The Express.
London, England, 1864-09-22 00:00:00

BANK OP ENGLAND.-!THIS DAY.)

Thin day a quarterly wart al proprietors wia held in the
Back parlour, Mr. Blagman D. Hoputou, M.P., governor,
in the chair.

The minutatof the tut meeting hewing been reed,

The GOVXILYOI said—l have to acquaint the court that
this is one of the quarterly courts appointed to be held by
the charter, and that it is also • half-yearly dividend
meeting appointed to be held by the 12th role for
making • dividend. The net profits on the half
year ending the 31st of August lest, ware 650,613
sa. 3d., making the amount of the net, on
this day 3,869,557/. 14e. sd. Aod after providing for divi•
decd at the rate of 5L Us. per cent. for the half the rest
will be 3,022,7601. 4e. sd. The Court of Directors have to
propose that a half-yearly dividend on interest and profits
at the rate 51. 15e. for the half-year, without deduction on
account of income tax, payable on the 10th of October, he
made. That is the preposition I have to make to you.
A Paorairroi said he thought the rest ought to be
made more ►vailable for dividend, so that 6 per cent.
might be given to the proprietors each half.
year. The Bank of England had such • large
capital that it was not as indispensable for thew
to keep • large amount locked up in the way
of reserve as it was for other banking establish.
meats which had comparatively mall capitals. He
therefore thought that a fixed reserve of 3,000,0001. was
' linnet:emery, and that the reserve fund might be made to
I supplement the dividend without in the least interfering
with the high posinon of the Beak of England.
A Pitorturron mid that, both as a propektor himself and
• trustee for others so • considerable amount, he should not
like to see the proposition of the last apn•ket carried inn,
effect, for the rag wee part of the working capital of the
bank, and If they took away from the rest it would
diminish the dividends hereafter. There was, however,
one point which he wished to suggest to the
directors for consideration ; sad that was with
respect to the erne= of rejectang six months bills. There
was • time whea the adoptioa of such • myetem might have
been pendent, but the period bad arrived when the direc-
tors could exereime more discretion in this matter. The bills
of the Indian banks on England and the bills of such banks
as the Westminster and Joint-stock banks were per.
featly secure, and therefore the Bank of England might di*
count those bills in common with others.
Mr. Moult wished to make • few remarks on the rate
of discount which prevailed. This might be a debatable
subject, bolo/hither not a high rate of discount was advanta•
gems to the proprietors, it must have • serious effect on the
mercantile and °outman:id community. Since the let of
January there were fourteen alterations in the rate of die.
count, omillating between 6 and 9 per cent. This was of
such serious importance that it ought to be taken into
consicieration by the directors. When the act of
1844 was passed the rapid development of joint.
stock banks bad not been foremen by Sir Peel
or it. promoters. This metropolis was now the
money-market of the world. Be should like to know
from the directors whether the act of 1644 had not proved
a failure. He also wished to put • question to the directors
with regard to the loan of 2,000,0001. to the Spanish
government, which was made by three persons
who were directors of the Bank of England. It
I was stated in the papers of Madrid that the loan was
gloated by the Bank of England, owing to the influence of
those three gentlemen. He did not ask from the directors
more than an assurance that this matter would be looked
into.

