The Sun.
London, England, 1850-07-17 00:00:00

t; alxt

SUN OFFICE, Seven o' Clock.

LONDON AND WESTMINSTER
BANK.—(THIS DAY.)
A special meeting of the proprietors in this bank
was held this afternoon, at the Bank House, Loth-
bury, for the purpose of receiving a half-yearly
report from the directors, and to declare a dividend.
The Right Hon. the Lord Mayor presided. There
was a very numerous attendance of proprietors.
The report of the operations of the bank during the
peat half-year was read to the meeting (for which see
our City article).
The CHAIRMAN moved that the report be adopted,
printed, and circulated among the proprietors.
Mr. TITE said he would have great pleasure in
seconding the motion, but before doing so lee wished
to take the opportunity of expressing the feeling
which a number of gentlemen around him
entertained on a subject of some importance.
They would recollect that at one of their half-
yearly meetings, some short time back, when
the lion. Alderman, and colleague of the Right Hon.
Gentleman who now presided, was in the chair
(Mr. Salomons), he called the attention of the pro-
prietors to the surplus funds of the bank, and ob-
served that there ought to be some limit placed on
the accumulations which might be made under that
designation, or else they (the proprietors) would
be working not fur themselves, but for the benefit
of posterity ; and he was not aware that posterity
could do anything for them.—( I-1. laugh.) On that
occasion he believed it was suggested, or expected, or
believed—nay, almost promised, that their "rest"
would be considered sufficient at 100,0001., after
providing fur the losses cf what they knew to
have been a year of great ditliculy and
danger; and they would remember that last
half-year there was a general understanding
that the losses of 1848 had been fully met, and that
the " rest" ( f 111,0001., which then appeared in the
accounts, was in point of fact the bona fide and lowest
existing surplus, and was nut to be diminished by
any of those bad or doubtful debts which were so fatal
to commercial transactions in that year. Now,
without wishing to interfere with the unanimity with
which he was sure the motion for the adoption of the
report would be received, he perhaps might be per-
mitted to say that he thought something ought to be
said by the directors at the next half-yearly meeting
with regard to the amount of the " rest." At the
time to which he alluded it apparently
amounted to 115,0001, and presuming there would be
an additional accumulation next half-year, in propor-
tion to the increase of the present, he did think, with
the greatest respect for the direction, that the proprie-
tors were entitled to such a return of their money as
the directors could fairly give them.—(Hear.) Allu-
sion was made last half-year to the advantage of the
" Old Lady " over the way having a large surplus at
her command, but, as his life was limited, he would much
rather enjoy the benefits of his money during his life
than leave it behind to form a part of some wonder-
ful and magnificent accumulation, which might,
perhaps, astonish the commercial world, but would
b e attended by no benefit whatever either to himself
or to any of the other proprietors. He was quite wil-
ling to leave the matter in the hands of the directors,
but he did hope that next half-year they would divide
a bonus among the proprietors, believing that it would
only be an act of justice to them to do so. Apart
from that subject, however, he begged to congratulate
the proprietors on the satisfactory nature of the
report, and that the directors were enabled to pay a
dividend at the rate of 6 per cent. on the year. It
was, therefore, a ith very great pleasure that he gave
his cordial essent to the motion which had been pro-
po:,eil by their distinguished chairman.—(Cheers.)
Mr. BROWNE observed that when reference was
made to the large " rest" of the "Ord Lady" of
Threadneedle-street, it ought not to be forgotten that
the London and Westminsterßank was placed in a very
different position, for the proprietors had only paid up
a small portion of their capital, while the holders or
Bank Stock had paid up to the fullest extent their
respective shares. He, therefore, fully coincided in
the suggestion of the Hon. Proprietor, that there
should be some division of the surplus capital of the
bank in the shape of a bonus.
The motion was then put and carried.
Mr. TITE—I take it for granted, my Lord, that the
suggestion will be brought under the consideration of
the board ?—(Cheers.)
The CHAIRMAN—I have no doubt the directors will
take the matter into their consideration.—(Hear.)
A vote of thanks to the directors for • the able
manner in which they had discharged their duties,
and expressing the entire confidence of the proprietors
in their management, was then unanimously agreed to.
The CHAIRMAN briefly returned thanks.
Another vote of thanks was tendered to the Chair-
man, who had left his important civic duties to be
present at the meeting.
His LORDSHIP replied in appropriate terms.
Mr. BROWNE proposed a vote of thanks to J. W.
Gilbert, E,q., the principal manager, and the other
managers and officers of the bank, for their able ma-
nagem nit of its affairs during the past half-year.
Mr. TITE seconded the motion, observing that he
had often, and with great pleasure, heard Mr. Gilbert
lecture on literary matters, and that he wished very
much he would give them a lecture on reserved funds.
Mr. GILEART returned thanks on behalf of himself
and his colleagues, stating that for sixteen years he
had had the honour of performing a similar
duty. Without entering into a lecture on re -
served funds, which would be too tedious and
uninteresting to engage the attention of a meet-
ing like that, he might be allowed to say that nothing
tended so much to increase the value of shares in a
bank as having a large surplus fund to fall back upon.
—(Hear, hear.) Ile regretted that there was so little
communication between the proprietors and managers,
and observed that great advantage might result to the
bank by a little more co-operation on the part of the
former. Only one in every five kept accounts with
the bank. There were 1,115 proprietors who, from
their wealth and respectability, were sufficient to
make the fortune of any bank. They
had paid up a million of money, and were
ready to increase that to four millions
whenever called upon, yet out of that number only
X 29 were customers of the bank.—(Hear.) They
should recollect that the dividends were paid out of
the profits derived from their customers, and that in
proportion as the proprietors co-operated in extending
the businese of the bank, the directors would be
enabled to give better dividends and larger bonuses.
The meeting then separated.

