The Express.
London, England, 1848-07-20 00:00:00

10,000 bap, and holders generally would, it was said, be glad
to realize at reduced rates. The latest quotations were as fol-
lows ;—Cases, white, 500 per err., above Ferro, in usual as-
sortments and according to quality, or about 131. per cwt.
Muscovado, 600 per err. Barrels and bags, whims, first and
seconds, of which the supply was scarce :?,000 arr. ; common
amortmenu, 1.6000; low whites, 1,350 to 1,400. Dry-
salted hides were in limited ri quest, at prices equal to 2i per
lb. Respecting freights, we are advised that there was not a
single English vend in port disengageiL The last rate given
to the Channel and a market in the United Kingdom, was
41. and 51. per cent. per ton for sugar in bags ; 10s.
_given
additional if sent to a port on the Continent between Havre
and Hamburg. Sugar in cases, 15 per cent. higher. Cotton
to Liverpool, Id. to Id., and 6 per cent. per lb. Sugar
ballast, 655. to 70s. per ton. For the Mediterranean and
Trieste, or to soy Continer.tal port direct, there was nothing
doing. The sales of imported goods were limited. Sale of
ale and porter bad been made at 4,200 dole. to 4,600 dole.
per dozen. The market was moderately supplied, and fur-
ther arrivals would find buyers at those rates. The stock of
jerked beef was 75,000 *robes, and was retailing at 2,000 dole.
to '2,400 dole. per aroba. Butter was much wanted, and
there woe very little in first hands. Irish was retailing at
1,200, and French at 1 dol. per lb. The consumption was
estimate lat GOO barrels • month. The only impartation of
coals reported vas 160 tons from Preston, and 210 tons from
Bristol ; the former found buyers at 6,500 dots. per too, but
the latter remained unsold.

Cbt CSourt.
The Queen and Prince Albert rode out on horse-
back yesterday morning, attended by the Hon. Eleanor
Stanley, Major-Gen. Vs'emyss, and Lieut.-Col. Seymour.
Prince Albert visited and inspected Mr. Cubitt'a
•Stiblishment at Millis ink yesterday forenoon.
The Queen end Prince Albert, accompanied by the
Prince of Wales, the Princess Royal, and the Princess Alice,
drove yesterday afternoon in au open carriage-and-four to
the Willow-bank, Fulham, to honour with their presence
the fete in aid of the Bsths and Wash-houses. The royal
suite followed in three carriages and four. The Duche aof
Ken', the Duke and Duchess of Cambridge. and Prince
Frederick William of Hesse also honoured the fete with
their pree ace.
The Queen held a court at three o'clock yesterday
afternoon, at Buckingham-palace. Baron de Hugel, the
Wurtetnberg minister, hail an audience of her Majesty, to
deliver his letters of recall. His excellency was introduced
by Vieccunt Palmerston, G.C.8., her hlajeaty's principal
Secretary of State for Foreign Affairs, and conducted by
Colonel the Ron. Sir Edward Cust, K.C.H., her Majesty's
master of the ceremonies. The Queen was attended by
Lord Camovs. Lqrd-ta-Waiting, owl Sir Edward Bowater,
Groom-in-Waiting.
The Right lion. W. G. Hayter, Judge-Advocate-
General, had an audience of the Queen yesterday, at Buck.
Ingham-palace, and submitted to her Majesty the I'o:med.
fags of some c suns-martial.
The royal dinner party at Buckingham-palace yes-
terday evening included the Duchess of Kent, the Belgian
Mini-ter and Madame Van de Weyer, Lord and Ledy
Beauvale, Lady Augusta Bruce, Baroness de Speth, Colonel
Hon. C. B. Phipro, and Sir G. Cooper.
Prince Albert, attended by the Marquis ot Aber-
corn and Lieut.-Col. Seymour, honoured the performance at
the Lyceum Theatre with his presence yesterday evening.

