The Sun.
London, England, 1842-03-02 00:00:00

LONDON AND

.BANK.7(T H IS DAY.)

The eighth annual meeting of the Proprietors of the London
and Westminster Bank took place, this morning, at ,he Com-
pany's offices, in Lothbury.
CHARLES Gam, Esq., took the chair at one o'clock pre-
cisely.
The CHAIRMAN said that he had been called upon at a
short notice, to take the chair, in censequence of the absence of
their vvorthyDirector, Mr. P. Stewart, v 4 hoon former occasions
had so ably presided over their deliberations. That gentleman
had been accustomed to introduce the business to the meeting
by some pungent and excellent remarks on the subject of bank-
ing generaby. lie (the Chairman) did not feel himself com-
petent to follow Mr. Stewart's example in that respect, and,
therefore, he would not detain them longer, but proceed at
once to the business of the day, by calling upon the Secretary
to read the Report.
The SECRETARY then proceeded to read the following
REPORT.
'

In making the Eighth Annual Report, the Directors have the
pleasure to announce that the Bank continues to make a steady
Progress in the path of prosperity.
In their last Report the Directors stated their intention to make
a further distribution of 10,000 of the unwpropria ed Shares at
par, to the then existing Shareholders; 9,451 of these Shares have
already been taken by the Proprietary, and were p4yable in four
periodical instalments, of which the last became due on the 21st of
September, whereby the paid.up capital is increased to
716,3001. This increase of capital will, in the opinion of the
Directors, have a beneficial influence, as it gives the Bank an addi-
tional claim upon public confidence, and ensures the means of con.
ducting, with satisfaction to its customers, amore extensive business.
The last year was marked by a continuance of great commercial
.embarrassment; but the Directors have the satisfaction to state
that, after defraying all the current expenses, and after making
ample allowance for all Bad and Doubtful Debts, the net Profits of
the Year amount to 51,3011. Os. 9d. Out of these Profits the Direc.
tors paid last September, a Dividend for the Half.year, ending
the 30th of June, at the rate of 6 per Cent. per Anr.um,
on the capital of 517,2801., and they now declare a Dividend at the
same rate, for the half year, ending the 31st of December, upcn
the increased capital of 786,300/. After the payment of these
dividends, which together amount to 41,5071. Bs., there will re-
main from the profits of the year a surplus of 9,792/. 12s. 9d.,
which, added to 46,2151. 3s. I Id., the unappropriated profits of
former years, will make the surplus fund, arising solely from bank-
ing profits, amount to 56,0071. 16s. Bd.
The Directors have only farther to announce, that the three
Members who retire from the Directory on the cresent occasion.
are Thomas Farncomb, Esq., Alderman; Sir John Kirkland; and
John Stewart, Esq., M.P., all of whom are eligible for re-election,
and offer themselves accordingly.

PROFIT AND LOSS.
Dr.
Payment of the Dividend on the 10th September,
1841, at the rate of 31. per cent. on a capital of
597,260/.
Payment of the Dividend now declared at the rate

of 3/. per cent, on a capital of 786,3001.
Balance of unappropriated profits

£97,515 4 8

Balance of unappropriated Profits, 31st Dec. 1840 £46,215 3 11
Net Profits of the Year 1841, after defraying the
total expense of management and making pro-
vision for all bad and doubtful debt; ... 51,300 0 0

