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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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The half-yearly meeting of shareholders in the London and WestimnsterBahfc-was held on Wednesday . The nai profits for the six months amount to 86 , 3501 ., and to this have been added 19 , 85 ?? ., forming the unappropriated balance of the previous half-year and the 10 ^ 000 / . reserved in December , 1857 , for contingencies , making a , total of 106 , 203 / . From this sum interest has been naid on the surplus fund at 5 per cent ., and a dividend is now declared at the rate of 6 per cent , per annum , besides the bonus of 6 per cent ., leaving a balance of 12 , 073 / . to be added to the surplus fund . Ihe total distribution for the last sis months is at the rate of 18 per cent , per annum . The report was unanimously P second special general meeting of proprietors of the Union Bank of Australia is called for the 4 th February , to confirm the resolutions passed at the meeting on the 10 th instant . ¦
_ . . . „ The half-yearly meeting of the Scottish Australian Investment Company is called for the 28 th instant , and will be made special , to consider the propriety of increasing the capital by the issue of new stock . The general meeting of shareholders of the London Joint-Stock Bank was held on Thursday . Including 32 , 370 / . brought forward , there is a balance of 107 , 700 / ., out of which a dividend at the rate of 12 J per cent , per annum , and a bonus of 1 / . per share were declared , leaving 10 , 200 / . to be added to the guarantee fund . This distribution is at the rate of no less than 32 i per cent , per annum for the last six months . Including the payments for the previous six months , the dividend for the whole year 1858 becomes 27 J per cent , and considerably exceeds that of any other bank . The directors ' report was . unanimously carried .
At a special general meeting of proprietors of the Bank of London , the gros 3 profits for the half-year were stated at 24 , 139 £ After deducting 2508 / . for rebate , expenses , and other charges , a balance of net profit remains of 11 ^ 891 / ., from which a dividend at the rate of 5 per cent , per annum , free of income-tax , was declared , leaving 4391 / . to be carried forward . The directors' report was unanimously adopted .
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BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending on Wednesday , the 19 th day of January , 1859 . . ISSUE PEPAttTMENT . ¦ ' ' . £ . r .. : ¦¦ ¦ £ Notes issued 33 , 035 , 670 Government debt .. 11 , 015 , 100 Other securities ... 3 , 459 , 900 Gold coin and bullion 18 , 500 , 670 Silver bullion ^ £ 33 , 035 , 670 I £ 33 . 035 , 670 BARKING DEPAETilENT . ' ¦ ¦ £ ; ¦ . ¦ ¦ . £ ¦• Proprietors * capital 11 , 553 . 000 Government secu-Jttest . 3 , 248 , 130 rities ( including Public deposits ( iu- Dead Weigh b Ancludiiiff JExcho- nuity ) ...-10 , 693 , 807 quer . Commistiion- Other Securities . 10 . 507 . 901 era of National Notes .- .-ia . , 485 Debt , Savings' Gold and Silver Banks , and Divi- Coin 025 , 599 dencl Accounts ) .. 6 , 2 G 0 , 2 G 9 Other dqposita ... . 14 , 943 , 727 Seven Day & other Bills ............ 806 , 360 £ S 9 i 876 , 792 £ * 39 , 870 . 792 M . MARSHALL , Chief Cashier . Datod the 20 th day of January , 1859 .
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THE CITY BANK . Tub sixth ordinary general meeting of the shareholders of this bank was held on Tuesday at the London Tavern ; Sir R . W . ( Jarden in the chair . The report and statement of accounts wer " e asJblloWS ; : " The Directors have the gratification to report that the business of tbe bank has , throughout the past halfyear , continued the same steady course of extension which has marked its progress from the commencement
of its operations ; and they have the pleasure to announce that , notwithstanding the low rate of interest which has prevailed during the whole period to which the accompanying accounts relate , they are enabled , after paying all the current expenses of the establishment , and making a liberal { provision for bad and doubtful debts , to declare the usual dividend of 5 ( . per cent , per annum , free of income-tax , and to carry forward the sumof G 982 / . ' l . Os . lid . to the credit of the new profit and loss account , for disposal at the end of the financial year . .
