The Sun.
London, England, 1848-01-13 00:00:00

Vti vbf 72lIttion

LONDON ST JOINT-STOCK BANK.
(THIS DAY.)
The genet.: 11 meeting of the shareholders of this
company was this day held in the Board-room of the
Bank, in Princess-street, Mansion House, for the
purpose of rec eiving the report of the directors, and
electing five di; rectors, in the room of Sir G. Carroll,
Alderman ; V Tillam James Lancaster, Captain
Lochner, Sir John M'Taggart, Bart., and George
Scholefield, Esq „ wbo retired by rotation from office
Ther chair was to ken, at one o'clock by W. Forster, Esq.
The notice ( :orivening the meeting having bean
read, and the minutes of the last meeting confirmed.
P. IIEwETT, Esq., the secretary, proceeded to read
the report of th e director:, from which it appeared
that during the six months ending the 31st ultimo, a
net profit of 23,: 3471. 14s. 9d. had been realised, which,
with the undivided profits, amounting to 16,6631. ls.
6d., brought forward from the preceding half-year,
made a total of 40,510/. 16s. 3d., and enabled the di-
rectors to deck ‘re the usual dividend, after the rate of
61. per cent. pe r annum ; also a bonus of 7s. 6d. per
share, both fr ee from income-tax, leaving a small
balance of 101. 16s. 3d., which had been carried to the
credit of the guarantee fund, together with interest
thereon, in CO: aforreity with the provisions of the deed
of settlement, whereby that fund was augmented to
123,7591. ls. I.Td. The report went on to say, the
shareholders i !ould not but be aware that the period
embraced by t he accounts affixed to the report:was one:of
extraordinar3 r difficulty and derangement in the com-
mercial and i i ionetary affairs of the country, and the
numerous fail Tares which had occurred in almost every
branch of tra( le, would have prepared them for the
unusual amou .nt of the item in the statement of profit
and loss, whit comprised the losses by " bad debts ;"
indeed, the dii rectors felt confident that, viewed with
reference to the severity of the late crisis, their parti-
cipationlin th .e disasters of the past six months would
be regarded tts less than could have been anticipated,
and the result of their operations as a subject of con-
gratulation.
The directors had, however, to inform the share-
holders, that t he item of loss included a loss of 6,0001.,
which they re gretted to say the bank had sustained
by thellefalca lion of one of their clerks, on the esta-
blishment of the western branch, who was now under
prosecution.
The divide:nd, together with the bonus, would be
payable on and after the 21st inst.
The following Statement of the Liabilities and As-
sets of the Company, made up to Friday, 31st De-
cember, 1847, wars laid before the meeting : •
DR.
To capital paid up, viz. 60,000 shares
at 10/. each ..... £600,000 0 0
To amount due by the Bank 1,971,912 8 1
To amountof " Tho
GuaranteeeFund" _

June 30th, 1847, X 121,919 9 6
To six months' in-
terest on ditto, at
3/. per cent. per
annum

123,748 5 4

To undivided prof it for the last half-
year
To balance carried to profit and loss
account

£2,785,596 9 5
CR.
By Exchequer-bills, India bonds,
&c.
By bills discounted, loans, and cash 2,373,210 14 3
By building, furni-
ture, &c. in Prin-
ces'-street £19,250 0 0
By ditto ditto ditto
in Pall-mall . . 13,375 0 0

29,625 0 0

£2,785,596 9 5
The profit and loss account for the half-year
ending 31st December, 1847, showed the following
result :

DEBTOR.
To current expenses, proportion of
building expenses, directors' re-
muneration, bad debts, income-
tax, &c.
To amount carried to profit and loss,
new account, being rebate of in-
terest on bills discounted not yet
due
To amount transferred to the credit
of the " Guarantee Fund," in addi-
tion to the above amount of
123,7481. ss. 4d. • ...... 10 16 3
To dividend account for the payment
of half a year's dividend, at the
rate of 61. per centum per annum,
upon 600,0001., amount of paid-up
capital upon 60,000 shares
To ditto for payment of a bonus of
Is. 6d. per share ... 22,500 0 0

£89,935 16 0

CREDITOR.
By balance brought down ... £73,272 14 6
By undivided profit brought forward
from the last half-year 16,663 1 6

£89,935 16 0
The CHAIRMAN than moved the adoption of the
report.
AN HoN. PROPRIETOR wished to know, before the
adoption of the report, what security had been taken
of the clerk whose defalcation had been stated to the
meeting.
The CHAIRMAN stated that security had been taken,
and that the amount which v, ould be received from
that source, and the property found on the person of
the clerk, had enabled the directors to write off the
amount of the loss to the suns
.stated in the report.
The CHAIRMAN then proceeded to call attention to
the prosperous state of the concern, and congratulated
the meeting that, notwithstanding the severity of the
late pressure, the losses to the bank had been so
small.—(Hear, hear.) It was deeply to be regretted
that the individual in whom the dirlctors had
reposed implicit confidence should have thus blighted
his prospects for life, and to cause such a loss to the
proprietary at large. He begged, therefore, to move
the adoption of the report.
R. JENKINS, Esq., felt great pleasure in seconding
the motion.
In answer to a question put by an Hon. Pro-
prietor,
The CHAIRMAN stated that the original loss sus-
tained by the bank by the defalcation of their clerk
had been something under 8,000/.
HODGKINSON, Esq., thought that the defalcation
was calculated to call in question very strongly the
propriety of keeping up a West-end establishment.
He wished to know whether that concern paid its
expenses, and whether the directors intended to con-
tinue that establishment.
The CHAIRMAN stated that the concern not only
paid its expenses, but left a large profit to the parent
concern, and under such circumstances the directors
had, of course, no thought of discontinuing the opera-
tion of that establishment. With respect to the de-
falcation, it came as much a matter of surprise
upon the directors as it had upon the proprietors.
The directors, however, felt assured that it could
never have taken place had the checks directed by the
directors been duly attended to.
A SHAREHOLDER wished to know how it was that
the directors had not seen their system of checks duly
carried out.
The CHAIRMAN said that the details of the busi-
ness did not rest with the directors; he could, how-
ever, assure the meeting that no fault whatever rested
with the directors.
The report was then unanimously agreed to, as was
also a resolution authorising the payment of 6 per
cent. per annum on the paid-up capital of the com-
pany, and also a bonus of 7s. 6d. on each share of 101.
The five retiring directors were then unanimously
re-elected to the office.

J. WiLsoN, Esq., proposed a vote of thanks to the
chairman and the directors, and, in so doing, took
occasion to pass a high eulogium on the conduct of
the whole body of the directors, to whose exertions
the prosperity of the bank was mainly attributable,
and recommended unanimity among the directors in
the choice of persons to fill up any vacancy that
might occur in the direction.
BORRODALE, Esq., seconded the motion, which
was unanimously agreed to.
The thanks of the meeting were then voted to J.
Pollard, Esq., the manager of the concern.
J. POLLARD, Esq., returned thanks for the mark of
confidence thus bestowed upon him.
The meeting then broke up.