The Express.
London, England, 1862-05-02 00:00:00

LONDON AND SOUTH APEMAN BANK.

The first ordinary annual meeting of shareholders
was held yesterday, at the London Tavern ; Mr. T. It.
TllolltiOli in the chair.
The Sscarrsity read the report of the directors, which
stated that immediately on obtaining, in May last, the con-
firmation of the royal charter of incorporation, by the pay-
ment of one-half of the subscribed capital. steps were taken
to commence business ; and Mr. C. T. Green, who had bees
appointed general. manager in the colonies, left s England in
May, and Mr. Miller, the manager at Port hAeth,
in
June. Business began at Cape Town on the 11th of June,
and at Port Elizabeth on the 19th of September. Since
that time a branch has been opened at Graham's Town, under
the management of Mr. Henry Anderson ; and arrange-
manta are being made for others at Natal. The directors
have the satisfaction to state that there are no bad or doubt-
ful debts to provide for, and that the nett profits of the
bank to Dec. 31 amount to 10,541/. 14s. 7d. The directors
propose to write off to credit of preliminary expense ac-
count the sum of 1,6081.6.., being one-fifth of the balance
of that account, and to set apart am the basis of a reserve
fund 1,0961.115. 3d. They also recommend the declaration
of a dividend of 21 per cent. on the paid-up capital, free of
income tax, carrying forward to new account the balance
2,8361. 17s. 4d., leas income tax on the dividend now pro-

Pies The
Maumee, in moving the adoption of the report,
detailed the necessary steps taken by the directors in ob-
taining their charter, and in organising the staff and des-
patching them to the colony. Considering the short time
over which the operations had extended the results were
as favourable as the most sanguine could have anticipated.
The bank had taken deep root in the colony, and had
afforded great assistance and convenience to the colonists.
P.spenditure on large and costly buildings had been avoided,
sun the ...downer of the directors had been well hus-
banded. As • woof of the amount of business done
and the °sundae.. reposed in the bank by the
solouistai be would ms•tion that up to the last
date of the advice& from iho.ir manager, he stated
that their note circulation was 10,001/1. posits 50,0004,
and discounts 200,000/. and that the whole wee
of a sound and satisfactory character. Foreign agencies
had been established in all parts where it had been thought
usefuL The chairman, after paying a high compliment to
their manager in the colony, Mr. Green, concluded by mov-
ing the adoption of the report.
The resolution was seconded and agreed to, and the divi-
dend accordingly declared.
The CHAIRMAN then proposed the re-election as directors
of Major Tremeoheere, and Meyers. W. Nicoll, M.P., Sea.
bright, and Lerick.
Mr. SPICER objected to the re-election of these gentle-
men not on personal grounds, but because he thought it
preposterous that the bank should require 14 directors to
manage its business, at an expense of 3,000/. per annum.
The real business of the bank would be done m Africa,
and such a large directory in London was useless and un-
necessarily expensive. lie would move an amendment that
there should on the present occasion be no re-election of
Mr. JENKIN, seconded the amendment.
The amendment having been put from the chair but two
bands were held up in its favour, and the directers named
above were re-elected. Dr. Butler and Mr. Maynard were
also appointed as auditors.
Some other routine business having been transacted, the
meeting terminated with a vote of thanks to the chairman
and directors.

Berner 'hum' Sot:lt-TY. The twenty-first
annualmeetina of this
;liti
society. Everest
in
was held last
.ev.eitnizevat
.
Mr. Gest, the secretary, read the report, which detailed at
considerable length the operations of the society during the
past year in the printing and distribution of tracts and hand-
hills, both in Great Britain and the colonies, and on the con-
tinent.
Since the commencement of the society in 1141,
upwards of 3,000,000 tracts have been printed and distri-
buted, and grants made to the amount of 4001. Ike reports
from the auxiliary societies were generally of a gratifyMg
xd character. The receipt for the past year had been 11151.
Bs. Bd., and the expenditure 1791. Ba. Id., leaving a balance
in hand of Si, Os. X The report was adopted, nod several
addressee having been made by ministers on behalf of the
society, the meeting closed with a collection in aid of the
funds.