The Sun. — London, England, 1841-03-04 00:00:00

MORNING EDITION to . it to resist going into Committee. He (Mr. W.) d; A not resist their going into Committee, but he should r ,ot admit the force of the Right Hon. Baronet's argu rents, because be had in the next sentence admitted that the present measure was wholly inoperative. Lord F. EGE RTO N thought the details of the mea- Imre could be much better discussed in Committee, but 'he would make one observation on a remark of the Hon. Member for Manchester, who stated that Scot land and Ireland were in favour of the measure, while Lancashire, according to the inference he drew, was opposed to it. Now, it appeared to him that a majo rity of the respectable manufacturers of Manchester and other districts of Lancashire were in favour of some protection to that department of their trade. Mr. GREG explained. Mr. L AI3OUC HERE said it was impossible to read the evidence that had been taken before the Committee on the subject without coming to the conclusion that great injustice was done to those parties who had invested their capital and energies in the invention of new designs, from the absence of all protection. He thought it was the duty of the Government to afford both protectio n and encouragement to those parties, by the establishment of Schools of Design, and by Legislative protection.---( Hear, heir.) On these grounds he thought a ease had been made out for extending the period of protection for the Copyright of Designs ; at the same time he saw many inconveniences and difficulties which such a step would be likely to create. lie made especially a reference to their export trade. It was ad mitted that great diversity of opinion existed on the subject among the manufacturers of Manchester. Such being the case, they were naturally fearful of going too far, and he thought it would be better that the House should rather err upon the safe side. He therefore was very unwilling to extend the period of copyright beyond six months.—(Cheers.) He was willin that the Bill should go into Committee, and t. :re be had no doubt it woul Ibe found that its ma ch might easily be put into play. He hoped in ti ae Committee that his Right Hon. Friend would be e ,ble to convince the House that six months would be idle proper period. Mr. HUME was much astonished to i hear l t i h t e hou ßi g gl ii t t , Hon. Gentleman talk in langua;e. which exploded—he did not expect that he wouldie 1a hear any one in that House talk of Governme nt protecting trade and the exports of the country. It was natural that the French should beat us, for their rop!e were used from their infancy to the study of pictures and s , 'atues, while our p o p u l a ti on we re refused admission im `o Westminster Abbey or the Royal Academy with out, Putting their hand into their pockets ; the poor cool, I not do this, and the consequence was they Were shut out from all chance of improving their taste. Shoulo. we then com pl a i n o f our inferiority in producing designs t,lr those fabrics when ae shut out from all means of lanprovi ng their taste the middle as well as the lower chases of the community ? We were looking to a remedy flu wo the wrong quarter. Every tine it had been attemptc, to foster manufactures by protection, that attempt failed more or less. The system of protection or monopoly never was attended with any success!ul result. H e particular'. remembered oreinstlnc e whiehstruck him as remarkable. An Act of Parliament bad been passed to encourage tbe use of buckles, and in less than {ice years after the passing of that Act the use of buckles had altogether ceased. The President of the Board of Trade had rig!otly stated that it was quantity more than anything else which extended our Calico trade, acid that arose from the circumstance of the three months' protection being a dead letter. It was on that account that our manufactures prospered to so great an extent as they had. If a real protecti on existed from the p c _ riod at which it was intended to give it to calico manufactures, he (Mr. Hume) had no hesitation in saying that we never would have commanded the ex tensive foreign trade which we now possessed. He could not understand the distinction which had been drawn by the Hon. Gentleman (Mr. Warburton) be tween copyright in books and copyright in patterns. Ile (Mr. Hume) wou ld entreat the House, - before they cecided hastily on the matter, to attend to the argu ments advanced on the subject by the Hon. Member fine Manchester. Every fact stated by the Hon. Met- ~,~-'f 1 7 be to injure a branch of manufactures which was deci dedly prosperous, and which was even increasing in prosperity ; and it his opinions had undergone any change it was owing to the evidence which bad been adduced be fore that Committee. The question was not,then, whether there should be a copyright or not. The law had decided that by giving a protection for three months. But in point of fact, that protection was perfectly ineffica cious If there was to be a protection at all, it was clear that it should be extended to such a period as would render it really advantageous. Now, while the protec tion lasted only for three months, the expense of de fending the privilege was so great, that no party would undergo it on account of the shortness of the period. He would not by any means deny that there were con flitting considerations which would require the most" ample discussion, before they determined the extent of the term they were going to give ; but, on the ques tion of the second reading of the Bill, he should say that a case had been made out for an additional protec tion of some kind, which it was almost impossible for the House to resist. Many of the manufacturers exa mined before the Committee, stated that the number of patterns printed for them amounted to two or three thousand, while they only used five or six hundred ; and out of these only forty or fifty were successful. Such e system must entail great expense ; and yet, after having undergone that expense, other parties might step in and eyed themselves of their labours, by fastening on any pattern which they aright think likely to be seccesiful ; and all that without having incurred :he slightest risk. Those competitors might afterwards come and endeavour to outbid them in the market. But that was not the whole case. Tue copyist might bring the design into discredit by presenting it in an in ferior form, and on inferior goods.—( Hear, hear.) That had exactly the same effect on the original design as the mawkish im:t rtions of Byron and of Scott had on the works of those writers. It tended to disgust the public with the original productions. France had ad vantages which this country had not, and that might, combined with an extended copyright, give them further advantages still ; but if they exposed the original designers to such gross injustice as that which had been pointed out, might not, he would ask, its continuance ha a great impediment to the improvement and the ad vaccement of :he arts of design 9 They withheld en couragement t ability and skill when they permitted parties to take advantage of that skill and ability, and to enter into competition with it. By granting an ex tended copyright, however, he did not think they would be iaterterlog with free competition. What he would stay was, let them have free comprthion— permit the competitor to produce a design equal to that with which he is competing, but great injustice would be done to the original de aigner, if he was left exposed as he was by tic present law. He should vote for the second reading of the Bid. but at the same time he could not disguise from himself the effect it might have upon manufacturers in this country. He should not hold his opinions conclusive upon the extent of the protection that ought to be given ; hut what he should discuss was the question, that if there was to be a copyright, it should be effica cious. To make it so, he thought the time should be extended, but the extension of that time was a matter of too much importance to be discussed then. Care should be taken that that time should not be too long, because if it were it might prejudice the British manu facturer. He thought ; however, that the giving of time merely for the purpose of making experiments, would be open to great objection. He thought that they should make up their minds as to the extent of the time to which the term should be prolonged. Mr. WARBURTON would vote for the second reading of the Bill, because he agreed with the Right Hon. Baronet in the reasonableness of the end pro posed—namely, to give reward to the inventor, and at the same time to protect the manufacturer. When they came to consider the details of that Bill, two great difficulties would arise. One had been already pointed out, namely, the great litigation which it would cause. By not proposing a cheap mode of trying the issue they lost the object for which the patent was granted, for the wealthy manufacturer would be able to tyrannise over the smaller ; the letter would in a general snag be eomrselled to withdraw from the contest. I'', therefore, they did not provide a cheap and expedi tious Court before which the parties could go, they really did nothing ; and unless he saw such a remedy provided, he should oppose the Bill of the Hon. Gen tleman is all its stages. But another difficulty arose out of the very nature of the subject to be protected. This manufacture had existed and been growing for the last tarty or fifty years. In the case of chemical or mecb anical inventions, they had records of all the originahs from time immemorial. But, in the present case, •no such records existed. 'They ought, therefore, to be gin by giving ore or two years, to enable parties to ' heghster all patterns existing, or invented in past time, so , order to ascertain whether any particular pattern wa ;or was not original. The case was the same as if th , ry were then, for the first time, seeking to establish I pa tents for chemical and mechanical inventions, without he ving any record of what had been done in past time. T he greatest difficulty, therefore, in the present case, I, at .ese out of the subject to which it was proposed to give p atent rights. They had no record of the inventions fo r the list forty or fifty years. How then was the el aim of the alleged inventor to be established 9 (' Hear, hear.) There should be a record to which the Jt edges could refer in case of dispute. But there was y€ t another difficulty arising out of this Bill. Whilst it pr ohibited English manufacturers in this country front copying a foreign, there was nothing to prohibit a foreign manufacturer from copying an English patent. Hear,, hear.) It appeared to him (Mr. Warburton) , irtdiliPethsable, in order to carry out the principle, that there sbould be an international copyright.