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. 1-le 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 had 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.
Holme'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 shares is very great, to signify
before Wednesday, (to-morrow), how many they will
require.