The Express.
London, England, 1867-04-16 00:00:00

THE EXPRESS, TUESDAY EVENING, APRIL 16, 1867.

His Honour grunted an immediate order of discharge.
Mr. Sykes appeared for the ol6ci►l assignee, and Mr.
Lawrence for the bankrupt.
•-- - _

(Before Mr. Commissioner Winslow.)
TN Er Z. D. GRIFFITH A.
The bankrupt was described as a general importer, of
Carter-lane. Debts, 1,984/. ; assets and property held,
about 300/.

Mr. Doris opposed for the assignees. Owing to the im-
perfect way in which the books had been kept, they re-
quired cut and deficiency accounts, also an account of the
bankrupt's accommodation tousactions with one Elling-
ton.

A solicitor who appeared for the bankrupt stated that
the accommodation bills had all ran off.
His Honour directed an adjournment.
IN RC Td1:111AN.
The bankrupt was a farmer, of Higham, near Rochester.
Against debts of 8,9421., there are assets and property held
of about 600/. The bankrupt passed, and the order of
discharge was adjourned, it being stated that there would
be considerable opposition cm the part of the English
Joint Stock Bank.

Mr. Bagley, Mr. Chidley, and Mr. Munni appeared in
the case.

IN RE A. L. ii. SALOMON%
The bankrupt was a fancy warehouseman, of St. Paul's.
churchyard, and since of Ludgate-hill, residing in Leinster-
square, Bayswater, at one time in partnership with F. S.
Cohen. This was the sitting for examination and discharge;
but the balance-sheet had not been filed. The preliminary
statement shown debts of about 4,001 W. Causes of failure,
badness of trade and losses on consignments.
Mr. Rooks appeared for the assignees, and asked for an
adjournment sine die, or the committal of the bankrupt
under.the 221 th section, for having disobeyed the orders of
the court.

Mr. G. Lewis, for the bankrupt, Mated that he had
entertained hopes of making an amingement with his
creditors, and therefore had not filed accounts. He asked
for time to enable him to do so.

His Honour directed an adjournment to a day certain at
the bankrupt's expense.

BASK OF BRITISH COLUMBIA.-(THIS DAP.)

The annual meeting of the shareholders was held
at noon, at the London Tavern ; Mr. F. W. L. MACILEAN
in the chair.

The following report and accounts were presented :
" The directors beg to submit to the shareholders the
accounts of the bank for the half-year ending 31st Decem-
ber, 1M66, duly audited. In the colonies of British Colum-
bia and Vancouver Island, trade having been in an unsatis-
factory state, the directors deemed it prudent to tauten
considerably the business of the branches there, conse-
quently the profits for the ball-year are small, the balance
at credit of profit and loss account on 31st December last
being 5,7871. 12s. 9d. The branches at Portland and
San Francisco, on the other hand, have been transact-
ing an increased amount of safe and profitable business.
The directors do not consider it advisable on the present
occasion to recommend a dividend, but propose to appro-
priate 2,934/. to meet bail debts incurred during the half-
year, leaving the sum of 2,853/. 12s. 9d. to be carried for-
ward. It will be satisfactory to the shareholders to know
that material reductions have been made in the expense of
the bank's management. The saving that will thus be
effected during the current year, the sounder basis of bun-
' nem in the colonies, and the further safe development of
the branches at Portland and San Francisco, warrant the
directors in expecting a more satisfactory result in future.
The recent union of Vancouver Island and British Columbia
will, it is believed, by stopping antagonistic legislation and
reducing expenses of government, remove impediments to
the progress of the colony, and as the natural resources of
the country ere great, the directors have confidence in its
future prosperity. As the paid-up capital is ample for the
present requirement. of the bank, there is no intention to
make a call during the current year. Mr. Alexander Mac-
kenzie has retired from the board on account of the state
of hie health. The retiring directors are Mr. Colville, Mr.
Gillespie, and Mr. Robertson, but being eligible, offer
themselves for re-election. The shareholders will also have
to elect auditors for the ensuing year.
" Statement of Liabilities and Assets at Head Moe and
Branches, Dec. 31, 1606.—Inabilities: Capital paid up,
496,000/. ; reserve fund, 20,0001. ; deposits, notes in circu-
lation, bills payable and other liabilities, 170,629/. 14s. 14.;
balance of profit and loss on the 31st December, 1866,
5,7671. 12s. 9d.—total, 494,417/. 6s. 10d. Assets: Specie
and bullion in hand and cash at bankers, 93,7601. 14s. sd. ;
bills discounted, bills receivable, government and other se-
curities, 394,2411. 19s. Id.: bank premises, furniture, and
other property, 6,414/. 19s. 4/.—total, 494,4171. Os. 10d.
" Profit and Loss Account.—To dividend paid Bth Octo-
ber, 1866, 8,9401. • to amount carried to reserve fund, 3rd
October, 1866, 2,001. ; to charges to 31st December, 1866,
including rent, taxes, salaries, and other expenses at head
office and branches, 9,9801. 2s. 7d. • to directors' fees,
8001. ; to balance of profit, 31st December, 1866, 5,787/.
Its. Oil. ; total, 27,5071. 15s. 4d. By balance of profit and
loss account brought from 30th June, 1866, 11,544/.145. Id.;
by profit for six months ended 31st December, 1866, after
deducting rebate of interest on bills not due,15963/. le. 3d.;
total, 27,507/. 15a. 4d."
The CHAIRMAN, in moving the adoption of the report
and accounts, commenced by adverting to alarms which
existed among some of the shareholders with regard to the
price of the shares and the amount of the expenses. The
price of the shares was a matter over which they had no
control, and he believed shares could not be obtained at
the price quoted.
A SHAREHOLDER remarked that he was offered 10 shares
at that !irks) the day before.
The CHAIRMAN continued—They. all knew what had
been done within the last year to injure the position of
banks, and the value of bank shares.
Mr. St.oeB expressed his disbelief in the accuracy of
this statement.