—(Hear, he tr.) He would, on another occasion, examine saps rat, ely the clauses of the Right Hon. Gent'eman's Bill, but it appeared to him that the difficulties which he bad stet led_ deserved the seriou s cons id era ti on o f th e H ouse . Th eßight Hon. Baronet stated that the principle had he an already conceded, and, therefore, that they ought 1 ber went to show the pernicious tendency of the Bill now sought to be passed. He (Mr. Hume) would op pose the second reading of the Bill ; and he trusted the House would not retrace the steps it had been so lately taking of doing away with monopoly and patronage, by now sanctioning so great an absurdity as an attempt to improve manufactures by a system of protection. He agreed with his Hon. Friend (Mr. Warburton) that the details could never be carried out, and on that ground he would vote against the second reading of the Bill. Mr. E WART said be believed that in the Commit tee the copyright was agreed to by only a majority of one.—(No, no.) Mr. E. TENNENT had been appealed to. and he could assure the Hon. Member that the decision was come to by a majority of six to three. Mr. EWART believed that the real principle was decided by the casting vote of the Chairman. He was opposed to the Bill, because ha feared that if it became the law of the land they would shut themselves out from being the great suppliers of the worn. He thought national taste was only to be improved by education, and a free entrance into places where works of art were exhibited. He was of opinion that the whole subject should be gone into, and that they should not legislate piecemeal upon it. He thought they ought to pause in their legislation, for he did not think that protection would be of any use; patterns would be so closely copied, 3et with a marked distinction, that in fact the pro prietor would not be benefited. He certainly should prefer the shorter period. Mr. GODSON wishel to set the Hon. Member right as to the decision of the Committee in favour of the Extension of Copyright. The resolution was carried not by a majority of one but of Leven to one. Mr. EWART explained. Mr. MUNTZ was surprised to hear from the Hon. Memb r for Manchester, that the protection was useless to the inventart, whereas the fact was, that the most enterprising manufacturers in the country owed all their wealth to the protection, such as it was, that the present law afforded to them. He would support the Bill, because he thought it was both just and pru dent for the Legiilature to give that degree of protec tion which would induce ingenious men to devote their time to the intent on of designs. Mr. E. TENNENT would not occupy the time of the House by discussing the principle of the Bill on this occasion. He would be happy to avail bimself of the offer of the Vice-President of the Board of Trade, and to make, with the Right Hon. Gentleman's as sistance, the provisions of the measure as perfect and comprehensive as possible. Tee Bill was then read a second time. . Mr. E. TENNENT said, that the amendments suggested by the Vice• President of the Board of Trade would require much consideration, and he should therefore move the committal of the Bill pro forma on Friday night next, when be would give notice of his fur ther intentions respecting the promotion of the measure, THE CONSTABULARY BILL. Mr. HODGES, in moving that the House go into Committee upon the Constabul try Bill, said, that the second reading of the Bill had passed without opposition, on the understanding that the discussion should be taken at this stage. It had since bean suggested to him that the Bill was un necessary, on account of the peaceable state of the country, and that his measure was susperseded by the Rural Police Bill. But there was nothing. in the pre- Feat Bill which would at all interfere with that Act. The question was a very important one, and excited great in terest out of doors. He hoped, therefore, that the House would not object to the motion for going into Committee. Mr. FOX MAULE said that he was then about to st ite those objections to the measure, which he should have submitted to the House on the motion for the second reading, we-e it not for the understanding come to on the subject. He was persuaded that his Hon. Friend had introduced the measure with the best in tentions, but he thought that he wa4 altogether mis taken in the views he entertained. A Bill had been formerly passed on the same subject in 1839 ; and though that Bill eonta►ined some defects it had been materially improved in the course of last Session. The County Constabulary were now under the control of a Chief Constable responsible for the conduct of fie men ; and that system gave great satisfaction. Besides the authorities in counties were now enabled to appoint special constables of their own whenever that might be required. These were great improvements on the old system. No doubt the - present Act led to considerable expense, but he thought that expense was attended with corresponding advantages. He felt that the Bill of his Hon. Friend would completely overturn the enactments of 1839 and 1840, and unnecessarily unsettle the law on a very important subject. He would therefore move that the House should go into Committee on that day six months. Mr. MILES thought that the proposed measure would be a material improvement on the old Consta bulary Bill. Mr. GISBORNE objected to the committal of the Bill. It could not be denied that the old constables were inefficient, but he thought the new rural police would be found to be perfectly sufficient for all purposes required. If the present measure was carried it would I interfere with the law now in existence, and would effect nn real public benefit. He thought the experi ment of the law at present in existence had not been sufficiently tried. General JOHNSTONE supported the Bill going into Committee, as he had not beard one argument against it. He believed the provisions of the BIL would very much improve the condition of the consta bulary force throughout the country. Colonel RUSHBROOK supported the Bill. Mr. RICE objected not onlito the principle of the Bill, but he felt sorry that the discussion of it had prevented a more efficient measure being brought in. Mr. T. EGERTON supported the Bill because it was founded upon the same principle as the Bill that had worked so well in the county which be represented for twelve or thirteen years. Mr. SANFORD opposed the Bill going into Committee, believing that no measure was necessary upon the subject. Mr. BRUGES supported the Bill. The measure of 1829 was well suited to particular districts ; but the Bill before the House applied more extensively. With regard to the expense, the rural police could not be efficient unless they were established upon an extensive scale, and it must, therefore, be attended with a considerable expenditure. Mr. E. TURNER supported the Bill because it gave legitimate authority to Magistrates in the appoint ment of constables. Mr. HODGES briefly replied. The House the.' divided, when there appeared— For going into Committee 36 Against it Majority against going into Committee —22 PUNISHMENT OF DEATH BILL. Mr. KELLY said that es it was not convenient to enter into a discussion on his Bill at that late hour of the night, he should content himself with moving tlie second reading. The Bill was then read pro forma, and ordered to be committed that day fortnight. LEASE AND RELEASE BILL. The Lease and Release Bill went through Ccm. mittee. COUNTY COURTS' BILL. On the motion for going into Committee on the County Courts' Bill, Mr. FOX MAULE stated, that although there wa3 a clause providing for any deficiency which might occur out of the Consolidated Fund, he did not anticipate that any deficiency would arise ; but male s there was a clause to that effect, there was a risk that the Judges might not receive their salaries. Col. SIBTHORP made some observations which were very inaudible, but we understood him to taunt the Hon. Member for Kilkenny for not opposing that part of the Bill which relates to the paying of the Judges out of the Consolidated Fund. Mr. HUME was anxious to be economical, but when the justice of the country was concerned, he would never throw any difficulties in the way of a full consi deration of the measure. They were not pledging themselves to one shilling, for probably the fees of the Courts would pay all expenses. The House then went into Committee, Mr. BERNAL in the Chair. On the Resolution that the House would make up any deficiency that might accrue, Mr. HUME inquired whether the Government bad yet made up their minds as to the salary to be given to the Judges. Mr. F. MAULE said the salary would depend upon the amount of labour attached to the office—in no case would it more than 1,5001. The Resolution was then agreed to, to be reported on Friday. The other Orders of the Day were then disposed of, and the House Adjourned. THE ARMY. Colonel Webber Smith, commanding the Royal Artillery in Ireland, has proposed the following arrangement for the relief of the companies of the Artillery in this command, to com mence on the Ist of April next : Major Whitty's company, from Island-bridge Barracks, to relieve Captain Freers's at the outposts. Major G. G. Palmer's company, from Charlemont Fort to Island-bridge, to be replaced by Captain Freers and Major Chalmers's corps at Island-bridge, and Captain Laws, at Clon mel, to exchange quarters. The Lieutenant-General Commanding has approved of the foregoing. The troops employed at Tullamore, in aid of the civil power in preserving the peace during the late election for the mg's county, have returned to their former quarters, Newbridge and Athlone. LOAN SOCIETIES.