The Express.
London, England, 1868-01-06 00:00:00

THE EXPRESS, MONDAY EVENING, JANUARY 6, 1868.

kw. zweriterfitargios
The lona mee, 41 the sr=
was held et ads, at the Londeniavers; .
tu the sham
hi
The rirrea said the moth of the beeinem far the
• net profit of 11,789111,7891tia. 9d. Rods&
abyre. 5d the Wanes samba Bredied
Mat ,1866). The meat wee nes
_ding sward to the admen&
Walloghtirelsegdli pevailed in ceenedien
be Breda, gessequend on the low wimp mess sae,
Med be the fast (as dated in the dirseteof lest *pet), that
oselidestbie mewed et the egad ef the bask tilider.
lashed up in various doesets et the
psamds wind whish had n= 6the dede the
aseeniele, hem ream& to aay addle theism
thedemonnts, it is estimated. will be about wow
The dlrestors, however, repelled most &NOT 1:=
that (ocatney to their wenainen, end to his
*Below ramaissenentl eiribelr et =WO Por'
shwa and eamittei bib nwieseil
mdsequentiy to the 19* sod Atha where
pat
us. paid al matereitr. The fatal amend of
es
them
with Kale taw Repaid Tendlitimem_ fec
Rio, was 53,0001. ; and ii wee esimated that
the lees which would ultimately emit to the brit
from these remittances would be abed
the
tanstety, the reserve of 20,000 L, se shown in the badass.
sheet to the 31st December, 19N, sad the prat for the
lest half-year, would be weliteient to most this lose without
k•=o,l* liPen the capitol of the Dempsey ; but
this untoward alicomstenee, el comes, OM& it
able
to in
any dividend on the slams.
The board, with • view to mist ILr. Crews*, their
general manager in Rio, in the real eatiost of the securi-
ties held by the bank, and in the adjustment of the
claims which they had in ltio, had spin despatched
their essretery, with spiel inetructions on thong, heeds.
Mr. Baden, who left Ragland by the lest midlanihesas also.
directed to make an inspeetkes el the several
and personally to impress noon the several meager' those
instructions which the board bad never failed, by writ-
ing, to give in referents, to the eonduct of the
bank's business. The directors were glad to be in a
poeition to express their distinct conviction that no
farther call will be dosses', ; the resources in
hand being amply euMetent, not only to meet every
liability, bat to carry on the business of the bank in ordi-
nary course. (treat as is the dliqintment resulting
from the operations of the bank d the last sightems
months, the board looked forward wi hope to be able to
make to the proprietors at their next meeting a more satis-
factory report.
The bace-sheet was as follows :--" Dr. To capital
paid up, 750,000/. • to deposits, 913,4921. la. ; to bills pay-
able, and other liabilities, 1,298,1731. 14s. 2d. ; to ragtime
fund, 20,0001. ; to profit and less, 34,5291.15. lid. ;
3,006,134/. 17s. ld.—Cr. Byore and oath on hand or at
bankers', 4a1,9581. A. 9d. ; tills receivable and ad-
vances on seaweed% 2,544, . 12e. 2d. ;by rinellotted
shares, 18,3751. ; by amount set aside to meet dares, as
per contra, 22,8061.4.. 2d. ; total,
account.—Dr.: To in London,
3,00642i:74e. lad.."
Profit and 1011 S
5,9791. lls. ed. ;to charges in Brasil, 14, 2s. 3d. ;
to charges in Portend, 2,761/. 10s. 3d. ; tostther, 22,90619 d. •
4s. 2d. ; to balance carried down, 11,722/. 17s.
30tli
total, 34,5291. is. lid. Cr. By net profit to
December, 1866, 3,89 W. 17e. sd. ; by profit to 30th June.
1867, after deducting all known lames to that intendbate of interest cm Mils dinoonnted not due, and i
on deposit', 30,630/. 4s. 6d. • total, 34,529/. Is. 11d. By
balsam brought down, 11',72. 17e. 9d. ; by reserve
fund, 20,000/."
The CH Amman, in moving the adoption of the report
and &mound, expressed the pain and regret of the directors
at having to Freepost such a report. They had. however,
the satisfaction of having done their duty, and of beam*
that had their instructions been followed the losses would
not have occurred. The account cep dad to the report
showed • liability of 3,00%0001. As his bad before stated, all
