The Sun.
London, England, 1840-03-05 00:00:00

PROFIT AND LOSS.

Dr. a. d.
Payment of the dividend on the 10th Sep.
tembcr, 1839, at the rate of 21. 10s. per
cent.
Payment of the dividend now declared, at
the rate of V. 10s. percent., on the 11th
of March, 1840
Balance of unappropriated profits

£68,937 7 1

Cr.
Balance of unappropriated profits 31tt De-
cember, 1838
Deduct vote to the Directors at •
the last
general meeting

Net unappropriated profits
Net profits of the year 1839, after iefray-
ing the total expense of management
(including payment to Directors), and
making provision for all bad and doubt.
ful debts .

68,937 7 1

Balance brought down £33,100 11 1
Sir CHALLES BURRELL, M.P., rose with great satis-
faction to move that the Report be received and
adopted. The statement that had been made by the
Directors required very little observation from him ;
and, in fact, the Report carried with it its own re-
commendation. It showed how well the affairs of the
Bank had been managed by the Directors, and all those
connected with the different branches.—(Hear, hear,
hear.) tie had the honour, two years since,
of moving the adoption of the Report, and
on that occasion it appeared that the profits
for the year were 32,400/., whereas, for the pre-
sent year they were 48,1001., being at the rate of eight '
per cent. on the paid-up capital. That would be suffi-
cient to show any person how steadily and well the
affairs of the Bank were progressing. Thus their profits
had gone on increasing, not by any sudden start or jump,
or loans, but by carrying out the principles of legi. imate
banking,which alone was the basis of permanent prosperity,
whereas the former was only ephemeral and uncertain.
Ile trusted that year after year they would have the
same satisfactory statement of their affairs. It must
be obvious to all that there had been a vast increase in
the population of the City and its suburbs—it must
be also evident that trade must be contingent
upon the increase of population and banking ac-
commodation. Now, within the last twenty-five years
there had been no addition to the old Banks of the metro-
polis, and he thought it would be worse than illiberal in
the gentlemen connected with these old and respectable
Banks to find fault with those who had started forward
to relieve the public dement' for additional accommoda-
tion by the establishment of a new Bank,—(Hear,
hear.) He was satisfied, from the flourishing state of
these old and respectable Banks, that they had
done them no injury, and he was satisfied also,
that no injury was ever intended to be done them.—
( Hear, hear.) With regard to the subject of clearing,
he trusted that the feeling of cordiality which now ex-
isted towards their Bank on the part of the old
Bankers would be carried still farther. He believed
that there were many Proprietors of the London
and Westminster Bank who, from feelings of
kindness and regard to the old Banks, had not re-
moved their affairs from them ; but if the exclusive
system, with regard to clearing, should be per-
severed in, as he trusted it would not, there would be
inconvenience to the old Banks. Suppose a panic or
pressure took place, it would be a very natural thing
for those persons who continued to vest their property
in ti.e hands of the old bankers, to say, " You have
done nothing to assist us ; on the contrary, you have
withheld a point of great convenience to us, and we
shall therefore move our property to the London and
Westminster Bank, for the double object of showing
you that 3ou ought not to continue this monopoly ;
and, secondly, in order to support the Bank in which
we are shareholders."—(Loud cheers.) He was far
from Easing that by way of threat, but he threw it
out as a suggestion which would occur to any
person of common sense. He trusted that the unkind
feelings which had heretofore existed would shortly
disappear, and that in future they would go hand in
hand with the old banks of the metropolis. The Ho-
nourable Baronet concluded by moving the adoption of
the Report.

The motion was seconded by Mr. GaanY, and car-
ried unanimously.

Mr. I,ll7l.trieLle had much pleasure in moving a vote
of thanks to the Directors, and he hoped it would not
be an ordinary vote of thanks, but a most cordial
vote of thanks, for the good conduct they lied
shown in the management of the affairs of the
Company. If the Proprietors, many of whom were men
of wealth and influence, only put their shoulders to the
wheel, he had no doubt that, instead of a profit of 8 per
cent. on their paid up capital, they would have a profit
of 10 per cent. No persons, he believed, had done
less for the establishment with which they were con-
nected than the shareholders of the London and West-
minster Bank, but he hoped in future that apathy would
be at an end.—( Hear, hear.)
Mr. P. Hicssois seconded the motion. He felt
much gratified in doing so, more especially after a year
of most unexampled and disastrous embarrassment he
the monetary world. Under such circumstances, he
thought it very cheering to find that not only was their
dividend continued but actually increased.—(Cheers.)
The motion was carried unanimously.
The
tshedeulDouirselyet°tros.
CPutameN briefly returned thanks on behalf of
thenseeyrvhicead
odfevtohteedßatnhkem,
•
little doubt, as had been observed by one Hon. Gen-
tleman, that if all theproprietors themselves
e sh
e mosthad
.
exerted themselves
they would soon be
R 2 a condition to divide ten per
cent.—(Cheers.)
Mr. MoitsoN moved the re-election of the three
by
Directors who went out rotation. He did so