The Sun.
London, England, 1836-03-03 00:00:00

TO THE MEMBERS OF THE LOYAL ORANGE INSTITUTION

OF GREAT BRITAIN.

St. James's Palace, Feb. 29, 1836.

Dear Brethren,—Having already addressed the Orange-
men of Ireland, in conjunction with official and distinguished
members of that institution, recommending to them, in con-
sistency with his Majesty's expressed wishes, that the in-
stitution should be dissolved, I now feel it my duty to re-
commend the same course to the Orangemen of Great
Britain. I am confident that their feelings of loyal and
dutiful attachment to their Sovereign will induce them to
pursue that course which my sense of duty prompts me to
recommend, and in my own person thus painfully to set the
example.

ERNEST.
I subjoin the address to the members of the Loya
Orange Institution in Ireland. [This has already ap.
peared.]

LONDON and WESTMINSTER BANK

Yesterday the second annual general Meeting of the
shareholders in this establishment was held at the London
Tavern, for the purpose of receiving a report from the Di-
rectors, and upon other matters. Mr. P. M. STEWART,
M. P., in the Chair.
The CHAIRMAN expressed the satisfaction the Directors
felt at meetinr, the proprietors at their second annual assem-
bly, and he believed that the opposition which the establish-
ment met with was rapidly decreasing. The public were
at length beginning to appreciate the system of banking
adopted in Scotland. The London and Westmimster Bank
had been the first to establish that system in London, and
the public now subscribed to the axiom, that there was se-
curity in a number of partners. The object of the Direc-
tors in giving an account of their stewardship was to court
publicity, and to contradict the fallacy upheld by other
establishments in the neighbourhood. Since the month
of December, 1835, the business of the Bank had in-
creased considerably. There were now 40 Joint Stock
Banks and their branches which drew upon the London and
Westminster Bank, and measures were in progress for se-
curing. others. It had been rumoured that their losses were
considerable. He (the Chairman) would reply to such
taunts by stating that in the last year their losses had been
under 100/—(Hear, hear.) This was to be ascribed to
the extreme caution evinced by the Directors in the ma-

nagement of the concerns of the establishment. The in-
crease of business in the last two months was quit• unpre-
cedented. After some further remarks the Chairman called

the attention of the meeting to the report.
Mr. GILBART, the Manager of the Bank, read the re-
port. It expressed the hope of the Directors that the ac-
counts for the past year would be found to justify the an-
ticipations of success which were held out at the former
meeting. The result of the statement was that the
Directors were enabled, after paying the current ex-
penses and a portion of the preliminary charges, to de-
clare a dividend of 4 per cent. on the paid-up capital,
and to keep a reserve fund for contingencies. The Di-
rectors had deemed it advisable to open branches in those
parts of the town which had hitherto been, comparatively,
without the convenience of a bank. Accordingly, on the 4th
of January, branches of the establishment were opened in
Bloomsbury and Whitechapel, and on the 29th ult. a branch
was opened in Southwark, which held out every prospect of
success. From the increase of capital, both in the town and
country departments, the Directors had thought it expe-
dient to obtain a larger amount of paid-up capital, and bad
made a call of 51. per share. The total number of shares
issued on the 31st of December, 1835, was 17,818, and in

the present year that amount had been increased by the
grant of 2,500 shares at par to large banking establishments
in the country, with the view to strengthen and extend the
connections of the bank. The amount of paid-up capital
would thus be upwards of 400,0001. when the fourth call
was received.

" In reference to the measures (the report continued) as

threatened by the Bank of England, the Directors liave
now to state that the Bank of England has, much to their
satisfaction, at length raised in a legal shape the question
whether the London and Westminster Bank can accept the
bills of their country and foreign customers drawn upon it
at less than six months after date or sight. It is a ques-
tion which cannot arrest the successful progress of the bank
nor affect its general business, however it may be deter-
mined ; but the Directors having commenced accepting
from the origin of the establishment under the advice of the
present able Counsel of the Bank of England—(Hear,
hear)—having since taken much pains to have the subject
thoroughly elucidated, and having engaged the most emi-
nent Counsel, look with confidence to a favourable issue,
and it is their anxious desire to obtain a decision as quickly
as possible.
" The Directors have further to state, that although the
question in dispute is confined to the single point of accept-
ing bills, the Bank of England introduced into their pro-
ceedings charges against the London and Westminster
Bank of violating the exclusive privileges of issuing notes
possessed by the Bank of England under Act of Parliament.
" The Directors are justified in condemning the resort to

