The Sun.
London, England, 1849-07-18 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, JULY 18, 1849

each port, for the year ending the sth day of
April, 1849, distinguishing the quantities of
those warehoused directly imported into such ports, with
the quantities removed under bond from the ports of im-
portation, together with the number of duty-paid entries
made at each port during the above period; and of the
amount of customs duty received in the United Kingdom
for the year ending the sth day of April, 1849, showing
the payments made for services specially connected with
the collection of the revenue, together with payments
made for services not specially connected with the collec-
tion of the revenue.

The other orders of the day were then disposed of.
and the House adjourned.

gATyM.) IN S TER
LONDON B
AND
HALF-YEARLY MEETING.
BAND.—(THIS
A special general half-yearly meeting of the directors
and proprietors of the London and Westminster Bank
was held this day, in the premises of the Bank, Loth-
bury; Thomas Chapman, Esq., F.R.S., one of the di-
rectors, being in the chair. There was a full attendance
of the directors and shareholders.
The CHAIRMAN called upon the Secretary to read the
report of the directors, which the secretary did as fol-
lows:
" The directors have to report that the net profits of
the bank. during the last half-year, have amounted to
32,7291. 17s. 43. Out of these profits they now declare
a dividend, at the rate of six per cent. per annum. After
the payment of this dividend, there will remain the sum
of 2,7291. 17s. 4d. to be added to the surplus fund, which
will then amount to 105,4531. 14s. 3d.
LONDON AND WESTMINSTER BANK, JUNE 30, 1849.
Dr. £ s. d.
To proprietors for paid-up capital 1,000,000 0 0
To amount due by the Bank for de-
posits, circular notes, &c.
To rest, or surplus fund ... 102,723 16 11
To profits of the past half-year ,, 32,729 17 4

£4,528.310 17 10
X o. d.

Cr.
By Government stock, Exchequer-
bills, and India bonds
By other securities, including bills
discounted, loans to customers, &c. 3,010.867 15 2
By cash in hand ...

964,800 13 7

£4,528.310 17 10
PROFIT AND Loss, 30TH JUNE, 1849.

X B. d.

Dr.
To payment of the dividend, now de-
clared, at the rate of six per cent. per
annum, on a capital of 1.000,0001., for
the halt-year ending 30th June, 1849 30,000 0 0
To balance of unappropriated profits lO5 453 14 3

£135,453 14 3
X fl. d.

Cr.
By balance of unappropriated profits on
31st December, 1848
By net profits of the past b.sif-year,after,
&fraying the total expense of man-
agement, paying the income-tax, and
making provision for all bad and
doubtful debts

