The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-05-10
From The London Times, ATrH 25
THE DEFAULTlNG CASHIER OF THE UNION
InNnnN


The following report the recent frauds of their
chief cashier has been issued this evening, by the
Union Bank of London 1t gives clear summary
of the means employed, and confirms the antcipa-
tiOns to the degree of loss sustained, the total
being 1858 600. small portion of this may be
recovered, but the directors propose to meet the
evil at by writing off e. per share, or El20,
600 from the capital, which was increased to that
extent by bonus in July last, by appropriating
the existing reserve fund of fl00 900, and by de-
ductng E4O,0 600 from the diyisible profits of the
twelve months ending on the Both of June next
This will leave the concern with its original capi
tai intact, and also with a sufficient surplus to de
clare per cent. dividend at the next meeting,
which, with the ~ per cent. already paid, will
make l212 per cent. for the year. AS there is no
reason TO suppose that the bank will lose single
customer from this unhappy event, it may be hoped
that the confidence expressed by the directors that
few years will restore it to its natural state of
prosperity, may be fully realized: ''It is with
deep regret that the directors have to communi-
cate to the proprietOrs that they have discovered
yery large frauds committed by their late chief
cashier, William George Pullinger, and, with as
little delay possible, they lay before the propr-
etors statement of the facts and submit the cours
which, upon careful consideration of the circum-
stances, they recommend for meeting thelo which
has been sustained. William George Pullinger was
appointed cashier of this bank in April, ,lS39 hav-
ing previously held similar situation in the bank
ing-hOuse of Sir Claude Scott 4 Co., and after six
teen years of most efficient, Jealous and tits still be-
was, about five years ago, raised to the situation
Of chief cashier, and such the confidence
| reposed in him by the directors and managers,
and their satisfaction with the manner in which he
discharged his duties, that about three months
since they voluntarily raised his salary to 5000 per
| annum. His duties as chief cashier to super
in tend the other cashiers, to procure checks for mo-
ney, to keep their tills supplied and it devolved
upon him to pay all checks, gold and silver coin,
bank notes, &c, which were rot required for the
purposes Of this bank, to the Bank of England, ac-
companied by docket, specifying the particulars
of each payment, and by the 'pass-boOk of the
Bank of England which was necessarily in his off
cial charge; and account of these payments was
also furnished by Puinger to the principal ledger
keeper. In the ordinary course of business, Pull
inger daily sent junior clerk for the pass-book,
which contained an acknowled dgment by the Bank
of England of the cash paid in and it the duty
of Pullinger to deliver the passboOk to the ledger
keeper, whose duty it would then become to check
the entries in it against the Bank of England by
the items in his ledger The ledger keeper, find
| ing his account tally with the pass-book would
report the Bank of England balance to the account
ant, to be posted in the neral ledger, when any
| error in the Bank of England balance would dis
| turb the general balance of the day, and become
the subject Of investigation. On Thursday last,
the 10Th inst in consequence of some information.
application was made to the Bank of England for
their statement of the balance of this bank, when
deficit of 10 less than G263 ,070 discovered.
Pullinger. who absent at the time attending the
| funeral of a relative, was Immediately followed by
| director and the manager, and brought back,
when he at confessed that, from losses on the
| Stock Exchange he had, from time to time, since
his appointment as chief cashier, distracted large
sums from the charges taken over to the Bank OF
England, which he had concealed from the ledger
keeper by exhibiting to him fabricated pass-book,
in which the balance agreed with what it appeaEed
in the accountants general ledger. He was then
given into custody"