The Express.
London, England, 1867-01-17 00:00:00

THE EXPRESS, THURSDAY EVENING, JANUARY 17, 1867.

"Liabilities and assets, I>ec.:il,lBol.—Dr.: To capital paid
up, viz., 72,000 shares at 15/. each, 1,080,000/. ; to amount
due by the bank on current accounts, depredt receipts, cir-
cular notes and acceptances, 15,300,23 d.; to amount of
the guarantee fund, June 10, 1806, 319,991/. 9s. $4. ;
to six months' interest on ditto, at :lper cent. per annum,
4,7991. 17s. 41.; together, 324,791/. is. 21.; to rebate of
interest on bills discounted not yet due, carried to new
account, 19,444 sic.; to amount of net profit for the half.
year ending 31st of December, including 20,571/.
11.1. balance of profit and loss account, 10th
June, 183,0:NW. :;s. 7.1. ; total, 16,913,4831. 188.
('r.: By government stock, valued in accordance with the
resolution loomed by the general meeting of shareholders,
on the 19th January, Pais, viz.,-1,200,00/. consols, New
Three per Cents. and Reduced at 100, 1,080,0091. ; by cash,
1,707,053/. 184. 4.1. ; by hills discounted, loans, and other
securities, 14,1117,11491. 3s. 2d.; by buildings, furniture,
&c., at head-office and branches, 45,4801. Is. 3d. ; total,
10,913,453/. 10is. 94.
" Profit and Loss Account —Dr. : To current expenses,
proportion of building expenses, directors' remuneration,
bad debts, income tax, &c., 41,1154/. Its. W.; to rebate of
interest on bills discounted not yet due carried to new ac.
count, 19,400/. Mi.; to six months' interest on the guarantee
I fund, at N. per cent. per annum, 4,7:1.11. 17s. od. ; toge-
ther, 05,398/. 15s. ; to Ilividentl account, for the payment
of half a year's dividend, at the rate of 121 per cent. per
annum, upon 1,0.80,000/., amount of paid-up capital upon
, 72,000 shares, c 7.501/.; to ditto for the payment of a bonus
of 18s. 9.1. per share, 67,5001. ; to special reserve, 40,000/. ;
to amount carried to the guarantee fund, 8,0.1.-v. 34. 74. ;
total, 24+4,453/. 18a. 7.1. Cr.: By amount of gross profit for
the half-year ending 31st December, inclufang 20,571/.
I 2.5. Ild. balance of profit and loss account, :loth June,
248,4 W. 18s. 7d.
"Guarantee Fund Account. —Dr. : Present amount,
332,840/. 10s. lid. Cr.: Amount on the :10th June,
319,991/. 91. ; by interest on ditto to 31st December,
Vita:, at :3. per cent. per annum. 4.799/. UP. ; by
balance of undivided profit, 8,0551. 3.. 7d.— total,
332.5113. 10s. 911." . _

The CHAIRSIAN in moving the adoption of the report
and accounts, said the directors felt great satisfaction in
meeting their brother shareholders on account of the
proof afforded of the continued prosperity of the bank,
which had now entered on the 31st year of its existence,
and which, notwithstanding the increased capital, was
paying nearly the largest average of any five years since
it commenced operations. (Cheers.) When they
last met the commercial world was still suffer-
ing from the crisis, but that crisis had now
passed away, and while it lasted that bank was
enabled to meet all the demand, made upon it. Although
the board did not anticipate any losses they
had felt bound to make a large reserve.
They fully anticipated that the amount would remain
intact, and he was happy to say they had no contractor'
debts. The difference in the deposits as compared with
the amount at the time of the last meeting erase solely
from the contraction of the foreign business of the bank,
the general business having materially increased.
The report was adopted amid cheers, without any pre-
vious discussion.

The retiring directors having been re-elected, and a di.
vidend of I2i per cent. per annum and a bonus of Its. 9d.
per share having been declared,
On the motion of the CHAIRMAN, Mr. J. S. Oxley was
unanimously chosen to fill the vacancy in the board caused
by the death of Mr. John T. Oxley.
Thanks were then voted to the directors, managers, and
officers, and the meeting separated.

ALLIANCE BANII.-(THIS DA E)

This day the half-yearly meeting of shareholders
was held at the London Tavern ; Mr. CHarms In the
chair.