—In a case brought before Mr. Long on Tuesday at Marlborough-street, that Magis trate observed, that he very decidedly objected to the system on Which the Loan Societies appeared to conduct their business. They would lend to any needy person, pro vided that per son cou ld induce arty person of respectabi lity to give his name as surety. They did not appear at all desirous of looking after the principal, but they imme diately proceeded to fix the surety. CHILIAN BONDS. A meeting of the holders of Chilian Bonds was held yesterday, at two o'clock, at the London Tavern, Bishops gate-street. G. R. Robinson, Esq., the Chairman of the Committee of Spanish American bondholder: in the chair. The CHAIRMAN informed the meeting that it was as sembled for the purpose of taking into consideration the new proposition of tbe Chilian Government for the ar rangement of the overdue interest on the debt. He had the satisfaction of being able to inform the meeting that the finances of the Chilian Republic were improsing, and he must do the Noble Lord at the head of the Foreign Department the justice to say, that although at a former period be (the Chairman) had thought he had not exerted himself as he ought to have done for the benefit of the bondholders, he believed he was now doin g all they could dezire of him—(Hear, hear)—and that be would enforce payment of the claims as soon as be was satisfied the Chi lien Government should be able to meet thern.—( Hear.) These were consolatory circumstances, and to none more so than to the Committee, Who had so long laboured with so little effect. He was in possession of a very volu minous correspondence as to the progress of the negotiations between Mr. CAldcleugh and the Chi lien Government, which, after various proposals and counter-proposalF, and after going through the items of expenditure, which Mr. Caldcleugh was permitted to do, hal been broken off, and Mr. Caidcleugh had at last made a proposal, not authorised indeed by the Committee, but reserving powers for the bondholders to give or withhold their sanction to it. His proposal was, to capitalize the sr ears of interest at three per cent'. interest. The payment of which should commence after a period of flue years had elapsed. The proposal was declined, and the Chilian Government, at the termination of these long ne gotiations, bad submitted to him, the proposition they were then assembled to take into consideration. The proposition was as follows : 1. The intere3t hereafter du6: on the loan of five mil lions of dollars will be paid in the form established. 2. The interest due, and not paid, at the da'e of the arrangement, will be funded at the rate of 1 per cent. yearly fur the first ten veara. .._ 2 per cent. for the ten following years. 3 per cent thereafter, provided the said capital be recognised in the internal debt of Chile, when it will be paid off. 3. The primitive obligation relatinir to redemption is extingoiibed, and the Government shall be free to effect it, to the extent and at the time when it may ple - ise ; it being well understood that the redemption may he made ei;her of the original capital or of that of the interest funded and acknowleaged in the internal debt. 4. The Government of Chile shall have power to rai•e new loans, in Europe, without being prevented by the conditions stipulated in the 6th article of the contract. 5. All the interest falling due aft , r the date of the new arrangement shall be pH in Santiagl, allmiing to the lenders the costs of carriage, insurance, and the differ ence in the exchan,;e, at present binding on the Govern ment. With respect to the first proposition, it was his duty to mention that he thought there was some vagueness in its expression. It might be interpreted as be (the Chairman) interpreted it, to mean that the interest due on the original loan would be paid in the form established by the bond— that was, 6 per cent., in London. It had, heave. ee been interpreted by some to comprise the whole interest on the original loan and arrears. The second proposal varied from that of Mr. Caldcleugh, inasmuch as he proposed that these bonds should remain without interest for five years, while the Chilian Government proposed ten years. With respect to the third article, it proposed a most im portant change in tlee security they had on the old bond, being no less than that the primitive obligation relating to redemption should be extinguished, and that the Go vernment should be free to effect it to the eaten., and at the time when it might please, which be (the Chairman) con sidered to mean, not at all.—( Hear.) The fourth proposal spoke for itself, and exhibited a desire to set aside an original contract; and it was for the bondholders to consider whether they would sanction it. The fifth proposal was an important one, and be begged to call their attention to it. Such were the proposals received from the Chilian Government through Mr. Caldcleugh, and having received them, the Committee had deliberated on them, and had come t cart lin resolutions, which they would presently submit to the meeting, but which be would beg leave to preface witn a few observations. First, it was satisfactory as regarded the original debt to find the resources of the country had been in a state of progressive increase from the year 1833 to 1839. After paying all the expenses incurred in the war with Bolivia, there was an excess between these years of 616,192 dollars, and be believed the Chilian Government was in a condition to pay 6 per cent. on the original debt, and 3 per cent. on the ar rears capitalized, and to commence payment immediately. —( Hear, hear.) The receipts at the Custom-house of Valparaiso for the first ten months of 1840 had exceeded the receipts of all the Custom-houses of the Republic for the preceding year.—( Hear, hear.) It was, however, enough to state that the ability of the Chilian Government f.ir the future must remain, as he feared, the subject of contention. They would remember Mr. Cald cleugh proposed that the arrears of interest should be capitalized, and that he hid made that proposal without the authority of the Committee. It was not his (the Chairman's) duty to offer then any opinion on the subject, but having thought it his duty to pay every attention to the subject, he hoped to be excused for offering a few sug gestions.—( Hear, hear.) The first thing to which he would call attention was the delay that had attended these negotiations from the want of authority on the part of their agent there. From this reason eighteen months had now elapsed without anything being done, and Colonel Wal pole said if they did not mind they would lose a like pe riod again. He knew there were many gentlemen who overleaped all difficulties in the way, and said they would have the bond, the whole bond, and nothing short of it. ! This he should be glad to get, being himself a large bond holder, but he thought they should consider now what was practicable rather than what was right, and that if they could not get all they claimed they should get all they could. With respect to the arrears of int2rest, if they were to bear so hard on the growing re sources of Chile, they might posssibly endanger the regu lar payment of the merest on the principal loan.-- (Hear, hear.) It was therefore his own opinion, that the best course they could take would be to authorise Mr. Caldcleugh to renew his offer of taking 3 per cent. at the end of five . years on the arrears of interest consoli dated.—( Hear, hear.) And he was the more disposed to do this, seeing that this proposition had the entire concur rence of her Majesty's Envoy, who was of opinion that the Chilian Government would be able to do this, and that asking more mi;lot occasion interminable delay. These, however, were questions for the meeting to determine, and therefore, tnaiiking them for the attention they had paid him, he would submit to them the resolut!ons.— ( Hear, hear.) The Chairman then read to the meeting resolutions to the following effect :- Ist. That this meeting having taken into consideration the proposal made by the Government of the Republic of Chile, in a letter dated sth September, 1840, addressed to Colonel Walpole, her Majesty's Consul-General for Chile, fur the liquidation of the arrears of interest on the Cbilian Loan, contracted in May, 1822, decline acceding to such proposals. 2d. That this meeting having taken into con sideration the proposal made by Alexander Cald cleugh, Esq., to the Government of Chile, on be half of the bondholders, do approve of the same, and accordingly do hereby authorise the Committee to con clude arrangements wilt the Government of Chile for the arrears of interest on the said loan, becoming due on the 30th of March, 1840, on the following basis :-_That bonds shall be issued for the said arrears, being 81 per cent., at par, and bearing interest at three per cent., the first payment to be made on the sth of September, 1845 ; the interest to be paid half-yearly in London. The bondholders to have the option of merging the same in the internal debt of Chile, in which case an addition of 10 per cent. shall be paid to the capital of such bonds, and interest thenceforward payable only to the Republic of Chile. 3d. That this meeting, having taken into consideration the great improvement in the condition of the finances of the Chinn Republic, feel persuaded that it must be ap parent to the Government of Chle that they cannot sanc tion any deviation from the basis laid down. 4th. That this meeting expressly declines any deviation from the article of the contract on the loan of May, 1822, except the arrears of the interest be arranged in the man ner herein provided. sth. That this meeting returns its best thanks to Col. Walpole for the able assistance be has rendered to the bondholders in consequence of the instructions of the Minister for Foreign Affairs. 6th. That the thanks of the bondholders be given to Lord Palmerston for his strenuous and continued exertions for the protection of their rights, and that the same be communicated to him by the Chairman. 7th. That in consideration of the serfices of Alexander Caldcleugh, Esq., a commission of 21 per cent, be allowed to him out of the bonds to be issued, the said commission to be paid out of the said bonds. Bth. That this meeting cannot but be sensible of the honourable conduct puraued by Messrs. Hullett. Brothers, and Co., the contractors of the loan, in sustaining the rights of the bondholders, and in bringing the same under the notice of the Government of Chile, A BONDHOLDER said he thought they ought not to in crease in their demands in proportion to the return of the Chile Government to good faith.