The Sun.
London, England, 1862-05-01 00:00:00

CITY, TWELVE O'CLOCK.

The City, to-day, presents the appearance of a
partial holiday. The transfer offices at the Bank
of England being closed, as usual on the Ist of May,
for the purpose of adjusting the half-yearly accounts,
the Stock Exchange is shut, and the opening of the
International Exhibition has induced the authorities
in Mincing-lane to close their respective markets,
while in the other departments of business opera-
tions are reduced to a minimum.

Gold, to the extent of £40,000, was withdrawn
from the Bank of England yesterday for expor-
tation.

The Money Market today is easy and quiet, not-
withstanding the large amount paid yesterday on
account of the Turkish Loan. Holders of the
security availed themselves to a considerable extent
of the privilege to pay up in full, in order to secure
the 6 per c(,nt. discount allowed, and the total
amount thus subscribed has already reached
X 2,700,000.

Wednesday next has been fixed for a special settle-
ment in the New Egyptian Scrip, which is to be
marked in the official lists.

Notice has been given that £1,495 6s. 3d. has
been received on account of the New Granadian
Dividends.

The amount of the New Turkish Stock paid up in
full yesterday was £2,700,000.
The Liverpool Cotton Market yesterday pre-
sented a quiet appearLnce, and 5,000 bales were
sold, of which 500 were for export and speculation,
at rather irregular prices.
The first annual meeting of the London and
South African Bank took place to-day. Mr. J. R.
Thompson in the chair. The report stated that
business began at Cape Town on the 11th of June,
and at Port Elizabeth on the 19th September. Since
that time a branch has been opened at Graham's
Town, under the management of Mr. Henry Ander-
son ; and arrangements are being made for others
at Natal. In placing before the proprietors the
audited accounts to 31st December last, the direc-
tors have the satisfaction to state that there are
no bad or doubtful debts to provide for, and that
the net profits of the bank to that date amount to
£10,541 14s. 7d. The directors propose to write
off to credit of preliminary expense account
the sum of £1,608 65., being one-fifth of the
balance of that account ; and to set apart, as the
basis of a reserve fund, £1,096 lls. 3d. They also
recommend the declaration of a dividend of two
and a half per cent. on the paid-up capital, free
of income tax, carrying forward to new account,
the balance, £2,836 17s. 4d., less income tax on
the dividend now proposed. The chairman stated
that the seal of the Royal Charter wan obtained
on the 17th November last, and arrangements
were previously made for the staff of officials to
leave England on the 6th May, 1861. The bank
only commenced business at Port Elizabeth in
September, so that the full time of its operations
did not embrace six months, and during that short
period the manager continued to report that the
establishment was making satisfactory progress.
The circulation of the bank on the 31st of De-
cember last amounted to £lO,OOO, the deposits
to £52,000, and the discounts to £200,000. These
sums had subsequently increased, and the manager
stated that not a single bad account had been en-
tered in the books. A branch had been opened at
4Graham's Town, and negotiations were in progress
for an establishment at Natal. The manager had
evinced the greatest activity in the interests of the
bank, and the directors had the greatest confidence
in his ability and zeal, and they now solicited the
shareholders to accord their thanks to that gentle-
man for his services. The report was adopted
uvanimously, and the dividend ordered to be paid
on the Bth inst. A shareholder considered the ex-
penseo of the establishment too large for so small
an undertaking, and endeavoured to reduce the
number of directors by opposing the re-appointment
of those gentlemen who retired by rotation. The
amendment was, however, negatived by an over-
whelming .majority, arld the retiring directors
re-elected.

MONEY MARKET. f SHARE MARKET-YESTERDAY.