The Sun.
London, England, 1858-01-21 00:00:00

LONDON AND WESTMINSTER BANK.

Yesterday the usual half-yearly meeting of the
proprietors of the above bank was held at the bank,
Lotbbury, Mr. Alderman Salomons, governor of
tile bank, in the chair. The attendance was very
numerous.

The report stated,—That after making provision
far all bad debts, paying the income-tax, setting
apart 2,0001. towards the new buildings in
Lothbury, Bloomsbury, Southwark, and Temple-
bar, and presenting a gratuity of 10 per cent. on
their salaries to all the officers of the establish-
ment, the net profits of the bank for the last half-
year amount to 66,1751. 13s. lid., which, added
to 10,2711. Is. Bd., the unappropriated prosts of
the preceding half-year, make a total of 76,4461.
15s. 7d. Out of this sum the directors have
allowed interest for the last half-year on the rest or
surplus fund at the rate of 5 per cent., and they
now declare a dividend of 3 per cent. for the halt-
year, and by way of further dividend out of the
profits, a bonus of 4 per cent, upon the paid-up
capital. After these payments are made, there is
an unappropriated balance of 2,5781. lls. 5d.,
which remains to the credit of the profit and loss
account.

The CHAIRMAN, in moving the adoption of the
report, said he was glad to see so many proprietors
present • because the directors proposed to adopt a
course different from that of former meetings. They
believed the bank was ably and prudently con-
ducted. The experience of the last 24 years had
enabled them to make provision for everything
that human foresight could dictate. Notwith-
standing the recent crisis, the directors had been
enabled to afford their customers all the accommo-
dation that could be reasonably desired. The
nominal capital of the bank was 5,000,0001., and
the paid-up capital 1,000,000/. The deposits
amounted to 13,900,000/. within 24,0001. of what
they were in June last, and 2,000,0001., more than
what they were this time last year. (Hear.) The
rest stood at 150,0001.,
and there the directors pro-
posed it should stand until they saw what was the
course legislation would take on the subject of
joint-stock banks. (Hear, hear.) On the
day the Government letter was issued, the
bank had available assets to the extent of
10,730,0001. ; it had 2,000,000/. invested in Govern-
meut stocks ; 500,0001. on loans at call ; 5,000,0001.
in bills discounted for brokers; 2,000,00 W. in cash
in hand. (Hear, hear.) At the present time the
bank had 2,200,000/. in Government securities,
1,000,0001. of which were Consols ; 500,0001. ad-
vanced to the East India Company at 6 per cent. ;
East India Guaranteed Stock, 749,0001. ; discount
and loans, 4,751,000/. ; short bills, 2,194,0001. ;
and 1,115,0001. in bills of exchange at short periods.
With these figures before them there could be no
question as to the solidity of the bank. (Cheers.)
As regarded the dividend, it was somewhat less
than it was last half-year ; then the dividend was
at the rate of 9 per cent. per annum, and adding
that dividend to the present, it would make 16 per
cent. per annum for the year. (Hear, hear.) .Uhe
falling off in the dividend this half-year was easily
accounted for ; it was owing to the business of the
bank having been contracted, and to the 'directors
having kept in hand a larger reserve than usual
during the panic. (Hear, hear.) The losses which
the bank had suffered by that event were compara-
tively insignificant ; only one of their customers
had failed, but he held no bills, and therefore, so
far as the ordinary business of the bank was con-
cerned, he might also go to the length of saying that
the bank had suffered no losses by its general cus-
tomers. But with 5,000,0001. of bills running, it
was only natural that some of the names on the back
of them should be found faulty, and accordingly the
directors, to meet any eventualities arising out of re-
cent suspension, had this half-year set aside a re-
serve of 10,0001. (Hear, hear.) With these ob-
servations he begged to move the adoption of the
report. (Cheers.)
Mr. Moxorr seconded the motion, and suggested
that public confidence in favour of the bank would
be greatly increased if the capital was raised to
2a, 01
l k Obt ,
back upon
. , and put in trust for-the depositors to
f in the event of a run on the bank.
He also wished to see au improved system of audit
and management adopted by the directors, and an-
nounced his intention to move the appointment of
a committee of five shareholders, for the purpose
of conferring with the directors as to the best mode
of securing the future stability of the bank. (Hear.)
The motiou for the adoption was then put, and
carried unanimously.
Mr. Moxorr then made the motion just referred
to, which was seconded by Mr. MITCHELL,
Mr. HADDOW moved the previous question as an
dw
wi
tamendment,hra butn. eventually the original motion
was

The dividend was then declared payable on and
after the 25th inst.

The retiring directors were afterwards re-elected,
and the proceedings closed with a vote of thanks
and confidence to the chairman, directors, and
officials.