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September 27, 1856.] THE LEADER. : ¦ ¦:¦...
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THE KOYAL BRITISH BANK. A meeting of the...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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The Wobkiktg Classes Of England And Ital...
cues among themselves the beBt methods of attaining their freedom . They desire it—are -willing to risk their lives in it . Their leaders are waiting to lead them on ; only the material is wanting , and the consciousness that the hearts of Qie free and brave of other nations are bidding them God speed . Many specious arguments will be need to deter you from givingyour money , or your sympathy , or from using your own personal judgment , in this great Italian question . Sometime back the cry was that the Italians ¦ were well contented with the paternal government of Austria , but the atrocities of the government have become so glaring , and the Italians have gone in such numbers to the scaffold to prove th « ir abhorrence of it , that the enemies to liberty have been , compelled to drop that cry and take up others equally false and absurd .
You will hear that in the intervention of France and England lies the only chance for the Italians—that Louis Napoleon is meditating some graud scheme to get the Austrians cut of Italy . But for trusting to foreign intervention and foreign aid , the Austrians , who by the people were driven to the very borders of Italy in 1848 , would never have returned . But for foreign intervention , the Roman Republic would be existing at this time , and the Pope , but for the French ; bayonets , which prop him on his tKrone , would not now be sanctioning and abetting the massacres and cruelties that are daily taking place in his dominions .
5 ut admitting that foreign intervention is meditated , the Italians want an Italy for themselves , and -would as soon have the Austrian Emperor as Louis Napoleon . No one can imagine that he will undertake to free ItaTy for Jtaly ' s sake , or for any other motive than , for his own personal aims . But the man of the ' Second of December' is too well known to the people of all countries for that argument to have much weight with them . A far more plausible doctrine is preached by many who wish Italy well , but who have not studied the facts of the case . These say " Piedmont is the on ! y saviour
of Italy . " If by that they mean that if the Italians rose against their tyrants , and were to ask the aid of the Piedmontese army and the PLedinontese people , it would be given heartily and Immediately , we believe they are right ; but if they mean that the Italians ¦ who are the sufferers are to sit still , and tlie King of Piedmont will come with his army and drive out the Austrians , the assertion is an absurdity , contrary to all logic , common sense—disproved by historical facts . It is asif , when the working classes have decided to strive for higher wages and shorter hours , *« v individual should rise and ¦ = «?» '" Wait , suffer , hope \ inere 13 a manufacturer m Manchester who' ; gives his men fair wages , and who does not oblige them to work quarters . B * patient , and in the course of time he and Ms four hundred workmen will induce all the masters of [ England to do as he does . " You would reply : ¦• " No , we suffer ; we want higher wages and shorter " hours . We must win them for ourselves ; then , if this master will use his influence with the rest , ^ rell and good—if his -workmen will co-operate with us it will be v « ry noble and disinterested of them ; but we cannot expect them , even if they were able , to come naid lift our burdens off our backs , while we simply lie down and groan under them . " So with the Italians—they must give the initiative . The movement must come from within . Material aid is all that can be of service from without . Many of the most suffering , most sanguine , did hope , perhaps , that the past war would give Piedmont a right to fight for Italy as she had fought for the Turks—take for granted that she desired it herself—that Cnvom ' s memorial was a means of feeling how far she might venture openly against Austria . By this time it must be evident to all who desire to find out the truth , that England and France would not permit Piedmont to put herself in the foreground . She mny provo an ally , but she ennnot , ought not to be , the initiator of the People ' s War . One other argument—the cruelest and saddest of all that will be used to deter you—we must treat , and then we have done . You will be told that the people arc not unanimous—that they do not wiah to rise—and they will point to you the attempts thnt hnvo been made and failed , to prove to you thnt by giving money for this purpose you arc just sending a few more victims to the scaffold—thnt you arc increasing the watchfulness and the cruelly of the Austrians , and hindering instead of helping the National Cause . ^ When yon hear that twenty , thirty , eighty men have risen up suddenly against their tyrants , have l > eon overpowered by numbers , massacred or imprisoned , what does that prove ? That that movement has been incited by popular leaders—organized ami approved of by them . No . It means that those men , goaded beyond human endurance—those men who fuel their lives a burden nnd a shame , who , determined to H-vo as free men or to die « i the attempt to gain their liberty—havein spite of the
, entreaties of their leaders , in spite of hopes held out for tuo future , pown sick of hopo deferred , hnvo struck ono desperate reckless blow , careless of the consequences to themselves , trusting to attain something for their country and the cause , if only by leaving another martyr ' s name to bo recorded and avenged . This is the meaning of the past attempts thut nro wept ove r by ( ho great Italian pntriota—thnt are censured and sneered at by tlioso inch vidiials and parties who , hostilo or indifferent to the icloa of a frco Italy , seek for pretexts to prove that the
The Wobkiktg Classes Of England And Ital...
