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Newspaper
Weekly Chronicle
Location
London, Middlesex, United Kingdom
Date
Jul 23, 1864
Page
4
A meeting recalls past doubts about dissolution and applauds directors for strong profits. Directors report a 16 percent annual dividend, £1,500 added to the reserve, £4,400 rebate increase, and a net 19 percent return on £568,090 paid-up capital. Bad debts under £500. most recoverable.
The London Financial Association held its half yearly meeting at Baltic South Sea House to receive the directors report and declare a dividend. The chair outlined profits and reserves, noting £48,000 for the half year and £21,408 18s 9d undivided profits to carry forward, with a 5 percent dividend and 15 percent bonus proposed.
The chairman stated four-fifths of profits go to shareholders and one-fifth to directors after a 5 percent shareholder payment, with no losses on advances. They hold few external shares, bought at premium or market-rate discounts. A dividend plus bonus totaling 80s per first issue and 53s 10d per second was approved, payable after the 21st, with a 20 percent annual rate. Koch elected to the board. thanks were given to directors. The chairman noted strong business prospects and hundreds of thousands in upcoming public works.
The Imperial Bank held its half yearly meeting on Thursday and adopted the directors' report. It recommends a dividend of 8 percent per year tax free on 12,000 paid up shares and 5 percent per year on 10,500 paid up shares of the second and third issues.
Merchant Banking Company of London declares a half year 10 percent interim dividend. Alliance Bank aims to raise capital to £4 million with 10 000 new shares at a £20 premium. East of England Bank stops payments. Provincial Banking Corporation takes over Norwich branches and offers to credit customers with half of their due amounts. Birmingham Banking Company declares a 20 percent payout via 10s per share. Court hearing set for winding up Commercial Bank of London. Bank of Egypt offers 10 percent half year dividend. London and County Bank annual meeting on August 4. South Eastern Banking to move head office to Grace Church Street on August 28. Warrant Finance Company calls £5 per share due September 1. International Financial Society deposits not less than £100 for fixed terms. Ottoman Financial Association calls £5 per share due August 10. Australian Mortgage Land and Finance Company debentures pay 5 percent annual. Credit Foncier of Mauritius Limited second call details and Mauritius reports deemed satisfactory.
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