The Sun.
London, England, 1867-07-25 00:00:00

THE CONSOLIDATED BANK (LIMITED).

The half-yearly meeting of the shareholders of
this bank was held at Manchester yesterday. The
report stated that the whole of the promissory notes
had been redeemed. In comparing the amounts of
deposits and credit balances it could be seen that,
deducting the sum of £1,320,186 ls. of promissory
notes included in the last statement, the increase in
these items had been no less than £571,335 16s. id.
This progress of the bank during the last six months
could not be otherwise than satisfactory. In re-
ference to the suspension of the Atlantic and Great
Western Railway Company, it could not yet be
stated whether any ultimate loss would yet accrue
to the bank, but, in order to provide against any
lock-up or loss, the directors had decided to set
aside from time to time a sum sufficient to meet all
contingencies, and the first provision in the present
balance-sheet was £lO,OOO as a special reserve fund.
After payment of £16,625 12s. 10d. interest on
promissory notes, &c., making provision for bad
and doubtful debts, and adding 4 per cent.
interest for reserve fund, the net profits for the
half-year were £26,405 Os. 2d. To this had to be
added the balance from last half-year, £9,107 7s. 3d.,
and amount over-estimated for bad and doubtful
debts June 30, 1866, £4,774 3s. 10d., making a
total of £4,34,6 Ils. 3d. It was proposed to pay
out of this as interest to shareholders at the rate of
5 per cent. (free of income-tax) £18,958 6s. Bd. ;
To carry to reserve £3,200, with which the interest
already added made an:increase of £5,000 for the
half-year. These items, with £lO,OOO carried to
special reserve fund, and £B,lBB 4s. 7d. carried to
next account, made £40,346 lls. 3d. The paid-up
capital now was £BOO,OOO, and the reserve fund
amounted to £95,000.
In the absence of the chairman and vice-chair-
man (the latter through illness), Mr. INlurray Glad-
stone presided. In opening the business, he said
a letter had been received complaining of so large a
balance as nearly half a million at call. The direc-
tors thought this was necessary to the position and
credit of the bank. In reference to a suggestion
that they should open branch banks, he said, after
the lessons of the past, the directors would be care-
ful how they made any similar mistake by rash ad-
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them.

In answer to Mr. Massey, who wished to know
who the guarantors were referred to in the report
for the Atlantic and Great Western Railway
Company,
The CHAIRMAN thought that any further state-
ment than the one in the report would be preju-
dicial. The matters in connexion with that affair
were being fully investigated in London.
Mr. Alderman CURTIS, in answer to a question
when it was proposed to pay the certificate imoney
in connexion with the Old Bank of Manchester,
said unfortunately the times had been against them
in connexion with these matters. A large amount
of money was invested in mills and otherwise,
which it had not been possible yet to realise. One
estate was in Chancery, and there were other diffi-
culties, but they hoped to do something in the mat-