—( Hear, hear.) But he thought it would be but fair that the 1 per cent. they stated they could pay on the arrears should be applied to the redemption of the existing bonds. He did not wish to make shoul d i t hßeeaes thought occfo instructed n. Chile d WYLL IE , dst matterahi ed other o o hfe p pr a o r rl a ei l cp l y e u l bt existed hiiecys oog ought e t ttow Southse u e Ap n pm t o he er thet cd eenn i tt r agent, could. manner.hinaven no objection h addition,r o b o I.te which t d hpi opi d eneh o a n trto e ch det h hy i t e s os dutytbhaotinmedd bondholders theyleedayecbrwhso were l d ree a n a d b l ei requiringe t d o e l p p epa Governmentnye The opinions that had been expressed by the Chairman were borne out by the arithmetical calculation ; that would not admit of contradiction. The average increase of the revenue during the last seven years was 102,000 dollars, and there was a surplus revenue of 438,000 dollars. There could, therefore, be no doubt of the ability of the Chile Government; but, as a matter of expediency, he thought they ought to support the proposition of Mr. Caldcleugh. Mr. YOUNG thought some time ought to be limited for the acceptance of their proposition. A BONDHOLDER inquired if any sinking fund had been established to pay the 3 per cent. stock. He thought Mr. Caldcleugh should be instructed to apply to the Chile Government to sanction its establishment. the o : ln tofthedebt The CHAIRMAN said the sub j e ct should be taken int o com munication, and communicated to Mr. C a ld c l eugb. A B O NDHOLDER asked if the Government of Chil e had not recei ved o f n rom acc Government of Peru at th e due to England. The CHAIRMAN sai d n othing had been paid by P eru; i f close a c c onsiderable theid e rlaabslte war, sum it had been so, it would have been advantageous to them, Mr. WYLLIE said he had documents which proved that had been fro neatly blamed for the Government of Chileq the faults of their agents. They disclaimed sny intention of contracting for a new loan. The CHAIRMAN observed thelast resolution did not at all commit the bondholders with respect to the disputes be. tween the Chile Government and Messrs. Hullett. The resolutions were then put to the =wing seriatim, and unanimously adopted. . - A vote of thanks was then passed to the Chairman and Committee, and the meeting separated. LONDON AND WESTMINSTER BANK. year, in the same steady course which marked the progress of former years. The profits of the year, after defraying all the current ex penses, and making allowance for all had and doubtful debts, amount to 48,951/. Bs. 10d. Out of these profits the Direc tors paid last September a dividend at the rate of six per cent. per annum upon the half-year ending in June. And they now declare a similar dividend, payable on Wednesday next, upon the half-year ending in last December. After the payment of these dividends, there will remain from the profits of the year 13,114/. 12s. 10d., which added to 33,1001. Ils. Id., the unappropriated profits of former years, will make the sur plus fund arising solely from banking profits, amount to 46,215/. 3s. I Id. The Directors being of opinion that it is desirable to in crease the capital of the Bank, have determined to issue ten thousand more of the unappropriated shares. And as they think that any additional value which these shares now pos sess fairly belongs to those who joined the undertaking in its early stages, they will issue them without premium to the present proprietors, in the proportion of one to every three shares already held. The payments will be made by four in st'lments ofil. each. The details of this arrangement will be communicated by a circular letter, addressed to each share holder. By this measure the paid-up capital of the Bank will be increased to 800,0001. I he Directors who retire from office on the present occasion arc Sir Thomas Freetnantle, Bart.; William Haigh, Esq. ; and Joseph Esdaile, Esq. ; but these gentlemen being eli ; rible, offer themselves for re-election. During the past year the banking institutions of the coun try hive occupied a large portion of pubic attention. The Directors trust that the events and discussions which have taken place will have the effect of diffusing a correct knowledge of the principles of joint-stock banking, and that institutions like the London and Westminster Bank will he allowed to ex ercise the same legal rights and privileges which are accorded to other banking estabishments. PROFIT AND LOSS, 1840. Payment of the dividend on the 10th Sep tember, 1840, at. the rate of 3/. per cent. £17,918 8 0 Payment of the dividend now declared, at the rate of 31. per cent on the 10th March, 1841 Balance cf unappropriated profits... 17,918 8 0 46,215 3 11 £82,051 19 11 THE SUN, LONDON, THURSDAY, MARCH 4, 1811 A meeting of the Shareh riders of the abeve Bank was held yesterday at their premise s i n Th rogmorton-street. P. M. Stewart, Esq., the Chairman, and the Directors, entered the Court-room at one o'clock. The CHAIRMAN sail that was their seventh anniversary, and the Directory had great pleasure in meeting the Pro prietary on that occasion. Indeed the taf,ener the Proprie tary of a prosperous inst!ta ion like theirs met, the less they would have to say to each other, except through the medium of the Report and the balance-sheet, which they were prepared to lay before the Proprietors. However, on the present occasion there were orre or two points to which he felt it his duty t 3 call their atter& on. It was exactly on the 10th of February, in 1834, that tae London and Westminster Bank was first fcrinded, then leading the way in London as the parent institution of Joint-stock Banking. It hal always been useful for them to bring to their re. collection the obstacles and hindrances which had been thrown in their way as a banking establishment. The Le gislature encouraged them to go on, conceiving that the principle upon which they asked to be established was safe and sound. But the haste with which their Bill was necessarily hurried through Parliament, they found to their cost, hod occasioned the leaving al;ve some snake?, in the grass which they had to contend with. He was happy to say, that although they had attacked their .c: stale, and they had not succeeded in altogether strangling them, they had scotched them wad rendered them harm less.—( Cheers.) He would mention three of the greatest obstacles which had come in their path, and most f)rmi d&ele opposition they had given. When the narrow limits of banking were broken up, when they were told chit they were to have no limits is the numbeis of their proprietors, they had no idea of the hindrances which they had thrown in their way. The Legislature said they g news ats d and th e y pureued tht it busi_ manner. When they a ppli e d to mi s o u chh2s i i n ne a haziness a a s tion beakers, 4 Parliament for the powers necessary to do so, for the power of sui ing and being sued, they could net obtain it. The House of Commons granted the privilege, but those con cerned fie. the Bank soon found that i , would be a per_ fectly useless expense to carry it further, for they would have met v. ith obstacles that would have proved instirmount Me. The next privilege they exercised as bankers was that necessary one of accepting, bills. Now, did any one ever suppose that they could ex ercise th i• cf bankers without the power of ac cepting the bills of their customers? They had exercised that privilege, but at last an old statute was found out which was against them, aid they were prohibitel from doing so any longer. Upon that the common sense of the country came to their aid, and though it has a hindrance of some account, it was not such a great one as was to he expected. The next hindrance to their business was the ir exclusion from the clearing-house. At every mece ing that point hal been mooted. They had done their best—they had exerted the utmost perseverance, yet with the utmost peacefulness. They had tried by their con duct to prove that it was not only prudent, but that it was just, that they should be admitted to the privileges of that House. He belieted that there was some difference of opinion among the body on that point. Still they were excluded from all the benefits of the clearance. It was a most unexpected hindrance, and the more so because it showed a littleness of spirit that could not have been anti cipated by any one. That house was established for the private advantage of banking, and was, if anything, rather ag inst the interest of the public—it was a sort of breathing house for bankers ; a place by the means ef which they were enabled to transact the immense amount of their aggregate business with a comparatively small capital. That being the case, any ba .k in London con ducted on a respectable footing, and doing business in a fair manner, ought to be admitted to all the privilege s of that house ; yet that priti'ege had .been denied them. These Vere the principal points of disadvantage they had laboured under, and he had thovg'et it right to mention them at the time when the whole state of the banking busi ness was unchr consideration. With respect t 3 the other disadvantage ender which they had been labouring, viz. the extreme pressure in the money market —that pres sure had been very hard during the last year, and indeed almost ever since they had been established--the Proprie tors would be pleased to hear that they had been able to steer their way pretty clear. At that period, it was iieedless for him to say much in favour of the princi ple of joint-stock banking. In 1834 they had hpgun, and since that period there had been eight stop pages of banks founded upon that principle, from only two of which were the public likely to sustain any loss ; that was a proof that the London and Westminster Bank was founded upon fair principles. In 1834 there were in the country 32 joint-stock banks, now there were nearly 100. In London, in 1834, there were two joint-stock banks, now there were sixteen, including the branches. There had been no disaster in London fom joint-stock banks; it was his painful duty to allude to two instances which hal oc. curred during the past year which showed the false, hollow, and decepttve system of private banking It wag but fair that he should allud e to t h ose instance—( Hear, hear)—for it proved the soundness of their own principle. In one instance, from the system of secrecy pursued with regard to the proprietorship, in place of six men being en gaged with their respective capitals lodged in the bank, it turned out that there was only one solitary individual in the Company, and be without any capita all.