The creditors of Attwoods' bank, Birmingham, have got off easily.
The Joint-Stock Company have offered to take over all assets, liabilities, and trouble, and pay them his. 3d. in the pound. This offer, which seems a fair one, was heartily accepted, and the money will be paid as soon as the legal formalities can be com- pleted. It appears from the final report of the creditors' com- mittee that the bank has been hopelessly insolvent for eleven years, and during that time has made less than 4,000/. a year, the remainder of its profits being swallowed up to pay interest on its deficit. That deficit was caused by the overdrawings of Mr. G. Attwood, 235,0001.; Mr. T. Attwood, 12,0001.; and Mr. T. Aurelius Attwood, 6,759/. Mr. R. Spooner had also overdrawn 3,4481., but he had nearly paid it off when he died, and the Marshalls had nothing against them. The effort to pay off the deficit had raised it from 270,000/. in 1854, to 340,000/. in 1865, the small profit applicable having been swallowed up in the partners' maintenance- money.
Previous page
