100 years ago, Then As Now ! Bankers !

PARLIAMENTARY DEBATES 1913   JUNE 25

STAMFORD,SPALDING,AND BOSTON BANKING COMPANY LTD.
MR. CHARLES ROBERTS asked the President of the Board of Trade if his attention had been directed to the affairs of the Stamford, Spalding, and Boston Banking Company Limited which in 1911 was taken over by another bank and wound up; whether the consent of the shareholders to the amalgamation was secured without warning to them of any financial difficulties and subsequent to the payment, after providing for all bad and doubtful debts,of a 10 per cent. dividend for the previous year ;whether he is aware that in the winding -up heavy losses have been revealed, involving grave distress to  many persons in Lincolnshire and surrounding counties, and that the liquidator has declined a request from a committee of shareholders for the full and public examination of the directors and officials of the bank, so that the shareholders have received no adequate explanation up to date of the way in which the these losses; and whether he can secure that such an examination shall be held?

Mr. ROBERTSON: The Stamford, Spalding, and Boston Banking Company,Limited, is being wound up voluntarily , and the Board of Trade, therefore, have no information as to the company's business or as to the circumstances connected to the winding-up and the sale of the goodwill, except  so far as appears from the accounts which the liquidator has filed. These accounts are open to inspection by all creditors and shareholders of the company. A public examination of the directors of a company can only be held in the case of a company being wound up by the Court and an order being made by the Court for that purpose.                     
                                                                BANK of ENGLAND