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    992 THE LMDER. [No. 4M, September 25, 18...

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    political; fokesh ado wings. Mr. Disrael...

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    INAUGURATION OF THE NEWTON SPATUL AT QHA...

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    Mb. Dixon's Speech At The Meeting Of Sha...

    ferred from the fact , that the stock and dividend were not so hiRh as they ought to have been in a wellnanaged bank , and under t he favourable circumstances in which ail banking institutions were placed . This gave me a very stong impression that the affairs of the bank were not . well managed , although I had no further ground for censure . In . November , 1856 , Mr . Sellar ' s affaire took hint abroad , and some time previous to his departure , I intimated to him that I should not feel satisfied to remain at the board unless the directors were allowed access to information which would enable them tojudge of the position of the bank . I was informed that this would be laid before the directors , and the subject be immediately discussed . After Mr . . Sellar left , I

    intimated the same to our respected chairman , and in May or April of last year ,, in order to prevent further delay , I had placed on the minute book of the directors minute stating the amount , the extent , and the kind of information that I thought ought to be placed before the directors , in order to enable them to discharge their duty , instpadi ; qf- ; - > Slling a merely nominal position . When i $ . .- ¦ ' Dghjar . ty ' s matter came on , I again placed oir the . boi ^ tA record of my opinion that the nature of the jbranaqispipn by which the loss was inenrred was : unbusinesslike , and - . ought hot to have Occurred . ( Cheers .-ji . rjl j ^ so stated t hat in my opinion the managing directors werecas blamable as the manager for the loss . : ( Hear , hear . ) It was then for the first

    time that 1 became aware that the managing directors bad almost as little control over , or knowledge of the affairs of the bank , as the outside directors . Towards the end of June last , Mr . Gross called upon me in London , and stated that Mr . Smith was going to resign , and that Mr . Sellar was to take his place , and he asked me if I ¦ would be 6 pme a managing director . : I assented . Immediately on my return to Liverpool , my first step was to inquire into the condition of the bank with respect to the declaration or non-declaration of a dividend . The Statement of the affairs of the bank laid before me by Mr . Smith , led me to the conclusion that no dividend ought to be declared . ( Hear , hear . ) This view of the case was assented to at a meeting of the directors ; but

    at a meeting afterwards ^ suddenly convened , the decision was reversed by the board , and to which I yielded , the motive being , that it was very dangerous in the . then position of the bank , to run the risk of the excitement Jhat might be . produced by the non-declaration of a dividend ; it might have resulted in a run , and the stoppage of the bank .. I accede ^ to it only on the understanding recorded in the minutes , that the statement to the shareholders should contain a full and correct disclosure of the position of the bank , even although it should disclose the fact that the dividend was declared out of capital . The report that had been presented , well examined , shows the fact , although I do feel that it does not make the , statement in the broad terras that would

    have been adopted if the intention had been to state thajt there was a very handsome surplus . Immediately on my return from London I was made ad interim director .,. and during the whole of the month of July I was the only managing director present . After ! the meeting I was . formally appointed managing director , and since that period nearly the whole of my time , up to the end of December , halt been occupied by the affairs of this bank . It was a very difficult post , but I am happy to say that the new management has been on the whole remarkably successful and fortunate in the avoidance of loss ; except such as the inevitable necessity of the case Brought upon us by the connexion of the bank with so many insolvent houses . About October last it became bank far

    apparent to me that the position of the was worse than I had ever dreamed of , and far worse than those hitherto in the management of the concern had ever allowed themselves to think . I set to work and made up a statement of the position of the bank—of its losses , its lock-ups , its doubtful debts , and its doubtful paper—baaing my estimate upon the knowledge that 1 had rayaelf gained since the first of August , in which I was assisted freely and fairly by all those engaged in the past and present management of the bank—and I came to the conclusion that one-half of the capital of the bank was irrecoverably gone ; this knowledge I am bound to jay for myself only came upon me at that time . I was not in the least aware of it when the annual statement was made to the shareholders in July , and I may also truly say that I believe none of tlioae previously concerned in the management of the bank were at all aware

    of it , or ' suspected it ; trusting to a sanguine temperament instead of taking a business-like view of the then existing state of things . It was then we became aware of the actual position of the bank . The sequel of this *&&§ a-communication by mo with the proper parties , and an application to the Bank of England , which resulted " a » jtou all feuow . I do think that directors have a duty to perform , and th » t they are , responsible for oomo show , at any rate , of attempt to perform it ; and , 1 therefore feel it due to mynolf In thQ position in whloh 1 "have been placed from the , p « gl nning , and iu the sort of prominenca which circuin & tancoa hove forced'upon me during the last few months , to mujto aome statement ox' culputfrig myself from the appearance of utter neglect ot Vhat I confess to bo the duty of directors . 1 do not suppose that any one oonaornod in this most unfortunate and dlaaetroua busluoao cau hono to extricate hlmsglf

