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IEXTRAORDINARY AND MYSTERIOUS…

...'--, ATTEMPTED MURDER AND…

STOPPAGE OF THE BIRMINGHAM…

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STOPPAGE OF THE BIRMINGHAM BANKING COMPANY. A telegram from Birmingha.mon Friday sight says:— Just now, nearly midnight, it has been determined that, the Birmingham Banking Company will not open its doors to-morrow. It had three-fourths of all the accounts of thegreatestof thatradingcommunityofthis district. To say that, is to give some idea of the extent and severity of the calamity. At this late hour we cannot enter into the details of the circumstances which have led to this disaster. It haa arisen out of the lavish advances made a few years since to one indi- vidual in particular, and many engaged in the iron trade. The amount of the deposits is about probably the total liabilities are over two millions. The number of shareholders exceeds 800. The company was established in 1821. Its paid-up capital at this moment is little short of £ 280,000. The contingent depreciations and reserve fund at the last; report in February was £ 200,000. The original shares are < £ 20, and a new issue of £ 20, with all paid up, but on the original shares no more than X4 38. 4d. has been paid up. The dividend and bonus of late years has been £2 per share nnually. Less than two years since the capital wasinoreased by the issue of 10,000 sew shares (£20 paid up) STXIO per share premium. At that time the price of the shares was 14 pcern. Within the last few months a gradual decline has taken place, and this day week the price was < £ 6 prem. On Friday they suddenly ran down to £ 20, and oa Saturday it began to be talked about that all was over, but very few people believed it. The shares were sold at .£18 in the course of the day. On r riaay a deputation from the company had an in- terview with some of the directors of the Bank of ■England, and aPPlied for assistance. They were not successful ia their application. It is said that approved security to a sufficient extent could not be given for the aid required. The liability of the individual share. holders is only limited by the value of their property, and so it may almost be taken for granted that the depositors will ultimately be paid in full. Whatever the loss may be, it will be sustained by the proprietary. The present staff of directors in- cludes Colonel Barrows, Messrs. F. I. Welch, Henry Van Wart, J. B. Payn, Thomas Pemberton, James Watson, John Poncia, S. Lloyd Foster, W. M. Warden, J. T. Horton, and Heaton. The London bankers are the London and Westminster Bank, and Messrs. Grlyn and Co. Established in 1829, the bank was the first started in Birmingham on the joint-stools principle, and that being before the times of limited liability it was looked upon rasher suspiciously for a while. It started on the basts of an old private bank- ing firm, that of Messrs. G-alton and James, and had a very high reputation. Besides its head offices it had, when the stoppage came. branches in several of the black country towns. It was said to have ranked many of the largest traders and public companies, as well as the Birmingham Corporation, amongst ita customers. The stoppage will cause immediate embarrassment and suffering to many persons. Not only in Birming- ham, but in the large cluster of towns in its neighbour- hood, known by the general name of the Black Country, the news has created the greatest excitement. The bank was considered especially safe, and all sorts of people, from the wealthiest employers of labour to the poor and young beginner of business had accounts with it. It bad branches at Walsall, Wednes- bury, Dudley, and Coventry, and aft each of these places the greatest excitement prevails. It is to be hoped that the evils with which the stoppage is likely to thieafetn the industry of the district have been exaggerated; but nothing certain can be known for iiol,ue