The report and statement of accounts, which has already
appealed in the Express, having been taken as read,
The CHAIRMAN, in moving its adoption, expressed his
regret that he had not a snore favourable statement of ac-
counts to present to them, as a large dividend was apt to
make up for any deficiency on the part of the chairman.
The directors had received letters from different share-
holders
calling attention to several points which made it
necessary for him to state what the exact position of the
bank was, and in order to do this it was necessary to go
back to the year 1864, when the bank reached its
highest point. At this period the current and de. '
posit account amounted to 3,000,0001., and the acceptances
were over 3,000,0001. Owing to circumstances which he
need not now recall, as they were already familiar with them,
they sustained losses, and the credit of the bank was so
depreciated in the month of May last that he heard even
the little boys in the streets may, " Whatever
other bank may not, the Alliance Bank is
sure to fail." They did not fail, but manfully
rode out that storm. (Cheers.) But the effect of the
pressure of that period was further to depreciate the
credit of the bank, and they lost much valuable business,
which they had never recovered. But the amount
of current account and acceptances had increased
from the lowest point in May last by 250,0001.
That was satisfactory. The chairman then ex-
plained why the law charges and the amount of bad
debts written off were so large as they appeared in the
accounts. With regard to the future, be reminded them
that credit was a thing of slow growth, and was not easily
recovered when once lost. But the whole statement was
before then, and nothing was kept back from
the shareholders. There was no chance of any loss from
the acoount with the Bank of Hindostan. With regard to
the directors they were desirous to strengthen their posi-
tion by the introduction of men who were practically
acquainted with banking, for much of their previous loss
had been incurred, not from any want of honesty
on the part of his predecessors, but from bad
management. He could assure them that the price of
their shares on the Stock Exchange was no test of the
daily transactions of the bank. They originate) in a
different set of circumstances altogether—from time bar-
gains and other irregular transactions of that kind. (Hear.)
In conclusion he called on them to ascertain for theta-
' selves the position of the bank and to bring to it their
accounts. (Hear, hear.)
Mr. ATKINMIIN seconded the report.
In reply to Colonel MURRAY and other shareholders,
The CHAIRMAN stated that • branch at the West-end
might be desirable, but at present they did not
wish to increase their expenses. The branch in
Southwark war doing well. With regard to the
item of 70,00 W. for expenses, a considerable portion
of it WI for bad debts, and it must be recollected that
they had four different managements to keep up. The
! debt in Australia was under consideration. The Birken-
head branch was paying its expenses at 'present.
The report was adopted, as was the declaration of divi-
dend at the rate of 4 per cent. per annum.
A vote of thanks to the chairman terminated the pro-
! ceedings.

On Tuesday afternoon the conservatives of the
county of Durham assembled at • banquet given in the
Town-hall, in the city of Durham, for the purpose of
celebrating the accession to office of a conservative
government, and to compliment the Right Hon. J. It
l'ilowbniy, the conservative member for the city, on his re-
appointment as Judge Advocate General. The chair was
taken by Earl Vane, and amongst the speakers were :
The Duke of Marlborough, Mr. Mowbray, M.P. ; Lord
Ravensworth, Sir Matthew White Ridley, Captain Sut-
tees, : Mr. H. E. Suttees, M.P. ; Mr. NS . Hender-
son, I.:c. The Duke of Marlborough, who fills the great
household office of Lord Steward, said the country de-
manded " quiet and repose," and he believed that if the
government should resolve to " pass over the Reform
question for the present," "in order to give that fair and
ample time which i.e requisite for the consideration of a
successful measure," their action would be fully endorsed
by_public opinion.
TILL MANCHESTER CHAMBER OP COMMERCE AND
Ma. GALT.—The interview between the Manchester
Chamber of Commerce and the Hon. Mr. Galt, of Canada,
which was fixed for to-morrow (Friday), has been post-
poned sine die. The reason of this postponement is ex-
plained by the following letter :—" London, Jan. 14. My
dear air,—l find on my arrival in town that my engage-
ments in connection with the negotiation with the Im-
perial government, relative to the confederation of British
North America, will render it impossible fur me to be
absent for some time; and I must, therefore, beg you
kindly to permit me to postpone to some future day the
plasmas of meeting the Chamber of Commerce. I hope
this will not cause you inconvenience ; but you will
perceive that while eating as a delegate I am not master of
W. own time.— Believe me, my dear sir, yours very truly,
GALT. M. Ross. Req."