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

LONDON AND WBSTMINSTER BANK.

A special general meeting of the proprietors was
held yesterday at the bank in Lothbury ; Mr. Wm,
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-rip 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 1500,000,
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, 417,160;117 in billii WM:muted, loans,

and other securities, and £2,718,481 cash in hand.
and at the Bank of England—total, £23,530,913.
The CHAIRMAN, in moving the adoption of the
report, sail be hoped they would give him their
sympathy, as he had to follow in the steps of a gen-
tleman who had addressed them from the chair for
several years succes.sfury, being fully conver-
sant with the affairs of the bank. He proposed
to take the ordinary business first, and afterwards
the special business. He congratulated the pro-
prietors upon the completion of the new building,
owing to the exertions of the architect and builder,
and he hoped the public would find the building
convenient in every respect for the large business
they had to transact. He was sorry they had not a
larger room to meet in, but they had made it as
large as they could, and he was glad to see it so
well filled by the proprietors. The low rate of in-
terest during the past half-year had had its effect
on their returns ; the average rate of interest was,
he believed, not more than 3 per cent. ; and, as they
held a large amount of public securities and had a
great deal of business, he trusted they would consider
that the directors' report was satisfactory. (Hear,
hear.) The dividend was about the same as that
of last year, and no doubt they were indebted to
their directors and managers for the sound position
of their affairs. The deposits showed an increase of
.£BOO,OOO, as compared with the corresponding half
of last year, but as compared with the end of the,
Christmas4a4f-year-there was a falling off of
£BOO,OOO. The deposits in the current half-year
had increased from the end of June to the present
time by £1,000,000, which he thought showed the
public confidence in the stability of their bank.
The reserve fund was now £500,000, after every-
thing had been written off. Some questions had
been asked as to the large amount expended on the
present building, which was all freehold, and now
stood in their books at only acipoo. They had
spent on it between £40,000 and £50,000, but it
would-be a perfectly good asset for £76,000. They
gave £187,000 for the business of Messrs. Jones
Lloyd and Co., but that now stood in their books
at a cost of only £BO,OOO, and so he might go
on through the whole list ; the cost of their
branches was equally satisfactory, their branch build-
ings were nearly all freeholds, and stood in their
books at an equally moderate amount as the
parent establislument. A certain sum was written
off the COst of buildings each half year, and their
cost in'the book was gradually reduced. There was
a time, many years ago, when he opposed the in-
crease of the reserve fund beyond a certain figure,
but things had greatly altered since that time ; the
reserve fund now amounted to £500,000, and it was
proposed to increase it to £1,000,000.

ESDAILE seconded the motion for the adop-
tion of the report, and it was carried unanimously.
The CHAIRMAN said the next matter he bad to
submit was with regard to the increase of the capital
and of the reserve fund. There was a feeling at the
board that as so much money was constantly in-
trusted to them by the public the capital of the
bank ought to be increased, so as to have the amount
more in proportion to the business transacted be-
tween them and the, public. They really did not
want the money, but they felt that the time had
come for an increase of capital, and it had occupied
a great deal of thought and careful consideration at
the board. They came to the unanimous conclusion
that £1,000,000 ought to be added to the capital of
the bank, making £2,000,000 paid up, and at the
same time to add £500,000 to the reserve fund,
making together, paid up capital and reserve fund,
£3,000,000. They believed that public opinion
would still be with them as to that step, and that
the value of the property would be increased. He
would propose a resolution to that effect, and stated
that it would be necessary at the end of a fortnight
from this date to hold a meeting to confirm the re-
solution if they agreed to it. He then moved a for-
mal resolution authorising the directors to increase
the capital of the company by the issue of 50,000
new shares of £lOO each, to be allotted to the share-
holders on the register of the 31st July inst. in the
proportion of one new share for every share then
standing in the names of such shareholders, that
£3O per share be paid on the 14th of August next,
and authorising certain alterations in clauses 61 and
95 of the deed of settlement to give effect to the
resolution.

