The Express.
London, England, 1868-01-16 00:00:00

METROPOLITAN BANK (LIMITED).-(THIS
DAY.)

The first ordinary mend meeting of the share. I
holders was held at Moe, at the Landes Tavern ; Sir E.
W. CARDEN in the chair.
11?*.r.,PFt appeared in Tuesday's Express. The follow.

int is the baler-ie.-sheet
:-To proprietors capital, 200,000/. ;
to current and deposit accounts, 265,0401. 9s. 3d. ; to
acceptances and bills negotiated, 4,6751. 11.. sd. ; to re.
bats on bills &counted, not yet due 782 f. 16s. 11d. ; to
balance of profit and logs *cement, being the net profit for
the year, 12,392/. 6s. 6d. ; 1... interim dividend to 30th
June, 5,0001.; leaving 7,392/. 6a. W.-total, 477,891!. 4.. ld.
Assets.--Cr.: By cash in hand at Bank of England and at
call, 111,492/. lls. 9d. ; by Consols, East India Deben-
tares, and City Bonds, 41,4004; together, 152,8921.115.9 d.;
by bills discounted, loans, and current accounts, 310,4731.
17a. 9d. ;by steam 432/. 9s. 4d.; by bank premises, fur-
niture, Ice. (head office and branches), 9,4161. 13a. 10d. ;
by securities against acceptances and bills negotiated, per
contra, 4,6751. lls. sd. ; total, 477,891/. 4a. Id.
" Profit and Loss Amount, Dec 31,,1867.-To current
expenses (head office and branches), inoluiling directors'
fees, galaxies, rent, and all other expenses, 9,5691155.
rebate 9d.;
to on bills discounted, not yet due, carried forward
to next account, 7821. 16s. 11d.; to balance carried down,
12,392/. 6s. 6d. ; total, 22,7441. 19s. 2d. By balance of
profits for the year, after provision for bad and
Meal debts, and payment of 4,076/. Os. Bd.,
interest to mutation 22,7441. 19s. 2d. By balance
brought down, being net profit for the yaw,
12,392/. 6s. 6d. ; deduct interim dividend to 30th jun ie
1867 5,0001.-7,3921. 6s. 6d. Proposed to be anfrorizted
se follows, viz. :-To payment of dividend at per cent.
per annum, for the half-year ending 31st Deo., 1867,
5,000/. ; balance carried forward to profit sad loss new
account, 2,3921.65. 6d.-making 7,3921.65. ed."
The CHAIRMAN, in moving the adoption of the report and
accounts, said he had very great pleasure in presiding at the
first meeting of the Metropolitan Bank. (Cheers.l He
thought they must all be gratified at the result of the
year's operations. Considering that for the last six
month. the maximum bank rate of interest wag par oent.,
and that the general rate bad not been more
than he ooneldered the remit very satisfac-
tory. The board, being desirous of establishing that bank
on sound and prudent principles, had been very
careful as regarded the business done. In his opinion. a
dividend of 5 per cent. was a large dividend under the cir-
cumstances, and at the present price of the shares it would
yield to the purchasers a return of 7 per cent. The directors
wished at all times tofnrnishthe fullest information to the
proprietors, and if any information were kept back in that
room it would only be in the interest of the company.
Mr. Offireleaas wished to know whether or not it wee I
a fact that a proposal was made by a gentleman to pay 101.
per share for every share in the bank, the pace now
being 71., and that the directors, wishing to retain thole
position, were unwilling to communicate it.
The IIAIRMAN said there was not the slightest truth lel
what Mr. Conybeare bad said. No such proposal was
ever made. (Cheers.)
Mr. CONTBRARZ said he had stated nothing, and weerd
now appeal to Mr. Gilpin to answer his question.
Mr. Ussorinz observed that the simple question before
the meeting was that of the adoption of the report.
Mr. CONTIRARZ considered the chairman bound as an
honest man to answer his question.
Mr. Gihrin,M.P., said the chairman's answer wag strictly
correct. No such proposition came before the board ' • but
a director (Mr. Nash) was asked whether such a proposal
would be entertained, and he replied in the negative,
adding that in his opinion the shares would soon be worth
101. or 12/. (Cheers.)
Mr. B. LANGLZT hoped the auditors would say some-
thing with regard to the nature of their investigation.
Mr. DAVIS asked for some information with regard to
the inoperative accounts, and particularly that connected
with the estate of the late Mr. Sevin, to whom it was
well known large advances were made.
Mr. Hove it I Na condemned what he termed the "attempts
made to disturb the meeting."
Mr. CooPER (Messrs. Cooper Brothers and Co.), one of
the auditors, observed that his firm had, as public
accountants, gone into the accounts most carefully, and
be could were the meeting that the concern-he meant
the Metropolitan, not the obi bank-was as sound as it
possibly could be. The auditors had gone moat carefully
into the figures, and the accounts had been go kept that it
was a pleasure to audit them. The bad debts did not
amount ei 1501.
Mr. J. FOG Kim made come confirmatory remarks es
regarded the character of the audit. He added that in
his opinion the expenses, which amounted to 9,600/., were
too large. Of that suns 2,000!. a year was paid to the
directors, and that ap to him to be excessive.
(Hear, hear.) As re ed the question of Mr. Con bean,
who held only one .hare,he thought there was something in
it. In his opinion there were banks in London who would
be willing to purchase the property at the price named ;
and he thought that if an offer were mule it should be
brought before the proprietors, Sall accepted.
Mr. CONI Immo: observed that he had held 100 shares,
not in that bank but in the old one, and the reason why be
had only one now was that be was deterred by adequate
reason. from holding more. The hon. proprietor was pro-
orieding to refer to put proceedings, when
Mr. Canons): objected to bis pursuing such a course.
Mr. CONTIILARE remarked that that bank was the suc-
cessor of the Provincial Bank. He then moved as an
amendment that the report ho received but net adopted.
There being no seconder, the amendment fell to the
ground.
Mr. llonOireß sold he was not no rich as Mr. Conybeere.
He wanted his dividend, and if the amendment had been
carried ho could not have had it. (Laughter.)
A Paoimirroe thought that considering all the circum-
stances a hotter balance-sheet had never been presented.
After sole further discussion the report was adopted
and a dividend of 5 per cent. declared.
I Mr. MAIN, M.P., in speaking upon the Inoperative
nccount of the former bank, remarked that the liquida-
tion had been satisfactory, and he thought the result
would he that within • moderate time there would be
a considerable amount to form a reserve fund for the pre-
sent bank. (Cheers.) Let them be united in future,
and that bank would be believed be a great gums.
(Cheers)
The meeting terminated with votes of thanks to the
chairman and his colleagues and to the manager and other
officers of the bank.