The following circular, brought by the French mail, las been handed to us for publication London, 12th October, Since their report issued on the Ist inst., the Directors nave had under consideration arious plans propose for the reconstruction of the Bank. 'This, it appears, will be beat carried out by the formation of @ new Bank to wake over and acquire the whole of the Business as a going' concern, and the terme woperty and assets, so as to continue the
suggested for this purpose are embodied in the annexed, Banking fa r Eastern business have been greatly and it is generally recognised there is a' necessity for such bank, and -with sufficient capital a profitable business can be carried on.
It is deemed essential that in any arrangement the terms upon which the business is taken over should be sch as practically to preclude the contingency of its afterwards proving that too much had been paid, and should the £375,000 to be credited as paid up on the B'Shares he found to be less than the actual value of the assets taken over, the Shareholders will get. the benefit of the surplus in the increased strength given thereby to the new Bank.
Had it been possible on the 30th June Inst to bring home the entire capital there would have been an amount equal to about £450,000 evilable for distribution among the Shareholders, but some of the assets necessarily take time to realise, and meanwhile expenses are going on, although everything has been done to reduce these to a mi um, Allowing therefore a margin of assets over liabilities to meet these charges. and all the expenses of reconstruction, £375,00° would appear to be a fair ya nation, and one which should give every confidence to investors taking up the new shares.
Modifications in the scheme may be found necessary, and at: the Meeting to be held on the 18th inst. the Directors propose inviting the formation of a small Committee of Shareholders to c-rifer with them on the subject, with a view to a matured plan being submitted toa future Meeting, after there has been the opportunity of ascertaining how far the support of the Shareholders generally can be depended upon in the fo motion of the new Bank.
Text read from the printed page and cleaned; old type leaves the occasional error.