The Sun.
London, England, 1849-07-12 00:00:00

UNION BANK OF LONDON.

' The tenth annual gt-neral meeting of the proprietors
was held yesterday at the bank, Princes-street, Matsion-

House, Sir Peter Laurie in the chair.
The Secretary, Mr. Walter LAURIE, having read the
minutes of the last and the advertisement convening the
present meeting, proceeded to read the annual report of
the affairs of the bank. It stated that during the last
twelve months the pressure upon the commercial interests
of the country, which was the subject of remark in the
last report, had been continued, and in many instances
aggravated by the political convulsions which have dis-
tracted nearly the whole of Europe; that a low value of
money had been the natural consequence of the influx of
foreign capital and the contraction of mercantile enter-
prise; but that, notwithstanding these disadvantages,
the directors were able to refer the proprietors to the
balance-sheet as an evidence of the continued progress
and success of the bank, from which it appeared that the
net profits of the year amounted to 28,617/. 18s. 10d.,
out of which the directors proposed to appropriate a
sum of 25,3741. for the payment of a dividend at the
rate of six per cent. clear of income -tax, and 500/. as
usual, in reduction of the preliminary expenses, leaving
an unappropriated balance of 2,734/. 18,. t Od. to be car-
ried to profit and loss new account. The interest paid to
customers on their current and deposit accounts, during
the last year, amounted to nearly 34,000/. The acces-
sion of numerous and valuable connexions, valuable not
only as adding to the profits of the bank, but as evincing
the estimation in which it was held by the public, proved
to the directors the soundness of the cautious and pru-
dent system of management they had endeavoured to
maintain, and enabled them to assure the proprietors of
the steady and gatifying progress of the company.
The proposition of the directors to declare a dividend
of six per cent. was unanimously agreed to.
The CHAIRMAN moved that the report should be re-
ceived and circulated among the proprietors. He con-
gratulated them on their continued prosperity and pro-
gressive increase of business. As a proof the opinion
entertained of them by the public, he might state that
theirs was the first joint-stock bank that had obtained
the confidence of Government, and they had received
the support of the metropolitan commissioners of sewers.
The motion, having been seconded by Mr. PETER
LAURIE, was carried unanimously.
The following gentlemen, who retired by rotation from
the direction, were re-elected:—Mr. George Webster,
Mr. John Barnes, and Mr. John \V. Sutherland.
•• . • ,

M.
Tha general meeting then resolved itself into a special
meeting, for the purpose of considering a proposal made
by the directors to alter the clause in the deed of sel tle-
meta which required each director to be a holder of
twenty shares iu the company; so that, for the future,
the possession of one hundred shares should be required
as a qualification for that office.
Mr. J. BRoWN thought that the question was not one
of the qualification of oirectors only, but also whether
the election of them should rest with the board of diree
tors, or with the proprietors. When he signed the deed
of settlement he was not aware of the clause which gave
vwer to the directors in this matter, else he should not
have signed it.
Mr. W. Ba ,WNE said that when this subject was dis-
cussed at the general meeting last y ear, a promise was
given that the election of new directors would be left
to the proprietors. At present the directors had virtually
all the power in their own hands. because when any

•
g. ntleinsu was nominated by them to a vacancy the
shareholders felt that they could not, without a bad
grace, oppose the nomination of their directors, when
asked to confirm it.

Mr. P. LAURIE said that they could not then alter the
clause in question, as that was a special meeting, and
they could not entertain any other measure, except that
one which they had been called together to consider. It
was true that a promise had been given at the meeting in
last July, that if an election should take place the nominee
of the directors should not take his place at the board
until his appointment was sanctioned by the proprietors.
That, he thought, was the same thing as leaving the
nomination to the proprietors.—(No, no.)
Mr. J. BROWN then gave notice that at the next gene-
ral meeting he would move a resolution to the effect that
when any vacancy occurred in the direction, by death,
bankruptcy, or otherwise, the secretary should give
thirty days' notice to the proprietors, at the end of
which period they should meet for the purpose of filling
up the vacancy, and that the names of candidates should
be posted on the bank doors twenty days previous to the
election.
Mr. RICHARDSON said that the price of their shares
in the market was not so high as might be expected
from the dividend paid by their company. He drew at-
tention to the fact that theirs was the only joint• stock
bank that paid two per cent. interest on current and de-
posit accounts to customers, and he suggested that it
would be advisable to diminish or abolish the payment of
this interest, which amounted last year to nearly 34,0001,
--(Hear, hear.) When the Westminster Bank reduced
their interest to one per cent. they were said to have lost
only one customer in consequence of that measure.
The CHAIRMAN promised that the directors would take
the suggestion into consideration.
The proposal of dire directors respecting the number of
qualification shares was then put and carried without
further discussion.
A voto of thanks to the chairman and officers of the
company was passed, and the meeting separated.

ASYLUM FOR AGED AND DECAYED FREEMASONS.
—Last evening the annual general meeting of the above
institution was held at Radley's Hotel, Bridge-street,
Blackftiars, Brother Wright in the chair. The secre-
tary read the negotiations relative to the proposed amal-
gamation with the Royal Masonic Benevolent Annuity
Fund under ono common title. A site for the new
asylum had been selected on Croydon common, and the
budding was rapidly proceeding. The financial report
sb,iwed that the receipts were 8931. Is. Bd., and the pay-
ments, includingl6s. 3d. tor tho purcbase of land
at Croydon, were 529/. Os. Id. I 'eying tendered the re-
signation of Dr. Crucifix, a reaolution highly compli-
mentary was unanimously carried, requesting the gen-
tl,rnan to continue in the office, and appointing Brother
r
John tlodgkinson as joint treasurer with him.
the election of President, Vice-President, and other
officers, thanks were accorded to le-rd Dudley Stuart for
presiding
at the rec,nt festival, when nearly 600/. was
collected; and the meeting we' adiourtied.
The suitors of the Court of Chancery will be glad
to learn th,d, the Lord Chancellor is now rapidly reco-
v-ring tr.,in the effects of Ilia late alarming illness.an His
Lordship takes carriage exercise every day', d the
I,,t,twunc,-meet of a resumpti,,n of the public sittings is
, gippfidently expected Wore the end of the week.