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

THE TONDO V AND COUNTY JOINT-STOCK
BANKING COMPANY.

. The annual general meeting of the proprietors was
held yesterday at the London Tavern, John Sadleir, Esq.,
chairman, presiding.
The report stated- that the directors had more
than ordinary pleasure in submitting to the pro-
prietors a general statement of the affairs of the
company, and the result o the half-year's accounts end-
ing the 31st December, 1852. In June last they
decided, that the large and steady advance in the busi-
ness of the Company made 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.) 1) uring the pastyear they had opened branches at
Colchester, High Wycombe, Richmond, and Uxbridge.
The marked 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. They 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 consideration, 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 regiilar 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 3,231,603 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
13,412/. 19s. 2d. for interest to cus-
omers 14,299 7 2

7,246 14 7

£3,703,470 3 9

£ s. d.
. 584,810 2 9

By cash in hand and at call
By Government and other securities,
discounted bills, &c 3,088,358 14 8
By bank premises, freehold and lease-
hold

30,303 6 4

£3,703,470 3 9

PROFIT AND LOSS ACCOUNT.

To half-year's dividend at 6 per cent. per

annum £10,12213 7
To bonus of 2 per cent 6,748 8 10
To balance carried to guarantee fund 4,674 19 4

£21,546 1 9

By balance from last account £7,246 14 7
By net profit for the half-year 14,299 7 2

X 21,546 1 9

The CHAIRMAN in moving the adoption of the report,
said he did not intend to trouble the proprietors with
any observations as to the general complexion of that
document, as it merely indicated a degree of prosperity
in the affairs of the bank for which they were all more
or less prepared. He might safely say that since he had
first the honour of occupying the chair of the bank at the
close of 1848, they had enjoyed an uninterrupted course
of prosperity. On referring to the financial statements
of.every succeeding year since that period, he found that
their business had annually increased and improved, and
to such an extent that it had been found advisable on
two distinct occasions to augment the paid up capital of
the bank. When he undertook the office of chairman
lie determined, in the government of the bank, to adhere
to a given course, and through good report and evil
report, he had always observed certain principles. Of
course any such resolution would have been of no avail if
he had not been sustained by the cordial co-operation if his
colleagues, as well as by the cheerful services of the
officers, and by that calm and temperate support which
he had experienced at the hands of the proprietors.
(Hear, hear.) There could be no doubt, that, for some
time, he had prejudices of a very serious character to
encounter • and, perhaps, in the strict and conscientious
discharge of his duties in connection with a bank of such
magnitude, he might have wounded the feelings of some
individual, but of this he was quite certain, that if the
proprietors had encouraged the apprehensions which
some were disposed to excite, the efforts of the directors
would have been very much counteracted, and the in-
terests of the bank materially damaged. (Hear, hear.)
What, however, he was particularly anxious to do on
the present occasion, was to call attention to those pas-
sages in the report which were somewhat novel, and
to which be personally attached great importance.
In the first place, they would perceive that the directors
had been enabled to lay the foundation for a provident
fund for the relief of such of the officers of the bank as
from misfortune, sickness, or superannuation, might be-
come unable to provide for themselves and their families.
(Hear, hear.) He was sure it would be unnecessary for
him to elaborate on the great advantages which must
attend the just and successful administration of such a
fund, both to the proprietors and those who were en-
gaged in their service. And it was this consideration
which had induced the directors to enter upon what he
hoped the shareholders as a body would deem to be a
useful and important reform. They had determined to
substitute for the old practice of taking as security for the
integrity of their officers private and personal bonds, or
the policies of guarantee societies, a system of voluntary
contribution according to a fixed scale, in proportion
to the salaries, to form a guarantee fund, to be placed
at the maximum of 3,0001. (Hear, hear.) And he
thought they had every reason, judging by experience,
to anticipate that the surplus contributions of the gua-
rantee fund, which it was proposed should go to the
credit of the providenj fund, would be very consider-
able, and that from that source alone a larger addition
would be annually made to the amount available for
affording relief to those who might require it. In
taking this step, the board had proof that many of the
proprietors entirely symathised in their efforts, and they
relied with some confidence that the fund would be still
further increased by voluntary contributions of many
gentlemen who thought with them on the subject. He
would now pass to that part of the report which pointed to
what the directors had done in the exercise of that fair
and necessary discretion which was reposed in, them.
They had endeavoured to express their sense of the
spirit and manner in which the officers of the bank had
performed their duties by presenting each gentleman
with a gift which was equivalent to 10 per cent on 'his
salary for the year. (Hear.) The gift as regarded the
older officers would not amount to the sum which they
were in the habit of dispensing annually in private cha-
rity, and with regard to the younger officers it would be a
welcome assistance, enabling them to overcome those
difficulties which most young men on entering life were
called on to surmount. (Hear, hear.) But he might
be asked, why call upon the proprietors to make this
gift ? His reply to that question would be—" Look at
the extraordinary degree of prosperity you have attained
within a period comparatively so brief.—that was, since
the period immediately preceding that at which he
became chairman of the company." (Hear, hear.)
At the close of the year 1848 the paid-up capital of the

