The Express.
London, England, 1868-01-15 00:00:00

THE EZRREtft, wiRDNESDAY

UNION RANI Or LOADON.-42•1113 111.7.),. rite ametelsoila • Ableftemtpthe ebeheeee)
bed so ear wi Aspect to their et tie Moro
ee the bank. (Hear, hear.) The ellareable
The helfleezlY meting 01 rePriet°lll WWI itillerselea. the of the diegaidatee simi=
held at noon at the City Twinkles MCannon-street ; • bgwig, hi. (
the governor, Mr. 1". Nommuu. Laws, in the chair. I illod=rne tiro adopted amid cheers, and the chair.
The directors, on entmieg, the room, were received with man thebnelness to he et en en&
cheers mingled with • few mom, I Mr. Fewer" emiseywored to obtain another
The follow report and balance-sheet were read by the bst vain, the hi...u.5.„„ leaving
monetary (Mr. W. O. Bsvius): seats sod the room immediately after the revert was
" The directors have to report that the net profits of the'. „loos&
bank for the six months media( Dee. 31 last, after pay-
ment of all charges (including the sum of 52,6381. 13s. sd.
for interest paid and due to customers on their current and
dimwit account.), and making ample provision for all bad
and doubtful debts, amount to 89,7111.5.. 9d., which, with
11,4791. 4e. 7d. broughtfforward from June 30 last,
amount to 101,1901. 10s. 4d. The directors now
declare • dividend for the lest six months at
the rate of 15 per cent per annum on the
paid-up capital, clear of income-tax. After payment
of the dividend, amounting to 90,0001., there will remain a
balance of 11,1901. 10s. 4d. to be carried forward for
appropriation at the end of the financial year in July next.
The proprietors have elected James Walker, Esq., of 33,
New Broad-street, to fill up the vacancy eociesioned by the
deates, of John Scott, Esq. At the last meeting of the pee-
=the directors had to announce, verbally, the
of their much esteemed colleague, William Eicliole-
Geld, Fag., M.P., since which time they have sust•ined the
lose of another highly valued colleague, by the death of
William Wilson Sorimgeour, Seq., their former manager.
The two vacancies which have thus occurred in the board
have been filled up by them (according to the provisions
of the Deed of Settlement) by the appointment of William
Pearce, Eaq., of X 3, Pornhester-ternme, Bayswater, and
Charles Oppsitheitn, Esq., of 18, Old Broe&street.
Generelbeliume.-Dr.: Capital-101. Per share
paid up on 60,000 shares, 600,0001. ; Si. per share added out
of reserved profits, 300,0001. ; 151. per share paid up on
120,000 shares, 1864, 300,000 E-making 1,200,0001. ; due by
thebank on current sooounts,klepoat reoerpts,inolndinginte-
rest accrued, 12,071,0971. oe. 3d.; liabilities on acceptances
(soverin hand amounting,to7,6os,7B4/.),5,298,7431.'9e. 11d.;
-making 17,369,8401. 10a. 2d. ; reserved fund, invested in
Consols, as per contra, 311,0001. ; buildings invest-
ment account, 72,000/. ; rebate on bills not due,
7,6861. 12s. Id. ; balance at credit of profit and
Joss, 101,1901. 10s. 43.;-total, 19,050,717/. 12s. 7d.
Asseta-Cr. •. Caah in the bank, 946,1891.135. 4d. ; ash in
Bank of England, 946,1371. 10e. 3d. ; cash lent at call,
2,360,0001. ; making 4,252,3271. 35. 7d. ; investments in
government stock, exchequer bills, debentures, Ito.,
2,803,710/. Be. 9d. ; 337.078/. 135., Consols, reserved Fund,
300,000/. ; bank premises--consisting of freehold buildings
in Princes-street, Hendon-house-street, Argyll-place.
Fleet-street, and Chancery-Line ; and lease and fixtures of
No. 4, Pall-mall east, 237,0801. Be. 6d. ; loans, bills dis-
counted, he., 11,457,5991. lie. 9c1.; iota, 19,050,7171.
12s. 7,1.
" Profit and Loss Account.-Dr.: Dividend at the rate
of 15 per cent. per annum 90,000/. ; balance, being undi-
vided profit carried forward to next had year, 11,1901.