Mr. Alderman SALOMONS, M.P., said he had
great pleasure in seconding the motion.
After a few observations by Mr. Moore, Mr.
Wheeler, and Mr. Johnstone, the resolution was
carried unanimously, amid cheers.

It was stated that the meeting to confirm the re-
solution would be held there on Friday fortnight.
Thanks were voted to Mr. Ewings, the general
manager, the managers, and other officers of the
bank, for their able and efficient services during the
past half-year. The proceedings concluded with a
vote of thanks to the chairman and directors.

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 bad 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 £10,050
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 *as a new eompany formed to
titttliged tilt) Oefieral Credit and Finance of London
(limited). The reconstructinn beeti alNeed-
fully carried out, and all essentials had been coal-
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 eash, bills,
and short loans amounted to £120,000 l the
investments stovroedre alt36/12,7090,00_00m,
to this must be added the bad
kainndg. athtoe taoluotf
•
sztla,usdGi9nigoolootimentit
business they had done; amounting to £484,000,
lucluding two iteati of £160,009 advanced to the
London, Chatham, and Dover Railway Company,
gild 11.61.1000 to the Smith-Eastern Railway of Por-
tugal, The cotiiptibY difed nothing on acceptances,
but the public deposits amounted to V2J,000, so
that they now bad liabilities for £1,623,000, against
assets of £1,859,000f after taking into account the
dividend about to be paid, amounting to £37,000.
(Hear.) Since he last addrcased 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. (Hear.)
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. He, 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-
gatded 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-

The official declaration of a vacancy in the re-
presentation of this University took place here this
morning, when the Vice-Chancellor (the Rev. Pr.
Cartmell, Master of Christ's College) issued a notice
that there would be a Congregation at 12 o'clock,
when a day would be appointed for the. election of
a burgess to represent the University in Parliament,
"in place of Mr. Charles Jasper Selwyn, who has
been appointed her Majesty's Solicitor-General."
The Congregation took place accordingly, the
Vice-Chancellor presiding. The attendance, how-
ever, was but small, in consequence of its being
vacation time, and therefore but few members of
the University in residence. The under-mentioned
comprised all who were present :---The Vice-Chan-
cellor, the Rev. E. IL rerowne, Corpus Christi
College, Deputy Proctor ; Mr. Bradshaw, King's
College, 'Deputy Registrary ; the Rev. Dr. Okes,
Provost of King's College ; the Rev. Dr. Cookson,
Master of St. Peter's College ; Professor Lightfoot,
Trinity College ; Mr. Clay, Trinity College ; and
Mr. Clark, of Queen's College ; Mr. Godfray, of
Corpus College ; and Mr. Besant, of St. John's,
and Esquire Bedells, were also in attendance.
The writ (understood to have been received here
yesterday) was read by the Deputy Proctor, and the
Vice-Chancellor having appointed Monday next at
ten o'clock for the election, the proceedings, which
were of a purely formal character (as, indeed, they
will be on Monday, there being no prospect of op-
position), terminated.

BIRMINGHAM.
The nomination is fixed for Monday next.

WEST GLOCESTERSHIRE.

An influential meeting of Conservative electors
for West Glocestershire was held yesterday at Bris-
tol, at which it was announced that Col. Edward A.
Somerset, C. 8., son of the late Lord Edward Somer-
set, who represented the county of Glocester before
the passing of the Reform Bill of 1832, had accepted
au invitation to become a candidate for the seat for
West Glocestershire, rendered vacant by the eleva-
tion of Sir John Rolt to the dignity of Lord Justice.
The gallant colonel, who at one time sat in the House
of Commons as one of the representatives of the
county of Monmouth, is at present on duty at Dub-
lin, but will return to England at once, and his ad-
dress will in all probability be issued to-day. The
Liberal candidate, Mr. C. Berkeley, is pursuing a n
active canvass, and a smart contest may be expected
between the houses of Beaufort and Berkeley for the
vacant seat.