bank was 290,0001. Now it was in the course of being
fixed at 400,0001. (Hear, hear.) At the close of the
year 1848 'the reserved fund was something under
27,0001., now it was about to be placed at over 44,0001.
The balances in, the bank at the close of 1848 were
1,300,0001., they were more than 3,000,000. (Loud
cheers.) The net profits for the half-year ending 31st
December, 1848, were 7,161/. ; the net profits for the
last half-year were double that sume. (Loud cheers.)
They had, too, in 1848 a charge for preliminary ex-
penses standing against them of 18,2901.—that item
had since been wiped out altogether. (Loud cheers.)
At the close of 1848 they carried over to the reserve
fund 1,1601.—in the accounts before them they
carried over to that fund a balance of 4,674/. These
figures were, he thought, sufficient to demonstrate to
every impartial mind the unexampled prosperity that had
attended the efforts and operations of the bank during
the last four years, and he must frankly and unreservedly
avow that that prosperity had in a great measure been
attained in consequence of the ability, the zeal, the
urbanity, and the honour, which had distinguished their
officials. (Cheering.) And therefore it was that he
believed the meeting would say that the directors did
well when byposictiovmeacutnte
notsicsanddto u
acknow-
ledgments,meioresveerobinalcitie
desire of
they m
the shareholders to contribute to the welfare
I of those who had served them with such fidelity and
ability. (Hear, hear.) When they considered the
great importance of the object in view—that of culti-
vating the union and sympathy of classes which were
bound together by the ties of capital and labour—he
was convinced they would not look upon it as mis-
chievous or unwise to devote a portion of the profits of
the bank to such a purpose. (Hear.) They were aware
how important the unity and reciprocity of sympathy to
which he alluded were considered in other pursuits, and
that it was by voluntary acts of this character he now
recommended for the adoption of the meeting, that the
most enlightened and distinguished landowners com-
manded the respect of those of whose welfare they were
solicitous and proud, and they were equally aware that
in other lands, not remote from us, and equally favoured
by nature with our own, but where no such sympathy