—( Hear.) In tLe other instance, the principle on which they were established was fully proved. That failure had arisen from private partners being allowed to use the funds of the bank in various speculations. Joint-stock banks could do nothing but bank.—(Cheers.) He mentioned those facts, because the time wes now at hand as hen the hin drances under which they laboured were to be remedied ; therefore he was anxious to show that there could be no denial of the soundness of the principle upon which they acted. There was now a Committee sitting for the pur pose of taking the evidence of witnesses respecting banking, and there would be Committees sitting now until two great questions were settled, viz., the settle ment of the Bank of Ireland charter, and the renewal of the charter of the Bank of England. With regard to the evidence given last Session, he could only say that it filled a large, a long, and e very blue book —it contained nothing of the slightest v due. He had looked it through most carefully, and he could find in it nothing but the philoSophy and, he would add, all the folly of the present system of banking.— ( Hear, bear.) He could find in it no practical evidence whatever. He admired the theory of the evidence, but he would scout its practical bearing. He alluded to these matters because it would now become their duty to offer witnesses to give evidence before the Committee, and now was the time for them to effect the removal of the hind rances to which he bad alluded. .Notwithstanding all those hindrances they had gone on their way in a quiet and peaceful spirit; latterly they had met with more cour. tesy, but that courtesy had led to no practical results. However, notwithstanding all these things, the Directors had been doing all in their power to maint a i n t h e in terests of the Proprietors, and to prove that position he would come to a consideration of the Report which was laid before the Proprietors. It wag well known that a great deal of the pressure of 1839 existed in the money market in 1840. and although money was what was called tight," the interest of money was not proportionably high; they had, therefore, totusband th e i r resources, and. he hoped the result which would be shown in the Report would justify all the Directors had dont in the eyes of the Proprietors. In the year 1835 the first meeting took place at which he bad the honour of appearing before them as one of their Directors. It the year 1835 the profits of the concern were 8,400/. ; in 1836 they were 15,0001. ; in 1837 they were 32,000/. ; in 1838 they were 35,000/. ; in 1839 they were 46,000/. ; in' 1840 they were 48,000/ ; and in the present year they were 48,900/..'or 49,0001.—(Cheers)— and during the last two years the 2,0001. a year allowec to the Directors might be added to the profits of those two years, which would make the profits upwards of 51,000/. Then with respect to their dividends, up to 1839 they had paid 5 per cent., and now they paid 6 per cent. 1n1835 the reserved fund was 12,000/., in the present yea it was 46,0001.—(Cheers.) All these results had beer, obtained from the pure banking principle.—( Cheers.) There were two points in the Report to which he wishes to call the attention of the Proprietors, and to obtain tbei sanction. The Directors now having plenty of good busi ness, had conic to the resolUtion of issuing 10.000 more shsref, for the purpose of raising the capital of the Com pany from 597,0001. to 800,0001., and those shares were to be given to the Proprietors at par, ir proportion of one share to each three now bele . by the Proprietors. _(Cheers.) He thought be was justified in saying that if this additional capital was raisec, they would be enabled to do a proportionate quantity of, good sound business, and that the Diiectors would be en- shied to reader to the Proprietors as good an account a. they had done at the present m oment.—(Cheerr.) 1636, their profits varied from 15,0001. to 32,0001; by the power that had been given to the Directors, the capita . which up to 1836 was 245,0001., was raised in April of that year to 400,0001., and, by the a dditional shares, that capital was further raised to 597,0001., the result of which was, that their profits, which were before thet period 15,000/., had advanced to 32,000/. in 1837, and from that peri ,d they had increased gradually. fle was, there fure justified in saying, that with the prospects they had before them, if the capital was raised to 800,000/. they would b( enabled to give a most excellent account to the Proprie tors, and they would be enabled soon to give an increase( dividend.—(Chee rs .) With regard to the reserved fund, he knew a r t e6p in,catstiboteritsinstitutioii principle;a discussionndif any questio n had taken nlaea with should be put on that subject, he should be glad to answer it; the Directors h a d no t go ne blindly to work with respect sound ountdhe principle resery f reserved oprrofiatrsowfionrg institutions like no purpose. It w the present to have a reserved fend so as to prevent a fluctuation in the payment of the dividends to the Proprie tors--(Cheers)—and that was the principle upon which the Directors had acted. He had nothing further to trou ble the meeting with before the Report was submitted far their approval. The statements he had made to the meet ing were the results of pure banking, in the country, and he hoped the time was not far distant when all the snakes in the grass would be destroyed, and the ground made clear for the unfettered exercise of that great business which was of such essential impor'pnce to the country at large.—( Cheers.) The following Report and statement of the affairs of the Company were then read : REPORT OF THF, DIRECTORS OF THE LONDON AND WESTMINSTER BANK, TO THE SHAREHOLDERS, AT THEIR SEVENTH AN. NuAL MEETING, HELD ON THE CANE rnEmisEs, LOTH. B URY, MARCH 3, 1841. Patrick M. Stewart, Esq., in the Chair. The Director; have much pleasure in rve._l: ti-e Share. holders at their Seventh Annual Meeting, mat in reporting that the business of the Bank has proceeded, during the put Balance of unappropriated profits 81st December, 1831.) Net profits of the year 1840, after defraying the total expense of management, includ ing payment to Directors, and making provision for all bad and doubtful debts 48,951 810 £82,051 19 11 __— Balance brought down £46,215 3 11 Mr ISAAC COHEN rose to move the adoption of the Re t. He expressed his great satisfaction at the progress they had made during the last year, notwithstanding all the difficulties the Directors had to encounter, and not e itbstanding the derangement that had taken place in the mercaptile interests of the country. Uncb.r such circum stances he thought great credit was due to them for the manner in which they had conducted the affairs of the Bank.—( Hear, hear.) In no instance had the profits of the Bank been diminished in any ono year. He happened to have a personal knowledge of very extensive money transactions, and he was gratified to state that none of their Directors, or o th er part i es conn ected with the Bank, had been borrowers of money.---( Hear, bear.) That was a great proof of the judgment and discretion with which they had conducted the affairs of the Bank. With regard to the increase of capital, he, for one, would have been far more pleased if it had been increased to one million. Having already had satisfactory proof of the manner in 6 hich their affairs were managed, it was in itself a sufficient security that the increased capital would pay an ample disidend, while it formed a security to the public, which was so necessary in times like the present. He believed there would be no dissentient regsrding the proposition of the Directors, and he was so satisfied of the continued prosperity of the Bank, that he should have been glad if the capital wore increased 200,0001. more. Mr. LUARD seconded the motion, and he could not sit down without congratulating his fellow-shareholders on Vie advantage of being connected with so excellent and profitable an undertaking. Mr. MAtmst.Ev said, before the question was put be wished to make a few observations. He fully agreed in the observations made by their Chairman, whose zealous and indefatigable exertions in promoting the interests of the c ancern were admitted by all, as to the benefits and advantages which were likely to result to the community at large from the establishment of joint-stock banks pro perly conducted. It was equally certain that they might oecome mighty implements of mischief, fraught with the greatest danger and inevitable ruin to all those concerned i t them, unless they were conducted on principles of the greatest economy and fortnight. Now while he received with implicit faith all the statements of the Directors (for he could not call it a Report, it was merely an abstract), he for one was presumptuous enough to think that it would have been far more satisfactory if the Directors had laid before the Prr prietors not an abstract, but a detailed state ment, of the accounts of the Bank. It would seem from the Report that the less they knew of their affairs, while the result was satisfactory, the better. He, however, be lieved that the more they knew of them the bean -they were all aware that unlimited confidence begat neglect, and their affairs would get into a state of confusion. He believed no detailed account of the income and expenditure had been sent round to the Proprietors since the year 1835, and then it was obvious that the plan gave the greatest satisfaction. He had observed in the Morning Herald a statement. which be thought required some explanation, namely, that at their Whitechapel Branch there had been a very considerable defalcation, and that the manager had been found making fraudulent entries in the books, and had been engaged in transactions with a fraudulent creditor, He wished to know whether the securities of that gentleman had been found sufficient, and whether he had been removed from the management, be cause it was clear that he was totally unfit to be entrusted vvi'h such a situation?