Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-11-17
BANK OF ENGLAND.
RUMoRe0 IRREGULARITIES IN ITS
MANAGEMENT.
the London Papers say-Generai
Foreign Notes.
By cable to The Dlspatch.J )


LONDON. November l6.-Owing TO the
reported irregularities in the management
OF the Bank OF England several cases
have occurred where refusals have been
given 10 cash Bank OF England notes,
bearing the autograph OF Frank NAV.
late chief cashier OF the bank. May was
involved. 1t is said. in the operations Of
the firm of Coleman & May. the junior
member of which is the son OF Mr. May
The firm got into trouble. and the gov
ernors OF the Bank OF England decided
that their cashier had better retire from
their employ.
The irregularities referred to were
spoken OF by the Times. In its financial
article, this morning as follows:
Alarming rumors prevailed In the city
yesterday. Reports have been current for
days affecting the Management Of the Bank
of England. also concerning the losses OF
the bank, supposed 10 have been incurred
owing 10 certain irregularities in regard
to advances These irregularities have
not been denied. The inquiry is proceed
ing. but enough Is known 20 prove that
the losses are much less than alleged by
reckless scandal-mongers."
The Times believes the rumors that
certain directors OF the bank are about
TO retire are without foundation in fact.
The financial editor says, in conclusion:
There must be some fault in a system
under which the Irregularities I'm ques-
ton occurred. The bank ought TO make
known at once the facts concerning the
public
SOME IRREGULARITIES ADMITTED.
Later--The Bank Of England officials
a oil rod afsfitn Ia
rumors In circulation as TO bad financial
condition. They state that the bank )
connection with bad financiering Is prac-
tically limited to its transactions in the
South American and Mexican Company,
which has been ventilated In the courts.
and to the fact that there have been ir-
regularties In regard TO advances. These
Irregularities are apparently confined to
allowing favored customers 10 substitute
less-desirable securities FOR those upon
which money was originally lent Moth
ing can be learned as IL the banks losses.
PRESS COMMENT.
The Times will say in It's financial arti-
Gle I'm the morning concerning the rumorS
Of Irregularities in the Bank OF England
Probably we have heard the last OF
these rumOrs In London, but az likely as
not the uneasness VIII remain ia places
remote from here Stll. We think the
bank would DO well tO make known how
small comparatively Is the basis on when
men Is OF our opinion, but the minority,
holding that the least said the soonest
mcnded IL a respectable one The mlnorl-
" has an arguable case, its chief argu-
ment being that "A declartiOn from the
bank would be- a precedent by which the
bank would be bound whenever rumOrs OF
losses should arise
The Standard will say: The meeting
OF the bank directors was rather protrac,
ted. As the story went, they discussed
whether designations Of the implicated
directors should be accepted. The names
We're even mentioned. though entirely
without official authority. Whatever the
Intentions Of any members may have
been. it Is certain that none actually re-
signed lt would be unsecmly II any did
so al this iuncture."
The Daily Telegraph will say: "ThC
exact amount Of the advances made by
Mr. May, the retiring chief cashier Of the
bank, upon certain securities has moi
transpired. 1t Is stated that the loss Is
not likely TO exceed 10000
The Daily Telegraph will say: 1T Is
stated that the total loss of the Bank O
England through chief Cashier Mays ad
vances on unspund securities viii MOI
exceed f20000. There was "A large business
ranging from 325 10 52ii2. The final quo
tation was 325 to 329. the same as IN,
closing quotation for the previous day
A week ago the quotation ranged from
$50 TO 1872. The bank is suffering from tn
dulnesS I'm trade. Much profit Is still
being derived from the Barring liquidation
and there Is no reason TO expect tina
there will be any reduction in the mex
dividend"