The Sun.
London, England, 1848-03-02 00:00:00

LONDON AND WESTMINSTER
BANK.

The annual general meeting of the proprietors of
this company was held yesterday afternoon, at the Bank,
Rothbury.
Doren SALOMON'S, Esq., Alderman, presided, and
called upon
The SECKETART to read the report, from which it ap-
peared that (with the exception of outstanding instal-
ments, amounting to 3,2731.) the paid-up capital of the
Bank was now one million sterling. The remaining ten
thousand shares were issued at par to the proprietor s, in
the manner announced at the last general meeting. The
events of the past year had shown the propriety of that
measure. The profits of the past year, after defraying
the total expenses of the establishment, making allow-
ance for all bad and doubtful debts, and paying the in-
come-tax, amounted to 58,2231. 4s. 10d. Out of those
profits the directors had paid last September a dividend,
at the rate of six per cent, per annum on the paid-up capital
of 800,0001., for the half-year ending the 30th June, and
they now declare a dividend at the same rate, upon the
increased capital of 1,000,0001. for the half-year ending
the 31st December. After the payment of those divi-
dends, making together 54,0001., there would remain out
of the profits of the year, a surplus of 4,2231. 4s. 10d. to
be added to the reserved fund, which would then amount
to 100,6471. 16s. I Id. From the severe pressure on the
money market during the latter part of the year, it was
deemed advisable to realise some portion of their Go-
*vernment securities, and although the profits of the year
have consequently been curtailed, yet the directors feel
assured that the liberality which they were thus enabled
to exercise towards its customers, would tend to
the advantage of the bank. The whole of the
stock that was sold has since been replaced.
The directors had further to announce the resignation of
Matthew Boulton Rennie, Esq., and they have to regret
the retirement of Sir John Kirkland. The vacancies
thus occasioned in the board have been supplied by the
election of James Denis de Vitre, Esq., and of George
Hanson, Esq., subject to the confirmation of the present
meeting. The three directors who went out by rotation
this year were Frederick Burmester, Esq., Charles
Gibbes, Esq., and Henry Harvey, Esq., who being
eligible, offered themselves for re-election.
The capital account, on the debt side, was
3,890,816/. 9s. 7d., and the credit side (Government
and other securities), 169,4801. 195.:8d., leaving a balance
of 721,325/.

The CHAIRMAN, in moving the adoption of the report,
said he would detain the meeting for a few moments for
the purpose of explaining particularly one portion of it
in which all were more or less interested. Many, peil-
haps, in the room, judging from the high rate of intereat
which prevailed during the past year, came to the
meeting with the full expectation of hearing an an-
nouncement that, besides the usual dividend of 6/ per
cent., the directors would be enabled to pay the pro-
prietors a bonu.3.—(Hear, hear.) He was not surprised
at that expectation, and up to the month of October,
last yew:, himself and all his colleagues were under the
full cedaviction that at the end of the year there would
hay.° been a fund divisible among the shareholders beyond
tit) 6/. per cent. But during the period of difficulty
which prevailed, and which it was hardly necessary for
him to allude to, except to call it the week of terror, the
directors thought it desirable for the general interest of
the bank to realise a portion of their funded capital.—
(Hear, hear.) Ho was sure that every proprietor pre-
sent would recollect the difficulty in which every com-
mercial establishment had been placed. The directors
had a duty to perform, both to the proprietors and to the
customers of the bank, and their anxiety was that the
distresses of that portion of their customers who
withdrew their accounts should not operate injuriously
upon those who deserved accommodation. The prin-
ciple on which the bank had been conducted—" stability
and prudence" being its motto—was to have the whole
capital of the bank invested in Government securities.
Times had arisen before when they thought it necessary
to borrow money upon the Government securities of the
bank, but, strange to say—and this marked the difficulty
of the period—Government securities were the very
worst. The great house over the way--the old lady—
(Laughter)—had even nothing to spare either upon Ex-
chequer.bills or upon consolidated annuities. He was
very sorry to say that the difficulty to which
he alluded had entailed upon the bank as much as
20,0001., or within a trifle of it—(This created some
little sensation among the proprietors)—and the fund,
which would otherwise have been divided as a bonus
among the proprietors, had been appropriated to re-
placing that loss. He trusted that no one present was
unwilling to approve of the course then adopted.—
(Hear, hear.) They would see that the policy of a
great bank like this, which had always maintained its
integrity, should have a large amount of funded
security, which was the very best security the
proprietors could have against any imprudence
on the part of the directors, or against any period of
commercial difficulty. He therefore hoped they would
approve of the course adopted by the directors. Cer-
tainly, some might say, " Why charge the whole 20,0001.
to the losses of the last year?" They might, no doubt,
have pursued a boasting course by opening a contingent
fund, to be repaid annually; but would that have
been a fair anti honest course of proceeding?—
(Hear, hear.) Perhaps that course would have been
more gratifying to die proprietors, and would have
earned the
directors a kind of ephemeral popularity.
With
.re:apect to the " cleariug" system, he said it was
now tune, when they found that heavy loss was entailed
ti.lion them for the want of it, that it should be brought
forward as a great public question affecting every in-
terest, not only of this bank, but of the commercial
community of this country.—(Cheers.) When the at-
tention of the public was directed to the monetary in-
terests of the country at large, a better time for mooting
the question could not be found. With these
.observations he would leave the subject, trusting
that the public would soon be convinced that all
jealousy existing between private and joint-stock com-
panies in respect of the " clearing" system must speedily
*ease. The Chairman then concluded by moving that
the report be read, adopted, and circulated among the
shareholders.

---TITCIIAIII3IAN, in answer to a suggestion put by
Mr. Tite, said, with reference to the Eastern Counties
Company having withdrawn their account from the
bank because they returned a cheque of the company,
the circumstance had arisen in error, and he was exceed-
ingly sorry for it, but thought the previous conduct of
the bank to that company was deserving of better
treatment.

A long discussion then ensued upon the affairs and
management of the company, which led to a motion by
Mr. Tite, which was seconded and carried, to the effect
thas the directors should be recommended to consider the
propriety of having a half-yearly meeting, and that the
meeting for declaring the dividend should be held as
early in the year as possible, and that at every meeting
the minutes of the previous meeting should be read.
The vacancies in the board were then filled up by the
election of the gentlemen mentioned in the report, and
the directors who retired by rotation were re-clected.
A vote of thanks was then passed to the Chairman,
directors, and the managers, and other officers of the
bank, and the meeting separated.

ELECTION COMMITTEES.
BOLTON.

This Committee met yesterday morning at the usual
hour.

Mr. Sergeant KINGLAILZ addressed the Committee at
some length on behalf of the sitting Member, after which
strangers were ordered to withdraw.
The Committee having deliberated for a short time,
the parties were re-admitted, when
The CsainxeN announced to them that the Com-
mittee had come to the unanimous resolution that Mr.
Bolling had been duly elected for the borough of
Bolton. That several parties, upon their own acknow-
ledgments, had been bribed, but it was not proved that
they were bribed by Mr. Bolling or his agents, or with
their knowledge and consent.
This closed the labours of the Committee.

LYME REGIS.
(Continued from our Afternoon Edition of yesterday.)
Mr. Sellers, one of the parties said to have bribed the
voters on behalf of Sir Fitzroy Belly, proved that he
never either directly or indirectly bribed or attempted
to influence a voter.
The Committee adjourned at the usual hour till eleven
o'clock to-morrow.