The Express.
London, England, 1866-07-11 00:00:00

COCKERMOUTH.

There was no opposition to-day to the return of Lord
Naas, who was accordingly declared duly elected.

DROITWICH.
Sir John Pakington was returned to-day unopposed.

HUNTINGDON.

General Peel was this morning returned without opposi-
tion.

UNION BANS OP LONDON.-(THIS DAY.)

The half-yearly meeting of the shareholders
was held at noon at the London Tavern, Mr. P. NORTHALL
LAURI!, governor, in the chair.
The following report was ',resented :
" The directors have much satisfaction in reporting that
the net profits of the bank for the six months ending
30th June last, after payment of all charges (in-
cluding the sum of 174,7601. 13s. 10d. for interest paid
and due to customers on their current and deposit
accounts, and making full provision for all bad and
doubtful debts, are 179,2241. 3s. fid„ which, with
50,659/. 13s. 31. brought forward from 31st December last,
ainount to 229,8831. Ifis. 9d. The directors now declare a
dividend at the rate of 15 per cent. annum, and a bonus of
5 per cent on the paid-up capitnl, being, with a dividend
and bonus paid in January last, 221 per cent per annum
for the past twelve months, clear of Income tax. After
payment of the dividend and bonus, amounting together to
150,0001., there will remain an unappropriated balance of
79,883/. 16s. 9d. to be carried forward to profit and loos new
account. The following directors retire by rotation, under
the provisions of the deed of settlement, viz : James
Farquhar, Esq., John Chapman, Esq., and Orr John Mus-
grove, Bart., who, being eligible, offer themselves. and are
recommended by the court of directors for re-election.
N.8.-The dividend and bonne willbe payable on and after
Friday, the 20th instant.
" General Balance.-Dr.: L abilities -Capital-101.
per share paid up on 60,000 shares, 600,000/.; 51. per
share added out of reserved profits, 300,0001.; 151. per
share paid up on 20,000 shares, 1864, 300,0001.; together,
1,200,0001.; due by the bank on current accounts,
deposit receipts (including interest accrued), and other
ob4ations, 19,424,531/. 10s. 2d. • reserved fund, invested
In consols, as per contra, 300,000/. ; buildings invest-
ment account 72,000/. ; rebate on bills not due,
34,959/. 2s. ; Wence at credit of profit and loss,
229,8831. 16a. 9d. • ' total, 21,261,3741. 84. 11d.
Assets : Cr. Cash in the bank, 1,069,2611. 17s. Bd. ; cash
in bank of England, 730,711/. 15e. 103. ; cash lent at call,
1,014,0001., together, 2,813,973/. 13s. 63. • investments in
government stock, exchequer bills, debentures, &c.,
1,062,8261. 15a. 11d. ; 337,078/. 1311., consols reserve
fund, 300,000/. ; bank premises--conaisting of freehold
buildings in Princes-street, Mansion-house-street, Ara/11-
piece, Fleet-street, and Chancery-lane, and lease and
fixtures of No. 4, Pall-mall East, 213,042/. Os. 7d. ; loans,
bills discounted, lee., 16,871,5311. 18s. Md.-total,
21 261,374/. Ba. Ild.
Profit and Loss Account :-Dividend at the rate of 15
per cent per annum, 90,000/. ; bonus, 5 per cent.,60,0001.;
total, 150,00 W.; balance, being undivided profit carried
forward to next half-year, 79,883/. 16s. 9d.; total, 229,8831.
Ifis. 9d. Profit unappropriated on 31st December, 1865,
50,6591 13a. 31; amount of net profit of the half-year
ending 30th June, 1866, after deducting all expenses, and
interest, paid and due (174,760/. 13a. 10d.), allowed to cus-
tomers on their current and deposit accounts, 179,2241.
3e. 63.; total, 229,883/. 16s. 9d..
. _ _

The CHAIRMAN: in moving the adoption of the report
and accounts, said it gave the directors great pleasure to
lay before the shareholders the most favourable report
they had ever presented. Taking the whole year together
the profits amounted to about 330,000/., exclusive of the
amounts which had been carried forward. (Cheers). That
profit, obtained under circumstances which they would
all appreciate, had been made by legitimate banking.
(Renewed cheers). Moreover, sal stated in the
report, ample provision had been made for
all bad and doubtful debts. If he told them that they
had made no bad and doubtful debts they would not be-
lieve him, but he assured them there were none
that had not been amply provided for. No less than
294,000/. had been paid to customers for interest
on current and deposit accounts; and he left
them to infer from that fact, combined with
the amount divided, how vast must be the magnitude of
the company's operations. There was a diminution
in the dividend now declared from 15 to 123 per cent. for
the half-year. This was not because they could not divide
more, for there was a surplus of 80,000!., but on prudential
grounds the board thought it best not to do so. It might be
thought that the board made a reserve of 80,000/. on ac-
count of apprehended losses, but that would be a mistake.
In the present state of commercial operations, however,
and with the Bank rate at 10 per cent., the directors
considered it desirable to make a large reserve.
The Bank rate had ranged at 10 per cent. from the llth of
May up to the present time, and he did not anticipate
any speedy change. Adverting to the transactions in
hank shares, he observed that the bears had had a good
time of it, sided by the co-operative neutrality of the
committee of the Stock Exchange. (Cheers and laughter.)
There had been an increase of 1.58 in the number of share-
hoblers during the half-year ; and one result of the recent
panic had been to increase the banking business of that
company. (Cheers.)
A Snaentouwe thought the amount of capital paid up,
namely, 1,200,000!., was not sufficient, considering the
extent of the company's business.
Mr. NorrrimE observed that there might be some force
in that remark if they were a limited liability company,
but as it was it appeared to him without foundation.
There were 1.800 shareholders who were liable to the
whole extent of their fortunes. (Hear, hear.) He
hoped that the dealings in joint stock bank
shares would be put on • sound basis. He
concurred in the denunciation of what had occurred re-
cently as one of the extremest instances of London
rascality on record, and he thought that if no other
remedy could be found there should be an act of parlia.
went requiring that a man should not sell what he was
not prepired to deliver. (Cheers.)
Rear-Admiral JOHN PARENHAM said he felt that nothing
could be more base or an-English than the recent conduct
of certain parties with regard to bank shares. Having
swum through a troubled sea, the company was still afloat
and successful, and the board and officers of the society
well deserved the thanks of the shareholders. (Cheers.)
The CHAIRMAN, in reply, observed that the best capital
a banking company could have was public confidence.
(Hear, hear.) The paid up capital of that company was
the largest of the three Denim. banks. It was for a long
period 600.018 W. ; and with the consent of the shareholders
a reserve of 300,001 W. was then added to it. The capital
was now 12,000,000/. with • reserve fund of :(00,000/.
Moreover, the latter was a real reserve fund left intact i n Con-
sole. If the capital was Lobe furtherincreased it would not be
by means of a call, but in the same manner as it had been
augmented hitherto. As regarded the dividend he thought
that 22 per cent., after such a panic as they had just passed
through, was a satisfactory amount, especially when
sufficient sum was carried forward to secure the January
dividend.

