The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-11-02 00:00:00

ASSETS.

Cash bills , . £ 143,617 13 6
Dormant accounts
Current accounts..
Royal Bank-buildings £65,000
Profits since June, estimated at 30,000

95,000 0 0

£1,855,754 4 10

LIABILITIES.
On deposit account £645,967 7 9
On current ditto 349,311 15 5

ESTIMATED LOSSES.
On unpaid bi 115....
On ascertained bad debts.. 30,936 12 6
Depreciation of securities.. 42,956 10 0

995,279 3 2

Total estimated loss .. £111,136 8 8
Bal. of capital remaining 740,338. 13 0
860,475 1 8

£1,885,754 4 10

Another report from three of the directors—Messrs.
Wm. Shand, Eml. Zwilchenbart, and C. S. Middleton—
was also read, on some points much to the same purport

as the above. The following are the principal heads not
embraced or so strongly touched upon in the other :
Overweening confidence in the stability of one great
mercantile house, followed by the pressure of the times,
caused the stoppage. Mr. Chaffers did not entertain that
confidence ; and when the debt was, about a third of its
present amount, and he was about to go from home from
ill health, he earnestly remonstrated against any further
advance to that house; but the directors thought differ-
ently, and did not act on his recommendation. Mr. Chaf-
fers left in June, 1846, and was absent (with the exception
of a short interval) about seven months. During his ab-
sence Sir T. Brancker acted as manager, in addition to
his being chairman to the directors. From his confidence
in the solidity of the firm in question, Sir Thomas was
led by degrees to make 'the advances, even in the face of
unfulfilled promises, until the amount became alarmingly
great, and the firm was then upheld lest the bank should
go down. Whilst Mr. Chaffers was at home, Sir Thos.
Brancker was alone admitted to a knowledge of the ac-
counts of the customers ;—during his absence Sir Thomas
alone possessed this knowledge. The authors of the re-
port admit, however, that Sir T. Brancker did occasion-
ally consult them with reference to this account, and
" they beheld with consternation its increasing amount."
They had done every thing at the time which they sup-
posed was for the best; but they admit a grievous error
in judgment, which they now deplore, in resorting to con-
cessions, when firmness against encroachments ought to
have been displayed.
On these documents a desultoryconversation ensued.
Mr. Alderman THOMPSON then moved, and Mr. JostPit
COOPER seconded, " That a committee of the shareholders
be appointed to proceed to the immediate liquidation of
the bank." Mr. Thompson, in proposing it, urged that
the affairs of the bank should be wound up with all pos..
sible speed. He strongly disapproved of the manner in
which the affairs of the bank had been managed, and
condemned, in tote, the conduct of Sir T. Brancker, as
well as that of the directors generally.
Sir THOMAS BRANCRER explained, at considerable
length, the part he had taken in making the advances to
Messrs. Barton, Irlam, and Higginson. When Mr.
Chaffers was absent from illness, he, (Sir T.,) from the
representation of Mr. Higginson, and knowing his exten-
sive mercantile connexions, and firmly believing that he
was capable of redeeming all his engagements, had pro-
vided for Mr. H.'s acceptances. Securities to a consi-
derable extent had been obtained, and Mr. H. had a large
stock of cotton, which in his (Sir T.'s) opinion, and that
of several gentlemen present, was likely to rise in price,
and would enable Mr. H. to realise and refund to the
bank the amount he then owed, about £250,000. This,
however, did not prove to be the case, and both he
(Sir T.) and other directors thought that if Mr. Ifigginson
were stopped it might prove detrimental to the bank ' • and
as Mr. Higginson continued to be the holder of large
produce, and was paying in a large amount of bills, the
balance yet increased, and various circumstances, to which
he need not allude, had insensibly swelled it to the
amount then named. He assured the meeting that it was
to him a source of the deepest regret that what had been
done for the best had proved so injurious, and nobody
suffered so much as he did. He was himself .the largest
holder of shares of any one connected with the bank, and
he held them all to that day. He had never sold or trans-
ferred one ; and although his loss would be most serious,
he had been determined to stand or fall with the bank ;
and he most deeply lamented, that by an error of judg-
ment, and listening to the representations of one whose
word he had at that time no reason to doubt, he had, so
far as he was concerned, been the means of increasing the
advances made, and which he admitted were mpst injudi-
cious. Sir Thomas was listened to with deep attention,
and was himself much affected.