    from it with advantage , but I do hope that it may be considered by you that , under the circumstances and difficulties of the position in which I was placed , it would have been impossible for me to have adopted any better line of conduct than that which I have done . It is obvious that when it first became apparent to me that the directors were nominal personages , instead of taking an actual and positive part in the management of the bank , then came the critical point of my connexion with you as director . Now what was I to do ? I might simply

    have retired from the office , and very fortunate would » t have been for me in the matter of personal ease and pecuniary interest if I had done so * But what would that have done in the way of berieflting the shareholders ? I might have run a muck against routine , and consigned myself instanter to the impotence of not being able to effect anything . I preferred rather to abide my time and to see whether I could do something towards amending a system which I felt to be wrong . The result is before you .

    992 The Lmder. [No. 4m, September 25, 18...

    992 THE LMDER . [ No . 4 M , September 25 , 1858 .

    Political; Fokesh Ado Wings. Mr. Disrael...

    political ; fokesh ado wings . Mr . Disraeli . —Great expectations were entertained on Thursday at Aylesbury of some intimation from the Chancellor of the Exchequer of the measures of Reform which are to be proposed by the Government in the next session A prior engagement , however , and a 10 / . note were pleaded for the Chancellor ' s absence . His revelations , if he makes any in the recess , may be expected next week at Buckingham . , Mr . Newdbgate , M . P ,, ox Progress . — -At a numerous and respectable assembly at Coventry , on Monday , at which Mr . Newdegate presided , he said , in returning thanks for the health of the county members ( Messrs . Newdegate and . Sj > ooner)— " I thanfcyou for the honour you have done me as one of your members , and I will take the liberty of saving here that I do not believe there are any two members representing any constituency who are more entirely devoted to the fulfilment of their duties than ourselves . I believe it is only by a firm adherence to those principles which I have advocated in Parliament , and upon which the constitution of England is founded , that you can preserve intact the inestimable blessings of freedom which it is your privilege to possess . Be assured that if we wish the . country to continue in a course of progress , and I say " ¦ progress" advisedly , such a wish will be best accomplished by remaining within the limits of those principles the practice of which has raised this country to its present state of proud pre-eminence . When others tell you that a Conservative has no right to speak of progress , pay no attention to them . For myself , I wish for progress . I desire to see all classes of the community

    advance , but I desire to advance within the limits of principles which constitute safety , and if there is any difference of opinion between myself and others upon this question of progress , it amounts to this , that I would prefer to see the engine of the State driven carefully and safely down the rails , while I at the same time entertain a strong doubt whether the Liberals , as they are termed , would not either shunt us into a dangerous siding , or land us at the wrong platform . " Mr . Cbaufurd , M . P . —The member for the Ayr district of boroughs made a speech to his constituents at the end of the last week , which was chiefly distinguished for its reference to Scotch topics . Speaking of the last invasion panic , he remarked that the French were not fools enough to come over to England in that way . " If , " said he , " they landed fifty thousand men , how many of them would get back , and how much treasure would they be able to seize V "

    Mr . Mbiaor on the Political Futuiie . —Mr . Mellor , M . P ., and Mr . A . W . Young , M . P ., have addressed their constituents at Great Yarmouth on the past session and the prospects of the future . Mr . Mellor said he believed the property qualification was a sham and pretence , for he knew some members who opposed the late bill on the subject who were sitting on a sham qualification . With regard to the suffrage , ho waa anxious for its extension ; but he thought it would be a questionable measure unless it was accompanied by the ballot . He was prepared to support the extension of tho suffrage on broad and general grounds , but believed it would be a doubtful benefit if tho protection of the ballot was withheld . He believed the settlement of tho Church-rato question was essential to the interests of religion and of the Church . Mr . Mollor said he did not go to Cherbourg , and he thought it undignified for members of the House of Commons to accept the loan of a steamer from a private company . If war should at any timo unhappily occur , Englishmen would have something more to do than to sing " Rule Britannia . " We must take care of our fleets , be neither boastful nor fearful , but go on the oven tenour of our way , trusting in God , and " keeping our powder dry . " Mr . Young , in the course of hia observations , said the present Conservative , Administration delegated all their propor functions to their opponents , and were unable to carry a single measure of their own . Sm Jozin 8 . Tnmi . A > vnY , M . P ., at Tavistooic . —On Monday Sir J . S . Trolawny , meinbqr for tbla borough , ttdclressod u ' la constituents . After alluding to liia votos on tho Conspiracy BUI and other questions , ho pbsorvoil ;

