The Express.
London, England, 1862-07-02 00:00:00

COLONIAL BANK.-(THIS DAY.)

The half-yearly general meeting of the proprie-
tors was held this day at the Loudon Tavern, Biahopegate-
street, Mr. CH•111.6.4 MARBTAIT presiding.
The Swan/air (Mr. C. A. Calvert), read the following
report:—" In compliance with the provisions of the charter
the directors lay before the proprietors the customary state-
ment of the debts and areets of the corporation, which on this
occasion has been made up to the 31st December, 1861, and
comprises the net profit of the hairiest ending that period.
Debts : Circulation, 280,8011. 17s. 6d. ; deposits, bills
payable, and other liabilities, 1,510,4541. la. 10d. ; paid-up
capital, 503,0001. ; reserved fund, 101,930/. lls. 3d. ;
net profit, 37,2631. 7s. 64. ; total, 2,430,4531. 18s. Id.
Assets : Specie, 278,6161. 12‘. 6d. ; due to the bank in the
colonies, on bills discounted and purchased, including those
past due, lac., 1,271,091 i
/. 7s. 9d. ; due to the bank n the
colonies, on current accounts, 11,3841. 17s. 3d. ; due to the
bank in Loodon, on bills remitted, cash at bankers,
859,4371. 17s. 9d. ; bank premises and furniture, in
London and the colonies, 9,921/. 2s. 10d.-2,430,453/. 18s. Id.
Considering the favourable character of the above state.
men; the directors feel warranted in proposing a further
increase of the dividend, and they, therefore, moral:nand
that out of the net profit which, after providing for income
tax and all bad and doubtful debts, amounts to
37,265!. Ti. 6d., a dividend be made of 6 per
nest. for the haltiest ending the 31st of De-
cember, 1861, being at the rate of 12 per cent.
per annum on the paid up capital of the corporation.
This dividend will require 30,000/. leaving a balance of
7,265/. Is. 6d. to be added to the reserve fund, which will
then amount to 1093954 18s. 9d. The directors are happy
to add that at the latest date from the branches the
transactions of the bank were going on steadily
and satisfactorily, but in consequence of the depressed
state of the market for all descriptions of colonial produce,
and the continuance of the civil war in the United States,
they have thought proper to instruct the branch managers
to be exceedingly cautious in their operations, and this may
have the effect of temporarily lessening the business of the
bank."

The CHAIRMAN moved the adoption of the report, which,
he bad no doubt, would be received with satisfaction by the
shareholders, showing as it did a profit which enabled them
not only to increase the dividend, but at the name
time to ha: ease the reserve fund. Up to this time
the business of the bank was showing a steady and sa-
tisfactory progress; bat there was a shady as well
as a sunny side to the present report. The directors had
felt it necessary tonsil their attention to the fact that the
present state of the sugar market and of colonial produce
generally was such that it might probably lead
to a limitation of their business. There was no doubt of
the fact that the present price of sugar was less than it
could be profitably produced at in Jamaica, and the greatest
caution was required on the part of the managers of
the bank to prevent loss. They must expect that
tbn enact of additional caution must be to diminish
their deposit sad current accounts, but possibly these
unfavourable circumstances might pass away without in any
way injunog them. The question of the emancipation of
the slaves in America, and the effect that such a measure
might have ore Cuba, coupled with the recent convention
with the United States for the suppression of the slave
trade, were moat important points in their favour.
The free competition of the'slave labour of Cuba with free
labour in the sugar market had been causing great distress
io our West India colonies. In 1855 the highest amount of
sugar mint by Cuba to this country was 40.000 tons, sad
now she sent upwards of 100,000 tons in unfair comps.
tition with those colonies which prided themselves upon
having emancipated the trade.
A HHARNMOLDER wanted to know whether the bank had
suffered at all from the fire.

The CHAIRMAN said some of their customers bad had pro-
perty damaged by it, but they were well able to meet the
loss, and he did not think the bank had lost anything by it.
Another SHAREHOLDER expressed his perfect esti/faction
with the progress of the bank and his entire concurrence in
the remarks of the chairman with regard to the competition
of slave labour and free labour. He was of opinion that if
some pressure were used on behalf of the West Indian
oolooks, in which this book was so largely interested,
they might get some concession made in favour of free
labour produce, to the exclusion of slave produce. He
knew that when the large differential duty existed, Cuba
was on the brink of ruin from the price that sugar was being
sold at. It was offered there at Bs. and 9s. a cwt., and that
was considered so unprofitable a price that it was expected
half the planters would be ruined, Font uncoil es this country
thought fit to admit slave produce in competition with free
produce they not only gave a stimulus to the slave trade,