The Express.
London, England, 1861-01-17 00:00:00

SPAIN.

The Madrid journals of the 11th do not contain
any political news of importance. The Senate had
devoted another sitting to the apparently inter-
minable discussion of the bill on military pro-
motions, and had once again adjourned. The
Congress did not sit ou the 10th, owing to the num-
ber of members in attendance not being sufficient
to form a house. The Expoiin calls attention to the
painful fact that, according to an official return
just published, not fewer than 1,415 homicides
were committed in Spain in the year 1859. Another
official return shows that in that year there were in
the country 15,491 boys' schools and 6,111 girl's,
and that the number of pop'ls in theni was net,
less than 3,500,9110.

LONDOR JOINT-STOCK BANK.-;THIS DAY.)

The half-yearly meeting
_ of the shareholders w
hehl at noon, at the Bank, Prince...street ; Mr. F. 1.
GoLDNIN iu the chair. _

The SLCRETARY read the following report and balan
sheet :

It will be seen by the annexed statement of actsrunt.,
that including the sum of 24,534/. 13s. tel. brought forward
from the last half year, and after reserving 60,0001. to tuft`,
the losses incurred by the failures of Messrs. Streatteild,
Laurence, and Co., and other fimut in the leather trade,
there remains for division a net profit of :e.1,5:91r.
which with 3,9711. 6s. 11d. taken from the ;manor
fund, enables the directors to declare the usuardivide7.l
at the Me of 124 per oentum per annum, feu of income.
tax. It is with regret that the directors have to anuomet
so large au increase to the loss as compared with the estimate
made in July last ; but since that period several additionsl
failures in the above-named trade have occurred, and the
estates of nearly the whole of the insolvent bottler
are being wound up in the Bankruptcy Court,
whereby the expected dividends have been much dt.
tninialted. It is, however, confidently believed that
the amount now reserved will be sufficient
cover every contingency. The guarantee fund, with the
six months' interest accrued, amounted, on the 31st %IBM.),
to 214,7331. 18e. Id. ; from which has to lie deduct d, ter
depreciated value of government sail Indian 'ay.:Mits.
as compared with the prices on 30th June last,
6,5001.; and the sum as before mentioned of 3,9710.
6.. Ild.-together, 10,4711. Os. 11d. ; leaving the
present amount of the fund, 204,262/. lls. 2d.
The directors have to announce with deep concern the
death of their much-esteemed colleague, Sir George Carrell,
which event will render an extraordinary general monies
necessary during the present half year to elect a gentle mm
to supply the vacancy thus occasioned. The seats on the
direction which now become vacant are these of Hese
Christy, Fag., Francis Hemet& Goldney, Esq.. Cherie
James Heath, Faq., Henry Lee, Faq., George Pollard, Lei
and these gentlemen offer themeless for re-election. TI.,
dividend will be payable on and after Friday, the rah um
" Liabilities and Assets. -Dr.: To capital paid.up,
60,000 shares at 101. each, 600,0001. ; to amount due bi
the bank, 10562,6581. 23. 6d. ; to amount of • The hue
rantee Pond,' June 30, 1860, 211,3601. 9s. 11d. ; to r 4
months' interest on ditto, at 3 per met. per annals,
3,1731. Be. 2d. - 214,7331. 18s. Id. ; less, decree
since the valuation on 30th of June, 1860, io
market value of government and Fast Indian secure
held by the bank, 6,5001.-208,2:431. Iris. ld. to unditidel
profit for the last half-year, 24,53. 13s. tea. ;
amount carried to profit and Ms account, 117,717/.
19e. od. -142,252/. 13e. sd. • total, 11,513,144/.14..
Cr. : By Exchequer Bills, India Debent and peen .
went stock, 1,166,7641. 7s. Bd. ; by cash, and
discounted, 10,308,3061. 6s. 4d. ,• by budding, furniture.
de., in Prinossetnet, 31,9501. • by ditto, in Pall.rnall,
7,125/. -39,0751. ; total, 11,M3,1141. 14e.
"Profit and Leas Ace:cont.-Dr. : To current ,o.
pence, proportion of building expeures, director;
remuneration, bad debta, income-tax, tec., 2.2,54t0.
1.. 2d. ; to amount reserved to cover the lours in.
caned by the failures of Messrs. Streatfeild and co.,
and other houses connected with the leather trade, 60,016/.;
to amount carried to profit and loss, new account, bring
rebate of interest on bills discounted not yet due, 11. Me
19.. 2d ; to dividend account towards the payment of
half-a-year's dividend, at the rate of 124 per cent. per
annum, upon 600,0001., amount of paid-up capital UV*
60,000 shares, 33,52211. 13s. Id. • total, 142,2521. Its. 5:1.