IMPERIAL PARLIAMENT.
(THIS DAY.)

HOUSE OF COMMONS.
The SPEAKER took the Chair at Twelve o'clock.
Tho following Bills as amended were considered and
agreed to:—
Sr. Andre eV' S and Quebec Railway Company.
St. Thomas's Hospital Estate.
Wolverhampton Improvement Act Amendment.
SAOKE PROHIBITION BILL.
The Sheriffs of London appeared at the bar, and pre-
sented a petition from the Lord Mayor. Aldermen, and
Common Council of the city of London, in Common-
hall assembled, in favour of the Smoke Prohibition
Bill.

Lord D. STUART presented a petition from Salis-
bury, in favour .f the Sunday Trading Bill.
11r. MUNI Z presented a petition from Birmingham,
iu favour of the smoke Prohibition Bill.
Sir G. STKICKLA.ND presented a p*-tition from tlle
Earl of Abergavenuy against the Copyhold Enfranchise-
ment 8111.
Mr. WAKLEY presented a petition from the parish
of S% Andrew, Hui Corn, against the Sunday Trading
Bill.
Mr.F. O'CONNOR presented a petition from a place,
the name of which we could not catch, against the
Friendly Slcieties Bill.
Mr. IiANKES presented petitions from different pa-
rishes in the county of Dorset against the admission of
Jews into Parliament.
Mr. FLOYER also presented similar petitions f.'om
parishes in the same county to the like effect.
Mr, P. SCROPE presented a petition from a place in
Gloucestershire, praying for the repeal of the stamp
duties on newipsprs.
RETURNS.
Mr. WAWN moved for a return showing the number
and dates of the monthly returns (if any) in each year
from the.2oth day of November. 1844, to the 20th day
of Noyetabcr, 1849, transmitted to the National Debt
Qdloe by the Dartford Savings Bank, in which no signa-
taire.of a manager or other offic2r, as required by the
National Debt Office, is affixed, to certify to the true
account of weekly receipts and payments as made in his
presccb:i: and. copy of the correspondence (if any) he-
tweem the National Dabt Office and the said Savings
Bank, respecting the non-compliance with the reguls-
tioua of the National Debt Office, and the (itie signing or
trensnai,sion of any such monthly statements of accounts
during the same period.—Agreed to.
Tine, MEsinna also moved fur a return showing
the amours; of annual b dances in the hands of the Com-
inissieuera for the. Reduction of the National Debt, on
acoduut of Ysiudiy Societies (occlusive of balances duo
Lo tho trustees of borings hanks), for each of the years
commencing on the 20th day of November, 1829, and
ending on the 20,1 day or Novel:l2°er, 1849; also the
amount of stock and ee'•er :ecur:Vcs held by the said
Commissioners at the same dates ree pet:lively, on account
of Lueli societies, distinguishing the particulars, as well
as the total amount and value of the same stock or other
securities.--Agreed to.
The dropped notices cf motion and ordas of the day
Were data re-appointed.
MILITIA PAY BILL.
This Dill was read a second time and ordered to be
committed.
The adjourned debate on the Small Tenements Rating
Bill was postponed until to-morrow.
SUNDAY TRADING BILL.
Mr. B. WALL presented petitions from the Tower