their socionnta had presented moth larger debt to the public
than was really dwkin consequenceof trent
The of double
entries on which the account. were actual
liability to the public was on the 30th June 1,600,0001., and
on the Ist Nov., the latest date up to which the accounts
were made up, itirsal ,300,000/., while diseased amounted to
about 2,000,0001. Had any other manager incurred the
lofted at Pernambuco, he would have been sent about his
business ; but he was • moat valuable officer. This
was the first time he bad disobeyed orders, and
he had sent an explanation which be (the chairman)
considered not inadmissible. (" Oh, oh.") Well, such was the
opinion of the directors, and it was founded on foots. He
wished all the other officers had acted in • similar manner.
(Laughter.) He was glad the shareholders could bear their
lose with such good humour. (laughter.) It wasimpossible
always to avoidloss,and the losses incurred on India cotton
far exceeded their own. (Hear, hear.) As regarded the
expenses, he maintained that the bank was ma-
naged most 000nomiaally ; and as to the salaries
in South America, the difficulty bad been when
vacancies arose to find suitable perms to fill them at she
old salaries. The year's business from the 30th Jam, 1866.
to 30th June, 18ar , had stood a charge for loss on exchange
and by the war in Brazil of 54,0001. ; making, with the
11,000/. net earnings, a gross profit of 65,0001. for the year.
That justified them in anticipating • bette r
though there was no immediate prospect of a divrlrwt
He feared that the losses would amount altogether to
50,000/. The locks-up amounted to four or five hundred
thousand pounds. The board had dated the loam at the
worst.
In reply to a question,
The CHAIR/IAS said it would perhaps take two or three
years to realise the securities. One if the amounts was
170,0001., and another 70,0001. The directors, he added,
being actuated only by one desire, namely, to place the
bank in the position it ought to occupy. had endeavoured
to obtain, as a colleague, • gentleman who was
well acquainted with Rio, and if that gentleman
came to reside near London he would probably
become a director. In conclusion, he declared that he
could not continue chairman without the confidence
of the shareholders, which be had doe and would continue
to do his best tomer% and thatnothinng but • derangement
of the credit of the bank through imprudence on the part of
the directors or of the shareholders could necessitate a call.
Mr. A. Knerara believed that the bank was by no means
in a hopeless position. (Hear, beer.) He had full confi-
dence in the board, but what had occurred illustrated the
risks of foreign banking even under the best direc-
tors. He did not agree with the chairman that it was
desirable to retain as manager • gentleman whom past
conduct had caused so much loss. lie objected to the pro-
p:teed reduction of the nominal amount of the shares; but
if such an arrangement were made it would in his opinion
be well to write off the losses incurred in the amount
to be credited on the shares, especially as a non-dividend
paying bank could not be expected to occupy • good pad
Lion in public estimation.
The CHAIRMAN said the reduction was proposed in °sm.
plianos with suggestions made by the proprietors at
former meetings. Mr. Kintrea's ingestion as regarded the
amount to be credited on the dame, though good in
itself, was impracticable. It could not be carried out with
out a fresh concession and the consent of every creditor,
and these they were not likely to obtain.
Mr. A. Hord hoped the scheme of the directors with
regard to the shares would be sanctioned. The bank
would then stand In • muck better podded
He was by no means disposed to despair in
regard to the future, especially ma 30,0001. of the losses
was already written off. He had entire owifidenos in the
beard, and believed it was perfectly competent to restore
the bank.
The report having, after some further dissuasion, bees

