Twenty Fifth Annual Meeting of the Bank and Capital Increase
The bank celebrated its twenty fifth year with record profits and large shareholder distributions. Directors argued for increasing subscribed capital from £3,060,000 to £4,000,000 via 20,000 new £50 shares to reflect expanding business and liabilities of about £20,000,000. The meeting included disputes over management and retirements, and the board defended pension disparities and officer appointments while outlining three methods to raise new capital.
MENTIONED IN THIS ARTICLE
Nk of
London
Cheers
Farquhar
Pakenham
Scrimgeour
H. A. Geach
Charles Geach
Geach
C. Geach
M.P
Coventry
Share issue approved to raise capital and reserves
The board recommended issuing twenty thousand new £50 shares at a £15 premium to raise capital to £1,200,000 and boost the reserve to £300,000. Shareholders may pay in full or in three instalments with interest, enabling a projected working capital of £1.5 million and annual profits potential.
MENTIONED IN THIS ARTICLE
Farquhar
Anderton
Hodgkinson
Scrimgeour
London and Colonial Bank to merge with British American Bank
An extraordinary meeting at 91 Cannon-street approved a scheme to fuse London and Colonial Bank with the British American Banking Corporation under the title International Bank Limited. The new group would issue 30,000 shares, raise paid capital to 450000 pounds, and appoint a joint board of up to twenty directors.
MENTIONED IN THIS ARTICLE
Cannon-street
British and American Exchange Banking Corporation
Thos. R. Gladstone
Morris
London and Colonial Bank
International Bank (Limited
George Herron
Hill
British and American Exchange Banking Corporation Extraordinary Meeting
An extraordinary meeting was held in Princes Street Bank with Mr Jamieson presiding. Proceedings included plans to increase capital, terms of arrangement with London and Colonial Bank, a name change, and alterations to the articles of association to empower directors to implement the agreement. The committee confirmed the agreement unanimously and approved deed alterations.
MENTIONED IN THIS ARTICLE
Princes-street
Bank
Jamieson
London and Colonial Bank (Limited
London and Colonial Bank
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