The Sun.
London, England, 1830-03-18 00:00:00

BANK OF ENGLAND-(THIS DAY).

The Half.yearly Meeting of the Proprietors of Bank
Stock was held this morning, in the Bank Parlour, fox ea
purpose of declaring a Dividend on the capital Stock o
the Corporation for the current half year. This being
the meeting at which discussions usually arise on the sub-
ject of the currency and other important matters, the
meeting was fully attended by the monied interest of the
City, as well as many persons from Country Banks.
At twelve o'clock the Governor, Samuel Drewe, Esq.,
followed by the Deputy Governor and nearly all the Di-
rectors, entered the Court room.—The Mi➢utes of the
previous Court having been read,

The GovEalloa informed the Court that this wai a
Half-yearly General Meeting, held in patsuarce of the
Charter, for the declaring a Dividend en the capital Stock
of the Company. The Court of Directors having looked
into the book accounts, have agreed to a dividend of four
per cent. for the half year ending in April. Was it the
opinion of the Court that such a dividend should he
agreed to ?
THE CIRCULATING MEDIUM.

Mr. Yours said that the subject of the declaration of
a dividend was one of great importance, and before the
Court could agree to it, he considered that the first thing
they should do was to have an account of the profits of
the Bank, out of which the interest was to be paid.
This want of information on the subject of the Bank
affairs was of the greatest importance, the operations of the
Bank influencing as they did the trade and manufactures
of the country. He considered it the most extraordinary
thing that, in this enlightened age, a body whose pro-
ceedinebs influenced property throughout the kingdom,
should keep the proprietors in the dark on the subject of
their affairs. The public were largely interested in the
course adopted by the Bank, and he contended that had
the Legislature granted the Bank a Charter to proceed at
random and how they pleased, that power was new pos-
sessed by the Directors, and that instead of four p r cent.
20 per cent. might be given as dividend. Ile did not
fear that that course would be adopted, but the Legislature
had granted to the Bank large and exclusive privileges.
He conceived that the Bank had made themselves a pal ty
to secrecy, and he contended that had publicity been ;.ivetr
to the Bank affairs 40 years ago, the commercial distress arid
run of 1797 and 1825 would sot have eccarred. The
want of a proper knowledge of the course pursued by the
Bank, and the little employment for capital, led to specu-
lations in loans to companies. It was a matter of great
importance to the public what the real amount of the cir-
culating medium was. The Directors had stated it at
twenty millions, but he considered that what with the
deposits in the hands of the Bank (and which be consi •
tiered as forming part of the circulating medium, being to
be provided for if required), the amount was nearly
twenty-eight millions. This might occasion a great change
in the value of property. By giving publicity to the affairs
of the Bank, confidence would be restored. There was a
subject of the greatest importance to which he would now
refer. He wished to know if there were any neeocia-
tions in progress between the Bank and the Govern-
ment, relative to the reduction of the New Four per
Cents. ? He wished to throw a shield over the Bank, for
if rumour were correct, the Bank was pledged to the ex-
tent of ten or fifteen millions, to carry this measure into
effect. He was opposed to the Bank being made any
party to a speculative transaction, as in the event of any
tuhnisfrovbc
juercatb.leTpireoliptical occurrences
.. the Company might
suffer. Ile objecte to any triple alliance to complete
1, the p.l.!ict
creditors, and tbou,:, . -5. • . Cl)
be applauded, still the Government ought .not to pay off
this stock unless out of real excess of income—this was
guaranteed at the time the money was borrowed. After
some further remarks, be concluded by moving a series
of resolutions to be attached to that for the declaration of
the dividend—that at all future half-yearly meeting,, ac-
counts should be furnished to the Proprietors of the
amount of the Bank notes in circulation, the amount of
deposits at the Bank and Branch-basks, the amount of
security held for advances to Government ; the amount
advanced on mortgages ; the amount of deposits, and a
general balance sheet of income and expenditure, profits, &c.
Mr. Young concluded by saying, that, in the event of his
amendment being adopted, the Court of Proprietors would
not be taken by surprise by any motion that might be acted
upon between the Government and the Bank ; he was satis-
fied also in his own mind that the Branch Bank system,
to which he alluded in his amendment, was a great loss to
the Proprietors, and by no means beneficial to the country.
Mr. SAMUEL Dixox inquired of the last speaker
whether he meant his resolution or strendinent to be
blended with the declaration of the Four per Cent. Divi-
dend to be declared by the Governor ; if be did nut menu
that both were to be l ut together, then the amendment
must be put after the dividend hal been declared.

Mr. YOUNG said that he wished the amendment and the
declaration of dividend from the Chair to be coupled.
The GOVERNOR contended that both ought to be kept
free. Honourable Proprietors might vote in favour of the
dividend, and yet object to the amendment; and if both
were put together, the declaration of 4 per cent. might be
voted against.
Mr. Youlia complained of tricks. The meeting pro
forma was always adjourned after a dividend had been de-
clared, as was the case at last meeting.

The GOVERNOR defended the conduct of the Directors
at the last meeting, which was strictly its accordance with
the by-laws.

Mi. S. Mimi would have the amendment read to the
meeting, and the sense thereof taken u to whether both
should be put together.
On the question being pot,
A PROPRIETOR asked if the dividend were declared on
the bona fide profits of the half-year?
The Govrnxon answered that the general state of the
Company's accounts was also taken into consideration,
when these dividends were declared. The present dividend
certainly was not founded on the profit and lose account
alone.

Mr. PAYNK (a Bristol banker) spoke in support of a
production of the accounts, &c. of the Company. He con-
tended that, as the Bank had now at its command a greater
sum of money than even his Majesty's Ministers, the more
important it was that every information should be afforded,
and statements be given to the Proprietors how that capital
was employed. The great panics had arisen from a too
great issue of paper.—(Cries of " Question.")
A PROPRILTOZ asked whether any steps hid yet been
taken on the subject of obtaining a renewal of the Bank
Charter. _

The GOVERNOR replied, that as yet nothing had been
done on the subject. The Proprietors would be caller) to-
gether as soon as the question was to bo agitatrd. With
respect to the motion in the House of Commons alluded to
by an Hon. Proprietor for the production of accounts of
the liabilities of the House the Court of Diroctors had
nothing to do with it.
Mr. JOLLY contented, that the making out of the ac-
counts would be productive of gr,at inconvenience and
injury. . _

'AIL DALEY thought the effect of the resolutions was to
stigmatize the 24 Directors as ignorant and dishonest men,
and who here unahle to manage the House affairs.
Mr. Duo); followed on the same aide. He contended
that the House had always stood forward in times of com-
mercial difficulty, and maintained the character of the
commercial interests of the country.
Mr. RIGBY conceived that the Directors, by a strict in-
quiry, could be compelled to produce the accounts. He
understood, however, that in the present outcry about
monopolies the proprietors should unite.
(LEFT BPEA1C11,18.)

The Duchess of KENT and Prince LEOPOLD honoured
the performance of the Italian Opera-howe, on Tuesday
evening with their presence.