The Express.
London, England, 1853-05-09 00:00:00

[DON BANK OF AL STRALIA AND INDIA.

--
We are mach gratified* team that the directors
of the London Bank of Australia and India, following
the expressed wishes of a number of the shareholders,
have decided to return the deposits. The deduction
foe expenses, we are further informed, will not ex-
ceed Is. 3d. per share. It appears that upon receipt
of the notification from the Duke of Newcastle (re-
ferred to in our columns some weeks back) intimating
the intention of government to refer all applications
for charters on account of Australian banks to the
local authorities of the colonies interested, a commu-
nication was sent by the directors of the London
Bank of Australia and India to the Colonial-office,
in which they refer to the fact that two new Austra-
lian beaks had already obtained charters, viz., the
London Chartered Bank of Australia, and the Eng-
lish, Scottish, and Australian Chartered Bank—
allude to the embarrassing position in which they are
placed, and proceed to observe that, without wishing
to impugn in the slightest degree the wisdom of the
decision to refer the purely local question to the go-
vernments of the colonies immediately interested,
they would submit to the consideration of his grace
that it is quite within the legitimate powers of the
government in this country to grant this company a
royal charter of incorporation limiting the liability
a shareholders to such extent as may be expedient,
and giving the company the power of being sued and
suing; leaving the governments of the different co-
lonies to grant by legislative enactments such privi-
lswithin their several jurisdictions as the wants
of the colonies and the adaptation of
this company to meet these requirements
, may in their judgment seem requisite. The
I answer to this application is dated the sth inst.,
and is unfavourable, being to the effect that his grace
did not feel that the representations contained in the
letter were such as would authorise him in depart-
ing from the rule lately laid down respecting a pre-
vious reference to the colonies concerned, but that ho
is ready to forward such representations as the
directors may wish to the governors of the colonies',
which they may intend as the fields of their opera-
tions. We learn on inquiry that the accounts of the
company have consequently been made up, and that
the return will be made about the 7th June, the
money being out at a month's call. It is but justice
to observe, that the promptitude with which the
directors of this company have determined on acced-
ing to the expressed wishes of a portion of the share-
holders, is greatly to their credit, and the public will
probably not fail to connect the circumstance favour-
ably with the names of the several members of the
board. The smallness of the deduction for expenses
is equally deserving of favourable notice, as it
speaks highly of the economy and efficiency of the
management. We would express a hope that the
example may be followed. There are two other as-
sociations proposing to commence banking operations
in Australia, and understood to be in exactly the
same position as regards charters as the London
Bank of Australia and India. These are the " Char-
tered Bank of India, Australia, and China," and the
"Melbourne, Sydney, and Adelaide Chartered Bank,"
into which latter is merged the undertaking known
as the "Royal Australian Banking and Gold Im-
porting Company." The only difference that can
exist in the position of these associations is that they
may ,not as yet have received the final answer to
their further application to government. Mean-
while considerable dissatisfaction exists at the silence
of the boards of these two undertakings, as some pub-
lic announcement of their position ought to be made.
The question as to the expediency of winding up or
proceeding with the application to the local Aus-
tralian governments of course stands for decision
by the shareholders, as the parties immediately
interested, but it is not easy to see how the example
set by the London Bank of Australia and India can
be ignored. When the directors of companies in
such a position are backward in adopting the only
course which a sense of duty could dictate, viz., that
of laying their position plainly before their share-
holders and leaving the decision to them, people are
generally sufficiently uncharitable to impute under-
hand motives of some kind. It is thus insinuated
that, in the case of the bank about to be wound up,
it is not impossible that the readiness of the decision
of the directors may be to some extent prompted by
the fact that power was taken in the original
prospectus to make a reasonable deduction for
expenses in the event of a winding up becoming
advisable. Such a precaution is not in an
erre taken, and thus it sometimes becomes
a point of importance to the directors to
defer winding up until the money deposited
in their hands shall have produced a respectable sum
in the way of interest, which is thenapplieoble to the
payment of expenses, and so relieves the pockets of
the directors, besides enabling them to propose :the
abandonment of the undertaking with comparatively
the better grace. It may not be beside the matter
to hint, however, that the interest in question is the
fair fruit of the depositors' money, and ought in equity
to be divided amongst them; and perhaps some
shareholder may be sufficiently tenacious of his
rights to make the claim. In the case of the Char-
tered Bank of India, Australia, and China, the most
contradictory statements are current as regards the
charter. It is generally asserted that no charter has
been obtained, yet the shares have been maintained
at I prem. A number of contradictory letters from
correspondents have reached us upon the subject, and
sufficiently attest the public misapprehension, which
the directors ought at once to remove.

IRELAND.

Dessau, WAY 7.
it and the Countess of St. Ger-

mans paid a visit last evening to the Exhibition
building, where they were received by the chairman
and some members of the committee, who conducted
their Excellencies over the various departments of the
building. Their Excellencies spent a considerable
time in the picture and sculpture gallery and in the
foreign department, where they inspected the many
beautiful objects that are already displayed there.
New and splendid works are hourly exposed to view
as the several packages are opened, and the prepara-
tions for the 12th are progressing with unexampled
activity and most satisfactory results.
The agitation against the income tax has come to a
dead pause, and it is probable that the several pro-
jected meetings on the subject will now be aban-
doned. The press here, however, keeps up the out-
cry; and there is now scarcely one Irish newspaper,
with the exception of the Northern Whig, which
does not write against it. Some of the papers which
supported the government propositions at the com-
mencement have either become silent or taken an
opposite tone.
Mr. C. G. Duffy's affair is variously commented
on, and his "popularity" here will no doubt be in-
creased by this proceeding."