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THE LONDON AND COUNTY BANKING COMPANY. 

     The annual general meeting of the Proprietors in this Company, was held at the offices, Lombard-street, Bank, on Thursday last, for the purpose of receiving the report of the Directors, the re-election of three retiring Directors, and for other matters of business. 

     Emanuel Cooper, Esq., in the chair. 

     The bank parlour was filled with a numerous assembly both of town and country Proprietors. 

     The Chairman, in opening the proceedings, rose and said, previously to reading report, I will offer a few observations. It will be perceived, by reference to the balance sheet, that the profit for the past half-year amounts to £15,819  1s., which is a larger sum than has at any previous stage of the Company's existence been laid before the Proprietors, although we have a dead weight upon us, the loss of which amounts to nearly £1,000. (Hear, hear, hear). Deducting from the foregoing sum, the expenses of management, interest, rebate, and allowance for bad debts, &c., there remains a balance of £3,318  10s. 5d., out of which your Directors recommend that a dividend at the rate of £5 per cent, per annum for the half year should be declared, which will leave £1,308  18s. 7d. to be placed to the credit of the guarantee fund. (Hear). During the past half-year, four new branches, now rapidly rising into profitable working, have been established by this Company—two by private banks being incorporated into our own Company, and two owing to failures, the one at Chichester, and the other at Canterbury, where we thought there was a good field opened for business, and where, indeed, there was predisposition on the part the inhabitants to be relieved from existing banking monopoly. (Hear, hear, hear). We have taken up the business of Hector and Company, which promises to yield us considerable profit, and the whole of the accounts have been transferred over to us. We have also taken up the bank of Messrs. Emmerson and Company, for 50 years established at Sandwich, the whole of the transfer, with the exception of one small account, this instance, having been made in consequence of the partners in the concern finding out the growing distrust private banks, and the increased confidence which was reposed in joint stock banks. (Applause). Under these circumstances, your Directors determined upon making a call, which has furnished them with ample funds, and they so arranged the period for the payment of that call as to afford the Proprietors the fullest opportunity of obtaining any information, which your Directors are at all times happy to invite. (Hear). That call is not due till the 31st March, but already we have £10,000 paid up. (Hear, hear). Our standing was a little affected by the comparatively small amount of our capital, and it having been intimated in high quarters that an increase would be a great benefit to the bank, your directors have exercised that discretionary power vested in them by the deed of settlement, in making a further call upon the shareholders. Mr. Dighton (the late manager's) absence is still unexplained, but the directors lament to be obliged to report a dereliction of duty in the transactions with Messrs. Colls and Co., which has involved the company in a law-suit, to maintain our right to securities received for money advanced by us. It is, however, our united opinion that no material loss will result to the bank from this particular debt. (Applause). We conceive that we can maintain our right to the scrip receipts (amounting to 21,000) deposited with us, which have hitherto passed like bank notes from hand to hand. Upon some of the bills also we hold there will be a loss, but upon a close and careful investigation your directors believe that the whole of this loss will nearly be covered by the sureties of Mr. Dighton. (Applause) The next subject upon which the directors have to congratulate the proprietors is upon the appointment of Mr. Luard as manager of the company. (Applause). Another subject to which I wish to call your attention, is that of the various pamphlets and letters which have been most industriously circulated by persons who have attempted to do injury to the bank. Wherever we have opened a new bank, whether at Sandwich, Petersfield, orChichester, they have been systematically sent round, under, as we have reason to believe, the countenance and sanction of private bankers. There is little allowance to be made for these gentlemen, who, on reverting to the early progress of this bank we find that in 1837 our balance amounted to £49,642, they now are upwards of £520,000. At the present moment we are in treaty with three private banks in the circuit of the locality within which we are circumscribed. (Hear.) The following is a concise view our position during the years:— 

