The Sun.
London, England, 1850-07-18 00:00:00

51.865 7 9

£159,710 2 3

To balance of unapproprialed profits
brought down ... ...£111,183 16 7
The CHAIRMAN moved that the report be adopted,
printed, and circulated among the proprietors.
Mr. TaTE said he would have great pleasure in
seconding the motion, but before doing so he 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 Hon. 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.—(A. 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 for the losses of what they knew to
have been a year of great difficulty and
danger; and they would remember that last
halt-year there was a general understanding
that the losses of 1848 had been fully met, and that
the " rest" of 111,0001., which then appeared in the
accounts, was in point of fact the bona fide and lowest
existing surplus, and was not to be diminished b.)
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, be 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 w 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
be attended by no benefit whatever either to himsel.
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, with very great pleasure that he gav,
his cordial assent to the motion which had b?en pro-
posed by their distinguished chairman.—(Cheers.)
Mr. BROWNS observed that when reference was
made to the large " rest" of the " Oid Lady" of
Threadneedle-street, it ought not to be forgotten that
the London and Westminster Bank was placed in a very
different position, for the proprietors had only paid up
a small portion of their capital, while the holders of
Bank Stock had paid up to the fullest extent their
respective shares. He, therefore, fully coincided in
the suggestion of the lion. 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. Tire—l 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
mannerin 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.
Chair-
man, who had left his
Another vote of thanks was tendered to the Chair-
Eao,wci:rethperpoprionseeidpaal.vmoateneogfert,hanankds
tthoe
present at the meeting. important civic duties to be
His LORDSHIP replied in appropriate terms.
managers and officers of the bank, for their able ma-
nagement of its affairs during the past half-year.
Mr. TITE seconded the motion, observing that he
GiAlblarr.tl3, J. W.
had often, and with great pleasure, beard Mr. Gilbert
lecture on literary matters, and that he wished very
much he would give them a lecture on reserved funds.
Air. GILBART returned thanks on behalf of himself
and his colleagues, stating that for sixteen years be
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 m 644-
ing like that, he might be allowed to say that nothing
tended so much
:.. to increase the value of shares in
bank as having 'a large surplus fund to fall back upon.
__(Hear, hear.) He 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 cooperation on the part of the
former. Only one in every five kept accounts with
the bank. There were 1,118 proprietors who, from
their wealth and respectability, were sufficient to
make the fortune cf 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
229 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 business of the bank, the directors would be
enabled to give better dividends and larger bonuses.
The meeting then separated.

COURT• OF ALDERMEN.
Oa Tuesday a court was held for the dispatch of
business. .
THE Elan OF THE DUKE OF CAMBRIDGE.
Sir PET AURIE, after having made some obser-
vations upon e public loss sustained by the death of
the Duke of Cambridge, moved the following reso-
lution :—" That this Court has received, with un.
low-subjects of e lite, silting a
bright
t his
feigned sorrow, the intelligence of the decease of his
adorned
example
Royal Highness the Duke of Cambridge, and desires to
record its high adininitiona of the princely qualities which
d hpirsi v
fl
eat
at-
tachment to his rative laud, domestic virtues, amiable
demeanour, and enlarged benevoleice. That while this
Court sympathises with the naiion at large, it feels by
this painful event called upon to mourn the loss of au
illustrious citia.n, arid the numerous charitable institu-
tions of the metropolis that of a liberal benefactor and
ptouballile
ranks
friend. That this Court respectfully condoles on this
occasion with her Most Gracious Majesty, her Royal
Highness the Duchess of Cambridge, the amiable and
afflicted widow of his late Royal Highness, and every
member of the R iyal F.imiiy;
Alderman FAREBROTHER second. d the resolution,
which was carriA uriaiiiinorly, and was, upon the
!Imam of Alderrnin KELLY, second ,d by Alderman
HUMPHERY, ordered to be eli tered upon tne minutes of
the court, and published in the usual papers.
Mr. CALDECOTT having de •lined to act as sheriff, the
LORD MAYOit intimated that he should hold a common
hull on Monday next, fir the election of a fit and prop- r
person to serve in the office, together with Alderman
Callen, for the ensuing year.
Adjourned.