The Express.
London, England, 1858-02-26 00:00:00

MARTBRED B 4101" OP INDIA.-/THIS DAY.)

This morning the fourth ordinary general meeting
of the proprietors of the Chartered Back of India, Australia,
and China, was held at the London Tavern ; Mr. T. A.
MITCIIILL, )1.P., chairman of the board of director., to
the chair.

The report states that since the last annual meeting the
dire;dorelave been earnestly engaged in carrying out the
measure& then approved for the cetablisLment of the bleat
and the commencement of business. While the two suc-

ceiTsive o:liiot2.7.each were in course of payment both at
home and in India, the court concluded arrangements with
responsible and competent officers for the conduct of the
agencies about to be established in Calcutta and Bombay ;
and those) officers have accordingly been sent out, and me
now at their respective destinations ready to commence
business at once. The bank's half capital being completed,
the court have made the necessary declaration and applies-
to her Majesty's Treuury for the requisite certificate, and
have now to announce that the same has been duly granted.
The delay of these few last months in commencing buainesi,
has perhaps been well compensate] by the avoidance of risk'
which might have been incurred during the severe com-
mercial mists here, and the military revolt in ladle, which
have so recently occurred. But se confidence is now happily
restored, and as the field for banking operation'
has bees greatly extended, the directors entertain firmer con-
ViOtiOnalliall ever of the favourable prospects of the institution.
The shareholders are aware that the remaining moiety of the
bank's capital (101. per share) must, in terms of the charter,
be raised within two yeses from the date of the treasury
certificate; but the directors take this opportunity of an-
nouncing that it is not their intention to make an further
calls for one year ftom the commencement of
Shareholders, however, will have the option of paying sells
in advance and—considering the rate ainterest is India will
be allowed interest thereon at therate of 6 per cent. per annum.
The balance-sheet to the 31st of December was as follows :
Liabilities. Dr. To capital paid up, viz.' on 27,471 shares,
at 101. per share, 274,7101. • 1,180 sham (scrip), at 21. per
share, 2,360/. ; 9,649 shares, paid in I. Co.'s rupeea,49,3251.,
exchange at 2a. per rupee, 34,9321. 101.; pad In Eng
land by Indian shareholders, 1301. 32,200 shares.
On account of further calls, 1501. ; making 312,2821. 101.
To profit and loss account viz. :Balance 31st December,
1858, ' 7,3341. 7s. 2d. • frailest. fees, 61. ; interest account,
13,1001. 14s. 4d. ; less interest allowed to shareholders, viz.:
ball--year ending 20th March last, 2,3671. We. 3d. ; ballierz
ending 20th September, 5,0791. 2a. 2d. ; leaving, 6,6643.
Is. 11. d. less salaiies office ezpanditurc 2,281/. 17s. lld.;
to unclaimed interest, 2021. 125.8 d. • total, 323,2071. 13..10d.
Assets—Cr. •. By securities, bastingl interest, in Bnlind
272,9991. 16e. H.; do., do., in India, 34,9321. 10e.; ei
hand and at bankers', 2,0601. 13s. 10d; do. with agents in
India, 1,6041. 12s. 4d. ; balance (preliminary especial)
11,7101. Os. lid.; total, 32312071. 13s. 10d.
The Ciesnicate in moving the adoption of the report and
accounts, congratulated the meeting upon the fact that not-
withstanding a heavy Chancery suit and the payment of
interest at four per cent., the funds of the bank had been but
slightly advanced. The bank had been five veers endeavour-
ing to obtain a charter ' • it had succeeded at last, and now
duly qualified agents had been appointed at Bombay and
Calcutta. There was nothing to prevent the directors mad-
ing out instructions by the next mail authorising those gen-
tlemen immediately to commence business. He wail still
convinced that the bank had an ample field for its operations
and that it would ultimately ho successful. No mat delay
need take place in the establishment of an agency in China
and Australia, but to admit of that being done forthwith it
was advisable that the strength and influence of the hoard of
directors should be increased.
Mr. NicnoL, a director, in the seconding the motion, de-
clared his belief as an Bast Indian merchant, that the bank
could not fail to succeed if it were only prudently managed.
Mr. BURNHAM) had given notice of his intention to
move that the bank be wound up, but he said he
should not persevere in this amendment to the motion
from the chair, although the director. had refused him foci-
lines for communicatiag with his brother shareholders. He
was informed that the certificate was not obtained from the
treasury until within the last few days.
The CHAIRMAN said the necessary capital as not

