The Express.
London, England, 1866-04-19 00:00:00

SD
COMPANY
OF BARRED'S BANKING
(LIMITED), LIVERPOOL.-
(THIS DAY.)

(sr macrriuc rmaaaArn.)
(nom oxia OWN 00111128PONDIST.

LIVERPOOL, THURSDAY.

The following notice of suspension has just been
posted at the banking house of Barned's Banking
Company (Limited), Liverpool :—" The directors
state with regret, that owing to the withdrawal of
facilities by our London agenta, we are compelled
temporarily to suspend payment."

The following appears in the City article of the
Tines:—" Very serious embarrassments have been an-
nounced this afternoon in connexion with Liverpool,
The drafts of Barned's Banking Company have
been returned by their London agent. This com-
pany was formed only in June last, with a capital
of 2,000,0001., to take over the business of Messrs. Bernell
and Co., which bad existed in Liverpool for more than half
a century. The shares are of 501. each, with 101. paid,
and within the past few days, since the disastrous fall
in cotton, they have touched 7 discount. It is feared t
that the commitments are large, and that they have si.
been extended very much in speculative directions, the 20
managers having for some time been warned by their Lon- tit
don agents on the necessity of contraction. The direction St.
comprise' persons of great respectability, and as the num- gr.
Der of shareholders is between 600 and 700, it may be pre- St.
slimed the creditors are safe." st.

_ .
St.
ORIENTAL BANK CORPORATION—(THIS DAY.) at.
--•••
The annual meeting of thriietors was held SLR
this afternoon, at the bank), Threadneedle-street ; Mr.
St.
HARRY GEORGE GORDON in the chair. St.
The following report was presented : et
" The directors beg to submit to their co-proprietors the St.
general statement of the oorporation's affairs and balance St
sheet for the year 1865. The net profit for that period, St.
including 4,1391. 18s. 4d. from last account, after defrry;ng
current expenses, and providing for bad and douhtfut at
debts, amounts to 155,1371. 13s. Bd. Out of this amount fit.
a half-yearly dividend of 75,0001. has already been paid in St.
November last, and it is now proposed to divide a like St.
sum of 75,0001., being at the rate of 10 per cent. per annum. St-
After provicung for the present dividend of 1/. se. per ISA:
share, there will be 5,137/. 13s. Bd. to carry forward to the
credit of the next account. The directors regret that the 10
operations of 1865 have not proved so successful as on 100
former occasions. The commercial crisis in the East,
10
100
whilst diminishing the profits, has also rendered necessary
10
a larger than ordinary provision for losses, and thus a re- t,'
daction of the dividend became unavoidable." St
The CHAIRMAN, in moving the adoption of the report, 25
after declaring a dividend in accordance with it, reiterated St
the regret of the directors at the falling off in the St.
dividend. Losses had occurred in the usual course of E.
business, partly from failures in local banking concerns
and partly from mercantile failures. Moreover, the board
gt
had, owing to such causes as those, been obliged to keep st
large reserves abroad at a time when they could not be pro- 25
Stably employed. The bank was, however, never in • 25
sounder position than it was at present. He had received
letters from several proprietors asking for informs- "
tion, and he would now reply to them. One question at
put in the letters was whether the company was involved St.
with any banksin Bombay or finance companies in thiscoun- St.
try or elsewhere. The answer to that was in the negative. St.
Another question was whether the company had invested 1,441
in land in China, the answer to which was that they
gt
had not invested further than was necessary St.
for their own purposes as a bank. The question 20
why the shares had fallen in the market was St.
more difficult to answer—llaughterl—but he might ob- 10
serve that they stood better in the market than those of ,S,'„ti
almost any other bank of a similar kind. In answer to to
other questions, he observed that none of the managers at
had been either dismissed or suspended for disobedience of
orders, and that all oues and bad debts were written
off prior to the issuing of the report.
A SHAREHOLDER wished to know what was the total
amount of losses last year. The amount of notes and bills
discounted last year was 15,000,0001., or larger than it had
ever been before, and, regarding that as an indication of
the business done, he could not understand the diminution
of dividend.
The CHAIRMAN, in replying, said it was not usual to state
the total amount of losses, but if the meeting wished it he
would do so. (Cries of " Yes," and " No.") He would
answer the question if the meeting pleased, but it would be
better,' he thought, if the information were given pri-
vately. (Cheers.) He added that there was reason to be-
lieve that the competition from which eastern banks had
suffered so much would now be diminished.
The report was then adopted, and the meeting termi-
nated in the usual manner.

LAND MORTGAGE BANS OF INDIA.
(THIS DAY.)

This day the third ordinary general meeting of
shareholders was held at the London Tavern. Mr. H.
NELSON in the chair. It appeared from the report that
the operations of the Bank for the year 1865 had
been of • very satisfactory and progressive character.
The income from interest, which 'had been steadily in-
creasing, month by month, during the year 1865, was
yielding on the 31st March, 1866, • gross return equal to
nearly 90,0001. per annum, an increase on the quarter of
36 per cent. The accounts up to 31st December, 1865,
showed a net profit of 24,3991. 16. 2d., after deducting er.
penses of management in London and India, interest on
debentures, and after writing off the proportions of the sink-
ing funds, exchange accountoindpreluninary expenses. This
sum provided a dividend for the year of 6 per cent., leaving
3991. 16s. 2d. to be carried forward. Two per cent. of this
dividend was paid to the proprietors in April last, and a
further 2) per cent. in October, leaving a balance of 1) per
cent. for present distribution. The directors recommended
a further present payment of 2) per cent., as a first interim
dividend for the current year. They trustedalso to be able,
as in last year, to pay a further interim dividend in October
next. The directors, therefore, proposed that a dividend
of 3s. 3d. per share (free of income tax) be now declared,
payable on and after the 23rd inst.
The CHAIRMAN, in moving the adoption of the report,
referred with regret to the resignation of Mr. Laing, M.P.,
from the chairmanship of the company, and of Mr. Fitz-
william from the position of managing director. He con-
gratulated the shareholders on the success of the company,
and pointed to the sale of debentures last year to the
amount of 368,000/. as an almost unprecedented fact
This proved the confidence of the public in the bank. The
debentures were taken up to a small extent in India ; they
had now obtained an official quotation on the Stock Ex-
change, and without violating any confidence he might say
that they had the support of Mr. Massey, the financial
minister of India. (Hear, hear.) The money invested in
India amounted to 607,0001. They had applica-
tions for 2,339,000/. worth of loans out of which
they granted 967,0001. It should be recollected
that they were not a trading but an investing
company, and that it took to realise all the profits of
the business. The whole of their expenses in India
w • 9,0001., which he considered to be moderate, but if the
business increased the expenses would not increase in the
same ratio. _ _ .

Mr. LAURIE seconded the motion.
In reply to questions put,
The Cusiftusi; said there was not the slightest
intention of making a call at present. The in-
terest they obtained in India had been brought
up to 10 per cent., and by putting on the screw they
might bring up the average rate to 11 per cent.
But everything must h►ve an end, and there
was such a thing as overstepping the mark. The money lent
was on the most unexceptionable security. The expenses
in London were 7,0001., but they really could not live for
less. (Laughter.)
The report, with the proposed dividend, was agreed to.