The Express.
London, England, 1861-02-07 00:00:00

THE EXPRESS, THURSDAY EVENING, FEBRUARY 7, 1861.

the payment of the div:ilends to such holders wherever the
hank :nay have branch establishments, —I have the honour
to be, gentlemen, your very obedient and faithful servant,
(signed) " 1.. GLAWITONE.
" To the Governor and Deputy I:overuor
of the Bank of England."

The followiii,; reply was also read:
" Bank of England, Feb. 6, 1861.
" -We have the honour to acknowledge the receipt
of your letter of the 31st ultimo, which we have sub-
mitted to the was't-ration of the Court of Directors,
and they hare resolved to recoemmead to the Court of Pro-
prietors to accept the proposals of her Majesty's govern-
meet, contained in the letter of the Chancellor of the Ex-
li, luer. dated the :Ibit January, Dill, fur regulating the
reninueration to the Bank of England for the management
of the National Debt, for the period of twenty-five years.
" .ts these proposals involve a very considerable
reduction in what has always lave regarded as
only an adequate remuneration for the services
is•rforimil :mil the risks incurred, the Court of Directors
desire to exprew to her Majesty's government, that they
are induced to accede to this reductioo, mainly because the
eomliuesl management of the national debt, and of the
col Literal I friurtnieat of inns and bunking, viable them to
exercises very important economy in the labour charge, and
in the other expenses ..! bank administration.
"The directors will also be prepared to make arrange-
meets for facilitatieg transfers in the public funds, by limit-
ing the closing of the Iss.lm to the shortest period possi-
ble; but foe this purpose the authority of parliament
will be necessary ; and in regard to the patent of
dividend, to the funil-holder at places when• the
hank has branches, the views if her Majesty's government
shall be camel out to the utmost practicable extent.-.-We
hare ti honour to be, sir, your newt obedient and humble
servant., (sSmai)
BoSMIT DOIRCF, Governor.
" .11.:11CD LATH Depot) -I;uvemor.
" To the Right Hoe. the Chancellor of the
Exchequer, !)owning-street."

The CittilWAY said before the meeting proceeded any
further it ought be as well for him to Mate that the directors
had had the communication from the liancellor of the Ex-
chequer under their mature consideration, and that the re-
sult of tle-ir was the embodiment of a resolu-
tion on their ran iu .inswer they had forwarded. It
had been the object of almost every successive
government to endeavour to obtain some reduction of
the profits which the bank derived from the manage.
meat of the public balances and the public debt.
It was, therefore, no new sulqect that was now iutroduced.
The director' did not eoueder, as they stated in their
answer, that the bank had, up to the present tine, been
too ly remunerated for the great services which it por-
tioned fur the state. The bank did many things which
did not appear before the public, hut which were very
costly to itself and very advantageous to the finances
of the country. In the collection of the public
revenue they travelled over numerous districts, in fact all
over the country, they brought what was collected
to the credit of the differeut revenue accounts as soon as
possible, and they made no charge whatever on that
acconut. That was a very important service. (Heer, hear.)
Another very important service which the hank afforded
to the goverument and the public generally was connected
with the issue department. That department entailed a
very large expense. .tn enormous amount of notes was
brought us everyday to be cancelled and destroyed. In one
day very recently the number of notes brought in was
40t,001.W. These were all destroyed, it being a part of
the system pursued that no note brought in should
be re-issued, and a record was kept for ten years
which assisted persons in tracing notes. To this he might
add that the bank buildings were very extensive,
and that only a small portion wss available for
ordinary banking purposes, by far the larger portion
bens used for the inauagerneut of the public
debt, for the issue department, and for tho
conduct of public business. In their interviews with the
Chancellor of the Exchequer the governor and the directors
endeavuured to convince him that the present remuneration
was not too large for the services performed ; but their
efforts were not successful, and, after much anxiety and
mature reflection, they recommended the court to adopt the
proposals of her Majesty's government. (Hear.)
A PROPIILTOR wished to know what was the precise
amount of the abatement reoununeeled for acceptance
The Cu.stenaN said the sum which they would receive
for the year's management up to the sth of April next was
244,t0t.11. 10s. 2.1., calculated at 3401. per million up to
600,000,0001., and at :ON. per mullion for the surplus over
ii 10,001,0301. The amount which they would hereafter
receive, if the court accepted the proposals of the govern-
meet, would be 300/. per million upon 600,000,0U0(•, oe
180,0001., and 1501. per million upon 138,278,3621., or
20,4411.• making a total abatement of 44,4421. Add to this
4,000 f. for " house money," and 1,5781. for the manage-
ment of the South Sea Stock, and the total deduction was
50,0211.
Mr. Pnancorr thought great credit was due to the direc-
ton for the manner in which they had conducted the nego-
tiations. Of course it was the duty of the government to
make the best bargain they could for the public. Coo-
Mining the large amount of business transected by the
Bank id England, and the manner in which it was
transacted, he could not admit that the remune-
ration hitherto hail been excessive. On the other
hand, it would be a great advantage to the bank
to have an arrangement which was to lest for 25
years. and which would exempt them from ea interference
in the interval by the legislature. A of 50,:n0/.
a year was very large, but he thought o the whole it was
worth while to make the sacrifice in order to obtain the ad-
vantage which he had just mentioned, and to secure the
good will of the community. He concluded by moving the
following resolution, "That this court concurs in the recom-
mendation of the court of directors to accede to the pro-
psals of her Majesty's government contained in the letter
of the Chancellor of the Exchequer, dated January 31
last, addressed to the Governor and Deputy-Governor
of the Bank of Englsod, for regulating the remuneration of
the Bank of England for the management of the National
Debt for the period of 21 years."
Alderman fistonose seconded the resolution.
Me Ruintueos lbw: thought it desirable the proposals
should be accepted ; but he, fur one, could not accept them
with cordiality. (Laughter.)
After a abort discussion the resolution was adopted unani-
mously, and the proceedings terminated with the usual vote
of thanks.

