The Sun.
London, England, 1839-03-07 00:00:00

Mr. MUSKETT said that the Hon. Proprietor seemed
to have forgotten that this resolution would not bind
,he Reoprietary on future occasions ; it would at any
time be in their power to rescind the resolutions.
Mr. B ROW N congratulated the Proprietors on bating
such worthy Directors—they had managed somewhat
differently from the. Directors of certain Joint-stock
Banks in the North, who had lost. 200,000/. for the
banks with which they were connected. Such was his
confidence in the Directors, that if a proposition had
been made to increase the amount, he would have had
great pleasure in seconding it. It must be gratifying to
the Proprietors to keow they had such an able and
judicious Board of Directors, and to the Directors to
know that they continued to enjoy the confidence of the
Proprietors. He would just observe that they had taken
a leaf out of the ledger of the Scotch Banks. Some of
their Directors were Scotch gentlemen, and perhaps
that was the reason why they had succeeded in the man-
ner they had done.
Mr. GOLDSMITH would vote for the original motion,
because he was anxious to save the Directors the
disagreeable necessity of coining every year to the Pro-
prietors to make a pecuniary claim ; he thought it was
right that the Directors should be spared the necessity
which must be disagreeable to their feelings, and that
they should understand that their salary would come as
a matter of course. He thought they would be over-
straining the mark, if they did not adopt the resolution.
Mr. WHEELER was sorry to differ from his friend
Mr. Levi ; they had often fought together side by side,
and he was sorry to have to differ from him on this oc-
casion : he thought it would be better to fix the salary
at once, as the Directors had not done as he believed
the Directors of most other Banks had done, fixed their
own salaries in the deed of settlement, and as their de-
licacy had prevented them from doing this, he thought
they could not do less than acquiesce at once in the
original motion.
Tile CHAIRMAN said that this discussion was most
painful to the Directors, from the high compliments
with which they were loaded on both sides. The
objectors to the motion agreed with the proposers
of it in the high compliments which they had paid to
the Board of Directors. It was entirely at the option
of the Shareholders, but the object of the Directors
in making this proposition was to relieve time Share-
holders from the necessity of voting this sum annually.
With regard• to the objection of the Hon. Gentleman,
that the successors of the present Board of Directors
might degenerate, the Shareholders should recollect
that the Directors were the creatures of their ap-
pointment, and that if a drone got into the
hive they had the power at any time of driving him out..
As no amendment was proposed, the original resolu-
tion was then put and carried.
A SHAREHOLDER asked if they were now quite clear
of the Northern and Central Bank, and in what way
their affairs with that Bank had been wound up ?
The CHAIRMAN replied that their account with the
Northern and Central Bank was now. finally closed, and
it had turned out a very good account in the long run,
for they had sustained no loss, the whole of their princi-
pal having been repaid with interest at 5 per cent.
Mr. GOLDSMITH said be had no doubt the
next resolution would pass unanimously, he had risen for
the purpose of proposing the re-election of those Di-
rectors who had retired. After passing a high cub°.
glum on those gentlemen, he proposed that Lord W.
H. K. Douglas, P. M. Stuart, Esq., and R. Burmester,
Esq., be re-elected as Directors. Their names were
then .proposed separately, and they were unanimously
re-elected.
The CHAIRMAN, on behalf of himself 'and his brother
Directors, returned thanks.
Mr. MILNE proposed a vote .of tbankactoithesvorthi
officers of the Bank—James William. -Gilbert, Esq.,
General Manager, Oliver Vile, Esq., Manager of the
Bank at Westminster, and William Thompson Hen-
derson, Esq., Manager of the City Office.
Mr. SAVAGE, in seconding the motion, bore testimony
to the zealous and conciliatory conduct of the officers
of the Bank of which he had hail personal experience.
Mr. WHEELER moved that the name of the Secre-
tary, Frederick Neil, Esq., be added to that of time
other officers.
The CHAIRMAN said he would third and fourth this
proposition with all his heart.
The motion was then put and carried unanimously.
Mr. GILBART, in returning thanks, bore testimony
to the kindness and assiduity of the Directors,
which he said was so great that the officers
would never think of traesferring their services
to any other establishment, but that they were de-
termined to share time fate of the vessel in which they
were embarked.