E)esecharges, for the Corporation of the Bank of England

have been obliged to abandon them altogether, and to admit
that they had not any foundation. The Directors much
regret that the Bank of England should have adopted such
a course towards this Establishment ; but as the main
question at issue is still before a legal tribunal, the Direc-
tors consider they will best discharge their duty by abstain-
ing at present from any other coniment upon the subject."
The Report further stated that the Board had elected
William Haigh, Esq., Thomas Farneombe, Esq., and Jo-
siah John Guest, M.P., as Directors, the number of whom
was thus increased to 18. By the deed it was provided
that three Directors should go out of office annuolly—
those gentlemen were, Sir Thomas Fremantle, Bart.; M.P.,
Wm. Haigh, Esq., and Pearson Thompson, Esq., who
offered themselves for re-election.

The following statement of accounts for the last year
was then read. On the debit side there were, for payment
towards preliminary expenses, 1,000/. ; dividend to pro-
prietors of 4 per cent. on the paid-up capital, 10,8181. 12s. ;
balance remaininc, • of undivided profits, 4,407/. 6s sd. ;
making a total 16,22.5/. 18s. sd. On the other side
there were, for undivided profits in the year ending Dec.
31, 1834, 1,205/. Bs. sd. ; net profit of the year ending
Dec. 31, 1835, after deducting all the current expenses,
15,020/. 10s. ; makinc, together 16,2251. 18s. sd.
The CHAIRMAN said there was one important item be
had omitted to state in his former address ; it was, that the
London and Westminster Bank had been appointed agent
to the receipt of one branch of the Government business,
which would cause deposits to the amount of 800,000/.
a year.--(Hear, hear.)
In reply to a question, the CHAIRMAN said the number
of accounts opened with the Bank had considerably increased.
Mr. SAMUEL ANDERSON (a Director) said, the increase
in the number of accounts opened at the Bank, from the
Ist January to the 4th Mgrch, in 1835, was 80 ; but in the
present year there had been an increase, since the Ist Janu-
ary, of 220.
The CHAIRMAN, in reply to a question, said the Bank
had been appointed agent for the deposit of receipts of reve-
nue collected in parts of Kent and Sussex.
The report and statement of accounts were adopted, and
ordered to be printed, and circulated among the proprietors.
A lengthened discussion took place on a motion made by
Mr. Sheriff Salomons, the object of which was to alter the
deed, the 41st clause of which provided that if any Direc-
tor became a Director of any other I3ankinrr Company, he
should cease to be on the Board of the London and West-
minster Bank. Mr. Sheriff Salomons said, as a Colonial
Bank was about to be established, and as the Chairman was
largely interested in the Colonies, he would, no doubt, be
on the direction of that Bank, the Proprietors would, un-
less the deed was altered, lose the services of their able
Chairman.

In reply to several questions from Proprietors,

The CHAIRMAN said, that taking so great an interest in
colonial affairs as he did, it was not improbable that be
should be associated with the Colonial Bank, when formed.
That bank, when formed, would not, however, interfere with
the London and Westminster Bank, though, to a certain
extent, it might be a bank of deposit. It would, however,
be chiefly for investment. The proposition, however, was
eventually withdrawn, several Proprietors speaking against
any change in the deed.
A ballot for three Directors then took place, and Sir T.
Fremantle, W. Haigh, Esq., and P. Thompson, Esq., were
elected.

Mr. ROBERTS moved that 2,500/. should be placed at
the disposal of the Directors, to be applied by them for
their past services, up to the 31st of December, 1835. The
Directors had had a most onerous duty to perform, and he
felt satisfied that the proprietors would support the reso-
lution. _

The resolution was seconded, and carried unanimously,
and Mr. Sheriff SALOMONS, on behalf of the Directors, re-
turned thanks.

A vote of thanks was also passed to Mr. Gilbart and the
other managers of the bank for their zeal and attention to
the interests of the establishment.

Mr. GILBAAT, in expressing his acknowledgements for
the compliment, said he could state with confidence that no
patronage, no influence, or jobbing had taken place among
the Directors. The managers were selected without having
been previously personally known to the Board.—( Hear.)
Thanks were then given to the Chairman, and the meet-
ing adjourned.

The Marchioness of Lansdowne gives a splendid
rout this evening, at Lansdowne House, Beikeley-square.
TUE ROYAL ELOPEMENT.—Our advices from
Madrid inform us that, whilst we were conveying Friar
Charles of Naples and Miss Smith to America or Ireland,
they were on their way to Spain. To the surprise of every-
body, they arrived at Madrid on the 23d,