" Liabilities and Assets , on the 31 st Pec , 1858 .- — Dr : To capital paid-up , viz , 50 / . per share oil 6000 shares , 300 , 000 / . ; to amount of reserved fund , 30 , 000 / . ; to amount due by the bank , 1 , 749 , 747 / . 2 s . 9 d . To profit and loss for the balance of that account ^ viz . •' ¦ — Surplus profit brought forward from last half-year , 2591 / . 10 d . 6 d ,, since added , 24 , 884 / . 4 s-. ; together , 27 , 475 / - 14 s . 6 d . ; total , 2 , 107 , 222 / . 17 s , 3 d . Cr . By Exchequer Bills and East India Bonds , 204 , 918 / . 14 s . 2 d . ; by other securities , including bills discounted and loans , 1 , 737 , 980 / . 0 s , 8 d . ; by building , furniture , and fixtures , 29 , 490 / . 7 s . Id . ; by cash in hand , at Bank of England , and at call , 134 , 833 / . 15 s . 4 d . ; total , 2 , 107 , 222 / . 17 s . 3 d .
" Profit and Loss Account—Dr . : To current expenses , including salaries , rent , stationery , directors ' remuneration , proportion of building expenses , allowance for bad , doubtful debts , income-tax , &c , 10 , 093 / . 0 s . 9 d . ; to amount carried to profit and loss , new account , being rebate on bills discounted not yet due , 2899 / . 5 s . 7 d . ; to dividend account for the payment of a dividend at the rate of 5 per cent , per annum upon 300 , 000 / ., the amount of paid-up capital on 6000 share . - ' , 7500 / . ; to undivided profit transferred to profit and loss new account , 6982 / . 10 s . lid , ; total , 27 , 475 / . 14 s . Gd . Cr . : By bal a nce brought down , viz . surplus profit brought forward from last half-year , 2591 / . 10 s . Gd , ; since added , 24 , 804 / . 4 a . ; total , 27 , 475 / . 14 s . Od . " The Chairman said thore was nothing for him to do but to repeat the statement in the report with rogard to tho steady course of extension which had marked the
history of the bank from tho commencement . Mention w < w made in tho report of the low rate of interest ivhicli had recently prevailed . Of course tho mooting was aware that a low rate of interest was rather against deposits . Tho public woro very -well satisfied to loavo thoir mpaoy in a bunk if they could get 8 or 4 per cent , on dopoaits , but when tho rate of interest was reduced to 1 $ or 2 per cent , they naturally looked put for some investment which would yield a better return . Ho should bo very happy to answer any question which might bo put to him with rogard to auy part of tho roport . It must bo satisfactory to tho mooting that while tho board
recommended tho declaration of a dividend at the ruto of 5 per cont , per annum , from 7500 / . of profit mado during tho half-yonr , there was an itoin almost as largo to bo carried forward to tho succeeding half-year . It would bo recollected that tho directors had thought , it necessary to arrange that 6 per cont . should bo dlvidod In January , tho surplus , whatever it might bo , being loft for division at . tho July , mooting . ' They would now carry forward $ o tho noxt half-year vury nearly as much as it was proposed to divide , and ho nood not toll thoin how much they might have dlvidod if ( hoy had taken all the iproOtfefttiiely nod hoaaatly owned duriajr the p *» t
hullyear . With these-observationshe would sit down ; , only repeating that he should be happy to answer any questions which might be put to him . A pause having ensued , and no question being put , The Chairman ,- after observing- that he was glad to find that the report was considered so satisfactory , moved its . adoption , which was seconded by Mr .. Gamerpux , and carried unanimously . A resolution was then passed , authorising . the payment of a dividend at the rate of five per cent , per annum on and after Tuesday , the 25 th inst . Thanks were then voted severally to the chairman and directors , the manager , Mr . White , and the auditors , Mr . W . Anning and Mr . Owen Lewis , after which the meeting separated .
