The Express.
London, England, 1850-01-17 00:00:00

THE EXPRESS, THURSDAY EVENING, JANUARY 17, 1850.

HOUSE OF LORDS.

In the laterite' that has elapsed dam the Mit prorogation
day, the two remainiag homes, vie " Julies " by Mr.
Malin, and " Prime ary sabautling to Chief Justice
Ommigue," by Mr. Cops, have been completed, but are
cull partially obscured by seaffolding—as, indeed, are the
four others, for the rupees of turronadiag them with gilt
mouldiegs or frame work, which will, no doubt, add mach
to the amoral ensanik. The temporary reporters' gallery
erected darieg the last session has been replaced by per.
tamest work in harmony witi dill rest of the home, and
by beameing its width two more panels, giving two M-
I ethics's' seats in front, the simnel efleet of its projection
of sin Met beyond its original ration has been
much improved. With a view also to affording additional
facilities to the reporters foe bearing, the table mem either
side of whien the more prominent speakers generally address
the house, has been advamed some Met nearer the bar' and,
consequently, nearer the importers' gallery—the result being
also to leave a much larger apses between the throne and the
woolsack.
The whole of the stained glass windows having been
filled is, all that apparently 'attains to complete the in-
terior decorations of the noose ars the statues to be
plead ha the Bisbee between them, but which, at pre-
sent, are not in a state of forwardness to admit of •beir
esectios. _ _ _

The works I. the lean galleries, which will form the
mean of ematnualeaden between the new House of Com.
moss mad the limn of Lords are prf greasing, but will take
some tine sad no snail east of money to complete ; when
that neat, ►owever, bee been achieved, and tlllll 411t4 II sad
door thrown open, the effect will be that her Majesty may
be MPS ratting on the throne in the one house and the
Speakincienpying the chair in the other through a noble
sad gammon vism, of which these two prominent objects
will ions the termini. It is to be hoped Mr. Barry may
Live to whams the imposing eflnt which will result tram •
coomption so grand, sad which be has the satire merit of
originating.

LONDON AND

The annual general meeting of proprietors in the
above cowpony was held at one o'clock yesterday, at the
comosoy's Lothaury.
lemma Wautsn, Esq., having taken the chair, the
813CheTahT proceeded to read tae =Janus of the presto
aseettog, sad the advertionoont (unveiling the present, after
which the following !open was read :
The set profits of the hank during the lut belt year,
have assouncel to 32,3911. 00. 31. These profits have sate.
bled the directors to dieter, a dividend at the nth of 6 per
east. per annum, and to add 2,3911. Os. 31. to the idurplos
Fund. This land will then amount to 107,8441. 14e. 61.
The three directors who go out by rotation are John Barrett
Csthloy, Esq , James Donn do Van, Esq., and Oeorge Han-
som,They ue eligible for melection, and offer thew-
salvos othordangly.
Da. Limon
To proprivers
for pand.up
£1,000,000 0 0
To sanest due
by thread' far
Zritotre;
he.
To rest, or our
To
pra
plea teed 105,153 14 $
te id the
post Ina year 32,391 o 3

Loam. AND

aa Ilmrx, Die. 11, 'Mg. Cs.
By government
stack, Beene.
quer Bills, and
laths Bonds... £973,1191 17 1
By other re-
euntse, In.
eluding tells
discounted,
lam to cus-
tom*. s, ... 3,13014 II 1
By iamb la Ned 684,761 16 1

£1,816,468

£4,11111,411a I
Di. Nom Lx. Lai
To psymest of
the divkleatl,
now deoiared,
at the rate of
▪ per ma. per
ammo, co a

Dae. 31, 1349. Ca.
By balance oink.
Inovnelated
34034.
AIM aO, 1849 £163,433 11 3
ny set polite a
the past had
year, atter de.
harms' the
ktal exposes
of manage.
Okla, =
the
tax, and mak-
ing provision
for all Owl and
doubtful debts 32,391 0 3

capital
I,thxyooot jar
tie IrtU year
- Dee.
at. 1049
Tobalearneet um-
eppeepriate4
ynela

