The Sun.
London, England, 1861-07-18 00:00:00

PROFIT AND LOSS.

Da.
To total expenditure of the seven esta-
blishments, including rent, taxes,
salaries, stationery, &c. £37,631 16 3
To amount set apart towards the build-
ings of the bank .. 2,000 0 0
To amount added to rest or surplus fund
by interest thereon at 5 per cent. per
annum .. .. 5,253 2 6
1 o payment of the dividend now declared,
at the rate of 6 per cent. per annum,
for the last half-year on the paid-up

capital of £1,000,600 .. .. .: 30,000 0 0
To bonus of 7 per cent. on the capital .. 70,000 0 0
To balance of profit and loss account .. 37,280 2 3

£182,165 1 0
CR.
By balance of profit and loss account, Dec.
31, 1860 .. £10,941 8 5
By gross profits of the last half-year,
after paying the income tax, and mak-
ing provision for all bad and doubtful
debts 171,223 12 7

£182,165 1 0

REtT OR SURPLUS FUND.

Dn.
Present amount .. £215,378 2 6

£215,378 2 6
CR.
Amount on the Ist Jan:, 1861 .. £210,125 0 0
By interest on do. at 5 per cent, per
annum .. .. 5,253 2 6

£215,378 2 6

The CHAIRMAN then said, in moving the adoption of the
report, he should have to make but very few observations.
Indeed, he might say that the details they had heard spoke
for themselves. They had had a very successful half-year.
The deposits—the great source of prosperty—had increased
considerably, and this augmentation was mainly as to de-
posits at interest. The deposits in the aggregate had been
increased by a considerable portion of the business of the
Commercial Bank having come to their own bank. The
total amount of these, with circular notes, and so forth,
as they had heard, amounted to upwards of £14,800,000.
This was nearly three millions in excess of what was shown
at this time last year, and some £200,000 or £300,000 more
than when they met in January last. (Applause.) They
would also be gratified to learn that the losses were below
the average—he might say considerably so. Their net
profits of the past half-year were upwards of £131,000,
and they had besides a balance of profit and loss account of
more than £lO,OOO. All this enabled them to declare a
dividend which, with the bonus, would be at the rate of
20 per cent. per annum. And they further recommended
£20,000 to be added to the rest, or reserve fund, a course
which he felt sure they would all approve of—(applause)--
. and £17,000 carried forward as the balance of the profit and
loss account for the current half-year. He might say, fur.
ther, that all this had been accomplished without any effort
on the part of the directors. Their desire always had been,
and always would be, not to force business in any way, but
simply to employ the large amounts with which they were
entrusted in the best possible securities. (Hear, hear.) They
showed an increase in the last half-year of something like
half a million ; and their cash in hand, Government secu •
rities, &c., represented some 31 million sterling. (Hear.)
The chief incident of the half-year, on which they would
expect some information, was the transfer of the business of
the Commercial Bank to themselves. When their aid was
solicited in the well -known emergency it was promptly
given—(hear)—and the result was that the commercial
world and the public at large were saved that alarm which
always prevailed when a great commercial establishment
was in difficulty. Indeed, such alarm as there was might
be said to have been entirely got rid of. (Hear, hear.)
They came for aid when needed, it was rendered, and the
customers were not under one moment's apprehension.
(Hear, hear.) He thought they might really fairly take
some credit to themselves for the promptitude and decision
with which they met the solicitation, and the success
which had accompanied it. (Applause.) And he would
further say for themselves—and it was something to say—
that they should not have interfered but that they found
the bank in such a state that they believed they could
safely take it. (Hear, hear.) It might have required great
diffidence on their part whether they could do as they had
done without compromising somewhat the interests of the