32,729 17 4

£135,453 14 3

By balance of unappropriated profits .£105,453 14 3
The CHAIRMAN said, in rising to move that the report
which had just been read be adopted, printed and circu-
lated among the shareholders, he would occupy their at-
tention but for a very short period. They would permit
him, in the first place, to congratulate them, which he
did for the first time, that the paid. up capital of the com-
pany amounted to 1,0(.0,000/. That was a guarantee to
them hereafter that they might consider their capital
account as closed, and that no probable contingency
might arise when it would be necessary to appeal to
theta for further capital. It was further satisfactory to
have this capital, because it was an assurance to the
public, that however large the undertakings that might
be entered into by the company, they would still
be under that reservation, which be trusted the board
of directors would ever discreetly exercise. Although
during the past year there bad been no very great en-
couragement to holders of money to invest their capital,
if the company had not received a large amount of re-
turn for the outlay of their money, they had at all events
done a safe business. Three per cent. for the half-year
would be the dividend they bad to declare, and
they were still able to add a small amount to
their reserved fund. He was happy to say the
business of the company still continued to in-
crease both at their branches and their head-office.
Their accounts were now second to none in this metro-
polis, and were of the greatest possible respectability.
—(Applause.) He regretted that he had it not in his
power to state that the directors had made any progress
in the matter of the " clearing." Matters remain pre-
cisely as they were; the Joint-Stock Banking Companies,
and their own among the rest, were still excluded
from the privileges of the clearing. In those days of
freedom of trade, he could not have thought that there
could have existed in this metropolis a monopoly which
was as great a private interest as it was a public wrong.
—(Applause.) Justice, like truth, must in the end pre-
vail; and he trusted, ere long, they would be admitted
to the privileges of the clearing. He would not detain
them longer, but would simply move that the report of
the directors be adopted, printed, and circulated among
the shareholders.—(Applause.)
Mr. PERRY seconded the resolution.
Mr. N. CROUCH said he found by the report that the
directors had 4,500,000/. of working capital. It had
always appeared to him that a large sum of money like
4,500,0001. ought to raise more profit to the shareholders.
Taking it at 4 per cent. that sum ought to raise 160,000/.
and that was deducting the 500,000/. cash in hand. But,
instead of 160,0001, the profit had dwindled down to
60,0001. That was too little, he thought. Either the
directors did not use their money to advantage, or their
expenses were enormous, or their losses excessive. He
expected to-day a bonus of a very considerable amount
would have been announced.—(Hear, hear.) It had been
promised over and over again. He did think with a
capital of 1.000,0001, paid up, with a capital of
nearly 5,000,0001. at their command, and with a rest of
100,0001., the directors ought to afford the shareholders
a greater advantage than they received.—(Hear, hear.)
The CHAIRMAN said the previous speaker considered
that, from the amount of capital placed in the hands of
the directors, the return they made ought to be larger,
and if that return were not larger, it arose from
excessive loss or excessive expenditure. From
neither of those causes did it arise. Really and
truly the cause arose from the very low value of money
in the money market.—(Hear, hear.) It was true ir
capital of 1,000,0001 might be invested at a larger rate
of interest; but, if they did so, the time might come
when they wanted their 1,000,000/, and might in vain
seek for the means of realising it. They were
compelled to have their capital available. The
money was in their till, and he trusted it would
long continue there. Whenever an opportunity
arose of investing their money at a fair rate of interest,
he assured them it was always the anxious desire of the
directors to avail themselves of it. Their first care was
security, and he hoped the board would ever maintain
that as one of their leading principles.—(Applause.)
Mr. LEVY thought the directors had exercised a very
sound discretion in not giving more than 61 per cent., that
was all he had to say; he approved of short speeches, re-
membering the old adage, that what would cure a car-
penter would kill a bricklayer sometimes. He thought
they had better let well alone, and not trouble them-
selves about the Scotch banking system, or investing
money in Ireland, all which was what he called hum-
bug.—(Laughter.)
A SHAREHOLDER asked what was the comparative
expense of working the branches ?
The CHAIRMAN said their branches were extremely
well conducted, and gave the greatest satisfaction to the
directors; but entering into particulars at that moment
would be injudicious.
The SHAREHOLDER said a rival establishment had
been said to succeed better than their own, because that
establishment had no branches.
The CHAIRMAN said he should regret exceedingly
parting with any one of those branches.
Mr. W. BROWN hoped a portion of their reserved fund
would be added to their dividends by way of bonus.
The CHAIRMAN said he was aware there was a feeling
among the shareholders that whenever the "rest" ex-
ceeded 100,0001. they should not give to posterity
that which they themselves had earned. He did not
think the directors differed much from that feeling; but
he was quite sure the shareholders would not wish the
directors to declare a paltry bonus.
Mr. Baowx suggested the formation of a "settling-
house" among the joint-stock banks themselves, since
they were excluded from the " clearing" system. There
were great privileges to be derived from a " settling-
house." The Chairman could not deny that it was
greatly to the interest of private banks to keep the
joint-stock banks out of the clearing system; yet even-
tually he hoped they would admit joint-stock banks to
the clearing, and that without having recourse to the
pressure from without."

The resolution adopting the report was then put and
carried.
Mr. HADDO moved a vote of thanks to the Chairman
and directors, and the meeting separated.

STATE OF TRADE.
(From the Manchester Guardiann of this day.)
MANCHESTER, TIIESDAY.-1 he requirement of higher
prices for yarns wa', last week, partici), successful. To-
day a more decided move has been made in the same
direction. Stimulated by the still buoyant state of the
cotton market, the spinners have claimed a further ad-
vance of 4d. per lb., generally, and in many instances of
There
thecan d
beey with u
130 doubt
T tiu
thattohi.g firmness), this
e
1:w
(maintained
throughout e 8 s
) ,
has con-
siderably restricted the amount of business; yet, it has
been so far acceded to by some classes of buyers, as to
render the transactions of moderate, if nut of fair extent,
on the whole. The principal purchasers have been the
home manufacturers and tau Ge-rtnan merchants. The
latter have paid the advance most readily fur warps and
pin cops. The ILdia house, however, have continn,d
to stand aloof. An additional advance has also
been demanded upon goods, and here again,
the effect has been a limitation of business. The
makers of 7-Bth and 9.Bth printers and shirtings
have, however, secured another. lid. per piece. The
some time their value was
undulyea accounted
depressed,
want of demand; and now
sudden and considerable rise which has receently taken
place in 34 inch and 36. inch printers and shirtings, is
that. tae demand has revived, it is found that the produc-
uon has been very much abandoned for that of 40-inch
fur.through
a
fabrics. India and China goods are decidedly firm from
their scarcity, and the degree in which the manufacturers
are under contract. In some of the heavier cloths, suit.
able for shipping, there is a little improvement; least of
all in the batter qualities for the home market.
We anderstaad that in soma establishments at Black-