The Sun.
London, England, 1844-07-12 00:00:00

By the accounts which accompany this report, it will be perceived
that, after providing for current expenses, bad debts, rebate of in-
terest, &c., the net profits for the half-year ending the 30th June
last amounted to 16,040/. 7s 2d.
Although this sum alone would not be sufficient for the purpose,
the Directors nave not hesitated to declare a dividend for the half-
year, at the rate of 61. per centum per annum, free from the deduction
of income-tax, as the " Guarantee Fund" (after taking from it suf-
ficient to make up the deficiency) will still have to its credit the sum
of 89,218/. Bs. lid., being only 612/. ss. sd. less than on the 30th of
December last.

The Directors cannot close their report without expressing the
deep regret they feel at the loss they have sustained by the recent
decease of their much-esteemed friend and colleague, Joshua Schole-
field,Esq.,

This limente4 event will render it necessary to call the Proprietsrs
together again shortly, for the purpose of electing a successor.
The Dividend will be payable on and after the 18th instant.

. ~
The preceding Report having been read to the meeting by the Se-
cretary, a Dividend for the half-year, ending the 30th of June last,
after the rate of 6/. per centum per annum was declared by the
Chairman.

Resolved unanimously,—That the Report now read be received,
and that it be printed for the use of the Shareholders.
Resolved unanimously,—That the especial thanks of this meetim:
are due, and are hereby respectfully presented, to the Directors, for
their valuable and efficient services.
Resolved unanixously,—That the best thanks of the meeting be
given to Mr. Pollard, and those gentlemen who act under him for
their excellent services.
(Sigßed) JOHN M'TAGGART, Chairman.

Resolved unanimously,—That the cordial thanks of this meeting
be presented to the Chairman for his kindness and urbanity in the
Chair this day.

(Signed) JOHN T. OXLEY, Dep. Chairman
Extracted from the Minutes.

MICHAEL W. BOYLE, Secretary

FIFTH REPORT of the UNION BANK of
LONDON.—Present :
Sir PETER LAURIE, Alderman, Governor, in the Chair.
ANDREW SPOTTISWOODE, Esq., Deputy-Governor.
DIRECTORS.

George Webster, Esq. Archibald Cockburn, Esq,
John Barnes, Esq. James Farquhar, Esq.
J. W. Sutherland, Esq. Peter Laurie, Esq.
W. M. Nurse, Esq. W. P. Craufurd, Esq.
Major-General Robertson John Connell, Esq.
Benjamin Boyd, Esq. William Morley, Esq.
And upwards of 100 Proprietors.

At a GENERAL _MEETING of the PROPRIETORS, held at the
Court-room of the Banking-house, No. 8, Moorgate-street, on Wed-
nesday, July 10, 1844, the following Report was read by the Secre-
tary :

The Directors have great pleasure in laying before the Proprietors
the Fifth Annual Report of the affairs of the Compdny, for the year
ending 30th June, 1844, from which it will be seen that the satisfac-
tory increase of the business of the Bank, which has formed the sub-
ject of congratulation since its establishment, still attends its opera-
tions ; and, notwithstanding the further depression in the value of
money since the last report, the Directors are enabled to declare a
dividend of 5 per cent. per annum (clear of income-tax) on the paid-
up capital of the Company.
The balance sheet annexed to this report shows the results of the
business of the Bank for the past year; and the Proprietors will ob-
serve, that after payment of all charges for the establishment, and
interest to customers on their current and deposit accounts (amount-
ing to 18,6441.), the unappropriated profit for the past year at 30th
June last, was 32,1131. 17s, which, after payment of the dividend,
and appropriating 5001. as usual in reduction of the preliminary
expenses, enables the Directors to add 3,468/. 16s. Id. to the reserved
fund, which will thus be increased to 12,000/. invested in Govern-
ment Securities, leaving a surplus unappropriated profit of
7,000/. Os. 11d. _ _

The continued depression in the value of money is undoubtedly an
important consideration in regulating the rate ofinterest to be allowed
to customers on their current and deposit accounts, and the Directors
have not failed to give this subject its due attention; but they are
of opinion that the permanent interests of the Shareholders are best
consulted by a strict adherence to those principles upon which this
Bank was founded, and which has secured for it so much of the public
confidence; with this conviction, the Directors do not contemplate
making any alteration in the allowance of interest on current ac-
counts to their customers.

The agency business of the Bank has been most materially in-
creased during the past year : and, in addition to other valuable
banking connections formed boil,
have to state that six important Joint-stock Banks have appointed
this Company their agents in London since the last report ;
with reference to the general business of the Bank, the increase on
currency and deposit accounts has been more than 60 per cent. re-
spectively, ad compared with the statement presented las year.