10s. 4d. ; total, 101,190/. 10e. 4d. Cr.: Profit unappro-
priated on June 30, 1867, 11,4791. 4s. 7d. ; amount of net
profit of the half-year ending December 31,1867, after de-
ducting all expenses and intereethaid and due (52,6381.
13s. 5d.) to customers on their current and deposit ac-
counts, 89,7111. se. 9d. ; total, 101,1901. 10s. 4d."
The CHAIRMAN, in moving the adoption of the report
and accounts (after declaring a dividend at the rate of 15
per cent. per annum payable on the 20th inst.), said he vs.
glad to find from the reception which bad been given to
the report that it was considered satisfactory. The rate
of interest during the last six months had, of course, ins-
terially affected their profits. Since the 20th of July the
Bank rate of interest had been only 2 per cent. The grand
total of profits was leas than in the corresponding half of
last year ; but on the other band, the current and deposit
accounts had increased during the half year by a million
and a half. The oover for liabilities and acceptances was
very ample. The assets of cash in hand and lent at call
were 600,0091. more than they were six months ago; the
investments in government securities bad been increased
by a million and • quarter. In the profits no credit was
taken for money not actually received. He then alluded
to the vacancies in the direction, and spoke of the great
loam which the company had sustained by the deaths
of Mr. Scholefield and Mr. Scrimgeour adding
that in filling up the vacancies the board had
consulted only the interests of the hank. The business at
the branches continued to be satisfactory. In conclusion,
he observed that, that being the first half of the current
year. the directors bed not expected the result to be
as satisfactory as they hoped it would be at the end of the
year.
Mt. FAROVHAR seconded the motion.
In reply to Mr. DAVIS,
The CHAIRMAN said he did not anticipate any loss by
railway companies.
A SHAREHOLDER wished to know whether the company
would receive every half-year the interest duo from the
Brighton Company.
The CH %INMAN replied in the affirmative.
In reply to • further question from Mr. Ivzzeac,
The CHAIRMAN observed that, in order to avoid litiga-
tion, the board abstained from insisting on using 80,000/.
of stock which was lodged with the bank as collateral
security ; hut, on the other hand, they took a margin of
60MM/. in Brighton preference stook.
Mr. MISLOI• was happy to see on that occasion so large
a meeting of the proprietors. They were met at that
moment at an important junctnre. Sinister hole and
corner meetings had been held in the City of London,
being convened by a gentleman of whom be did not know
whether he was • proprietor or not, and who wanted to
throw them into the Court of Chancery. (laughter.)
All that could be said with regard to the Brighton Rail-
way had been already answered. (Hear, bear.) He, for
one, had perfect con' deuce in the directors, and he believed
that a more able and skilful body of gentlemen could not
be elected. (Cheers.) He hoped the bank would soon
emerge from all its difficulties.
Mr. Norrmma;P. said his interest in the bank was quite
equal to that of Mr. Hislop, but he must say that the
question with regard to the Brighton stock had not born
answered satisfactorily. At the last meeting they were
told that the 700,000/. stock Ws good security. Within
twelve days & conference took place between their chairmen
and 31r. Leine.
The CHAIRMAN-No.
Mr. NOTTIORE-Well, • confertmee took place, and Mr.
Laing described the result as satisfactory to the Brighton
Company, it having been arranged that the bank should
retain only .7.61,00. of the preference stock. He wished
to know what was the position of the Greet Eastern

