The Sun.
London, England, 1842-02-28 00:00:00

WEST AMSTER LOAN AND IN-
VESTMENT JOINT-STOCK COMPANY.
A general meeting of the Shareholders of this Com-
pany was held on Saturday, at their house, No. 7, Adam-
street, Adelphi, late the elegant residence of Alderman
Christopher Smith. The meeting was very numerously
attended, At three o'clock the chair was taken by
C. K. Nleftotts, Esq., who said that the Hon. Chair-
man of the Board of Directors, Cornelius O'Brien, Esq.,
M.P., was unavoidably absent, attending the Assizes in
Ireland, the honour of presiding therefore devolved
upon him. The Actuary would now read the Report.
Mr. WILLIAMS, the Actuary, then read the following
REPORT :
" This being the first meeting of the Proprietor; held
pnrsuant to the 45th clause of the deed of settlement,-
since the formation of the Westminster Loan and In-
vestment Society' into a joint stock company, the Di-
rectors, with combined feelings of duty and satisfaction,
proceed to offer to you a clear and succinct statement of
the operations of the Company up to February 1842.
" Before adverting to the re tilts of their operations,
the Directors beg to remind you that, in the commercial
commun'ty, as in other departments of national enter-
prize, there are certain great and valuable principals,
that, if properly worked out, must produce results most
beneficial to society.
" The plans that have hitherto governed mercantile
operations have been frequently embarrassed by mis-
guided views, inasmuch as the force of capital has been
chiefly directed to the support of the great merchant and
trader, whilst the humble classes have, in the main, been
excluded from the benefits conferred on the richer mem-
bers of the trading community.
" The Westminster Loan Society' was originally in-
stituted in the year-1839, with the. intention of miti-
gating this commercial defect, and its operations
hitherto have been crowned with unqualified sueceee—a
strong evidence of the value a Web ati Institution.
That the views of the promoters of this establishment
should have been so fully realised, is a source of Wet
satisfaction, those views being directed towards affording
assistance to the trading and working classes. by loans
at a moderate charge.
" But whilst this result has been secured to the hot',
rowers, a collateral and legitimate benefit has been
realised to the Shareholders, by the re-investnient of
the weekly re-payments, which, calculated in arithe
metical progression. forms one f the important sources
from which the Company is enabled to grant to its
Shareholders and Depositors a higher rate of interest,
with greater safety for their money than the ordinary
channels of commercial investments afford, and as might
have been predicted from the importance of the Esta-
blishment and its great accessibility, other benefits have
been secured by accommodation rendered to persons of
a higher grade of life, such as Government officers, pro-
fessional persons, artits, and men of science, &c., &c.
" The Directors beg to state, finding that their origi-
nal premises were inadequate to the increased operations
of the Company, they deemed it prudent to purchase
the lease of the house, No. 7, Adam-street, Adelphi, being
one eligibly situated, and of full capacity for conducting
the affairs of the Institution.
" The premises have been fitted up in a commodious
and business-like manner, and with the strictest regard
to economy,
" They also beg to state that in furtherance of the
objects of the Company, they have opened a bank
for the receipt and payment of current accounts
in the usual manner of other banks, and which depart-
ment has received from the public pleasing and satis-
factory encouragement.
" The Directors wish to draw the particular attention
of the Shareholders to another new feature in the Com-
pany's operations, viz., the establishment of an unen-
rolled bank for savings, in which all classes of the
community can deposit, however small or consi-
derable, at the rate of 4i per cent. per annum, and to suit
the convenience of the public, this department is open
daily from nine o'clock in the morning to five in the
afternoon. Another privilege to depositors is recog-
nised in the facility offered them to withdraw their
money by giving to the Company three clear days' notice
of such intention.
" This branch has already been fully supported by
numerous deposits.
" The Directors have now the pleasing satisfaction of
commmunicating to the Shareholders that notwithstand-
ing the expenses consequent on the purchase of the
lease of the new house, as well as the necessary outlay in
alterations and fitting up the offices they are enabled to
recommend, out of the net-profits of the business of the
Company, 0, dividend at the rate of 8 percent. per annum.
" The Directors at the same time would beg strongly to
impress upon the minds of the Shareholders, that by re-
commending the Institution to the notice of heir friends,
and inducing them to invest capital in its stock, they
will add increased stability to the undertaking, and by a
general co-operation of interests enable it to take a high
stand amongst the monetary institutions of the country.
" In conclusion, the Directors suggest the propriety of
issuing to the public two thousand unappropriated
shares of the stock of the Company with a view to the
increase of the present capital."
The reading of the Report was followed by very great
applause, which was vehemently repeated upon the read-
ing of the balance-sheet, by the same officer. From
the latter we gathered that the operations of the Coin-
parry were exceedingly extensive, no less than 187,0004
having been advanced in loans, within three years.
Mr. GRADY moved the first resolution, to the effect—
" That the Report be received and adopted, and that this
meeting authorize the payment of a dividend at the rate
of 8 per cent.:per annum upon the shares of the Com-
pany from the period of its establishment, and that the
said dividends be payable on and after the 31st day of
March next."—(Loud and repeated applause.) It
was his pleasing duty to offer to the meeting a. few
observations, previous to the resolutions being put from
the chair. The statement which had been read by Mr.
