The Express.
London, England, 1857-03-24 00:00:00

BANK OF EGYPT-(THIS DAT)

This afternoon the first general meeting of the
proprietors of the Beak of Egypt was held at the London
Tavern; Colonel JAMEN OLIPHANT, chairman of the board
of directors, presiding.
The audited accounts chow • balance to the credit of
moth end loss, on the 31st of December last, of
3,9411. 0. Rd. The Bank opened for bunnies
at Alexandria on the 7th July last. The paid-up capital
at the opening was 123,0301., find, taking into account the
call of CJ. fts. per share, payable on tine Mat October, the
working capital was 125.0001. for four months, and 147,11001.
lee two month.. Although a dividend could thus he reeds,
after setting apart fund for the gradual liquidatien of the
rtina7proettrawre nultrudidtre7rlaoc'es unt'tTlauftalleaaedsp . that
as
f
twelve months tram the romnienrement bu'ainalla vibe&
the shareholders will be coUed together for that pierpose.
The CHAIRMAN, in moving the ad, ptiora of the revere,
2p:defiled for the absence of three of the directors, via : Mr.
Tite, Mr. Braxeley-filoore,
.and Mr. Robertson, who were
bu-y canyaesing their ,nshlttenta for re-election as members
of pirliernent. The preliminary eepeneas were somewhat
large, but at the game time it should be remembered
that they included 7,500 f. paid to Mr. l'asquedi for
obtaining the sanction of the Viceroy of Egypt to
the undertaking, and several other hems of an ex-
ceptional character. It was baldly fair to ray that
the bank bad been six months in operation, end leaking
at the fact that hitherto ouch a thing as a bank deysit, or a
bank note had been unknewtt in Egypt, he thought the moults
of their working, in the early stages of the bank, were most
satisfactory. Had the directors followed the system of bank-
ing understood in Egypt, the profits might have been greatly
inemmed, but they had preferred rather to be content with •
moderate return, based on the safe and cautions *penes
of banking known and practiced in England. As it wan the
returns were very respectable, while he bed had the
setiefection of stating that in the months of January
and February the profits had ioi Toiugol 60 per
cent. Up to the end of December lase not
a angle had debt had been made by the bank, and the
accounts having been ettictly audited by public auditors, and
inspected by several shareholders, could be relied upon as
perfectly corset.
Mr. HoYeai ascended the motion for the adoption, and in
en doing took occasion to ask what privileges the bank had
obtained }coin the government of Eupt?
The CHAIRMAN replied that the Viceroy had granted en
the banking printers that a bank could require, including
the issue of bank notes ; and the shareholders might red
mewed of this, that the undertaking bail the warm suppoet
of the government of Egypt. The menage:Dent at Alex-
andria was entrusted to two gentlemen aided by the expe-
rience of a native official. The directors bad very pen:mine
expectations with regard to the ultimate iniatieea of the
bank.
After a brief discussion the report was adopted, and the
retiring director. and owners having been re-elected, thanks
were voted to the chairman, directors, and officiate, which
terminated the proceeding,