The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-11-08 00:00:00

TRICKS OF THE TRADES OF LIVERPOOL.

No. I

RANK OF MANCHESTER.-SPECIAL MEETING
OF THE SHAREHOLDERS.

Yesterday, a special meeting of the shareholders in the
Bunk of Manchester was held at Hayward's Hotel, Man-
chester, in conformity with the following notice, issued by
the directors :—" Manchester, 11th October, IB42.—Bank

of Manchester.—Notice is hereby given, that,ti consequence
of its having been ascertained by the Board of Directors of
this bank, from the communications made, by the managing
director, on Friday, the 7th instant, that the whole of the
surplus fund, and more than one-fourth of the capital of the
Company actually paid by the shareholders, had been ex-
hausted by losses sustained in carrying on the business of the
Company, a Special General Meeting of the proprietors will
be held on Monday, the 7th day of November next, at twelve
o'clock at noon, at Hayward's Hotel, in Bridge-street, Man-
chester, in order to submit to such meeting

full r.nd_gene

ral statement of the affairs and concerns of: the company, in
conformity_with the 74th clause of the original deed of set-

Tder of the board of director

—William

Smith, Managing Director." The meeting was very fully
attendectby shareholders from different parts of the country.
JOHN SPENCER, Esq., one of the directors, was called to
the chair, and near him sat the following directors :—Mr.
Smith, manager, Mr. Birt, Mr. J. C. Dyer, Mr. John Pot-
ter, Mr. 011ivant, Mr. Haynes, and Mr. Wm. Hill : and
Mr. Richard Roberts was also present in the body of the
room,

Mr. SMITH, the managing director, at the request of the
Chairman, read the advertisement by which the meeting was
convened as above, and also the 74th clause in the deed of
settlement as follows, which provides for the dissolution of
the company under the circumstances therein stated :
" If at any time the losses of the company shall have ex-
hausted alt the fund called the surplus fund, and also one-
fourth part of the capital of the company, which shall have
been actually paid by the shareholders, without regard to
the amount of the subscribed capital, then the directors for
the time being, shall, with all convenient speed, call a spe-
cial general meeting of the proprietors of the company, and
shall submit to such meeting a full and general statement
of the affairs and concerns of the company ; and, if required
at such meeting, verify and establish such statement by the
production of the books, documents, and vouchers of the
company; and it shall be thereupon lawful for hny one pro-
prietor, personally present at such meeting, in writing, then
and there to require that the company be dissolved ; and,
thereupon, this company shall stand dissolved accordingly,
unless two-third parts in number and value of the proprie-
tors present at such meeting, and qualified to vote as afore-
said, shall he desirous of continuing and carrying on the said
concern, shall then and there, in writing, undertake so to
do, and to purchase the shares of the dissentient proprietors,
present at such meeting, at the then value thereof, and to
indemnify the dissentient proprietors against all future

.
losses of -the company, and from the existing debts ant
gagements thereof; such value -and the nature of such in-
demnity to be ascertained, in case of difference, by reference
to arbitration, as aforesaid ; and also to release the said dis-
sentient proprietors, present at such meeting, from their
covenants and undertakings in and under these presents,
and any supplementary deed of settlement; and on such un-
dertaking being given, the dissolution of the company shall
be suspended for the space of sixty days next after such
meeting ; and if, within that time, the purchase of the
shares of the dissentient proprietors shall be completed in
manner hereinafter expressed, then such dissolution shall
not take place; and the act whereby any proprietor shall in
manner aforesaid have required the dissolution of the said
company, shall be considered as avoided and released, ab
briar); and the purchase of the said last-mentioned shares
shall be considered as completed for the purposes of this
provision, whenever the said proprietors, proposing to conti-
nue the company as aforesaid, shall, by writing, have given
notice to the dissentient proprietors that they are prepared
to pay the purchase money for the said shares, on applica-
tion by the parties entitled thereto for the same, •at the
banking-house of the company in Manchester, and shall, in
accordance therewith, have actually paid the same to the
parties applying for theirlmoney ; or, in case of difference as
to the amount of such purchase money, shall have offered to
refer the question of such amount to arbitration as aforesaid ;
and have proceeded in such arbitration, and have complied
with the award made therein ; or have been prevented so
doing by the neglect or default of the other party ; and no-
thing herein contained shall extend to release such dissen-
tient proprietors as aforesaid, from bearing their respective
proportions of the losses of the company up to the day of
such general meeting as aforesaid; and their shares of losses
may be deducted out of the money payable to them respec-
tively ; and the company, as reduced or newly constituted,
from time to time, shall be liable to dissolution or to conti-
nuance, from time to time, in like manner, and under and
subject to the same or the like regulations as aforesaid."
The CHAIRMAN said that Mr. Smith had prepared a
report of the present state of the bank, bringing its condi-
tion down to Thursday last. The former report brought the
account dawn only to the end of June last; this embraced
a period of four subsequent months.
Mr. SMITH then proceeded to read the report. The report
read at the late meeting on the 15th of October, and which
appeared in the following publication of the Standard,
brought the financial position of the bank down to June last,
the losses then being £800,887. 18s. 9d. ; and the present
report, as the Chairman stated, was in continuation. After
recapitulating that report, the document proceeded :
" The directors have only further to report, that the
arrangements then alluded to for paying off the liabilities of
the bank have hitherto been carried out without interruption;
and they have no reason to doubt that their views on this
head will be fully realized. They beg to acknowledge the
promptitude with which a large portion of the heaviest share-
holders have anticipated the payment of the call of £2. per
share. - - -

The followit
the company, me

fig is a statement of the direct liabilities of
fide up to the 27th ult.:—

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the money of the bank for his own private use and that of his
family. (Cheers.) He hoped, now that these charges were
distinctly made, that the chairman would call upon Mr. Ro-
berts to stand up and defend himself. (Cheers.)
Mr. MILLINGTON said he would second any motion that

:tors themselves—some of whom he thou
—and the meeting would not think of separ

til every statement in the
them had been patiently investig