The Sun.
London, England, 1867-07-18 00:00:00

LONDON AND WESTMINSTER BANK.

A special general meeting of the proprietors was
held yesterday at the bank in Lothbury ; Mr. Win.
Tite, M.P., in the chair.

The Secretary read the report, which stated that
after making provision for all bad and doubtful
debts, paying the income tax, and setting apart
£2,000 towards the buildings of the bank, the net
profits for the last half year amounted to £146,066,
which added to £45,889 from the preceding half
year amounted to £191,955. Out of this £12,000
was taken for interest and added to a reserve fund ;
the directors declared a dividend at the rate of 6
per cent. per annum, and, by way of further divi-
dend out of profits, a bonus of 11 per cent, on the
paid-up capital, making 14 per cent. for the half
year. After those payments there would remain
£39,955, of which £B,OOO would be carried to the
reserve fund, which would then amount to £500,000,
and the balance, £31,955, would be carried to profit
and loss account for the current half year. The di-
rectors proposed to increase the capital of the bank
by the issue of 50,000 new shares of £lOO each, of
which £3O was to be paid, viz., £2O per share in
part payment of the capital, and £lO per share pre-
mium, to be added to the reserve fund. The paid-
up capital would then amount to £2,000,000, and
the reserve fund to £1,000,000. The amount due
by the bank on deposits, circular notes, &c., was
£21,858,958 (not including acceptances, £784,250).
The assets consisted of £3,652,315 in Government
securities, £17,160,117 in bills discounted, loans,

GENERAL CREDIT AND DISCOUNT (LIMITED).

The first ordinary meeting of this company was
held on Monday at the London Tavern ; Mr. Bram-
ley-Moore in the chair.

The report stated that during the past six months
there was but little business doing, and money was
at low rates of interest. The directors felt justified
in recommending a dividend at the rate of 5 per
cent. per annum. With regard to the railway in
Portugal assurances had been given by the Por-
tuguese Ministers to the effect that their Govern-
ment would eventually deal with the question in a
spirit of equity. With regard to the £160,050
secured by a charge on surplus land of the London,
Chatham, and Dover Railway Company, which was
disputed, the directors were advised that not only
would the charge be sustained, but that those who
obtained the loan from the company would be held
responsible for its repayment.
The CHAIRMAN, in moving the adoption of the
report, said that this was a new company formed to
succeed the General Credit and Finance of London
(limited). The reconstruction had been success-
fully carried out, and all essentials had been com-
plied with. The accounts of the company as they
now stood showed that the capital was £1,500,000,
and the assets £1,853,000. (Hear.) The cash, bills,
and short loans amounted to £729,000 ; the
investments stood at £279,000, and the out-
standing loans were £36l,ooo—making a total of
£1,369,000. But to this mast be added the bad
business they had done, amounting to £484,000,
including two items of £160,000 advanced to the
London, Chatham, and Dover Railway Company,
and £151,000 to the South- Eastern Railway of Por-
tugal. The company owed nothing on acceptances,
but the public deposits amounted to £123,000, so
that they now had liabilities for £1,623,000, against
assets of £1,853,000, after taking into account the
dividend about to be paid, amounting to £37,000.
(Hear.) Since he last addressed them, two of the
directors (Sir 11. D. Wolff and Mr. Brassey, jun.)
had been over to Portugal to treat with the Go-
vernment on the subject of the loan for the South-
Eastern of Portugal Railway, and the Minister had
given every possible assurance of the intentions of
the Government to repay the money. (Bear.)
Should the Portuguese Government fail to fulfil the
solemn promise they had given it would be in vain
for them to come into the markets of Europe to ob-
tain any further loan. lie, however, was satisfied
the Government would keep their promise and pay
back the money. (Hear, hear.) If the share-
holders would only act together as one man, he
could venture to predict a prosperous future for the
company, as they stood in a good position as re-
garded their finances, having upwards of a million
of money at their command, and he hoped they
would induce their friends to make deposits with
the company, for which good security could be
offered.

Mr. WORMS seconded the motion for the adop-
tion of the report.
In reply to questions it was stated that the con-