The Sun.
London, England, 1849-01-18 00:00:00

LONDON AND WESTMINSTER

BANK.

The half yearly meeting of the proprietors was held
yesterday at the Bank, Lothbury ; Charles Gibbes, Esq.,
in the chair. The meeting was a very large one.
The CHAIRMAN said that the report was of a more
satisfactory character than that which had been pre-
sented at the meeting in July last.—(Cheers.) They
were now, fortunately, enabled to pay the usual divi-
dend of 6/. per cent., to restore to the reserve fund the
amount which was taken away from it, and to make a
little addition to it.—(Cheers.) He assured them that
the bank was in a sound and healthy state, and that the
business continued surly and steadily to increase.
The following is the report of the board:—
" The directors have to report that the net profits of
the bsnk, during Vie last half-year, have amounted to
37.237/. 3s. Id. Out of these profits they now declare a
dividend, at th 4 rate of six per cent. per annum. After
the payment of this dividend, there will remain the sum
of 7,237/. 3s. id. to be added to the surplus fund, which
will then amolat to 102,723/. 16s. lid.

" The three directnr,, who go out by rotation, are
Thomas Chapman, Joshua Walker, Esq., and
Henry Buckle, Esq., all of whom, being eligible, offer
themselves for re-election."

Mr. TITE suggested the expediency, as the rest or
surplus fund amounted to neerly 100,0001., that some
effort should be made on the part of the directors to in-
crease the amount of dividend during the life of the pre-
sent shareholders. It had been felt by many of the
proprietors that the large amount invested in Govern-
ment Securities, 1,200,000 L, was unusual. He wished
to inquire whether there we:e any circumstances which
madeit necessary that so large au amount should be in-
vested in property producing so small an amount of in-
terest ? He also understood that it was thought unde-
sirable to present a statement of the accounts half•
yearly.—(Cries of "No, no! ") When he proposed
the resohi'ion for a h ilf yearly instead of a yearly
meeting, it was in order that they might meet each other
more frequently. He now thought it better that
the dividend should be considered only once a year,
but they might nevirtheless meet half-yearly. Mr.
The concluded by proposing an amendment that the
accounts should be submitted, and the divilend declared,
at the meeting in January, and that the June meeting
should be confined to the other affairs of the company.

Mr. LEVY opposed the motion, seeing that the board
had yielded to their wishes to meet twice a year, and
the shareholders were satisfied with the arrangement,
and if the directors thought it inconvenient they were
surely not so mealy mouthed as to be afraid to say so.

The CIAIRMAN stated that the-directors would leave
the matter entirely in th• hands of the shareholders.—
(Hear, hear.) As to the Government Securities, the
directors thought that they should be of that large
amount to answer the capital of the bank. They were
the best possible security, and when they could be made
available in times of panic the shareholders might be at
their ease; whilst other securities realising a larger
return could not be made available during the last panic,
although quite good and bona fide.
The amendment was ultimately withdrawn, and the
report received and adopted.
After some further suggestions with reference to the
position and management of the bank, the following di-
rectors, who went out by rotation, were re-elected :
Thomas Chapman, Esq., Joshua Walker, Esq., and
Henry Buckle, Esq.
After a suggestion that the salaries of the clerks
should he increased, a resolution was proposed and se-
conded to reduce the allowance of the directors from
4,5001. to 3,0001., which was, however, negatived.
A vote of thanks was then passed to the Chairman and
directors, and the meeting separated,