The report was adopted.
A dividend, at the rate of 15 per cent. per annum, and
a bonus of 5 per cent. were declared.
On the question of the re-election of Mr. John Chapman
R director,
A SHAREHOLDER moved that the re-election be deferred
for a month, on the ground of his connection with com-
panies which had sustained ruinous losses through the
mismanagement of their boards.
The motion hawing been seconded,
Mr. A_vDraroN said he regarded the motion as a libel on
the directors who proposed Mr. Chapman's re-election.
The CHAIRMAN said before the meeting the directors
made inquiries with regard to the conduct of Mr. Chapman
of those who were acquainted with it. For ex-
ample, he asked Mr. William Jackson, M. P.,
the chairman of the committee of the Imperial Mercantile
Company, whether he thought there was anything in Mr.
Chapnuin's conduct which was unworthy of the character
of a gentleman, and the reply was in the negative. Mr.
Chapman had been a director of that bank for nineteen
years, and the board did not think there was any reason
why he should not continue to be one.

On a show of hands, only about a dozen were held up
for the amendment, and it was negatived by a very large
majority.
Mr. Chapman was then elected, as were also the other
retiring directors.
On the motion of Mr. A:maim:ow, seconded by Admiral
PAKENHAM, thanks were voted to the directors.
The meeting then separated.

GREAT FIRE ♦T LIMEHOCAIL—Last night a fire
broke out in an oil refinery, belonging to Mr. H.
and situated in Wood street, Bs -road, Limehouse.
The building was of considerable height, having a frontage
of 40 feet and a depth of 35 feet. Each door contained an
immense stock of oil, and ultimately the whole factory
wee in dames. The refinery and the valuable contents were
nearly destroyed.

REMARKS.

This morning the winds geneia—ByTtie light, and atlll westerly
on the comae of Sc,..tiand, whilst In the south of England they
have backed to B. E. and C. on our other coasts they are variable.
Barometers ruse yesterday, but are now generally falling. On
our south and west coasta, where fog or haze is prevalent, tem-
perature has Increased, but un oar other cassia it has remained
nearly stationary.

MINE&-(THIS DAY.)

Oxi o'Cwci.

In the mining market to-day there is a good
demand for West Chiverton, Clifford Amalga-
mated, East Caradon, Chontales, and Frontino and
Bolivia shares. Someof thepresentqnotationsareas
follows:—West Chiverton, 66 to 68; Clifford
Amalgamated, 6 to e 4 ; East Caradon, 7 to 72. ;
Camborne Venn, 20s. to 225. lid.; North Treskerby,
2 to 21; Prince of Wales, 13s. to 15s. ; Chon-
tales, to 12 ; and Frontino and Bolivia, ato 2.

WARR LISTS.-(THIS DA E)

Oyu o'CLOom.
The dealings in the railway market to-day are
upon a limited scale, and the general tendency of
prices is unfavourable. Metropolitan stock has
declined * per cent., and Great Western, London
and North Western, Midland, Lancashire and
Yorkshire, South Eastern, and Great Eastern *.
London and North-Western stock is now quoted
117 Ito 118} ; Great Western, Mi tos2*; Midland, ,
125 to 1261; Lancashire and Yorkshire, 1221 to
123 ; South-Esstwn,69* to 70; Great Eastern, 331
to ; Caledonian, 126 to 127; Metropolitan,
133 to 4 ; Great Northern, 121 to 122; ditto A,
131 to 132 ; and London, Chatham, and Dover,
204 to 214.
Foreign railway shares are dull, with few trans-
actions. Lombardo-Venetian are quoted 141 to 4,
showing no recovery from the reduction of yester-
day. Grand Trunk of Canada stock is called 14 to
19, being * per cent. lower, and East Indian, 100
to 101, ex div.
ILDINARY SHAMS ' st'Ll
SS. I Pd. I 11.12INATII I Sales to-daky
to 1 p.m.
- -