LONDON AND WESTMINSTER BANK.
(TRIS DAY.)

This day the general annual meeting of pro-
prietors was held at the bank premises, Lothbury, Mr.
Cwaricts in the chair.

The following report was reed :
" The directors have to report that—after making pro-
vision for all bad mad doubtful debta—paying
_the income.
tax--setting areal 2,0001. towards the buildings of the
bank, and presenter a gratuity of 10 per cent. on their
salaries Mall the offioers of the establishment—the net
profits for the last half-year amount to 147,6451. lls.
This Ruin, added to 31,9551. Is. 5d., the unappropriated
balance of the preceding half-year. will amount to
179,6001. 12s. sd. 'From this amount the ease of 9,4961.
35. 6d. has been deducted, being the interest to the 31st
December, 1867, on 496,7201., the amount received on
account of the isms of new espitaL The incente-tax on
the intend on new shares will be paid by the beck. The
directors now declare a dividend to the shareholders at
the rate of six per cent. per annum, and by way of
further dividend out of the profits ebonite of thirteen per
I cent. upon the paid-up capital of 1,000,00 W. After these
payments are made, there will remain 10,1041. Be. 11(1.,
which the directors have carried to profit and loss account
for the current half-year. The directors who retire by
' rotation are William rite, ILP., F.R.S., Augustus
William Cadesclen, Esq., and William Wallace, Esq., all
of whom being eligible for re-election, offer themselves
accordingly.
"Balance-sheet.—Dr. To proprietors for paid-up capital,
1,000,000 L ; to amount received on account of new shares,
498,7201. ; to amount due by the bank on deposits, similar
notes, and other monies payable on demand, 22,010,5711.
15s. 2d. [this amount does not include acceptanom,9o2,7oo/.
4d..] ; to rest or surplus fund, 500,000 L ; to balanceof
profit and loan account, 30th June, 1867, 31,9551. Is. 5(1. ;
to net profits of the past half year, 147,6451. lls. ; total,
24,188,892/. Ts. 7d. Cr.: By government Moak and Bxchequer
Bills, 3,298,851/. Ile. 7d. ; by securities guaranteed by the
government of India, 792,870L—t0ta1, 4,091,7211. lie. 7d.
bills discounted, loans, and other securities, 17,623.4891.
1 2d. •by cub in band and at Bank of England,
2,473,681!. 21. 10d.—total, 24,188,8921.7.. 7d.
" Profit and loss.—Dr. To total expenditure of the
eight establishments, including rent, taxes, salaries, sta-
tionery, &c., with a gratuity on their salaries to the
officers of the establishment, 61,916/. 13s. 2d. • to amount
set apart towards the buildings of the bank, 2,0001. ;
to amount paid for interest at five per cent.
per annum on amount received on account of new
shares, 9,4961. 3s. 6d. ; to payment of the dividend now
declared, at the retool 6 per cent per annum, for the net
half-year On the paid-up capital of 1,000,0001., 30,0001. ;
to bonus of 13 per cent. on the eapital of 1,000,0001.,
130,0001.; to balance of profit and loan amount, 10,104/.
111-243,5371. se. 7d. Cr.: By balance of profit and
lore account, June 30, 1867, 31,955/. le. sd. ; by gross
profits of the lart half-year, after paying the income tax,
and making prorlaion for all bad sad doubtful debts,
211,582/. 4s. 24.'; total, 243,5371. ba 7d.
" Rest or Surplus Pand.—Present amount, 500,0001.
The dividend and bonne (without deduction of income tax,
which is paid by the bank) will be payable on Monday, the
20th inst."
The CHAIRMAN, in moving its adoption. said the
directors had great pleasure in mating the shareholders.
In spite of the depression of the last half year the report
could not fail to be satisfactory, the more so as the
results were unexpected in many quarters. Notwith-
standing the distrust which prevailed they bad met with
no serious losses. He regretted the loss of the custom of
the Royal Bank of Liverpool, and if they saw their way
to it they should have aided that establishment, hut
they did not think they could safely ambit it. If there
bad been one point of weakness in their position, it was
that with 20,000,0001. of deposits they had, but 1,000,0001.
of capital, and 500.000/. of reserve. They therefore re-
, solved to increase the capital by 1,000,000/. It was not
for him to explain the temporary depression of the shares
' which took place, but the effect of that increase
I was that their shares, which before this increase
of capital were worth 1251., would when
paid up bring 140/. (Hear hear.) He would not
attempt to predict what might might happen in the
next half-year. All he could say was that they would
begin the half-year without any debt, and that they would
continue the same safe and prudent mutes of legitimate
banking which brought them to their present prosperous
I position. He hoped that credit and commerce would revive,
for if so they must participate in the general prosperity of
the country. (Hear.)
The report was unanimously adopted.
, The retiring directors were re-elected, votes of thanks
were passed oa them for their efficient administration of
the bank ;on Mr. Ewing., the general manager, and
other officers of the establishment, for their able services ;
and on the chairman, which concluded the business.