The Express.
London, England, 1866-10-02 00:00:00

TILE EXPRESS, TUESDAY EVENING, OCTOBER 2, 1866.

BANK OP BRITISH COLUMBIA.-(THIS DAY.)

The ordinary general meeting of the shareholders
of this oompsay was held at the London Tavern this day ;
Mr. J. W. L. MacnzaN in the chair.

In their report the directors regret that owing to the
great depresaon in the general tradeof the colonies, and a
serious decrease of population, they are unable to present
to the- shareholders the favourable statements from these
branches that have hitherto been submitted. The
directors have at the same time to report a consider-
able amount of bad debts, but for which they have they
believe now made ample provision from the reserve fund.
On the other hand, the directors have pleasure in report-
big that success has attended the working of the branches
at San Francisco and Portland, and they feel still every
confidence in these establishments fulfilling the anticipa-
tions hither .o held out. The directors have to report that
after pay brg all charges, deducting rebate of
rterest on bit's not due, the undivided profits
amount to 1154 d. 14s. Id., which they recommend to
be appropriated as follows, v*.x. :—d,9401. in payment of a
dividend at the rate of 6 per cent. per annum; 2,0001. to
reserve fund—which fund after making deductions of
21,2001. for bad debts, will have a balance to its credit of
20,000/.—leaving the sum of 6041. 14s. Id. to be carried for-
ward to current half-year.
The CRAIRILAN in moving the adoption of the report
said they would no doubt expect some explanation of •
new feature in the repo' t, the statement of losses from
bad debts. The capital of the bank was in no way affected,
and they bad a reserve fund of 20,0001. Since the com-
mencement of the bank they had made • total profit of
77,690/.14c 9d. in a period of three years andthreequarters.
The board considered the losses referred to as quite excep-
tional, and not one third of them would have been incurred
but for the over confidence of the agent at Victoria
whose sanguine temperament led him to expect that
no loss could be incurred. The danger of for from
this source no longer existed, the board having removed
their manager at Victoria, where the losses were incurred.
A Shareholder had forwarded to the board • number
of queries, and in answer to them he would state that no
communication of the loss from the bad debts was received
by the board before the new shares were issued, nor
until six weeks after the declaration of the divi-
dend in April last. The directors had ri,itten off
the reserve 12,0001. to meet the less, and they held over
9,2001. to cover unascertained losses.

. -
In reply to questions from Mr. MORRIS,
The CHAIRMAN said the amount of notes in circulation
in Columbia was 24,762/. The company held 15,8001. in
Bi:tish Colombian Debentures, healing 6 per cent. interest.
They took them at what they cost them, namely, at par,
but be did not think they were marketable, but they were
the first charge on the colony. The bad debts of the cam- !!,
pany in the half year end'ng April were about 3,5001- r,
Mr. MORELL complained of the large cost, 23,000 L, of Li
co small en undertaking, and said the profits had never ai
come out to what they were promised when they took
shares. He thought the directors should give a detail of 81
the empenses. He complained that the directors were prac-
tically self-elected, and that one of them was
61
a director to half a dozen companies. He ai
thought the reserve onght to be invest din consols, el
and that the shareholders would do well to appoint a 81
committee. (Loud and general cries of " No, no.")
A SHAREHOLDER asked if the directors took the salary 51
tt
they were allowed by the charter-3,0001.
The Out attatc—No. ,
Mr. WRIGHT urged the necessity of the reserve fund gi
i
being invested in consols.
Mr. CONYBEARE said be was the shareholder who had SI
sent the queries to which the Chairman had replied. While 84.,
he agreed in the opinion that it would be well that the re- rsi
serve fund should be invested in oonsols, he jg
did not think that the directors had done very wrong 81
in investing 15,0001. in Colombian State Bonds 61
He did not think that those bonds were absolutely uusale- 81
able or that the directors would be unable in case of R
necessity to borrow money upon them. Besides, the large II
amount of the interest receivable upon them would go 9(
some way to compensate them for any loss they might 9
sustain. With regard to the dividend, he thought it 1
would be better to pass a self-denying ordinance, and not 1
declare any dividend this half year; this would strengthen
the position of the bank. He suggested that if the repo'
gave more information they would conciliate the confi-
dence of the shareholders.
A SHAREHOLDER inquired what was the collective hold-
ing of the directors.
Another SHAREHOLDER said he thought that the holding
of the shares was not a sure test of the fitness of the
rectors.
Another SHAREHOLDER asked if it was intended to make
a call
The CHAIRMAN said in drawing the report they had i
followed the usage of banks of that description, but they I
were ready to give more details if that could be
done with a due regard to the interests of the ci
bank. The directors had received in fees 2,2001. g
per annum. He did not know the amount of F.
the holdings of the directors, but they tooktho full propor- H
tion of the new shares and something more. If a call wore 11
made three months notice would be given, but at present 14(
shey saw nu necessity fur a call.
The motion for the adoption of the report was then put
and unanimously agreed to.
The CHAIRMAN then moved that a dividend be declared
of 6 per cent.
Mr. Hoentscut seconded. He believed the position of
the bank justified it.
Mr. CONYBEARE moved as an amendment that no divi.
dend he declared.
M.T. TABOR seconded.
(The meeting was proceeding when our report left.]