07,515 4 8
1842. January I,—Balance of unappropriated
Profits, brought down
Sir CHARLES Be RKELL had great pleasure in moving the
reception of the Report. It showed an unexampled course of
prosperity in consequence of excellent management.—( Cheers. )
He was sure that all who had heard that Report read must have
derived the greatest satisfaction from it. When they con-
sidered that the Bank had only been established ten years, and
that they had been able to pay annually a dividend of six per cent.
interest on the whole of the capital, at the same time increasing
their rest 8,0001. per annum., the Report was most satisfac-
tory upon all points, and it would give to the public mind an
additional stimulus to think well of the concern, more especially
when they compared it with other Banking Companies which
had been less worthily managed, and the failure of which, in
consequence of overspeculation, and an insufficiency of capital,
had thrown a shadow on Joint-stock Banks gene-
rally. 'I he London and 'Westminster Bank, however,
had gone on increasing in the public confidence,
and those taunts and reflections which had been
thrown out against the Bank in the commencement, had com-
pletely subsided. He had had a most satisfactory conversation
the other day with a friend connected with the Bank of Eng-
land, who, on a former occasion, had advised him (Sir C.
Burrell) to have nothing to do with the London and West-
minster Bank; but now that gentleman's sentiments had been
completely changed. He now, however, spoke of the Bank
with the greatest respect, and said it was the best manag. d
bank in London.—(Cheers.) He need not state th..t
during the last three or four years times had been very bad in
the monetary world, in consequence of overspeculation, of in
judicious loans to Foreign States, and of surplus manufActures,
carried on beyond the wants of the trading world, at least of
that portion of the trading world with which we carried on
commerce. Had it not been for these circumstances, he felt as-
sured that the Report of the state of the London and Westminster
Bank would have been still more gratifying. They had lately seen
six or seven banks, which p. eviously stood high in public esti-
ma:ion, fail through bad management. There was the great
Catholic beak of Wright's, which, notwithstanding the support
given to it by the great Catholic body, and the
large balances left in its hands by the Catholic
noblemen, had failed. There were Hamntersley's, Leigh's,
and several others, which he need not mention. 'the West-
minster Bank, however, had succeeded by judicious manage-
ment, while other banks, by injudicious management, had been
brought to the ground. He would not waste their time by any
further observations, but content himself wilt thanking them
for the honour they had done him in receiving the few words
that he had to address to them. He would conclude by moving
that the Report just read be received.
Mr. WHEELER begged to second the motion. He certainly
felt great satisfaction at the Report they had just heard read;
but stal that satisfaction was not without some alloy. For if
the Proprietors themselVes had been more energetic in the
management of the Ban 1:, its affai► a, prosperous as they were
now, would have been still more so. They were certainly not keep-
ing up with their neighbours. Sir C. Burrell had just told them
of a number of banks which had failed, and he (Mr. W. )
trusted that what they luta heard would stimulate them to le-
:sewed energy, not only on the part of the Proprietors, but of
the Directors also. On the whole the accounts were very sa-
tisfactory, but; he trusted that from the increased attention paid
by the officers of the 13ank in future, matters would be still
more satisfactory.
The CHAIRMAN having put the question,
Mr. BitowtrE begged, previous to the vote being taken, to
ask a few questions respecting the appropriation of shares at the
last general meeting. He understood that ten thousand
shares had bean divided among the Proprietors, according
to the information given in a circular which he now
held in his hand. By that circular he • understood
that those shares were intended to be appropriated
to those perkeis who had commenoed their connexion with
this Bank at the time of its establishment. The Directors
knew him sufficiently to be aware that in any question he
wished to put he was not capable of meaning any disrespect to
them. But the principles of joint-stock would be discussed, if
not in the present Session of Parliament at least in
the next, and it was but right that the public
should be properly informed of the nature of those principles,
and that their confidence in such concerns should not be dimi-
nished. It would be recollected that 46,215/. unappropriated
Bank profits belonged fairly to those who joined the undertaking
at its earliest stage.—( Cries of" No, no ; nonsense, nonsense.')
The Directors had stated that such was the case. Some gen-
tlemen said " No, no," but he had the Report in which it was
mentioned.

The CHAIRMAN—The allusion was to the then existing
shareholders.

A PROPRIETOR—Supposing the gentleman had sold his
shares, and he (the Proprietor) had bought them, should he not
expect those profits which the Gentleman had from the be-
ginning ?

