The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1838-02-27 00:00:00

including the losses at Tumworth,
Knutsford, and London, .a total of actual

and estimated loss of
Of which deduct the amount probably to be 're
covered

95,955 13 6

Making a total actual loss to the subscribers of £312,017 0 2
Mr. Stubbs proceeded to say, that in his opinion Ibis immense
loss had arisen Through the bank -haring too many branches—
more than it could control, and in its incautious advances. Ile
related a case at the Leeds branch, where a person whom he
would have not trusted with a suit of clothes without security,
owed the bank no less a sum than £13,000. The great error of
theold directors was in not haying an inspector to Inspect weekly
the branches and to report to the bead office. In this respect
there had beeo gross mismanagement, in consequence of which
the prOPerty of the shareholders had been lost
Mr Ogilvie moved an aineodtnent to the effect that the report
be not passed at present; and that two auditors be appointed to
examine the books and accounts, and report to an adjourned
meeting to be held on the 26th April next.
Mr. Smith said the amendment was equivalent to a declaration
of want of confidence in the inspectois and the dew 41frecturs.
(Cries of "
Mr. Waddington, a director, who went to Leeds in July, ex-
plained, atconsiderable length, how -a large portion of the late
losses had occurred at that place. Tifey were partly by bad debts
.and partly by a depreciated stock of woollens and machinery.
-This would account for £21,000 of the loss of £45,000, and Mr.
Connell could explain the other. The directors had been most
grossly deceived.
Mr. Connell' said the question was the most important how the
bank appeared to be £45.000 worse than it was six months ago.
In June.lB37, he was a patty to Makin;; a correct and faithful
•timate of the assets that would remain after payment of all the
debtc, and every account, bill, and debt was seperatelv gone into:
They were dealing with assets to the amount of £1,400,0U0 be-
longing to the shareholders. Notwithstanding thiS amount he
-and his colleagues had been mistaken in only three oat; iculars;,
first at London in £2o,Boo.mainlv in oneaccount ; at Noilingham
.E6OOO, and at the bead office ElO,OOO. They had also charged
the shareholders with the liability to pay £4BOO, which' might
come against the directors as law and other charges. He I hen
impressed on the meeting that everything had been done in the
way of liquidating the claims of tyie Bank of England.
After some (list ussion, in which Mr. Greie-, 1t r. Brool.e, DI r.-
Wilson, and others took part, Mt. Ogilvie consenieti fit with-
draw his amendment. The motion for the recent ion of the re-
port was carried almost Onanimoosly.
, A Shareholder enquired what portion or the £1;3,000 assets
was still owing by the di) eciois
Mr. Conoell'S reply was that he could not answer ibis ques-
tion quite correctly. Twelve months ago it Was suite': the
inspectors hat-secut v had teen received from the ilii-eonfs tor
all their debts to the bank. Toe elder part, if' aot the whole .
that security, consisted of shai-es of various Linds. At that tiale
;the security was itiouf,itt sufficient. Bet sam es sorrel ed agent
depreciatit;n soon arie, wards. ant: teen rhedi ectors were edited
,upon to give ailditionat security. Every one tO so iii
June last, and in some instances thei, security was fit a more
satisfactory kind. One direr Tor had settled los:wet:mut entirely,
and he hou,i4ht if lime wet e giveo, ihesharenolt,et.swoulo Deceive
the money from all —with one exception.
in answer to a otiestion, said all the branches
wets closet:, but they had not. vet
except that at Nottingham,
Nottingham,
or ;he premises at Shrewsbury.
Several long liscussions ensued. but not or mio'h interest.
On the *notion of Mt. Ogilvie, seconded by Mr. Greig, who
warmly eulogised Mr. Cassels, a commitiee of live shareholders
Was aonoinied to investigate his case, in the meanttme all pro
eeedings to be susnenued. After several unimportant inotions,
inaaks nete voted to the elsaiimatt and Ire threctots, and the
tneetiog separated.