—( Hear, hear.) He should like also to know if these liabilities with the Northern and Central Bank, which in 1837 were stated to be sufficient, had been fully satisfied and discharged ? He wished also to know whether the debt upon the building in which they then were had been discharged, or if it was in course of liquidation? It might be considered impertinent, but he would wish also to be informed whether they had a surveyor at present receiving a salary from them ? He would be glad also to know what was the rent received for the offices let off from their establishment, as private report bad it that they were considerably underlet. He was no judge of these matters and knew nothing about them personally, but they were questions of serious consideration to the shareholders.—( Hear, bear.) He now came to another enportnnt matter—he had agreed to the necessity of ie.ving a detailed estimate instead of an abstract. They all knew by experience that a body of men picked out from the most respectable in society, who one and all, would scorn to deviate from the strictest principles of in :.egrity individually, committed as a body acts which indi vidually they would repudiate ; therefore, it was essential to the Shareholders to know on what principles the in 'ricate departments of the establishment were conducted. The Shareholders would recollect that they had a large number of agents in various parts of the town, and they required a good deal of supervisi Ai and superihtendence. N.iw, in order to know what they were doing, he should iike to know what were the law expenses of the past year. Looking at the Report made in the year 1835, he found hat the law expenses amounted to the sum of 2,880/. In 1837 the law expenses amounted to 2,685/. is., making n th.i two years, not consecutive—the sum of 5,565/. Is. ,pent in law. Was not that enough to show the necessity if some inquiry into the expenditure? Since 1837 the Proprietors had had no statement upon the subject. Now is did mean to say that he could not understand why in , uch an establishment there should be more cats than there were mice to catch.—.(Cheers.) He hoped he was of trespassing. too much upon their time, but with such enormous expenses for law business, he would put it to the Proprietors whether it would not be better to lilve a solicitor of their own at a fixed salary, who should do all their business, and so not only control expenses, but prevent unnecessary ones. Another point to which widied to direct the attention of the meeting—he thought it was a most important principle that the Direc tors should be prevented from voting away any money to parities or. otherwise without the direct sanction of the Proprietors.—( Hear, hear.) He saw by the newspapers ,hat they had voted the sum of 1001. to the Clerks' Pen ;ion Fund—(Cheers)—and by mere accident he had arned that they were subscribers to two other charitab l e `unds.—( Hear, hear.) One, he believed, was the 80,- Ington Charity School, to which, they were subscribers of i/. 2s a year, and the other he:thought was the AdeNside Bounty Fund for 11 Is. God forbid that he should be he one to put a stop to cha'ity ! He was only anxious , hat such an abuse as it might become should not enter nto their Corporation. Having said so much, he would feel called upon to move the continuance of the subscrip ioni. It was not the money, but the principle that he contended for, because it was one of which he felt great apprehension.—(Cheers.) He was about, again, to touch Apon very delicate ground—he felt great respect far the Directors, and would not wish to say one word that would ppear to reflect upon them; but he believed that they cure self-elected.—(Cries of "No, no.") He did uncle% :tend there was to be an election that day, and he would sillingly vote for the re-election of the retiring Direc ors, but he had never been canvassed for any vote, and . . _...... le was anxious for open election, so that they might ob 'sin the assistancs; of new and able men, and new princi- Jles.—( Hear, hear.) There was no corporation in the City that was not much abused where the election was close. Again, when such mighty matters were to be set tled, and such immense accounts to be made out, was it lot strange that there should be no auditors? Was it possible that Mr. Gilbert could make out such complica , ed iccount4, or was it to he expected that the Directors could audit them ?—it was too much to expect it —( Hear, hear. hoar.) He was about to trench upon even more delicate ground than any he had yet gone over, but be wished to call the particular atten tion of the Proprietors. They would all recollect the disastrous failures of the two private Banks, and the causes which led to their ruin. Tney would remember the disastrous and ruinous consequences which followed the Guildford bankruptcy —they would remember the case of the Northern and Central Bank where the Di rectors were found to have been accommodating ca , •h other to the most unlimited degree.—( Hear, hear.) He would submit, without in the least referring to the pre sent Directors, whether it would not be very satisfactory if the Directors could suggest some means amongst themselves for the security of the Proprietors, by which the advances of money to the Directors should be regu lated.—( Hear, hear.) He knew that it was a delicate subject to trespass upon—(Cheers)—but he had thought it his duty to throw out the suggestion—he ha I only tp beg pardon for trespassing so long, and be hoped lie had not said one word which would tend to cause discord amongst the Proprietors.—( Cheers.) The CHAIRMAN said it was the feeling of every one of the Directors, and also of every Proprietor present, that they were deeply indebted to the Hon. Proprietor for the questions be had put. H was, because he felt that he could respond to them !vest f , ati.fuctor,ly, ac:.' that ii ar,wers would estahusn tae Directors still mote firmly in the eonfidoneo of the Proprietors. The first question 1 was as to the detailed accounts which were wished to be laid before the Proprietary, and the Hon. Gentleman al luded to 1835, when accounts were presented, That ques tion had been mooted at several meetings, and the answer then given he hoped would prove satisfactory on that oc casion. The Directors were responsible for the accuracy of the details of the accounts laid before the Proprietors, and they thought it proper that they should net proclaim to the public and to rival establishments more of their affairs than was absolutely necessary. With regard to Mr. Rees, the Manager of their Eastern Branch, he had purposely abstained from taking notice of that in the statements he had made at the opening of the meeting, in order that he might give a moat explicit statement to the Proprietors on the subject. Mr. Rees, the Manager of the Eastern Branch, had been a material defaulter, and when that was discovered, the Directors took all the precaution, which they always did, to guard the interests of the Proprietors, and the result, he was happy to say, was that they had made good their claims against the securities of that individual, and he believed no loss would take place from that transaction to the Com pany. The moment Mr. Reel's delinquency was detected, he was suspended, and his transactions suppressed. He had a melancholy pleasure in adverting to Mr. Rees's delinquencies, because they acted as a con trast to the conduct of the other six Managers, who had the entire confidence of the Directors, and had no doubt would always have it.—(Cheers.) With regard to the northern and central liabilities, be was happy to say that that had turned out a good investment, for they had got all their money, together with 5 percent. —( Cheers.) With regard to the building, the original demand for it was 48,0001. ; but, by some slight legerde main on the part of the Directors, in applying the purchase of shares to the liquidation of the expense, that sum had been reduced to 30,000/., and he thought the Prop, ietors would admit that that was. a good investment of their money. Mr. MAUDSLEY wished to know if he was to understand that that amount was not paid; and if it was not, whether it was in the train of payment? The CHAIRMAN said that the whole amount was priid --(Cheers)—and added to which all their tradesmen's bills acre paid—(Cheers)—and the annual.rent the Dl rectors received from their offices was 7701.—(Cheers. ) As to the law expenses, they had been great, be admitted, ie 1835 and 1836, but that expense had been incurred in procuring their Charter, in their law suit with the Bank of England, and in obtaining their Act for sueing and being sued. note expenses exceed 5,000/. but this he would venture to say, and it augured well for that,Corepany, that within the last half year the law expenses had nct exceded 150/. for the present Bank and all its branches.—( Che e.s.) It was said i a his coanty that a burnt bairn dreaded the fire—(Laughter) —and acting upon that principle, the Directors had avoided law at much as possible. It was, in short, too vulgar for them.--( Loud laughter.) Then as to the charities to which the Honourable Proprietor had alluded—they hal certainly emit ibu'ed 100/. to the Clerks' Pension Fund, and he thong it that every P,-oprie tor would admit that they could not have done bet ter wit their money, because, what was t'.e obj,et of that excell-ht society? It was to provide for disabled clerks of brokers in London. The Ba ift of England hal given 5001 to that Institution, and he believed every Batik in the City had given the same sum that they had.