, 1841-05-29

ID Occu uIISCttU
70 certain accounts, which appear on the
books as Advances on Merchandise" but
when were, IN fact, payments for Cotton,
i"oacco' and other produce. purchased by
the direction OF the then President, Mr..
Nicholas bIddle, and shipped 10 Europe on
account ct himself and others. These nc.
counts were kept by a clerk in the Foreign
Exchange Department. this department be-
ing under tie charge nf MIR. Cowperrhwaile.
until September 90. 1887. when he was elect
ed Cashier, and Of Mr.. Thomas Dunlap, un-
III March 90, 1889, when he was chosen
President.
Thu original documents, necessary 10 on.
allie The Committee To arrive al all The facts
IN relation Ia these Transactions, were not
accessible. having been retained Us WAS sup
posed, by the parties, Interested, as private
papers. A succInct view of the Whole mat
ter. sufficient Ia convey Ia the Stockholders
Il general idea of lis character. may be drawn
from The Report Of Il Committee of The Beard
of Directors. appointed on the 2Isr july
1910, Tor The purpose of adjusting and Sell
ilIna these accounts. and Who reported on
the 2lst If December 1910, which report
with the accompanying accounts, is spread
at laarre upon the minutes.
The first iransactlunS were IN July. 1887.
and appear rs advances 10 4. G.. Jaudon. To
purchase cotton for shipment Ia Blring, Bro
theirs d Co., oil i.iverI0ul. the proceeds To
he reunited 10 their house in L"ndun. then
acting as the Agents of tie INK. The a.
muUnt of these shipments was 2132 903 dol
lars 90 cents. Tie proceeds were passed
10 lIe credit If The Bank. and the account
appears 10 he balluced. The results. rs Ia
the prof; and loss. do not appear. and the
committee had M means at HSrcEIainlHg
them, pal The names Of The parties interest.
ed.
Ia The autumn Of 1887. when the second
oi these transactions c"ninencrd. ii will I've
rec".iccIrj. that Mr.. Samuel Jaudmn had
been apI"'Inrcd the AGENT Of tie Bank Ia
reside in London. Ab"ut The same lime. a
cnpariner>hip Was formed between NJ. Nav
Humphreys. then n Dir2cr"r of The Bank,
and u snr "f Mr.. NichuI.S Biidir. under the
fra Of Bldile and Humphreys. This house
WAS established a, Livcrrori. md rhcnce!or-
ward acted as agents for the sale at the pro-
duce shIpIed 20 that place, Which comprised
Il large portion al ia" wl"ie amount.
In explanation Of these Irocccdin IS, the
COMMITTEE annex Ia their report I copy e u
letter dated PhiItIc! ;lria. Drccu.trer 90. 1870
10 the P,e>idrn and Directors OF tie Bank.
from Mr.. L.>crn Cri,nt, one of the frun of
Bevan & HUMPHREYS. aud VIM hcrarnr :, d.
rector Ut The ~e,eciinn IN January. 1885,,
This letter wrs read I" the Beard, Dcccm-
Der %, 1910. but was not inserted on the
minutes. (Aprendlx K.)
This arrangement continued during the
year If 1887. 1888. and 1889. the transac-
lions "f which anmunrcd Ia 3.9G9,450 dol
lars % cents. The Shirrmrnrs we,c made
principaIlv !" Eddie md Humphreys. were
paid for by drafts on B,vnn and Humphrevs;
the fund, advanced 10y the Bunk. aud The
proceeds rrnii'ted Ia Mr.. Samuel Jaudon,
Agent nf the Bank, in London.
ltappear> thai there WAS paid ro Mcs.rS.
Bevan Il d Humphreys. by the Bark in PHI
lIdrlphil. durin" the months of March, AyrIl
and Nav. 1889. the sum "f eight hundred
thousand dollars, anl the account WAS thus
balanced. The C"nini'tce have reason Ia
believe. that this sum constituted - pant or
perhaps The wlin!c" Of the profits derived from
the second series OF shipments. How, and
among whom. it was distributed, they have
not been informed. Int hnm the terms of the
final seniilcment to he adverted 10 present
lv, each one will be at liberty 10 make bis
nwn infrrcnccs.
The third md last account, amounting TO
3 81! .0l2 dollar. SO cents. appears on the
bo"Is. us .BiIlson London, advances s. V.
S. W. These Letters stand for the name
Of S. V. S. Wilde. of New York. Mes,rS.
Humphreys and Biddle, To whom these con-
sicnmcntS were made, continued their ac-
counts in the name of Bevan and IIumpll-
revs, but without The knowledge Of that
firm, rs appears by Mr.. Cabot's letter of
December o8, 18ln. The result Of these
list shipments, was 4 loss IF 952 524 dollars,
l3 cents. OF this amount. the sum OF $780,
900 dollars, 81 cents, was for excess of pay
ments bv Messrs. Humphreys and Biddle to
the London Agency, beyond the proceeds of
sale. with interest thereon. The parties in
terested claimed and were ollowed Il deduc-
ton for loss on $4,000 dollars Of Southern
Funds. used in the pu'chas' Of cotton. when
at a discount. the sum Of 3IO,07l dollars, so
cents. and also the sun. being BankerS'Co
mission to Samuel Jaudon, Agent. 2i,06I
dollars. sc cents. making 33I,l33 dollars. 16