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    872 THE LEADER, jNo. 487. July 23, 1859.

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    The dividend declared at the meeting of ...

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    The dividend declared at the National Di...

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    GBEY HAIR RESTORED

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  • Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.

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    Coaraiercial Bank Ov London.-^-On Tuesd ...

    30 th June , 1859 , £ 10 * 500 ; rebate of interest on current bills carried to profit and loss new account , j £ 3 , 061 9 s . ; balance carried to next . half-year , £ 1 , 014 10 s . lOd . Total , £ 14 , 575 19 s . lOd . " The Chairman , in moving that the report be received and adopted , congratulated the meeting on the improved prospect of their affairs . During the panic the bank nad had some difficulties to contend -with , and he was happy to 6 ay that they were now nearly all disposed of . The bank had been affected by other things than the panic ; the state of affairs on the Continent had also affected the bank — especially the Sardinian affair , for at Sardinia the bank had a large balance . The business

    of the bank had been very large , while their losses had been very small indeed . In conclusion , he moved that , the report be adopted . Mr . Clay , M . P ,, seconded the motion for the adoption of the report , and expressed his opinion that they had every , reason to congratulate the meeting oh the improved and satisfactory state of their affairs . In answer to a long string of questions from Mr . Slade and others , the Chairman explained that the amount of reserve fund was £ 75 , 000 . The debt of £ 3 ; 0 Q 0 owing by Mr . Oxenford , had not been settled , as a suit in Chancery was pending ; and the debt of

    £ 5 , 000 by Mr . Mare had not been paid , as the question was now before the House of Lords . Mr . Robinson mooted the question of applying the system of limited liability to the Commercial Bank of London . The Chairman said it would interfere with their deed : of settlement , but beyond that the matter had better be brought forward on a distinct motion , of which notice should be given , if the question was to be discussed at all . -The report was then adopted , the dividend declared ,. and retiring directors re-elected . Thanks to the Chairman , and directors , and other officers , closed the proceedings . ; .

    City Bank .- —On Tuesday the annual general meeting of the proprietors ' of the City Bank was held at the London Tavern , Alderman Sir E . W \ Carden , chairman of the board of directors , in the chair . The following are the report and balance sheet for the half year ending the 30 th June last , viz . : —" The directors have again : the pleasure of meeting the shareholders of the bank to place before them the annexed abstracts of ' liabilities and assets' and ' profit and loss' accounts , on reference to which it srill be seen that , notwithstanding the low rate of discount which has prevailed during the whole of the past half year , they are enabled , after paying current expenses , writing off the usual sum from the

    building account , making ample allowance , for bad and doubtful debts , and for rebate on bills discounted not yet due— -to declare the usual dividend at and after the rate of 5 per cent , per annum , and to pay in addition a bonus of 15 s . per share , both free of income tax . After appropriating £ 23 , 857 4 s . iOd . for the above purposes , there will remain a surplus of £ 5 , 663 2 s ., of which the directors have determined to transfer £ 3 , 000 to the " reserved fund" ( by which that fund will be increased to £ 33 , 000 ) and to carry forward £ 2 , 663 2 s . to the credit of the new profit and loss account . The three directors who go out of office by rotation are on this Occasion Mr . Peter Bell , Mr . " William Gardner , and Mr . Robert Lloyd , all of

    motion for the adoption of the report , and , after a brief conversation , it was carried unanimously . The dividend and bonus were then declared payable on and after the 26 th instant ; and the retiring directors having been re-elected , Mr . William Arming and Mr . Owen Lewis were appointed auditors for the ensuing year . A vo . te of thanks having been passed to the chairman and directors , a similar compliment was paid to Mr . White , the manager . Mr . White , in returning thanks , observed that the bank had been established barely

    four years , and yet it had paid all its preliminary expenses , written off £ 4 , 000 of the building fund , paid £ 120 , 000 to customers for interest on deposits , & c , and established a reserved fund of £ 33 , 000 . In addition to all that the bank had distributed a handsome dividend amongst its proprietors , for the capital they had invested in it ; and there could be no doubt that it would ultimately prove one of the most flourishing undertakings in the city of London . The proceedings closed with a vote of thanks to the auditors . .

