The British Press; or, Morning Literary Advertiser.
London, England, 1822-03-22 00:00:00

BANK OF ENGLAND.
The Half-yearly Meeting of the Proprietors of
Bank Stock was yesterday held at the Book. At
twelve o'clock the Chairman took the Chair, and
immediately after declared • dividend of 5 per cent.
He then stated to the meeting that he hod received
a letter from a Proprietor, signed Daniel Gundry,
demanding from the Directors an exposition of
the state of their accounts. He founded this de-
mand upon a pamphlet written in 1759, which
stated, that up to that period it was the practice
for the Directors to submit their accounts to the
inspection of the Court of Proprietors, and he
thought it would be most satisfactory to the Court
if this practice were continued. In answer to this
application, he (the Chairman) had to acquaint the
Court, that he had diligently searched the records
of the Court of Directors, and no deviation had
taken place for a ceatory back in the form of their
proceedings.
Mr. GUMMY rose, end stated that it appeared,
from the pamphlet alluded to in his letter, that the
practice was otherwise; and he thought the answer
of the Hon. Chairman evasive and unsatisfactory.
The CHAIRMAN regretted that any Hon. Pro-
prietor should consider him capable of giving an
evasive answer to a fair question. He had always
ende.voured to give satisfaction to the Court, and
the Honourable Proprietor must see that his obser-
vations were more calculated to offend the Court
than him. But he thought he had given • full and
explicit answer when he stated, that, for a century
back, no •Iteratitni had taken place in their pro-
ceedings. And in conclusion he must observe,
that the Directors would not be warranted in caus-
ing any departure from the old-established prac-
tice, without the recorded opinion of a majority of
the Court of Proprietors.—(Hear, hear.)
After a short conversation between Mr. -JACKSON
and Mr. Gomm', the latter proposed an amend.
ment, that the dividend should he six per cent. in-
stead of five, hoping, by this means, that the
Directors would be compelled to produce their
accouuta, in order to prove that so large a dividend
could not he made. However, nobody could be
found to second the amendment, and it was conse-
quently withdrawn. The original question, namely,
that " a dividend of 5 per cent. should be made,"
was then put, and carried unanimously.
Mr. JACKSON wished to ask whether it was the
intention of the Directors to lend a sum of money.
at 3 per cent. to the Government, to enable them
to diminish the national debt ?
The CHAIRMAN stated that • oegoeistion was
pending betwetu the Bank and the Government,
and it would be improper for him to make any dis-
clovu►e until it had arrived at its completion.
A Proprietor (Mr. YOUNG, we understood)
stated to the Court, that in consequence of a ru-
mour for some time in circulatiou, respecting the
intention of the Batik to reduce the rate of discount,
considerable speculations had already and would
continue to he made; and he called upon the
Chairman (on the part of the Directors) to pledge
himself to the Court, that uo alteration would take
place ii-the rate of discount, without first consult.
ing the Court of Directors, for that he conceived
would be the only way to prevent those specu-
lations.
The CHAIRMAN said, it would be quite impossi-
ble for him to give the pledge required without a
full consultation with all the Bank Directors; tiaid
even if he were to give that pledge, it would, in hie
opinion, open the door to still greater speculations,
and would, in fact, increase, aird not diminish the
evil of which the Honourable Proprietor com-
plained ; and he was sure that the Court must
feel how hard it would be if the Bank Directors
were to be made responsible for any speculative
opinions that might be held.
The Ca•tastan then pot the question of ad-
journment, upon which
Mr. BA I NBRIDGE proposed a vote of thank. to
the Governors sod Directors of the Bank of Eng-
land for their outran!' attention to the interests of
the Proprietors, ■nd fur having carried this great
commercial country successfully through a period
of unexampled difficulty.
This Resolution was opposed by Mr. JACKSON,
Alderman HSYGATS, and others, on the ground
of its assuming too much, and, in fact, because
it was a vote of thanks from the Court to them-
selves,

The Resolution was then modified end carried,
after which the Court, which bad beeu uuusually
crowded, sdjour ued.

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