Mr. BROWN would wish to ask whether any arrange•
ment had yet been made with regard to the Clearing
House. Another point on which lie would wish for in-
formation was, whether the Joint Stock Banks
established last
_year possessed the power of accepting
bills drawn by their country correspondents, or were
they in the same predicament as themselves with re-
gard to the acceptance of these bills by themselves or
their agents. He was induced to ask this question in
consequence of the proceedings which had taken place
in the Rolls Court. He would also ask if it was true
that a large advance had been made for the accommo-
dation of some Bank in Canada ; he scarcely be-
lieved this report, but he asked the ques-
tion in consequence of this report. The next
point on which he would wish information, was as
to what increase had taken place in the number
of accounts opened with them by County Bankers?
This branch of the business was attended with consider-
able profit, and it behoved them to endeavour to in-
crease their connection with Country Banks, by all pos-
sible means. He would also wish to know what was theism-
crease which had taken place in the number of accounts
opened with them within the last twelve months.
Mr. WHEELER thought it would be very injudicious to
state the number of the accounts in the Bank. The ba-
lance sheet was the best criterion for the Proprietors to
test the business done in the Bank. He was in favour of
publicity, but in banking affairs it was not always judicious.
Mr. MUSKETT, M. P., in consequence of anticipating
the pleasure of seeing his brother Proprietors, had last
night asked the Chancellor of the Exchequer how he stool
with respect to the great principle of Joint-stock Banking.
H. said he was quite friendly to the great principle which that
Company were mai mpting, to carry out; and he added that
he was perfectly ready to place them on an equality with other
establishments. At present, no proceedings having been
takeu since the injunction from the Roll's Court, they re-
mained in statu quo. Their position was this, that their
case was under the consideration of a Government which
was friendly to them.
The CfiAramAN—They still remained on the wrong side
of the door of the clearing house—there was not no
much noise against them inside, and they took care that
there sheitld be no fault found with their proceedings out-
side.—( Hear, hear, and laughter.) The question re-
lating to the acceptances stood in precisely the situation
sa ably described by his Honourable Friend Mr. Muss
kett. With regard to the Channel Bill or Ball, it had
keen aimed at them, but it had hit their friends and
rivals the London Joint Stock Bank, and they knew
nothing more of the matter, as they never pryed into their
neighbour's effairs. With respect to the 40,0001. which
Balance brought down
Sir GEORGE CARROLL in moving the a'slo2p3;3io3n9oflthie heal' been alludedtiathtoe as having been sent to Canada, be fed
Report, said he was sure the m meting would agree withmoney was still in their own coffers—
iota
bad never
nseasymr st,t taken its passage to Canada, and all he
him that the Report which they had just heard was a could say was that it was not likely that it would.—( Hear,
matter of great congratulation, especially as it had been and laughter.) As to the increase of customers, he could
predicted that Joint Stock Banks could not stand in not nor did he think it would be prudent to state it.
this country.—( Hear, hear.) After the successful Tae balance-sheet was the true teit and the best. He
struggle which had been made by this Cempiny, the might, however, say that the number had increased, was
belief would no longer exist that Joint Stock Banks increasing, and should increase.—(Laughter. ) The
were not suitable for this climate, although it had been i a-counts also were increasing, and they
would
dalsdoo wouldh
said they were only fit for our Northern hrethree.—( A dineressae,h if
htdheir3e (the
hoPrr.oniziteotordso) w(oLu
oud cheetrel)
eir
laugh.) Another topic of congratulation was that the
Proprietors were now assembled in their own freehold, ditty as
`hey ha
" was enbeeexoming better known ; people
which was well adapted for the carrying on of an eaten-
were coming to know that a pyramid stands firmer
upon its base than on its top.—(Cheers and laughter.)
save business, at time swam time that it was a building That was their principle, and the public were now agreed
ornamental to the City of London.—(Hear, hear.) with them.
The next subject of congratulation was that on this ca- Mr. BRowa said, all that they had heard that day, and
pita{ of 600,000/., there was a profit of 46,000/-, being all that was passing before them, showed that private
something like 71 per cent., which showed there must banks must all
join in the joint-stock principle. He would
have been some excellent management on the part of
heealalr of theirepeita
llprivated‘enkers present,oe the question and
set
and those who might
r
the arectors.—(Cheers.) He found the Company to
their houses inprooeredermgF troom Pnd
the manner in which the
consist of a body of SOO or 900 Proprietors, tAich Chairman had performed his duty he begged to move that
showed a great bond of strength, era' the prospect the cordial thanks of the meeting be presented to him.
of considerable profits.—( Hear, hear.) lie was also Mr. MUSEETT seconded the motion with much pleasure,
glad to find that the profits had been made he the and it was passed us ith acclamation.
his most sincere thanks
kgitin"' t'xercsa of sued ba;,l;.ing principtes.— CumameN begged t';return