The Sun.
London, England, 1848-07-13 00:00:00

UNION BANK OF LONDON.

_--- - - -
The annual meeting of this company was held at the
Bank, Prince's. street, Mansion-house, yesterday, at 12
o'clock. Sir Peter Laurie, chairman of the board of di-
rectors, presiding.
The proceedings having been formally opened, the
secretary read the report. The report having been con-
cluded,
The CHAIRMAN said he had much satisfaction in de-
claring a dividend of six per cent. per annum, free of in-
come-tax.—(Applause.)
Mr. ANDERTON wished to have it stated what the
extent of the losses of the company had been, that
the proprietors might form their own conclusions as
to whether they were inconsiderable or otherwise. He
also objected to that provision of the deed of
settlement which unconditionally empowered the di-
rectors to fill up vacancies occurring in their
own body, for he thought these elections ought to
be made subject to the approval of the proprietors
at their first meeting subsequent to the appointment.
The qualification for a director, too, was exceedingly in-
sufficient, it was merely the possession of only twenty
shares, upon which 2001. in all had been paid up. He
would give notice of a motion to raise the qualification
to 100 shares— (Hear)—and also to require from all
candidates for the office a declaration that they were
worth 10,0001.—(Hear, hear.) He (Mr. Anderson),
would further ask, what was the exact amount the
company had in the bank, as it was not particularized
in the accounts ?

The CHAIRMAN would cheerfully answer all questions
that might be put to him. Their loss from late failures
would not exceed 3,000/., and they had 400,0001. in the
English funds. He perfectly agreed with Mr. Anderson
that the qualification for a directorship was far too small.
It ought to be altered in accordance with the wishes of
the proprietors.—(Cheers.) The truth was, that when
the company started, it was never dreamt that it would
rise to the magnitude and prosperity which it had, and
therefore the qualification of twenty shares had then
been deemed enough. Very few of the direc-
tors had not, however, all along a much
higher stake in the concern than the twenty shares
minimum qualification. Again, the directors were quite
willing that the deed of settlement should be so altered
as to require the filling up of vacancies in their number.
to be confirmed by the proprietors, if the general body
accordingly
eTc
0 alluded
n d h
eadv ibnytg, o
desired the amendment. The eligibility of the gentle-
men selected by the board, however, could not be ex-
ceeded by that of any other men who could be found to
fill the office.—(Applause.)
Mr. YATES (Mayor of Birmingham) congratulated the
proprietors on the flourishing condition of their affairs,
and upon the efficiency and trustworthiness of the direc-
tion. The company had 2,600,0001. of money in their
hands, and last year they had a larger amount of the
public money than any other joint-stock bank,
The report was then adopted and ordered to be circu-
lated, and the directors recommended for election were
formallylifro.r
i nexttA3ihandedsmueEeNt
:n ix:
proposeda i s n oti
carriedc
ae
aoff.t. motionAeir r
being A
aboveD El
is
vote of thanks to the chairman and directors, which,
with unanimous cordiality.
A similar compliment having been paid to Mr. Scrim-
geour, the chief manager and his colleagues, the meeting
separated.