Italians are not unanimous in their desire or efforts to obtain it . ¦ If the requisite funds had been forthcoming , thousands of men would have risen in the place of units , and might not have been overcome by their enemies . It is to prevent these outbreaks , to restrain these suffering , misguided hearts , that the free Sardiiuans are striving to prove to them that help is at hand—that if they will bear on yet a little * they will give -them the means of making their next blow efficacious . And we second heartily their appeal to you to help-with your pence , and with the influence of your British , names , this national effort of the Italians to win an . Italy for themselves .
Two copies of the letter from tie working men of Genoa , with their original signatures and their separate trades , have been forwarded to England . One lies for inspection with Mr . Watts , 147 , Fleet-street , and the other with Joseph Barlow , bookseller , of 28 , 4 ! raingerstreet , and 1 , Nelson-street , Newcastle , to which places subscriptions can be forwarded . Send single subscriptions with single names ; or , if you prefer rt , let each factory or workshop choose one man to represent the workmen . Post-offiee orders are preferable to stamps . The Committee will publish weekly lists of the bqdib received , and they will Hold these sums in trust , to be applied within the limits which the law compels in the cause of the suffering and enslaved people of Italy . James Stansfieud , Swan Brewery ,
Walhamgreen . Kichabd Moore , 25 , Hart-street , Bloomsbury Joseph Cowen , Jun ., Blaydon Burn , New castle-on-Tyne . John Bennett , Cheapside . W . C Bennett , Greenwich . Georges Dawsost , M . A ., Birmingham . W . H . Ashuesx , 6 , Old Jewry . Hon . Secretary , James Stanskelo , Office , 22 , 81 oaae-. street , Knightsbridge , London .
September 27, 1856.] The Leader. : ¦ ¦:¦...
September 27 , 1856 . ] THE LEADER . : ¦ ¦ : ¦ . ¦ ¦' ' - \ ' ¦ :.: ' . ' : VU $ .
The Koyal British Bank. A Meeting Of The...
THE KOYAL BRITISH BANK . A meeting of the shareholders of tbe Royal British Bank took place last Saturday at the London Tavern , ¦ when the directors submitted a statement of the affairs of the bankrupt establishment . Mr . Edward Esdaile , Chairman of the Board of Directors ; presided . Mr . Coleman , the accountant , after some prefatory remarks , proceeded to stnto tiitii lie estimated the total liabilities of - «> o Dank at 539 , 131 ^ . 12 s . 9 d ; , and the S mj 8 S _ assets at 299 , 937 ? . 18 s . lid . ; but , allowing for certain contingencies which , could not be overlooked , the net assets he estimated at 2 & 8 , 644 ? . 18 s . lid . These assets included the Welsh Iron Works , upon which the company had expended 106 , 4537 ., and it was the opinion of an * eminent- miner that they would now sell at a
minimum price of 40 , 000 ? ., but his own belief was that , if they were worked ( and they are now ready for working ) , they would yield a profit of l € , 0 O 0 Z . a year . —In answer to Mr . Marsh ( one of the shareholders , who subjected the Chairman to a most rigorous examination ) , Mr . Esdaile stated that the accumulation of deficiencies originated in a credit account of 3000 ? . and a discount account of GOQQl . , on the part of a -firm learing the names of Dummler and Scales , afterwards Duramlerand Swift , made at the beginning of 1850 . The speaker added that these advances were recommended by one of the highest firms in tbe City of London . At this , there were loud cries of " Name , name ! " but the Chairman refused to comply with the demand . From , the other official statements it appeared that the account of Mr . Humphrey Brown , the member for Tewkesbnry , and
until recently a director of the bank , exhibits a debt of 70 , 908 / . ; that Mr . John MacGregor , the member for Glasgow , and the founder of the concern , ig indebted to the amount of 73 G 27 . ; that Mr . Cameron , the late manager , has obtained 33 , 000 ? ., against which there arc no securities except such as are now found to have been previously charged and encumbered , and tho utmost worth of which is estimated at 3000 ? . ; that Mr . Mulling , the late solicitor , took 7000 ? . ; and that one of the auditors owes 20007 . It was also stated that Mr . John Gwynne , who was formerly a director , retired in 1851 , leaving a debt of 13 , 010 / . ; and that a loss of 13 , 4807 . was sustained by Mr . Oliver , of Liverpool . The total I 039 from persons directly connected with the administration of tho bank appears to have been 121 , 0007 There was mo loss on tbe South Sea House , nor wcro any of tho existing directors indebted to the bank .
