The Sun.
London, England, 1857-01-26 00:00:00

THE BANK OF LONDON.

MEETING THIS DAY.

This afternoon a special general meeting of the share-
holders in this undertaking was held at the London
Tavern, Bishopsgate-street ; Sir J. V. Shelley, Bart,
M.P., in the chair.

The SECRETARY read the report, of which the following
is an extract :—" The account of liabilities and assets,
as vouched by the auditors, shows a balance standing
to credit of profit and loss,' on the 31st of December
last, of 16,904/. 9s. 11d., after payment of the sum of
20,2381. 12s. to customers for interest on their balances.
The directors, having fully considered the provision to
be made for bad and doubtful debts and other contin-
gencies, have decided to declare a dividend for the half-
year at the rate of 51. per cent. per annum (free of income
tax), reserving a complete settlement of profit and loss
until after the 30th of June next, as originally deter-
mined."

The CHAIRMAN, in moving the adoption of the report,
congratulated the proprietors upon the progressive in-
crease in the business of the bank. The bank had only
been in existence 16 months, and yet it had acquired
more business than usually fell to the lot of joint-stock
banks after several years' existence. The report stated
that the profits were not commensurate with the business
done ; but the directors had preferred to look to the
future character and soundness of the bank rather than
to the realisation of immediate and inordinate profits.
That was the only policy that could place this bank
among the greatest banking establishments of the City
of London. Upon the failure of the Royal British
Bank, the auditors who were appointed by the
shareholders made a most minute examination of the
books and accounts of the bank, and it no doubt would
be as satisfactory to the proprietors as it was gratifying
to the directors, that those gentlemen found every
figure and security to be perfectly straightforward and
correct.

Mr. KING, a shareholder in the Royal British Bank,
as well as this bank, asked the directors if the report
and statement made were their own—that is, made on
their actual knowledge of the affairs of the bank—or if
they were made on the statement of the officers!
The CHAIRMAN said that he had much pleasure in
stating, emphatically, that it was the report of the di-
rectors, prepared after a raost careful examination of the
affairs of the bank.

Mr. KING asked if the directors were favoured in any
advances they might require 7 .

The CHAIRMAN—No ; but had to give larger securi•
les than the general public.

Mr. KING next aeked if the directors borrowed money
on their own shares, or if they traffiCed in them!
The CHAIRMAN said they did not. It was against the
charter of the bank to advance money on any of these
shares under any circumstances.

In answer to other questions, the CHAIRMAN said
that the 2i par cent. dividend for the half year would
be paid out of profits, and leave an ample balance
in hand to meet contingencies, and that they had no
money locked up in inconvertible securities. All their
securities might be converted within nine months at the
furthest.

Mr. JOHNSON, one of the auditors, said that in con-
sequence of what had occurred with the other banks he
had examined the affairs of this bank, and had seen and
had every security in his hands. He could say that
everything was satisfactory, and he never saw any books
better kept, they were balanced to a farthing.
Mr. PORTER, another auditor, confirmed the above
statement, and added that they found that every secu-
rity had the initials of the directors, showing that they
had done their duty before advancing the money.
After some further discussion the report was received
and adopted, and the dividend ordered to be payable on
Monday at the head-office.
A SHAREHOLDER called attention to the Bank of
London and National Provincial Insurance office
carrying on business on the premises of the bank, and
asked for an explanation of the connection between
that office and the bank.

The CHAIRMAN said that the Insurance office had
taken the name, as they bad had a right to do, but
that there was no connexion whatever between the
two concerns, other than the insurance office being
their tenants and keeping an account at the Bank of
London. He understood it was the intention of the
insurance office to go to parliament this session, and
then power would be taken to alter its name.
The meeting shortly after terminated with a vote of
thanks to the chairman.