ished by Mr.
Spachman, Jun., of the losses sustained by public companies through the
inadequate system of the audit of accounts. The list is short, but not
sweet.

"The Royal British Bank.--Stopped payment in 1856. The failure was
caused by making advances to directors and others on improper and
insufficient securities. Capital, 200,000 pounds; deposits, 540,000
pounds; on which 15s. in the pound has been returned; deficiency, 5s.
in the pound; 135,000 pounds; total, 335,000 pounds.

"The Tipperary Bank.--Failure caused by the frauds of Sadleir.
Accounts were wilfully falsified. Capital, 500,000 pounds; deposits,
700,000 pounds; total, 1,200,000 pounds. The whole has been lost.

"The London and Eastern Bank.--In this case the notorious Colonel
Waugh appropriated to himself an amount equal to the whole paid-up
capital of the bank, and has since absconded and set his creditors at
defiance. The loss exceeds 250,000 pounds.

"The Crystal Palace Company.--The frauds of Robson, committed by
tampering with the transfer-books, entailed a loss of 100,000 pounds.

"The Great Northern Railway Company.--Redpath's frauds, committed in
a similar manner to Robson's. The auditors here were greatly at
fault, as I understand that dividends were paid on a larger amount of
stock than had been issued. Loss, 250,000 pounds.

"The Union Bank of London.--The frauds just discovered, committed by
the head cashier, William George Pullinger, by means of a fictitious
pass-book, representing the account between the Union Bank and the
Bank of England. The frauds are said to have extended over a period
of five years, and with a proper check in the audit, ought to have
been detected in the first half-year."

The men who did these things--the Redpaths, and Sadleirs, and Colonel
Waughs--were men known and respected, be it remembered, in London life.

The _Times_ says our law is worthy a nation of savages. We have a great
deal to do yet, just remember the Hudson testimonial. There were our
merchant princes, men of integrity, of talent, of skill--men who have
made the name of British merchant a term of honour as far as our flag can
reach. If London wished to reward successful industry, it might have
looked amongst them. In this great city there was more than one lord of
thousands, who came here with hardly a penny in his pocket, or shoes on