THE CONSERVATIVE LAND SOCIETY.

(THIS DAL)

The quarterly meeting wa.s held this day at the
temporary offices, Surrey-street, Strand, Viscount RANI-
LAGH in the chair.
Mr. GBCNEI'EN, the secretary, having read the adver-
tisement convening the meeting, the annexed report of
the executive committee was submitted :
" The executive committee are gratified in being enabled
to lay before the shareholders the annexed returns of the
four quarters of the financial year, which ended on the
30th of September, as also the grand total receipts to
Michaelmas, IS6G.

SHARE L

ris DAY.)

ONI OtOLOOL.

The railway market is quiet to-day, but there is
a demand for Metropolitan, London and North
Western, South Eastern, and Great Eastern stocks,
which have improved f per Dent. The other leading
lines are steady, at the closing prices of yesterday.
Metropolitan stock is now quoted 127! to 128} ;
Great Western, 544 to I ; London and North
Western, 11S to } k Midland, 121} to } i Lan-
cashire and Yorkshire, 123} to # ; Caledonian, 123
to 125, ex div. ; South Eastern, 66 to 4; Great
Northern, 116} to 117 ditto A, 126} to ;
London, Chatham, and Dover, 19} to 20} ; Great
Eastern, 294 to } ; and North British, 42 to 4.
Foreign railway shares show dulness ; Lombardo-
Venetian are quoted 16} to 4, being 2s. 6d. lower.
Grand Trunk of Canada stock is unchanged, at
19} to 4.
(=DIARY sUaB AND STOOL&
sh. I pd. I I Mast im prior I
Masi t-dto 1 p.s.Ay
" rarday.

tett &Ow ....I

lOarabrlan ............I
'Cork sad Paadog ....

11$ lii Id
40 46
16 16
4 6
46 •
TO TI
70 SO .._

'Cornwall
, Dublin and Belfast:ono
Dwadae,Perth,trAladla
Art Undo° Scrip Port

ITho
,elusi,ow sal& Wanton.
Argot Matt= Ord. 86
I Do. N. hog. Stk.. N 2
Great North of Scotland
'Groat I Northam
* rte. no Mr. un-
I Do.Do.Bltil6p.c.lapaidD
Do. Now laa a' 16 pm.
ID°. Ord. DaL Stool
Gt. South I Wost. (Iro )
lieeot Western
Do.StourValGua.etk
Do. South Wales
j Do. W. 1114.—.Ortord
Do. Do. N
Lsocastd &Ur= s•
unit" tt..tii.42.Coort
&Dor
I Do. Motto—a. Sp.e.
, London& North Irma.

