The Sun.
London, England, 1845-01-17 00:00:00

LONDON JOINT-STOCK BANK

- -
A general meeting of the Shareholders of the Cm -
pany was held yesterday, in the board room of the bank,
lo receive the report of the Directors, and to cl,Tt
nve Directors in the place it those who went out by ro-
ation,
Mr. J. T. Oxl,-y having tfikn the chair, the following
report was read by Mr. Boyle, the secretary
THE FIFTEENTH REPORT OF THE LONDON JOINT-

STOCK BANK.
" The Directors have great pleasure in again meeting
the Shareholders, to place before them the annexed ab
streets of liabilities and assets of the bank, on the 31st of
December last, and of the profit and loss accoult for the
half-year ending on that day.
" By the last-mentioned account it will be seen, that
deducting the current expenses, the proportion of
balding and parliamentrry expenses, bad debts, income-
tax. and rebate of interest on bills not due, there remained
a di: posable net balance of 18,3051. 16s. ld. Of this
sow the Directors have applied 18,000/. for the payment
of the usual dividend, at tilerateof6l. per cent. perannum,
free fr.itn income-tax, and havecarried 3051. 16s. ld. to the
credit of the guarantee fund, with which, and the
accumulation of interest, that fund has been aug-
mented 1,643/. 19s. 9d. during the half-year, being now
90,856/. Bs.
" The seats in the direction to be vacated on the pre-
sent occasion are those occupied by Sir Felix Booth,
Bart., William Miller Christy, Esq , Robert Ferranti,
Esq., William Ormsby Gore, Esq., M.P., and Sir Richard
Jenkins, G.C.8., all of whom have given notice that they
are candidates for re-election.
" The Directors have to report that their highly valued
friend and colleague, John Peter Darthez, jun., Esq.,
not having experienced the improvement of his health
which he anticipated at the time of his late re-election,
has considered it his duty to place his seat in the direc-
tion at the disposal of the Proprietors, and he has ac-
cordirgly sent in his resignation.
" I❑ communicating this information, the Directors
feel tact they should not discharge their duty, did they
omit to testify to the great merits of Mr. Darthess as
I)trectr.t• of this Bank, and to the many advantages it
derived at its first establishment from his enlightened
vit ws, and subsequently from the attention and assiduity
with which he endeavoured to promote its best interests.
" For the election of a gentleman to supply the vacancy
which has been thus created, the Board have appointed
a general special meeting of the Shareholders for Thurs-
day, the 13th day of March next. The half-year's divi-
dend will be pay able (le and after Friday, the 24th day
of January next."
On the question that the report be received and
prilited fur the use of the Shareholders,
Mr. Alderman H. Hiram :a asked the Chairman to
state, on the part of the Directors, if it was not incon-
sistent with their sense of duty to the ProprietorS, what
amount had been paid during the half-year as interest on
the monthly minimum balances 7
The CHAIRMAN had no objection to give the informa-
tion ; the amount was 4,761/. 17s.
Mr. Alder:min HUGHES asked what was the amount
paid during the corresponding period of the last year ?
The CIIAIAMAN said that it had been stated at the last
:.,eeing at a 7391
Mr. Alderman HUGHES expressed the satisfaction
which was generally felt by the Proprietors that the
Directors, in their wisdom, had thought fit to reduce the
interest on these minimum monthly balances.
Mr. CORNEY said the Shareholders had left it to the
(lis..!r,,tion of the Dircctors. He thought they had exer-
cisial a very sound discretion, and as long as the Com-
pany had such Directors they could not leave too much
in their hands.
Mr. G. HARRisoN said that he was one who had
opposed the proposition, on the ground that when they
had laid down a general rule and induced individuals to
ope:. accounts, they should not, without the direst neces-
sity-, abrogate that rule. As traders in money who bad
f Tined a co-partnership, they must take the risk of that
trade on their owa shoulders ; they had no right, when
the market was in their favour, to say the profit shall be
ours, and when it was against them, to turn on the
depositors, and say the loss shall be yours.
Dr. Bovertallo considered that the Directors had come
to it must satisfactory determination. They could not
adopt an immutable rule, like the laws of the Medes and
Persians, that, under ell circumstances, should the same
amount of interest be exacted and paid. The Directors
had very wisely and prudently preserved as important
principle : they had given the depositors great advan-
tages by allowing them some benefit from their balances,
but at the same time they had done justice to the Pro-
prietors, and he regretted that they had not persisted in
modifying the principle by which depositors benefited
from those frequent changes of the market to whit':
every institution like this must be subject.
Mr. HAJahoe..u. rose to make some observations re-
specting that part of the report which alluded to the re-
sii,:natiom of Mr. Darthez. He was glad to see that the
Dirt ctors had omitted any recommendation to the Share-
holders as to filling up the vacancy caused by such re-
s.gnation.
The CHAIRMAN stated that the vacancy caused by
Mr. Darthez's resignation would be filled up at a future
day. _