The CHAIRMAN said the depreciation of the new shares
was accounted for by the fear of calls. The directors had,
however no present intention of making a call ; and when
the board had, as was the fact, sufficient funds to pay off
all liabilities or demands there could be no real cause for
alarm. (Cheers.) In the face of a commercial crisis like that
which had occurred the board thought the beat course was
to look on. That crisis wee, however, now over in the
colonies, and he believed that a safe and profitable
business might be done. The last advice* were to the
effect that the prospects were now good. He
then entered into details in support of this view,
and among the favourable circumstances referred to •
valuable discovery of silver ore. The bank had been es-
tablished only four years, and had paid an average divi-
dend of 7. per cent.; and if the shareholders supported
the directors, there could be no region to despond as to
the future. (Hear, hear.)
Mr. It. GILLEBPIE (deputy-chairman), in seconding the
motion, concurred with the chairman as to the necessity
of union and confidence on the part of the shareholders,
and deprecated any discussion which was likely to injure
the credit of the bank.

In reply to a question,
The C HAIRmAN stated that the average holding of shares
by the directors exceeded 100 each.
An amendment for winding-op was, after considerable
discussion, withdrawn, the explanations afforded by the
chairman being deemed satisfactory.
After some discussion the report and accounts were
adopted and the proceedings termin►ted in the usual
manner.

AGRA AND MASTERMAN'S BANS.-(THIS DAY.,

This day a meeting of shareholders was held in
the London Tavern, for the purpose of receiving the re-
port of the committee appointed on the 18th October last,
and coming to some determination thereon.
The report having been taken,
Mr. THOMPSON, the chairman, congratulated the meet-
ing on its assembling, and on the fact that the bank bad
passed as it were through the valley of the shadow of death.
The past mismanagement of the bank was felt and de-
plored by all, and ought to be a warning and a guide for
the future. The head office was in London, but it had
branches in India, China, Australia, and Paris. It was
intended to give up those branches which had not been
worked at a profit. The Chairman then explained
the nature of the business which would be carried
on by the resuscitated bank, which he assured the
shareholders would be of a safe and aound character.
Since the bank was opened in January in London
and Scotland its progress was continuous and satisfactory.
They met with encouragement on all sides. The current
accounts were little short of what they amounted to when
they were in Cannon-street. (Cheers.) The deposit
accounts were also in a satisfactory state. The Scotch
branch was very warmly supported, and so also were
the branches in India. With regard to their liabilities,
they had no apprehension of being able to provide for
them when they accrued. (Hear hear.) The very fact
of the resuscitation of the bank gave an increased
value to their locked up assets. In some cases the securi-
ties would not only turn out good but would leave a resi-
duum of profit. The India and China branches would
be good for all their liabilities, and a surplus
would be left for other purposes. (Hear, hear.) The
same would be the case in the colonies where the ma-
nagement had been most praiseworthy. (Hear, hear.)
He might say the same of the Paris branch ; but
the coat of liquidation had been considerable.
The chairman then referred to the claim of Mr.
Canaan for 25,000/. for his liquidation. They were pre-
paredto act towards Mr. Cannan in a spirit of equity,
liberality,
and generosity ,• but that gentleman did not
treat them in the spirit in which they were prepared to treat
him. The chairman referred to particular acts of Mr. Cannan
which he complained of, and expressed his regret at the
spirit of an article which appeared in yesterday's Ti uses.
He concluded by again expressing his satisfaction at the
resuscitation of the bank, which placed 500,0001. in the
pockets of the shareholder, which would otherwise have
been lest to them, and moving the adoption of the report.
[The meeting had not terminated when we went to
press.]