£137,444 14 6

t 137,814 14 G

Il37l:Mance of un-
appropriated
profits ..... £107,11411 14 6
The CHAIRMAN said that previous to proposing the
adoption of the report he wished ro make one or two obser-
vations. It would be in the recollection of the proprietors
pr, sent that at the last meeting the propriety of adopting
the Scotch system of banking was suggested, and the dire..
tors having since given the matter the most careful con-
sideration, he had now to 1112110111.00 that they did not con-
sider it advisable at present to make any change in their
mode of doing business. Thee did not consider the Scotch
system adapted to Londwi joint *tort banks, which w.
without the advantage of an unlimited circulation of notes
et.joyed by their aurthirn competitors. That privilege
enabled the Scotch banks to carry on the system of
cash credits, leaving their capital at rest to meet emer-
gsuciss. The accounts were increasing weekly. He be-
lieved that within the last four years they had increased
1,100 in number, and one millkin in amount. (Hear, hear.)
He would conclude by moving the adoption of the ripen.
Mr. 1I I H.lll seconding the motion, wished to call the at-
tests an cf the directors to oe• or two points. There was an
impreesioa abroad that the badness of the bank was not so
large as it ought to be; and, secondly, that the shares did
am quote so high is the market as they deserved. (Haar,
Mar.) It was thought that more busier's might be done if
joining were allowed es deposits, as was done in a neigh-
howrfag husk with I-se capital. He knew that the system
of the lead., and Weal muster was different ; but still be
thought the quesiion worthy the attention of the directors.
With regard to the price of shares, they tad seen ease re-
cent instances of fatal nature w ith regard to banks, and per-
haps that accounted for the disinclination of the public for
itorestinsnts of that description. He so wwitted that if the
directors let the world know more of their affairs, their stock
would be n higher favour than at present. With respect to
the Scotch question, he coneurred with the chairman is
thinking it better to postpone its consideration for the
present.
Mr. CROUCH would take that opportunity to bring for-
ward a subject of which he had given notice at a former
misetieg. Hr alluded to the introduction of the Scotch go-
wn tato the business of the London and Westminster Bank.
He had three propositions to submit. First that the directors
were bound by a pledge given at the samisens. agent
of the undertaking to introduce that system; second
that the time had arrived when, from the great aminat of
capital at their dispwal, the directors had pewee to redeem
their pledge ; and, thirdly, that all history, experis nee and
evidence proved that the Scotch system was the perfection
of banking, and had every where proved an advantage to
every sae ancernad. For the pledge he referred them to
their prospectus, and for the expediency he would amnion
that they -had now five millions at their disposal ; and, if by
istrociudeg the Scotch system, they made only three per
east., it would make a gross annual revenue of 150,0001.
That would Ilea large margin over the 60,0001. now annually
dieided. At present the dividend was really oaf five per
cent, as if the sceumulatioss were addea to the paiif.up capi-
tal it would give a total of 1.200,0001. Why nit have pr,fit
on their *livings as well as their paid-up capital ? (Rear.)
Aneording to the present report either the profits newt be
very small or the expenses very enormous. Fourthly, for the
history and experience he would refer them to what had
been effected in Scotland, and to Mr. Gilbart's evidence
The system of cash credits, which was the main feature in
Scotch boning, was simply this: a person having :ess capi•
tel at his disposal than was newresary for his business, got
two substantial individuals to become his securities, statism
obtained the supply of money aeonsary for carrying on his
mercantile attain. Aaother advaotage was that the
borrower never paid interest for more than he
actually wanted. At present, in London, if an
honest man bad these securities, he could not
rain 1004., but ifs rich banker or merchant wanted 10,000!.
he could get it at once. The system bad beta earned on in
Scotlas.d for 160 years with a loss not a Raiding 40,0004.,
while the Nanking losses in Eriglisad during the last 20 yean
had been 20 millions. In fact the Scotch banks tailed,
while thew shares were always at a premium. Seven millions
were constantly employed in Scotland in cosh credits, giving
• profit of from five to six per cent. to the shareholders. They
had the ev'desee of Mr. Gilbert and Sir H. Parnell in
favour of the system ; and the House of Lords in their
reoportabargreported that it was adapted for all communities.
As to the advantage of the Scotch banks in their small note
c.rculaiion, the Loudon and Westminster had an equivalent
in the unemployed capital lying in its coffers. From his
experience, as a barrister is the Insolvent Court, he could
say that three fourths of Ice insolvencies of small tradesmen
in London arose from the exorNtant charges they paid for
discounts in consequence of the absence of a system of bank
ieg suitable to the silent of their dealings. Mr. Crouch con-
cluded by expressing his hope that the directors would not
lour sight of the question.
Mr MAWDBLAY expressed himself perfectly satisfies
with the report, but wished that the accounts had been girea
a little more In detail._ _ _

Mr. PERRY join'd in the wish for more detailed se-

---
Toe CHAIRMAN mid he had not heard the request
urged before. (" Yee, at every reveling.") Ttsy would be
prepared is Were.
Mr. MAYHEW we satisfied with the report, but cer-
tainly should have liked more detailed amounts.
Capt. PORTER moved that the annual remuneration of
the directors be redec.d from 4,60111. to 3,0001., i.nd that the
number be reduced from 15 to 13, es v..caecies occurred.
Altar a short dircutaion this motion was witedrstre. The
three outgoing directors were re-elected, and, thanks having
here voted to the Meisman sad directors, the meeting
separated.

Si. OILER IN ill !lUDS AND Si. GEORGE
810014/111WIT PAILOCKIAL ABOOCIATION.—At a meeting
of the anovemaimed assolinftem, held on Monday genu-
ine, the following malaise was unanimously paned—
" Tnat the thank/ of the makib to given to the editor of
the Daily New kir its vahmilemdmeass is forwarding the
objects of the ansilaliss."