The Sun.
London, England, 1853-07-26 00:00:00

CLIELSEA REGATTA.

Fourteen you:lg men rowed a very capital race here
for a purse of so'rereigns yesterday, with the following
result :
B. Eatley and P. Flockett 1
J. Camm and J. Flockett
R. Irons and J. Veils
J. Wheeler and V. Meredith

COMMERCIAL BANK OF LONDON.
(THIS DAY.)

The thirteenth annual meeting of the proprietors of
this bank was held this afternoon on the premises in
Lothbury, Thomas Barnewell, Esq. in the chair.
After the usual preliminaries,
The CILLIRMSN addressed the meeting as follows :
The directors have great pleasure in meeting you this
day in the newly-enlarged premises. They are sorry the
room is not yet in a better condition to be seen, but at the
same time they are extremely !happy that the first use
made of it should La to welcome you to come and listen
to a statement of yosr affairs, which, I think, will be as
gratifying to you as it is to them. If, gentlemen, on
former occasions, when I had the honour of addressing
you from this chair, I expressed any hopes, or indulged
in any anticipations as to the then prospects of the bank,
I may now truly say that they have been fully, if not
more than fully, realised, for in every branch of our
establishment there has been a great and most
important improvement. (Hear, hear, and cheers.)
In order to carry out those more enlarged operations in
which we have lately been and are likely for the future
to be engaged, your directors thought it advisable to in-
crease the capital of the bank, and they have done so by
issuing 5,000 new shares at a premium of Si. per share.
That premium has been realised, and your reserve fund,
with some other additions which have been made to it,
will now amount to 61,0001. instead of 28,000/. as it was
last year. (Hear, hear.) As to the shares themselves
you will see by the statement that a sum of 13,455/. has
been received in anticipation of the engagement upon
them. Since that, however, a further sum of 47,0001.
and some hundreds have been received also iu anticipa-
tion of a great portion of these shares, and when the
whole is fully paid up on the Ist of October, next
year, capital will amount to 300,0001. instead of
200,0001. which it was last year. (Hear, hear.)
In addition to that, gentlemen, your directors have ab-
solutely closed an item which has hitherto occupied a
place in the accounts—that of 3,6001. standing against
the bank premises and the furniture. They have now
written that off, and placed it as an asset upon the bank.
(Hear, hear.) Besides these cheering facts, the direc-
tors have had the pleasure, in which I am sure you
will warmly participate--for it is indeed a
pleasure, and comes as it were as a kind of
solace after the toils of business—to reward good ser-
vices and good conduct; and they have done so by
giving to each clerk in the establishment a gratuity of
10 per cent. on his salary. (Cheers.) I think, when
you have heard the annual statement, you will concur
with me that it comprises facts which will be of the
greatest gratification to every person who is at
all interested in the bank. I have no doubt
it will be peculiarly satisfactory to those who knew
the bank in its infancy, and have watched
its progress, for they will see that it now occupies a posi-
tion, comparatively speaking, equal to that of any other
establishment in the empire. (Hear, hear.) While,
however, I say this, I must likewise express the pleasure
which the directors feel at witnessing the prosperity
of the other establishments of the same nature which
exist in the metropolis ; for, linked as we are in the
same pursuits the success of one is the success of all.
(Cheers.) When we consider that the joint-stock banks
of London hold 20,000,0001. of the public money, I trust
it is no vain hope to expect that any little prejudice
which may exist in any quarter will vanish under
the favourable circumstances in which we all now
are, and that every bank, whether private or joint-stock,
in this great and should-be liberal City of London will
henceforth be actuated by that kindness and good feel-
ing which all admit will be most conducive to mutual
confidence and public utility. (Cheers.) The chairman
concluded by calling upon the secretary, Mr. Cutbill, to
read the report, which was as follows :

" The directors are happy to meet the proprietors at the
close of another prosperous year. The balance sheet shows
that, after paying all expenses and making ample provision
for bad and doubtfnl debts, the net profits for the past
year amount to 30,6541. 12s. 10d. ; out of these profits a
dividend at the rate of 61. per cent. per annum for the half-
year ending 31st December, 1852, has been already paid,
and the directors have now to declare a dividend for the
half-year ending 30th June, 1853, at the same rate, and a
bonus of 16s per share—both dividend and bonus free from
income tax. The 5,000 new shares issued in May, at 51.
premium, were taken by the proprietors, and the 25,000/.
received for premium added to the reserve fund. This
fund will now amount to 61,0291. 6s. 4d. The directors
have taken advantage of the present favourable year to
write off entirely the 3,6001. standing against the leasehold
premises and furniture. In a very few weeks, the enlarge-
ment of the banking premises, so much needed, will be
completed. In compliance with the provisions of the deed
of settlement, the following directors, viz., John Alfred
Chowne, Esq., James Alexander ouglas, Esq., John
Savage, Esq., Joseph Thompson, Esq., retire from office,
and being eligible, offer themselves as candidates for re-
election."

BALANCE SHEET UP TO 30TH JUNE, 1853.

DR.
Capital subscribed

£ H. (.1

£1,500,000

Capital paid up - • •
Ditto received in anticipation on ac-

200,000 0 0

count of new shares . . .
Guaranteed Fnnd invested in Govern-

13,455 0 0

went Securities . . . •
Balance due to the customers of the

58,052 10 1

Bank

. 1,246,824 2 4

Balance carried down after deducting bad
and doubtful debts, income tax, and

all charges and current expenses

30,654 12 10