LONDON AND COUNTY BANKING COMPANY
The half yearly general meeting of the proprietors in this company was held on Thursday at the offices, in Lombard- street, Mr. William Hawes in the chair, for the purpose of receiving the directors' report, and of declaring a dividend for the past half year. The chairman opened the proceedings in a speech of some length, recapitulating the principal points contained in the report, which stated that after deducting the expenses of management, interest upon current and deposit accounts, rebate on bills, and doubtful debts, there remained a balance on the half-year's workings of 5,505l. out of which the directors recommended a dividend at the rate of five per cent, for the half-year, which would leave a sum of 2,518l. to be carried to the credit of the guarantee fund. At the close of the past year three new branches had been successively opened, one of them at Ashford, a second at Arundel, in place of the bank of the late Messrs Hopkins; and a third at Oxford, into which the bank of Messrs. Davenport had merged. The directors had to report the favourable progress of the Canterbury, Chichester, Petersfield, and Sandwich branches, which were opened in 1841. The cost on the action which had been brought against the directors for printing and circulating certain statements contained in the last half-yearly report amounted to 225l., and the trial of another case in litigation was postponed in consequence of the record having been withdrawn. The paid up capital, including the reserve fund of 5,484l., amounted to 126,084l. ; the amount due for current and deposit accounts, 858,802l. ; and for profit and loss 26,271l. By cash in hand, 169,691l. Securities and discounted bills, 797,654l.; preliminary expenses for branch establishments, &c., 27,646l. ; current expenses and interest on deposit accounts, 16,166l. The chairman stated, in reply to questions, that the dividend would be paid free of the income-tax; and that the amount to carried to the guarantee fund was 100l. per cent, over that of last year. It was then moved by Mr White, seconded by Mr Knocker, put, and carried unanimously, that the report be received and adopted. 1,500l. was then voted to the directors as a remuneration for their services during the past half-year. Messrs James, Water, and Barrett were re-elected auditors, and Messrs. Frisk, Cooper, and Springett, directors of the company. It was then moved by Mr Cooper, seconded by Sheriff Wheelton, and carried, that the thanks of the meeting be given to Mr. Luard, the manager, and to the other officers connected with the establishment. The chairman, in reply to a vote of thanks in behalf of himself and colleagues, said that the best proof which could be furnished of the steady increase of the business of the establishment was contained in the fact that, since the accounts for the half-year had been made up, the balances were nearly 100,000l. larger.