The Express.
London, England, 1868-03-19 00:00:00

ego I.it_miNaffift DAY.)

H ••' • BANE OP MI/OLAND.
This day a half-yearly wart of the
sad roomy of the Beak of Naglaad was dart::
Bank P.r.llr. T. Namur, Humr, Glowarear
the
TbßrAtlites r6o last °curl having been read sail eles
proved of,
The Govsaxos rid—l have to acquaint the awl AO
thl• la one of the half-yearly courts appointed to be bell
under the byelaws for declaring a dividend. The net
profits for the half year sadism 29th February have
been 606,2141. 4s. 10d., maim the moth* of
rest 3606,3401. 9a. 10d., and after dividing theocests
in • dividend of 4 per coat. the net will be 3,990 E
9s. 108. The soon of dinotas therefore propose a
half-yearly dividend from profits be made on the fish of
April of 4 per ant. without deduction on account of in-
come tax. (Hear, hear.)
Mr. Joan wished to observe, before the motion vim
put, that the directors owed to the proprietors some expla-
nation of the dearsseed dividend. He admitted that the
director had demo well, better than he ex but he
thought the proprietors ought to have memo ex
of their affairs instead of a bald declaration of 'Arland.
Yr. Jones eonciaded by moving that se the dividend woe
made under an erronsoss representation of the assets of
the bank, the motion for the declaration of a dividend be
mal agreed to, but ea no proprietor seconded the amend-
meth it fell to the ground.
Yr. BOTIZT miggested that the diming should reedy*
iispoita of money at intend, like the Westminster sad
ethic hankie' establishments.
The 00VIMSOR said that the cause of the lowlier
of the dividend was appannt on the surface. It Ins
because the interest of the money was at 2 per nth.
With regard to the dividend if the Beak of England wen
to lend money at the current rate oa the securities that
Iwoela offered daring the lath six =oaths, they should
have to land it, as people present wimps
knew at 1 per sent. And It was net even
certain that they could lead it at that tete. But
Nippon they Gould raise the dividend by half per oust.,
they would have to lend 15,000,000 E Would that be de-
sirable either for the bank or the country ? (Hear, hear.)
If they attempted it it would not succeed, and if they
succeeded they would do berm. (Hear, bear.)
In reply to Mr. hfoxon, the GOvralloll said that the
hank never held more than 4,000,0001. of nEwm
bonds, but they sometimes fell to 3,000,0001.
the large capitalof the Beak of Ragland, 18,000,0001.,
they might with perfect gaiety invest 4,000,0001. in run-
way securities, tUtath they were not immediately essa-
vertible. The revenue of a good railway he imoskliced a
Food enmity. In justice to railways he might say that
in the worth period of 1866, via., in the month of July,
this railway simethanies redeemed 800,0001. al railway hthis
out of 1,600,000 i. held hy the bank, and the rad wadi
rdbably bantams redeemed if the acmpenwe 'mesa ami►
with the terms oa whisk they bed been renewed. Ow
company repaid 200,0001. ; an Wsor 106,0001. ; another,
100,0041. ; another, MO,OOOl. ; another, 106,0001. (Hear,
hear.) lie had only to add that the dividend warrants
would be ready on the 6th of April sect.
A vote of thanks to the inventor and directors total-
noted the proceedings.