- •
A cabinet conneil.was held yesterday afternoon at
the Foreign office. The ministers pr.sent were Lord John
Russell, the Lord Chancellor, the Marquis of Lansdowne,
the Earl of Minto, Sir G. Grey. Viscount Pain erston, Earl
Grey, the Chancellor ot the Exchequer, the Earl of Auck-
land, Sir J. Hothouse, the Right Hon. H. Laboithere, the
Marquis of Claaricarde, Lord Campbell, and Viscount Mor-
peth. The council sat three hours.
Prince Casteleicala, the Neapolitan Minister, trans-
acted bus'ness at the Foreign-office yesterday.
The Earl of llesaborouth had an interview with
Sir G. Grey yesterday at the Home office.
The Chairman of the Customs had an interview
with the Chancellor of the Exchequer yesterday.
Despatches were sent off yesterday evening from
the Colonial-office for the Governor ot Ceylon.
The Marchioness of Lansdowne gave a concert last
evening at Lansdowne House.

LONDON AND WESTMINSTER BANK.
The half-yearly meeting of this company was held
yesterday, at the bank, in Lothbury.—Mr. Alderman
Salomon, took the chair, and called upon the secretary to
read the (Tort. which was as follows:
In consequenee of the resolution paned at the last general meeting
of proprietor., recommending that there should be a half-yearly
meeting of the company, and that the general treeing now held In
March should take place at an earlier period of the year, the directors
bare called this si.ecial meeting for the purpose of making a half-
yearly repeat, and for the additional purpose of altering the deed of
settlement, so that the annual meeting of the proprietors shall, in
future, be held on the third Wedneelay In January. The directors
have accordingly to report that, alter defraying the total expeaae of
management, making allowance for all bad and doubtful debts and
paying the income tax, the net profits of the half-year amount to
24,83e1. 16, 11d., which added to 100,6471. 16a. 11d., the balanceof
unappropriated profi a at the commencement of the year, make a
total of 123,411411. 13s. 10d. Out of this sum, the directors now de-
clare a dividend at the rate of 6 per cent. per annum, upon the paid
up capital of one million. After the payment of this dividend,
amounting to 31,0001., there will remain a balance of unappropriated
profits of 93,4844. 13, lad. Thedividead now declared will be pay-
able on Monday next, the 24th inst., instead of, as heretofore, no
the 10th September, and in future the half-yearly dividends will be
payable in January and July. Tr e directors now by to call the
attention of the proptietors to the situation of the time for holding
the annual mceung. The legal adviser of the bank has prepared for
consideration a resolution rtaktng such an alteration in the deed of
settlement as will enable the annual general meeting of proprietors to
be held on the third Wednesday in January, Instead of the first Wed-
isitaj in March. As it will be necessary that this revolution, if
, be confirmed at &amber meeting of the proprietors, the
• directors will duly convene such meeting on Wednesday, the 16th
August next. The result of this resolution will be that the annual
general meeting of the bank will, is future be held under the deed,
on the third Wednesday in January, and a half-yearly meeting may
be coaled specially by the directors, either on tbe third Wednesday in
July, or on any other day whenever it shall be deemed necessary or
exped eut. The directors have the satisfaction of dossing this report
by stating that the business of the hank has continued to increase, and
they doubt not that when a revival shall take place inn the commerce
of the country, the company will reap the benefit o large capital
and 'vended eonnexitms.
1.31/4/3 ova WLSTMINSTIZ Bass, 30Tn Jura, 1948.
Dr. 2 d. Cr.r ad.
Torzro4rietorscwwfor 9
.170 0 0 By.igotu.ernment se
1,255,047 10 0
To amount Met by By other securities 2,410,804 19 10
the bank for lly cash la hand Le 94.471 11 10
dcrodts, circular
notes. ac...... 3,170,118 710
To rest, or surplus
food . 100,647 16 11
To profiS of the
past balf.year 24,838 16 11