LONDON •ND COUNTY BANX.-(THIS DAT.)

Thu afternoon the half-yearly meeting of the
above hank wive held at the Loudon Tavern; W. NICOL, Eq.,
M.P., intho chair. _ _

The following report was read and adopted :
" Your directors have the satisfsctiou to lay before the
of the bank a statement of its affairs for the
inTry=ncling the 31st December last. From the balance-
sheet placed before you, which he. been duly audited, it
will be apparent that the net profit of the beak for the
halfleer, after the several deductions of expenses (including
taloa tax), rebate, interest to customers, and making the
required provision for bed and doubtful debts, amounts to
48,7241. Its. ltd., including the balance brought forward
from the previous June of 8,7051. 19a. 7d. From the above
the directors recommend that a dividend be now declared of
6 per cent. for the last half rev, free of income tax, which,
with 5 per cent. already pod, will maks 11 per cent. for
1900. Your directors propose a further addition of 15,0001.
to the reserve fund, and to place the rernaioder' 3,7281.
14... 11(1., to the credit of profit and hoes new account.
le consequence of the lamented decease of James Andrew
Durham. Fog., early in November last, your director' hoe
to announce that the vacancy. thus occasioned, has been
filled by the election of Charles Salisbury Butler, Esq.,
x.p., to a moat at the board. The directors retiring by
rotation are John William Burmester, Esq., John Fleming,
Esq., and William Champion Jones, Faq., all of whom
are alkihle for re-electirm, and offer themselves accordingly.
The dividend will ha payable on and after the 18th lest
'• BALANCE SHUT. -Dr.: To capital paid up, 500,0410/. ;
to reserve food, 110,00 W. ; to amount due by the husk for
easterners Weems, ker.. 5,532,614 f. 14e. 4d. ; to profit
sad for balance brought from but account, 8,7084 19e. 71 ;
to gross profit for the yap after making pee.
vision fee las.l mid doubtful dela 134,7211. la 7d.
equal to 143,430/. Is. 2.1. ; total, 6,286,044/. 15e. 61
Cr.: By cash on hand at bawl office sod branches, 645,9(19/.
lc Dd..; by cash placed at cull and at notice, 555,3201.
14.5 d -1,261,2501. 16e. 4d. Investments, : By go
'eminent and guaranteed stocks, 615,860/. 12e.
sd. ; by other stocks and securities, 100,2901.
5..-723.1301. 17s. sd. ; dismounted bills, notes,
and temporary advances to customers in town and
country, 11.. 7d. ; be advances to customers on
special securities, 368,0001. 3s. Ed. -4,196,652/. lie. 9.1 ;by
freehold premiers In Lombard-sueet sad Nicholas-lane,
freehold and leasehold property at the branches, with
fixtures and fitting's, 80,218.9. lie. sd. ; by interest paid to
«worriers, 314391 t. 19s. Id. ; by salaries and all other ex-
penses at herd-office and branches', including income tax on
profits and salaries, 50,2991. 15s. 11d. ; total, 6,2:46,044/.
15s. 01.
" Profit sad Lem Account. -Dr. : To interest paid to
customers, 4391/. 194. 8.1. ; to expires, es above, 50,2891.
Ira. ltd. ; to rebel, oa bills sot due, carried to DOW 1000Uatt
12,0191. 10e. lid. ; to reserve fund, 15,0001. ; to dividend er
6 per cent. for the half-yaer. 30,000 t ; to balance carried
forward to profit and for new account, 3,724/. 14e. 11d.-
Total, 14:1.430f. le. W. Cr,; By balance brought forward
been last account, 8,7011. 19...,L; by gram profit for the
half,rear, after making provision for bad and doubtful debts,
134,721/. la 7.1 -Total, 143.430/. Is. W.
" We, the undersigued, have examined the foregoing
balaism-sheet, and have found the ems to be correct.
ittigned/ " Fares. H•latlON,
" HENRY OVINTOS, Auditors

