The Express.
London, England, 1857-09-17 00:00:00

AUSTRALIA.

ARRIVAL OF THE SUMMER CLOUD.

LIVERPOOL, WZDNEIDAY.

The ship Summer Cloud, Captain I)avid Steele,
arrived in the Mersey this forenoon from Melbourne, after
• protracted passage of 128 days. She has • general
cargo, a few passengers, and 7,961 ounces of geld, value
3,8441. She left Melbourne May 14, and hes experienced
light winds and calms during the greater part of the voyage,
On the 3rd of July, Ist. 22 N., long. 29 W., spoke her Ma-
jesty's steamship Industry, from Itio Janeiro to Ascension;
Aug. 6, the American ship Orion for Calcutta, bit. 9 8.,
hog. 34 W.; Aug. 12, the American ship Rover, Captain
Yea Ski, from Pensacola to Rio Janeiro, 42 days out, lat.
G. 39 N., 30.30 W.; Aug. 17, the American ship Conquest,
from New York, lat. 16 N., tong. 33 W.; and Sept. 10, the
Silistria, from Callao to Cork, lat. 46 N., long. 19 W., out
103 days. fiats, iu the three consecutive days, we have had
three arrivals of overdue Auetraliun vek.els, the Sardinian,
Anglo-Saxon, and Summer Cloud—with gold of the raise of
nearly 150,0001., after respective voyages of 123, 106, and
128 days.

ALEXANDRIA, SErr. 7.

The Columbian arrived this morning at Suez, from
Australia, with forty-three passengers, and 111 eases
specie, valued at 373,0001.

RANI OP ENGLAND KERTING.-/THIS DAY)

This day, at noon, the nbual half-yearly General
Court of Proprietors of the Bank of England was held in
the Bank parlour; the (fovea:eon (Mr. Sheffield Neeve)
in the chair.

The minutes of the two former courts having been read
and confirmed,
The GOVEIO4Oa said—l have now to acquaint the court
that this is one of the quarterly general courts, appointed by
the charter, and 'leo one of the half-yearly general courts ap.
pointed by the 12th bye law, for linking a dividend. The
net profits of the half-year ending the 31st of August lad
were 776,6501., making tho amount of the rest on that day
3,840,6251. le. 3d., and after providing for a dividend at the
rate of Si per cent. for the half-year, the rest will
be 3,040,2101. le. 3d. The court of directors, therefore, pro-
pose that a half-year's dividend of interest and profits be
made on the 10th of October, of 61. 10s. per cent., without
say deduction on account of income-tax.
Mr. PH-OMR—Although there in an increase in the divi-
dend, perhaps I may be allowed to ask how it is that it is
still so small, as compared with the dividend declared by the
banks in the neighbourhood ? They (the "young ladies,"
as I may call them) are declaring dividends of 16 or 20 pre
cent., but our establishment, the " old lady," only divides
11. How is it that with larger profits than the other bank'
our dividend is yet lee. P
The GOVERNOR—The difference is easily explained. It
is rather nominal than real, end I. this:—The banks
to which you allude have small capitals, and, there-
fore, the profit they make—although leis then oars—
ambles them to divide upon their small capital the larger
dividend. The Bank of England hes 14,000,0001. of capital,
and although its profits may be larger than those of the
. younger banks, yet nominally they will not yield the same
rate of interest ea the profits of those banks.
Mr. Pus 'ten—Yes, sir ; but how much of our capital do

we keep unemployed I'
The Gov ER:VOW—We have nano unemployed beyond that
which. ea prudent bankers, we are bound to keep in band.
Mr. PILCHER—Then it naturally follows that wo do not
employ our capital as well as the young banks, the " young
ladles," as I have called them, do theirs.
Mr. M. CLARKS—We have earned 840,000!., and are
going to divide 800,00 W. of that. The division will tska
place upon fourteen millions of capital, which is equal to
1,600,000!., upon half that capital. The working capital
of our bank is only about three millions.
Mr. Pi toom—But why should we not employ more 01007
capital °
The Goveaxon—We are naturally in our position
obliged to keep a much larger reserve than private bankers.
The question that the dividend be declared payable on and
after Om 10th of October next was then put and carried
unanimously.
• " '

The Ouv;Axon—l have now to inform the court that as
the present rate of dividend exceeds that of the last half-year,
ft is necessary under the provisions of the act of parliament
that the mine should be confirmed by ballot in the mut-
ternary manner; and I have now, therefore, to move that
this court de stand adjourned till Wednesday, the 22nd inst.,
at I o'clock, then to take the determination of the proprie-
tors by way of ballot upon the question of dividend.
The motion was agreed to.
Mr. M. Cxxansi—lt only remains for us now to par •
vote of thanks to the Court of Directors. This half-year the
dividend Is pee cent. ; but if it had only been 4), I think
the thanks of the court would be equally due to them,
because they have kept in view what is just towards the
proprietors, and at the same time have not shut out
commercial interests. ((fear, hear.) To a certain extent
they are the regulator. of the monetary system of the country,
and they are not always masters of their own proceedings;
but the ManDellOil% which they govern the whole exhibits 50
much discretion, prudence, and ability, that they deserve
our best thank., (Hear, hear.) I therefore think it is only
due to them that they should receive an expression of one
public approbation of their pest conduct. (Hear.)
Mr. Alderman SALOMON.—I hilte great pleasure in se-
conding that motion. In all my experience of these courts
this is the first time I have heard any one speak iu the lan-
guage of complaint about a largo increase of dividend.
(Hear, hear.) I suppore, however, that there is in our con-
stitution something which gives rise to a feeling that the
more we get the more we want. (Hear, and a laugh.) Perhaps
therefore I may be allowed to hope, that consistently with what
is due to the public, it may be in the power of the Court of
Director. to give us an increased dividend. (Hear, hear.)
I'ermit me to say, in seconding this m Aloe, that we have
every roas s. to be satisfied with their conduct, and with the
manner in which they have m invert the affairs of the Bank.
It isnot too much to say, by one who bas read the evidence
given by members of the Court of Directors before parliament
that them never was a period whoa the character of the go-
vernor and the court stood higher than it does now, or
when greater effect was produced upon a Relit oentary com-
mittee than was produced by that evidence, with reference
not only to the interests of the proprietors but to those of the
public. (Hear, hear.)
The resolution we, married by acclamation.
The GOVERNOR —oroutlomen, in the name of my col-
leagnes I beg to return you our sincere thanks for the
laudatory resolution which you bare just pawed. I can as-
sure you that in the difficult and arduous duties which de-
volve upon those who have the 111.1.1gYMOIlt of this corpora-
tion, it. is always to them a source of encouragement
and support if they can receive the approbation 44 their pro-
prietary. (Hear.) I may also add that it must be agreeable
to all when those who have the conduct of the affairs o f •
great national institution and who are necessarily obliged—
to whom it is • duty—to keep in view the publi, intecast—
can at the manse time meet their proprietors. and ascertain
from them teat they are of opinion that we have not tacit-
iced their interests, but have rather invaded to the general
advantage of this proprietors at large. (Hem, hoar.)
The court then adjourned.

I