 It will thus be seen that we have made a gradual and a steady progress in spite of all the malicious attacks of our enemies— (Applause). In one of these pamphlets, allusion is made to a balance of £15.000 as a debt not written off, but as far as that is concerned, we can assure you it is not the fact—(Hear, hear, hear). It is entirely false, a mere fabrication; we go carefully through our debts and losses for the half-year, and write off according to the amount required. One attack after another has appeared in the press. A short time ago in one of the morning papers it was stated that we had lost £1,200. It is true there was a debt to that amount, but then had security for it. is also incorrect that during the last four months we have lost anything by bad debts, though we have established so many branches both town and country —(Hear). I am satisfied that there is a good field of business opened under our present judicious management, and that ultimately the private bankers will be glad to merge their private undertakings in ours, so that we  shall then meet together a larger and more influential Proprietary, and have to present you with more favourable reports. We are the first Joint Stock Bank that has taken in the locality within 65 miles of London, and therefore we have to bear the opposition singly. You are aware that the first principle of Joint Stock banking is its undoubted safety to the people, and its profitableness to Proprietors as an investment, and as a curious sort of contrast to this acknowledged security I find that no less than 26 private country bankers (including two in town) have failed within the last two years, their liabilities not being estimated at less than £2,600,000. The estimate for one is 5s. 10½d. in the £.; then comes "no dividend yet;" "no dividend yet;"—dividend 10s; dividend 4s., and so on; and, if the Shareholders in Joint Stock banking concerns will only make use of this information amongst their connexions, they will soon find the difference which exists between private and Joint Stock Banks—(Applause). James Hammett, Esq., (Secretary proceeded to read the report and accounts which were very favourably received). 

[For report see advertisement.] 

     Mr. James (of Woolwich) said—l should not have felt myself justified, moving as I do in a different sphere to that in which I am now placed, in taking so prominent a part in the proceedings of this day, were it not on account of the confidence which I feel, first in the stability of this institution, secondly in the honesty, honor, and integrity of the gentlemen who constitute our board of directors, and lastly in the bonâ fide character of all the proceedings of the company from its earliest commencement—(Applause.) I think I may venture to affirm that no company whatever can congratulate itself upon possessing a board directors of such unquestionable integrity and of such pre-eminent honour —(Applause) Had it been ever possible to discover the slightest tendency to the contrary, I should have been the first to have withdrawn from its connection. As far as the malicious attacks which have gone forth are concerned, I would challenge, as the directors have challenged, the minutest inquiry. I have read a letter from my brother auditor, Mr. Waters, in which he expresses his utmost confidence in the present position of the bank, and volunteers all his support to the directors in the views which they have taken—(Hear). We, as auditors, have the best opportunities for judging of the mode in which our affairs are conducted, and nothing can be more judicious than the management of our board of directors—(Hear). With reference to the half-year's statement of profits, it will be recollected that though a loss has been sustained by the company in Colls' affairs, and though expenses have accrued on account of the establishment of new branches, which may tend to make a difference in our profit, but which is really larger than usual, yet gentlemen will no doubt bear in mind that this will be found to be the case in their own personal concerns, where the cash balance at the close of the year generally presents a very different aspect to that which it assumes at other periods, independent of the recent pressures in the money market.—(Hear, hear, hear). I think the appointment of Mr. Luard, to the managership of this company, a matter of great congratulation to the shareholders. I with my brother auditors have found, with only one or two exceptions, that our branches are a considerable source of profit. In conclusion, I beg to move that the report be received, adopted, and printed for the use the shareholders (applause). 

     J. Osborne, Esq. seconded the motion, upon which it was put and carried with applause 

     W. Hawes, Esq. then moved, and ___ Poulter. Esq. seconded, upon which it was carried by acclamation, that a dividend at the rate of 5 per cent. per annum for the half year be declared payable on and after the 17th instant. 

     Jonathan Barrett, Esq.—I beg to propose that the balance on the profit and loss account, namely, £1,300  18s.  7d. be carried to the credit of the guarantee fund, for I consider that such a fund may be looked upon as the strong-hold of banks—(Applause). I would also beg leave to express my full concurrence in the approbation bestowed by Mr. James on the Directors—(Hear, hear, hear). 