ciently made up to admit of the oertitiriate being granted
earlier. The application for the certificate was rent in on the
16thinatent, and the certificate iteelf granted on the 23rd inst.
After some damasion upon the accounts and expauhture,
and the imprudence of paying interest on the capital
while the balance-sheet showed a deficit of 9871.,
it was suggested that the best course to follow was to
distribute the funds, allowing the directors to retain 18,0001.
for expenses.
Mr. LINDSAY, M. P., director, hoped the shareholders
would hesitate before they wound up. He held 700 sharers
in the bank, and would continue to hold them, believing
that the field open to the bank was so good that If it were
now to be given up, it would he immediately occupied by
some other company.
In reply to a question,
The CNA latex said two directors had originally opposed
the continuance of the bank, but to-day the board were
unanimously in favour of going on. He was informed that
the Indian securities held by the bank were now of the
value set down in the accounts. . _

Au amendment was then moved to the effect that a com-
mittee of ahareholders be appointed to confer with the dirge-
tors, and report upon the advisability of going on or winding
up; but ultimately it was withdrawn, and the report and ac-
counts having been adopted, a resolution was palmed, re-
enacting the directors to publish a list of the shareholders
annThe ually.
retiring directors and auditors were re-elected, and
the proceedings closed with the customary vote at thanks
to the chairman.

TILBURY AND SOUTHEND RAILWAY.-(THIS
DAY.)

This afternoon the usual hall-yearly meeting of
the proprietors of the London, Tilbury, and Southend B.:-
tension Railway was held at the London Tavern; Mr. J.
N. Dimity, chairman of the board of directors, in the
chafe.
The report stated that the balance of receipts and expendi-
ture in 1867 was larger than In 1866 by 2,4871. In 1866, the
total receipts were 64,6981., and the expenditure 36,2781.,
leaving • balance of 18,318/. ; while in 1857 the rece ipte were
64,2251., and the expenditure 33,4181., leaving 20,8061.
The CHAIRMAN moved the adoption of the report, and
observed that the Barking extension was rapidly pro(;
but there was no prospect of its being opened before Rader.
A Sit AILEHOLDWit asked if the Thames Haven Dock lame
had been given up.
Mr. J. W ttsos, a director, said—Certainly not; now Out
the money market bad become easy there was every
that it would be canted out ; such a dock must haver:nit
Feetant influence upon this railway.
A SHAREHOLDER asked what were the prospects of the
line irrespective of the guarantee.
Tug CHAIRMAN acid they were good, because, although
therehad been aelight fallingoff in the receipts In 1857,as com-
pared with 1856, yet the reduction was entirely attributable to
exceptionable circumstances, such es the absence of building
operations at Southend, and the commercial crisis. Lop=
at the large decrease in the working charges, there a
to be every prospect that at the end of the present year the
profits would be so augmented, as to exhibit
a surplus over the six per cent. guarantee. The
lease to Mears. Pero, Brassey, and Betts bad now 17* years
to run they paid a mat oakulated at the rate of 6 per oink.
upon the paid-up capital with a moiety of the surplus profits.
A SHAREHOLDER said it was to RR regretted that the
shareholders did not accept the lessees' offer to leave the UM
in perpetuity at 6i per cent. (A laugh.)
The report was adopted.