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FROM THE LONDON GAZETTE . Tuesday , January 18 . . BANKRUPTS . Charles King , Newington-causeway , silkniercer . William Roberts , King ' s Lynn , grocer . William Da vies , sen ., Baldock , Hertfordshire , baker . William Buckley Jones and Henry Dekmot Dempsey , Liverpool , shipbuilders . William Titterington , Liverpool , wine dealer . Lewis McIves , Liverpool , merchant . SCOTCH SEQUESTRATIONS . J . Rennie , Glasgow , wholesale fancy warehouseman . A . Frood * Glasgow , draper . D . Caw , Milnab , near Crief , farmer . D .. Benwick , Greenlaw , Berwickshire , cattle dealer . Friday , January 21 . BANKRUPTCIES ANNULLED , Robert Speek , Oldharri , tailor * . . Eichaed RotmvEix and William James Rothwell , Rochdale , manufacturers . James Goulding , Carlisle , grocer . BANKRUPTS . William Stoxe Hayes , Liverpool , outfitter . Duncan R . B . Liddle , Princes-street , Leicester-square , vviue merchant . ¦ ¦ . ' .. '; . George Cotton , Rochester , builder . James Mount , bobbin manufacturer . William Hutcjiings , Moretonhampstead , Devonshire , linendraper . Henry SanTH and Henry Mills , Chester , printers . William Henry Turner , Bishopsgate-street Without , draper ^ . ' . ' . ... James Agnis Churchill , Colchester , veterinary surgeon . Thomas Samuel Watson , Tonbridge-wells , grocer . William Prangley , Salisbury , music seller ., Robert Davis Rea , St , George ' s-road , Southward , horse dealer . Richard Hicks , Camden-town , coal merchant , petition for arrangement . William A . Lamprell , Long-lane , Smithfield , builder . George F . White , Bernard Courtney , and Samuel Tiugge , Mark-lane , wine merchants . SCOTCH SEQUESTRATIONS . G eorge Gaul , Glasgow , spirit merchant . Georgb Henderson , Edinburgh , coppersmith . William Fraser , Perth , writer . Sib Richard Getjiin , Bart ., formerly of Sligo , now of Innerleithoh , Peebles .
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Tuk American Lakes . —Some idea o the enormous commerce of the American lakes may be gathered from the following notice of Lieutenant Maury ' s lecture in the Detroit Advertiser : —r- ih In his lecture in Detroit , on Thursday evening , Lieutenant Maury stated , upon the authority of Colonol Graham , to the department at Washington , that the shipping and commerce of Lake Michigan amount to 218 , 000 , 000 dols . He also states that tho value of the shipping and commerce passing over the St . Clair Flats averages daily , for 230 days of
each year , 1 , 128 , 223 dols . At thb estimate 112 vessels , valued with thoir cargoes at 10 , 000 dols . each , must pnss over tho Flats daily , Ho states tho valuo of the lake commerce to bo 200 , 000 , 000 dols . to each lake , except Lake Erie , which is estimated at 300 , 000 , 000 dols . Another statpmont mado by tho Lieutenant was that if tho supply of tho lakes were cut oft " , and ovaporation stopped , it would roquiro an outlet as largo as tho Mississippi river 112 years to exhaust tho water of the lakoa . "
Insurance in Holland . —in tho Second Chamber of Holland , a bill has boon presented regulating thb conditions on which foreign insurance companies may bo authorised in Holland . One of tho stipulations to bo insisted on is , thut each company keeps a special agent in tho country to represent it . This LivicnrooL Dooks . —Tho now Dock Board has resolved to apply to Parliament for powers to borrow 300 , 000 / . fQr tho purpose of improving and extending tho docks . ' The chairman stated , as jm evidence of tho sallsl ' uutory condition of the estate , that the receipts of tho Board for 1858 had exceeded those of 1 ( 357 by 500 / ., though tho returns in 1857 were greater than had proirff tiUflfar Hiy ^ itv * ypA 1 ' ^ w " * V
