the first
successful Atlantic cable. In the number for July 14th, is an account
of the stoppage of this bank, which had been telegraphed to the ship
in mid-ocean by means of the cable then being submerged.

Upon full investigation it was ascertained that the total liabilities
amounted to L1,805,469 10s. 5d. All the capital was lost. A call of
L10 per share was made upon the unfortunate shareholders, and the
debts were paid. Some time afterwards the new "limited" company which
had been formed upon the ruins of the defunct bank took over some
unrealised assets, and this resulted in a return of L1 per share,
leaving a clear total loss, taking the shares at the market price, of
L43 per share.

On Thursday, July 19th, a meeting of the shareholders was held in the
large room at the Exchange, nearly 500 being present. Mr. Edwin Yates,
the Mayor, presided, and in his opening remarks pointed out that the
resuscitation of the bank was impossible, for various reasons which
he mentioned. The discussion which followed was marked by great
moderation. There was little excitement, and not much expression of
angry feeling. Mr. William Holliday, in a very masterly speech of
great length, showed the difficulties in the way of reviving the
bank, and suggested that the only way of saving the property of the
shareholders, was by the establishment of a new bank on the ruins
of the old, the shareholders in which were to have priority in the
allotment of shares. This, having, been discussed by several speakers,
was eventually decided upon, and a committee was appointed to carry
the resolutions into effect.

The new bank, under the name of the "Birmingham Banking Company
Limited," was formed with all speed. Josiah Mason--then plain
Mister--was the first chairman, and Mr. T.F. Shaw manager. The shares
"came out" at a small premium, from which they gradually rose. From
that time it has gone on steadily and surely. It has secured a good
_clientele_, and is doing a large and profitable, business. It pays
good dividends, and its shares stand well in the market. Mr. Shaw
retired, from "continued ill health," in May, 1876. Mr. P.W. Walker
was appointed manager _pro tem._, and at the end of the year, Mr.
James Leigh, who had been manager of the Birmingham branch of the
Worcester Bank, took the helm. May the bank under his guidance have,
_fortitudine et prudentia_, a long career of prosperity and usefulness
before it!

I shall now have to go back