    The London Joint-Stock Bank . —The halfyearly meeting of the proprietors in the London Joint-Stock Bank -was held yesterday at the bank , Princes-street , Mansion House ; Mr . Taylor , chairman of the board of directors * presided . The report submitted was as follows : — " The annexed statement , which the directors have to place before the shareholders * will show them the position of the bank on the 30 th June last and it will be seen that the amount of net profit realised during the previous six months is £ 32 , 737 14 s . 7 d ., which , with £ 4 , 762 5 s . 5 d . withdrawn from the guarantee fund , enables the directors to declare the usual dividend at the rate of 12 & per cent , per annum . It will be

    satisfactory , to . the shareholders to learn that the necessity of having recourse to the guarantee fund arises solely from the revaluation of funded and other available securities of the bank at the depreciated prices of the 30 th ultimo , as compared with the rates current on the 31 st December , and not from any falling-off in ordinary profits . The guarantee fund , after the above deduction , amounts to £ 201 , 147 19 s . 2 di" The Chairman declared the dividend would be payable on . and after the 29 th inst ., and then moved the adoption of the report . Mr . Knight availed himself of the opportunity of thie motion to draw attention to the case of Seaman and Kean , which was heard in the Bankruptcy

    Court in February last . It appeared from the report of that ease that Mr . Kean succeeded Mr . Ambrose Moore , one of the directors of the bank in business , and that Mr . Moore was in the habit of advising Mr . Kean in the matter of pledging silks to the bank . Mr . Kean failed for £ 6 , 500 , but his estate did not yield sixpence in the pound , and the Bankruptcy Commissioners went the length of censuring both pledger and the pledgee , the latter being this bank . The bankrupt firm was never solvent , and if the bank derived its profits from such discreditable transactions as these the shareholders could not look one another in the face as honest men . He therefore called upon the directors to give some

    explanation of . the matter , particularly as the bank was without the . assistance of auditors , while the charter had never been published . The Chairman said the only explanation he could give was simply that the bank had advanced money upon silk warrants in the regular way of business . Mr . Ambrose Moore attributed the introduction of the matter to malicious motives . Mr . Knight , however , was wrong in his facts . Mr . Kean did npt succeed him in business , nor had he anything to do with many of the advances which were referred to . The advances made were perfectly legitimate , and he believed such advances formed a considerable portion of banking transactions , The bankrupts offered the

    creditors four shillings in the pound , and that Offer would hayo been accepted had it not been for the . proceedings of a vindictive character . He complained of the language of the bankruptcy commissioner , used in hia absence ; but he had the consolation of knowing that though learned in the law , the commissioner was not learned in trade , or he would have abstained from many remarks in which ho indulged . He was guarantee for Mr . Kean—who was an old and trusfey servant of Jhis own—to the extent of £ 1 , 000 , and lie had never attempted to escape his liability . In reply to a question , the Chairman

    stated that the Government securities held by the bank were valued in the accounts' at a depreciation of £ 3 G , 000 . Since the account was made up , the securities had advanced in value over £ 12 , 000 . Mr . Me teal fe found fault with the increase in the reserve fund , and naked n question as to the holding of ( lie direction . Mr . Lnrnnch , a director , dofended the increase , and stated that the directors hold a tenth of tho ontiro capital of the bank , The business of the bank was largely increasing , and tho reserved fund must increase in proportion , After some further discussion , the report was adopted , and tho proceedings terminated with a rote of thanks to the chairman and officials .

    whom are candidates for re-election . Liabilities and assets—Dr . ; To capital paid up , viz ., £ 50 per share on 6 , 000 shares , £ 300 , 000 ; to amount of reserved fund £ 30 , 000 ; to amount duo by the bank , £ 1 , 886 , 532 5 s , 8 d . j to profit and loss , for the balance of that account , viz ., surplus profit brought forward from last half year , £ 6 , 982 19 s . lid . j since added , £ 22 , 537 6 s . Ud . ; together , £ 29 , 520 Cs . 10 d . —total , £ 2 , 246 , 052 12 s . 6 d . Cr .: By Exchequer Bills and East India Bonds , £ 213 , 256 4 s . 4 d . ; by other securities , including bills discounted and loans , £ 1 , 860 , 403 18 s . 4 d . ; by building , furniture , and fixtures , £ 28 , 990 7 s . Id . ; by cash in hand , at Bank of England , and at call , £ 143 , 402 Ss . 9 d . ; total , £ 2 , 246 , 052 12 s , 6 d . Profit and , Loss Account . —Dr . i To current expenses , including salaries , rent , stationery , directors' remuneration , proportion of building expenses , allowance for bad find doubtful debts , income tax . & c , £ 8 , 917

