The British Press; or, Morning Literary Advertiser.
London, England, 1825-09-23 00:00:00

luArr or EArow,l3.

Yesterday. st twelve o'clock, a General Court of the proprietoall
of stuck was held at the Bank of England, for the purpose et
considering of a dividend, and also as one of the Quarterly
General Courts appointed by the charter. It was very numerously
attended.

The minutes of the last Central Court having been read,
The Cnmutilate stated. that the Court of Directors, after elf
consideration of all the affairs of the Bank, had agreed to recom-
mend that a dividend of feur per cent.' upon the capital stock
and profits of the Company. should be declared far the halt year
ending the 10th October next.
Upon the question being pot,
bits Ilt:Nnnv rose, and expressed his wish as he had Men haw
fore, that the Court of Directors would render that Court some am-
count Or the manner in which they employed dice/mital of the
Company. They were a Company formed for the convenience and
beoefit of the public. Their charter was not given to them te
grant them power for their own mere aggrandisement, but fOr the
general benefit of the community, and he was most willing tO acknow•
ledge, that a Company conducted according to the terms of the
i Bank Charter roust be a general good. This was an age oe test anff
inquiry, and even that great and powerful corporation (PM
Bank), large as it was, could not escape investigation. The
longer lie lived., the more he saw that the Company wag
essential to the trading and commercial interests of the
country, and he had on former occasions warned the Company
when it was In a state of danger. He some titue since opposed the
advances made by the Bank on stock, because he thought it a very
imprudent measure for the Bank to make advances on the security
of the debt of the country. It was not that .oecurity which the
Bank ought to take. He had also opposed the advance of monay
on mortgages, and he didso because, as they were forbid by theft
chatter to purchase lands, he thought they ought not in any
manner indirectly to deal in that commodity. He hoped they
wsuld, on this occasion, tender some account of their capital;
their large issues had been the cause of an artificial floating
capital, and bad for a time increased the circulating medium, both
of which were now to be withdrawn, a circumstance which must be
entirely attributed to Meet-induct adopted by the Bank. although he
did not mean to impute to any gcntlemaa the least blame. Ano-
ther subject he would also call their attention to—that wee the nes
duction of their rate of discount from five to four per cent. He op..
posed this measure at the time, and thought it had been pregnant
with mischief. He was certain that it hod given rise to that rho
for speculation which had sent so great a portion of capital out 41
the country in the shape of foreign Loans.. It was obvious this
such was the case, because the bank, discounting at four per cent.
did not leave &sufficient rate of interest to induce capitalists to in-
vest their capital in this country. He would now, without further
observation, put a few general questions, which- ho had no doubt
the courtesy of the Chairman would induce him on this, as he had
on forfner occasions, to answer —First, then, he would wish to
know the tactual amount of bank-notes now in circulation ?
A Pao: RIETOR made an observation, hoping that the lion.
Proprietor would put all his questions before any were answered.
After some little discussion.
The CHAIRMAN replied, that the amount of Bank-notes row in
circulation was 10.200,000/. being about 400,0001. less than at the
prokent time last year.
Ur. GUNDRY wished then to know what increase had taken
place to the sale of Exchequer Bills 1
The CHAIRMAN replied, that very little decrease or increase hada
he behaved, taken place.
Mr. OUNDRY said, that it had been generally circulated that
very extensive sales of Exchequer Bills bud taken place by the
Batik, and he should like to know the amount actually sold by
them ? _ ,

The CHAIR MAN replied, that the amount of Exchequer Billet
sold by the Bank was 670,0001. and no more, end to effect this
sale three months time was taken.

Mr. GUNDRY then wished to the amount advanced by tho
' Bank on mortgage ?
The CHAIRMAN replied, that it was 1,400,8001. and he Wished
here to correct an error that he had made at the last meeting, as vs
the amount advanced by the Bank on stock. On that occasion he.
had stated that the sum advanced was from five to six hundred
thousand pounds; but it had since been ascertained that the total:
sum advanced on stock did not exceed 480,0001.
Mr. ovs DRY said, it could not be unknown to the Newer,
that it had been stated out of doors that the conduct of the Bank
had occasioned the great alteration which had recently taken place
in the money market; he would therefore ask, with all submission,
what had principally occasioned that alteration in the marke: which
had so recently taken glace ?
The CHAIRMAN replied, that for any information on this sab•
jest the Hon. Proprietor must go elsewhere; but it cettaioly was
not owing to the conduct of the Bank.
A Proprietor here begged to ark, whether, in June twelvemonths
—when the advance of money on stock by the Bank was first pro-
posetl,—whethee it was then adopted .as a permanent. or mere tern..
porary measure ? and whether it was now in contemplation to ra..
now that measure? •

The CHAIRMAN replied, that the Directors reserved to them..
selves the power of acting as circumstances might suggest I at pre-
sent the Resolution passed for the purpose of advancing money on.
stock was merely suspended, and not rescinded.
The motion for a dividend of four per cent. for the lialf.yeat en&
ing on the 10th of October, was put and carried ; and the Chntr.
man announced that the dividend warrants would be ready r th•
11th of October.

FORGED POWERS OF ATTORNEY.
Upon the motion for adjournment, Mr. OENDRY asked the
Chairman if any notice had been taken of the plan which he vug.
gested at the last Court, for preventing a repetition of the trans-.
fens of stork by means of forged powers of attaney. He had then
proposed that upon every transfer of stock, immediately the trans.
fee was made, notice should be given to the parties whose stock had
been ttansferred of such transfer. He was aware that such a
measure would not prevent the first forgery, but it would prevent a
succession of forgeries, and if they had ten horses in their stable,
after they had one stolen, it was as well to try to save the other nine.
The CRAinstax said, that in many instances the plan was
altogether impracticable, partirulerly in the case of trustees.
A PROPRIETOR asked if the subject had been duly considered
by the Court of Directors ?

The CHAilistut replied, that the plan alluded to, as Well at
everal other pima, had been under the serious consideration of the
Directors, and would continue to be seriously considered by them.
The Court then adjourned. The answers given by the Chair.
wan appesiki to give general satisfaction.