Mr. S. HOLME moved, " That the meeting do adjourn
to Saturday, and that a committee of seven shareholders
be appointed with the directors, to determine as to the ex-
piency of resuscitating the bank, or to proceed to an lin.
mediate liquidation, and to report the same at the next
meeting.'
The following gentlemen were then named to sit on the
committee :—Mr. Josias Booker, Mr. Gill, Mr. Thomas
Shand, Mr. John Stock, Mr. J. Bibby, Mr. W. Clare,
Mr. W. Imrie ; and it was further determined, that Mr.
Alderman Thompson be requested to render his advice
and assistance. _

Mr. S. HOLME, (who was received with much applause),
was against winding up the affairs of the bank, whose affairs
were not in that deplorable condition represented by the
worthy Alderman, and he was decidedly of opinion that it
was neither right nor reasonable to call on the directors
at so short a notice to sanction a proceeding which would
injure severely a great concern like the Royal Bank. He
thought that further inquiry, and time for that inquiry,
was indispensible, and entertaining these views, he moved
the resolution. _ .

Mi:JONES seconded the resolution in a very elaborate
speech.
A discussion ensued, but the amendment was carried
by a majority of nine to one.
A resolution was passed sympathising with Mr. Chaffers,
on his illness and the difficult position in which recent
occurrences had placed him.
It appears that the assents of the depositors to the
proposal made to them by the directors amounted to
£368,597 ; dissents, £29,ooo—the remainder not being
yet ascertained.
From a conversation that took place, arising out of
questions put to the Chairman, it appeared that Mr. Hig-
ginson's estate was likely to realise a very large sum, and
that when all the liabilities of the bank were met, there
would still be a great surplus available either to resume
business or to return to the shareholders.

There were no additional statements of moment beyond
these, and all further elucidation of the affairs of the bank
in detail must be waited for until the adjourned meeting
on Saturday.

POLICE INTELLIGENCE.

THE SMOKE NIIISANCE.—On Wednesday, another
batch of manufacturers, together with Mr. Willoughby,
of the Birkenhead Ferry, were summoned before Mr.
Rushton, for infringements of the local sanitory act.
The defence in almost all the cases was, that they could
not procure such apparatuses as were calculated to con-
sume the whole of their smoke. This defence, however,
was unavailing, as all who were convicted were fined £5
and costs.

VICTIMISING LODGING-HOUSEKEEPERS.—On Satur-
day, Ann Green, a middle-aged woman, was charged with
having illegally pledged a sheet and blanket, the properiy
of Elizabeth Whitby. She had taken furnished lodgings
of the complainant, kindled a fire, put on the kettle, and
then gone out, as sae stated, to meet her husband. She
appeared suddenly to have grown stout, and appeared
very bulky when she left the house. Not returning,
search was made, and it was found that some of the
clothes had been taken from the bed. They were subse-
quently found pledged for ss. There was another similar
complaint against the prisoner, in which the articles had
not been found ; and Mr. Brown, the chief superintendent,
stated that she had been carrying on the system for many
months. She was, doubtless, plotting further fraud at
the time of her arrest, having been captured when reading
a label in a window of " Furnished lodgings to be let!'
She was ordered to pay ss. and a fine of £5, or be impri-
soned three months.

