The Express.
London, England, 1866-07-18 00:00:00

IMPERIAL PARLIAMENT.

OUSE OP COMMONS. —emus DAC> k -
Tye Stamm took the chair to-day at 12 o'clock.
in answer to Yr. Fumes,
gr. LEMAN said that, in his Purchase of Shares Bill,
he liberated to limit its provisions to the shares of joint-
swot tanks and disc nut oonipardes.
oe the second reading of the Legitimacy Declaration
it T. CHAMBERS said that it was intended to ree-
webignities in two acts of parliament', and was, in fa
set only ; and he thought that it had received
' lament. But as the ben. member for Ayr,
4a originally put his name on the beak
d the bill, had changed his opinion, and given notice of a •
opal for its rejection ;in the present step of the buri-
als of the session, he should withdraw it, with the
of reintroducing it next year.
Mr. CRAMMED said that when he ascertained that
dw ye in effort ens which had been rejected by the
kow 'awe than coos,_ he withdrew his name from it, and
dweght it ought to be oppcsie
The order for the second was then diseharged.
On the motion for the ad debate on the Elective
fronohise
Kr. CLAYBM, said that be did not propose to carry on a
widtkined dismission on this bill, which he could not hope
w carry this melon; but he desired to say • few words oft
insprinapal objects. lAN.' opposition to it,Mr.Gladetene
ya nether comprehended its principle, nor naide himself
sapainted with its details. The bill was intended An a
wpplement to any measure of the government, whieh pro-
pelled to lower the franchiaa Mr. Gladstone had ridiculed
she idea of any woriang man paeans the examinatioa eon-
Vltedby the bM ; But he (Mr. Clay) wee of
that it was in fact too easy, while es to the
trouble cast on persons who wished to obtain this fran-
chise that was but small, and the expense of attaining it
very trifling to the candidate and none to the country.
As to the objection that this wee essentially a
young man's franchise, that might have been easily cured
by making the age of its attainment 25 instead of 21. The
principle of admission to this franchise was not the
acquirement of a little bit of learning but the earnestness
of character which induced a man to endeLVelle to obtain
it. The objection of Mr. Bright that no knowledge of the
coseritation and of the value of the franchise was gained
by lb. education which was proposed as a test
was equally applicable to a 10/. occupation ; and In his
whole argument against the bill that gentleman showed
that his knowledge of the working classed was small. He
tektite objections that the bill contained the maximum of
promised liberalism and the minimum of performer/es, and
that it would be in fact universal stiffrege, to be dealt with
by those who had used them, while as to the argument
that the franchise was thus opened to clever rogues,
why should not suck men be 101. householders. He was
wiling to allow a low rate of property to be a title to the
headline, but he also desired that intelligence should also
aosstitate a claim. His chief object eras to introduce the
element of permanency into the subject of the frawhim,
for if his bill had been adopted no one could therefe
have said that he was excluded from the electoral suffrage.
The bon. member then moved to discharge the order for
the second reading.
After some observations from Mr. GLAD6TOIII,
Mr. JULIAN GOLIMIIID stated the object of the Elections
Returning 015cers Bill, the rejection of which was moved
by Mr. Lowman, and a discussion upon the subject was
going on when our report left.

LONDON AND WESTMINSTER .84N1.-(THIS
DAY.)

The half-yearly meeting of the shareholders was
held at 1 o'clock ; Alderman Baikeofis, M.P., in the
chair.
The SECRETARY (Mr. T. P. Shipp) read the following report
and balance-sheet:
" The directors have to report that, after making pro-
vision for all bad and doubtful debts, paying the income
tax, and setting apart 2001. towards the buildings of the
bank, the net profits for the last half-year amount to
250,8131.75. 10d. The sum, added to 15,497/. 19s. 4d., the
unappropriated balance of the preceding half-year, wilt
amount to 266,3111. 7s. 24. Out of this amount interest
on the rest or surplus fund at the rate of 5 per cent. per
annum (6,6671. 13s. Id.) has been added to that fund. The
directors now declare a dividend to the shareholders at the
rate of 6 per cent. per annum, and by way of further divi-
dend out of the profits, a bonus of 11 per cent, on the paid-
up capital. After these payments are made there will
remain 117,6431. 14s. id., which the directors have appro-
priated as follows, viz. :-94,6261. la. Ild. to the rest,
which will then amount to 450,0001., and the balaree
(23,0171. 12s. 2d.) carried to profit and loss account for
current half-year. The directors have to express their great
regret at the loss of the valuable services of their esteemed
colleague, Henry Buckle, Esq., whose state of health has
compelled him to resign his seat at the board. This does
not create any vacancy, Henry John Norman, Esq., having
(in anticipation) been appointed an extra director at the
time of the tender of the business of Mews. Josue Loyd
and Co. . .