In the midst of a running fire of questions , tho Chairman stated that , by reason of certain irregularities on tho part of thn persons with whom the credit and discount accounts had boon opened , tho bank called for collateral securities . Tlicso were given , " , " said Mr . Ksrtailo , " our advances on those collateral securities were within what we supposed to be tho banking margin . " Hero ho was interrupted by Mr . Marsh , who Raid , " You dealt with those securities ns valuable , -whether they were so or not ? " To this the Chairman replied : — " Clearly . Of course this has turned out to have boon an error ; but when tho liabilities of these parties to this bank reached a larger sum , say 19 , 0007 . or 20 , 000 ? ., what wnH to bo done ? " Further on , a singular dialogue ensued between Mr . Marsh and tho Cluiirman . TUo latter , nlluding to the speculations in the Welsh iron works , observed : — " Gentlemen , it ia very easy to take
a retrospective view of the matter , and say that it -was hnprndent for us to take that step ; bnt ( to Mr . Marsh ) if you , sir , had been on the board at that time " Mr . Marsh r " You must bear with -us a little , sir , for we are suflferers . " Q Hear , hear I" and cheers . ) -The < Jhainnan : " I know yon are , sir . You are qniteriglrt . I have been told—perhaps it is a physical defect of mine—that I have too much the appearance of inward suffering—of pain of mind . " Mr . Marsh : " I did not accuse yon of that . " { Laughter . } The Chairman : " I do not say you did , but I have heard it said . However , I wouia ask , would it not be absurd for me , under those grave circumstances , to put on anything but a grave aspect ?" A Mr . Frederick Clarke at one time took the iron works on his own hands , but , not having sufficient capital to conduct them , he threw them back on the hands of the bank , which again made itself liable , though the works were then involved to the extent of 70 , 000 ? . or 80000 ? .
, This was as far back as 1853 . " Gentlemen , " added the Chairman , after he had made these statements , * ' it might be said we ought then to have closed ; but we could not—we dared not . " " No , " interrupted Mr . Marsh , " not so long as there was a hope of bringing fresh shareholders in . " Mr . Esdaile endeavoured to meet this by saying that it was their duty to persuade capitalists to come forward and tale tbe works , in order to recompense the shareholders for their advances , or to establish a public company to work the property . A sliort time ago , he said , there was a prospect of their starting such a company under the Limited Liability Act . With respect to Mr . Humphrey Brown's defct , Mr . Esdaile assured the shareholders that , until he became the Chairman of the bank , he did not know that Mr . Brown was indebted in a single farthing . " And you a director all the time ? " exclaimed Mr . Marsh . " Yes , " replied Mr . Esdaile , amidst much hissing . ' !
Mr . Marsh then complained with great warmth that he was induced , by false representations of the flourishing state of the bank , to take some shares last year . He continued : — " The investment made by me in the bank was a part of the small patrimony which my children had aright to , and , seeing that the act-of the directors may send us to beggary , my brother shareholders will pardon me if I may appear a little importunate . I now * wish to ask the Chairman whether he does not think this bank was insolvent when those new shares were issued ?" The Chairman : " The bank-was not insolvent so'long as those securities were taken as worth the money they represented . " Mr . Marsh : " But those securities were not worth their money . " The Chairman : " In our estimation they were . " Mr . Marsh : " But , unfortunately for us , the fact is they were not . "
Another proprietor said tbat a further call had been made , and asked whether the directors believed that the shareholders would again venture to trust them ( the directors ) with their affairs . « Well , " replied the Chairman , " I am afraid , if you put that question to the meeting , the decision will be in the negative . " After some more cross-questioning , Mr . Stapleton , deputy- governor , said that , on being elected last February , he determined to drive Mr . Brown and Mr . Cameron out of their positions , on account of their debts to the bank . " I did it , " he continued . "I was the youngest director on the board . I was not brought up to business , and I was anxious to leave the concern . I saw tho danger of going on , and also of leaving . I had promised secrecy , and if I had left I could not , as a man of honour , have stated to my friends any facts connected
with the condition of the bank . I acted , therefore , as a man of honour , and placed myself \ n a position in which heavy losses wero incurred , and probably ultimate ruin to myself . When Mr . Cameron was on the point of leaving us , wo found that he had obtained a large sum of money from the bank , and that ho was not in a position to give us suflicient security . We pressed him , wo even threatened him with criminal proceedings , and , in order to save himself , he used every exertion to get any kind of security . It so happened that liis own son-inlaw , wlio is a member of tho board , had a large number of shares , and Mr . Cameron induced him to lend him thoso shares , "which he transferred to the board as a portion of the securitios for 1 ho advances . What would you have said if we had allowed him to go away with those shares ?"
Dr . Goddard , a shareholder , then moved tho following resolution , amidst loud cheers : —" That tho past nnd present directors of this bank ( excepting always tho three gentlemen who became directors on the 1 st August last ) , by their systematic misapplication of the funds of the institution entrusted to their keeping , and by their uniform nnd culpable misrepresentation and concealment of tho actual condition of tlio bunk in their half-yearly balance-sheet , nnd statements mndo to the shareholders , ns also tho discreditable proceeding of issuing new shares long after tho bank had becomo hopelessly
insolvent , thus bringing dishonour nnd ruin upon many innocent persons , which would have been entirely averted by hotter management or an earlier -winding up , have shown themselves utterly unfit for tho poBt they occupied , and unworthy of tho confidence of this or anj other proprietary . " Dr . Goddard declared this rcsolutior unanimously enrried , though only n few hunils wen held up in favour of it . Tho Chairman , who , till thai time , appears to have been very cool , now lost hif temper , and angrily exclaimed— " I deny tlint tho reaO ' lution was carried . Flvo-slxths , at l « ast , of thomcctinj
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Citation
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Leader (1850-1860), Sept. 27, 1856, page 3, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_27091856/page/3/
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