establishment. But they found they could do what they
had done safely, and they had done it successfully, and in
future years he had no doubt they would reap still further
advantages in a still greater increase of business. They had
met all demands with the utmost liberality, and in all trans-
actions with the board they had acted with the utmost
consideration. They had, for instance, taken a great many
of the staff of the Commercial Bank. They had overlooked
some of the rules with reference to the clerks who had been
so introduced in reference to age, &c., but they thought
they were doing that which would be likely to improve their
condition, and tend to the increase of the business, which it
would be their interest to promote. They had thus been en-
abled to do something material for those who by this un-
looked for misfortune might have been thrown on the wide
world. (Applause.) He trusted, therefore, that they had
acted with every consideration that could reasonably be ex-
pected, and yet with all the prudence the proprietors had a
right to expect at their hands. (Applause.) A large por-
tion of the business which they had thought it desirable to
obtain had come to them already; and he had no doubt that
in future they would find they had gained a considerable ex-
tension of business. As to the present half-year, however
good it seemed, it did not show any profit, notwithstanding,
derived from the transfer of the business of the Commercial
Bank to themselves. Their position was just this 7 they
were ready to receive any business that might come to them,
but they were not desirous to increase it by the misfortunes
and distresses of their neighbours. (Loud applause.) They
were interested in common with all in seeing the great com-
mercial and trading world of this country, and of the City
of London in particular, prosperous and well-doing. Expe-
rience had shown them that as the nation prospered and
commerce increased they got their full and fair share of
business. Still, of course, they did not object to receiving
more, although they were not avaricious—(hear)—nor, as
he had said before, ware they desirous of profiting by the
distresses of other establishments, either private or joint-
stock banks. (Hear, hear.) He would now turn to another
part of the report, and he would speak with deep regret of
the circumstances to which that part alluded. He meant
the loss by death of two excellent directors—two most use-
ful and honourable men, who had been removed from them
during the last half-year—Mr. Bosanquet and Mr. Haigh.
Mr. Bosanquet, although of the legal profession, and not
having been brought up to the banking business, was yet
one of the earliest directors. He had joined the establish-
ment even before it had been, as it might be said, "licked
into shape"—that was to say, before it had assumed a stage
presentable to the public. He was, indeed, a most useful
and honourable man, and had been of great service to the
board. Mr. Haigh had come to them some time after the
i bank had been formed, and bad been many years with them.
He could say of him too, as he had said of Mr. Bosanquet,
he was a most zealous, active, and useful man ; and he (the
chairman) most deeply regretted the loss of two colleagues
with whom for so many years he had been associated.
(Hear.) The vacancies, as they would see, had been filled
up by two gentlemen who he trusted hereafter would be
found most useful directors of the establishment. One was
a gentleman retired from business, but of the firm of Gil-
lespie, Moffatt, and Co. ; a gentleman of 'a great deal of
experience, and who would bring to the bank that matured
wisdom and experience ever desirable in great establish-
ments like theirs. (Rear, hear.) The other was a gentle- 1
man largely engaged in the China and East India trades,
who had large trar sections in business, and who was a
man of business and of honour, and who had that great 1
knowledge of credit that would render him a very useful
addition to those op that tide of the table (the dlfZetors).
These gentlemen would come before the annual meeting
for confirmation. Having repeated his congratßletticlP 1

