The Sun.
London, England, 1850-07-12 00:00:00

UNION BANK OF LONDON.

The eleventh annual meeting of the proprietors of
this company, was held on Monday at the offices of the
company, No. 2, Princes-street ; Sir Peter Laurie in
the chair. After the usual preliminaries.
The SECRETARY read the report of the directors
for the past year, from which it appeared that,
notwithstanding the extreme depression in the
value of money, the net profits of the year amount
to 33,858/. 93., out 'of which sum the directors
now declare a dividend of 6 per cent. per annum,
clear of income-tax, amounting to 25,3741., and
appropriate 500/., as usual, in reduction of the preli-
minary expenses, leaving an unappropriated balance
of 7,984/. 93. to be carried to profit and loss new
ac-
count. In terms of a resolution of the proprietors at the
last meeting, the following modification.
On
onthesubj act of
allowing interest was agreed upon :—all accounts
where the balances shall at no time during the pre-
ceding six months have been below 5001, interest at
the rate of 2 per cent. will be allowed on the
minimum monthly balance, as heretofore. On all
accounts where the balances shall at no time
during the preceding slit months, have been below
2001, interest at the rate of 1 per cent. will
be allowed on the minimum monthly balance. On
accounts which at any time during the pre-
ceding six months shall have been below 2001.,
no interest will be allowed." Inquiries having been
made by several proprietors with reference to a
connexion supposed to exist between this bank
and the ' Royal Bank of Australia, the directors
feel that it will be satisfactory to the proprietors to
receive their assurance that the only connexion
which ever existed between this company and
tho bank in question was the ordinary one
of banker and customer ; and that the dealings
of this bank wit's the Royal Bank of Australia
were always confined within such limits as to ex-
clude all possibility of ultimate loss accruing to this
company. From the statement of accounts, it ap-
peared that the assets for the year amounted to
3,470,342/. 3s. 61., and the liabilities to 3,436,4831.
14'. 6d., leaving a surplus profit of 33,8581. 9-.
This sum was appropriated in the following manner:—
Dividends on paid up capital to 31st December, 1849,
at 3 per cent. 12,687/. ; half-year to 30th June, 1850,
12,6871, which leaves a sum, after paying 5001. for
preliminary expenses, of 7,984/. 95., to be carried to
the profit and loss new account.
In answer to a question from Mr. RICHARDSON,
The CHAIRMAN said that a saving of 6,0001. was
effected this year, in comparison with the previous, on
the sum paid as interest on the deposit accounts; and
in answer to another question from Mr. Goldsmith,
the Chairman said that there was a large increase in
the custom of the bank.—(Cheers.)
The CHAIRMAN then, after stating the recommen-
dation of the proprietors, that each director should
hold stock to the extent of a hundred shares, pro-
posed that the report now read should be adopted by
the meeting.
Mr. RICHARDSON complained that the report was
not sufficiently specific with regard to the mode of
management. He thought the proprietors should be
fully informed as to the general expenses, as to the
way in which they made so much money, whether by
the legitimate business of banking or by speculation.
The CHAIRMAN replied that their business was con-
ducted entirely on the legitimate principles of bank-
ing, and that they did not embark in bill speculations.
He referred to the quotations on 'Change as a proof
of the high estimation of the company in the com-
mercial world, and stated that the reserved fund was
duly deposited in the Bank of England for their pro-
tection.—(Cheers.)
Captain PAXENHAM, a banker of Florence, bore
testimony to the zeal and judgment with which the
directors discharged the duties of their office, and in-
sisted that they were worthy of the fullest confidence
of the proprietors.
A SHAREHOLDER inquired if the Chairman had any
objections to give a more detailed account of the
assets ?
The CHAIRMAN said he did not think it would be
for the interest of the bank to go at present into such
details ; but he could assure him that the business
was as well managed as that of the Bank of England.
He might also mention that the sum invested in go-
vernment securities amounted to 600,0001.
In answer to a question from Mr. BitowYs,
The CHAIRMAN said the "Real" amounted t,
50,0001.