MURDEROUS ASSAULT.—On Tuesday, a young man
named William Story, was committed to take his trial for
stabbing James Harris in Greenland-street. The prisoner
was a step-son of the complainant. The offence was
committed on the 25th of September, since which time
the prisoner has been in gaol. The son of the prosecutor
proved that on the night above named the prisoner came
home at twelve o'clock, and pulled out a knife which he
threatened to run into his step-father. He was then put
out of the house, and the prosecutor went to take the
knife from him, when he stabbed him with it in the back
of the neck. The wounded man continued in a dangerous
state until Tuesday, when he was sufficiently convalescent
to give evidence. The defence of the prisoner was that
the assault arose out of family disputes. The eldest son
of the prosecutor had attacked him in the street and
abused him, and his step-father, when he came home at
twelve o'clock, turned him out, and he drew the knife in
self-defence.

CHARGE OF ROBBERY.—On Friday, a man named
Griffiths was placed at the bar, on a charge of having
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robbed a sailor of the name of Cummings of 10 sovereigns
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market.theFprors
ship immediately sprang up between them, and bothagreed
to meet the next evening. They did so, and also the fol-
lowing night. The third night they played at cards with
other friends of the prisoner, and drunk rather deep.
The prisoner insisted upon paying for all expenses. The
following morning he (Cummings) missed his money and
watch, and suspecting the defendant, he kept a good look
out for him. Fortunately he met him on Thursday in
Whitechapel, and demanded the money and watch. The
prisoner gave him four sovereigns, with a promise to let
him have the other in a few days. The sovereigns were,
however, bad, so he gave the defendant into custody. He
was committed for trial.

THE RIVINGTON PIKE PLAN FOR THE SUPPLY
OF WATER TO LIVERPOOL.

The eminent geologist, Professor Ansted, who is en-
gaged in delivering a course of lectures at King's College,
London, on the practical application of geological science,
gave some interesting information, last week, relative to
the Rivington Pike scheme. After showing the inefficiency
of the wells which have been sunk in this district, to sup-
ply the quantity of water wanted, the professor stated that
lie was applied to in order to afford information. The
Rivington Pike district presented a surface of seventeen
square miles, admirably adapted by nature for such a pro-
ject. The plan in this case was to take the district, mea-
sure of drainage ; to estimate the quantity of water to be
obtained from it ; and finally to consider how the water
might be best accumulated.
Geological science showed that the district is composed
of the best of hard sandstone, called millstone grit, par-
tially covered over with the shaley beds belonging to the
coal measures. The whole district, in fact, may be re-
garged, for practical purposes, as impermeable. The rock
is very hard,—a good deal faulted, but not open, so that
it would allow the water to run almost entirely off the
surface. The consequence is that almost all the rain that
falls runs into the streams, which a further examination
showed might be easily collected into two reservoirs, on
the site of the district nearest to Liverpool ; the one is to
be called the Anglezark reservoir, and the other the Ri-
vington Pike reservoir. The natural valleys in which it
is intended to place the reservoirs have no doubt held
water before, as their bottom is covered with fresh-water
silt of some thickness. There are also beds of alluvial
clay, an additional proof that at some period a consider-
able quantity of fresh water has been there. In this way,
by means of two or three embankments, these lower dis-
tricts can be made to accumulate the water which the
structire of the upper district allows to run off. By these
mearas the whole of the rain, which falls upon an area of

_-~---

seventeen square miles, will be collected, producing a sup-
ply of twenty millions of gallons per diem. This is a very
remarkable instance in which a minimum of surface, by
taking advantage of local circumstances and a knowledge
geologically of :the structure of the district, is made to
produce the maximum quantity of water. The practica-
bility of this plan could never have been demonstrated
had it not been for a distinct-knowledge of the geological
structure of the district ; and thus Liverpool might have
continued for a long time to suffer for want of a sufficiency
of so vital a fluid. This is one of the most remarkable
examples in which this sort of knowledge has been applied
to superficial objects of this kind.