The Express.
London, England, 1861-07-17 00:00:00

THE EXPRESS,

arrangement with the Commercial Bank, he must on behalf
of the board claim credit for the promptitude with which
the offer of the other company was received, and the
manner in which it was carried out. A pest many of the
clerks had been taken upon the establishment, and for that
purpose Some of the rules usually acted upon had
ben deviated from, while in other mass claims for corn•
pensation had rereived due consideration. The arraugement
would no doubt result in benefit to the London and
Westminster shareholders, but it h.el produced no effect
as reganled the profits of the last half-year. They had no
wish, he might remark, to benefit by the misfortunes of
other books ; on the contrary, they desired to see their
ne4libours prospering as well as themselves. (Cheers.)
The Rev. Mr. Romemox, In seconding the motion, inquired
whether, when the back bad 'Aqua to derive benefit from
the transfer of the business of the Commercial Bank, the
board intended to propose to give any portion of the new
profits to the last-oaresdhank.

The C 11.% llt MA r replied in the negative. The arrangement
i
made was the subject of a legal nstrument, by which the
shareholders of tbeCounroercial Bank were saved from the
loss which would probably have ariwn from the state of the
money market aad adverse report.. No interest was charged
to the Commercial Bank for three months from the lath May
upon the amount advanced ; eighteen of its clerks were
supplied with situations, and in the last half-year no profit
was derived from the transfer of the business. (Cheers).
Mr. liViitetrit cousidered it unnecessary to increase the
reserve fund beyond its present amount of 215.000/. He
believed the business of the Commercial Bank would produce
• profit of 15.000/. a year.
A SUARCHOLDER oloerved that some veers ago it was
determined that the reserve fund should be increased to
200,000/.
The CIIAIDMAN 250,000/. (Hear, hear.)
Mr. Dionithamis ooeld not regard a reserve fund as •
mutates feed ; it could only be justly viewed as • fund
for equalising dividend.. (Hear.)
Hr. HADOW thought that if the bank continued to prosper
as it was doing up to Christmas next, the reserve fund,
which would thee amount to 250,0001., should be distri-
buted among the shareholders in the shape of an increase of
sectliel le that estest. (No, so.)
71e CIAIRDAN said this was a very important question.
Hs hoped it would never be their lot, but still it should be
her in mind that within the last year • oeigh
lurk had sustained • loss of so lee, than AV
He them traced the gradual rise of the dividends,
sad eaMsaded that the aminnsulation of • good mom was
ens of the hest means of presenting fluctuations. He hoped
that ID per asst. would be the normal dividend; but let
eat the proprietor. deviate from the policy hitherto fol-
lowed It would be the endeavour of the board to secure
good dividends, and at the same time to maintain the credit
et the bank.

report was then adopted.
Thanks ware afterwards voted to Mr. Ewing', the general
manager, the brawl masesers, the secretary, arid the offi•
care of the hank geserany • cad tie reesties terminated
with the usual vote of Ursa: to the cad the other
dirertors.

rot REPANSENTArzoN or LONDON.
Yeatenlay the political parties on both aides were
anipasod in active prominence for the coming election of e
member for the CM, of Londint,'ln anticipatioa of Lord Job.
Rowell being summoned to the House of Peers, though
down to lest evening Lord John had issued no valedictory
address to the reastitueoey. la the worm of the aftertoon
a aumber of influential electors, chiefly conservative., held
a meeting at the London Tavern, with the view to concert
nisaeares fur the return of the Lord Mayor, in the event of
the right bon. tenderest allowing himself to be put it as The meeting was treaded over by Mr. Hubbard,
If P., sada:mem the gentlemen present were : Mr. Teems
Barks H. Mfr. R. N. Fowler (the bankeltrlfr. Osgood
Rasher, PP., . Mr.
and arrstal other Alderman '
meichaa"teartiade
buskers. Before asparathop • requisition was prepared and
alsoad by the gentlsioss present, and by testy more rubes-
gently. no far so voila:ma Las bee. put forward by
lihs liberal party, nor lisp any one presented himself. The
neblect, however, is nadir 0011adtrit1012 by them.