The Express.
London, England, 1858-03-18 00:00:00

BANK OP ENGLAND.-(THIS DAY.)

This day, at noon, the usual half-yearly Court of
Proprietors of the Bank of Ragland was held an the Beak
parlour. the Governor (lir. Suurrtun Nuys) pre.
siding. The sttendsnoe was unusually numerous.
The minutes of the two former marts having been read
and confirmed,

The GOVERNOR said—l have now to acquaint the court
that this Is one of the quarterly general courts appointed by
the charter, and also one of the half-yearly general courts
appointed by the 12th bye law, for making a dividend. The
net profits of the half-year ending the 27th of February lad
were 309,2941. 9s. 7d., making the amount of the rest on
that day 3848,6091. L. 11d.; and after providing for a dirt..
dend at the rate of 6 cent. for the half-year, the rest
will be 3048,0941. le. 11d. The court of directors therefore
propose that a half-year's dividend of interest and profite be
mit& on the 6th day of April, of 51. 10s. per cent., without
any_deductlon on account of income-tax.
Mr. THOMPSON wished to know what wee the cause of the
greet decrease In the amount of the rest on the lost Saturday
of the half-year.
Tee Govsamoa—That apparent decrease arises from the
amount of rebate which I. carried to the next account. The
nature of the dimmest Is that the amount deducted for ie.
tercet is deducted at the time of making the discount, Bed
the consequence is that that rate of interest is applied to the
whole term the bill has to ran. The dividend is made up to
• period of time when many bills are not at maturity, aad
the interest therefore due on those bills belongs to the dist.
deed of the next half year.
Mr. THOMPSON thought that even this explanation would
not amount for the decrease.

—The o;;CiNoTt.—lt must have been then thaithe wages bb,
came due on the day referred to, and these had to be "trine
off. Ido not know exactly the particular day to which you
Who* bnt it may be one upon which certain losses wen
written off—viz., the losses which have accrued during the
last half-year.
Mr. THomrsott most still insist that there was an min-
planed discrepancy in the rest standing on the books lug
weak.

The Gov/autos—lt varies according to the days on which
the items par through the books.
Mr. M. Cuss said there was no doubt a dirolniged
dividend, but the proprietors must not forget the dream.
stemma which characterised the present half-year. In the
course of the recent commercial pressure, the business of the
Bank increased, and its losses in a corresponding ratio, and
had it not been for these losses, the accounts would have
shown a higher profit to-day. No doubt also the court of
directors had made larger deductions than usual to may
dependencies that may arise ; and, therefore, taking all thiss
eirmunstanom into consideration, the proprietors had ns
NERSOR to be dissatisfied with the result.. Some of the reser.
wisdom might go to increase the neat half-year's dividend.
Mr. BORROWDALE thought the hon. proprietor must be
mistaken in saying there was a diminished dividend.
That was supposing any portion of the profits were
reserved for a future day ; but he had always understood
that the Bank divided everything up short. He should be
glad to know how that was.
The GOVERNOR—The Bank have taken the precaution of
retaining something on suspense account, to meet prohibit
losses, which appear likely to occur. The directory hew
written off what are direct losses, and they have also ben
prudent enough to apply a proper and just, but by no maw
extensive proportion of the profits to the suspense mown,
with a view of providing for probable imam which are yet
outstanding.
Mr. BORROWDA LE said he was not disappointed at the
amount of the dividend, but It should not be forgotten that
for eight or ten weeks the other neuritis' ranged betties
25,000,0001. and 30,000,0001. Now, the average amount d
other securities was 20,000,0001., and considering that during
this periodthe flank wasreceivingfrom 8 to lOper cent.inter
there might reasonably be some disappointment that the re-
sult shown In the dividend was not greater.
Mr. M. CLARK reminded the hon. proprietor that the risk
of a bank's transactions was commensurate with the amount