precisely as above on the satisfactory state of the bank and
its business, the chairman spoke of the losses which had
accrued to the commercial world froM the reckless system
of credit which had been adopted in times past, and ad-
verted to the pleasure with which he and they all must
look upon the present state of commercial morality of the
kingdom, which was apparent, and could not be spoken of
in too high terms. If they had been astonished at what
he might call the erratic conduct of parties in the reckiess
use of credit, and notwithstanding any effects even as
to American matters, it might now, he believed, be truly
said that the credit of this country was as sound and as
good as at any period of its commercial history. (Loud
applause.) The chairman concluded by saying that he
should be happy to answer any questions any proprietor
might think proper to put to him, and to afford him all the
satisfaction in his power. (Loud cheers.)
The Rev. Mr. ROBINSON proceeded to make some remarks
upon the sympathy which had been shown to the Commer-
cial Bank, but he thought it lost much of its value from no
proposition having emanated from their own bank as to more
substantial consideration. (Several cries of "Oh, oh," and
" No, no," followed, and some slight confusion was the re-
sult.)

Two or three other proprietors essayed to address the
meeting, but they were most imperfectly heard ; and amidst
the good-humoured excitement,

The CHAIRMAN, addressing Mr. Robinson, said, " What
do you wish ?"
Mr. ROBINSON said he understood the chairman that
their own bank derived no benefit from the business of the
Commercial Bank during the last half-year. But he (Mr.
Robinson) wanted to know whether—when they did—they
intended to bestow anything on the shareholders of that
bank for the value of such business ?
The CHAIRMAN said he would answer somewhat after the
manner of courts of justice—he would at once say "No,"
and give his reasons after. (Hear, hear, and laughter.)
What he said he would repeat. It was a voluntary act on
the part of the Commercial Bank, in the interests of their
shareholders and their customers, to obtain assistance.
They obtained it, and the matter was embodied in a legal
instrument, which was the only document existing between
themselves (the London and Westminster Bank) and that
bank as their guide as to the transfer of the business. The
Commercial Bank had no power to perform an actual trans-
fer of their business. Their customers were not like serfs
in Russia. (Hear, hear, and laughter.) The bank sought
help, but it was entirely with the customers of that bank as
to the transfer of their business to the London and West-
minster Bank, or any other. (Hear.) Some of them came
here, some of them went elsewhere, just as their interests
or their feelings led them. Some came here whose busi-
ness the directors declined. In short, they took what
they thought best. (Hear, hear.) He was told that the
gentleman who put the question just now had only one share
in this bank—(laughter)—but was a large holder in the
Commercial Bank. (More laughter.) Now, he did not for
one moment question that gentleman's right to do as he
pleased—certainly not as to putting the question he had
done. But he must remind him of what the shareholders
had saved by obtaining the aid they sought instead of their
property being thrust into the market. (Hear, hear.) He
would explain what had been done. On the 18th of Feb-
ruary this transfer took place ; and for three months the
London and Westminster Bank took no interest whatever—
which they ought to have done—(hear, hear)—for they had
authority to do so. Until the 18th of May, then, they gave
up any charge of interest at all. (Hear, hear.) Besides this,
they took 18 clerks suitable for the business of the London
and Westminster Bank from the staff of the Commercial
Bank. They looked for talent combined with seniority in
doing so, although they paid great respect to seniority.
They had been desirous of doing all they could to show
sympathy with those who, from no fault of their own, might
have been precipitated on the wide world. (Applause.) All
the officers were paid handsomely. A sum of £9,000 had
been distributed in various amounts amongst the staff; and
this, added to the absence of the interest of which he had
spoken, had prevented them from gaining any profit for the
first half-•year. After a few further observations, which
merely echoed what the chairman had previously stated,
The Rev. Mr. ROBINSON was proceeding to speak on
the subject again ; but after a short pause, occupied in
good-humoured objections, as good •humouredly taken,
Mr. WHEELER said he very much approved of the course
the directors had adopted, especially as regarded the £9,000
distributed amongst the employes of the Commercial Bank.
Indeed, he thought they had aeted admirably throughout
(Hear, hear.) But, with all respect to them, he must say
he did not see the propriety of adding so much more to the
reserve fund, especially considering that some years ago
it was deemed that £150,000 would be ample for that fund.
(Hear, -hear.) He thought, instead, that the proprietors
had fair claim to something like £2 per share more. He
believed the business of the Commercial Bank alone would
produce this bank not less than £15,000 a year. He thought,
therefore, it would be wise to begin at once and give the
proprietors a further division of the profits. If he thought
that not one of the directors would be on his side in the
view he took of the reserve fund, he should go home much
mortified. (Laughter.)
A SHAREHOLDER said, if he recollected rightly, the re-
serve fund was agreed to be increased to £200,000.
The CHAIRMAN said, to £250,000.
After a few words from two or three other shareholders
on thie head, and

Mr. DONALDSON having said that he did not look upon
the reserve fund as a guarantee fund, but as a fund for
equalising dividends,
Mr. HADOW said he thought the directors had acted
judiciously in gradually accumulating a reserve fund
amounting now to nearly a quarter of a million of money.
But, he thought if the bank continued anything like as pros-
perously as it had done, and the reserve fund increased to
£250,000, it might be distributed amongst the proprietors
as an increase of capital. (No, no.)
After a few words from Mr. ROLLS in favour of the
report being adopted,

