The Sun.
London, England, 1871-02-04 00:00:00

At the Annual General Meeting of the Proprietors, held on
Thursday, the 2nd February, 1871, at the City Terminus
Hotel, Cannon-street Station,
The following Report for the Year ending the 31st December,
1871, was read by the Secretary.
William Champion Jones, Esq., in the Chair.
The Directors, in submitting to the proprietors the balance-
sheet of the bank for the half-year ending the 31st December last,
have the satisfaction to report that, after paying interest to the
customers and all charges, allowing for Rebate, and making
provision for bad and doubtful debts, the net profits amount to
£87,167 16s. 4d. This sum added to £7,181 4s. 4d. brought from
the last account, produces a total of £94,349 Cs. Bd.
The usual dividend of 6 per cent. for the half year is recom-
mended, together with a bonus of 3 per cent., both free of income-
tax, which will absord £90,000, and leave £4,349 Os. Bd. to be
carried forward to Profit and Loss New Account. The present
dividend and bonus, added to the June payment, will be 174 per
cent. for the year 1870.

The Direct Ors retiring by rotation are :—William Nichol, Esq.,
Thomas Tyringham Bernard, Esq., and Nathaniel Alexander,
Esq:, who being eligible offer themselves for re-election.

The dividend-and-bonus (together £1 16s. per share) free of
income-tax will be payable at the Bead Office or at any of the
branches, on and after Monday,. the 13th instant.

BALANCE SHEET
Of the London and County Banking Company 31st December, 1870.
Dn.

To Capital paid up ..
Reserve Fund..
Amount due by the Bank for
Customers' Balances, &e.
Liabilities on Acceptances,
covered by Securities

£ s d

13,396,251 11 1

3,110,121 18 5

Profit and Loss Balance
brought from last Account 7,181 4 4
Gross Profit for the Half-
Year, after making provision
for Bad and Doubtful Debts,
viz

255,157 13 6

£ s d
1,000,000 0 0
500,000 0 0

16,506,373 9 6

262,338 17 10

£18,268,712 7 4

sd ad

By Cash on hand at Head Office
and Branches, and with Bank
of England .. 1,995,283 17 10
Cash placed at Call and at
Notice, covered by Securities 1,672,294 2 2

3,667,578 0 0

Investments, viz.
Government and Guaranteed
Stocks .. .. 1,399,882 0 0
Other Stocks and imcurities 83,542 15 2

L,483,424 15 2

Discounted Bills and Advan-
ces to Customers in Town

and Country .. .. 9,607,534 5 4
Liabilities ol Customers for
Drafts accepted by the Bank,
as per Contra .. .. 3,110,121 18 5

Freehold Premises in Lombard-street and 12,717,656 3 9
Nicholas-lane, Freehold and Leasehold Pro-
perty at the Branches, with Fixtures and
Fittings .. .. • • .. .. 247,649 0 0
Interest paid to Customers .. 48,521 19 9
Salaries and all other Expenses at Head Office
and Branches, including Income Tax on-Pro-
fits and Salaries .. .. • • .. 103,882 8 8

Profit and Loss Account.

£18,268,712 7 4

To interest paid to Customers, as above £ s. d
.. 48,531 19 9
Expenses ditto
__ • . 103,882 8 8

Rebate on Bills not due, carried to New
Account .• • .• •• 15,585 8 9
Dividend of 6 per cent. for half-year .. 60,000 0 0
Bonus of 3 pe.• cent . .. • • .. 30,000 0 0
Balance carried forward... .. . • .. 4,349 0

£262,388 17 10
• Ca.
By Balance brought forward from last
Account ..
Gross Profit for the half-year, after making
provision for bad and doubtful debts.. 255,157 13 6

£262,338 17 10
We, the undersigned, have examined the foregoing Balance
Sheet, and have found the same to be correct.

Wm. JARDINE,
WILLIAM NORMAN, Auditors.
R. IL SWAINS,
London and County Bank, 26th January, 1871.
The foregoing report having been read by the Secretary,
the following resolutions were proposed and unanimously
adopted :-
1. That the Report be received and adopted, and printed for
the use of the Shareholders.
2. That a dividend of 6 per cent., together with a bonus of
3 per cent., both free of Income Tax, be declared for the half-
year, ending the 31st December, 1870, payable on or after Mon-
day, the 13th instant, and that the balance of £4,349 Os. 3d. be
carried forward to Profit and Loss New Account.
3. That William Nicol, Thomas Tyringham Bernard, and
Nathaniel Alexander, Esquires, be re-elected Directors of this
Company.
4. That the thanks of this meeting be given to the Board of
Directors for the able manner in which they have conducted the
affairs of the Company.

b. That Williatist fardine, William Norman, and Richard
Hinds Swairfe, Esquires, be elected Auditors for the current
year, and that the thanks of this meeting be presented to them
for their services during the past year
6. That the thanks of this meeting he presented to the
General Manager, and to all the other Officers of the Bank, for
the zeal and ability with which they have discharged their re-
spective duties.

(Signed) W. CHAMPION JONES,
Chairman.

The Chairman having quitted the Chair, it was resolved and
carried unanimously-
7. That the cordial thanks of this meeting be presented to
William Champion Jones, Esq., for his able and courteous con-
duct in the Chair.

(Signed) WILLIAM NICOL,
Extracted from the minutes. Deputy-Chairman
(Signed) • F. CLAPP] SON,
Secretary.