£4,2/3,784 1 8
30111 Jr:re, 1348.
Cr. E a d.
By Inhume of unap-
propriated profits
on 314 11e0., 1617 100,647 16 11
By MA profited the
pose. half yearafter
&grating the total
expen of ma-
nagement, plying
the Income tax,
and waking pro.
vition for en bed
anddoubtfuldebta 24,833 16 11
£125,480 13 10 i £123,468 13 10
Mr. SALOMONR said itnow became hisdutytosak the meet-
ing to adopt the report. lie mast, however, in candour draw
their attention to the circumstance that a sum exceeding
5,0001. had been taken from the rest or surplus funds in
order to make up tht, half-yearly dividend to G per cent.
He hoped, however, that the period was corning when they
would be able to avail themselves of the revival of commerce
to increase their business with safety. He begged to call the
attention of the meeting to the fact that they were called
together for the express purpose of altering the deed of set-
tlement in order to enable the directors to call the ennui'
meeting in January, instead of as heretofore in March.
Mr. Levy asked if some mode of electing new directors in
a more popular manner could not be devised, as there was
now no appeal to the proprietary when a vacancy was
to he filled up.
Mr. MOSELEY objected to the number of di-
rectors, which ought in his opinion to be reduced
to 12, and then any vacancies filled up by ballot. He
thought also that the report was defective in not having ex-
plicitly set forth the fact that the rest had been drawn upon
to make up the dividend en the half year. Why was there
this deficiency ? Did it arise out of the operations of the
branch banks ? If so, their nunt'ler ought to be reduced.
He also elegized to caution the directors against making ad-
vances on warrants for colonial produce, as they were little
better than waste paper. Another question which he wished
to put was as to the causes of Mr. Rennie's retirement from
the direction.
Mr. Tim objected Loam chairman's going into any details
respecting the causes of Mr. Itennie's retirement from the
direction.
Mr. ltinour observed that in every former year the rest
had been added to, and six per cent. interest divided on
the capital. Whence arose this deficiency ?
Mr. SALOSIONS said he would answer all the ques-
tions put to him as well as he could. With respect to
the election of directors, the board and himself were
quite ready, if means could be devised for so doing,
to afford the proprietary an opportunity of expressing their
sentiments as to the fitness or unfitness of candidates for the
direction. With respect to advances, they were made first
on the character of a man, and next on his security, but it
was only when character was exhausted that warrants
became in question, and it would be very unfair to refuse
accommodation on such securities within fair limits. With
regard to Mr. Rennie he must say that no lose had to any
extent been incurred on his account, and as the inquiry into
the cause of his retirement would inflict pain and do no
good, he must beg to be allowed to say nothing more on that
subject. With respect to the diminution in the last half-
year's profits manifested by the report, that was owing to
two causes, namely, that the losses incurred within the last
half-year exceeded the average of former halt-years,
and that the whole amount of those losses fell
upon the present half-year's dividends instead of
being spread over the whole year. As to the branch
banks and their utility, he must soy they had been good
children, and that if there had been a loss, it was to the
operations of the parent bank that circumstance was to be
attributed.—ln answer to qur stions as to the specific amotipt
of losses Incurred during the last half-year, the chairman ski
that the bad debts made during that period were 14,0001.
The only e‘uestion for the censiderstion of the shareholders
was, would they continue to rely on the exertions of their
disecton ? Use, they would adopt the report.
After some observations from a proprietor respecting the
salaries of the director', the report was unanimously adopted,
and the proposed alteration in the deed of settlement having
been agreed to, the usual vote of thanks was given to the
chairman and directors, and the meeting separated.

14,T93,184 1 81
Paorrr no Loss
A d.
To pa Dryment of the
dltldend now de-
clared at the rate
of 6 per cent. per
=m, on a
tat of ofa 13,000,000.
for the half-pna
crallne 30t15 June,
1848 30,000 0 0
To haLlrice of unap-
proprlated profits 95,486 13 10