The Express.
London, England, 1853-01-20 00:00:00

loss by adopting it. Our security for the preservation of
our popular institutions rests upon the enlightenment of
the people and the extension of knowledge. Perhaps no-
"airbus men to diffuse that knowledge than the COG- 4
dead altengunismes which takes place among the people
lithe Untied States; and were it extended these islands,
▪ eserespendag advantage would be gained, u well as a I
bander toreadation laid for the maintenance of amicable
sad happy relations between the two governments.
After our experience in the great increase of correspond-
ence consequent upon the reduction of the inland rates of
Postage, there cannot, I think, be much doubt that a cur-
responding increase would take place, were • reduction
made in the sea-rates between this country and the United
States. It would seem that the treasury of the United
States is in a audition to try this experiment—if it be an
experiment. During the first two or three years, perhaps
some aid from the treasury will be required. But it seems
to me that the amount which may be temporarily neces-
sary, will be of small importune compared with the im-
mense benefits to result from it.
If anything is to be done immediately in this matter, the
example must be set in the United States.
I think that the great body of the people of this country
are in favour of the system; but I have some doubt
whether the government will not view the question en-
tirely in • financial light, sad be unwilling to make any
sacrifice. They maintain a steam navy, in part by
their high ocean postal rates, to almost every part of the
globe. During the great Exhibition of 1851 an association
was formed for the purpose of promoting a cheap and uni-
form system of international postage for letters and printed
papers, and a large committee was appointed,which has had
the subject under consideration. A few days since several
of these gentlemen called upon me, as a deputation from
the general committee, for the purpose of discussing the
question. Lord Ashburton is the chairman of the general
committee, and was to have been the chairman of the de-
putation, but was prevented from attending by illness.
The deputation consisted of Sir John Boileau, Ban., Sir
John Burgoyne, K.C.8., William Brows, E.q., M.P., '
H. Cole, Esq., and several other gentlemen of high
character and standing. They stated that the system of
cheap oceanic postage must begin in the United States ;
that when commenced it would, in their judgment,
, be adopted here from necessity, as, in case of refusal on the
part of this government, all the correspondence between
• the two countries would be transmitted by American yes-

sets—aince no government, in the present state of opinion,
would probably wish to renew the measures pursued
towards the Washington—and that their efforts would now
be given to effecting a cheap international postage between
the United Kingdom and the United States.
I will not dwell further upon this subject, but close with
expressing the hope that at the present session of Congress
the question may be brought before it; and that, in its
wisdom, it may adopt such a measure as will conduce to
the best interests of our country.
I have the honour to be, Sir, very respectfully, your obe-
dient servant,

ABBOTT IAWRINCH.
lion. Daniel Webster, Secretary of State,
Washington D.C.
Legation of the United States, London, Oct. 24, 1851.
Sir,—Our continental correspondence, already very great,
is daily increasing, by the continued emigration from Get.
many and other continental states. The correspondence
between the United States and the United Kingdom also,
particularly with Ireland, has become of vast importance
to the citizens of the United States, and is likely to go on
increasing for many years to come. In view of these facts, I
respectfully suggest that it would be expedient and
just to effect a large :reduction in the ocean postage be-
tween the two countries.
I have the honour to be, sir, very respectfully, your
obedient servant, ABBOTT LAWBBNCB.

Hon. Daniel Webster, Secretary of State,
Washington, D.C.

LONDON AND

BANK.

Yesterday the annual general meeting of this
company wns held at the London Tavern, is consequence
of the alterations now going on at the bank premises ; Mr.
J. D. Di VITRII in the char. .

The following report was read :
From the statements attached to this report, the pro-
prietor will perceive that the net profits of the bank
during the last half-year have amounted to 42,4701.75. 6d.
Out of these profits the directors now declare a dividend at
the rate of 6 per cent. per annum on the paid up capital of
1,000,0001. They also declare a bonus of Bs. per share,
being equal to 2 per cent. on the capital. After these pay-
ments are made, the surplus fund will amount to
109,1641. 7s. 10d., which is an increase in the course of last
year of 5,0121. 6s. 9d., notwithstanding the sum of 4,0001.
has, during the year, been set apart towards the buildings
in course of erection in Lotbbury and Bloomsbury. The
three directors who go out by rotation are Frederick
Burmester, Esq., Henry Harvey, Esq., and Charles Gibbet,
Esq., all of whom being eligible, offer themselves for re-
election.

