The Sun.
London, England, 1840-05-15 00:00:00

NATIONAL PROVINCIAL BANK

OF ENGLAND.

The Seventh nlnual Meeting of Directors and Prn.
prietors of the National Provincial Bank of England took
place yesterday at the Company's Offices, 112, Bishops.
gate-street Within. The meeting was most numerously
and respectably attended, there being a large number of
influential gentlemen present from various parts of the
country. At twelve o'clock, on the motion of Philip
Courtney, Esq., M.P., seconded by James R. Todd,
Esq., JoriN MELviLLE, Esq., Chairman of the Board of
Directors, was called to the Chair.
The CIiAiRMAN briefly congratulated the Proprietors upon
being enabled to meet them in their own house, and re-
ferred to the gratifyidg progress which the affairs of the
Company had made since their last meeting, and the in-
creased and increasing- confidence which the public gene-
rally evinced towards their establishment.
The following report was then read :
" On this, the Seventh Anniversary of the Company, the
Directors feel it to be matter of congratulation that the
Proprietors are now assembled within their own premises,
the advantageous purchase of which was announced in the
last Report. The necessity of a permanent place of busi-
ness for the head establishment, affording suitable acco-
modation for the transaction of its affairs, as well as a safe re-
pository for records and securities, has long been felt ; and
the Directors trust that the Proprietors will approve of the
selection of these premises, as in all respects well adapted
for the purposes in view.
The only additional branches that have been esta-
blished are the following :

Northwich.
Knutsford.

Dartmouth.
Bangor.
Holywell.
At Dartmouth the Directors were induced to open a
branch, from having an offer, upon advantageous
terms, of the business of thn old and respecta-
ble firm of Messrs. Harris and Co., private bankers
in that town. Under an arrangement with that house,
their business has accordingly been transferred to the Com-
pany, and the connection, while it is safe and profitable in
itself, will also, the Directors anticipate, have a favourable
influence upon the operations of the other branches in that
(iistriet.

The business of the branches previously openeti in North
Wales rendered an establishment at Bangor desirable, and
at the other three places last mentioned the field was left
almost unoccupied by the retirement of other Banks. The
progress of these branches, which have only been a short
time in operation, is very promising.
The period which has elapsed since the Directors last
met the Proprietors, has been marked by the recurrence of
one of those revulsions in our monetary systeFn, with which
at irregular intervals this country has long been visited ;
but it is consolatory to find that the pressures of 1836 and
1839, although of longer duration, have been less extensive
and severe in their effects than those of former years;
a circumstance greatly attributable to the mainte-
nance of public confidence by the Joint-stock Banks,
and the support which their large paid up capitals has en-
abled them to give to the commercial and trading inte-
rests. The mon, tart' difficulties of last year were early
foreseen by the Directors. So far back as the month of
December, 1838, the state of the Money Market appeared
to them so unfavourable, as to call for the greatest cir-
cumspection
on their part ; and, although money was
somewhat easier in April and May following, yet the drain
of bullion and the other symptoms of an approaching
crisis convinced them that caution was their wisest policy.
Accordingly, from the date first mentioned, the Directors
continued carefully to pursue a discriminating and resttie-
live course, which enabled them to pass through the sessan
of derangement and difficulty which ensued with compa-
ratively little anxiety.
During this protracted period of excitement it is grati-
fying to the Directors to be able to state that the confi-
dence of the public in this establishment remained unim-
paired ; and that notwithstanding the distress which gene-
rally prevailed, its business continued to improve.
Having taken this brief notice. of the recent commercial
revulsion, with the exception of which there has occurred
no circumstance to affect the profits of the Bank, the Di-
rectors now beg to submit the annual statement of accounts,
from which it will he observed that a sum of upwards of
9,0001. has been added to the Reserve Fund. The returns
of the past year would have justified a larger appropria-
tion, but for the circumstances of the late crisis, which
im;vitably involved a more than usual proportion of loss :-
18.39.—January 1. Amount of undivided d.
profit,,
31. Nett p
a t this d actte. . ...ro. ...
profit for
8..3. .a.t..t.c.r. 36,670 5 0
December
making a liberal allowance for had debts,
and a proportion of preliminary expenses 30,339 4 9

Making a total of 67,029 9 9
20,541 1 ) 0
Deduct Dividend for 1839

Leaving of undivided profits at 31st De-
-46 487 19 9
ember, 1839
With a reserve fund of 46,0001., and a large increasing
revenue, the Directors feel that the time has now- arrived,
when they are fully justified in making an addition to the
Dividend. Accordingly, they have the gratifying an.
nouncernent to make t 9 the Proprietors, that a Dividend
will be declared fur the half year, commencing Ist January
last, at the rate of 6 per cent. per annum.
The Directors have only further to state that three of
their number go out of office by rotation, viz —Robert
Bell, Isaac Nicholson, and Thomas F. Wilson, Esqrs. ;
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