The Sun.
London, England, 1857-05-13 00:00:00

LONDON, WEDNESDAY EVENING, MAY 13, 1857.

From the London Gazette of Last Night.

LORD CHAMBERLAIN'S OFFICE, MAY 11.
Notice is hereby given, that her Majesty's birthday will
be celebrated on Tuesday, the 26th instant.

DO WNI NG-STREET; MAY 8. -
The Queen has been pleased to appoint J. W. Johnston,
Esq., to be Attorney-General ; M. J. Wilkie s, Esq.-, to be
Solicitor-General ; C. Tupper, Esq., to be Provincial Se-
cretary; J. J. Marshall, Esq., to be Financial Secretary ;
S. Brown,
.Esq., to be Receiver-General, and C. Tupper,
Esq., to he Clerk of the Executive C.yuncil, for the Pro-
vince of Nova Scotia.

Her Majesty has also been".pleased to appoint-Nicolas
Gustave BPstel, Esq., to b.) Second Pois❑n Judge of the
Supremo Ccurt of the colony of Mauritius; J. H.. Foster,
Esq., to beßegistrar of annerarl and Essequebo ; J. F.
Bourne, Esq., to be Civil Engincer.and Overseer of Public
Works for the Colony of British Guiana; the Chief Justice
c.f. Dominica for the time being to be a Member of the
Council of that Island ; and John Fox, Esq., to be a mem-
ber of• the LegiAlative Council of the Island of Newfound-
land.

[Advertisernfnt.]
REPORT OF THE DIRECTORS.
AT THE
ANNUAL MEETING OF THE SHAREHOLDEBS
OF THE UNITY BANK,
Held on Monday, the 11th day of May, 1857.
The directors have great pleasure itr meeting the share-
holders, end in submitting for approval the following
'balance-sheet of assets and liabilities.
The difficulty attendant upon introducing the principle
of mutuality into the 'business of banking was one which
could not be accomplished without considerable trouble,
delay, and expense: All arrangements were completed to
begin business on the Ist of January, 1856, when the Board
of Trade, deeming it necessary to consult the law officers
of the Crown as to the legality of the new principle of
mutuality without responsibility on the part of the deposi-
tors, delayed the grant of the charter until the Ist of May
—thus entailing four months' establishment expenses on
the bank before it could commence business.
Great outlay was also incurred by the establishment of
the following branches : —Leicester-square, Watford, St.
Alban's, Hertford, Ws re, Brighton, and Pimlico, and the
preparation for branches at Aldgate, Holborn, Regent-
circus, and Exeter.

Experience baying proved that the success of these
branches was doubtful, the directors have determined to
close those at Watford, St, Alban's, Ware, and Pimlico,
at Midsummer next.

They have also declined opening branch banks which
had been prepared at Aldgate, Holborn, Regent-circus,
and Exeter.

These circumstances have largely increased the amount
which appears under the head of preliminary expenses.
The Charter empowers the directors to diffuse the preli-
minary expenses over a period of 2J years, the average
charge on the profits of each year will not therefore exceed
1,5001.

The current expenses have been considerably reduced,
those for the six months ending 30th April, 1857, being
1,762/. less than_ those of the preceding half-year.
At the urgent request of a lnrge body of the sharehold-
ers, it was determined by the Board, that the connection
of NIT'. Thomas H. Baylis with the back should cease. Ne-
gotiations entered into fox Oat purpose were successful.
Notwithstanding tlgtecent failur6s and irregularities of
two metropolitan joint-stock banks, with the disgraceful
exposures in connection with the failure of a private bank,
which shook the confidence of the public in all such insti-
tutions,, this bank, although suffering in common with
others from those causes, has taken root in the commercial
world..

It has opened upwards of 1,400 accounts, discounted
bills 'to the amount of 1,500,0001., on which a loss has
accrued of only 1,1031., and after payment of current ex-
penses, interest on deposit and current accounts, and
making deduction for bad and doubtful debts, has realised
a net profit of 2,4151. 4s. 10(1.

It i; the opinion of the directors that it would at present
be undesirable to diminish the funds of the company by
the payment of a dividend, but as the balance admits of
3 per cent. to the shareholders upon payments made by
them up to the let May, 1856, it remains for the share-
holder, having all the facts before them, to determine
how the surplus shall be disposed of.
Friendly communications have been established with
most of the leading banking firms on the Continent and
India, and arrangements are in progress for the appoint-
ment of agencies in the chief towns of Canada and the
United States, for the transaction of business, and for the
granting of letters of credit At Birmingham, Manchester,
and Southampton, agents hate been appointed to raceive
and transmit cash to the head office on reasonable terms,
and the directors have it in contemplation to open similar
agencies in other large mercantile districts. '
The directors suggest that the future half-yearly meet-
ings of the Bank should be held in the months of January
and July, and that the books should be balanced at the
usual periods, in conformity with the practice of similar
establishments.

The following members of the board retire by rotation,
and offer themselves for re-election :—J. J. Mechi, Esq.,
R. J. Snape, Esq., R. Garland, Esq,
The Directors feel it their duty to express their nnani-
monsconviction that this Bank will succeed,and are anxious
to impress upon the minds of the Shareholders the facts,
that the business of banking is profitable, and that this
Bank is ably and honestly conducted ; they therefore con-
fidently urge the shareholders to recommend and expound
its peculiar principle of mutuality amongst their friends
end connections, so as to ensure its increased and perma-
nent prosperity.

