The Sun.
London, England, 1863-05-07 00:00:00

The London and South African Bank.

ANNUAL
annual
oMa
lE E T
meetingl N G. —OTf Ht
hi
eS
proprietorssecond of
,be London and South African Bank took place to-
day. Mr. J. R. Thomson presided. The report,
which was unanimously adopted, stated that the
accounts for the year ending 31st December, 1862,
exhibited a surplus of £29,481 Bs. 5d., out of which
a payment on account of dividend was made in Oc-
tober last, at the rate of 6s. per share, free of
income tax, and stated that—.
" Deducting for rebate on bills not due £5,233 115 9d;
applying in reduction of preliminary expense account the
sum of £1,608 6s, or one-fifth of the original amount; and
carrying to the credit of the reserve fund £2,000;anavail-
able balance remained of £14,639 lOs 8d; out of which the
directors proposed a dividend for the endinghalf.year,u 31st
December last, at thereto of 6 per cent. per annum
on the
entire paid-up capital, free of income tax, carrying forward
£2,639 108 8d to next account. The past year had been,
marked by the completion of the bank's capital, to the extent
of £400,000, paid up in fall, (in conformity with the provi-
sions of the Charter of Incorporation), a steady increase .
its business, and freedom trom bad debts, A, intimated
the last simnel report, the directors now anti
formation ofa branch at D' Urban, in. the
Arrangements were in progress for the in
in
announced the
colony of Natal.
others at Pietermaritzburg, King establishment of
Graaf Reinrt ; and itWilliam's Town, and
is the intention
further to extend the sphere of the directors still
be found expedient." of the bank's
operation as may
The Chairman stated that last June they had paid
That capital had sir share on £200,000 capital.
400,000 and the directors that time been increased to
for the past half'rectors now proposed to pay
share. year4ltho another dividend of 6s. per
£400,000, the ugh. the dividend was payable on
i 288,000. The
lcapital actually employed was only
net profit made during the year
on £2BB 000 Was £26,644, or about 91 per
cent. The portion paid to
the shareholders, includ-
ing the £12,000 to be • •
distributed, would be equal
to a dividend of 61 per cent. Although it was not
a general practice among the colonial banks to
afford a statement of the reduction made for rebate
of interest, their accounts exhibited a sum of £5,233,
which might be considered as prcfit, because it was
carried forward to next year's account. £2,000
Ith
was
ted
also added to the reserve fund, a bleb now atno
sze
to £3,100. The notes in circulation.
' deposits,
i' t,
in June last, represented £95,000; in December
had been increased to £145,000, and sincethen the
accounts from the Cape stated furtherthattoi i Dere
total now being
ment had taken Pia". theed
resolved to raise
£182,000. The directors h
another £lOO,OOO capital, and having obtained the
necessary sanction, d i
tiou they now propose to sue
6,000 shares, 4,000 of which
were to be appropriated
to the shareholders, inproportion of
one new share
for every five old shares, and that the price be at
the rate of .£24 per share. The 1,000 remaining
shares to be kept for the benefit of the bank.
mission ensued, the majority of the A dis-
-
shareholders
contending that the whole of the proposed new'
shares should be issued to the
proprietors at par.
A compromise was afterwards
reso-
lution carried limiting the effected, and a
prop
£22 each. used new shares to