The Express.
London, England, 1866-07-25 00:00:00

NATIONAL DISCOuRr COMPANY.-(THIS DAY.

This day the general meeting of the pr prietors
was held at the London Tavern, Mr. F. W. RuhIaILLII.,
M.P., in the chair.
The report, which has already been published, having
been taken as read,
The CHAIRMAN, in moving its adoption, said the last
half-year was one of peculiar difficulty. There was a
pecuniary panic of great and long continued
severity, and-besides this there was • war on the continent,
which contributed to the difficulties of the period. It is
no small test of the management of the company that they
tared through this trying period in the manner dis-
closed in the accounts. (Hear, hear.) They had
only set aside • sum of 2,5001. to meet
bad debts, but of this amount he believed they would
ultimately lose nothing. (Hear, hear.) There was
another class of accounts, namely, those bills which had
been taken with the acceptances of other companies, with
regard to which they would be more cautious in the future,
but on this class they would not suffer any loss.
During the half-year ending December the number of new
accounts opened was 692 ; in the past half-year 1,633 new
accounts had been opened, showing an increase of be-
tween 900 and 1,000 new accounts. Those were deposit
accounts. (Hear, bear.) He should now move the adop-
tion of the report.
Mr. BARN, M.P., congratulated the directors on the re-
port presented to the meeting. It showed an able, judi-
cious, and expert management. He was glad to find that
the directors were going to profit by past expatiation, and
trusted they would confine themselves to the business of a
strictly commercial discount company. (Hear, hear.) He
felt sure that the management of the future would be
as prudent as the management of the past, and as he was
obliged to attend to his duties in another place he wished
to say that he should heartily concur in any mark of ac-
knowledgment which the shareholders might think fit to
offer to the directors. (Hear.)
. .

The report was put and adopted.
A dividend at the rate of 20 per cent. per annum for the
half year, free of income tax and it,!iyable on and after the
let of August, was declared ; 3,1+331. being carried for-
ward. _ _

Votes of thanks were pulsed to the directors and to
Mr. Webber, the manager, the secretary, and staff of the
company.
Tim CHAIRMAN bore testimony to the ability divlayed
by Mr. Webber, and to the zeal of the staff generally.
A SHAREHOLDER hoped that some substantial mark of
the appreciation of the shareholders would be given to the
manager, of the company. (Hear.)

THE LONDON FINANCIAL ASSOCIATION.
(THIS DAY.)

This day the general meeting of shareholders
was held at the Baltic, Threadneedle-street ; Mr. HACK-
BLOCK in the chair.

The report, which has already appeared, having been
taken as read,
The CHAIRMAN said that taking into consideration the
perilous times through which they passed, the report was,
perhaps, as favourable as could have been expected. This
was the first of the finance companies, and it would be
strange indeed if they had not committed mistakes ;
bat beyond errors of judgment they could not
be impugned in any part of their management.
He thought they were now in a better position than they
had been for some time past. It was the custom now to
run down financial difficulties, but what class of h'miness
was better than advances to contractors of great public
works such as Sir Morton Peto and others, provided it was
prudently done. (Hear, hear.) He admitted that errors
had been committed. W ith regard to the shareholders' report,
that report was made quite independent of the direc-
tors. With whatever feelings the committee met, be
believed they were at last satisfied that their
capital was intact. (Hear, hear.) The directors
regretted that they could not recommend the view of the
shareholders committee, namely, to give • dividend for
the present half-year. The directors were supported in
their opinion by the auditors. He concluded by moving
the adoption of the report.
Mr. McKee seconded the motion.
Mr. MOKRTKON said he had no wish to find fault with the
directors, but he regretted that they were to be dismissed
without a dividend. He hoped the past would be a warning
for the future. They had been pressed by heavy calls and
their shares had been run down. He should move as an
addition to the motion for the adoption of the report the
following words, " and that in conformity with a recom-
mendation of the report of the shareholders, the pre-
sent amount of remuneration of the directors should
be changed, so as to substitute a fixed amount
as such remuneration, and that the directors be requested
to adopt such measures as would prevent the apprehension
of future calls either by at once reducing the nominal
amount of the .harts to the amount already paid or by
adopting such a mode of management as would make the
money paid up sufficient to meet all the occasions of the
association."
The motion having been seconded,
Mr. Powers, asked what was the nominal amount of the
securities on which advances to the amount of 1600,0001.
had been advanced. He agreed with the Cheinnan
that railway workswere • good security, but these railways
should be completed. Otherwise, if the contractor failed,
they would be left with tudlnished works on their bands,
on which it would be impossible for them to realise the
money which bad been advaseed. lillpeos=ed with the
directors that they were so 4 is a to make a
dividend.
meeting bad not terminated whin we went to
prim]