     J. Colquhoun. Esq. seconded the motion, and observed that though the Proprietors were nominally only receiving 5, it was in reality 6 per cent. that they were dividing, seeing that they laid by £1,300 to the guarantee fund—(Hear, hear, hear). 

     T. Williamson, Esq. proposed that the thanks of this meeting be given to the Directors, for the very able manner in which they have conducted the affairs of the Company during the past year; and that the meeting feel it their duty on this occasion to declare its entire approbation of the conduct which they have pursued in reference to the pamphlets and letters referred to this day—(Hear, bear). 

     William Tabor, Esq. (Essex) seconded the motion, and it was carried unanimously. 

     T. G. Pierson, Esq. (Hitchen) understood some losses had occurred. 

     W. Hawes, Esq. (a Director) —The honourable Proprietor refers, no doubt, to the transactions with Messrs. Colls and Company, which have been already explained The loss has been freely admitted, but we believe the sureties in our hands will cover any loss which can arise. 

     Mr. Pierson—That is satisfactory; but has there not been a loss of £1,500 at Leighton Buzzard? 

     The Chairman—That debt has been written off. 

     Mr. Hawes in returning thanks in behalf of himself and brother Directors said—The interests of the Directors and Proprietors I conceive is inseparable, for that which most promotes your interests must be the most conducive to ours—(Hear, hear, hear). For the last twelve months we have attended assiduously to our duties; and the best proof which you could give us of the confidence which you repose in us, is the way in which you have expressed yourselves, uninfluenced by the various statements which have been circulated abroad—(Applause ) 

     John Wheelton, Esq. then proposed, accompanied with a warm eulogy, that "the thanks of the meeting be given to the auditors for their services during the past year." 

     W. Bell, Esq., (Rochester), seconded the resolution, and it was carried. 

     The Chairman also bore flattering testimony to the manner which the auditors had discharged their duties. 

     Mr. James briefly returned thanks on behalf of himself and co adjutor. 

     Mr. Colquhoun then said, that as he thought the auditors were not adequately remunerated for the laborious services which they performed, he would propose that their scale of compensation be increased from 30 to 60 guineas. 

     The motion was seconded by Mr. Williamson, and carried most cordially. 

     Mr. Hawes then proposed a separate vote of thanks, accompanied by a separate and most flattering eulogy to Mr. Luard, the Manager, since whose counexion with the bank, he must confess its affairs had assumed a very different aspect; to Mr. Rhodes, the Inspector, to Mr Hammett, the acting Secretary of the Company, and to the various branch managers, for their individual zeal and attention to the company's affairs. The accounts, said Mr H., during the last year have increased from 2800 to 4033, and the balances in the same proportion. The branch managers have been highly instrumental in their various localities in securing the confidence of the inhabitants, by which they have been enabled to obtain a large increase of accounts. Private bankers have done much good to the country, and have been supported with very great honour, but in some districts they have been unremitting in circulating statements respecting the bank which they very well know to be false. The result, contrary to their expectation, has been to increase public confidence in us. (Hear.) The small amount of our bad debts proves how successfully our present system, which was introduced about a year and a half ago, is now working. Our success in the Petersfield and Sandwich districts is far beyond what we anticipated, and we may calculate upon very soon having the exclusive business of these districts —(hear and applause.) Though there may be many shareholders present who are likewise customers, yet I have no doubt that they will see the expediency our having restringent regulations, referred to Mr. Williamson; but taking them as a whole, our branch managers now carry them out entirely to the satisfaction the directors. (Applause.) 

     John Curtis, Esq., seconded the motion, and it was carried with loud approbation. 

     Henry Luard, Esq., returned thanks. 

     Mr. Curtis then proposed that in consideration of the zeal and unremitting attention of the Directors, the sum of £1,500 should be placed at their disposal for remuneration during the year. 

     Thomas Williamson, Esq.,cordially seconded the motion which was carried unanimously. 

     William Evans, Esq.,in a few apposite remarks, returned thanks on behalf of himself and colleagues for the gratuity just now offered. 

     The meeting then proceeded to ballot, which resulted in the unanimous re election of the three re-eligible candidates. 

     After some further proceedings the meeting closed.