To proprietors for paid up capital £1,000,000 0 0
To amount due by the bank for deposits,
circular notes, &c.
To rest or surplus fund
To net profits of the past half•year

£6,740,870 19 3

By government stock and E;clTequer Bills £1,119,477 10 0
By other securities, including bills dis-
counted, and loam to customers
By cash in hand

£6,740,810 19

PROFIT AND LOSS.
Da.
To total expenditure of the six establish-
ments, including rent, taxes, salaries,
stationery, &c £19,917 11 10
To payment of the dividend now declared,
at the rate of six per cent. per annum,
for the last half-year on the paid up
capital of 1,000,0001.
To bonus of two per cent. on the capital 20,000 0 0
Te balance of unappropriated prate

£179,081 19 8

By balsnee of unappropriatetr profits on
the 30th June, 1832 £116,694 0 4
By gross profits of the last half-year, after
paying the income tax, and making
provision for all bad and doubtful debts 62,387 19 4

£179,081 19 8

By balance of unappropriated profile
brought down
The CHAIRMAN, in moving the adoption of the report,
said that it would be unnecessary for him to say much on
the present occasion, as a good report—and he trusted that
the proprietors would feel with hum that the present report
was very satisfactory—recommended itself. (Hoar, hear.)
It was not the least pleasing part of his duty to be able to
state to them, on the present occasion, that the position at
which they had arrived was not the result of any specula-
tive transactions, but of what were strictly banking opera-
tions. (Hear, hear.) A strict adherence to banking trans-
actions was that which enabled them to appear before the
proprietors in their present position. With regard to the
amount of rest, the directors were unanimously of opinion,
that looking to the increased and increasing amount of
business transacted by the company, the present rest was
much too small. (Hear, hear, and " No.") In 1848, the
rest amounted to 100,0001., when tt e deposits were
3,089,0001. In 1849, the deposits increased to 3,680,0004, ;
in 1860, to 3,969,0001.; in 1851, to 4,677,0001.; and in
1852, to 6,681,7061. Yet, although their responsibilities had
increased from 3,098,0001. in 1848, to 6,681,0001. in 1852,
the amount of rest was the same. Now, he would put it to
them as men of business whether the directors had not
done wisely and prudently in increasing the reserve fund
by 6,0001., and he asked therefore for their support of
this proceeding. An increased business was attended with
increased risk, and increased risk ought to be met by an
increased reserved fund. (Hear, hear.) The directors
asked for nothing to their advantage and to the disadvan-
tage of the proprietors, for they were all equally concerned
in the prosperity of the bank, but they deemed that would
be for the benefit of all, if they had such an amount of
rest as would give stability and permanence to the dividend
and confidence to the public, in case days of adversity
should arise. (Hear.) He would not ask them at the
present time to name any fixed sum for the rest, because a
revolution was taking place in the value of property of
every kind, owing to the discovery of the precious metals
in various parts of the world. It was impossible to say
what the effect of these discoveries might be. No two men
were agreed on the probable result, but in banking it would
be the object of prudent men to observe caution, for with
all that caution they would have to go through a greet deal
of anxiety. Therefore, an annual and a gradual increase
of the rest was a step, of which prudence dictated
the necessity. (Hear, hear.) He would now sty
a word or two on the subject of the capital.
The bank was approaching its nineteenth year.
In March, 1834, it opened its doors for business, with a ca-
pital of about 64,0001. On the 31st of December of that
year, it amounted to 182,2651. ; and since that period it
kept gradually increasing till it reached the present sum of
1,000,0001. The amount paid during the same period to
the proprietors was 880,9261., being an average of 6} per
cent. from the opening of the bank. (Cheers.) During
the last two year., as they were aware, the dividend had
been 8 per cent. upon 100,0001. (Hear.) That was a state
of the bank on which he might safely congratulate them,
and he hoped that the prosperity of the past might be taken
as a lair ground for anticipating prosperity in the future.
(Cheers.)
Mr. Levi seconded the motion.
fir. TITB said he had nothing to urge against the re-
port, which was a satisfactory one ; but, with great re-
spect to the opinion of the directors, he did not think that
it was at all necessary to give stability to the bank or confi-
dence to the public • but, on the contrary, that it would
be highly detrimental to their own interests, as proprietors,
I to increase the scat by taking a certain sum of money out
of their pockets. (Hear.) He understood from Mr. Alderman
Salomons, who presided at one of their former meetings,
that 100,0001. would be about the limit of the rest. lie
considered that amount might be useful as a safety valve to
preserve the balances, and to give confidence to the public.
But to go on increasing the rest in proportion to their busi-
ness, might lead, as in the case of the Equitable dace, to
such au accumulation:of property, that they would not know