The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-02-01 00:00:00

JOINT STOCK BANKS.

TO THE EDITOR OF TIIE LIVERPOOL STANDARD.
SIR,—As the directors and proprietors of the Albion Bank
have found it necessary to dissolve the company, people are
naturally inquiring whether one or two other banks in this
town, which it is notorious do not carry on so much, nor so
good a business, will also be dissolved ?
Some ill-natured persons say that the directors and mana-
gers have placed the banks alluded to in such a position as to
preclude a recommendation, on their part, of a dissolution.
ALIQUIS.

In conclusion, we really feel that an apology is due to our
readers for bestowing so much space upon the absurdities of
so stolid a specimen of journalism as our Manchester con-
temporary. His foolish speculations, however, were calcu-
lated to mislead, as they were intended to injure; and that
must be our excuse for noticing them.

MANCHESTER, BOLTON, AND BURY CANAL
NAVIGATION AND RAILWAY COMPANY.

The seventh half-yearly meeting of this company took
place yesterday, at the Clarendon Rooms, far the purpose of
receiving the report of the committee, and a statement of the
receipts and disbursements for the six months ending 31st
December last. The attendance was pretty numerous, there
being from sixty to seventy gentlemen present.
Mr. JAMES BRANCKER, chairman of the committee, was
called to preside ; and, after the advertisement calling the
meeting was read by the Secretary, opened the proceedings
in a brief address. He stated that this was the half-yearly
meeting, and as each gentleman present had received a-copy
of the report, no lengthened discussion would be required.
The directors were in a condition to say that they had quite
held their ground since the last meeting, which was the more
gratifying, inasmuch as, with them, all depended on the state
of trade, which had recently been greatly depressed. Even
under such circumstances they had done more business than
last year, which was as much as any reasonable man could
expect. With regard to the smallness of the dividend recom-
mended by the committee, several circumstances had arisen
that tended materially to reduce it. A person who had long
been in the employ of the company, and whose services had
been deemed valuable, had retired in ill health, and afterwards
died, leaving a widow unprovided for. An allowance had
been made to her, and a young man (Samuel Haywood) suc-
ceeded to the vacant situation, who had been brought up in
the company, and in whom they had every reason to repose
confidence. That young man had, however, commenced and
carried on a system of fraud, and had afterwards absconded,
and taken from their funds a sum of about £l5OO. This de-
falcation had reduced the dividend by about ss. per share,
The increase of the poor-rates, caused by the depression of
trade in the districts through which their lines ran, also con-
duced to the reduction of the dividend ; but it was considered
that their property was overrated, and steps had been taken
to obtain a more equitable assessment of these and other
rates and taxes. He concluded by proposing that the brief
report, already submitted by circalar to the proprietors, should
be read.

The Secretary then read the report, introducing the state-
ment of accounts, of which the following is a copy :
" In examining the statement of accounts herewith, it
will be perceived that the receipts on the canal and railway
are somewhat larger than in the preceding half year; that
there is no greater increase is not perhaps to be wondered
at, considering that both means of conveyance are strictly
dependant upon trade for their support; and of the de-
pressed state of it in this district none now scarcely need to
be informed.

" The disbursements for parochial rates and taxes alone
are nearly £BOO more than during the previous half year,
which goes to reduce the nett profits. The committee regret
to state that the disposable proceeds have had to be still
further reduced in consequence of the defalcations of the
canal agent, Samuel Heywood, which have extended over a
period of nearly six years.
" With regard to the parochial assessments it is considered
that the company's property is overrated, and in several cases
notice of appeal has been given, in the hope of obtaining a
more just and equitable assessment.
" On the Bth of September last the committee entered into
an agreement with the Lancaster and Preston Junction Rail-
way Company, to supply the locomotive power on the Lan-
caster line. This agreement came into operation on tile first
day of this month, since which period this company's engines
have been running between Lancaster and Preston. The
facilities arising out of this arrangement will not be felt until
by the completion of the Bolton and Preston Railway there
shall be a continuous traffic over your line to Lancaster.
" Salford, 13th January, 1842."
He then read the statement of receipts and disbursements
for the half-year. The following are the heads of the prin-
cipal items:—

RAILWAY

Receipts.—Coaching department
Carrying ditto ..
ditto ..

