The Express.
London, England, 1853-05-27 00:00:00

lONIAN BANK.

Yesterday, the yearly general meeting of the pro-
prietor. of this company was held at their otfiees in Win-
chester-street; GLUNGc RaSi trio, Eaq., was in the chair.
The Secretary, Mr. W. Kettlea.ll, then read the fol-
lowing report Th. announcement made in the last
report to the proprietors, will have prepared them to ex-
pect a less favourable account for the year ending 31st De-
cember, 1852, than those which, up to the year 1851, it was
the good fortune of the directors to lay before them. The
results of the untoward circumstances, the particulars of
which yeti therin detailed, have of course become mem-
fest in the tioan.l.l statement of the peat year. The direc-
tors have applied themselves to the investigation of the ac-
counts and reports, transmitted by their inspector and maaa-
gen, with an anxious desire to arrive at a cor-
rect conclusion as to the actual condition of the bask.
It will, however, be evident, front the very nature of bank-
ing operations, that the rerult can only be an approximate
one, calculated with such accuracy as the data furnished to
them will permit. The principle on which they have pro-
ceeded has been to set down as lost whatever has been as-
sumed to be at present irrecoverable, without regard to
what may hereafter be retrievable of such loss; and though
the amount is undoubtedly large, relatively to the capital
embarked in the undertaking, they feel out • that the pro-
prietors will approve the course which the court has taken
on dealing faithfully with the facts as they presented them-
selves, and placing the results unreservedly before them.
The losses which have been incurred are, for the most part,
attributable to that one branch to which particular refer-
ence was made in the precedingreport ; and, unfortunately,
the consequences of the undue expansion of credit therein
adverted to have been aggravated by • failure of the staple
commodity of the inland, from causes beyond the control
of human agency. The prostration and embarrassment
occasioned by this unforeseen disaster have necessarily led
to a contraet:on of the ordinary basin( so of the beak at that
branch, and have at the same time rendered more difficult
the adjustment and realisation of subsisting liabilities. The
directors, however, conscientiously believe that no efforts
have been spared to mitigate the evil, and that the best
has been done which the circumstances permit-
ted. The total amount for which it has been
thought right to make provision in the present year's
arc-lints, in respect of loans resulting front compositions
with insolvent parties in Zante, and from similar failures in
one of the Greek agencies, also specially affected by the de-
struction of the cornet crop, end of a few other trifling
losses, has been fined at 11,3931. If, hereafter, it should
be felted necessary to make further additions to this sum
in respect to accounts not yet liquidated, the amount will
probably be inconsiderable, and will fall into the category
of ordinary deductions from the profits of the current
year. Treat the other establishments of the bank the ac-
counts are very satisfactory, and generally the business at
present transacted seems to be sound and legitimate. This
indeed will be apparent from the fact that, notwithstand-
ing all the adverse cireunuotanees above referred to, the net
profits of the bank for 1832, after the deduction of all charges,
hot exclusive of the amount of bad debts properly attribute.
hie to the previous year, have not been less than 9,4331.
Upon • review of all the circumstances the directors consi-
dered it their duty to reduce the dividend for the last two
half years to the rate of five per cent. per annum, and it is
i their ntention not to raise it beyond that rate until the
reserve shall have again attained to • satisfactory state.
If the calamity with which it has pleased Providence to
visit the currant-growing districts should not recur, there
is no reason to doubt that this result would be arrived at
in no long period. The directors, however, regret to state
that recent aceoustsjustify apprehension that the blight of
last year may again make its appearsuce with consequences
not less destructive, and it Is obvious that this
would have a sensible effect upon the business of
the bank, and resider necessary the greatest cau-
tion and vigilance on the part of the managers.
So far as the directors are coneeneed, these requisites will
not be visiting ; and they have reason to believe that their
oilcan are, equally with themselves, impressed with • sense
of the responsibility which devolves upon them. Periods of
depression are inseparably incident to a commercial and
monetary operations and they furnish occasion for increased
care and vigilance, bet not for despondence or distrust for
the future. The directors hope that, under all cireum-
stanees, they shall be able to maistain the present rate of
dividend, and they confidently anticipate that when the
temporary causes, which now affect the prosperity of the
bank, shall have Paned away, as, in the ordinary coarse of
events, they assuredly will, they shall again be able to lay
before their proprietors results as satisfactory as those
which attended the first ten years of their operations.
It remains only to premed the nasal summary for the year
ending 31st December, 1862. The balance at the credit of
profit and loss, on the let January, 1852, was 16,2141.
lee. 6d. • the net profit of the year, after deducting charges,
is 9,433/. 2s. sd. • together snaking 25,6471. 180. 10d.; from
which is to be deducted the amount of two half-yearly divi-
dends—one at the rate of 6 per cent. per annum, the other
at the rate of 6 per cent. per annum, 8,2401. ; bad debts,
as above, 11,3931.. Total, 19,6431. Leaving, 6,0041. 18s.
10d. at the credit of profit and loss on the Ist January,
1863."

The CHAIRMAN, in moving the adoption of the report,
mid it contained a true statement °fibs affairs of the bank,
and beyond the remarks therein contaimed be did not think
be had anything further to comminnieate. He might, how-
ever' tell them, and he bad no doubt they would hear It
with satisfectiou, that up to the present hour the reports of
the currant crops were rather ROM favourable. If any
gentleman had any remarks to sake or gentians to mak, he
(the chairman) would be glad to receive them.
Mr. E. MAWMALL ascended the report, which was
adopted unanimously.
Messrs. Oliver Farrar and John Horatio Lloyd were re-
elected as directors.

moved • vot• of thanks to the
chairman aad di:Gator% which haying been mended by
Captain Pew, was passed, sad the lusting separated.