The stock wk.* ckeempdavourable tendency
to-day, in the absence of Akiquieting news from
abroad. Oomph; are firm and have risen
1-18 per cent., pertly in expectation of a
portion of the dividends being re-invested
during the latter part of the present week.
Caledonian Railway stock was in very active
demand at the commencement of business, and rose
to 77 to 78, being 4 per cent. higher than on Satur-
day. A reaction has since taken place, yet the pre-
sent price is 2} per cent. better. In consideration
of the great financial errors of the past, and
the generally unfavourable character of the'
report of the committee of investigation, there
has been little or no bogie fide demand for the stock,
the advance having been almost exclusively caused
by purchases to close speculative accounts. In
sympathy with the movement in Caledonian, seve-
ral of the other railway securities have also
im-
proved, but not to any important extent. Foreign
bonds are inquired for.
' •

The supply of money in the discount market
to-day is large, while there is little demand. The
general rate for good bills is 1a per omit., but some
transactions have occurred at l/. Loans fora few
days on English government securities are ob-
tainable in the Stock Exchange at Ito per
cent. _ .

Consols are quoted 92} to 4, ex div., for money,
and 92} to ex div., for the new account (6th
February). The Three per Cents. Reduced and
New Three per Cents., are 924 to 921.
Home railway stocks are firm. Caledonian is 21
per cent. better than on Saturday ; Great Northern
(Original), 1; Midland, Lancashire and Yorkshire,
and Great Eastern, } ; and London, Chatham, and
Dover, 4. Annexed are the quotations :—Metro-
politan, 1154 to } ; Greet Western, 444 to ;
London and North Western, 1131 to 114 ; Mid-
land, 103} to ; Lancashire and Yorkshire, 122}
to 1231 ; Caledonian, 751 to 1 ; South Eastern,
671 to 68 ;. Great Eastern, 301 to 31 ; Great
Northern, 106 to 107 ; ditto A, 108 to 4 ; London,
Chatham, and Dover, 18 to } ; North British,
33} to 34 ; Brighton, 48} to ; Berwick, 98} to
99} ; and York and North Midland, 91 to 92.
Turkish Bonds of 1885 and Greek have advanced
} per cent., the present prices being 301 to 4 ex div.,
and 12} to 1, respectively. Spanish New Three
per Cents. are quoted 34} to 4 ; Portuguese scrip,
1 to I prem., being 1 better ; Turkish of 1862, 361
to 574 ; Italian of 1861, 414 to } ; Egyptian of
1964, 84} to 854 ; and Mexican, 151 to 4.
American securities are rather dull. The 5-20
bonds are offered, and have declined } per cent.,
viz., to 72 to 4. Eris Railway shares are quoted
48} to 1, and Illinois Central, 864 to 89, showing
no change.
Atlantic cable shares are unchanged. Anglo-
American are at 19} to 1 ; and Atlantic Telegraph
Eight per Cent. Preference, at 41 to 34.
Bank shares have been little dealt in, and prices
show no change of importance.
As regards financial shares International have
improved 21. 6d., viz., to 24 to 11 dia. ; but Lon-
don are 10s. lower, at 24 to 22 die. ; General Credit
are called 24 to 21 die. ; and Credit Fonder, 34 to
4 per share.
The Council of India will receive tenders on the
15th inst. for bills on Calcutta and Madras to the
amount of 200,0001.
The directors of the Natal Land and Colonisa-
tion Company (Limited), have made a call of 31.
per share, payable by instalments.
A petition for the winding-up of the Imperial
Austrian Gas Company (Limited) is to be heard
before Vice-Chancellor Melina on the 17th inst.,
and another, for the winding-up of the English
and Scottish Life Insurance Company (Limited);
before the Master of the Rolls, on the 18th inst.
New York advice* announce the transmission
of a further sum of 250,0001. in gold to Europe.
HALT-PAST ONE 0 CLOCK.
Consols continue in demand, and have expe-
rienced a fresh rise of per cent., the present
price being 921 to {, ex div., for money, and 92} to
}, ex div., for the account. Great Western, London
and North Western, and Lancashire and Yorkshire
stocks have advanced per cent. since 1 o'clock,
while Caledonian and Great Eastern have declined
to 4. Some of the foreign securities are slightly
firmer. including Spanish New Three per Cents.
The Ramis has arrived from New York with
216,500/, in specie, and the Virginia with 69,500/.
The Calabar, from the West Coast of Africa, has
also brought 18,0001. There is consequently up-
wards of 600,0001. in gold to be disposed of, a por-
tion of which will probably be sent into the Bank
this week.
The Dutch Indian o
Railway Company have an-
nounced the payment of the coupon due the 15th
instant on the Four-and-a-Half per Cent. Obliga-
tions issued by that company, through ...Legere.
Horetman and Co.
The numbers are published of 264 bonds, amount-
ing to 36,6001., of the Brazilian Five per Cent.
Loan of 1863, which were drawn by lot on the
Ist inst., and will be paid off at par on the Ist
March next.
The death is announced, at the age of 76, of Mr.
James Cook, sugar broker, of Mincinz-lane.
A circular from Messrs. Fuller and Horsey, the
auctioneers, &e., staias as follows :
We Mg to announce that we ham this day admitted
{missy;aersp Mr. Charles Hersey, a sou of ear Mr.
/du Mr. Jsases Robert Cassell, cmo of our
and Mr. Clemeat }Lamed, cavil engiamr, from the oMee
of Mr. F. J. Bramwell, of Great Georgeetreet, West-
minster, and that the business of auctioneers, valuer*,
and surveyors, will be
Boa in
sad future carried on under the firm
of Roney, Co.
The Liverpool and London and Globs Insurance
Company have issued their Pocket Book and
Almanac for the new year, giving, in &concise form,
besides the usual matter for reference, a summary
of the position and practice of that offioe.

SATCSDAT Immo.
Consols, which closed yesterday at 921 to I ez div.,
both for money and next Tuesday's settlement,
opened and closed to-day at 921, " buyers."
For the Bth of February the last price was
921. The Three per Cents. Reduced and
New Three per Cents. were quoted at 1 o'clock
92 to 931. The official business report is m
follows :—Three per Cent. Consols, for money, 92*,
it, ex &v.; ditto, for mcourt, 921, ex div. ; Three
per Casts. Reduced, 921, 2 ; New Thee per
Cents., 92, ; Bank Stock, 2401,40, 1 ; India Stock,
shut ; ditto Five per Cent., 111*, } u div. ; ditto
Four per Oast., 100*, f ; ditto Five per Cent.
"enfsoed " rupee paper, 1034, 3 ; ditto Five per
Cent. Rupee debentures, 104.
Indian government securities were steady.
Exchequer Bills remain at 225. to 275. prem.
The trams/Aims in foreign stooks were upon a
very limited scale. Guatemala Five per Omits.
rose 2 per oent., and Brazilian of 19815 4, but other
bonds were quoted the same as yesterday.