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

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 Company, 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 ofcongratulation 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 18,6140, 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 3,4681. I 6s. Id. to the reserved
fund, which will thus be increased to 12,0001. invested in Govern-
ment Securities, leaving a surplus unappropriated profit of
7,0001. Os. I Id.
The continued depression in the value of money is undoubtedly an
Important consideration in regulating the rate ofinterest to be allowed I
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 put year : and, in addition to other valuable
banking connections formed both at home and abroad, the Directors
have to state that six important Joint-stock Banks have appointed
this Company their agents •in London since the last report ; while,
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, as compared with the statement presented las year.
The premises now occupied by the Bank having become inadequate
for 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 by the deed of settlement, the Directors, in February last,
elected William Morley, Esq., to supply one of these vacancies.
The Proprietors will have observed with great satisfaction, that, by
the Government measure for renewing 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 Court unanimously recommend them for re-election.

THE UNION BANK OF LONDON, JUNE 29, 1844.
Dr. LIABILITIES. X.

Paid-up capital, 101. per share on 42,290. shares -
Due by the Bank on current accounts, deposit receipts
. .

s. d

- 1,591,200 1 9

422,900 0 0

(including interest accrued), eireclarnotes, &c.
Reserved Fund, invested in Three per Cent. Con-
sols, as per contra

8,531 3 11

Surplus profit -

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