The Express.
London, England, 1859-01-19 00:00:00

LONDON AND WASTIIINSTIN BANK
(27118 DA r)

This afternoon the annual general meeting of the
proprietors of the above bank was held at the Bank in Loth-
bury, Alderman BALOKONS, chairman of the board of
director., in the char.
The following are the report and balance-sheet :
" The &redoes have the pleisure to that—after
making previa.' he all the bad and doubtful debts—
rg:lionf the methatax—eadzdi apart
ngs in theier sat of
Bloomsbury, Souther*, and Temple-bar—and presenting
a the of 10 per ma on their salaries to all the A
the bankl:
the lest half-Jeer amount to 86,3501. 10s. ld.
This sum, added to 9,8621. 18e. Id., the unappropriated be-
Lace of the preceding half-year, and to 10,0001., the land Oh
pectally reserved to Deoamber, 1867 but which bee not ban
required, will amount to 106,20 U. Ba. 2d. Out of this
aeemeA the dialers have pea the interest on the surplus
feed at five per ant, end tha sew desist, a dialed le tbe
shareholders at the rate of six per eat. per mum, and by
way of further dividend out of the peals a boas
c 4 six per eent on the paid-up capital. After
these payments are made, there bas unappropriamd
balance of 12,0731. 6s. 114., of which the sum of
2,073/. se. 11dt will be added to the surplus fond socending
to the vet* of the general roasting passed in July, 1857; ;and
the directors recommend that the remaining 10,0001., forming
the special fund set apart in December, 1867, be also added to
the same fund—this fund will aim amount to 181,4071.
17a. 10d. The directors who go out by rotation are Thomas
Chu mane,, Emb_F.R.S., Joshua Walter, Esq., and Henry
Buckle, Iffrq., al of whom Lelog eligible offer themselves for
re-ekcides."
"Dr.: To proprietors for paid-up capital, 1,000,0001. •te
amount due by the bank on deposits, circular note., Bre.,
11,465,8151. 7.. 7d. ;•,_ to rest or surplus fund, 166,2041. 9.. &i. •
to balance of prat and loreaccount, June 30, 185/4
9,3521. 181. id.; to fund specially reared, December
31, 1857, 10,0004 ; to net profits of the past heftiest.,
28,3601. 10e. Id. ; making a total of 12,737,2231. 6s. 64.
Cr.: By Government Stook, Exchequer Bills, Exchequer
Beale, and India Bonds, 1,788,7871. 3a. ld.; by other
esontities, including bills discounted, loons to warners,
to., 10,092,8671. I la. 9d. ; by cash in hand, 863,5381. 10s. 7d.
Total, 12,737,2231. Si. 6d.
" Profit and lac.—Dr.: To total expenditure of the eaTon
establishments, including rent, taxes, selectee, s
de., with a gratuity of ten per cent. on their askirreact:7:
officers of the establishment, 33,6861. 9a. sd. ,__• to
amount set apart to the new buildings in West-
minster, Bloomsbury, Southwark, and Temple bar, 2,0001.;
to amount added to rest or surplus feed by istmet at flee
per cent., 4,130/. 2s. 3d. ; to payment of the Method now
declared at the rate of six per rust. par annum, for the last
half year on the paid-up capital of 1,000.0001., 30,0001. ;to
honor of six per curt. on the capita, 80,0001. ; to balance of
profit and lore account, 1.2,0731. 6.. ltd.-141,8881. 17e. 74.
Cr.: By Wanes of profit and Ws account, en the 80th .f
Jest, 1858. 9,8621. 18.. Id. ; by fend ripactally reserved,
Dee. 31,1857, 10,0001. ;by gram Koine of-the last half-year,
after paying the Memos tax, end making movie= for all
bed end doubtful debts, 121,0361. 19e. 6d.; tote, 141,8881.
17s. 7d. _

"Rest of Supine Fold.—Dr.: Present asseetet,
189,8241. lie. lid. Cr. Amount on the let July, 1858,
185,204/. 9s. 8d; by interest be ditto at 6 par cent. per
annum, 4,1301. 2a. 3d.—Total, 169,3341. lie. 11111."
The CHAIRMAN moved the adoption of the report sad
accounts, remarking upon the prosperous condi of the
bank. The deposits had now 11'i:red at what he might all
low-watermark. Nearly 2,000.0001. of deposits had kw
withdrawn during the last two years owing to the redaction
in the rate of interest. At the same time the general and
regular business of the bank bed greatly inores.ed, and
the directors were now enabled to divide nine per
cent. The bushesss of the bank was spread over a wide area,
end there could be little prospect of any serious casualty hap-
pening to any of the branches. Added to the eight per cent.
netted the last half-year, the present division made the
dividend for the year equal to seventeen par cent.
(Cheers.) At the same the. • considerable addition
had been made to the menu teed, while there
wee now no necessity to ad spirt say reserve
to meet the anticipatcd losses arising out of the alio 0t.1867,
se the deficiencies which existed in the autumn et that year
now only amounted to 2,5001. It was gratifying Ass that
the directors were still in a position to enable the disks to
participate in the prosperity of the bank; but if this peer
perity continued, as there wee essay primped it would, it
wick broom • question whether the gratuity should be paid
half-yearly, or • portico of it set for the establishment
of a enperannua fond. (Hear, hear.)
A SHARtHOLDIR cued that won nssewse might be
made for reducing the lutldleg find. He also thought the
gratuity to the clubs might be the MIMI et meeting • gri-
nuke fund.

.-7The e7t;IRM AN amid ha hoped the the would COON whoa
the whole of the building rand would be paid cif. Nothing
Wei owing on we ,oat of the Lothboss house ,• bat it shooooiidd
he rementxred that the buildings were le cued with • view
to eenticp extynding over teeny yrire, and of
mune it was rely right that each year should be
made to pay it. proportion of the cast. The directors had
monies to do with the guarantee med. That wu • matter
testier: entirely with the clerk,.
ILIDDO Vaud whether the directors had taken into
etheideration the expediency of reg:etering the bank under
the Limited !debilities Ad.
The CHAICIII•31 Mid it had been occesionally considered,
but no settled demotion bed asides upon the qusetion. It
VW a subject requiring reey .note pervious dienasku.
At the nue time the esilsU sad security of the bank de-
pended lapis the careful teusgesosat of the, beak. The
directors concesiert nothisg true the Limited
committee which investigated the matter
for the House of C 4•022301111, sad he had great
*sure in stating that by a tyrant made to the one-
ratites. it appeared that the losses of the bank from 1837
to 1867, which included a period of two panics, were meet
fasignidoent. All this wee the remit of prudent manage-
went,' end not playing ducks and drakes with the monies ef
the bask, and oontineung the name coarse would so doubt
satiety the public.
The repeat wee then adopted unenimoualy, and the &Ti-
died deciared pe able on are after the 211th instant.
The retiring were re-elected, and the prowedinp
demi with 'cordial tote al thanks to the chairman, directors,
wee szetsrees.