The Sun.
London, England, 1851-07-10 00:00:00

COLONIAL BANKING COMPANY.

The half-yearly general meeting of the shareholders
in this company was held on Tuesday at the London
Tavern; Mr. Cnarles starryatt in tho chair.
The lECRETARY read the report, which stated that the
collection of the doubtful outstanding debts of the com-
pany was proceeding, as the directors had anticipated,
slowly but not unsatisfactorily-, and that their anticipa-
tions had also been verified by increased operations and
profits at the branches. With respect to the dividend
they recommended the continuance of the same prudent
course which had been pursued for several half-years,
feeling assured that such a line of conduct was better
calculated to further the permanent interests of the
company than a small and premature increase in the
dividends. They therefore trusted the proprietors
would agree with them in thinking that a dividend of
1 per cent. should be declared out of the net profits of
the halt-year. The present state of the accounts
is as fAlows : —Debts: circulation, 175,3371. 5:.;
deposits and other liabilities, 723,224/, 2s. Id.; paid-up
capital, 500,0001.; fund to meet bad debts, 71,7614 Os.
I Id.; total, 1,4701,3421. 17s. The assets are—Specie,
220,9784 14s. 6d.; duo to the bank, in the colonies, on
bills discounted and purchased, and on cash credits and
current accounts, 865,7731. 11s. 3d.; duo to the bank
in London on bills remitted, cash at bankers, &e.
384,6451. 6s. 2d.; bank premises, &c., 13,1551. 7s. sd.
Total, 1,484,552/. 19s. 4d. Leaving a profit of 14,210/.
2s. 4d. Major Buchanan complained of the omission in
the report of any details relative to the losses and lia-
bilities of the company, and moved that the meeting be
adjourned in order that a more explicit statement of the
accounts might be laid before the shareholders.
The CHAIRMAN said the estimated amount of the
losses of the company was 210,0004 With regard to
the liabilities, a fuller and more explicit statement would
be given by the directors as soon as the circumstances,
of the Corporation would justify them in doing so, which
they did not consider to be the case at present.
Mr. CAVE, a director, said ho believed the business
transacted by the company in the West Indies, and
other colonies, was conducted upon sound and good
banking principles, and that it would yield a safe and
increasing profit to the proprietors. His firm opinion
was that their present position was most satisfactory,
and that the time was not far distant when the divi-
dends might safely be increased. He hoped the motion
would be withdrawn, as he could not but consider it as
tantamount to an expression of want of confidence on the

part of the shareholders.
After considerable discussion, Major BucrtANAN with-
drew his motion, and the report was unanimously
adopted.
A dividend of one per cent. was then declared, and the
proceedings terminated.

GROTTO PASSAGE RAGGED SCHOOLS.—Yesterday
a very numerous meeting of the supporters of these ragged
and industrial schools, and refuge for destitute boys, was held
at the Royal Bazaar, Baker-street, Portman-square; the
Right Hon. the Earl of Shaftesbury in the chair. The pro-
ceedings having been opened with prayer, the Noble Chair-
man spoke in favour of the system they were met to promote,
alluding to the ascertained honesty and good behaviour of the
" shoe-black brigade," as establishing the fact that the class
from which its members were taken was not, however de-
graded, beyond the reach of improvement. Industrial schools,
as a preparation for future emigrants, and as producing vast
moral as well as material results, he highly lauded ; and
emigration, he said, must be for a very considerable time the
great means of rescuing the degraded classes from the mi-
sery and ignorance under which they had so long suffered.
The secretary next read the report, which showed that dur-
ing the year 37 boys had been boarded, lodged, and edu-
cated by the institution ; that 100 children of each Pex had
been under daily instruction; that 75 had been taught
industrial occupations; that 25 of each sex were provided
daily with dinner—the condition being that they worked for
it ; that there had been an average attendance of 140 at a
Sunday school set in operation ; that 16 of their boys had
emigrated to Australia, and 9 had been apprenticed to the
merchant service; that the attendance at the evening schoo2
had averaged 50, and that at the infant school 100• renli:
u.'
adoption of the report was moved by Mr. A. Mills. vlb°
tioned cases in which loans lent to boys emigrating
a hope
partially or wholly. repaid, as affording groun
A Onra large
that such assistance might ere long bebad been
grane- established.
scale, and a self.qupporting system of ern g ion.i-ratemen havin
The Rev. Mr. Power followed, and other gel 2
spoken, the meeting separated with a vote t thanks to the
o
chairman.
GIN CAN Do.—Notwith-
WHAT EXPENDITURE ON
k) of the working
societies and th •
classes
standing the increase of temperance
millions of pounds are an-
proved habits (in regard to dreinn
of Great Britain, still fourte
ne! /Cow this is the precise sum
requires for the cone_truction of his
nually spent in gii? 111°-
which Mr. Asa Whitney
Railway.f If the work-
ing
would Junction
abstain
Atlantic and Pacific Ocean
men of England become rota
• ;in drinking for
seven years, they might
Yea Sir, half •
the proprietors of that or a
similar railroad. , a million of men connected
with building and its subsidiary trades, by saving a penny a
day for seven ears, ould orm more this great
me, d eachy contributor
f av
work, an might ha eh , at the end of that
time 60 acres of land. A penny-raised capital great enough
to completeso gigantic an undertaking, might at first seem a
dream of the imagination of a Bedlamite ; but so would have
been deemed at one time our penny post, our Pvliamentary
railway trains, penny steamboats, penny savings' banks,
penny cyclopxdias, and other penny matters. We live in
a penny era ; and rely on it, Sir, that it is possible to carry
out this penny suggestion.—Correspondent of the Builder.