The Express.
London, England, 1853-07-14 00:00:00

UNIO.V BANK OF LONDON.

The fourteenth annual meeting of the proprietors
was held yesterday at the banking-house, Princes-street,
Mansion house. Sir Peter Laurie in the chair. The fol-
lowing report was read :
" Ins directors have the pleasure of congratulating the
proprietors on the highly satisfactory progress of the bank
during the pa.t year. After payment of all current ex-
penses (including the sum of 42,5151. Ils. 7d. paid to cum-
tome., as interest on their current and deposit accounts) the
net profits of the year amount to 42,811/. 13s. 4d. This
, state of the accounts fully justifies the increase of the divi-
deed trout 7 to 8 per cent. per annum, at which latter rate
the dividend for the last six months will be paid, clear o 1
income tax, on and after the 20th instant. After payment
of the increased dividend, amounting, with that paid in
January last, to the sum of 31,7171. 10s., sad appropriating
5001., as usual, in reduction of the preliminary expenses,
I there will remain an unappropriated surplus profit of
10,'941. 3s. 41. to bo carried forward to the
credit of profit and loss new account. There
is an increase in the item of bank premises,'
arising from the purchase iif freehold property in Mansion-
house-street, extending backwards to these premises, addi-
tional accommodation having become necessary fur the con-
venient transsetion of the increasing business of the bank
, The issue of circular notes and lettei• of credit, fur saw on
1 the continent, has this year near/ doubled that of the pre-
ceding tear, showing how much the facilities thereby
afforded are appreciated by trevellers. The amount of in-
terest paid to customers affords conclusive evidence of .he
increase of the business, atid of the influence of the prin-
ciple on which the hack was established. Experience has
fully confirmed the value of this arrange meat as one of
mutual advantage to the proprietors and the customers, and
cleerly demonstrates the policy of adhering to this principle.
The directors have considered the suggestion mane by •
proprietor at the last annual general meeting as to the ex-
pediency of holding half-yearly meetings. The present
system is that prescribed by the deed of settlement, and en-
ables the directors to present to the proprietors a complete
report of the operations of the bank during the entire finan-
ced year. It will also be borne in mind that the dividends
are paid half-yearly. Under these circumstances the
directors must express their opinion that no advantage
would be obtained by a change in the course hitherto
punned."
The cash account showed the following liabilities and
assets. The liabilities were—Paideup capital (101. per
lshare on 42,290 share.), 422,900/.; due by the bank on
current accounts, deposit receipts (including interest ac-
crued), circular cotes, &c., 4,878,7311. 4s. 541 ; reserved
fund invested in Bank Stoc, as per contra, 50,0001. ; total,
5,351,6311. 4...5d. The assets were—Cash in the banks, in
the Bank of Engle:A, loans, Exchequer Bills, and other go-
vernment securities, bills discounted, &c.. 5,2.56,6.101. la Id.;
21,0151. 13s. Ild. (reserved fund), 50,0001.; bank premises,
consisting of freehold bullrings in Princes-street, Maission-
house-street, and Argyll-place' and lease and fixtures of 4,
63,4811. 6s. Bd.; preliminary expenses,
9,500/. ; half-year's dividend to 31st December. 1852, amount
carried forward, 14,801/. 10s. ; total, 5,391,4421. 17s. 9d.;
showing thus a surplus profit of 42,8111 13s. 4d., which
was thus di posed of—Dividends nn paid-up capital (namely,
half-year to 31st December, 18.52, already paid at 31 per
c. nt., 14,8011. 10a., and half-year to 30th June, 1853, now
declared at 4 per cent., 16,9160, 31,7171. 10s.; proportion
of preliminary expenses, 5001. • undivided profit carried to
profit and Loss new account, 10,5941. 3s. 4d.
The report was unanimously adopted, and • dividend of
4 per cent. for the half-year was ',agreed to ; and Sir Peter
Laurie, Mr John Scntt, and Mr. Leo Schuster, the retiring
directors, were then re-elected...

In the'eourse of the proceedings, Mr. Heath, M.P., ob-
set ved that the result had shown the soursdness of the prin-
ciple of giving interest on accounts, and the wisdom of the
directors in so firmly inaisting upon it at a tame when the
ce min failure of the experiment had been predicted. The
batik was now cot only in a state of great prcriperity, but in
on. in which they need fear no attacks from any rivals what-
ever. (Hear, hear.)
In answer to a proprietor, Mr. Scum:mous, the mans.
aer,said that a very considersble portion of the 10,0001. car-
ried to the sew profit and lose account was not rebate on
bills not due.

Mr. Asumwrote gave notice that at the next meeting he
shquld move that • testimonial, not exceeding in value
4001., be presented to Mr. Berimgeour. (Loud cheers.)
A number of complimentary votes were then agreed te,
and the meeting brukc up.

ALFRED LIFE ASSURANCE ASSOCIATION.

The annual meeting of the proprietors was held
yesterday at their offices, 7, Lothbury, the Hon. ELIOT 'l'.
Volute, M.P., in the chair. The attendance was not very
borne.
The report of the directors was to the following purport-
namely, that it was a source of mach satisfaction to the
directors that they were again enabled to lay before the
membere and proprietors ama favourable report of the
sompany's progress during the past year. Th• income
for the year amounted to 27,6451. 54. tid , end after
defraying Every charge, and making provision for
everyclaim, a sum of 13,2151. 2*. sd. bad been car-
ried to the credit of the surplus fund, which now
amounted to 65,7561. Bm. 4d. The premiums from in-
surances effected during the year amounted to 2,4331. 25.1 d.,
the claims on deceased lives having been only seven in
number, and not amounting to more then 5,0501 14.. 3i.
110 tbejirevious year the new premiums had been 2.7921
12.. ~ enelealve of some single payments; the claims
'fifteen in number, and 9,4511. 2s. Bd. in amount, and the
surplus ouly 6,1091. 3s. 2d., or less than half that of the
present year. The directors had always borne in mind the
necrsaity of investing the company's funds to the greatest
advantage, and whilst their present investments were as
secure as any that could be selected, they yielded sufficient
to afford 41. 2s. per cent. per annum on the whole funds of
the company, productive as well as unproductive. Should
the d rectors' be able to maintain this rate, and should the
remarkably low rate of mortality amongst the lives
assuretl continue, very considerable advantage must
necessarily accrue both to the proprietors and to
the policy holders. The report concluded with
a general assurance on the part of the directors that
they would continue to use every exertion to increase the
lushness and to economise the resources of the association.
From the cash account annexed it appeared that the total
assets of the company were 408,1051.35., as follows:-Value
of premium*, 267,581/. 13.. ; government securities, 36,276/.
64. 7d. ; mortgages, 64,3621. 6s. 4d. ; reversions, 17,730/.
I2s. 6d. ; house in Lothbury, 13,4001. ; balance at banker*
4,6831. 17s. 6d. ; premiums due, 1,790/. 7s. Bd. ; shares pur-
chased, 2,7451. ; and sundries, 6361. Os. 54 On the other
side there appeared the following items :-Paid-up capital,
19,6501.; Strewn Friendly Society, 1,5931. 7s. 94.; value
of sums assured, 316,7171. 12s. ; shareholders' dividends,
4541. 17.. 64.; end assurance claims, 3,9701. 75. 64. ; leaving
a surplus fund uf 66,7031. 184. 4d.
The report having been received and adopted, thanks
were voted, on the 1310 tit II of Mr. Sbakepere, to the chair-
man and the board, and the meeting adjourned.