Cr.: By balance brought down, 117,7171. 19.. Bd. ; by at.
divided profit brought forward from the last half:test,
24,534/. 13e. 9d. ; total, 142,252/. 13.. 5d."
The CHAIIIMAX, after declaring a dividend at the rent
124 per cent. per annum, moved the adoption of the report.
He said it was extremely minful to the directors that the
large sum of 60,000/. shriuM have to be written off th
profits of the last half-year, in consequence of the
extraordinary failure of Messrs. Laurence and Co.
and their confederates. It was still more painful
that gentlemen who had been customers of the bank altao-t
from the commencement should have been guilty of sat
disgraceful practices. But it was gratifying to be able to
clear off, as he firmly believed they had done, the whole of :IA
looses, appropriating 60,0001. out of the profits.
Hr. TATLER said 00,0001. appeared to him a shoclue;
'sum to have been written off on account of the failure of
single firm. (Hear, Lear) How that loss, with to
wisdom supposed to be possessed by such a boon
should have berm sustained through defaltstions going et
from day to day, was to him a most surprising thing
That men, who were worse than the wont mini
easy criminals, should have obtained such a large ammo.
as if it were a Christmas-box, he really could
understand. Not merely the dividend, but the character
the bank had antlered in consequence. He knew that
sham were no looter repAed and held as they as j
fbyerristelLeestridd that some explanation would be give!
the •
Mr. Amasser ?doom, a director, said the honourable
proprietor seemed to imply that the directors had woos
corrupt motives for assisting Messrs.. Streatfeild and Com
pony. (No' no.) The loss arose from bills which wen
discounted for them. The house was an old eat
the bills had the appearan a of bong drive
for actual Mee of goods, and it bad transpires
in the Court of Bankruptcy that they were in GA
purposely so contrived so as to appear to represeut re
irmisecttons. Mr. Laurence was a master of finanei 1
ingenuity, and made art look like nature. That was th
only melt he could give him ; he was certainly a nnoter
his owe business. The board was certainly deceived, b
that was no reason for imputing to them improper motive
It was not to be supposed that banking business could
done and profits earned without some confidence ; and dire
tors would not be human beings if they did not occasionall
make a mistake. There were banks which never lent env
body anything, and the result was that they wee
ea year after year paying only five per cent.
results of the past management of that bank showed thu
a liberal was preferable to a parsimonious tem. lie
bank was established 24 years ago. In the 23 year. en.
tending up to the close of 1859 the total profit realised a
about 1,74000/. The dividends and bonuses easountei
1,491,9131. 19e. 3d. ; there was paid for income tax.
Ills. 6d. ; and the guarantee fund was 203,1951. 3a. l Id..
making a total of 1,726,741/. is.. 6d. The siverageyeale
profits distributed, in the form of dividend and bonus. in
the five years ternduated in December, 1859, were 22:
cent.; and but for the loss of the 60,0001.. the
profits of 1880 would have been ?2 15.16 per eat.
Even with that /ow there was a dividend .1
124 per cent. (Hear, hear.) He admitted that there ld
been a want of penetration on the part of the direction Mt
regard to that particular lose-(hear, hear) - but he emit.
tossed that it was impossible to conduct such an establil.
meet as that sucoseriful4sithout confident*. The bad delu
of the 23 years termini. in 1831 amounted to 134,110.
showing an average of 5,4351. per annum. Considering
amount dealt with that did not appear to him a very
matter. It had in fact made a difference of only cue
coot in the dividend. (Hear, Lott) As regarded
60,0004 now set apart, Le believed it would more the
cover the lowa incurred. With these facts hefos
them be did not think the meeting could
taking a general view, justly complain of the past MR
meat of that bank. (Hear, hear.)
Mr. TATLEH said he meant to cast no imputation on our
of the directors. He thought such a frank avowal as tie
of Mr. Moore was Italian amendment of the mischief ; a
he hoped the future prosperity of the brink would juttify
them in giving the directors aLsolutios. (Cheers.)
The report was theu unanimously adopted, and the fis
retiring directors were re-elected.
A vote of thanks to the directors, :nod of couldenre is
them, was moved by Mr. Rim, seconded by Mr. Wow
BET, ind passed by acelemation, and the meeting separierdo