"Dr.: To proprietors for paid-up capital, 1,000,0001.; to
amount due by the bank on deposits, circular notes, and
other moneys payable on demand, 21,024,2111. 12s. 3d.
(this sum does not include acceptances, 1,274,2421. 195.) ;
to rest or surplus fund, 346,706/. Si. ; to balance of profit
and loss account, :31st December, 1865, 16,4971. 19s. 4d. ;
less donation to Middle-class Education Fund, as sanc-
tioned by the proprietors, 1,000/. ; together 15,4971.
19a lad ; to net profits of the past half-year, 250,8131.
7s. 10a—total, 22,637,2291. 4a. sd.—Cr.: By government
'took, exchequer bills, and India Bonds, 2,594,7121. 9s. ;
by bills discounted, loans to customers, and other securi-
ties, 16,578,049/. 7e. 9d. • by cash in hand, 3,464,467/.
7s. 81.—total, 22,637,2291. 4s. sd.
"Profit and Loss.—Dr.: To total expenditure of the
eight establishments, including rent, taxes, salaries, sta-
tionery, &c., 52,4571. 19s. 5d.• to amount set apart towards
the buildings of the bank, 2,0001.; to amount added to rest
or surplus fund, by interest thereon at 5 per cent. per an-
num, 8,6671. 13s. 14.• to payment of the dividend now
declared, at the rate Of 6 per cent. per annum, for the last
balf•year, on the paid-up capital of 1,000,0001., 30,0001. ;
to bonus of 11 per cent. on the capital, 110,0001.•, to addi-
tion to rest or surplus fund, 94,626/. Is. I Id.; to balance of
profit and loss account, T. 3,0171. 12s. 2d.; total, 320,7691.
ta. 7d. Cr.: By balance of profit and loss account, Doc.
11, 1665, 16,497!. 19s. 44.; less donation to Middle Class
Education Fund, as sanctioned by the proprietors, 1,000/.
—15,4971.19.. 4d.; by gross profits of the last half-year,
after paying the income tax, and making provision for
all bed anti doubtful debts, 305,721/. 7s. 3d. ; total,
320,769/. Si. 7d.
" Rest or Surplus Fund.—Dr.: Present amount, 450,000/..
Cr.: Amount on Jan. 1,1866, 346,706/. Os.; by interest on
ditto, at 5 per cent. per annum, 15,667/. 13s. ld.; by amount
as above, 94,626/. ls. 111; total, 450,000/.
"The dividend and bonus (without deduction of income
tar, which is paid by the bank) will be payable on Monday,
the 23rd inst." _

The CHAIRMAN, in moving the adoption of the
report and accounts, commenced by expressing his
pleasure at seeing, under the circumstances, so
large a meeting. Notwithstanding the n.onetary
storm of the last half year, the board had presented a reas-
suring and satisfactory report. The business had pro-
gressed steadily. 'They began the last half-year with de-
posit and current accounts amounting to 19,000,000(.: these
now amonn ted to about 21,000,000 e. , and never during the last
three months had they been less than 20,000,000/. (Cheers.)
The profit of the half-year were 250,0001., and they divided
140,0001., which was about as high a dividend as they ever
received. In addition to this, 94,000/. was added
to the reserve fond, and, with the addition
of the interest of that fund for the half-year,
the increase was 105,900/. Two years ago they mode up
the reserve fund 300,000/., and as it was now 450,000/.,
the increase was at the rate of 75,0001. per annum. The
laws of the half-year were small, being below the average,
sad though they held some hills of the Rank of London and
°reread and Gurney's they were in fact securities of
solventeoncerns in a state of suspense. In cash and Console
they had about 6,000,0001. ready for any emergency. It was
eight or nine years since they had had occasion to turn any
Cowls into cash, and that was, he thought, a proof
that their business bad been carried on with
prudence. (Cheers.) Since the month of May they had,
se was happy to say, opened 500 new accounts. In con-
Flaxen, he expressed his perfect readiness to give any
information which could be reasonably asked for.
Mr. Caoucir thought the shareholders did not receive
es much as they ought to do considering the amount o
rofitg. (Oh, oh.) At the last meeting they divided a
mem of 17 per cent, now the bonus was limited
to 14 per cent., and the only reason alleged for the
difference was the increase of their buildings in conse-
petite of increased prosperity. This was not necessary
for the public, who knew that they were secure. The
shareholders were liable to a large amount, and they
oosht to be paid for their liability. (Laughter. and cries
'4" Time.") It was not fair to the shareholder to give
them so small an amount when they might safely have
more.

The CHAIRMAN, in reply, said it was remarkable that
mapsints of that kind came chiefly from the smallest share-
holders. 'Laughter.) The object of the board in this case
*ls that, the dividend being an interim one, the amount
sett half-year should be the largest. The dividend was
tbe, largest ever paid at that period, and under all the
walnut:awes, the board believed that the course which
tl,ll had adopted was the best.
XT. Tire, M.P., having been referred to as an
oineate before he was a director of the principle
mriaided for by Mr. Crouch, stated that he him-
awed the addition to the rest on the ground
the increase of the deposits, adding, that the sooner
the rest was named to 500,0001. the better the bank
"cold stand in the estimation of the world. Considering
events of the last half-year, the addition of 100,0001.
tithe rest seemed to him a wise and prudent step. He
that after the rest had reached 600,0001 the
,holden would participate in the incase 'TEM&
report was adopted, and the dividend and bonne of
"Pa cent. for the half-year declared.

- - --
The first dinner of the "Cobden Club" will take
Wee next Saturday at the Star and Garter, Richmond.
Glactek se is to take the chair, supported by Berl
Lusa