12 Timehri. 



mended. An amount of £300 was awarded to Mr. John Jones for his 

 valuable services in connection with the " final obtainment of the 

 charter. His zeal and perseverance in advocating- the privileges and 

 interests in the British Guiana Bank had helped largely to overcome the 

 powerful and influential opposition the charter had encountered. 



In July. 1841. the directors had to deplore a commercial failure 

 through which the bank sustained its tirst loss. The failure in question 

 was that of Messrs. Traughton. Bros. & Co., one of the partners of which 

 firm had been a director of the bank. There was a crisis in the follow- 

 ing year to which the directors alluded in these terms : — " Since the 

 half-yearly meeting, the general condition of the colony has suffered 

 considerable depression in its agricultural and mercantile relations, conse- 

 quent on a short production and a fall in the price of the staple articles. 

 The directors of the bank have in these circumstances evinced every 

 desire to alleviate difficulties and afford assistance, and they propose to 

 continue every reasonable accommodation to the public, compatible with a 

 prudential action and a due regard to the interests of the corporation." 

 l/pon the retirement in 184-3. of Mr. George Robertson, the manager. 

 Mr. Verbeke and Mr. Bonner held the post in conjunction. Soon after, 

 the bank sustained a loss, this time through the dishonesty of one of its 

 employees, and to the extent of $17,000. Referring to this loss, the 

 report stated: — "The frauds of the late assistant accountant were 

 confined to the pass books of some of the bank's customers, and to errors 

 of addition in the account current balance book kept by him. They 

 were facilitated by the unwary issue of cheques by customers to protect 

 errors in their pass-books which the assistaut accountant himself pur- 

 posely made in order to obtain the cheques (Since that time there has 

 been only one fraud in connection with the bank). Owing to the loss a 

 dividend of only 2 per cent, was declared. The dual management 

 already referred to was discontinued in 1-X44- when Mr. Verbeke alone 

 managed the concern. Since Mr. Yerbeke's time the following gentle- 

 men have been managers of the bank : — Messrs. Alexander Garnett (at 

 one time its chairman). G. L. Davson. ( ;. W. Lane. E. ( '. Hamley and 

 J. B. Laing, the present managing-director. Much of the success earned 

 by the bank throughout its long life is in no small measure due to its 

 wise and judicious management. During the decade ending 1871. the 

 average dividends were 10^ per cent, per annum: from 1N72 to 188] 

 they were 10. li. and during that decade, to wit. in the year 1872. a 

 dividend of as high as 14 per cent, was declared ; from 1882 to 1891 

 the average was 92 per cent. : in 1892 it was !). falling to 8 in the 

 following year and to (i in 1894. The next year the directors did 

 not feel justified in recommending the declaration of a higher dividend 

 than 3 per cent., the institution having lost a goodly sum through 

 its advances to Pins. Springhall and Clonbrook. No dividend was 

 declared after 189.3 until February, 1902, when one was — at the rate of 

 2 per cent, for the year. 



