The Sun.
London, England, 1853-02-04 00:00:00

THE LOND9N AND COUNTY JOINT-STOCK
BANKING COMPANY.

The animal general meeting .f the proprietors was
held yestealay at the London Mt: rn, John Sadleir, Esq.%
chairman, presiding.

The report stated that the directors had more
than ordinary pleasure in sub:nitting to the pro-
prietors a general statement of the affairs of the
company, and the result e the half-year's accounts end-
ing the 31st December. 1852. In June last they
decided, that the large raid steady advance in the busi-
ness of the Company mace it desirable to increase the
capital from 300,0001. to 400,0001. In carrying out this
measure, they offered to the proprietors the option of
the new capital at a premium of 31. 10s. per share, and
they had the satisfaction to state that the whole amount
was at once taken up. The sum of 17,5001., arising from
the premium, had enabled the directors to ex-
tinguish the dead weight of 17,0001., arising from
the preliminary expenses which had accrued from the year
1836, in establishing the various branches of the company.
(Cheers.) During the past year they had opened branches at
Colchester, High Wycombe, Richmond, and Uxbridge.
The mark 1 improvement in the progress of the Bank
has enabled them to give expression to their entire ap-
proval of the uniform zeal and integrity of the numerous
officers employed in London, and at the country branches,
by presenting to each officer a gratuity of 10 per cent.
on the amount of his salary. The net profits of the half-
year ending the 31st December, 1852, after reserving an
ample sum for bad and doubtful debts, amounted
to 14,2991. 7s. 2d. 'Liu recommend that a dividend
at the rate .of 6 per cent. per annum, and a bonus of
2 per cent. (equal to 8 per cent. on the year), both free
from income tax, should be declared. This, if approved
by the proprietors, would leave 4,6741. 19s. 4d. to be
carried to the guarantee fund, which would then be in-
creased to 44,3251. 7s. (Hear.) They had great gra-
tification in stating that their respected chairman, John
Sadleir, Esq., had laid the foundation of a provident
fund, for the relief of officers who, from misfortune, sick-
ness, or superannuation, might become incapable of pro-
viding for themselves and their families. (Hear.) They
had thought that the most acceptable return they could
offer to Mr. Sadleir would be some general measure, by
which this provident fund might be systematically en-
larged, for the benefit of the officers. They had given
to this object their most mature considetation, and had
established a graduated scale of guarantee among the
officers, which combined the advantage of mutual watch-
fulness and control over their fidelity and good conduct,
with a regular contribution by each officer, to the in-
crease of the provident fund. The directors anticipated
that the result of this plan will, in the course of a few
years, give an extended and efficient aid to the benevo-
lent views of the Chairman. The directors retiring by
rotation were—John Wheelton, John Griffith Frith, and
Richard Springett, Esquires—who had respectively given
notice of their intention to become candidates for re-elec-
tion. The balance-sheet, up to the 31st December,
1852, was as follows :
Dr. £ s. d.
To capital 360,670 0 0
To reserved fund 39,650 7 8
To customers' balances, &c 3,281,603 14 4
To profit and loss balance brought for-
ward from last account
net profit for the half-year, after
payment of gratuity to officers, and
13,4121. 19s. 2d. for interest to cus-
omers

7,246 14 7

14,299 7 2