relative to the Chairman arises from
the fact that. his term of office as an alderman expires to-
day (Tuesday), and the vacation of his seat, as chairman,
is rendered necessary; he is, however, re-eligible.]