- The preinises nay occupied by the Bank having become inadequate
fur the convenient transaction of its extended business, the Direc-
tors have availed themselves of the opportunity of purchasing from
the Great Western Railway Company their extensive freehold pre-
mises in Princes-street, which will secure a permanent position for
the Bank in the most convenient situation in the City. The Direc-
tors intend to remove the business of the Bank to the new banking-
house at Christmas next.

Since the commencement of the Bank in 1839, the Directors have
had to regret the loss, by death, of two esteemed colleagues, Mr.
Skaife and Mr. Meux ; and in pursuance of the powers vested in
them the deed of settlement, the Directors, in February last,
elected William )jorley, Esq., to supply one of these vacancies.

The Proprietors will have observed with great satisfaction, that, by
the Government measure for rcncwing the Bank of England Charter,
which has now passed the House of Commons, the restriction which
has hitherto prohibited Joint-stock Banks in London from accepting
bills at a less date than six months, will be removed. This just con-
cession to sound principles will enable these banks to undertake,
with full reciprocal advantage to their customers, the entire agency
of country banks, while it gives them increased facility for the trans-
rction of an extensive and profitable description of banking business,
from which they have have hitherto been excluded.
In accordance with the provisions of the deed of settlement, the
three following Directors—Sir Peter Laurie, Andrew Spottiswoode,
Esq., and George Webster, Esq.—go out of office ; but being eligible,
the Cuurt unanimously recommend them for re-election.

THE UNION BANE OF LONDON, JUNE 29, 1844.

Dr. LIABILITIES.
Paid-up capital, 101. per share on 42,290:shares -
Due by the Dank on current accounts, deposit receipts
,including interest accrued), circular notes, &c.
Reserved Fund, invested in Three per Cent. Con-
sols, as per corag

£. s. d.
422,900 0 0

- 1,591,200 1 9

8,531 3 11

2,022,631 5 8
32,113 17 0

Surplus profit -

£2,054,745 2 8

Cr. ASSETS.
Cash in the Bank, in the flank of England, Loans,
Exchequer Bills, and other Government Securi-
ties, Bills Discounted, &c. - - -
9,X11/. 10s. 5d., Three per Cents. Consols (reserved

X s. d.

2,003,778 18 10

fund)
Bank Premises, including freehold building in Argyll-
place, and purchase of lease and fixtures of pre-
11118e6, 4, Pall-mall - - - -
Preliminary Expenses
Half-year's Dividend to Dec. 31, 1843, amount car-
ried forward

8,531 3 11

16,862 9 11
15,000 0 0

10,572 10 0

X 2,054,745 2 8
APPROPRIATION OF THE SURPLUS.
Dividend Five par Cent. on paid-up Capital, viz:— X s. d.
Half-year, to 31st Dee4raber, 1843, already paid - 10,572 10 0
Half-year, to 29th June, 1844, now declared - - 10,572 10 0

Addition to the reserved fund - - -
Proportion or pie'4lpinary expenses - - -
Undivided profit—earricd to profit and loss new ac-
count ; for bad debts, rebate of interest on bills
n9t yet due, and income-tax . -

21,145 0 0
3,468 16 1
500 0 0

7,000 0 11

432,113 17 0

Profit as above, after deducting all expenses, paid
or due, and interest, 18,6441. Os. 2d., allowed to
customers, on their current and deposit accounts 32,113 17 0
The Chairman then declared a dividend at the rate of 5 per cent.
per annum., payable on and after Saturday, the 20th instant.
It was then tasatuirtiously resolved—
That the report now catid be received, approved of, and printed for
circulation among the Propcteta's.
That Sir Peter Laurie, Andrew Opottiswoode, Esq., and George
Webster, Esq., be re-elected Directors of Ips n4uk.
That the cordial thanks of the meeting be giveil 14 the Directors
for the successful manner in which they have conducted the husiness
of the Bank.
The thanks of the meeting were then voted to Mr. W. W. Scrim-
ge,ef,r, the General Manager ; to Mr. Clack, the Manager of the Re-
gent-stre/t Pranch ; to Mr. Wright, the Manager of the Charing-
cross Branch 4.-0. to Mr. Walter Laurie, the Secretary, for the great
zeal and ability with wldch they have discharged the duties of their
respective offices. (Sired) P. LAURIE, Chairman.
Tile Governor having left the chaiir-,
The fria.st cordial thanks of the meeting wyee uppimously voted to
Sir Peter Lisur;e? the Governor, for the kind and effieteut manner in
which he had preskkg over the business of the meeting.
(Signed) )V. P. CRAUFURD, Deputy Chairman.
Extracted from the minute/. W. LAURIE, Secretary.
As the Income-tax on the profits a tlp bank will be paid by
the Company, Individul Shareholders will not be 1144 for the same.