The Express.
London, England, 1867-07-19 00:00:00

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ALLIANCE BANK (LIMITED).—(THIS DAL)
The half-yearly meeti of the shareholders was
held at noon, at the London Tavern; Mr. CH Al TEE in the
chair.

The report appeared in the Express of Tuesday lest.
The following is the balance-sheet:
. - _ - - -

" Balancjiheet,June3o,lB67.l-Dr.: To capital paid up,
90,7251. ; to amount due to customers on current and
deposit accounts, circular notes, k.c., 1,241,578!. 12s. 4d. ;
acceptance., k.c., 222,5214 9a. Bd., t0gether,1,464,1004 Is.;
to rebate account, 3,5351- 13s. 6d. ; to profit and loss
balance, 31st December, 1866, 2,7561. 18a. 3d.; to net profit
for the past half-year, 17,0111. Ba. 4d., together, 19,8121.
as. 7d.; total, 2,477,173/. ls. Id. Cr.: By cash in
band, at Bank of England, and at eall, 317,51734 ls. ;
by investments in India Bonds, 39,7251.: by bills
of exchange, loans to customers &c., 2,060,1454
Is. Md. ; by buildings, furniture, bank fittings, kc., in
London, Southwark, Liverpool, Manchester and Birken.
head, 59,7991. 16s. sd. Total, 2,477,1731. Is. Id.
" Profit and loss account.—Dr.: To current expenses,
including rent, taxes, salaries, atationery, law charges,
directors remuneration ke., 20,409/. 15s. ; to rebate oa
bills discounted, not yeedue, 3,535/. 13s. 6d. ; to dividend
account for payment of dividend of 7s. 6d. per share on
39,589 shares, 14,845/. 17e. 6d.; to amount written off
building and furniture account', 1,000/. • to balance
carried to profit and loss new account, 3,966!. 9s. Id.;
together, 19,8121. 6s. 7d.; total, 43,7571. 15e. Id.
Cr.: balance, 31st December 1866 2,756 18s. 3d.
by gross profits for the past half-year (after payment of
10,`•1904 124, interest on current and other accounts),
and making provision for bad and doubtful debts, 41,0001.
16a. 10d. ; total, 43,7574 15e. Id. ; by balance brought
down, 3 96/. 9s. td."
_ _

The CHAIRMAN, in moving the adoption of the report
and accounts, commenced by reminding the share-
holders that at the last meeting he remarked that the re-
storation of the credit of the bank would be a slow process.
As to the reduction in the deposit and current accounts be
believed it arose from scarcity of money among the
the public, and the making of calls ; adding that the
accounts were of an improved character, and that as re-
garded London there was an increase. The falling off of
6,0001. in the profits of the half-year was owing in a great
degree to the lowness of the current rate of interest. This
was the more important, because the greater part of the
company's capital was employed in the daily business.
The board had not been able to realise the
securities held spinet old bad debts. Aa regarded the
item of 23,0001. in the account of Mr. Jay, railway con-
tractor, he feared that that would be entirely lost. The
total of debts was 155.0001., added to which there
was 10,000/. for preliminary expenses and furni-
ture, malting 166,0001. Against that there was
123,0001. for securities in London, of which all that was
in doubt was 74,0001., and of this 50,0001. was almost
within their hands. The capital of 1,000,0001. might! be
mid to be intact. The company's affairs at Liverpool
had always been extremely well managed, and the losses
were chiefly in London. The business of the bank was in
a greatly improved condition. Upwards of a hundred
sew accounts had been opened during the half-year, and
those accounts were of a superior quality to many which
had been closed. He regretted to say that out of 800
Loudon shareholders only 148 kept an account with the
kaki and the directors felt strongly that they were not
sufficiently backed up by those whom they represented.
Mr. BARHFOR.I/ moved as an amendment that a com-
mittee of inquiry be appointed to investigate the bad debt
account, and consider the expediency of liquidating the
same out of the reserve fund.
In reply to a question,
Mr. BAMFORD admitted that he did not keep his ao-
cTit at the bank.

Mr. TATtoo,
in seconding amendment, contended
that that fact did not at effect the question, and
proceeded to comment on the past history of the bank as
discreditable to many of the directors. The expenditure
for management was, he observed, much too large. Though
it had been much larger, it wan still 40,0001. a year, and
might to be further reduced. If it were diminished by
5,0001. that would be equal to one per cent. in dividend.
The CHAIRMAN—NO ; half per cent.
Kr. KINTREA opposed the amendment on the ground
that lie adoption would tend to ruin the bank by injuring
its credit. (Hear, hear.) That was not • moment to
take a map which was sure to create alarm. He had the
greatest confidence in the honourable chairman—(ebeers)—
who was deputy chairman in another Institution in the
City of London which was second to none. (Hear, hear.)
He was not in the habit of praising directors, but the
reduction of expenses had convinced him that their direo-
kew had awakened to the necessities of the ease. (Cheers.)
Kr. SLAM expressed strong confidence in the chair.
man, who be bad always believed would bring the ship
into • safe haven. (Cheers.)
A SHARRHULDIR considered that the adoption of the
amendment would be perfectly suicidal. It should be
borne in mind that some of the most successful banks in
London were at one time in as bad a position as that bank
had been. (A voice—" Worse." "Hear, hear.")
Kr. Kum (a director) after stating that he was • Liver.
pool director, and was compelled, by a change of 'evidence,
to retire from the board, referred to the history of the
hulk, observing that there bad been • lamentable want of
Prudence in the management in the City of London, but
that the bank was now in an improved position, and that
there was no bank which wee more certain to meet all
its engagements. There had, he remarked, been no lessee
at Liverpool.
The CHAIRMAN, in reply, said if the shareholders
wished to wind up the bank they had better peas the
mendment. (Hoar.) There neverwas a case in which a bank
survived the appointment of • committee of inquiry. He
had examined every account, and could testify to the
accuracy of the statements now laid before the pro-
Motors.

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Tne amendment wu withdrawn. and the report and
accounts were then adopted unanimously.
A dividend at the rate of three per cent. per annum was
4eckred, and the proceedings terminated in the usual
tanner.

General Garibaldi arrived at Piatoja at half-past
11 in the morning of the 161 h. A large concourse of apt.
bas of all classes of society were waiting for him at the
notion, and two bands of music accompanied him to hia
Loki. In the evening the General made • speech from a
ideony, and inveighed against the priests, saying, among
that' things, " Murk well my words—without Rome these
ao Italy." Garibaldi was to leave Pistoja on the fol-
lowing day.
THE RECENT CAME or DROWNING AT PORTRVISH.
"-The body of Miss Alicia Simpson, who, it will be re-
'4nbeled wasdrowned at Portruah on the int hurt., when
404 attempting to rescue her grandmother, Mrs. Hen.
_l4l, of Belfast, was found, on Tuesday morning last, on
ligan Strand, about three miles from the Downhill
44"WaY station. All Use clothes were on and the body
not in any way mutilated. The ker. Professor
W 7,41" Derry, E. G. Hennessy, Eau., and George Kidd,
tag., Belfast, relatives of the deeeisaed, arrived during the
day. Dr. Lane, the coroner of the district, attended with
promptitude, and held en inquest, at which a verdict of
• found drowned " was returned by the jury. The remains
were 'moved by railway yesterday morning for intermit,
In the family burying ground, the Temple. Keady, County
4""gli• We understand that Mrs. Hennessy is pro.
Penang favourably. Her medical attendant, Dr. Camp-
-411, of Portrush, expects that she will be able to return to
'Wait in a few days.—Norehern K Aig.

I.