The Express.
London, England, 1868-04-07 00:00:00

AOIL4 BANK (LIMITED).

The thirty-fourth annual general rasainag of the
shareholders wee held at 1 o'clock at the Ludes Tavern ;
Kr. J. niobium( is the chail. . . . . .

The report, which was tested some time before, baying
been taken as read,
The CHAIRMAN moved its adoption. He said if the
shatehoiders were pleased to meet the board on that oar
sion, be could enure them that the feel* was one of
entire reciprocity. Generally speaking, dir•den were
regarded by shareholders with dislike, but he hoped that
day was passing sway. When they met this time List
year, though much had been done, there was still an
onerous lath before them. There was still required care-
ful management to enable the board to fulfil their engage*
mints. It had been no light task to gather in front snob
iamb as they had to deal with 4,000,0001., is
order to meet the claims upon them; Let
them claims had been fully met, and he was happy to
say that both at the Indian branch and in England they
were prepared to meet the last instalment,whith would tail
doe en the 15th of Julistrtt.se(flear.) Rotten referred to ths
items in the balance- and in doing so he stated that
the whole of the calls on "A " capital had been paid,
except 3,0001. Nose of the investments, he remarked, wens
of • dubious character. There was • net profit of 24,8811.
It was an honest profit and properly belonged to the "A"
capital. The expenses of the bank had been divided, as
arranged at the last meeting, between the two classes of
shareholders. As regarded the appropriation of the net
balance, he observed that it was made, contrary to rule,
beforehand, in order to satisfy shareholders who were
anxious in reference to the profits, sad the board trusted
the meeting would give them an indemnity for distrait-
taw the amount when they did. (Cheers.) Had they not
pursued that course there would have been • delay of six
weeks, and they now claimed fergivenem for the irregn-
larity. There had been written off all the preliminary
expenses which belonged to the "A" shareholders--
5,M. That would not affect the claims of that cisme of
shareholders in any doges. He was not aware of a single
bad debt since the bank was re-opened, for though the
" A " shareholders bad received for the peat year only 7 per
cent., they would be entitled to 10001. more. He hoped
the management would not be judged of by the amount of
profit. By attempting to tone profit beyond the legiti-
mate point they would invite speculation, and the board
did not intend to enter upon any business which was not
legitimate, or to seek exceptional profits by exceptional
operations. (Cheers.) The board were determined that
whatever profits were made they should be honest profits ;
but, on the ether hand, the shareholders must support the
board by not insisting upon • higher dividend than could
be safely earned. (Cheers.) Such sentiments were ex-
CNOtby him long sgoas 1858, and the lapse of time
as
ertainly not led to any change. The balance-
sheet now represented. be had found, business
is excess of that which existed in 1855, and
with prudent management they might confidently look
forward to • bright and ppmromixing future. He then
alluded to the " B " sharsbolders, and the realisation of
the assets belonged to them, which be said had been dia.
posed of at the best market price. The interest payable
to ereditors bad proved a gigantic item—no lees than
300,0001. ; sod the expenses of uidation, irrespective
of what might be given to the liquidator, and of his sob-
altar's charges, so 100,0001. It was difficult at present to
form a correct estimate of the result of the liquidation ;
but be feared that there would be &considerable deficiency.
The einfretPte of the realisation at the bead Delos would.
he behoved, come within • few thousand pounds of the
original 'donate ; but he regretted to say that in India
the result was not so satisfactory. As regarded Cht
the depressed state of commercial affairs at S
and Hongkong bad acted prejudicially ; 20V001.
had, however, been set aside to meet such contingencies.
Part of the premises in St. Nicholas-lane had been sold
for 60,000 i. end 40,0001. had been obtained in Calcutta by
a sale to the government. In conclusion he referred to
the guard= of the amount of Mr. Caiman's resumes-
tam as liquidator, which he said was still unsettled, and
must turn on the question of work to be done, adding that
it must be lett to the shareholders on that occasion to say
what would be • just and equitable amount.
General RANSAT took exception to the removal of Mr.
Balfour, the former manager of the bank, and the subeti-
tail= of Mr. Thomson as managing director, and con-
eluded by moving a resolution to the effect that Mr.
Balfour should be reappointed.
Colonel Iit'QUEEN inquired whether General Ramsay
was one of the directors of the old bank.

il;e7.liimtwiti replied in the affirmative.
Colonel lirtlesc.v would say no more after that reply.
(laughter.)
(The meeting was proceeding when our report left. I