A meeting of the proprietors of the London and County
Bank, on Thursday, was looked forward to with great interest for several reasons, especially in regard to John Sadleir's connexion with it. The statements made to the meeting were considered to be highly satisfactory. The dividend was 6 per cent for the half-year, with a balance carried forward of 10,819/. The amount of deposits exhibits a falling-off of 229,621/. in six months : but a more serious reduction might have been expected from the alarm created by the Sadleir affair; and since the reorganization of the Direction, according to the statement of the chairman, Mr -William Nicol, both shareholders and depositors have increased in number. He also -stated that the advances made to John Sadkir-112,308/.—are fully covered by securities, some of which have already realiz' ed 25 per cent beyond their estimated value, and it is expected that eventually there will be a large-balance to hand over, to the other creditors of the deceased. To the Westminster Improvement Commission 43,500/. had-been advanced ; but this is fully secured by land, rates, and houses. The amount of customers' balances on the 30th June was 4,213,7387. In addition to the Directors' report, a report by Mr: S. E. Coleman, public accountant, was laid before the meeting. Helps rather fully examined all the accounts and recent transactions of the hauls; and he takes a favourable view of its position, pronouncing it sound. He suggests, however, the expediency of considering an augmentation of the paid-pp capital or of the reserve-fund. Mr. Nicol explained tothe meeting, that their paid-up capital is larger in proportion to deposits than several of the London joint-stock banks.
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