The Express.
London, England, 1857-07-14 00:00:00

THE CITY BANK.—(TIIIS Deli)

This morning the third ordinary general meeting I
of the proprietors of the City Bank wax held at the London
Tavern; Sir It. W. CARDEN, chairman of the board of
directors. in the chair.
The following was the report, viz.,—" Sines the directors
bad the pleasure of making their last repurt, they have consi-
dered it advisable, from the steady increase of the
hnei-
nem of the Bank, to make a farther RIM of 1.500
shores to the proprietors, at a premium of 104 per share,
in the proportion of ono to every three shuts previously
held. Upon this issue, 15,000/. have been received for
premium and 32;235[. on account of instalments.
Veen the accounts, wbish the directors have new the iiatio-
faction to place before the meeting, it will be area, that, after
defraying all the current expenses of the establishment, in-
cluding the ueualpn,pertion of building expenses, providing
for all Lad and doubtful debts, and allowing for rebate on
bills diocounted, not yet due, the sum remaining at their
disposed einounte to 25,0191. 1 la. lid., whbt ,-tables them
to transfer 15,000,. to the credit of the " Reserved Fund,"
thereby inereasing that fund to 28,000/ ; to declare a divi-
dend at the rate of 5/. per =Bun per annum, and a bonus
of Ilk. per share, both free of incense tax; also to
carry forward the sum of 2,174/. 1 la. Ild. to the profit and
loss account of the current half-year. The direetors, who
' retire by rotation on the present ore lion, are Aldermen Sir
' Robert Walter Cenien, M.l'., William Ilackblnek, E
M.P., and James Nelson Smith, Eng., who, being eligible,, '
offer themativen for re-election. The dividend and beaus
! will be payable on =defter 'l,lestlay, the 21st July instant."
The CHAIRMAN. in moving the adoption of the report,
congratulated the proprietors up-in the continued prosperity
of the bank. This belt ;car the proportion of hod debts made
the current expenses somewhat larger than they were R.
rewrted at the last meeting, but still the average of bed
debts in the whole year WAR Is low what had been originally
euticipatid. The bonen to be declared to-tlay would
slake the di, Mend PHI per cent; he hoped the time
would route when the dividend would be seven
per cent. irrespective of the beaus, The charge for remind-
wet next half-year would be leas than it was this half.
The bank paid.l,R.lo/. a year ground-rent, but recently the
bank had underlet part of their premises to the ext, nt of
1,515/., and they had dial nine ricotta to let which were not
required for the purposes of the bank. When these were
let the hook would hive 2,000!. • year to meet 1,850/.
The bunk premise. might be get down as having oust
30,000/.; and charging that sum at 4 per cent., would
make the bank stand at the annual rental of only
1,2001. Adverting to the piece of the shame in the
nuirket, be remarked upon the steely figure at which they
stood ; and be attributed much of this, as well aa their gm,
Kueperity, to the eirrumstence of the hank excluding the
branch system. He fully relied upon one day seeing them
standing in the position sad recognised aa the Bank of
England, Junior. (A lough.)
report wee unanimously adopted, after which the
dividend was declared, and the retiring director., having
been re-elected, the proceedings terminated with the usual
compliment to the chairman, °Skid's, and directors.