—( Cheers.) A 3 to the Directors being self-elected, he believed the Hon. Proprietor was convinced that such was not the case, shortly after he had made his statement. The Directors that went out by rotation were in the hands of the Proprietors, and any gentleman aspiring to the honour of a s:•at in the Direction, by giving six weeks' notice would be compe tent to be elected. In allusion to the defalcation of Mr. Rena, the Hon. Proprietor had observed that he considered some strict superintendence shouli be bad over the different Managers. Now with respect to that he could-assure the Han. Proprietor that there was a responsible visitation every day by some of the Proprietors, to all the branches connected with the establishment. With regard to au diting the accounts, he begged to state that every week there was a Committee of Directors to audit every ac count, and they had in the result of the accounts submitted to the Proprietors the weekly stamp of the Directors upon it. As to the list point to which the Hon. Proprietor had adverted—the advances made to the Directors—he could assure him that they were treated as the common custom ers of the Br.nk were, and no accommodation was given to tl.em further than was given to the other customers of the bank. He believed now that he had answered all the questions put by the Hon. Proprietor, and he trusted that ibove answers had been satisfactory.: Mr. MAUDSLEY observed that the worthy Chairman had satisfied him upon all the subjects he hal adverted to ex cept two—one involved the principle of their voting away money for objects of charity without the sanction of the Proprietors. He had no objection to the Directors being charitable, but he thought they ought to make some pre position at the gene-al meeting for that purpose, and if they did so, he should not oppose it; but he did not like the principle of the Directors giving away the money of the Proprietors without the sanction of a public meeting. It appeared also to him, thit as far as regarded their pre liminary expenses they ought to have a detailed account, and not such as had been produced that day. The CHAIRMAN said, that the items which had been given away in charity were very small, and he was pre pared to justify every one of them. The resolution for the adoption and circulation of the Report was then put to the meeting by the Chairman, and declared by him to be carried unanimously. On the motion of Mr. SAVAGE, seconded by Mr. MAD DEN, the cordial thanks of the meeting were unanimously voted to the Directors fur their successful governmeut and management of thelbank:during the last year. Mr. HARDY moved that the three Directors who went out by rotation be re-elected, namely, Sir Thos. Freemantle, Bart., William Haigh, and Jos. Esdaile, Esqrs. He bad known the Hon. Baronet, Sir Thos. Freemantle, far many years, and bad the highest opinion of his character and in tegrity; and, indeed, the experience they bad already bad of his zeal as one of the Directors of the Company, was the best e irnest of what Plight be expected from him in future, and be felt much pleasure in coupling with him the other two gentlemen. Mr. MAUDSLEY said he might be interfering with some other gentleman, but &ter the observations he had felt it his duty to make, he should take the liberty of seconding the motion as the hest praof he could give of his continued con. fidence in the Directors, and of h►s satisfaction at the state ment that had just been made. The motion was then put from the Chair and carried unanimously. A PROPRIETOR. then moved the thanks of the meeting to Mr. Gilbert, and the Managers and other Officers of the bank. The motion having been seconded was carried unani mously. General ARMST R O NG moved the thanks oPthe meeting to their Chairman for his zeal and alention to the interests .f the concern, and his conduct in the chair that day. Mr. MAUDSLEY seconded the motion, which was carried with acclamation. The CHAIRMAN briefly returned thanks and the meei ing separated. STEAM NAVIGATION TO THE WEST INDIES. —On Thursday last, the first of the splendid lie of steam pa , ka ts, intended to carry the mails betwixt tips country and the West Indies, was launched from the building-yard of Messrs. Duncan and Company, at Greenock. This vessel, which is sixteen hundred tons burthen, has been named " The Clyc'e," and is described as having a most perfect model. Her engines, made by Messrs. Caird and Co. are in readiness, and will be put in without delay. There are at present six of this line of packets, all of the same tonnage, building on the Clyde ; tour at Greenock, one at Port-Glasgow. and one at Dumbarton, and there is also one at Leith. Glasgow Argus. Our readers are aware that a boring has been carried on for several years in the yard of the abattoir at Grenelle, with the hope; of obtaining a perpetual supply of water. On Friday afternoon the boring instrument, after attaining the enormous depth of 560 metres (1,837 English feet), reached the water, which immediately sprung up in abundance from the top of the bole. The water, as was expected, is warm, the heat having been observed to increase gradually as the bore was carried lower. This operation which has cost the city of Paris 160,000 f., resolves a highly interesting problem of prac tical geology, and confers high honour on the engineers and men of science under whose patient superintendence it has been conducted. —Galignani. HORTICULTURAL SOCIETY.--The ordinary meeting was held on Tuesday afternoon; Dr. Henderson, Vice-President, in the chair. A' communication was read from Dr. Horn, on a simple mode of destroying slugs by gal vanic action, consisting merely of a plate t f copper and zinc in contact, and which was found very destructive to them when they touched either. The show of flowers was very good, amongst the most prominent being a collection of byte. cinths in pots, planted in charcoal and sand, which had been watered by solutions of different salts of ammonia and other salts. These bulbs which had been supplied with distilled water flourished well, whilst all the others were stinted in the growth of their flowers or leaves, showing that this bulb does not improve under artificial treatment. A very fine collection of camellias was exhibited by Mr, Lumsden, gardener to Henry Bevan, Esq. The only fruit exhibited consisted of some fine lemons from Mrs. Har wood, and some of the physa'is eltdis from Mr. George Dowdeswell. POST-OFFICE ROBBERIES.—We really know not what to say to our subscribers, or how to act for our selves, in reference to the atrocious robberies of their pro perty and ours, perpetrated—and hitherto with impunity_ in the Post-office department. It is true that, ashen we prefer letters of complaint to the proper authorities, appa rent inquiry is made, and courteous reples given ; but the evil is never checket nor is any satisfactory explanation afforded, with the exception occasionally that a paper had been missent. Surely the proprietors of newspapers are as well entitled to protection as the mere senders of tell', seeing that we pay such enorroou, sums into the coffers of the revenue. We really t. , :iuk the n-w-paper proprietors, in justice to themselves and their subscribers, ought to hold a meeting in Dubin, and agree: upon a pe tition to Parliament, praying relief from tho grievance Under which they suffer. As fir as this establishment is concernol, we are c-il,able of , ig iegnl evidence, and upon oath, that the paper of evki— subseriuer is regu larly put into the General Po,,t-office on the night, of publication, so that the abi!rac'ion mu,t of n-iics=ity takii place there or in the provincial booich,s. Wo di 1 not ceive the Argus weekly paper, due this morning ; the Standard missed twice last week ; and the Court Gazette (weekly paper) retches this office about once a month. We are ourselves fellow-sufferers with our suhs7rib , srg from the effects of robbery in the Posr-offiee. Evening Mail. DREADFUL MURDER.-01: To, , mlay morn ing the body or an discoveretl. near Lord Ely's gate, on the Dodder, shockingly m u . t lated. His throat was nearly cut across, two stabs in th e jugular, a la'-ge cut on the forehead, and a deep cut on the top of the head.—Dublin Evening Mail. c ANOTHER CHALLENGE . m, ---ine Rev. Tresham Gregg, of platform notoriety, is now in Belfast, and by way of ooffitw hieowlf into notcriety, he has., tve ender- Df. COG11:0 to a public discussion, oa 5110 subject of the itteligioas tcoLictiev uatiou4,l system of education.—Northern Whig. • MORNING EDITION• TURKEY. (From the Journal dmne of the 9th ult.) eh , CONSTANTINOPLE, FEB. 8.--1 here wa.: on Thursday , 4 re tl i i go in A sta ff n ai t r , s a , beeontwfeereennctebeat Ambassadors b H as o sa te d l or o s f tohie Minister for r e s: and his Excellency Reschid Pacha, who is en h u e re l l ' Y ourrecr E erepci for that meeting, but there is every reason to believe from his indi,position. Nothing transpired as to OS ro.- it „Lat. are , ferred to the exami na ti on o f th e d e fi n iti v e conditions whi c h v „ t to be imposed on M e h eme t Ali, i n or d er to establish in E i Cr p the basis of a wise and moderate Administration, capable, tn ` , word, of ensuring the pr os p er ity an d we ll-being of that coup_ The ceremony of the Kourban-Beiram took place on the 9tr in Sultan Hamed's mosque with all the customary r in P . Ma,cnificent weather favoured this ceremony, which attrate.d, as usual, a prodigious crowd, and at which were present the Russian Legation and the Consuls of the Four Allied Rovers; Alexandria, who are at present at Constantinople. Th e f t of the Kourban-Beiram lasted four days. es Allusion has been mad e f or som e time past to the meow' which the Government intended to adopt, in order to pr e/ f:j the forgery of paper money, a nd which wer e anxiously exPeic'in by all classes of the pop u l a ti on , es pecially by those eng s g eu d trade. These measures hav e j us t been published by mean - the following note addressed to the different Embassies : "TRANSLATION OF THE MEMORANDUM. ADDRESSED TO DIF'FERF.NT EMBASSIES, RELATIVE TO TREASURY Bows. " Notwithstanding all the care which has been taken to per" vent the forgery of Treasury bonds, issued in the shape ofP s „ ' forced notes have a ga i n be gun to circulate publicly. As: CO T siderable injury must ar i s e ther e from, the Porte, wi shing e : suppress that abuse and to prevent the fatal consequene_ thereof, under the auspices of his Highness the Sultan,b; declared that the Treasury bonds would be printed in another form, so as nut to admit of their being forged; that the Woe diate alteration of the notes in circulation being diffi c ult, th i l would be exchanged for printed ones as they reached t'i r Treasury ; that as it is difficult in the provinces to make use those bonds and to distinguish the genuine from the forg_ once, which seriously affects the populations, the *Tido:, printed notes, whether old or new, wouA net cirCulate in .T. shape of cash but at Constantinople, and that they would r paid off at the dates they respectively became due ; bu t that' : the provinces they would he of no value for the next thhrsof months, to commence from the Ist of Zilhidje, 1 256 (24t January, 1841.) The competent authorities have been informed tber We send the present official memorandum to your Excel 1e in- as we give one to the representatives, in order that he be t y formed of this measure, and communicate it to the merel,o% in Turk y.