.llt BANK .
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I Sallie:

60,000' 50 Agra& llasterman's (1)1 26 1 21 20 dial
10,000,1 60 I Albion
40,000'100 ' AllianceLon.glaverpool 26 4 2Ms
100,0001 20 Anglo Austrian 6 14 Oidis 64
40,0001 60 Anglo Egyptian (Lim.) 2O 10 li dig
10,000, 60 Augio Italian (Limited) l9 9 7 dim
11,300 20 Asiatic Bank Cot new shin 10 4 d
20,000 40 Augtralagla all 60 68
1z,:,00' 20' Bankof BritishColumbla all 17 19
12,500 20 1 Do. New, issued 2 pm. 6
10,000 25 i Book of Egypt
40,000 20 I Bank of London
26,000 20 1 Bank of Otago (Limited) 10 6 4 gib
10,000 'OO , Bank of Clueensland,L.) 25 17 13 dis
80,000, !
60 Banked Victoria,Austral 26 38 41
60,0u0' 10 I Bank of New Zealand lO I 7 9pm 18 4
40,000 60: Barned'sltank (Limited), 10 90 10 dig die
60,000 20 I BrazillankPorturnme,ll 10 2 1 dis
20,0001 501 British &Californian,L) 71 6 S dim
10,0001 60 1 British N. America .
76,600 20 ChariesLatfitte&Co. (*L) 6
40,0001 20 ,C. Bk. India, Aug., China' alll 15 17
$O,OOO 25 , Mart. Mar. of India, /to.' all 25 37 34 54
60,000' 20 City IIO 16 18
10,000 100 Colonial
40,000 10a Com. Bank of Lhinada
40,000. 5 Cons Bank of India, de. all
160,000, 10 Consolidated Bank (L) 4 4 Ipm 4i 4 4
10,000, 60 Delhi and London 26 26 IN
10,000 60 East London (Limited) 6 24 leis
60,000 20 Eastern ExchangeLim.) 6 4 2 dig
30,000; 30 English and American ~ 6 4 2 dig
20,000 25 English Joint Stock (1-;' 10 15 12 dis
100,000, 20 Eng.Scotk Aust. Chart,. all 19 20
10,000; 60 English and Swedish (1.)1 25 13 11 dia
45,000 60 European Bank,Linilteo: 16 13 11 dia
40,000 100 Hindusn.ChinattJap.(L; 25 4 6
20,000'100 Imperial Bank (Limited): 20 6 8 pan
101,500, 20 Imperial Ottoman
' 6,000'. 25 lonian
03,0001 25 Do. New
1100,000120 Land Mort. Bk. Indial ) 4 4 ;dia 34
, 600,000,100 Li0.5p.c.Deb.,1864,30yrs all 82 86
91,000. 60 Lon.Bit.otHenoo,&c.(L) 171 7 6 dis
13,000100 Loodon and Bras:than 45 10 5 dis
22,0001 90 Do. New
4,000,100 London& RirerPlatefl `4O 810 pm
"3,0001 25 Do. New, im. at 14pm 10 2 3pm
90,000, 25 Do. do. do l4 1 2pm —,
60,000, 20 Lott Ch. Bank of Austria all 22 26
27,50 60 London and °minty.
73,000. 60 London Joint Stock l5 44 45
5000, JO London a SouthAtrican all 14 16
10,000 100 Lou. aS. Western( Lim.) 10 3 2 disl 17
6,000; 60 London &Venesuelaj ) 124 7 641azd
50,0001100 London lc Westmlnater. 20 16 s 7
111,051100 Merchant Bank (Lim.) . 5 15 17
6,051100 Do. New
50,0001 60 liercantile&Exctuta,L ) 124 11 9 dt,
17,166,100 Motto. .1 Pros. Bank(1) 20 •10 8 die ad' —id
201:0000001006
N9l2tildlanonad BackaA (Lbn.)
13
22
2%8,1 174
20,000 100 National of Lirool lO It 4pm
10,100 100 N. Pro. of England . 42
66,000 90 Do. 2nd aad taii... 12
40,100 60 National Bank
$7,600 20 New South Wales all' 43 44
60,600 10 New Zealand (Limited) I 1 lib per
10,000 90 North Western 7a 1 dis Ipm
*9930 IS Oriental Bank Corpoen. &111 46 48 : 464
10,000 10 OrienlOant.B.Llateo.C. 7 1 7 6 dig, '
16, 10 Do. do. lataN.T. 4 6 3 4181
a,040 96 Do. do. latel.C. 4 die.
A,211 60 ProghtlfankingOcrp.(L 10 4 I dial
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