Some curious proceedings have taken place at the annual meeting
of the proprietors of the Bank of Manchester. One of the Directors, it appears, had been expelled ; and in consequence addressed a letter to the Manager, subsequently sent round in the shape of a circular, giving notice of his intention to move for the production of books of account and balance-sheets, with a view to verify certain accusations made, that the returns exhibited on former occasions were not fairly made out, but were purposely exaggerated on the favourable side, and that certain favouritism had been shown with respect to money advances on account of shares in one instance. Other charges were made, it seems, reflect- ing on one individual in the management. As reporters were excluded, the account given in the Manchester papers may be in some respects inaccurate, but it may be inferred from the general tenor of what took place, as given from hearsay, that the information thus sought was not granted. The meeting generally seem to have approved of the conduct of the management ; and, so far as that may be taken as evidence, the charges were disproved. The more material feature in the whole case, however, is the fact, that, so far as appears, the Ex-Director com- plaining was expelled the Board for insisting on his right, as director, to inspect whenever he chose the books and accounts of the concern, which, as one responsible for his trust, lie considered himself entitled to do, and declining to be held responsible without such privilege.— Times. [If this statement is correct, the Bank of Manchester would seem to be under the direction of a clique—an imperium in imperio. It is certainly an extraordinary proceeding to refuse a brother director leave to inspect the real state of a concern for whose management he is responsible to the shareholders.]
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