Few men in Birmingham are likely to forget "Black Saturday," the 14th of July, 1866. Had a French army suddenly opened a bombardment of the town from Highgate, it would possibly not have caused greater astonishment and dismay. That very week shares had been sold on the Stock Exchange at a high premium; and now, by the culpable weakness of a few unquestionably honest and well-intentioned gentlemen, the hard-earned life's savings of aged and infirm men, the sole dependence of scores of widows and hundreds of orphans, was utterly gone. No wonder that pious, God-fearing men ground their teeth and muttered curses, or that women, pale and trembling, tore their hair in wild terror, while some poor sorrowing creatures sought refuge in suicide. No wonder that even now, more than eleven years after, the memory of that day still rises, like a hideous dream, in the minds of thousands. I have been shown a copy of a lithographed daily newspaper, printed on board the "Great Eastern" steamship, then engaged in laying 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.