BoweING asked whether it was not desirable that
the report of the Directors should be distributed to the
Shareholders two or three days before the public meet-
ing. If this Company had been instituted within the
lest six months, such a proceeding would have become
imperative, for there was a provision in the New Joint
Stock Companies Act, requiring the circulation of ac-
counts previous to the general meeting.
The CHAIRMAN said that the report would be pre-
pared very soon after the termination of the half-year.
Mr. lismoest. again proceeded to make some remarks
upon the approaching election.
Mr. Alderman H. HUGHES rose to order.
The CHAIRMAN repeated that the day specially ap-
',einted for the election would be the time to discuss the
inerite of the candidates.
The question that the report be received, and printed
n it the use of the Shareholders was then put and agreed to.
The CHAIRMAN said that the next business was to till
up the seats in the direction, to be vacated by Sir Felix
llooth, Bart., Wm. Miller Christy, Esq., Robert Farrand,
Esq., William Ormsby Gore, Esq., M.P., and Sir Richard
Jenkins, G.C.8.; all of whom had given notice that they
wire candidates for re-election.
Mr. V. KNIGHT had great pleasure in moving the re-
election of those gentlemen.
Mr. MOORE thought that they could notre-elect those
five gentlemen without inquiry. He rnant, as the
names were put up, seriatim, to ascertain whether they
properly attended to their duties. There was not a more
respectable in.in in England than Mr. J. P. Darthez.
Last year he had made kind inquiries after Mr. Darthez,
and was told lie had not been in England for two or
three years, but was expected at the beginning of the
year. He inquired again in July last, and was told they
did not say the beginning of the year, but some time in
the course of the year. There should be a book of
attendance of Directors, or some such measure. The
ii st gentleman now proposed for re-election was Sir
Felix Booth He begged to ask the Chairmen whether
bit- Felix Booth was a gentleman who attended to bis
iaities as Director ?
Mr. HASTIE, a Director, said that the question was of
that nature which would operate most powerfully on the
minds of the Directors. He himself went to Scotland,
probably for three months in the year, and if his seat in
tile direction was to prevent his taking that vacation, he
should at once say that it was impossible for him to act.
lie put it to the Proprietors whether such inquiries were
at all desirable for the interests of the bank?
Mr. CORNEY said that before the Chairman answered
the question, it was expedient to take the sense of the
meeting whether any answer should be given. Such
questions might lead to consequences not beneficial to
the interests of the Proprietors at large. It would be-
come a precedent, and it became a grave question whe-
ther such precedents were beneficial. The great point
which the Shareholders had to consider was whether
they were satisfied with the means adopted to promote
their interest... If they were satisfied, they ought not to
he too minute in their inquiries respecting the attendances
of Directors. A gentleman might be more beneficially
employed fer the bank by travelling into Scotland than
by remaining at home, and therefore it was no test of his
efficiency to ask how often he attended the meetings o
the board.

Mr. Alderman Hu°Hits, in reference to the resigna-
tion of Mr. Darthez, thought that the Proprietors had
been as handsomely treated by that gentleman as they
could desire. It was announced at the meeting this
time twelvemonth, that his resignation was to be ex-
pected if he was unable to attend, and he sent in his re-
signation accordingly.
Mr. AMEROSE MOORE stated that he happened to be
the chairman at the time Mr. Darthez's resignation was
r. ceived. He knew it to be his spontaneous act, and
that his most intimate personal friends at the board were
not aware he was going to send in his resignation. Mr.
Moore put it formally to the Chairman what had been
the nature of Sir Felix Booth's attendance?
\lr. CORNEY moved, as an amendment, " That the
question be not answered."

The CHAIRMAN having put the amendment, it was de-
cided in the affirmative, only three hands being held up
against it.

-The original question, that the five Directors who had
eacat, d be reelected, was then put and agreed to.
Sir FEeix BOOTH said that when he was chosen Di
rector, at the commencement of the year, he distinctly
informed the Proprietors that his business would prevent
his attending as closely as they proposed. If they re-
quired further attendance he was ready to resign his
seat, but whether Director or not, he should always feel
attached to the concern. He thanked the Proprietors in
the name of the gentlemen who had been re-elected.
Mr. HABLOCK referred to the adverti-einent in which
the Directors had recommended a candidate. He had
always understood that the Directors were not to use
their influence to obtain votes, or to interfere with the
light of jte,gment of any individual.
The CHAIRMAN said that nothing had been done on
this occasion, except in strict accordance with what had
la n due on former occasions.
After some further conversation the Chairman put the
question o hieh was submitted by Mr. Moore, " That it
is note xpi client the Directors should recommend any of
the candidates to the Proprietors on any occasion of
vacant')." and deehireti the motion carried, there being
forty-nine hands hi IJ up in its favour, and thirty-oite
tignitist it.
There were some calls for a division, but it was not
insisted upon.
A Proprietor handed in a notice of motion for the
next meeting to take into consideration the propriety of
hirining H fund for providing for retiring pensions for the
clerks after long service.
Thanks were then voted to the Chairman and Direc-
tors, to Mr. Pollard, the Manager, and the meeting
separated.

ELGIN Bliacus.—We have authority to state, that
notwithstanding various surmises and premature canvas-
sing, tIo-re hi no prospect of an election for these burghs
speedily taking place.—Elgin Courant.