ChtLAT Werrrzan RAILWA V.-113e directors of this
earapeny have decided to recommend the payment of a di.
vides& at the rate of three-and-a.balf per cent. per anima
for the balf-year sliding the 31st day el December, 1860,
leaving a balance of about 13,0001., to be carried forward to
the next hilt-year.
THE Fnescx BmwsvoLswir Bocturr.—The twen-
tieth annual ball on behalf of this praiseworthy Institution
will Mike place o Monday neat at the Hanover. quare
Room+. NI. 3f tward has kindly consented to preside, with
hie celebrated band.

MEDITERRANEAN EXTENSION TELEGRAPH.
(THIS DAY.)
--40-

The half-yearly meeting wag held to-day at the
London Tavern, Mr. 11. MOOR the chair. The direct
tors had no dividend to propose on the original
share*, but would pay dividend on the first issue of
preference shares. The chairman describes' the manner in
which the Corfu and Otranto telegraph cable was lost on the
27th ult., owing to as error in the Admiralty charts, and he
stated that the Ices or expense would fall entirely upon
Messrs. Class and Elliott, the contractors, although it was
hoped that in two or three weeks the submarine communi-
cation would be established. The Malta arid Sicilr line
was io excellent order. After scene conversation the report
was adopted aria. run., and a vote of thanks given to the
directors.

LAW INTELLIGENCE.
(TillB DAY.)

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Farm.)
IN RE JAIIE2I HERBERT MUTH.
The bankrupt was &tanner. of Wykrs-reuta, Bermondsey,
trading under the firmof "J. Herbert Smith and Co."
The Cake has acquired wine notoriety from its connexion
with that of Streatfeild and Co. This wax the adjourned
examination meeting. The accounts have already appeared
in detail.

Mr. Clarke (Clarke awl Mork.) appeared for the assig.
Dees ; and Mr. Lioklater for the bankrupt.
Mr. Clarke stated that there was no opposition to the
bankrupt passing, all questions being reserved fur tho certi.
&ate meeting.
Passed accordingly.

THE POLICE COURTS.
(TEW3 DAY.)

-4.---
OtriLi)HAM.

THE LATE CHARGE OF NAIDILAVONTEE AOAINST Mrs.
Williams Martin and Gr,,rar Gabriel were again brought
up, before Alderman Copeland, fur further examination
relative to the charge of MUnitig the death of James Silver-
side, the hall keeper of the Albion Hall, in London-wall.
The circumstances have already appeared.
Alderman Copeland said it was fortunate for the prisoners
that death was not caused by the stone which Martin gave
to another buy to throw, or it would have placed them in a
much more serious position. Under the circumstances, he
would not detain them any further in custody, but take
bail for their appearance when called on, and he hoped this
escape would be a lesson to them for the rest of their lives,
and that they would never be brought up on such a charge
or any other as long as they lived.
The prisoners were then discharged.
SOUTHWARK.
HOVAEBREAKDIO, AND A CLEVER CAPTURE.
Jaen Smith, a powerful-looking man, was brought up in
the custody of Strickland and Scannell, officers of the M
division, charged with breaking and entering the dwelling.
house of John Weston, of Price-street, Gravel-lane, and
stealing therefrom an opera cloak, two dresses, and other
articles of wearing apparel.
Samuel Strickland, 76 M, said that about a quarter to
10 o'clock last night, he was with Scannell, 17711, in the
Mint, when they saw the prisoner coming towards them
with a large bundle. As soon as he saw them approach he
ran away, but witness pursued him and took him into cus-
tody. He threw away the bundle in the pursuit ; but
Scannell, who was behind, picked it up. Ou examining it
he found it to contain an opera cloak and other articles of
female wearing apparel, which had been stolen from a
house in Gravel-lane.

HialiWeston.ibe wife of John Weston, said that she
lived with her husband in Price•street, Gravel-lane, South-
wark. The property produced belonged to her, and at
7 o'clock last evening she aaw it safe in her front parlour ;
at 10 o'clock she ir.issed it and gave information to the
police, and found the prisoner in custody.
The magistrate asked how the room was entered?
She replied that false keys were probably used. as no
particular force had been used. They must have watched
her out, and then entered the house and committed the
robbery.
The prisoner, who declined saying anything, was re-
manded for a week.

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