111 ISO zd
Se 29e
0

~wissl

1.~ . i--I

i Do. New
Do. Extension_
Do. do. do.
Do..tSR JerawliciOci

Welland
Do. 49 Shares
Do. Ms. 4 Derby
Ind Kent
North Itetish
Do. ltdia ,Yerth,Daad
N. Neetera—Berwisk
Do. G. N. N. Purrs—
Do. York
Do. Carlisle
Do. !Noels &Dynes.
Do. do., 1(4041
North 160110.1
. .

do., 1884-6
Do. do.. 1888
North Staffordshire-
. & 8. Western Jaw
'Scottish Central
!Scottish N. Z. Aber. litt
&coati& Mallow!
'Shropshire Union
South Dawes
Routh Eastern
Btalnes,Woktughant,ttc
.Tatf Vale

SO 92
64 66

66 00
$6 $8
a $6
MS lin
80 85
$6 21
26 26
1174 118
81 36
64 66
197 128.

-1 pn3
lot lot
91 9i

cell

1
121
1* 11 pa

•t 46
16 20
162 106

sal 1;4

114 114 /
a/4

No. I Se. I

3,096000 ..
1,021421 ..
13,900 • •
..
0,144 ..
0,000 • •
coool
1,9061
mool
12,9
tt,ooo
6,9041 ..
1.0241 • •
6,000" ..
0,,g .6
400' ..
lON ..
6,0001 ..
1,1261 ..
610 ..
CIO ..
49* ..

mt-*is

Itil $l4

118 17;
b 34 $
as
188
101
10t 1

920'•
6,0001 ..
4,6911 6
,ouoi
Losti
Loco. ..
614 ..
619 ..
1.894 ..
16,000

421 2#
1081

OOLONL&L GOVERI

CLprions.

660,00011kitialsCobs.ep.ct.,1872
100,000 Do. 1896
.... Den. Gov.. p. e.,187744.
Do. elparcklieb.&Ang.
Do. 6 peret.Mar. a
mii:IMS Do. 6 p•ret.Jaa.da
686,808 Do. 6 wet. Inn 8
100,008 Caveat G Hope6par.lB72
.... Do. do. 1890-1
.... Do. do. 188040
Do. do. 180041
21.4.000. Do.6p.c.Ap.*Oct.l9oo
100,000 Caylon,Nov. 186 8,6 p.
160,0001 Do. 1878. do..
1.0004:01 De. 1871 d 0...
200, Mmaltlus 6 per ot., 1073
100,40,00:1 Do. 1878
lOW, Do. 1862
200,000 Do. 1816
166.860 Natal. Gov. 6 per lent..
1011,000121 aw Bruns.Gov.6ptact.
1,186,800 New South Wales Gov..
p. ceat.,lB7l to 1876
6,671.800 Do. 6p. 0.1888 to 1803
160,000 New Zealand 6par cent.
1,000,0001 Do. 6 per cent.
250,000 Nova Scotts 6p. n, 1876
I,B6o,slolQueenaland Goa. 6 p. et.
. 8. AustOov. 6 p. c.,67-77
75.1,600 i Do. 1878 and upwde.
533,000 V1c.G0v.66. e. Jan. July
7,000,0001 Do. Op. et. April&Oc.

M 01
90 92
90 92
76 77
75 77
102 106
104 106
103 106
102 106
88 90
103 106
106 107
103 106
102 104
103 106
106 107
103 105
90 101
93 86

eir

91 a
84
06 9948
79 81
$8 97
89 91

105 107

108 104 zd

Pd. I CI. prices I Babas.

40
21L0
7.1.6
10.6.7
If
3.2.0
16.18.0
35.15.6

S •
10 11
4114 486 id
Ide 21
a 88
2 le
10i 11.
2 be
5 7
17i ltild

a 21 td
11 If
32 36
SI sf
5 7
il 6
Iti 2 66
15 45
3. 5.

-I
It

il id

---1-1}
18 22
2
11 12
2_ 8.