The CHAIRMAN spoke strongly in support of the reserve
fund, and reminded the proprietors that not long ago ano-
ther bank had lost no less than £250,000. Large figures
these I He could not but think the directors had done
wisely in doing as they had done in increasing the reserve
fund. (Hear, hear.) The only question was, how far
would they carry it? It was a. subject which had not
escaped the attention of the board. He hoped, so far as
the present report was concerned, it would not be objected
to. (Hear, hear.) Having taken a brief review of the
progress of the bank and of the dividends it had paid, the
chairman said he hoped the prep:letors would not inter-
fere with what the directors believed were the prudent and
conservative views they had taken, and that they would
not be found fault with fur not paying more dividend than
they had done. (Hear, hear,.) He thought the increase of
the reserve fund might stand over for future consideration.
All he could say was, that the directors were anxious to
pay as good dividends as were consistent with the math-
tenance of the credit of the bank. (Hear, hear.) He would
move the adoption of the report.
This was duly seconded and unanimously carried.
The following resolution was then put :—" That the
thanks of the meeting be presented to Mr. William E wings,
the general manager, to the managers and secretary, and to
the ether officers of the bank, for their past services; and
that the special thanks of this meeting be also given to the
general manager and the managers for their exertions in
connection with the transfer of the business of the Com-
mercial Bank."
Mr. WHEELER seconded the resolution, which was algio
unanimously carried.
which terminated
tothetheheapirrmocaenedianngds.others were also
carried,VoteBf
o

PIICENICIAN ANTIQUITIES. During the past
three months considerable progress has been made in ex-
ploring the ruins of the ancient cities of Phoenicia. In
January, 1861, Dr. Gaillardot commenced at Saida, and
M. Earnest Renan at Sour, and the operaticns at these
places are now complete, with the exception of the excava-
tion of the great neoropolis at the former place. Remains
of the Crusaders were found at both places, but none above
ground of the Phoenicians. Gigantic blocks of granite,
marking the limits of the ancient port of Sidon, still re-
main ; also on the plain to the east of the site of the old city
a subterranean Sidon has been discovered. Here in 1855 the
scarcophagus of Eschmanuzar, in the cavern of Apollo, was
found. This is the only great inscribed Phoenician sarco-
phagus hitherto discovered. Portions of another have been
found in ;the same place by M. Ronan. Also in the rock
caves of Sidon, some cf which are anterior to the time of
Alexander, sarcophagi of various forms, some of terracotta,
ornamented with garlands, have been discovered. Other
remains of different epochs have been examined, and pot,
tions have been brought to Paris. Some of the sculptures,
&c., resemble those of Egypt; others those of Nineveh
and Persepolis. Among other objects found in the caverns
and brought home are many articles of dress and common
use, Phoenician coins, and a leaden sarcophagus of good
workmanship,

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24 ..

SPORTING INTELLIGENCE.

NOTTINGHAM RACES-WEDNESDAY•

The Bunney Park Stakes of 5 sous each, with r.,0 added, for
two-yr-old ; colts, Bst 71b ; fillies, Bst 31b ; winners extra.
Maiden allowances ; the winner to pay 10 soya to the

Race Fund. T.Y.C. 20 subs.
Lord Strathmore's Middleton Maid, 7st 121 b (J. Covey) 1
Lord Stamford's Blackcock, Bst 121 b (inc. 51b extra)
A. French) 1.4
Col. Towneley's Repartee, Bst 31b . (J. Snowden) ,
Mr. J. Osborne's Flytrap, Bst .. (Challoner)
Mr. R. C. Naylor's Barricade, Bst (G. Fordham)
Betting-2 to 1 agst Middleton Maid, sto 2 agst Black-
cock, 3 to 1 agst Repartee, and 6 to 1 agst Barricade.
A slight delay was caused in gettingthelot off on account
the breaking away of Barricade and Repartee, and when
they did get off Blackcock with Repartee got a slight lead,
having Middleton Maid next, Flytrap and Barricade getting
badly oft. On entering the straight Middleton Maid passed
her horses and took a slight lead, which Blackcock endea-
voured to regain, but without avail, for the mare came on
and won cleverly by half a length. Repartee was beaten
from Blackcock by two lengths ; the same between the'
third and fourth; Barricade was last throughout.
The Nottingham Nursery Plate (handicap) of 100 sous far
two-yr-olds ; winners extra ; _ the winner to pay 10 Ws

towards expenses. Straight half mile. .
Mr. Mellon's Seahorse, 7st 101 b (G. Fordhan3) 1 2
Mr. Payne's Bandage, 7st 81b (Drew)
Mr. Edward's Palermo, 7st 10Ib (Challoner) 3
The following also ran :—Telegraph, Forester, Revolt,
Birdlime, Cutler, Grant, Miss Livingstone, and Bay °f:
Tunis.

