The Sun.
London, England, 1848-05-11 00:00:00

btrb bLYIDtC

SUN 0 F (IE, Seven 0* Clock.

RATIONAL PROVINCIAL BANK
OF ENGLAND.—(THIS DAY.) •
The annual general meeting of the proprietors of this
bank took place to-day at the company's house, Bishops-
gate-street. Amongst the proprietors present, we ob-
served Sir David Scott, Bart.; Sir John N. R. Camp-
bell, 1C..C.13.; Sir Alexander Crichton; George Norman,
Esq., of Bath; Captain Warren, R.N.; Robert Bell,
Bee.; R. Hichens, Esq.; Edward Stewart, Esq.; C. A.
valpy; Esq ; Isaac Nicholson, Esq.; C. H. Ellis, Esq.;
W. Brown, Esq., &c. &c.
,J. FECTOR LAURIE, Esq., took the chair at twelve
o'clock, and after congratulating the proprietors on the
flourishing state of their affairs, and the manner in
which the company had withstood the storm of the last
year, predicted that the time was not far distant when it
would stand second to none of the banking establish-
ments of this country, with the exception of the Bank
of England. The worthy Chairman then read the fol-
lowing report, and moved its adeption by the meeting :
" In meeting the proprietors at the close of a year of
much anxiety to all connected with banking and mercan-
tile pursuits, the directors consider it matter for con-
gratulation that they are enabl• d to present the state-
meat which they have now to submit, as the Fifteenth
Annual Report upon the company's affairs.
"It is unnecessary for the directors to enter into sty
detailed notice of the circumstances of the past year,
which roust be fresh in the recollection of the proprietors.
Throughout it was marked by occasional mone, ary pres-
sure of an intense character, Poll, wed b% gieet com-
mercial distress in the metropolis and some large towns;
but it was only on a recurrence of the crisis of April,
toward the close of the year, that toe tratcptillity of the
agricultural districts may be said to have been disturbed.
The main cause of the difficulties in the money mar ket
in April had not escaped observation in the provinces,
although then exempt from pressure, and the temporary
relief which was felt in the middle of the year. rather
lulled, than dispelled the fears, which the first eff -cgs of
the restrictive action of the B.nking Act of 1844 had
produced. Accordingly as the 3 ear advanced and symp-
toms of returning derangement di cies. d themselves in
the declining reserves of the Liankof Euglsn'f, great ap-
prehension was diffused throughout the country. which
gradually increased from week to week as the apprr ash
of danger became nearer and more certain.* In t feather
the second crisis of the year occurred—great distrust
prevailed in many of the agricultural districts, especieliy
in Wales, and several counties banks were forced to
hind
temporarily; at least, to the pressure.
" In order to be fully prepared to meet any demand
that might be made on the branches of the National
Provincial think of Esgland, the directors d. erred it
advisable to le aline a portion of its reserve investments
in Government securities—a Atte which, though pru-
dent at the!time, and now producing the happiest ietluh:
ewe upon the business and prospects of the establis_
meat—the natural effect of the great resources attended
in the emergency, it displayed—was necessarity atteheend
with some sacrifice. The stock sold, however,
all replaced, and the loss .arising from its t'elmitaio°,r.atrhYa.
conversion has been wholly met out of the prat r
past year.
" In adverting to the commercial character of the
year, the directors. 'have to, ebeerve with rhespect to the
extensive failures in the corn •trade, whic occurred in
its commencement, that by timely precautionfithe com-
pany is likely trienjny corn fete immunity
other branches
With
regard teethe disasters which- occurred
it was net to, be expected that the bank could
of trade,
altogether escape, but on the other hand, the high rates
of interest Which prevailed durieg "the greater part of
the yeare have considerably augmented the company's
revenue, and the directors are happy to state, that atter
making ample provision for all the contingencies of this
extraordinary reason, they are still enabled to maintain
the usual dividend. of 6 per cent., and at the same time
to add to the reserve fund."
The CHAIRISAN then read the following yearly sum
mary of the accounts :-
1847.

.£ s. d.
Jan. 1. Amount of undivided profits... 79,073 19 10
nec. 31. Net profits of 1847, after mak-
ing all,iwance for bad and*
doubtful debts, and a propor-
tion of preliminary expenses 32,506 3 4

Making a total 0f... ...£111,40 3 2
Deduct Dividend on Com-
pany's Stock for 1847