    —• " . With regard to the measures introduced for the government of India , Lord Palmerstoh produced a very good , a well considered bill , and one which everybody thought was likely to pass , but the Conspiracy Bill came and interrupted its course . Another bill was introduced by Lord Ellenborough , one with a very considerable deal of ' claprtrap' about it . That bill had every prospect of being rejected ; but Lord John Russell moved that the house should proceed byway ofresolution . This proposition was grasped at by the Government , seeing they had thus a good chance to escape , and a number of resolutions were adopted and made the foundation of a new bill , which will go far to effect a remedy of the evils which existed previously . The measure was passed , arid

    I hope to see it productive of good to both countries . It is a good thing that we have at the head of the Indian Government a man so liberal and talented as Lord Stanley ; he has selected directors from both sides , of the house-r-indeed , such a council as he formed for India has rarely had its equal . ' . ' . Speaking of the House of Lords , Sir J . Trelawny said : —tV There is a body in the llouse of whom it was said . that they accepted the . Jew Bill but refused the Church-rate Bill , so as to compound the matter , and I am afraid we" may have great cause to divide ourselves from , the bishops , for the bill was smothered by a : great avalanche of long-sleeved bishops . They were all-potential , and threw out the bill . I speak

    with respect , but 1 cannot . think they were wise in their course , and 1 would rather they had assisted me , as they might have dou « , with effect and in a manner beneficial to the Church of England . " After commenting on other matters of minor importance he reviewed the . position of parties in the llouse , and gave it as his opinion that the p resent Government could not stand , because it comprised such opposite shades of opinion , and any . futuTe Government must , he said , include in its ranks Lord John Russell , on whom as a statesman he passed a high encomium . He concluded by stating that no government would stand any length of time which would not guarantee to introduce a comprehensive Reform Bill , "

    A New Reform Bill . — I he Observer publishes what it calls the New Reform Bill of the Liberal party , as forwarded , by the Secretary of the " Keform Association . " This production does not seem to be of any importance save in the way of showing what may be done in the redistribution of members . We do not find a word in it concerning an extension of the suffrage , or the vote by ballot , or the shortening of the duration of Parliaments . There are seven schedules appended , all referring to changes in reference to the distribution of members . Twenty-four borouijhs , which , now return members with fewer than four hundred electors , are proposed to be

    altogether disfranchised . All boroughs not having one thousand voters each , and which return two members , Would only return , one , and of such there are forty-five . These changes would leave eighty-one members to be disposed of , and how ? First , ten counties , or divisions of counties , having the largest populations , would get one additional member each ; cities and . boroughs of largest population would get the same ; three boroughs now returning one member would have two ; then there would be the creation of twenty-five new boroughs ia places not now represented . Other arrangements are proposed for transferring the remaining members .

    Meeting at Finsbuuy . —A public meeting was held on Monday in the Belvedere , Pentonville , for tho purpose of advocating political reform . Tho mooting was called together by the local branch of tJio Political League . A resolution was unanimously curried to prepare a petition to tho House of Commons for universal suffrage . CGissiORVATivis "Viisw ov Reform , —Wo havo no rig ht to consider consequences ; our business is to'J ba just and fuar not . " If any class deserve tho franchise )

    give it them ; if any cliiss merits tho withdrawal of that priviloge , take it nway from thorn ; if constituencies require enlargement , extend their area or increnso their number of membors ; if rotten boroughs still exist , deprive thorn of tho right of representation ; mid all t » M on tho principles of abstract justice and of politic" ! Pr 0 " priety , not in order to gratify ono or other party j" t" ° State , for that would bo to do exactly what was in too many instances tho guiding motive of tho authors ot m « Koform Bill of 1882 . What mav onsuoU i » t » °

    of Providence . Tho Conservative party may lose ft p «* pomloranco in certain counties , and n tow inembon "' tho House of Commons both for boroug hs ana for counties ; they may bo depressed for a timo and tUoir opponents encouraged to lay hands more boldly on our mo sacrod institutions ; but they will gain tho credit ot no sacrificing justice to party , and thoy will iw "'" Willing tributo of respect from equity-loving ami Strom " forward Englishmen . —Conatitutional Prow .

    Inauguration Of The Newton Spatul At Qha...

    INAUGURATION OF THE NEWTON SPATUL AT QHANTHAM . Tins event -wna colobruted on Tuesday with gront }> l and Qoromony , nnd In tho midat of a vnH S ? I , X , llnB persons , who woro nttruotod by tho oucnsloii , jjh » . mou of aolonco from all parts of tho owui ¦> „„ . Brougham , wlio'lmcl boqu requested to pronltio , <^ fl pan led the procession to tho witti oi' tlio " > tatuo . woro ttlao present tho Mayor of Uruutlmui . on . v

• Citation
  • Leader (1850-1860), Sept. 25, 1858, page 8, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_25091858/page/8/