The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-02-08 00:00:00

REPORT,

Your Directors have more than ordinary pleasure in submit-
ting to the Proprietors a general statement of the affairs of the
Company, and the result of the Halt-year's Accounts ending
the 31st December, 1852.
In June last your Directors decided, that the large and
steady advance in the business of the Company made it desir-
able to increase the Capital from £300,000 to £400,000. In
carrying out this measure, they offered to the Proprietors the
option of the New Capital at a premium of lOs per Share,
and they have the satisfaction to state that the whole amount
was at once taken up. The sum of £17,500 arising from the
premium, has enabled your Directors to extinguish the dead
weight of £17,000, arising from the Preliminary Expenses
which had accrued from the year 1836, in establishing the
various Branches of the Company.
During the past year your Directors have opened branches at
Colchester, High Wycombe, Richmond and Uxbridge, :which
they have every reason to believe will tend materially to pro-
mote the interests of the Company.
The marked improvement in the progress of the Bank, has
enabled your Directors to give expression to their entire appro-
val of the uniform zeal and integrity of the numerous officers
employed in London, and at the country branches, by present-
ing to each officer a gratuity of 10 per cent. on the amount of
his sa!arv.

The net profits of the Half-year ending the 31st December,
1852, after reserving an ample sum for bad and doubtful debts,
amount to £14,299 7s. 2d., as set forth in the Balance Sheet,
signed by your Auditors.
Your Directors recommend that a dividend at the rate Of 6
per cent. per annum, and a bonus of 2 per cent. (equal to 8 per
cent. on the year), both free from Income Tax, should now be
declared. This, if approved by the Proprietors, will leave
-t'4,674 19s. 4d. to be carried to the Guarantee Fund, which will
then be increased to £44,325 7s.
Your Directors have great gratification in stating that their
respected Chairman, JOHN SADLEIIt, Esq., has laid the foun-
dation of a Provident Fund, for the relief of officers who, front
misfortune, sickness, or superannuation, may become inca-
pable of providing for themselves and their families.
Your Directors have thought that the most acceptable return
they could offer to Mr. SA OLE IR would he some general mea-
sure, by which this Provident Fund might be systematically
enlarged, for the benefit of the Officers. They have given to
this object their most mature consideration, and have esta-
blished a graduated scale of Guarantee among the Officers,
which combines the advantage of mutual watchfulness and
control over their fidelity Lnd good conduct, with a regular
contribution by each officer, to the increase of the Provident
Fund. Your Directors anticipate that the result of this plan
will, in the course of a few years, give an extended and efficient
aid to the benevolent views of the Chairman.

The Directors retiring by rotation are JOHN WHEELTON,
JOHN GRIFFITH FRITH, and RICHARD SP RINGETT, Esquires,
who have respectively given notice of their intention to become
Candidates for re-election.
BALANCE SHEET

Of the London and County Banking Company, 31 st Dec., 1852

DR. s. d.I CR. aE s. d.
To Capital .... 360,670 0 oBy Cash in hand
Reserved Fund. 39,650 7 and at Call .. 584,810 2 9

, .
Customers' Ba- Government and
lances, &c. .. 3,281,603 14 41 other Securi-
Profit & Loss Ba- I ties, Discount-

lance brought ed Bills, &c.. 3,088,356 14 8
forward from IBank Premises,
last Account.. 7,246 14 7/ freehold and
Net Proft for leasehold .... 30,303 6 4
the lialf.year,
after payment
Of gratuity to
Officers and
£13,412 19s2d
for Interest to
Customers

14,299 7 2

X 3,703,470 3 9

.i 3,703,470 3 9

PROFIT AND LOSS ACCOUNT
To Half-year's Di- By Balance from
I vidend at 6 per last Account
Cent. per Ann... 10.122 13 7 Net Profit for the
Bonus of 2 per Ct. 6,748 810 Half-year
Balance carried to
Guarantee Fund. 4.674 19 4

7,246 14 7

21,546 1 9

.4'21,546 1 9

We, the undersigned, have examined the foregoing Balance
Sheet, and compared the Items it comprises with the several
Books and Vouchers relating thereto, and have found the same
to be correct.
_.
... _

(Signed)

HENRY OVERTON,
JOHN WRIGHT, Auditors.
R. ESCOM BE,

London and County Bank, January 26, 1853.
The foregoing Report having been read by the SECRETARY,
the following Resolutions were severally proposed, and unani-
mously adopted :-
1. That the Report be received and adopted, and printed for
the use of the Shareholders.

2. That a dividend at the rate of 6 per cent. per annum be
declared upon the capital stock of the Company for the half
year ending the 31st December, 1852, together with a bonus of
.4.2 per cent.—both clear of the income-tax--payable on and
after Monday, the 14th day of February instant.
3. That the balance of £4,674 19s. 4d. remaining to the credit
of the Profit and Loss Account be carried to the Guarantee
Fund.
4. That the thanks of this meeting be given to the Chairrnavne
duties.
The GRIFFITH FRITH,
and Board of Directors for the able manner in which they
.11a
conducted the affairs of the Company during the pasye% the
5. That the thanks 'of this meeting be presented ,
Auditors of the Company, viz., ROBERTESCooartrh,,eyHbEeNRI
OVERTON, and JOHN WRIGHT, Esqrs., and
re-
elected for the current year.
LUARD, Esq., the General Manager, a
6. That the thanks of this meetinganbbdei i
ipttiry presented s,eo, nit
titieiedr„Nt.oiolfiii
cHcheErtNshßeif
the establishment, for the zeal and .
have severally discharged theirEdsuqt.
pro
seeded lbe ballotw t with, ,f for teh e election
following threeof
gentlemen
, Directors_Nvere_
unanimouslyLeen
re-
elected:—JOHN
.TT Esq
itiNoL , •
Esq., and RICHARD Sr
JOHN
WHEELTON,
(Signed)SADLEIR, Chairman.
The Chairman having,quitted the chair, it was resolved, and
carried unanimously-1 hat the cordial thanks of this meeting
be presented to Jonri SADLEIR, Esq., for his able and courteous
prase t the chair.
(Signed) J. G. FRITH.
[Extracted from the Minutes.]
(Signed)
R. P. NICHOLS, Secretary.