LONDON AND COUNTY JOINT STOCK BANKING COMPANY
Parent Establishment, 71, Lombard-street ; Smithfield Branch Office, 37, West Smithfield.
| DIRECTORS. | |
| Emanuel Cooper, Esq. | John Cuthbert Joyner, Esq. |
| William Cory, Esq. | Alexander Rogers, Esq. |
| William Evans, Esq. | Richard Springett, Esq. |
| Philip Frith, Esq. | Clement Tabor, Esq. |
| William Hawes Esq. | John Wheelton, Esq. |
| Swynfen Jervis, Esq. | |
At the ANNUAL MEETING of PROPRIETORS, held on Thursday, the 2nd February, 1843, at the Company's Premises, No. 71, Lombard-street, the following Report for the year ending the 31st December, 1842, was read by the Secretary,
WILLIAM HAWES, Esq., in the Chair.
REPORT.
Your Directors have much pleasure in again meeting the Proprietors.
By the Balance Sheet, signed by the Auditors, it will be seen that, after deducting the expenses of the management, interest on current and deposit accounts, rebate on bills not due, allowance for bad and doubtful debts, and amount written off from preliminary expenses, there remains a balance of £5,505 0s. 6d.
Your Directors recommend a Dividend for the half-year ending the 31st December, 1842, at the rate of £5 per cent. per annum, which, if approved by the Proprietors, leaves £2,518 13s. 8d. to be placed to the Guarantee Fund.
At the close of the past half-year, three new branches were successfully opened—one Ashford, in consequence of assurances of support received from influential residents, another at Arundel, in the place of and upon the premises recently occupied by the late firm of Hopkins and Drewitt; and the third at Oxford, where the respectable Bank of Davenport, Walker, and Co. has merged into the London and County Bank.
Your Directors are able to report most favourably of the working of the Joint Stock system of banking at Canterbury, Chichester, Petersfield, and Sandwich, the branches opened in the latter end of 1841, in districts previously occupied by private banks.
The costs of the action brought by Mr. Jaffray against five of your Directors, for circulating the printed report of the proceedings of the last annual meeting, will be laid before you and charged to the expenditure of the Company.
The law proceedings arising out of Mr. Deighton's transactions with Messrs. Colls and Co. are not yet terminated, the plaintiffs having at the last moment withdrawn the record, and thus postponed the trial.
Your Directors are happy to announce the continued prosperity of the Company, and with pleasure refer the shareholders to the balance sheet, which will show a considerable increase in the current and deposit balances, and the largest profit the Company has realised.
The three members of the Board who retire from the direction on the present occasion are Philip Frith, Esq. Emanuel Cooper, Esq. and Richard Springett, Esq all of whom are eligible for re-election and offer themselves accordingly.
BALANCE SHEET
Of the London and County Banking Company, 31st December, 1842
| LIABILITIES | ||
| Paid-up Capital | £120,600 0 0 | |
| Reserved Fund | 5,484 9 8 | |
| £126,014 9 8 | ||
| Due to Customers on Current and Deposit Accounts and other Liabilities | 858,802 7 3 | |
| Profit and Loss | 26,271 2 0 | |
| £1,011,157 18 11 | ||
| ASSETS | ||
| Cash on hand | £169,691 8 6 | |
| Securities, Discounted Bills, &c | 797,654 7 6 | |
| Preliminary Expenses, Expenses of establishing Branches, Bank Premises and Leases, Fixtures, &c. Current Expenses, and Interest on Current and Deposit Accounts, &c. | 43,812 7 11 | |
| £1,011,157 18 11 | ||
We, the undersigned, have examined the foregoing Balance Sheet, and compared the items it comprises with the several Books and Vouchers relating thereto, and have found the same to be correct.
THOMAS JAMES.
JONATHAN BARRETT.
London and County Bank, January 19, 1843.
| DR PROFIT AND LOSS ACCOUNT. | |
| Current Expenses, Salaries. Rent, &c., of Head Office and Branches, Interest allowed on Current and Deposit Accounts, Rebate on Bills not due, allowance for bad and doubtful Debts, and amount written off from preliminary expenses | 20,761 1 6 |
| Half-year's Dividend at 5 per cent | 2,986 6 10 |
| Balance carried to Guarantee Fund | 2,518 13 8 |
| £26,271 2 0 | |
| CR | |
| Balance brought down | 26,271 2 0 |
The foregoing Report having been read by the Secretary, the following Resolutions were severally proposed and unanimously agreed to :
- That the report be received and adopted, and printed for the use the proprietors.
- That a Dividend, at the rate of £5 per cent, per annum, be declared upon the capital stock of the Company, clear of Income Tax. for the past half-year, payable after Friday, the 10th day of February instant,
- That the balance of £2,518 13s. 8d. remaining to the credit the profit and loss account be carried to the guarantee fund.
- That the thanks of this meeting given to the Directors for the able manner in which they have conducted the affairs of the Company during the past year.
- That the sum of £1,500 be placed the disposal of the Directors, for their remuneration for the current year.
- That the thanks of this Meeting be presented to the Auditors of the Company for the past year.
- That Jonathan Barrett, Esq., Thomas James, Esq., and Joseph Henry Warter, Esq.. be re-elected Auditors for the year 1843.
- That the thanks of this Meeting be presented to the Manager, Inspector, Secretary, and the respective Branch Managers, for the Seal and ability with which they have discharged the duties of their several offices.
The ballot, for the Election of three Directors having, been proceeded with, the following Gentlemen were unanimously re-elected Esq., Emanuel Cooper, Esq., and Richard Springett, Esq.
(Signed) WILLIAM HAWES,
Chairman.
The Chairman having left the chair, it was unanimously resolved that the best thanks of the Meeting be given to William Hawes, Esq., for his able and courteous conduct in the chair.
(Signed) E.COOPER.
Extracted from the Minutes.
(Signed) R. P. NICHOLS, Secretary.