Paradox was weighAd for and his number went up, 'Olt
it was instantly taken down again, and he did not start.
Betting-2 to 1 agst Grant, sto 2 agst Bandage, 7to 1
agst Seahorse, 8 to 1 agat Birdlime, 10 to 1 agst Cutler, 10
to 8 agst any other offered.

A long delay was caused at the post by the breaking awe.
of Grant, Seahorse, Forester, and several others• When
the flag fell Seahorse was the quickest off, and ere maul
strides he had obtained a clear lead, Bandage, Birdlime,
Cutler, and Grant being his next followers. At the distance
Bandage obtained the second place, but failed to overhaul
Seahorse, who came through and won easily by a length;
the same between the second and third.
The Grand Stand Stakes of 5 sovs each, with 20 added.' F
Mr. Saxon's Miss Coutts, 2 yrs (X5O), sst 71b (Midgley I
Mr. Gulliver's Sloth, 3 yrs (£5O), 7st 51b (car. 7st 61b
(Creswell 2
Mr. Goodwin's Breechloader, 3 yrs (£5O), 7st 81b (Taylor) 3
The Portland Handicap Plate of 50 sovs, for all ages.
One mile.

Lord Stamford's Malta, 3 yrs, Bst 41b (A. Edwards) I
Mr. Joseph Dawson's Neophyte, 5 yrs, 9st.. (A. French) 2
Mr. Mill's Kinnaird, 3 yrs, 6st 131 b (H. Grimshaw 3
Capt. Hawksley's Satanella, 2 yrs, bat 121 b (H. Taylor) 4'
Mr. Culshaw's Birdlime, 2 'yrs, sst 71b (Wh iteley) b'
Mr. Lincoln's Nosegay, 5 yrs, Bst 21b (Gardner) 6
Betting-5 to 4on Malta, 3to 1 agst Neophyte.
Kinnaird made most of the running, having the favourite
closely waiting upon him. At the distance Kinnaird wag
beaten and fell back, when Malta and Neophyte both passed
him, the favourite winning cleverly by half a length ; two
lengths between the second and third. The other three'
were well up with Kinnaird.

The Chesterfield Handicap of 10 sovs each, with 50 added,
by the Earl of Chesterfield. One mile and a half.
Mr. Payne's Voltella, 3 yrs, 6st 101 b (Drew) !
Mr. G. Angell's Calpe, 3 yrs, Est 71b (T. French)
Sir J. Hawley's Moorhen, 4 yrs, 7st 21b (A. French) 3
Mr. Lincoln's Petra, 5 yrs, 7st 61b (H. Taylor)
Mr. Hodgman's Industrious, 4 yrs, 7st 81b (G. Fordharn)
Betting-2 to 1 agst Calpe, sto 2 agst Moorhen, 3to
agst Voltella.

Petra, followed by Moorhen, were the two first off, and
led for the first mile, when the former fell back, and Calper
who had been lying close at their heels, took the first placer
and carried on the running to the half-distance, having'
Voltella close at her quarters, and Moorhen third. With
a few strides of the chair Voltella got up to the side of the
favourite, and instantly passing her won easily by a neck;
two lengths between second and third ; Petra was a bad-
fourth, with Industrious last, the latter having broken delve+
very badly.

Her Majesty's Plate of 100 guineas ; for 3-yr, olds and
upwards. Two miles.
Lord Zetland's Bivouac, 4 yrs, 9st 71b (J. Osborne) 1
Mr. Barber's Prince of Denmark, 6 yrs, 9st 131 b
(L. Snowden) F,
Mr. W. G. Jervis's Kinnersley, 6 yrs, 9st 131 b.. (Ducker) 0,
Mr. W. Cappe's Corona, 4 yrs, 9st 71b (E. Forster) 4
Miss Eve colt also ran.
Betting-2 to lon Bivouac, 3to 1 agst Prince of Den-
mark, 10 to 1 agst Corona.