J. J. MECIII, Governor.

BALANCE SHEET OF THE UNITY JOINT-STOCK
MUTUAL BANKING ASSOCIATION, 30TH APRIL,
1837. •
DX. £ s. d.
To shareholders' paid-np capital 150,000 0 0
To amount due to customerson current and
other accounts
To amount carried to profit and loss account
after making provision for bad and doubt-
ful debts, and payment of interest on cus-
tomers' balances 15,334 12 8

£341,348 11 7

CR.
Bp preliminary expenses—
Advertising and news-
papers . £4,276 13 1
Books ' 38 0 9
Commission on shares and
drafts
Directors' fees
House expenses and nies-
83Dgers' wages ...... 221 12 3
Incidental ex-
penses . £257 11 10
Opening din-
ner at Lon-
don Tavern £591 0 6

i4B 12 4

Postage and carriage of --
-
parcels 4Ol 11 7.
Rents and taxes 2,365 16 9
Law charges ,
for obtaining
charter. 1,387 8 1
Foes to the
Board of
Trade 1,500 0 0
___

2,837 8 1
Stationery and printing (in •
eluding the pamphlet and
stamps for power of at-
torney) 3,:42 9 9
Travelling expenses 519 9 8
Salaries and ex-
tra services 4,216 3 2 •
Gratuity to Mr.
Lake ...... 509 0 0
4,7•16 3 2
Telegraphic messages... .. 3 1 0
Loss on Holborn premises 95 311
Loss on Regent-street pre-
mises 217 9 4 •
(copy-
28,882 15 5
0 0
Mr. T. H. Baylis
600
By investment in bank premises, freehold at
Brighton, &c
By 131.115 discounted, loans to oristomers,
and other securities ••......•.. 185,253 9 10
By current expenses for chief office 'and
seven branches ................................. 12,919 710
By cash on hand at chief office and
branches, and at call

£341,348 11 7

• PROFIT AND LOSS ACCOUNT.
DR.
To current expenses for chief office and
seven branches £12,919 7 10
To balance

£15,334 12 8

GE.
By profit, after making provision for bad
and doubtful debts, and payment of in-
terest on. customers' balances £1.5,334 12 8

£15,33412 8

We, the undersigned, have *examined the foregoing
balance-sheet, and compared the items it comprises with
the several books aid vouchers relating thereto, and have
found the same to be correct.

(Signed)/ 'WILLIAM GOULD, I Auriiton.
W. S. AUSTIN, J
Unity-buildings, 7th May, 1857.

AUDITORS' REPORT.
Unity Joint• Stock Mutual Banking Association,
May 8, 1857.

The auditors of the Unity JOini-SCocle Mutual Banking
Association, in submitting their report to the shareholders,
have much pleasure in expressing their satisfaction with
the method in which the books and accounts are kept.
They feel, moreover, bound to tender their thanks to the
manager, accountant, and the gentlemen acting under
them, for the alacrity they have shown in affording every
facility to them iu this investigation.
The auditors have not only tested the accuracy of the
accounts, but have thoroughly examined, to the best of
their ability, the vouchers and securities, and consider
them to be quite satisfactory.
They find that the whole ofithe capital of 160,000/. was
paid into the London and Westminster Bank.
These being the subjects essentially involved in such an
examination, the auditors feel that this report, however
concise, is hero technically complete ; but in their capacity
of shareholders, they venture to add a few observations
which may tend to satisfy the shareholders--the public
mind of late having been so much disquieted by the fai-
lures and frauds of those in whom confidence had been too
unreservedly reposed.
The condition of the balance-sheet is, in their opinion,
owing to three causes :
1. Tho failure of the Royal British Bank, which alarmed
the community and created prejudices against all new
companies and joint-stock banks.
2. Masan unnecessary and indiscreet expenditure in the
preliminary outlay, and more especially by the establish-
ment of branch banks in places where it was obvious the
small amount of business to be transacted could not corn-
penFate for the expenses.
3. To the supposed but mistaken connection between the
bank and the fire and life assurance companies, and the
notoriety gained by the latter in the public press in the
discussions which led to the resignation of Mr. Baylis.
It is the opinion of the auditors that the bank has
passed safely through a crisis of its existence imperilled
by the above causes, and that nothing is now required but
a continuation of its present system of management, and
the efforts of the shareholders, to entirely restore public
confidence and ensure considerable success.
A large discount business has been transacted with a be-
neficial result, tho losses having been extremely small.
The deposit and current accounts are both of a promis-
ing character.
The auditors have regarded with jealousy and suspicion
leans made to directors, or any monies received by them
from the bank ; they find, however, that such transactions
are of a moderate character, and have been made upon the
same principles as those to the customers generally.
I The auditor', had they met with anything in the amounts

which justified their doing so, would have at onc3 availed
themselves of the services of a professiOnal accountant.
The present audit has cost them so much tune en I
trouble, that they propose for the future, with the consent
of the board of directors and shareholders, to examine the
books once a month, in order to facilitate their labours at
the regular half-yearly audit.
(Signed) WILLIAM GOULD.
W. S. AUSTIN.