Mr BuowNE was prepared to answer in the affirmative,
but that had no bearing on the question he had in view.
fie only asked on the part of 170 Proprietors without a star
before their names, that they should be put on the same footing
as those to whom had been appropriated those 10,000
shares.—(Cries of " Question, question, Order, order.")
The question he meant to propose was, whether the profits of
those 10,000 shares aught not to be appropriated to the benefit
of the concern generally.
A PROPRIETOR rose to ,ceder.

The CHAIRMAN said that previous to his putting the ques-
tion Mr. B. owne had expressed a wish to put a question. He
did net think that in so deing the Hon. Proprietor wa. out of
order.

Mr.Bnow z first w i shed toknow how m any Sh areholders, when
the Bank was first formed, were participating in the 10,000
shares to be distributed, and what proportion had been Pro-
prietors from the commencement of the establishment ? He
wished also to know how many new Proprietors had join3d the
concern during the last twelve months. He wished also to
know whether the Directors, in anticipation of the bonus, had
increased the number of shares. He wished also to know whe-
ther all the 10,000 shares had been bona fide distributed. He
understood that 544 bad not been appropriated.
A PROPRIETOR-Why yeu are going round the moon now.
-(Great laughter.)
Mr. BROWNE wished also to know what arrangement had
been made for the payment of the Si. instalments, and whether
any accommodation had been given by the Directors to the
Proprietors to pay their instaiments. He wished also to know
whether the interest on the 46,0(,0/. was calculated as part of
the capital. He wished also to know what was the amount
of the rent of the premises let oft, as nothing was said
on that subject in the Report. He was also anxious to
know whether there was any clause in the deed of settle-
ment authorising the Directors to appropriate new shares, as
they had done. He would put those questions in the hands of
the Chairmad, and leave it to him to answer them or not, as
lae might thin. fit.
The CHAIRMAN said that the meeting had heard all the
1 questions proposed, and on the part of the Board of Directors
and himself he had only to say that they were anxious to answer
every one of them, if:the meeting approved of their doing so.
As to the question with regard to the distribution• of shares,
he might state his . belief that these shares were,
at the time it proposed to have an additional
10,000 shares, distributable about " 30,000. As they
were distributing 10,000 shares, they thought they were
actin; Immutably in the course they pursued. They
could not stop shares and give fractions ; and, therefore
it was, that it was proposed that they should be distributed,
among those who held more than three shares. For the adop-
tion of this course they had the approbation of the meeting.
.Mr. TITx did not apprehend it would be necessary or de-
sirable to answer all these questions. As to the rent of the
next premises, he believed any Proprietor could answer that.
The CHAIRMAN observed, that as it appeared to be the
wish of the meeting that the questions should not be
answered, he wished to make a remark with respect
to one of them. That question was " Whether the
Directors, knowing that they were going to issue
fresh shares, had provided themselves with an addi-
tional number in order to take advantage of the premium."
Now, on behalf of his brother Directors anti himself, lie
begged most unequivocally to deny anything of the kind, they
would have scorned to adopt any such course.—(Cheers.)
He understood it not to be the pleasure of tile meeting that
the question should be answered. With reference to one cir-
cumstance that had been alluded to, he begged to say that many
of these Shareholders were abroad and it was considered desirable
to give them time to send in their applications. It was only
recently that they had received from distant parts applications
for shares to which they were entitled. The Board had at the
present under their consideration what they would do with
the remainder of the shares, but they had not, yet decided.
Mr. LEVY thought it a hard case with Proprietors who had
paid their calls that others should be given so long a time to
determine what they woted do.
The CHAIRMAN observed that some of the Proprietors
were in India.

A PROPRIETOR said that he had addressed a letter on this
subject to the Secretary a twelvemonth ago, putting a question
in reference to it, but he had never received any answer.
he CHAIRMAN, after conversing a few momenta with the
Secretary, said that gentleman perfectly remembered re-
ceiving the letter, which was submitted to the Dir!c-
tors., but there appeared some difficulty connected with