Corona and the Miss Eve colt alternately led until roma'
ing the back stretch, where Prince of Denmark went to the
fore, and carried on the running at a strong pace up to the
turn of the Mansfield-road, having Bivouac second. On
coming into the straight the two were side by side, but at
the distance it was all up with the Prince, for Bivouac viol
away from him as he pleased, and won easily by four lengtlls,,
six lengths between the second and third ; Corona was a haw
fourth; the Miss Eve colt did not pass the post.
A Selling Handicap of 5 sovs each, with 30 added ; for ag
ages. The winner to be sold. T.Y.C.
Mr. Saxon's Rhesbus, 3 yrs, 7st (Midgeley) 1
Mr. Walker's Philomela, 4 yrs, Bst 71b (Gardner) 2
Mr. J. Osborne's V.R., 3 yrs, 7st 41b (Challoner) 3,
Mr. W. G. Morris's Buttercup, 4 yrs, Bst 51b (E. Forster)
Betting-5 to 4 agst Rhesbus, 2to 1 agst Buttercup, 4to
1 agst V.R.
The favourite lay off until after passing the distance,
whan he went a head, and won cleverly by a short neck;
three lengths between the second and third ; Buttercup
last. The winner was sold to Mr. Hodgman for 50 guineas.
The Forest Plate (Handicap), of 50 sous, for all ages;
winners extra. Six furlongs.
Mr. Barber's Ellen, 4 yrs, 7st 61b ... (Entwistle)
Mr. Gulliver's Count 8010, 3 yrs, Est 21b .. (T. French)
Mr. H. Coverdale's Rawcliffe, 3 yrs, 6st (H. Taylor) a
Betting-2 to lon Count 8010, 9to 4 agst Ellen.
Ellen and Countoßolo lay side by side up to the dis-
tance, where Ellen came away from the Count and ivolt
easily by a length ; Rawcliffe was a bad third.
The following race also took place :
Pony Match for £lO. Owners up. Once round.
Mr. Williamson's Jerry (Owner) 1
Mr. Wood's Gemeste (Owner) 2
Betting-5 to 4on Jerry, who made the whole of the
running, and won by twenty lengths.

BETTING AT MANCHESTER—WEDNESDAY.
Speculation on the Burghley Handicap is still confined
to three animals ; 5 to 1 was taken about Carbineer, but,
ultimately, 3 to 1 each was the price taken agst Carbineer
and Weatherbound, and 5 to 1 to a small amount about
Anthem. 7to 1 was offered on the field for the Goodwood
Stakes, but nothing was done indicating any change. For
the Goodwood Cup 4to 1 was offered agst Optimist. There
were several offers to take sto 1. Doefoot would have beeiv
supported at 10 to 1, and Diophantus at 12 to 1. Future
events occupied but a small part of the business of the day
Closing prices :

BURGHLEY RANDICAP.
3to 1 agst Carbineer (taken)
3to 1 agst Wcatherbound (taken)
sto 1 agst Anthem (taken)
GOODWOOD SMILES.
7to lon the field (offered)
Bto 1 agst Elcho (taken)
33 to 1 agst Henham Lass (taken)

GOODWOOD CUP.
4to 1 agst Optimist (offered)
sto 1 agst Mons. Etoile (offered)
6to 1 agst The Wizard (offered)
Bto 1 agst Doefoot (offered)
10 to 1 agst Thormanby (taken)
10 to 1 agst Diophantus (offered, take 12 to 1)
12 to 1 agst Ivanhoff (taken)

[ADVERTISEMENT.]—HoIIoway's Ointment and
Imperfect Health.—Common colds should never be neg-
lected ; disastrous results are sure to follow any re-exposure
to the inclemency of the weather. The mucous surface
must be thoroughly cured before the patient can be pro-
nounced safe. Holloway's soothing Ointment, well rubbed
upon the throat, back, and chest, has the most wonderful
and salutary effect in allaying inflammation and subduing
irritation. The teazing irritable cough soon yields, the
thickened expectoration is more freely ejected, while Hol-
loway's Pills purify the blood, regulate the circulation, a?id
strengthen the system. These two invaluable remedies
will leave the lungs and air-passages sound and healthy m
ordinary colds,
ipodlds,hathnedriea. o
ffecrtuasaltlhympa.re vent their subsiding into
bronchitis,