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COMMERCIAL BANK OF LONDON . The half-yearly meeting of shareholders in the Commercial Bank was hold on Tuesday afternoon , at the bank , Lothbury . Mr . Mark Hunter , chairman of tho board of directors , presided . The secretary read tue following report and ba ~ lnnce-sheet : — " The directors have now to lay before the shareholders of the bank the balance-sheet for tho half-year ending 81 st Dec , 186 8 , showing a not profit ( including 1391 / , 8 e . 0 d . brought forward from tho last half-year ) of 18 , 822 / . Is . 5 d ., after paying all oxpensos and making Proviaion for bad and doubtful debts- Tho directors propose to declare a dividend for the half-year at the rato of G percent , per annum , payable on and after tho 81 st instant , Tho dividend will require 9000 / ., and aftor allowing 8420 / . 19 s . 5 d . for rebate on current bills net yet duo , there will romaiu a balance of 1401 / . 2 s . to bo cawied , forward to the present halt year , "Balance-sheet—Dr . ; Capital subscribed , 1 , 500 , 000 / . ! capital paid-up , 20 / . each on 16 , 000 shares , 800 , 000 / . ; guarantee fund , 76 ^ 000 / . } balance duo to tho customers of tho bank , aO 2 , 884 / . 6 s . 7 d , ; balance of undivided profit , , 80 th Juno , 1858 , 1801 / . 8 fl . 3 d . ; not profit for tuo half-year ending December 31 st , 1858 , after paying incQino-tapc and deducting 1 oil charges and exponsos , a"a mft kinff provision fox bad and doubtful debts , * o ' o ££ » 13 St 2 < L » bftlftnco carried down , together , 13 , 8 , 22 / . Us , Od ' . —Total , 1 , 201 , 700 / . 7 a . Cr . ; Cash in «> , <> bank aod ' nt call at tUo Bank of England , Ex-W ^ r ? 1118 ' *» Bonds , and Government Scom'Ulos , -485 . W 6 / . 4 s . fld , bills discounted , loana ou stock , and o tuoftHw ^ tlefl ^ W ^ QCM afl , fid , | , atronffrcoom . flttloffo ,
and furniture ( premises held on lease ) , 3000 / . —Total , 1 , 291 , 706 / . 7 s . " Dividend at the rate of 6 per cent , per annum for the half-year ending the 31 st of December , 1858 , 9000 / . ; rebate of interest on current bills carried to profit and loss new account , 3 , 420 / . 19 s . 5 d . ; balance carried to next half-year , 1401 / . 2 s . Total , 13 , 822 / . Is . 5 d . Balance brought down , 13 , 822 / . Is . 5 d . — Total , 13 , 822 / . Is . 5 d . " ' The Chairman remarked , in moving the adoption ,
upon the low rate of interest , and in face of that fact it was impossible to expect large dividends without an increase of business . lie was sorry to say the business of the bank had not increased ; but if it had not increased in quantity it had in quality , as tlie current balances of customers were , returning to a point which very nearly equalled the deposits in interest . The dividend , though not large , was safe , while the stability and securities of the bank could not be surpassed by any other joint-stock bank in London .
Mr . Underwood seconded the motion , advocating a reduction of the capital of the bank . The report was adopted without discussion , and the dividend having been declared , the proceedings closed with a vote of thanks to the chairman and directors .
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no . 4 M < JaKttaby 22 , 1859 ] T H E X E A D E B > . m
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Leader (1850-1860), Jan. 22, 1859, page 123, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2278/page/27/
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