Expenses.—Total coach, carriage, and car-
rying disbursements, locomotive
power, maintenance of railway, of-
fice establishment, rates and taxes,
duty on passengers, waggons, fences,

&c. ticc

Railway surplus
CANAL.

Receipts, in tonage, wharfage,
rents, &c.
Agents, clerks,
maintenance, &c

£11,196 0 7
3,825 16 91
1,682

Expenses,

£16,704 010}

1,725 17 9

Canal surplus

6,873 12 101

£9,830 8 0

4,283 13

£14,111 1 51
Less interest on bonds, balance of rents, &c. 6,691 18 7

Nett profit of the half-year
Add a balance from June 30, &c

£7,422

Nett proceeds _
_t7,95;) 10 11
Deducting Haywood 's defalcations in £1,500 and some bad
debts, the disposable proceeds was £6,309. 12s. 5d., which,.
giving a dividend of 20s. per share, would leave a balance of
£lOB. 12s. sd. Tho report thus concludes :---
" Your committee, in reference to the preceding statement,
have directed a dividend of 20s. per share to be paid to the
proprietors on the Ist of February next."
Mr. RIGG moved that the report be adopted by the meet-
ing. This was seconded and agreed to nem. con.
Mr. FISHER inquired why Haywood's deficiency was all
included in the present half year ?
The CHAIRMAN explained that it was not discovered until
recently, Haywood 's accounts having previously appeared to
be finite correct. He called on Mr. Hoare to explain the
circumstances of the defalcation.

Mr. Ho ARE entered into an explanation. From his state-
ment and that of the Chairman and others, it appeared, that
after the death of Mr. Curdiffe, who had charge of the canal
books, Haywood, who had previously been long in the office,
and who was considered faithful and competent, was ap-
pointed to succeed him. He kept the books, and was nisc'
treasurer, and though he had commenced a system of fraud
from the beginning he was not suspected, as the books a!!ii
peared to balance by the outstanding debts, as falsely s:1"-_
therein by him. Mr. Hawkshaw, however, suggestedt,nt,"l_
proved mode of keeping the accounts, by which all (ii ,T,
11..
should pass through his hands, and the treasurer's : L'...`,'„,i,
Notice
lector's offices to be kept distinct. The accounts en.'
were also to be sent by him through the postoffice. „now
was given that this system was to be acted upon'
effect con-
was), and Haywood, finding he could no longssel at Liver-
cealment, absconded, and got on board of
pool, from which, however, he was taken intocuars,
transporta-
witted for trial. He was sentenced to te_n_liffe) was also, it
a vsteody, and com-
and recom-
tion. The party he had succeeded, u°
(restigh,
ele
sed
defalcations
appeared, a defaulter at the time he
mended Haywood as his successor—and,though Hay wood's
meet them, which
had been concealed from the comp Viii to
agency in raising some money by:. The sum given to Mrs.
a wreehusband's official services,
her by Haywood to bed 1500.
he was to repay at £1
Cunliffe, in consideration of
was £.lO, and they found the loss
ought to have been Mr. LEYLAND said that se
re-
quired from Haywood.
M h d the original appointment read, by
The CHAIRAN un
that was the intention ; but that from
es which he explained, and the conti-
various circurnstancosed
dwehni
cc
eh
rep
was overlooked.
in the young man, who had been
explained snore fully the manner in
unhappily
company'—itlong with the
uitn appearewthaet
Mr. HAWKSH
viyhi we .
the accounts were kept, and the money received,
b
h similar defalcations could not again arise. Secu-
rity had also been taken from the present canal agent.
In reply to questions, the CEIAIRMAN said that £42,000
of the
lli'ic
bonded debt had been paid off, and that in the last 12
months £l,OOO of interest had in consequence of its reduc-
tion been saved. Their railway depended at present entirely
on trade and manufactures ; but when the line was entirely
opened to Lancaster, they would have some accession of
funds from " pleasure" traffic.
Mr. HOARE moved and Mr. BRITTAIN seconded thanks
to the Chairman, which was carried, and the meeting then
separated.

All things:in this world are worth no more than the value
we set upon them ; for a little to him that thiuketh it enough
a great riches.