The Express.
London, England, 1866-01-26 00:00:00

CONSOLIDATED BANE.

The half-yearly meeting of the proprietors of this
bank was held yesterday &Itemise at the London Tavern,
Mr. T. A. HAMLET in the chair. . .

Mr. Boone, the manager, having read the notice con-
vening the meeting, read the report as follows :
"The directors submit the statement of accounts and
balance sheet of the bank for the half-year ending 31st
December, 1865:—The net profits of the bank during the
half-year (after deducting current expenses, rebate of in-
terest on bills not due, interest accrued to customers. in.
come-tax, and directors' remuneration, and making ample
provision for bad and doubtful debts) amount to
61,1381. 13s. 9d. ; the habitue left unappropriated on the
30th of Jane was 6,8121. 14s. ; making • total of
67,951/. 7s. 9d., from which it is proposed to declare •
dividend for the half-year at the rate of 10 per cent. per
annum, and • bonus of 3s. per share (being an additiooal 7}
per oat per annum), fres of income-tax, 52,5001. • to carry
to reserved surplus fund, 10,0001, ; to carry forwsid to next
amount, 5,4511. 7s. 9d. ; total, 67,11611.75. 9d. The reserved
surplus fund, which stood on the 30th June at 70,0631. 16•,
will, by the addition of six months' interest, 1,7431.3.. 10d.,
and the appropriation now recommended, 10,0001., be in.
creased to 81,8081. 19s. 10d. John Pemberton Heywood,
Coleridge John Kennard, Adam Steinmetz Kennard, and
James Wyllie, &qui, are the directors who retire by rota-
tion ; being eligible, they offer themselves for re-election.
According to the provisions of the deed of settlement, the
auditors offer themselves for re-election by the shareholders
at this meeting."
The Cir•Huraz, in moving the adoption of the report, oh.
served that the net profits of the bank during the past half-
year had rather exceeded the rate of 20 per cent. on the
entire capital of the bank, and the directors were thus
enabled to propose to them a dividend and bonus equal to
174 per cent. per annum for the past half-year, besides
writing off 10,000/. placed to the credit of the referee fund,
and carrying forward 5.4511. to the next account. They
would, he felt assured, consider the result of the last half-
year's working had been satisfactory. (Cheers.) Before
moving the adoption of the report, he begged to impress
upon them the importance of their uniting their influence
for the purpose of bringing new current and deposit &commie
to the bank. They were a most influential proprietary,
and if they only exerted themselves moderately in this
direction, he had no doubt that so large a sum would be
added every half-year to the permanent deposits of the
bank that in the course of a very short time the institu-
tion would equal in magnitude and success the largest and
most successful of the London joint stock banks. (Hear,
hear.) He concluded by moving the adoption of the
Mr. FARIBROTI3/3 seconded the motion, which was
carried unanimously. _

In reply to a question from a SHARLIIOLDER,
The CHAIRMAN stated that there was oo present Intention
of removing the. bank premises, and they certainly would not
do so unless they received advantages which would fully com-
pensate them for doing so. There was no foundation for
the report that they were about to occupy the premises now
occupied by the London and County Bank.
The report was then put and carried unanimously.
The retiring directors, Messrs. J. P. Heywood, C. J.
Kennard, A. S. Kennard, and J. Wyllie, ware re-elected, as
were the retiring auditors, and
A cordial vote of thanks to the chairman and directors for
their able management of the affain of the bank terminated
the proceedings.