A MEETING of a most gratifying character to all persons engaged in the iron making and, coal-mining of Shropshire, took place at Shiffnal on Tuesday. It was that of the Twenty-second Annual Gathering of the Shropshire Banking Company. Mr. Henry Dickinson, presiding. The Directors' Report was as follows :—
Your directors have much pleasure in meeting the proprietors on the present occasion, and in reporting on the progress of the Bank. The net profits for the year amount to £4,091 16s. 1d. To this sum has been added £1,000 13s. 9d., the balance from last year, making a total of £5,092 9s. 10d. ; from which amount has been taken £2,025, being £3 per share upon the 675 shares allotted to the directors in consideration of the relinquishment of their loans, in conformity with the resolution of last year's meeting. This leaves an available balance of £3,067 0s. 10d., which the directors place at the disposal of the meeting; and recommend the payment of 3s. per share, being 5 per cent on the present capital of the company, and leaves a balance of £817 9s. l0d. From this they propose to take £750 to place to a Reserve Fund, and to carry the balance, £67 9s. l0d., to next year's Profit and Loss Account.
The present account stands as follows:
|Net profit for the year ...
|£4,091 16 1
|Balance from last year ...
|£1,000 13 9
|£5,092 9 10
Deduct £2,025, being £3 per share on 675 shares allotted to the directors = £2,025 0 0
Leaving a balance of £3,067 9 10
The accounts of the Bank have been audited by Mr. Banks.
The Chairman, in introducing the report, said he was happy to announce that they had at length reached the turning point of their late difficulties, and although the dividend now recommended was rather smaller than they had hoped to declare, yet he trusted it might be fairly taken as an earnest of their future prosperity. This he could assure them, that the accounts now presented were of a bona fide character, and that the dividend was fairly divisible out of the profits. After some further congratulatory remarks, the Chairman concluded by moving the adoption of the report, which was passed unanimously.
On Monday evening, a boy named Pope, while assisting another in tipping some mine at the Light Moor furnaces, Madeley, met with an accident which terminated in his death. It appears that the boy was engaged at the time doing something in front of the carriage, which being tilted unexpectedly, threw the material upon him.
A great impetus to the development of the mineral resources of Shropshire will be given by the Severn Valley Railway. The works are progressing in the neighbourhood of Bridgnorth, and notices arrived on Wednesday to be served on the proprietors of houses in the High Town, under which the tunnel will pass.