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

PROFIT AND LOSS.

DR.

To total expenditure of the seven esta-
blishments, including rent, taxes,
salaries, stationery, &e. £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 ..
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 £1,000,000 .. 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

5,253 2 6

£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

RET OR SURPLUS FUND.

DR.
Present amount ..

£182,165 1 0

•• 06

.. £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
tetal 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 pnabled than 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
entrustedin the beat 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 3i 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 bad 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 e 7
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 : 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
ho had said before, were 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 share
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
bank had been formed, and had 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 80 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 ; 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-
man largely engaged in the China and East India trades,
w he
obiadbuslairngeesa and of honour,trttesactionaiubusiness,andwho h
and who
thatwho great
sa
man
knowledge of credit that would render him a very useful
addition to those on that side of the table (the directors).
These gentlemen would come before the 1041=1 meeting
for confirmation. Having repeated his copgratulatione