Hr. If cam wished to know whether there was any in.
tuition on the part of the directors to receive money on
deposit an the joint stock banks received it.
The GOVERNOR, in reply, said the amount of the
rest was fixed by the proprietors at 3,000,0001. as
an amount that wu only reasonable onadering
the great amount of business carried on by the
bank. It was for the proprietors to nay whether
that amount should be altered. It was an error to suppose
that the rest was lying idle and useless. It was employed
to the lest penny in making dividends. (Churn) But if
they drew upon the rest to make up • half-yearly dividend
of 6 per cent. in ordm•ry times, it would become
gradually smaller and they would have lase money to work
with hereafter. The Bank of England had not only to
deal with their proprietary, but with the whole nation, who
brought 6.000,000/. or 7,000,0001. every quarter to the
beak. Every man who paid taxes had a right
to know that the money deposited in this bank was
absolutely wife against any occurreness that 'sighs
happen. And any proposition that would diminish that
security would 'be looked upon with jealousy. With regard
to the six months bills the bank did not like to have its
money locked up at • fixed rate for • long
period. But it advanced money at short dates on
the security of those bills, and at the end of three months
they discounted them at the rate of the day. This system
wee found to work well. With regard to the policy of the
act of 1844 t►at was not the pleas to discuss
it He could not say that the rate of di count
charged by the bank was excessive, the object
of the director. being to keep the reserve up to a proper
and safe amount, and that object had been attained. He
had himself a strong opinion is favour of the act of 1844.
The me of descent was raised tot for the purpose of
stopping speculation, but in the interest of the Bank of
England itself. (Hear, hear.) With regard to the
loan of 2,000,0001. to Spain, the Beak of England had nothing
to do with it. (Hear.) The Bank did not impose upon any
howls any regulation as to the management of their own
business. The question of taking money on deposits was a
very large ass, and it attracted the attantice of the Bank of
England directors. There were difficulties in the way of the
Bsak of England allowing interest on deposits, and they would
not take money in that way, at least till all other banks
adopted it as part of their system. Although they were
competitors in some sense with other banks, these banks
were money* their best customers. (Cheers.) He forgot
to mention that, as the dividend this half-year was larger
than that of the preceding half-year, ► ballot would be held
on the 27th inst. for the purpose of warming it.
Mr. Alderman Sivamoita, M.P., bevies praised the direc-
tors for their stile management of the Bank. proposed a vote
of thanks to them ,which was seconded and adopted unani-
mously.

The GOVIRSIOR returned thanks. He said the time had
been • little troublous, they were • little trouble:ins, and
they might be a little troublous ; but he saw no
voiced for alarm as to the future. If the Bank
of England followed the pontos of keeping the
reserve at • oafs and proper amount, if the joint Mock
banks acted with the discretioo they had hitherto, with
one or two exceptions, shown, and if the public showed
an intelligent appreciation of what they ought to do, far au
iuteiligent appreciation out of doors was as necessary as
sound principles of banking, they would go through
the difficulties before them as they had goo* through those
that were put. (Hear, hear.)
The court then broke up.

Brox Commor..—Yesterday the long election
Tama:ion was brought to a clams by the return of the lower
boys to the college. The 'cholera accompanied by their
parents or friends. arrived at inter is by the various trains
on the Great Western sad South Western Railways in the
course of the day. To-day the fifth form arrives, and to-
morrow the boys of the sixth form will return to Eton,
when the whole of the scholars will have re-assembled at
the college.
' Tan Ammer ORPHAN AAYLCM. The new
asylum at Oolliegwood Court, sear Bsgsbot, Surrey, for
destitute children, and which is intended to perpetuate the
name and memory of the late Prince Consort, is tow com-
pleted and ready for the reception of the children. Fifty
boys and fifty girls will be admitted as soon es possible.
They must be thoroughly destitute, and over 9 and under
12 years of age. After the first buodred the ages will be
between 6 and 12, Children of all religious denominations
will be eligible. and they will be selected from those who
have lost both parents, fatherless boys and girls, sod
motherless girls where the family is large. The subscribers
will select the children to be admitted from • list of catidi-
dates furnished to them by the committee. The affairs of
the institution, of which Lord Cilthorpe is president, will
be under the superintendence of a numerous and influen-
tial committee. The building, together with 200 acres of
land, had been purchased at the °oat of about 15.0001., in-
clusive of furnishing. The prospectus states that, in addi-
tion to religious and educational instruction, the committee
intend to combine with an elementary knowledge of the
trades of carpentering, tailoring. sod shoemaking, those of
agriculture sad gardening, pursuits which in these days ars
offering increased facilities for manual employment.

into " -
The importation of Chinese Cuba is now
allowed.

" Pass on," said a drunken corporal, leaning
against a telegraph pest in Harrisburg, " pass oe. and
don't disturb the court-martial. We are trying a drunken
corporal, and find him guilty of disgracing his uniform. So
par on, Mime, while t reduce the corporal to the ranks,"
suiting the action to the word be triring the stripes from
his own aleerss,and the corporal stood reduced to the nab.
—Americas paper.