Welsh Journals

THE USE jM GLEAKEK A Local Register of Events and Magazine of Information. No. 3. Published by J. H. CLARK, at " The County Observer" Office, Use. PRICE 3d MONMOUTHSHIRE AND GLAMORGANSHIRE BANKING COMPANY. This company which had been established about 15 years, and had paid good dividends to the share¬ holders from the date of its formation, contained among its promoters persons who were reputed to be wealthy and of business habits, which caused o- thers having a little money to invest to eagerly pur¬ chase shares, and depositors to feel perfectly easy as to the safety of their money. In 1851, whilst the shareholders were lulled into apparent security, the company suddenly collapsed, and never was the county of Monmouth, thrown into a greater state of consternation than on the announcement of the failure of the concern and the closing of the se¬ veral branch establishments. As the shareholders were individually liable to the extent of the whole of the property they possessed, and no one could pro¬ nounce the extent of the defalcations, terror was de¬ picted in the countenance of nearly every person connected with the undertaking, as no one^ knew where the evil would end. At the time of the failure there were 277 share¬ holders on the list, most of whom were more or less connected with the county, and many of them had nearly the whole of their means invested in shares, and depended upon the dividends as their means of subsistence. Besides these 277 persons, there were 18 who had ceased to be shareholders in 1850, and 11 in 1849, but, nevertheless, who were held to be still liable. The shares were £5 each, and among the shareholders Reginald James Blewitt, Esq. of Llantarnam Abbey, and M. P. for the Monmouth Boroughs, was reputed to be possessed of 1060 shares, and Philip Jones, Esq. of Llangattock, of 4150 shares. These two gentlemen where the principal directors. Mr. Thomas Eothergill had 500 shares, Mr, Ferdi¬ nand Huddlestone, London, 500 ; Mr. Francis Bio, Llanarth, 155 ; Mr. Henry W. Jones, Clifton, 610 ; Mr. A. Waddington, Usk, 700; Mr. Joseph Latch, Newport, 150; Rev. W. Powell, Llanvrechva, 158; Mr. Thomas Powell, Newport, 110; Mr. William Steel, Abergavenny, 100; Mr. Samuel Steel. Aber¬ gavenny, 100 ; Mr. Thomas D. Steel, Abergavenny, 100; and Mrs. Catherine Speary, Newport, 100. wAn adjourned conference of the creditors was held as agreed at the meeting on the 13th October, 1851, at the Town Hall, Newport, and the profound and general interest felt in the objects for which the meeting was convened, was manifested in a large and punctual attendance. It having been stated that individuals who were not creditors of the Bank, had attended the former meeting, admittance was given on this occasion to those persons only who had been supplied with tickets in an ante-room, on its being ascertained that they were creditors. A natural anx¬ iety was felt by all parties interested in the affairs of the Bank, to hear the Report of the Committee appointed at the previous meeting—who it was ex¬ pected, from their having had several interviews with the Directors of the Bank, and having institu¬ ted an examination into the general assets for which credit had been taken in the accounts of the company, would be able to give the creditors very important information as to the actual position of the company's affairs. Scarcely, therefore, had the hour for busi¬ ness arrived, when a large body of creditors seated themselves, in anxious expectaton of the report, and the committee ready to meet them and laid before them their report. As on the former occasion Sir Thomas Phillips was again requested to preside. Sir. Thomas in a business-like manner gave the meeting the committee's convictions as to the disastrous and embarrassing position of the company's affairs, and they (the committee) told the sharehold¬ ers that they ought to act promptly, if they expected * the creditors to act with forbearance. After; detail¬ ing the liabilities and assets, the report of the com¬ mittee stated " "We are informed that a sum of but little more than £5000 would satisfy all the credi¬ tors (462 in number) whose claims do not amount to £21 each; and we think it would be desirable to sanction the payment, by the shareholders, of those claims at once, should they consider such a coarse calculated to facilitate an arrangement of their af¬ fairs." Mr. Batchelor inquired whether the com¬ mittee had been informed what amount the share¬ holders were prepared to pay down at once. The chairman said they were not authorised to state at present that the shareholders would pledge them¬ selves to pay any definite sum at once; but expected to be able to raise £50,0'00 in a month, and £50,000 more in two months. The shareholders ultimately paid 14s. 5d. in the £. Committee—Thomas Phil¬ lips, Samuel Homfray, Thomas Brown, Y. H Smith. Edward Harris Phillips, C. Conway, P. Woodruff, James Evans, Roger JiLeene, James Rennie, and W.S. Cartwright. ..