The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-22


o. the said shareholders togsthsr today for pur
pee OF laying befo, them such report Of the position
Of tns oank a. the documents and evidence with which
'n's nave been Furnished authorize them 70 submit
The COMMITTEES regret sro.sdinsy that the West In
last seven years should been compeed 20 suspsnd
specie payments and although It not uncommon for
these payments and although every establ,shmsnt Of
TINS description liable to Casualties losses yet the
rations strictly adhered to this oissuw
stance would not have taken place.
The committee in the discharge of their duties have
examined the principle officers of the bank touching
the causes which produced this occurrence The mana
ger ssys"In the first place think 4 attributable to
caused an interruption to business with that agency
Secondly an advance took place in exchange In Amsr
same time the oommissarst negotiating government
paper here ct lower exchange than the banks In the
in letter from the Secretary Mr. Robertson dated the
2sd October ls4 desiring caution in the negotiation Of
The Secretary states-"That when he discovered that
there would be deficiency OF specie from the proceed
inss of the he issued circulars to the
ayers OF the branch banks hs branch incuded to
pare by to protect the credit of the instu
ton In London; and thereby have the means which,
at all times he could raise specie by selling ct St Thomas
or otherwise where specie could procured the
advantageous terms His instructions in Trinidad
certain extent not carried from necessity and In
attention paid them that could per-
csive The managers utter disregard his instructions
and and his citing to letters
addressed to him by order of tho directors him
ct last to abstain from advising him, until he the
the Conmsssry had informed him tn & 5. Wa
prepared to receive tenders for q very large amount
and advised that he-the manager-should look to the
names Of the parties having the Of drawing upon
him. that he might prevent their rendering for bills and
thereby prevent disappointment to depostors That 1t
that time the manager ndisposed to health but
his duties still carried on. That at that time
thsre funds the bankers hands that he could
Island having been absorbed in local advances"
extravasant amountprincipsly Of ocsl nature-hss,
from time been afforded to some individuals, whose
bank and although Sy ohoiaI documents before them,
1t is shown that the manager repeatedly warned
he in course 50 rspists with injury to IL:
establishment and the committee cannot but regret
that tho when they found their
dsregarded had not proceeded to carry into effect
stringent measures to remedy the evil.
The committee find that cssh credits to very large
amount have been granted from time to time by the d.
rectors and which In many instances have not been
operated upon beueAcially to the bank. The manager
has also ncautously suffered Of them to be drawn
upon before the necessary security bond completed
and imprudenty allowed msny-includpg some current
or running accounto-to be overdrswn to very con-
In the list OF those who in this position the COM
mttee regret see the names Of the mana
ger and cashier Of the bank who should have been
cautious In setting example frought with evil and
hey are 10 DC enabled to state that the exam
pie was not followed by the other officers ct present In
tbs establishment.
The committee find, that the failure Of the firm of
bis institution bills TO the amount of ECO 500 sterling
drawn on them passed through this branch portion Of
when was drawn oy HigRnson, Deane and Stott here
and consequently without ndorsers some loss may
therefore DO sustained but to what extent the commit
vidends of those hrms be declared Tho remaining
bills are mostly protected by indorsers here and the
protecting parties may be considered sufficiently good to
meet those drafts the loes 1t is presumed any, will
not bs az sucn Importance as to paradise the exertions
Of the establishment
The committee have examined the accounts and do
cumeDts submitted to their inspection to the 27th day
Of November last and they think that after oil engage
ments. are taken into consideration and estimating
very ibt raj allowance for oess, there will be large
surplus OF the paid up capital remaining; and by col
lect'pg the debts firmly, but with discretion coneide
rsby reducing the cash credits by closing Of
altogether and by easenng the amount OF others; by
the depositors granting few months dsfescenoe under
allowance Of full interest," by adopting different eys
tenn Of management and placing the establishment I'M
der an active supervision by commission the CON-
mittes see no why the bank not ope
rstions. But this being only q branch of the general
establishment OF the West India Bank, they only
speak with reference to their branch and
. general meeting Of extraordinary directors, repre-
senting all the shareholders will take place here
measures should be resolved until that meeting shall
have taken place. when, if the reports from the diYe
rent branches be found favorable, it will become the
duty of those who interested to pursue that
which may be most advantageous to the interests Of all
parties
The committee have ordered the branch balance
sheet to be- placed upon the table for the Of
the shareholders They have not embodied in their
report because they unable to furnish q detailed
balance sheet of the affairs of the general bank which
detailed ut only be furnished after the
mplatsd meeting OF extraordinary directors appoint
ed to take place az before observed the 9th Of January
next
b BIRMINGHAM, Chairman.
The king of the Mosquito territory arrived at
Jamaica recently, in II. M. ship Alarm
The Hayten government has passed act granting
premium of three gourds Tor three shipgs sterling)
per 100 lbs on all sugars manufactured within the
public, vito the view OF stimulating the repro Of
that valuable staple throughout tbs several districts
The universal substitute for sugar, at present. Is
thin syrsp used by all families in the island and from
which vast quantity OF miserable apology for rum
called "tafia," is yearly made in the republic.
The enormous quantity of 90 600 tons of sugar
annually exported from Hayti. As much is not
ufactur, as would load ships long boat
Several OF the since the passing OF the
premium act have begun to make sugar-though of but
90 60 description as yet however they will improve.
BALTIMORE, jan. II, l84S.
Report Of the City Register-Heary Tares I'M
posed-A Fugitive-Ihe Mechanics-lIodels.
The City Register of Baltimore has has issued
his annual report, showing that the tax on the
800 of assessed property in the city required the
current year, for State and city purposes, will
be about 81 80 This ID about onethird heavier