    2 s . Id . ' , to amount carried to profit and loss , new account . 'being rebate on bills discounted not yet duo , £ 2 , 940 2 s . 9 d . j to amount transferred to reserved firad in addition to tho £ 30 , 000 already at the credit of that account , . £ 3 , 000 ; to dividend account for the payment of a dividend at the rato of £ 5 por cent , per annum upon £ 300 , 000 , amount of paid-up capital upon 6 , 000 shares , £ 7 , 600 ; to bonus of 15 s . por share on 6 , 000 shares , £ 4 , 500 ; to undivided profit transferred to profit and loss now account £ 2 , 603 2 s , ; total . £ 29 , 520 69 . lOd . Cr .: By balance brought down , viz ., surplus profit brought forward from last half year , £ 6 , 982 19 s . Ud . ? since added , £ 22 , 537 6 s . lid . } making a total of £ 29 , 520 6 s . 10 d . " Tho Chairman , in moving the adoption of the report said , ho had scarcely anything to ndd to it . The losses had been insignificant , and the result of the year ' s operations highly gratifying to nil concerned . ( Cheers . ) Mr . T > etw Bell seconded the

    872 The Leader, Jno. 487. July 23, 1859.

    872 THE LEADER , jNo . 487 . July 23 , 1859 .

    The Dividend Declared At The Meeting Of ...

    The dividend declared at the meeting of the London and Westminster Bank , on Wednesday , was at the rate of 6 per cent , per annum , in addition to a bonus of 5 per cent , on the paid up capital , which makes a total distribution for the twelve months equal to 16 per cent , per annum . The directors intimate that the net profits for the last half-year have amounted to 102 . 652 Z ., after making provision for bad and doubtful debts , including the income tax , and setting apart the sum of 2 , 0002 . for the new buildings in Westminster , Southwark , and at Temple-bar . Interest at the rate of 5 per cent ., being for one" half-year 4 , 535 Z ., has been added to the surat

    plus fund , making that fund represent present 185 , 943 Z . These payments completed , there will remain 1 . 8 , 116 * . to be carried to the credit of the profit and loss account for the current halt year . The general discussion was of a congratulatory character , and the principal point in the proceedings was the announcement of the retirement of Mr . J . W . Gilbart , the general manager , after a service of twenty-five years , and the proposal that he shall be pensioned at the rate of 1 , 5 . 007 . per annum ; his successor being Mr . Swings , who has long occupied the responsible position of manager at the important branch in Bloomsbury . It is suggested that Mr . Gilbart shall be recommended to the proprietors

    for a seat at the board immediately a vacancy occurs , so that his services may still be in a measure retained . '» ., . The report presented to the proprietors of the Bank of London , oh Tuesday , showed that the gross profits for the six months reached £ 27 , 039 . The dividend declared is at the rate of 5 per cent , per annum ; £ 3 , 676 is carried to the reserve fund , £ 2 , 120 to rebate , leaving , after one or two other appropriations , £ 170 to be carried to the profit and loss account of the current half year . Katharine

    The half-yearly meeting of-. the St . Dock Company has taken place . It appears from the directors ' report that a slight increase has occurred in the tonnage entered inwards during the half-year , and that the net profits have amounted to £ 40 , 506 . A dividend at the rate of 4 \ per cent , per annum was declared , and the report adopted . The half-yearly report of the directors of the Scottish Australian Investmknt Company shows a gross profit of £ 10 , 148 . The dividend proposed is at the rate of 10 per cent , per annum , which will require £ 10 , 000 , and leave at the credit of the reserved fund £ 18 , 596 . Only & small amount of the £ 40 , 000 of 5 per cent , preference stock offered has yet been taken up . directoof the Netherlands Land Enclo

    The rs - sure ComfanT have received intelligence that the Second Chamber of Holland has refused to sanction the bill brought in by the Governinent to confirm the agreement entered into with the company . Consequently fresh negotiations are necessary , and will be immediately entered upon . This company has strong claims upon the assistance of the Dutch government . Some months ago the Londok General Omnibus Company put forward an official announcement of a dividend . Shareholders ask when will it be paid ? At the annual meeting of the Australian Agricultural Company , a dividend of 15 s . per share was declared , as recommended by the directors .

    The Dividend Declared At The National Di...

    The dividend declared at the National Discount Company ' s meeting was in accordance with the recommendation of the directors—at tho rate of 5 per cent , per annum . Gkeeob : The Sliding Scai-e . —The Greek Government , letters received by the last mail state , has decided on abolishing the sliding scale for tho corn duties . Tho proposition met with sorao oppo- > sition in the Chamber , but tho energy nnd arguments of M . Koumoundouros , Minister of JFinauce , at last ensured its passing .

    Gbey Hair Restored

    fl-R "RY fl" A TR . R 1 RT O RED

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• Citation
  • Leader (1850-1860), July 23, 1859, page 20, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_23071859/page/20/