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Leader (1850-1860), 23rd July 1859, Edition 1 of 2, Page 872, Untitled Article

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    • (JREY HAIR RESTORED TO ITS NATURAL COLO UK.
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      Untitled Ad

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      Untitled Article

      872 THE LEADEB . ffio . 487- July 23 , 1359-" '¦¦ " , ¦ ¦ ' ¦ ' ¦ ' ¦ ¦ ¦ ' " ¦ ¦ ¦ ml . . _ 1 ? \ 3 __ J 3 J - »^ l ! «•¦« J «« J- 4-Vk *¦» - » - »» -i * -k +- »*¦ % *•» n . ^ + V »^» T" ^ The dividend declared at the meeting of the

      Untitled Article

      30 th June , 1859 , £ 10 , 500 ; rebate of interest on current bills carried to profit , and loss new account , . £ 3 , 061 9 s . ; balance carried to next half-year * 41 , 014 10 s . lOd- Total , £ 14 j 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 Lad had some difficulties to contend -with , and he tvas happy to say 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 teen 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 on 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 , 000 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 JLords . Mr . Kobinson 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 R . W . Caxden , chairman of the hoard of directors , in the chair . The folio-wing are the report and balance sheet for the half year ending the 30 th June last , viz . :-r- " TJie

      directors have again the pleasure of meeting the shareholders of the bank to place before them the annexed abstracts of'liabilities and assets' and ' profitand loss' accounts , on reference to which it ¦ vrill be seen that , notwithstanding the low rate of discount which has prevailed during the whole of the past half year , they iire 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 . lOd .

      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 -whom arc 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 due by the banki £ 1 , 886 , 532 5 a . 8 d . ; to profit and loss , for the balance of that account , viz ., surplus profit brought forward from

      laft half year , £ 6 , 982 19 s . lid . ; since added , £ 22 , 537 6 s . lid . ; together , £ 29 , 520 6 s . lOd . —total , £ 2 , 246 , 052 12 b . 6 d . Cr .: By Exchequer Bills and East India Bonds , £ 213 , 256 43 . 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 sit call , £ 143 , 402 2 s . 9 d . ; total , £ 2 , 24 ( 5 , 052 12 s . 6 d . Profit and Loss Account . —Dr .: To current expenses , including salaries , rent , stationery , directors' remuneration , proportion of building expenses , allowance for baa and doubtful debts , income tax , & « ., £ 6 , 917 2 s , Id . ; to amount carried to profit and loss , new acpount , being rebate on bills discounted not yet due , 42 ; 94 Q 2 s . 9 d . s to amount transferred to reserved

      London and Westminstisb Bank , on Wednesday , waa at the rate of 6-per cent , per annum , in addition toa 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 tlie net profits for the last half-year have amounted to 102 , 652 ? ., 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 , 5352 ., has been added to the surplus fundmaking that fund represent at present

      , 185 , 943 ? . These payments completed , there will remain 18 , 1162 . 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 , 5002 . per annum ; his successor being Mr . Ewings , 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 X-ohdon , on 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 Tbe carried to the profit and loss account of the current half year . The half-yearly meeting of the St . Katharine Dock Compan y 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 Atjstbalian Investment Company shows a gross profit of £ 10 , 148 ; The dividend proposed i& at the rate of 10 per cent , per annum , which will require £ 1 OjO 00 , and leave at the credit of thereserved fund £ 18 , 596 . Only a small amount of the £ 40 , 000 of 5 per cent , preference stock offered has yet been taken up . The directors of the Netherlands Land Enclosure Compakt have received intelligence that the

      Second Chamber of Holland has refused to sanction the bill brought in by the Government 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 London General Omnibus Company put forward an official announcement of a dividend . Shareholders ask when will it be . paid ?

      . _ . . _ _ . '_ «•¦ . *• . 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 Anning- and Mr . Owen Lewis ¦ : were appointed auditors for the ensuing year . A vote of thanks having been passed to the chairman and director ' s , 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 oh 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 . Tayler , 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 r oll 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 J 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 re-valuation 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 fall ing off in ordinary profits . The guarantee fund , after the above deduction , amounts to £ 201 , 147 19 s . 2 d . " The Chairman declared the dividend would be payable on and after the 29 th insfc , and then moved the adoption of the report . Mr . Knight availed himself of the opportunity of the motion to Tlraw 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 case that Mr . Kean succeeded Mi . 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 tlie 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 not succeed him in business , nor had he anything to do with many of tlie advances which -were referred to . The advances made were perfectly legitimate , and lie believed such advances formed a considerable portion of banking transactions . The . bankrupts offered tlie

      At the annual meeting of the Australian Agricultural Company , a dividend of 1 53 . per share was declared , as recommended by the directors .

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

      bank were valued in the accounts afc a depreciation of £ 36 , 000 . Sinco the account was made up , the securities had advanced in value over £ 12 , 000 . Mr . Mctcalfe found fault with the increase in the roaorvo fund , and asked a question as to the holding of the direction . Mr . Lnrnach , a director , defended the increase , and etatod that the directors -held a tenth of the entire capital of the bank . The business of the bank waa largely increasing , and the reserved fund must increase in proportion . After some further discussion , the report was adopted , and . the proceedings terminated with ft vote of thanks to the chairman and officials .

      fund In addition to the £ 30 , 000 already ut the credit of that account , £ 3 , 000 ; to dividend account for the payment of a dividend at the , rate of £ 5 pot cent , per annum upon £ 300 , 000 , nmount of paid-up capital upon 6 , 000 shares , £ 7 , 600 ; to bonus of 15 s , jpor share on 6 , 000 shares , £ 4 , 500 ; to undivided profit transferred to profit and loss new account d £ 2 , GC 3 2 s . ; totul , £ 29 , 520 69 . iOd . Cr .: By balance brought : down , viz ,, surplus profit . brought forward from last half year , j 66 , 982 19 s . lid . ; sine © tvdded , * £ » , $ 37 60 . lid . ; jnnklng a total of £ 29 , 520 6 s . lOd . " The Chairman , in moving the adoption of the xopprt said , he had scarcely anything to ndd to It . Tlw losses had been insignificant , and the result of the yearTa operations highly gratifying to nil con * corned . ( Cheers . ) Mr . Veier Bell seconded the

      (Jrey Hair Restored To Its Natural Colo Uk.

      ( JREY HAIR RESTORED TO ITS NATURAL COLO UK . k ktart ¦ * ^ h ^ n ^_ ^ m » a V ^ k V

      Untitled Article

      The dividend declared at the National Discount Company ' s meeting was in accordance with the recommendation of the directors—at the rate of 5 per cent , per annum . Greece : The Sliding Scale . —The Greek Government , letters received by tho last mail state , has decided on abolishing the sliding scale for the corn duties . The proposition met with some opposition in the Chamber , but the energy and arguments of M . Koumouhdouros , Minister of . Finance , at last ensured its passing .

  • Citation
    • Leader (1850-1860), July 23, 1859, page 872, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2304/page/20/