was exhibited, and where a very different system pre-
vailed, a itotally opposite description of local feeling
existed. (Hear, hear.) Therefore it was that he held it
to be wise for the proprietors of the bank not to delay
the recognition of what was due to those whose exer-
tions had contributed to their success. He trusted that
this part of the report would meet with the hearty ap-
probation of the meeting, and that the sympathy evinced
by the proprietors for the officers of the bank would be
at all times commensurate with the prosperity and means
of the establishment. (Cheers.)
Mr. FRITH seconded the resolution, and in doing so
expressed his entire concurrence in the views enunciated
by the chairman.
The resolution was then put and carried.
The CHAIRMAN moved that a dividend of 6 per cent.
per annum, for the half-year ending Dec. 31, 1852, be
given with a bonus of 2 per cent., clear of income tax,
payable after the 14th Feb. inst. -
Mr. STUART seconded the motion, and congratulated
the shareholders on the most satisfactory report which
they had just heard read. For his own part, he offered
the directors his hearty thanks, and expressed a wish
that his shares in the company were double.
The motion was passed nem. con.
A resolution was then carried to the effect that the
balance of 4,674/. 19s. 4d., which remained to the credit
of the profit and loss account, be carried to the guaran
tee fund.
Mr. LEwrs HAZLEWOOD moved that the thanks of the
meeting be given to the chairman and the board of di-
rectors for the able and successful manner in which they
had conducted the affairs of the company during the
past year. He wished to add to the statement they had
heard about the Provident Fund that the chairman him-
self had contributed to it out of his own pocket the sum
of 4,500/.—(cheers)--and he would suggest that the
other proprietors should do something to assist. It
might be advisable, perhaps, to authorise the board to
devote, if they thought fit, a proportion of the dividend
every year—say 1 per cent, on the Boss amount—which
would be equal, at the present rate, to be about 2001. &-
year to the fund in question. (Hear, hear.)
The Rev. Mr. JOHNSON, in seconding the motion,
observed that the chairman's gift of the munificent sum
of 4,5001. was no common proof of the sinceritv of his
wish to benefit the interests of those employed in the
bank. (Hear.) He thought their particular thanks were
due to their chairman individually, and next, to the
directors, for the great ability, zeal, and integrity they
had manifested with such unexampled success, for the
last four years. He lead been informed that the chair-
man, on being offered a seat in the Government by Lord
Aberdeen, stated to his colleagues that he would not ac-
cept office if they thought it would interfere with his
duties as chairman of the bank.
The resolution was put and carried, as was a special
vote of acknowledgment to the chairman for his indi-
vidual services.

Major Srorra asked for some explanation as to the iia-
tribution of the new shares issued to meet the demand
for extra capital, complaining that the shareholders had
not in all cases received their fair proportion of them.
The CHAIRMAN stated that the first issue, which was at
par, had not been responded to by all the shareholders,
many having declined to take them up ; and, in those in-
stances, the directors having taken the responsibility on
themselves, had to take them up at their own risk ; he
himself having come forward and taken up 5,000, and the
result of the course thus adopted by the directors was evi-
dent in the increased business of the bank and the addi-
tional value their shares had acquired in the market. The
second issue was made at the rate of 31. 10s. premium on
the 201. share, it being understood that, as in the former
instance, should any proprietor decline to take his propor-
tion the directors would take them up at the premiums
fixed, which they had done. He might add that some of
those gentlemen who had declined to take th• new
shares at 231. 10s. each were now anxious to get them
at 291. or 301. each. He reminded the meeting that in
1848 the shares stood in the market at 181., whereas
now they were worth 301.

_ .
A PROPRIETOR remarked that the chairman had not
stated that which was the fact, that he had devoted the
whole of the profit he made by the extra shares he took
on the first issue to a benevolent purpose.
The auditors were re-elected and thanked. A resolu-
tion of thanks was passed in favour of Mr. Luard, the
manager; and the retiring directors, Messrs. Wheelton,
Frith, and Springett, having bee re-elected, the business
terminated.

SPORTING INTELLIGENCE.

TATTERSALL'S—THURSDAY.
METROPOLITAN HANDICAP.
6 to 1 agst Contentment.
20 to 1 agst Grapeshot.
20 to 1 agst Lampedo.
25 to 1 agst Snowdon Dunhill.

CHESTER CUP.
20 to 1 agst Lady Evelyn.
20 to 1 agst Contentment.
25 to 1 agst Trifle.
50 to 1 apt Little Jack.
50 to 1 agst St. Michael.

TWO THOUSAND GUINEAS STAKES.
4to 1 agst Satingbourne.

NOTTINGHAM HANDICAP.
4 to 1 agst Bold Davie.
5 to .1 ngst Tho Bishop.

NOTTINGHAM TWO YEAR OLD STAKES.
3to 1 agst Bridesmaid.
3to 1 agst The Jewess.

DERBY.
10 to 1 agst West Australian.
15 to 1 agst Pharos.
15 to 1 agst Cineas.
16 to 1 agst Sittingbourne.
35 to 1 agst Contentment.
16 to 1 agst Orestes.

LIVERPOOL STEEPLECHASE.
Bto 1 agst Miss Mowbray.
Bto 1 agst Oscar. •
12 to 1 agst Half-and-Half.
16 to 1 agst Sir Peter Laurie.