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THE BIRMINGHAM PBNNY BANK…

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THE BIRMINGHAM PBNNY BANK FAILURE'. A meeting of the depositors in the Birmingham Penny Bank was recently held in Ù3 Assembly-room of the Birmingham Exchange, to receive the report of the investigation committee. The chair was taken by Alderman Thomas Lloyd. The report (a very lengthy document, which was read by Mr. J. A. Dangford, honorary secretary) showed that the Penny Bank was originally started about fifteen years ago, to enable the poor to deposit their small savings. It was a philanthropic institution, and Mr. Scholefield, M.P., and several other influential gentlemen, were at the head of it. Mr. Scholefield, in order to satisfy him- self of the soundness of the institution, had an inves- tigati-sn made by an accountant. What the account- ant's report was had not transpired; but shortly afterwards Mr. Scholefield withdrew altogether from the board, and other gentlemen followed his example, till the bank was left in the hands of men of no position or means, who, left without a check upon their management, lent the money to each other and traded with it. All their speculations turned out bad'ly, and the result was the crash which followed closely on the failure of Attwoods, Spooner, and Marshall's Bank. The balance-she^t submitted to the depositers showed that the estimated amount due to depositors is £ 9,448 2s. lOd. The assets are stated to be"< £ 1,608 18s. 6d;. so that the deficiency is C7,839 4s. 4d. The deficiency is thus accounted for: excess of ex- penditure over income, = £ 3,482 lis. 4d.; bad debts, X-1,940 7s. lid. loss on properties, X681 18s. 9d; estimated defalcations, XI,734 6s. 4d. Of the £ 3.482 lis. 4d. set down as "excess of expenditure over income," the directors from time to time voted between J2600 and k.700 to themselves as their remu- neration for discharging their duties. The disclosures made in the report were received by the meeting with strong expressions ef indignation. Resolutions were passed giving the committee power to remove the estate out of the Bankruptcy Court, and also seeking the co-operation of the mayor and other gentlemen in raising a fand for the relief of the depositors. The meetinglasted itwo hours.

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THE TRIAL OF DB. PRITCHARD.

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ITALY AND THE PAPACY. J

...œ BRUTAL ASSAULT UPON AN…

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