Williams showed them what had been done and how
much more the Institution was capable' ff eff6eting.—
(Hear.) There was sufficient in that Report to convince
every Shareholder, that, in the monetary system of this
country, there was no mode in which he could invest his
savings, with a greater prospect of securing to himself
the comforts of life, than that afforded by this Company.
—(heer.) The principle on which it proceeded was not
new ; but until lately it was not clearly understood, and
the institutions formed on it had either passed away im-
mediately upon their formation, or bad ultimately failed
altogether to produce advantage to the Proprietors or the
public. But the peculiarity of their Company was, that con-
sidering the mode of its operation, the extensive sphere of
its action, and the number and character of those engaged
in carrying its principles into effect, it was impossible to
doubt of he success or its utility. Therefore it was that
they were then called together, to agree to a dividend of
8 per cent.—(Applause.) It was strange that whilst
every encouragement was given to the enterprise and
associations of great merchants and wealthy capitalists,
the legislature held out none to men of small capital to
unite their funds for the purposes of benevolence, and
for increasing their own means of property and comfort
Yet they had the proof in this institution, that persons
having individually but small sums to invest might, by
their large numbers, produce large results, and obtain
collectively and individually large profits. They
had the proof this day that when many were thus
associated their success was as certain as anything could
be under the sun. He was not there to advocate those
AssoCiations, whose object was only to obtain high re-
turns for a small body of Proprietors, without any regard
to general utility, or to affording small capitalists a good
investment for their money.—(Hear.) It might appear
strange that an institutian like this should be able to di-
vide so much as six, or, as was the case in the present
year, eight per cent. But it could be easily accounted for
when it was understood that the money was continually
turned in, though in little amounts—(llear)----together
with this, that those Tittles were always taken care of—
kept continually in motion—so that like the rolling snow
ball, they grew bigger and bigger as they moved on.—
(Hear, and laughter.) He made this observation because
he had seen in a respectable newspaper, which always
advocated the cause of the middle and working classes, the
question raised as to " how there was so large a dividend
obtained ?" Now, he trusted that when the mode was
so easily explained, the conductors of the paper he al-
luded to would have the generosity to acknowledge it.—
(Hear, hear.) In connection with one department of
this institution, he had an observation to make respect-
ing the Savings' Banks.—(Hear, hear.) Those banks
might be considered part of the political institutions of
this country, for they were not only established by a
specific enactment of the Legislature, but they were di-
rectly connected with, and controlled by the Government.
They were first instituted by voluntary associations such
as this, " The Westminster Loan and Investment Joint
Stock Company," and Government never gave them
any assistance until •it discovered that it could
make them useful to itself, and then it was so
contrived that the depositors became, in effect, lenders to
the Government to the amount of 23,000,000 L - (Hear,
hear)—and a little ill-feeling towards this Company,
which he had the honour of addressing, might be ac-
counted for, because the Depositors or Shareholders were
their own bankers—(Hear, hear.) But he had no doubt,
for all that, that they would go on increasing in numbers,
and extending their sphere of usefulness.—(Hear, hear,)
They had no difficulty either in paying in their deposits,
or in draising out their capital and interest. 'Whereas,
in Savings' Banks there were great difficulties in these
respects. He had known the greatest inconvenience and
suffering to be occasioned to depositors by those diffi-
culties. He had known many to be involved in expensive
and vexatious law proceedings ; and, in some instances,
he had known respectable families to have
been entirely ruined.—(Hear, hear, hear.) In one
instance he had known a respectable family to be utterly
ruined, -because they could not get out in the regular
time the sum of 43/. which had been deposited in the
' Savings' Bank. The money was wanted in an emergency
to put a stop to ruinous law expenses. But when the
week's notice required by law had been given, at the end
of the week some technical irregularity was discovered,
and a week's delay was occasioned. In the mean time
an execution was put in upon the goods of the depositors
by the successful opponent in the litigation, and when
the money was at length got out of the bank, it was too
late, for the business of that respectable family was de-
stroyed and they were entirely ruined.—(Hear, hear.)
But in this Institution (t.he Westminster Loan and
Joint-Stock Company) the offices were open all
day. and every day, and the deposits were
received at all times, and in the smallest sums, so that
the thrifty need not be for a day exposed to the tempta-
tion of having their savings close at hand, to be dissi
pated at the impulse of any momentary extravagance.—
(Hear, hear.) And, besides, when an occasion arose
for the immediate employment of the money, there was
no delay in withdrawing it.—(Hear. hear.) In the
Government Savings' Banks, the value of the deposits
was affected by everything which affected the public se-
curities ; but the funds of this Institution were in the
hands of the depositors themselves, and were in no
degree liable to such a hazardous influence. The
learned Proprietor concluded an eloquent and animated
speech amidst much applause.
Mr. BINHAN, the scientific member of the Society of