The Express.
London, England, 1868-01-14 00:00:00

IMPERIAL BANK (LIMITED).-(THIS DAY.) I if

The half-yearly meeting of the shareholders of el.
this company was held at the City Terminus Hotel, Can- et.
non-street, this day. Mr. Alderman Lusg, the chairman M.
of the board of directors, presided. Ot
The report of the directors, which has already appeared 22.
in the Express, was taken as read. Se
The SicarrallY read • letter which had been received
from Mr. Peter Broad, one of the auditors of the bank,
dated St. Leonard', which be said had just been re-
ceived, in which Mr. Broad resigned his office of audi-
tor on account of the bad state of his health.
The CH/alma:a, in moving that the report be received es
and adopted, raid this was the eleventh half-yearly meet-
Si.
U.
ing, and at no time had the directors been more glad to _
meet the shareholders. Not that they had anything to 31
reveal to them. But it would be recollected that gust I
before the last meeting they dropped 19,000/. ilk
through the fault of their manager. The directors Hs.
were exceedingly annoyed, the public were stag. U
gered, and the shareholders felt aggrieved. He
told them at the time that the matter would Le
be examined into. It had been, and it led to the
resignation of the manager. Mr. Brown acted aL
for some time under Mr. Kirby, and at the end el
of six months—that was a few days ago—he 111.
was appointed manager of the bank. The bank It
is now in • good, safe, and sound position both as to 1,11
organisation and money matters. They had get their ;
money in their hand. It was right to say that in these jg
matters they never had occasion to impugn the honesty
and integrity of any person connected with the bank,
and they would get back • fraction of their lose. Sr
With regard to the present the bank was
never in so good • position. They would be aware that
during the last six months money bad been exceedingly 20
low, and he hoped they would be satisfied with the divi- gej
deed. He did not think the shareholders wished to divide 10
the last shilling. If they could earn 5 per cent. Loo
purely with mere banking when money was at 2 per
cent., they would be able to earn much more when it rose et
to 4 or 5 per cent. Referring again to the disaster he Igo
said it was owing to • fault in the mechanical arrange- St.
meats ; that was all remedied, and he hoped be should se
never have to refer to it again. In these times it was it
• great deal for him to be able to tell them
that their capital was untouched ; there was TN. for 1;6
every share ; there was all their capital, and their reserve Igo
fund. He might be asked, if things were so good bow too
was it the shares were so low ? Well, it was so. People 100
were somehow afraid. The bottom of the whole thing 100
was the railway companies, which had absorbed
nearly 500 millions of money. The coneequence ;
bad been • complication of troubles ; but these jo
were all passing away, and though their channel was • sa
little narrowed, he had every confidence that like • river tit
within a gorge in a mountainous country, they would too 14
emerge on the other side • fine stream.
10e
Mr. HALL! seconded. He was sorry the dividend was LO
NO low but their system was security before anything. Bt.
Mr. Ct. Barra expressed his satisfaction at the course et.
taken by the directors.et.
Mr. }IMAM, attributed the depression of the shares to te
the liability of the shareholders. The principle of aM. ~'„
paid-up share with $lll. liability ought to be obsolete. go
He moved that a committee of shareholders be appoin teal 0l
to rert to the directors the desirability of reducing the ee
liability on the shares. 10
The Sionierrna said that was not an amendment. St
Mr. Hu ~DAN said then he would withdraw it, and move as.st.
it after the report had been adopted. YO
Mr. KiNritr.a agreed with Mr. Husband that the de- st.
pressiou in the value of the shares was owing to the great it
liability on the shares, but deprecated the appointment of
aeominittee. He suggested joining with another bank.
lie believed that propositions had been made to the
directors, which had been re;ected.
Mr. Serrii, M.P., objected both to the propositions
of Mr. Husband and Mr. Kintres, and thought these
matter' bad been left entirely to the directors.
Mr. Beane:4i. said his onlotive was that the directors 100,
should have an expressiony m
of opinion from the share- to.
holders.
The motion was then put and unanimously agreed to. W.
A dividend at the rate of tire per cent. per annum, free a
of income tax, was then declared. The directors who were 10,
going out of office by rotation were reelected. le;
Mr. George Broom was re-elected auditor, and, on the so.
motion of Mr. Turemr. Mr. W. Henan was appointed
auditor in the place of Mr. Peter Broad.
lThc meeting was still going on when our report loft.]