The Borough Bank of Birmingham stopped payment on Thursday. Its
liabilities are not considerable. According to a statement in tfie Times, by a Birmingham corresfemdent- " The company consists chiefly of middle tradesmen, about seventy of whom reside in Birmingham. The shares were 10/. ; 2/. 10s. per share having been paid up; thus leaving 7I. 10s. upon each share (if available) to meet the defi- ciency which has now occurred. The liabilities of the Borough Bank are variously stated ; but from all I can learn, they are considerably less in amount, certainly not more, than the calls due, if paid up without expensive litigation, (as in the cases of the Northern and Central and the Manchester Imperial Banks,) will easily provide for."
Some account of the cause of the bank's stoppage is given in the same paper-
" It appears that a young man named anyman came to Birmingham some five or six years ago, and succeeded in establishing himself as an accountant; and such was the extraordinary success he met with, that during his short rein- deuce in the town, he was able to command a most extensive, and, as repre- sented by himself and friends, an exceedingly lucrative practice. This gentleman, upon the establishment of the Borough Bank, became a large shareholder, and ultimately was appointed a director—I should rather say an active director—fur it is understood that for a considerable length of time he was the most influential director connected with the bank. On Monday last it was publicly known that lie was in difficulties, and the next day (Tuesday) a fiat of bankruptcy was issued against him. The debt owing by Mr. am, man to the Borough Bank, and which is the immediate cause of its suspend- ing payments, amounts to at least between 12,000/. and 13,0001.; and, in addition to this, it is confidently stated that one of the Coventry banks will suffer by the same individual to the amount of about 6,000/."
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