—Constantinople, 3 Zilhidje, 12,56 (Jan. 2 6 , 18411 THE TURKISH AND EGYPTIAN FLEETS.. „ u Yager Pacha (Admiral Walker) left Marmorice on the 4thi; inst., in the Mahmoud, preceded by the other ships o f re a Ottoman fleet, reached Bisika Bay on the 7th, acrdat the Dardanelles en the Bth, on which day the Tahiri B.P—new. ' Ottoman steamer, arrived from Constantinople, bringing e f te r, apparel for the Turkish seamen, in order that they mays t ine shifting their clothes and riding out the established gu ars° from Egypt at Lapsarus, enter the Golden Horn together. sot The l ahiri Bahri continued her voyage to Alexancirial ' had : n Officer of State on board, bearer of the firma ° p a firriiiiig upon his Highness Mehemet Ali the hereditary' chal c of Egypt. t o fri- By the last accounts from Alexandria we learn tha t free gates, two corvettes, five tran<ports. and stearvers have otE despatched to Gaza to convey to Alexandria the von te L . a nd baggage of the army under Ibrahim Pacha ; and a corv el— d r s ' a brig of war have been despatched to Candia to Wit h troops from thence.— Malta Papers. EGYPT - - ALEXANDRIA, FEB. 7.—The English steamer Stiles arrived here on the 28th ult. from Gaza, and dePar te olis• morning for Syria The Carysfort sailed yesterday for t for The French Corvette Diligente sailed on the 2cl the Levant. c ar- Within these few days three Egyptian men-of-w as on tr vettes, three brigs, and two or thr ee transports with 8 0 i t nition of war left thi s p or t, a p ar t o f th em f o r Gaza of part for Candia. The Tuscan steamer, Hajji Baba sal' t the thi. sth, it is said, f or C onstan ti nop l e . W e have in Yoram French frigate Ambuscade and the French steamer bo ss Syria and Malta of the 4th inst. The latter brought a 160,000 dollars for our merchants here. tbtt The latest news we have received from Syria states los o everything is quiet, and tranquillity now reigns. S ° Pacha has been f o r the l as t wee k i n Cairo. 4 fig The Ist, 2d, 3d, and 4th inst. being feast days in . 0 5 every morning, at sunrise and at noon, all the ships 13 10 u royal salute, and those of the line were beautifully drelsc u with flags, &c. Mehemet Ali has sent two regiments into the enul hlf°r the purpose of cultivating the land. 0 11 The plague is dying away. We have not had 1 110 10 four cases in one day, and these of Egyptian sailors ; only one case, and from two to six days we have not ha k a yo gle one. Should it 'continue so we may say we have plague this year. SMYRNA. SMYRNA, FEB. 9.—The Austrian war-steamer 1%/•• , ,, r iogs, no arrived on the 7th f rom M armor i ce , f rom w hence it " d news of the sth. Admin.' Walker (Yaver Pacha) tered that bay (wh ere th e Ott oman fleet was unitecl)'leol superb frigate N u - re tiy e , w hi c h h a d me t w i t h a v iolent g t a o t bs wind during the passage, which caused serious damatt e m s rigging. On account o f th at acc id en t h e h a d to shift" on board the Mahmoudieh line-of-battle ship. Ai lef t On the sth a portion of the Ott om a n fleet had & hr.- , It .Marmorice Bay, and was proceeding to ConstantinoP le ' must have set sail at the present hour. Admiral Bandeira, commanding the Austrian disisioatif to waiting every moment for the Venus frigate, on which 1e It hoist his flag, in order t o sen d th e M e d ea b ac k to Tries ~' i r o# is thought that he will come immediately afterwards to SO, • i with a portion of hi s vesse l s . It is also thought that C ommo d ore N ap i er w ill not del$ o 6 coming to Smyrna with one or two British velo els ;, ls o/ others will return partly to M a lt a an d par tly to Syr"' Smyrna Journal. MALTA. --110 • MALTA, Fan. 19..—The Alecto brought from 4 `, -- „ s s°' 1,250,000 francs, shipped by M. Pastre and other °_,°- la that city, which was transferred to the (Great) Lilerv;, - 4 , Alexandria. Several shipments of specie were effectteoe merchants in England and this island on board the salue 6 voi etis to a considerable amount, and are, we understand, in 14 , : lisert of produce purchased from the Pacha of Egypt, who i° 00° ing all his time and attention to trade and agriculture; n d pursuits he will no doubt find more profitable than war vastation. The Carysfort, from Alexandria, and Wasp, f ro m p t a ll e : Marmorice, with Lord Exmouth's yacht the Flower of ; yo( 1 , row, from Marmorice and Athens, arrived on the 15t •p°' her Majesty's ship Dido, from Marmorice, during the u l o tllt the 16th instant ; so that no less than twenty British Pe : n besides five French steamers, are in port; our harbour ' 5 than it has been for many months past. t The Peninsular and Oriental Steam Company's of Dublin, from Corfu, Patras, and Zante, and the (_,., Liverpool, from So u th am pt on , F a l mou th, an d Gibralta r ' rived on the morning of the 14th with the mails. , or The Abercrombie Robinson transport, with Colonel 13 , i ton, 16 other officers, two officers' wi ves , 606 non -c ° f the sioned officers and privates, 41 women, and 88 ehildr en t :Oe r 47th Regiment, sailed for Barbado es o n th e 13th instsn vi cos, Majesty's ships Bellerophon, Impl aca bl e , G ang es, ton ,„ t , so; (steamer). were admitted to pratique on the 14th ins' - ,411 11 on the 16th his Excellency Admiral Sir Robert Stopf o r performed his quarantine in Fort Manuel. (From the Malta Papers.) Slurs Ix PORT —The Princess Charlotte, 104 (he l° l2 ' flag of Admiral Sir R. Stopf or d, G. C. B. , G. C. M. a ) ; D O, , 6 (bearing the flag of Rear-Admi ra l Si r John Lotto , l ooP" . • Ganges, 84; Thunderer, 84; B e ll ero ph on , 78; 1 01 ;03 0 ' 74 ; Edinburgh, 72 ; Carysfort, 36 ; Rasp, 6 ; M°o l 3,lel' con : steamers, Gorgon, Hyd ra , Al ec t o , C on fiance, f r ee Acheron, Locust, Prometheus, Phoenix ; and the steamers Meteore, Rhameses, Mentor, and Sesostris. ETON COLLEGE. t i o v some 14 0 it A report has prevailed for days without come virn that Dr. Hodgson, the Provost of Eton, has refused t° Our 6 into that establishment the sons o f C oun t BathYaq' a 113 garian nobleman, becau s e th e y are R oman Catholic s : (off' people on the Continent m us t b e l os t i n won der at "' Our priests and profe ssors exc l u d e C a th o li cs from 00r b igot: versities and schools, where Popery is rampant • 01° e . b and they are many, would pull down INlaynooth cause the Catholic faith is taught in th a t humble etio;aocii r` ment at an ex p ens e o f 8,000/. a y ear , w hil e it c osts 3 ,chor. and Cambridg e fifty ti mes th a t sum , s t o l en , t oo , f r om tha' bit f which the Puseyites now revere as the model of the t l ' en ee° and doctrines. All this is done under the hypocritical PI h e r iogil preserving the purity of the Protestant Church, an" - , i tt•Y the scattered flocks into one fold ; yet there is no con - fi iol? the face of the earth where there are such swartn , 0f re e ists. We have seven millions of Catholics, anti they a d r i , us er d increasing ; we have Irvingites, and Moronites,_ a n „ _ t a n i ites, anti Johannah Southcotites ; we have Banter O.; Jumpers, anti Quakers, Socialists and Anti-Secialis rob', arians, Trinitarians, and Everv-thing-arians, to the hot ilit) some seventy or eighty different sects, ail in or il t this paragon of perfection. STATE OF TRADE. is (From the Manchester Guardian.) • d o g MANCNESTER.-Notwithstanding the activity el A tpeing the Liverpool cotton market, arid the gradually n"va e rste; prices there, the demand for yarn continues very rl3° ;ees and a limited business was done yesterday, at the Pr; s till Inc srcceding week. For goods the derriancl, via r ipting more languid, and some articles, especially 27-ine u cloth and domestics, were currently offered at 1 01 °. ° ', 4e r clin e ' Very lit le busine s s, h owever , was done, ev en at tbli"-r1 on ° and the market w as a l to gether a most unsatisfaete'' for the manufacturers. i MARL Roc-lin/tut FLANNEL MARKET MONDAY, 1 44g 2j th• - To-day we have h a d as d u ll a marktt ' as we hav e " -- „ted ; y( a- ; very little business cf any kind has bee n traniiifsc none cf the chief buyers have attended. Th e °l a d t hat tillers have asked the former prices, but it is suPP,,sen on° those who h a ve been obli g ed t o se ll may have $7 l WO and two shillings a couple less. The wool 513 r,.; undergone little or no chan g e ; prices remain tu and manufacturers buy for immediate use only. adopted s at ,a t n h i e ,7 7: ,a lic. 4 • --------,- - t i t ioil LORD MORPETH'S BILL.-- The Pe. fat o vr L r o o r f d Lord Nlorpeth's Rejstration Bill, and Oga ing .dayr names of upwards of 150 presentation r PIO with " 000 . --, signatures attached. We had an opPur-du ,lie ~ ..f look i n g r,ve r chop W• shipowners of the town, and amongst the latter that ' t bo f lb ,. greate,t sii:poweers, if :,Ot the vor) greatest in d ~ ended world. Oi• Monrtay ovetori Lord :Statile, PleseL.,3:sted of the leading merel.-4 .400 petition from Belfat iti favour of his own 13;11, and .-- - bile that 'tee 1.607 irid,i;iva!s on whose requi,ition H,Plueld l meeting had been convene', represented comrnerCX bal e Property to the amount of 1,160,000/. ' o ust no means 01 making anything like a gue,:s at the 0 0 0 of property represented by the me: ch ants and ship os 4 so whose names a ,- e , attached to the Liverpool petitiem b'ollif Nave no doubt whatever that it would he sufficient "" t 4 ..„ „ e , , to purchase the 1,607 r,quiiitioniits out a nd out. mortg iye;k: ,- 1,(1„ but would also buy the grea test p art of Ltlst .e , • Liv,/puo/ Met( tag. We a re THE BISHOP BRIDGE AILIRDEB•-- 0401 happy to say that, through the persevering thoug h t out exertions of the authorities of the Shetitr's dePariceicoy in this city, Patrick Redding or Aitken, implicated in the murder of John Greee, the gaug e !..t.. taker' " the Edinbor,eb and Glasgow Railway, hss been t . • 01 7 ~,,ht, I , ' custody. and was E.My le:iv'? ~ ,ti Sai.o.day ...t.,-.,a.,,,,iti, Prisof. tf Glasgewe lie v fi b - ..,0-...— , 6 in EnglittA 61 "' -Herald. a person . r roa