The Sun.
London, England, 1851-02-10 00:00:00

9,908 9 10

42,303,241 2 9
X. s. d.
By Cash in hand ... ... 511,024 7 4
Securities, discounted bills, &c. ... 1,740,688 10 0
Bank premises, freehold and lease-
hold ...
Preliminary expenses, expenses of
establishing and purchasing
branches

CREDITOR.

33,737 11 4

17,790 14

.£2,303,241 2 9
The CHAIRMAN said he hoped that the statement
which the secretary had just read would be received by
them, not merely as a brief statement, but also as a
satisfactory and cheering exposition of the condition
and circumstances of the bank at the close of the past
year.—(Hear.) In submitting to them the result, which
it was now his duty briefly to place before them for
their consideration, it did not occur to him that he need
trouble them with many observations. It was to him
certainly a gratification to have this renewed opportunity
of meeting and addressing them on the affairs of a
baele in the prosperity and progress of which they had
a direct and common interest. But when the affairs of
a public company began to progress smoothly and well,
it might be generally remarked that directors as well as
chairmen could afford to be brief.—(Hear.) They were
now fortunately in a position which enabled the direc-
tors to place the condition of the company's affairs
before the proprietors in a concise, and, be hoped
they would say, in a satisfactory manner—
(Hear, and cheers)—and, indeed, when a fortunate state
of things arose; it was needless for chairmen to draw
on their powers of speech. He was not anxious to in-
dulge in a train of thought which might excite in others
exaegerated notions of the future condition of the bank,
and he was equally averse to the expression of anything
that might induce them to take a discouraging view of
the past. But in any such view—which could certainly
not be profitable—of the management of the affairs of the
bank, he felt that in reference to those to whom that
management had been intrusted, they ought never
to forget the circumstances under which the errors
of past years had arisen ; because in the continued
remembrance of those circumstances they would con-
stantly have before their mind lessons of experience,
which might well serve as a useful guide for the safe
conduct of their bank in future. The position of their
bank had not been altogether stationary for the few and
eventful years that had passed since he ead had the ho.
nour of becoming connected with it. It was impos-
sible for their directors to forget, even for a single
week, during that pericd, the errors of previous
years; for the proprietors well knew that they (the
directors) had been called upon during that period to
pay on their (the proprietors') behalf the penalties of
those errors. It would be quite enough to bear in mind
that they had not only met those penalties, but that they
had, at the same time, succeeded in so conducting the
affairs of the hank as to return to the proprietors what he
deemed, under existing circumstances, a large dividend, to
increase their Guarantee fund, and to diminish other pre-
liminary expenses. Now these were matters which it was
not easy to accomplish at one and the same time, and he
thought that he might usefully present, in a pointed and
prominent manner to the proprietors, these pregnant and
plain facts. He thought they were encouraging, and
that they justified him in entertaining anticipations
which ho did entertain with respect to the future pro-
gress of their establishment. As yet their bank was not
lull grown. In addition to those objects which they
had in view and had effected, they tad been laying
broader, and he hoped better foundations, on which to
increase and extend its business. He was anxious to
take this opportunity of adverting to the main principle on
which the institution rested. He had always been, at-
tached to the joint-stock principle. It had been, as
they well knew, applied to a great variety of enter-
prises in this and other countries, and necessarily and
naturally it had not been always suceesaful; but the
triumphs and the success of the joint-stock principle,
when interwoven with the fortunes and progress of
banking institutions, had been signal. And no doubt
much of the success which had attended their efforts
and the progress of the bank were attributable to
the support of, and the manner in which, the pro-
prietors and the customers of it had appreciated and
relied on the joint-stook principle. Much of the
prosperity and the present strength tithe bank was, he
must observe, attributable to themselves, to their con-
nexions, to their neighbours and friends, who were its
eustomr,rs. Perhaps it was to our insular position that
he ought to attribute the circumstances, that we were,
nevertheless, slow to adopt great
k-
d and teeted by principles which had
been develop
other nations and other races.
But, at all events, We outtht to b., qui!, k and energetic in
imitating the example of our neightiour, and fellow-suh-
jects, who were remarkable for the persevering spirit
,nutld.sto :lrek the
with which they cateinuea to rely on, end t. extend, ;be
joint-stock
principle as applied to hankie.' and he
w
meeting to look upon'' and to
admire the spirit and the feeling which had interwoven
themselves with cv.rything tea: appertained to corn-
, tnerce, to trade, and to agriculture its Scotland as re-
garded joint-stock banking. Of his own personal know-
ledge, he could say that, not merely in Scotland, but • other portions of the United Kingdom, the prosperity ln
and the present wealth, not only of individualsathem
ho could name—not merely of towns which were well
known to all of them,—but that the present wealth and
Droperity, and intel4-enee, und moral bearing of en-
tire districne were mainly attributable to the operation
and development of the joint-stuck ptieciple as cen-
neat d with banking. There was not, from the highest
of those who were the desctidants ot the chieftains of
Scotland. to the most humble cottier tenant throughout
orro gri
ugahou!
the country—there was Dot a werchant, d